Secured Credit Cards for Canadians: Who, What, Where, When & Why (and Sometimes How).

This is, what I consider to be, the most comprehensive and up-to-date article on secured credit cards for Canadians. The key thing is to do your research when dealing with any financial products, so I hope to help you with that here. After the 5 Ws, I go over each of the secured credit cards on the Canadian market. Please comment with any questions/concerns or anything that I've missed.

Why Secured Credit Cards?

A Secured Credit Card allows you to build up a credit rating when you don't have one, or have a bad one. This is a MAJOR difference between secured Visas/Mastercards and Prepaid Visas/Mastercards, even the reloadable ones. If you're eligible for one of the big-5 bank issued secured cards, there may be no annual fees, which can save a ton of money compared to prepaid card fees. They're also less likely to get rejected/refused from online purchases than a prepaid card. (I see that even Fido prepaid doesn't accept prepaid cards, or at least that's what they say, which is surprising, since one would think a prepaid phone is a good match for the no-credit or bad-credit population).

If you have bad credit, and even if you don't, be sure to request your FREE credit report.

A secured credit card reports to the credit bureaus just as a regular credit card would. It does show up as a secured card, but as long as you use it properly (ie: pay off your bills each month), the credit bureaus should treat it no differently.
Capital One says they report to the bureaus every 30 days, the big 5 banks didn't answer this question when I asked.

When Should I get a Secured Credit Card?

As I've covered many of the Prepaid Cards on the Canadian Market, a big alternative for these no-credit or bad-credit groups are the secured Mastercards and secured Visas available from several Canadian banks. It really is a good idea to get one as soon as possible, in order to start (re)building your credit as soon as possible.

What is a Secured Credit Card?

In a nutshell, a secured credit card is one where you must put up a deposit up-front, and then the bank will issue you a certain amount of credit. This deposit is held at all times that you have the card, but can get reduced or eliminated as you build up credit. So, if you put up $1000 as a security, you may get a card with a $1000 credit limit. If you spend $500 on the card, you'll get a $500 bill to pay, it won't come off of the $1000 you put up in the first place. If you don't pay your $500 bill, the bank will immediately, or perhaps eventually, take it away from the $1000 you put up in the first place.

Some banks may require 120% security as a deposit, in other words, you must put up $1200 if you want a $1000 credit limit. Some, if you have so-so credit, will offer you more credit than the security you put up with the bank.

The Canadian Federal Government does have a handy, but out-of-date, guide to secured credit cards in Canada here.

Who Should Get a Secured Credit Card?

Well, obviously, those that can't get a regular credit card, or for those that need more than "here or there" Visa/Mastercard purchases, where a prepaid card would be a better option. Even then, a secured Visa/secured Mastercard will help rebuild credit, while a prepaid card won't.

Where Can I Get a Secured Credit Card?

Some banks offer these, some do not.
Of the "Big 5" banks that do offer them, some sell it more as a new immigrant or other no-credit population product. They don't care to deal with those that have bad credit or other debts. Some are quite up-front about this, others might just be more discrete. If you have bad credit, regularly bank with a big 5 bank that does offer secured credit cards and have a good history with that bank, I'd recommend speaking with an account rep at the branch first to see if they can "push through" your secured card application, even if they don't normally issue secured cards to bad-credit individuals.

Many other websites seem to sell, sell and sell again the Capital One Secured Credit Card, but it's not the only option in town. (It is, however, a company with a generous referral commission program, so maybe that's why other sites "forget" about the existence of the other programs I'll discuss here).

I've contacted all of the Big 5 banks, and this is what I've found:

BMO Secured Credit Cards

Bank of Montreal does not offer Secured credit cards. One user here does say that you can talk to a branch and they can lock a set amount of funds in a BMO chequing account and issue you a pseudo-secured credit card. They do offer the otherwise excellent reloadable BMO Mosaik Prepaid Travel Mastercard as described in my Prepaid Comparison article.

Scotiabank Secured Cards

They offer a secured card, but only at branch level. They didn't tell me anything more than that. Big help guys.

