Secured Credit Card

If you need to establish credit as you have never had it or you need to re-establish credit due to some credit issues in the past, you need a secured credit card. This is the best and easiest way to build your credit history. Secured credit cards are just like regular credit cards except for the fact that they the lender is not taking on the same risk, as the cards are secured by a deposit you give to them. These cards then start to report on your credit history (Equifax and Transunion), and begin to build your score again which is imperative if you are going to qualify for a mortgage in the future.

Qualification for secured credit cards is very easy, nearly everyone qualifies (except those currently in bankruptcy). This overcomes the biggest obstacle to building your credit which is actually getting new credit lines, lenders can make this very difficult. So let us help you get started today by arranging a secured credit card, this is the first step on getting on the road to home ownership!

Here are just a few of the finer points you may want to know:

1) What is the minimum limit I can get?

$500 is the minimum you can get.

2) How much of a deposit do you have to give to the lender to hold for your card?

Whatever the limit is, that is how much you need to put on deposit, this is the security the lender needs.

3) Do I have to pay it off every month?

No, just make a minimum of 3% repayment every month.

4) Are secured credit cards the same as pre-paid?

No, pre paid cards do not establish your credit. Secured credit cards are the same as regular credit cards, they require repayment and they report to the credit agencies.

5) What other costs are there for the card?

There is a fee of $99 to set up your card and an annual fee of $49 to keep in active.

6) Do I get my deposit back?

Yes, once you have established your credit and been able to qualify for unsecured credit, you can close the card down and you will get your deposit back.

So in order to get your new secured card today, please contact us by e-mail and request an application. Or fill out an online application and simply write 'secured visa' in the notes and we will start the process for you.