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?
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What is a Secured Credit Card and How Does It Work?
– ratesupermarket.ca
A good credit history is important for everyone. It’s a gateway to more borrowing options and the basis of a positive financial future. But what if you have no credit, or some unfortunate marks on your record make it hard to get a new card?
That’s where a secured credit card may come in. It can help to build good credit, even when other lenders have turned you down. It’s a good idea to know the full details of signing up for a secured card, so you get the best deal to help improve your financial situation.
How Does A Secured Card Work?
To get a secured card, you give the cash value of your credit limit to the company. So if your limit is $500, you’ll have to pay $500 before you can begin using the card. This protects the lender in the event of default.
The amount of security you have to provide depends on the card issuer, but many secured credit cards have modest limits of a few hundred dollars and therefore require modest security.
What Happens to Your Security Funds?
Your funds are held by the card issuer…