TD Bank / Canada Trust Secured Credit Cards

TD really wants you to go into a branch and talk to a Financial Services Professional to get more information. They state: "The security for a secured Visa must be 120% or more of the credit limit. However, this percentage is assessed at the time of your application and is dependent on a variety of factors. Elements such as income, housing cost, monthly obligations, credit rating and credit history will also be taken into consideration. "
The nice thing about TD is that they let you secure any of their regular credit cards, so you can even earn rewards (0.5% on a no annual fee card, which is okay) with your card.
Their website does talk about a secured card being for those with no credit, or those that could have better credit, so it looks like they're (potentially) willing to accept anyone that qualifies.

RBC Bank Secured Credit Cards

RBC does have a secured credit card, but it is only aimed at those that are:
- A recent immigrant without a credit rating in Canada
- A non-Canadian resident
- A client without a credit history

So if you have bad-credit or no-credit, don't bother with RBC.
They require 100% security for your credit limit. So if you put up $1000, you'll get a $1000 credit limit. They put this money into a GIC for you, so at least you'll get some (if however little these days) of interest from it. They state that once you have good enough credit, they'll release the secured GIC from your credit card account, and it's nice that they're up-front and honest about this. You should apply for this after having your card for one year.
You can also get rewards for your card depending on which card you choose. Finally, they don't require you to have any other accounts with them. I'll also say that their email support was the most helpful out of all the banks in answering my questions.
One user here reports, in splendid English no less, that you have to be from this approved countries list: Australia; Ireland; Bahamas; Israel; British Virgin Islands; Netherlands; Cayman Islands; Saudi Arabia; Czech Republic; South Korea; China; Sweden; Finland; Switzerland; France; Taiwan; Germany; UK; Hong Kong; UAE; USA.
Check out their site here for more details on applying.

CIBC Secured Credit Cards

CIBC didn't really tell me much, other than "for all inquiries relating to a secured CIBC VISA, please contact CIBC Credit Card Services directly at 1-800-465-4653." This seems to implicitly suggest that such a card exists anyway. I'm currently trying to get further info from them.

Capital One Secured Mastercard

Website Link: Capital One Secured Mastercard Credit Card

This card, unlike most of those from the "big banks", is actually targeted towards the no-credit or bad-credit client and some actual "Guarantee" of approval for at least their secured Mastercard.
They can make your credit limit higher than your security deposit, which is nicer than some of the banks that require a security deposit equal to, or sometimes higher, than your credit limit.
Capital One will actually guarantee your approval if:
  • You don't have an existing Capital One account
  • You haven't had a Capital One account that was in bad standing at any time within the last 12 months before applying
  • You haven't applied for a Capital One credit card account within the last 45 business days
  • You live in and are the age of majority in AB, BC, MB, NB, NL, NS, ON, PE or SK
The key downside of the Capital One Secured Mastercard is their $59/year annual fee. This isn't terrible if you need a card and this is the only one you can get, but certainly is if you can get a regular credit card from your own bank, or a secured card from a Big 5 bank.

HomeTrust Secured Visa Card

Like the Capital One card, this is a card aimed at those that can't get a regular credit card, and they charge a reasonable amount for the privilege. I consider it, like the Capital One card, a card of last resort, but it's probably a good card if it's all you can get, since it will help to re-build your credit rating. The up-front minimum security is higher, at $500.

My in-depth review of the HomeTrust Secured Visa is here.

Canadian Secured Credit Card Guide Conclusion

Basically, depending on what you need the card for, some banks treat you like you must be a terrible person, some treat you well, some make it easy, but charge for the privilege.

Be sure to read the terms and conditions of any card you apply for and/or use.

As with anything. DO YOUR RESEARCH. Check out all of the cards out there, and only then decide which one is best for you. And, as always, leave a comment here with any interesting finds!

PowerPay Prepaid VISA

I just got my new Prepaid VISA Card issued by PowerPay Canada, I got this Visa card since two months ago, I don have a chance to use it it, It is a re loadable prepaid Visa, I must need to go to Esso Gas Station to purchase a Reload Pack to enter in the Prepaid Visa, So Far i have not use it yet, because I am not sure this card is good or bad, I have no idea about it, I need some comments or any person who use this card before, so I can get the idea I decide to use this card or not...

