Are you a new immigrant to Canada? A Foreign Student in Canada ? Or just one of many Canadians without a credit card? Your only opportunity to successfully obtaining a credit card in Canada is by getting a Secured Credit Card. Almost no one is turned down! That’s right. If you’ve gone through the embarrassment of rejection by your local bank or credit union, and are afraid to try again, this is your best chance to enjoy all the benefits and responsibilities of a credit card, without fearing the application process. For starters, the application is completed online, without ever having to discuss your financial situation with another person. In fact, YOU set the credit limit based on your own ability to secure the credit card through a cash deposit. Isn’t that nice?
Below is a list of Banks and Credit Unions where you can apply for a Secured Credit card.
With a secured card you’re given credit, just as you would with any credit card, but you’re also required to provide security funds before you can access your credit. These security funds could be as low as $75. Also, we report your payment information to the credit bureaus each month, giving you the ability to build your credit history. Capital One Guaranteed Secured MasterCard is a great way to build your credit history and start enjoying the benefits of a credit card. Rent a car, reserve a hotel room, and buy things online. It’s all possible when you have a Capital One Secured card.
Is a credit card that requires a security deposit for eligibility? Your credit limit is then set at the amount of the deposit. You can put down as little as $1,000, or as much as $10,000.
I’ve recently immigrated to Canada and don’t have a credit rating yet. How can I get one?
Consider applying for a Vancity Secured Visa card. With as little as $500, you can get a Secured Visa that will allow you to obtain credit. By putting some money in a term deposit, you guarantee your debt and we can extend you credit. After you’ve had the card for one year and have made all of your payments on time, we’ll release the guarantee and you can spend or save your money. You’ll also have an improved credit rating. To apply for a Vancity Secured Visa card, visit any Vancity branch.
Has opened the doors to virtually all Canadian residents wishing to have a credit card. Specifically designed for those people who do not qualify for traditional unsecured cards.
MasterCard® with a secured credit limit
Even though you have bad credit or no credit, you may still qualify for a major credit card. Here’s how it works: you put a certain amount of cash (say $1,000) in a frozen bank account for security, and the bank issues you a credit card with a similar credit limit. Talk to a customer service representative at your financial institution for more details.
Remember when applying for these credit cards you do not need a Social Insurance Number! Please also remember that offering up your social insurance number to financial institutions is not required by Canadian Law. The only people who should have your Social Insurance Number is your employer, Human Resources and Social Development Canada and Revenue Canada. This is a private number established for tax purposes only! Don’t give this number to any bank as it’s not required. You will notice when applying online when a financial institution asks for your SIN number it’s not mandatory because they know under Canadian law their not entitled to have it.
For more information about Car Leasing for New Immigrants or Foreign Students in Canada visit www.autosourcefinancial.com. Auto Source specializes in all makes leasing and Car, Truck and SUV loans for people with No Credit, Bad Credit in Canada.