Secured Credit cards in Ontario - Tilted Forum Project Discussion Community

losthellhound · 03-29-2004, 11:45 AM

I need a secured credit card, but I don't trust the Internet to find one. I need a financial org (bank preferably) that offers a secured card in Ontario.. None of the banks, and none of the credit card companies advertise them

Anyone have experience?

Yakk · 03-29-2004, 12:32 PM

A Government of Canada publication:
http://www.fcac-acfc.gc.ca/eng/publi.../Secured-e.pdf
(fcac=Financial Consumer Agency of Canada)

From this publication, it appears that CIBC offers secured redict cards. In all instances with CIBC, you will need an income: as low as 15,000$ however.

For instance, CIBC Secured Classic VISA.
15000 CND min income
500 CND min credit limit
Credit limit equal to security deposit.
18.5% interest.
24 day purchase grace period.
No annual fees.

Or, you can take a 1% hit on interest rates, and get 1% cash back, with the Secured Dividend Card.

Also in that PDF are two other secured credit issuers (neither are major canadian banks, but one doesn't require any income).

losthellhound · 03-29-2004, 12:40 PM

Thanks for the info.

I have the income, I just dont have the credit history to get a real card right off the bat

ChasingAmy · 03-30-2004, 10:18 PM

Hey man,

I work @ the Royal Bank (I am not a personal banker or anything, but have been here for 7 ears so I know a bit about alot, I think) and it seems that almost anyone can get a Visa as long as you are old enough. Also if you are a student that makes things even easier!

You say you have the income, then as long as you havent had any (or very little) bad credit at all you should have no problem getting a card.

Visas are very easy to get it seems b/c banks love em. Charging 18.5% on outstanding balances they are making HUGE coin offa these things. Thats why they are pretty content if you are making the minimum payments. In the long run it pays off huge for them. I am sure thats how they can offer point rewards etc for them.

Why do you want a secured Visa? Sounds like they may be easier to get, but then again you have to pay a "deposit"? I guess thats a good idea for some. Its hard to say. The first thing I thought of when you said "secured" visa I thought you may be looking for the lower rate of interest, and different monthly payment options. A secured Credit Line (not visa) with the Royal Bank, you get a lower interest rate and minimum monthly payments of just the interest accrued that month (but with all credit lines with the Royal the only payments are intererst unless you specify what you want to make each month). A secured Credit Line @ the TD Canada Trust allows the same incentives. A non secured is like a visa with the monthly payments, something like 3% of the outstanding balance. (Secured credit lines do require collateral usually a house.)

Anyways. Probably too much info, but hope it will give you some help with what you are looking to find!

Visas are a good way to build a credit rating, but a small loan $5K with monthly payments for 6~12 months then paying it off is even better. It seems from what I have heard. Please dont quote me! lol.

Any questions? No probs. I will do my best.

Later.

03-29-2004, 11:45 AM	#1 (permalink)
losthellhound Thats MR. Muffin Face now Location: Everywhere work sends me	Secured Credit cards in Ontario I need a secured credit card, but I don't trust the Internet to find one. I need a financial org (bank preferably) that offers a secured card in Ontario.. None of the banks, and none of the credit card companies advertise them Anyone have experience? __________________ "Life is possible only with illusions. And so, the question for the science of mental health must become an absolutely new and revolutionary one, yet one that reflects the essence of the human condition: On what level of illusion does one live?" -- Ernest Becker, The Denial of Death

03-29-2004, 12:32 PM	#2 (permalink)
Yakk Wehret Den Anfängen! Location: Ontario, Canada	A Government of Canada publication: http://www.fcac-acfc.gc.ca/eng/publi.../Secured-e.pdf (fcac=Financial Consumer Agency of Canada) From this publication, it appears that CIBC offers secured redict cards. In all instances with CIBC, you will need an income: as low as 15,000$ however. For instance, CIBC Secured Classic VISA. 15000 CND min income 500 CND min credit limit Credit limit equal to security deposit. 18.5% interest. 24 day purchase grace period. No annual fees. Or, you can take a 1% hit on interest rates, and get 1% cash back, with the Secured Dividend Card. Also in that PDF are two other secured credit issuers (neither are major canadian banks, but one doesn't require any income). __________________ Last edited by JHVH : 10-29-4004 BC at 09:00 PM. Reason: Time for a rest.

03-29-2004, 12:40 PM	#3 (permalink)
losthellhound Thats MR. Muffin Face now Location: Everywhere work sends me	Thanks for the info. I have the income, I just dont have the credit history to get a real card right off the bat __________________ "Life is possible only with illusions. And so, the question for the science of mental health must become an absolutely new and revolutionary one, yet one that reflects the essence of the human condition: On what level of illusion does one live?" -- Ernest Becker, The Denial of Death

03-30-2004, 10:18 PM	#4 (permalink)
ChasingAmy Single :) FFA Location: Prince George, British Columbia	Hey man, I work @ the Royal Bank (I am not a personal banker or anything, but have been here for 7 ears so I know a bit about alot, I think) and it seems that almost anyone can get a Visa as long as you are old enough. Also if you are a student that makes things even easier! You say you have the income, then as long as you havent had any (or very little) bad credit at all you should have no problem getting a card. Visas are very easy to get it seems b/c banks love em. Charging 18.5% on outstanding balances they are making HUGE coin offa these things. Thats why they are pretty content if you are making the minimum payments. In the long run it pays off huge for them. I am sure thats how they can offer point rewards etc for them. Why do you want a secured Visa? Sounds like they may be easier to get, but then again you have to pay a "deposit"? I guess thats a good idea for some. Its hard to say. The first thing I thought of when you said "secured" visa I thought you may be looking for the lower rate of interest, and different monthly payment options. A secured Credit Line (not visa) with the Royal Bank, you get a lower interest rate and minimum monthly payments of just the interest accrued that month (but with all credit lines with the Royal the only payments are intererst unless you specify what you want to make each month). A secured Credit Line @ the TD Canada Trust allows the same incentives. A non secured is like a visa with the monthly payments, something like 3% of the outstanding balance. (Secured credit lines do require collateral usually a house.) Anyways. Probably too much info, but hope it will give you some help with what you are looking to find! Visas are a good way to build a credit rating, but a small loan $5K with monthly payments for 6~12 months then paying it off is even better. It seems from what I have heard. Please dont quote me! lol. Any questions? No probs. I will do my best. Later. __________________ Don't you know about the bird?