Bankruptcy Scotiabank Credit Card and Co-Signer

Went bankrupt 3.5 years ago and tried to get a credit card with a strong B co-signer (I'm a D and I was amazed that they allowed a co-signers for credit cards) and I was still rejected . Even after it was done a second time through snail mail to Toronto HQ

Credit Report: 2 Charge-Off accounts with PC Financial and Canadian Tire which were included in my bankruptcy and the rest is clean. One 3 year old credit card with 300 unsecured credit with CapitalOne (R1) and a Rogers account (R1) nothing else

Capital One Secured Cards

I have a had Capitol One secured card one month after my bankruptcy, no problems getting it. what ever I put down as deposit became my credit limit ,very easy to increase limit(more deposit higher limit). The person above who mentioned that Cap one does not report to the credit reporting agency's should check further as I always monitor my credit reports and Cap one is always there. The only down side I pay 59.00 a year to have it. Big Deal


Does Cibc Give Secured Credit Card if you have Bad Credit and you want to start of fresh.

Credit Union

I had been banking at Royal bank for years. My pays were depoisted bi-weekly.
my husband and I were living pay check to paycheck at the time raising our kids.
I had opened an Credit Union account maybe 3 months earlier. I had $25.00 in the account
My father passed away suddenly and I needed some cash NOW. not much less than $1,000 I called ROYAL BANK they said come in and fill out an app it will take a few days. I dont have a few days I need to go out of town in the next day or two
I'm told flat OUT SORRY NO . I was devasted been banking there for years no nsf's no loans nothing no overdraft
I called the Credit Union talked to the manager told her my situation.
I was told " to come right in the cash will be at the counter waiting for you."
I asked the manager what about the paper work She said we will deal with it later next week or whenever.
At a BANK you are just a number to them. At a CREDIT UNION Bank you are a MEMBER and they treat you like family
first name basis and class. I went in the following week and filled in the loan paper work and we set up a monthly payment
that I could afford to pay back without any hardship. Thank you Credit Union I have never forgotten what they did for us
in time of need.
My advise be a member not a number and work with your credit union on a personnel level.
its your CREDIT and they will help you in anyway they can.

Rbc Visa and and Rbc personal accounts

I have a Rbc visa and am not able to make payments , for years have a RBC account , Visa took my funds , is that legal i never athorized this transaction at all, ever did i sign that this could be done , can i request my funds bak from the bank i feel this is fraud on the banks behalf offering my personal infor with mu consent

CIBC Secured visa

Anyone get a cibc secured visa. I just applied for one today and put down a deposit. jUst wondering if anyone has gotten one and how long the process was to getting the card? thanks!

Capital One - Doesn't report to credit bureau

I have held a Capital One credit card here in Canada for the past 7-months. Twice in the past few months I have requested an online copy of my Equifax credit report, despite paying my bill on time, there has been no linkage to my Equifax credit portfolio. I am disappointed. Other then that, I have used the card successfully to register some domains, sites, online tunes, etc etc. It just sucks because they made me send them $300 for a mere $300 credit. Now I am broke and I need the money, yet if I request my money back they told me that I am no longer welcome as a client "at this time."

It is what it is. Take capital one only as a last resort.

RE:Capital one -Doesn't report to credit bureau

Well i can say this is not true. Capital one does indeed report to equifax and trans union. Im not sure why they wouldnt. As a secured card is specifically meant for building credit. I have an unsecured card from them with a 1500$ limit. They have reported my payments every month. Im sure it is the same with the secured verity. Make sure you also check transunion.

Holey crap

Someone actually went out of there way to get all this info, a very big thanks for your effort and hard work put into this. I have tried before and it blows mind how bank managers and employees that work at these places don't have a clue what they are telling the clients sometimes

I took TD to Small Claims

I took TD to Small Claims TWICE over them not having a clue as to the rules for their own secured card.

Check your Province's consumer protection legislation (ie in Ontario it's the Consumer Protection Act - Sections 14, 17, and 18) and then use that to try and get the hit to your credit removed by the bank.

