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?
Canadians are reaping the benefits of their rewards cards in large numbers, according to a recent survey by RateSupermarket.ca. Currently, there are over 74 million active credit card accounts in Canada, with the average Canadian owning two credit cards and 8 in 10 holding a rewards credit card.... More »
Canadians love earning credit card rewards, so it’s no surprise that some of the largest programs out there today are run by Canada’s big 6 banks. In recent months, I’ve reviewed the rewards programs offered by both Scotiabank and BMO. Today it’s RBCs turn. In this article, I’ll cover ever.... More »
The high fees and bloated exchange rates incurred when sending and receiving foreign currency can be a bitter pill to swallow. This is especially true for anyone who has to send money abroad on a regular basis. Much of the problem lies in the exchange rates offered by banks, which are priced well ab.... More »
These are exciting times to be a Canadian investor. In just a few years, advances in FinTech and AI have given Canadians at all income levels access to an array of financial products and services that are both convenient and affordable. It’s no wonder that traffic walking into the big banks is slo.... More »
Rewards credit cards have many perks and benefits from cash back to VIP access, and a whole lot more. Choosing a card can be difficult with endless options available. Do you pick a card with an annual fee? Low balance transfer? Travel rewards? No foreign transaction fees? Deciding which card .... More »
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…