Bad Credit Credit Card – What is a Secured Canadian Credit Card?
We all know someone who has lost their job or suffered from another financial setback that has negatively affected their credit history. This person could be you.
At one point in your life, you might have been a victim of circumstance and missed a few payments as a result. Therefore, you now have a bad credit rating and banks are reluctant to grant unsecured loans and lines of credit in today’s economy. You may feel like no one will ever trust you again and that you will never be able to rebuild your credit history.
I have a bad credit history; can I have a credit card?
The first step once you have solved your past credit issues is to start rebuilding your credit history. The fastest way to rebuild from a negative credit experience is to apply for a credit card. The problem is that most credit card companies will decline your application based on your past. Therefore, you are in the middle of a catch 22.
Wait! There is a solution: A secured Credit Card can help you rebuild your credit history. Secured credit cards are actually easier to gain approval and are designed especially for individuals who want to strengthen their credit history.
What is a Secured Credit Card?
It is a normal credit card allowing you to make purchases online, rent cars and reserve hotels or simply make your regular purchases at the corner gas station. The only difference is that you need to provide funds as collateral before you receive the card.
While you won’t benefit from Canadian low ARP balance transfer credit cards, you will still be able to benefit from reward points and insurance coverage. In the end, the main purpose of a secured credit card is to rebuild your credit history. Once this is accomplished, you will be able to be approved for a credit card that doesn’t require collateral.
How a Canadian Secured Credit Card can help strengthen my credit history?
Credit card companies report on your account standing on a monthly basis. By using your secured credit card and paying your bills on time, you will improve your credit score from month to month. The key is to keep your debt to income ratio low and pay your credit card on time every month. As long as the minimum required payment is made, you will strengthen your credit history over time.
This is definitely the easiest and fastest way to rebuild your credit history.
Canadian Secured Credit Card Approval is guaranteed!
Another great feature of a Secured credit card is that their approval is guaranteed. For example, the Capital One® Canada Guaranteed Mastercard®guarantees your approval as long as you haven’t applied before (or have an existing account) with Capital One® Canada or that you have not an account in bad standing with this company.
Are you ready to get your secured credit card? APPLY NOW!
Follow this link to Canadian Capital One credit card offer and select the Guaranteed MasterCard in order to apply for your secured credit card.
October 16th, 2009 at 12:54 am
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October 22nd, 2009 at 3:31 am
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