Peoples Trust MC

What is the general consensus about Peoples Trust. I believe they are located in British Columbia and I think they offer secured credit cards. Any comments?

Great article

Great article, you have done your homework. Capital One seems to be the best bet in terms of a secured MasterCard. They do not require 100% deposit for a higher credit limit. They do have a $59.00 annual fee but a low deposit amount for higher credit limit that can be payed in installments and is a great way to establish your credit history after a bankrupcy. I would recommend Capital One


I agree with those above... Scotiabank Sucks!... I've been a member for 4.6 years now. I have been out of bankruptcy just as long. I tried to apply for a secured visa and was rejected before even trying just for having been in bankruptcy.

Credit Union... I applied at my credit union for a car loan and would be approved no problem with a co-signer.
Same for a mortgage. So why can't Scotia give a secured Visa?

They are totally unhelpful. Add me to your complaint list.


I too went to scotiabank just today and was turned down FLAT just because I had been bankrupt. I was told I would not even be considered until I had been discharged for 7 years.
Completely unhelpful.

Being new in Canada and

Being new in Canada and ScotiaBank closest to me, I went there in person and spoke to the "Senior Personal Banking Officer" who is the right person to deal with about credit cards. He told me that he knew about their "Welcome to Canada Program" & their "Secured Credit Cards" but did not know anything about it. He suggested that he would research it and contact me later. I told him that if this was the service level of his bank, I would prefer to go elsewhere. Honestly I can not understand why companies employ people to deal with the public if they don't even know the products that they sell.


I've been banking with them for over a decade. I declared bankruptcy 6 years ago, after trying to talk to someone there for a $25,000 loan. I recently went into my branch and asked if they offer a secured credit card... the answer was a flat no. They didn't even look at my credit nor was my bankruptcy mentioned.

ScotiaBank Secured Credit Card

I went in to Scotia in person to apply for a secured credit card. I mentioned that I declared bankruptcy almost 2 years ago and that this is my first time trying to re-build/re-establish credit. The answer was also a flat no. They didn't look at my credit over the last two years (which is nice that they didn't make a hit on my credit bureau). I was told to wait another 2 years and try again. I'm wanting to start a small-home based business which will require a credit card to place orders for my customers. I guess I'll be trying Capital One. In my case, I'm hoping I'll be able to write of Capital One's Annual Fees as part of my business expenses at tax time.

The Capital One card is a bit

The Capital One card is a bit expensive. Perhaps you could consider the BMO Prepaid Mastercard. BMO is better to deal with anyway.

Farewell TD!

Cut to just over two years ago. I'd just moved to Canada from Australia with a working holiday visa. This visa lasts for two years, and can be renewed for another two years (which I recently did). As soon as I arrived I applied for, and attained a secured visa card for $1000 from TD. There's been $1000.00 sitting in a savings account since the day it was opened. Card has been paid off in full every month since day dot, without a single exception.

So everything was fine, and I was happy. Cut to 10 months ago. I applied for an account with CIBC, and on a whim (advice of friend), and applied for an actual credit card. To my shock, I'm given a regular credit card for $4500. "Sweet," I think, "means I have a credit history and can probably apply to get my secure hold on my TD visa lifted."
Call TD Visa, get told it's too early, don't even bother applying. OK, I think, weird, but I'm happy and don't need that $1000.

Cut to four months ago. It's been 20 months since I've had the TD card, and about a year since I had my CIBC credit card (also paid off in full monthly without exception).
Call TD Visa. They put in an application to get the hold lifted. It's REJECTED!? No reason. There's a note on it about waiting until April, the 24 month mark, to try again.
So call at the beginning of this month to see about getting that hold lifted. I'm so certain it'll be lifted, I don't even give it a second though.
And REJECTED again.

So TD, tell me how that works - I have two cards in Australia paid off in full, two cards here in Canada, paid off in full now for two years. And on top of that, a phone bill from Fido paid off in full every month. I'm not a millionaire, but I earn well above minimum wage. Beyond ridiculous.

The stupid thing is I have a credit card with CIBC that's more than enough for all my expenses. I only kept TD open since my payroll flows into it. I'm under the opinion at this point that if you're on a working holiday visa, it's their untold rule never to lift a secure visa hold. So it is, after two years, a sour farewell to TD. At least at CIBC they did place a modicum of trust in my hands.

