Reasonable for the risk the bank is taking, and when you consider many secured credit cards also come with an annual fee.Once you’ve re-established your credit, you can apply for a no fee credit card, and avoid the annual fee altogether. Nor should you have a major derogatory like a delinquency, or judgement in the last 6 months.That’s the highest deposit allowed in Canada, to our knowledge, giving you the baility to create a ,000 line of credit and all the flexibility to spend on big ticket items to meet your individual needs.This card is ideal if you have had credit problems and want to rebuild your credit rating, have no credit history and want to establish a good credit rating or are a discharged bankrupt. If you intend on carrying a balance, you’re probably better off not getting the card and using the money that you would have used for your deposit to pay for your service – interest free.
“As we continue to find progressive ways to support the credit needs of Canadians, Affirm Financial Services has temporarily suspended issuing new credit cards, loans and all credit limit increases.
But remember, you shouldn’t be carrying a balance anyways.
The idea here is for you to use good credit habits and pay down your credit card bill every month, not just the minimum payment, on time – use automatic payments if you can’t trust yourself.
For people with impaired or no credit history, perhaps there’s no quicker or more effective way of re-establishing their credit than with a credit card.
Luckily, even if you’re currently in bankruptcy, consumer proposal or emerging from insolvency, there are a growing number of credit cards for bad credit in Canada.