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Secured credit cards are a great way to get your credit score up. Check out the top secured credit cards in Canada with Comparewise.
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If you have poor credit or no credit history, then yes. Secured credit cards are also suitable for anyone who has declared bankruptcy or is in a consumer proposal. Since you won’t be eligible for a regular credit card, a secured credit card is your best bet.
Yes, as long as you pay your balance on time and in full. You’ll be amazed at what this card can do for your credit score. Also, responsible use of your credit card will help you reach your financial goals. Remember only to use your card for small purchases every month to stay on track.
Not all secured credit cards have guaranteed approval. A credit card provider may deny your application. This is especially true if you have accounts in collection or multiple missed payments on your record. If your application is denied, it's best to ask why. You have a legal right to know. You can solve the problem before applying for another secured credit card. Note that cards offering guaranteed approval are known as guaranteed credit cards.
Ideally, yes. Although an income is not often required, your chances of approval will be higher if you have a source of income.