I just contacted CIBC, RBC,

I just contacted CIBC, RBC, TD, AND SCOTIA. I was told that after a consumer proposal they will not give you a SECURED CREDIT CARD until two years have gone by. this is also the same for personal loans, or a credit line. SO BASICALLY, even though you have paid everything off. You cannot build your credit for another two years. OH, I also contacted a few credit unions , I was told they do not offer secured credit cards.

Credit Union Secured MC

Not all credit unions choose to offer secured credit cards, but some do. These are through CUETS Financial (an offshoot of MBNA). Even if MBNA was IIB, you shouldn't have a problem.

I know my CU does offer this because I had one until recently when I got approved for Canadian Tire.

Discharged bankrupts are apparently accepted with no waiting period, with a deposit of 110% (minimum $550 deposit for a $500 limit). Also, no annual fees.

For those who are interested, here is the credit union I deal with:

MemberOne Credit Union
200 Front St West, Concourse Level
Toronto (416) 344-4070

Contact name: Irina

MemberOne is also not one of those CU's that only service certain's open to everyone just like DUCA, Meridian, and Alterna but it's very small with just one branch.

Plus, the service I've received is nothing short of excellent. They are very helpful and reasonable unlike virtually any bank.

To join, you will need to bring $150 for shares and the normal 2 pieces of ID. If you want the secured card you'll also need to bring $550, which will be locked in a term deposit for at least 2 years, after which you can call CUETS and see if it can be made unsecured.

Not a bad system at all.

Missed Secured Visa Provider

Home Trust $500 to $10,000 available, no extra$ required on secured amount.

Reloadable Credit Card Hell

I got a Citizens Bank VISA card after finding this site so helpful. I was clicking my heels until I found out my credit union, who has them listed as an e-biller, has some restriction on the 4*** series my card falls under. Citizens' solution is to find another bank, DUCA's is to go with the BMO reloadable...I'm really frustrated at this point.

I'd say try to speak with

I'd say try to speak with someone higher up at your credit union regarding that questionable restriction. BMO is a good card, so I wouldn't feel bad about having to go with that one. It's probably the most popular in Canada and I get relatively few complaints about it.

TD Bank-secured credit card

I am discharged from bankruptcy (voluntary, never missed any payment to anyone ) and have been a T-D customer for over 2 years. T-D was not owed any money when I went into bankruptcy. I make 30 thousand a year from my pensions and continued to pay my car lease payments, rent, phone etc through my bankruptcy.
I applied for a 700 dollar secured credit card a couple of days ago. Today my application was denied. I was told I would have to wait for two years before they would give me a secured credit card.
I then applied online for a Capital One card which has slightly better rates than the T-D but has a $59 a year fee and was approved. It's worth the $59/yr to rebuild my credit.
So I think it's safe to say that applying for a T-D secured credit card is a waste of time if you are trying to re-build your matter what they say in their credit card application information.


I work at RBC's credit department. I can confirm that RBC doesn't have secured cards for people with bad credit, only for non-residents or people with zero credit history (new immigrants, young people, etc.). If applying with RBC post bankruptcy, make sure you've been discharged for a minimum of 2 years, and that you've managed to accumulate some savings since the bankruptcy. If there are no assets, it will likely be declined. I've had clients with bankruptcies who've been approved for unsecured cards and once even a Line of credit. It's not always possible but at least not 100% impossible.

A word of caution: If RBC has lost money in the bankruptcy, this will make things very difficult.

What the hell are (RBC) playing

After 8 years of "NO CREDIT" I find out that my "Student Loan" was not paid off and that I had an""(I(9))""" rating on my "Credit Report". It only took me (2) days to change that fact "Balance":Paid-in-Full (cash)...... DONE (so I thought).

I then sent the paper work to 'BOTH' Reporting Agencies (Equfax+TransUnion) and a return letter sent from them stating that the account (CIBC) "Student Loan" is now marked (PAID-IN-FULL) on my report.

