Pay down your balance every month and the interest rate is irrelevant.It does come with an annual fee of per year, charged at per month.Why It’s a Winner: The People’s Trust secured credit card offers a low interest rate of 12.99% on balances, two percentage lower than the next best secured credit card.What also makes this card unique among it’s peers, is that you can create a security deposit as low as 0 to as high as ,000.
However, because it is unsecured, you won’t have to put any deposit or security against the card, and you’re not required to have a bank account.
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.
Because the card is secured, almost everybody is approved.
The only downside for some, is that it does require a bank account.