Secured Credit Card Canada- Looking for Answers

If you applied for a credit card but were disappointed to be turned down then you need to turn your attention to a card that is more appropriate for your financial circumstances. You need to apply for a secured credit card Canada.[br]

If you applied for a credit card but were disappointed to be turned down then you need to turn your attention to a card that is more appropriate for your financial circumstances. You need to apply for a secured credit card Canada.[br]

Emergencies can occur at any time and not everyone has money on hand to cope when one arises. Having a credit card can be your way of having back-up money in the event of an unfortunate event arising in your life or the life of a family member.

If you are not familiar with a secured credit card then here is the lowdown on what it is. A secured credit card provides you with credit when you need it in the same manner as a regular or unsecured credit card does. The difference between the two is that you must provide the security funds yourself to act as collateral before you can be mailed out your card. Once you have been approved only then will you have access to the credit that is available on your secured credit card Canada.[br]

A secured card is an excellent way to rebuild your credit rating from poor to good. For those who are just looking to get their feet wet in the world of credit, it is an excellent first step. One such credit card that gives you a good starting point is the Guaranteed Secured MasterCard from Capital One.

Once you have been approved for the MasterCard from Capital One your security funds will be determined. It can be as low as $75 or as high as $300 (or beyond). Your credit limit for spending can start at $300 and work up. For example, you could choose to have a limit of $500 or $750 or $1,000. It all depends on how much money you have to put down as collateral.

Be aware that if you decide to close out your account or if you reach a point where you are accepted for an unsecured card then the security funds you placed on your secured credit card Canada are fully refundable. It is important however that your account is left in good standing and that your balance is paid off in full.

If on the other hand you renege on the agreement and do not make the payments as you are supposed to, you will not get your security deposit back because it will be used to pay off the remaining balance. As well this will further damage a credit rating that you are trying to repair. Information on the Guaranteed Secured MasterCard from Capital One can be found at http://www.capitalone.com/