The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
Latest News
2022 Income Tax Guide for Canadians: Deadlines, tax tips and more Jun 16th
It’s been quite a year for numbers, hasn’t it? From rising interest rates to steep stock market drops, finances have been headline news throughout 2022. It’s almost enough to make you forget about tax season. But with the tax deadline approaching, you have a few reminders (see the dates below).... More »
Making sense of the markets this week: March 20 Mar 19th
Each week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors.
The Fed moves, just a scooch
On Wednesday of this week, Federal Reserve chairman Jerome Power made the move on rates. The Federal Open Market Committee raise.... More »
Breaking down bank fees Jul 15th
The COVID-19 pandemic has hit a lot of Canadians hard—emotionally, physically and financially. So it isn’t surprising that many are calling out banks that raised their fees to consumers at a time when so many people are struggling. Given the number of banks that have also reported record profits.... More »
Meridian Review: Ontario’s Largest Credit Union vs the Big Banks Nov 25th
I don’t often have an opportunity to write a credit union review. The reason for this is that most credit unions tend to be quite small, and as such, serve a relatively small client base within a very defined (and smallish) geographical area. In short, it doesn’t work all that well for a persona.... More »
The best charities to donate to for impact in Canada for 2023 Nov 8th
“Return on investment.” It’s a phrase many Canadians are familiar with in terms of business decisions and investment portfolios. But it’s not necessarily top of mind when people choose a charity to donate to. And that’s understandable. Canadians support charities for a lot of different rea.... More »
Unsecured or Secured Credit Cards – What’s the Difference?
– ratesupermarket.ca
Are you looking for secured credit cards? Not sure if you should open a secured or unsecured card? If you’re rebuilding your credit score, a secured credit card can help you get your credit back on track. An unsecured credit card requires you to have established credit and can often include travel rewards and cash back rewards.
Use these helpful tips to find the right credit card for your particular needs.
Secured Credit Cards
Secured credit cards are credit cards that require a deposit. When you receive the card, you link it to your bank account and pre-load it with money. You can then use the card.
Benefits of Secured Credit Cards
A secured credit card is great for people with little to no credit.
Secured credit card benefits include:
It will help you get used to paying a regular monthly payment.
As you pay on time each month, you can eventually transfer to an unsecured card.
The credit card issuer might increase your credit limit as you make consistent payments after a year.
The Best Secured Credit Cards
Looking for secured credit cards? Canada residents can take advantage of these great offers:
No Fee Home Trust Secured Visa Card: No annual fee, 19…
