Presently there are several Secured Credit Card providers located in Canada.
Canada Credit Advisors which is located in Montreal, Quebec, Canada recommends applying for a Secured Credit Card that is available and issued to Quebec province residents as well as the rest of Canada, Additionally we also have another established financial company which provides access to applicants residing in the rest of Canada as a whole as well.
Canada Credit Advisors worked very hard to ensure the following:

Almost no one is turned down!  That’s right.

If you’ve gone through the embarrassment of rejection by your local bank or credit union, and are afraid to try again, Canada Credit Advisors offers you your best chance to enjoy all the benefits and responsibilities of a real credit card, along with establishing or re-establishing your credit bureau status, without fearing another rejection after the application process.
The key with our financial institutions is that YOU set the credit limit based on your own ability to secure the credit card through a secured savings process usually attached to a GIC deposit.
Canada Credit Advisors has researched and investigated hundreds of cases and has found that in the case of a discharged bankruptcy, the regular Banking Institutions wait a lengthy 12-18 month time frame before attempting to help you re-establish your credit worthiness.
Most Canadian banks will not even consider you for any credit until three years after your bankruptcy has been discharged.
Then the banks typically wait an additional two years for you to build up your credit … with someone else’s loaned money.
That can be five years before you can get a bank’s approval for any type of credit.
By taking out a secured credit card the day after your discharge, you immediately start rebuilding your credit history instead of waiting five years.

Get back on track now!

The same is true for those individuals who have no credit history whatsoever – newly arrived immigrants, adult students, young newlyweds or recently divorced/separated spouses (often the female partner) and also self employed entrepreneurs.

How does a secured credit card help them?

IMMIGRANTS – NEW TO CANADA

Just moved to Canada from the United States, Mexico, Great Britain, Hong Kong, Australia or other parts of Europe, South America or Asia? Unless you’re a highly successful businessman/woman, Canadian banks are NOT interested in loaning money to you!
But with a secured credit card, any legally landed immigrant can begin building their credit history in Canada, even before they become a Canadian citizen. By the time you qualify for a Social Insurance Number (SIN) and ultimately your citizenship you will also have a positive credit rating on which to build your new life in Canada.

STUDENTS – SECONDARY OR POST-SECONDARY 18 YRS+

What the most common Catch-22 when students begin to look for a job? Potential employers want someone with experience.
In order to have experience, you need a job. You can’t get one without the other.
The same is true of obtaining credit in Canada. In order to obtain a credit card or loan, you need to have a good credit history.
In order to have a good rating though, you need credit.
That’s where a secured credit card can unlock this financial door for you.
You (or your parents/grandparents as a graduation/birthday present) deposit a minimum of $500.00 with the Provider Institution, giving you an equivalent credit limit.
The issued Secured Credit Card, entitles you to all the benefits and responsibilities of a genuine credit card, while building your credit history for future car and home purchases as you mature and begin your adult life.
The key once again is the monthly credit reporting to the major credit bureaus that establishes you as a credit worthy responsible person.

DIVORCED/WIDOWED – RESTARTING LIFE AS A SINGLE ADULT

One of the unforeseen consequences of divorce or death (of a spouse), for at least one of the spouses, is a complete lack of credit history. All too often while in shock, the wife discovers all the established credit positions were made in her ex-husband’s name leaving her with little or no individual credit history.
In all the pain and emotional turmoil leading up to a divorce, certain financial realities can often be overlooked.
While the ex-spouses may argue about alimony and child support,
CREDIT REPAIR can quickly become a harsh reality when one partner realizes she has no established individual credit history.
The solution is here!
Or after the loss of a loved one, most often a widow, the grieving period can take an ominous turn when financial commitments you were not aware of, suddenly appear in your husband’s absence.
Again establishing a CREDIT HISTORY may become a critical part of the rebuilding process in your life as a widow.
In the example of both these cases a Canadian secured credit card at least allows you to maintain a reputable credit card, and start the 12-18 month process of repairing and or building your credit history as a new single.
By using the credit card responsibility, you will be establishing or re-establishing the trust that financial institutions need if they are going to loan you money for a vehicle or house in the future
(Canada Credit Advisors Tip: If you’re still married, or not, it pays to find out your own personal credit rating through a credit report in your own name. It will stop any nasty surprises later on).

ENTREPRENEURS – BANKS DON’T ‘KNOW’ YOU

Getting a credit card or operating line of credit when starting a new business is often difficult.
No one has faith that you can be successful as an entrepreneur, especially the bank manager
that used to be so friendly when you were getting a regular paycheque every two weeks.
Getting a Secured Credit Card, will allow you to buy computers, supplies, office furniture and any other items to begin your business venture, and as you repay the Credit card, it builds your credit health at the Credit Reporting agencies.

So at whatever stage of life you’re at Canada Credit Advisors has a dedicated service for you!

The "Featured" Secured Credit Card Features include:
Minimum deposit of $500
Credit limit is 100% of security deposit
Monthly fee for cardholder is $5.95
One time set up fee of $49.00
Security deposit earns interest annually in a Canada Deposit Insurance Corporation insured Guaranteed Investment Certificate Account
Please Note: This Card is Available in all Canadian Provinces
Approval is *virtually guaranteed
If approved, the Account will be charged a onetime set up fee of $49.00 plus
$29.00 for each supplemental card, which will be billed on your first statement.
A monthly fee of $5.95 applies plus $2.95 monthly for each additional card.
There is an over-limit fee of $29.00 for each month the credit limit is exceeded,
and a NSF fee of $39.00 for each cheque or other instrument that is returned unpaid.
The annual interest rate on unpaid balances for purchases is
currently 19.5% and accrues from the date the purchase is posted, if the outstanding balance is
not paid in full within 25 days of the statement date.
The annual interest rate for cash advances is 24.5% and accrues from the date the
cash advance is made until it is paid in full.
There is a transaction fee of $5.00 for each cash advance. When the Account is in arrears for more than one month,
The annual interest rate is 24.5% on all balances.
These rates and fees are subject to change with notice.
The minimum cash deposit required is $500.00 and the maximum cash deposit accepted is
$25,000.00.

* If you have committed a Credit Card Fraud you will be declined

The second Secured Credit Card financial institution has slightly different positions.
The Service Fee is $ 7.50 monthly.
The annual interest rate is 24.99% on all balances.
Please go to our Apply Now page to register for Canada Credit Advisors free service.