NOW...THE POINT......I take the "Report" and "Letters" from "BOTH" agency's which is now less than 20 days old to RBC.

I ask for a "Credit Card" from the Bank (that by the way) I have been with for over 30 years. They ask me for my "Client Card" and discover that I have over $20,000 dollars(Cash) in 3 accounts ...........She then said.......(WAIT FOR IT) Royal 'DOES NOT' have a SECURED "Credit card" (Believe it or not) "You should go to another Bank.........(For a card)

Way to go "RIBC"

How much time after bankruptcy can i get a secured credit card,

What can i do, i really need to book a hotel, and im not sure how to, please help, if there a way, to do this, without a credit card

I work at a hotel and we will

I work at a hotel and we will except cash for a room as long as you give a security deposit. Depending on where your going (big city or small town) most hotels will have rooms available for "walk-ins".


I think you can reserve a hotel with a prepaid visa or mastercard

The fastest way is open an

The fastest way is open an account at CIBC and they give you a debit visa card.
You can ask them to personalize the card. You would only have access to the amount of money you have in your account, but it serves your purpose. When using the card you have to tel the vendor to make it as a visa transaction.

Other choice is capital one. Apply online and it will tell you in seconds how much you need to put as security deposit, if you use online banking you can transfer the money and get the card in 3 weeks.

can a canadian non-resident get a card without paying taxes?

i'm a canadian citizen who's lived abroad for the past 15 years. i'll be moving back to canada at the end of december this year. i don't have a canadian current canadian history and am trying to build one now. i've been told i should get a canadian credit card. let's say they will accept my foreign credit history and issue me a card. does having this credit card allow the canadian government to tax my overseas income? when i left canada and declared non-residency status, i was told i was not allowed to have a canadian bank account, credit card,.... i was told i had to sever all financial ties with canada to maintain a non-residency status that made it possible for me to earn income overseas without paying canadian income tax. so now, i'm a bit hesitant about getting a card. i'd appreciate any info on this that could help clarify the situation.
thanks. L

Any options for non-resident US citizens?

I've been looking to get a Chip+PIN card because practically no bank in the US offers them, and Canada's got them and it's not too far away. Problem is, what banks will offer a secured card to a non-resident? Scotiabank says no because I'm not resident, so has just about every credit union in Vancouver, and CIBC looks like the most appealing choice at the moment were it not for the fact that I need to keep $1000 for a no-monthly-fee checking account (I was thinking of something along the lines of $300-500). Can anybody offer any advice as to any alternatives?

Secured Cards

TD doesn't like past bankrupts, let me put it that way. But there is another option:

This option is CUETS Financial (aka Credit Union MasterCard). This is available at credit unions that offer their card.

Although it is not advertised, they require a 110% deposit, usually held as a term deposit, through a credit union. The minimum amount is $550 for a $500 card. They also have a card with no annual fee that gives you points.

They don't seem to care if you have been bankrupt (or otherwise have bad credit) when you get a secured card, but the only problem might be finding a credit union that is OK with past bankrupts (yes, some do care, and they are actually allowed to say no to opening an account for this reason because of different legislation that covers them versus banks)

I deal with MemberOne Credit Union in downtown Toronto, and they are an excellent choice.

Apparently, you can call CUETS ask to have the account reviewed at 2 years to see if you can make it unsecured, but it isn't done automatically. I guess they want to see if you are behaving...

I had the same problem with

I had the same problem with TD and went immediatly across the street to CIBC. I have found, that even with my poor ability to take care of my credit in the past that they really want to work with me and help me improve my credit so I can apply for their products (great win-win situation in my book). I don't know if you're still in the market for a bank. But I have been so pleased with CIBC that regardless of how good my credit gets or how good the other guys interest rates are, I will always be a proud and loyal CIBC user

TD Canada Trust rejects their past customers

I had bankd with TD Canada Trust for nearly 20 years. I used to have the Emerald card. Well I had claimed bankruptcy 3 years ago, have been discharged and I am trying to rebuild my credit. I tried to apply for a secured credit card and was immediatly turned away from one of their financial advisors. The woman told me I was better off trying to rebuild my credit at another bank because TD Canada Trust will not give me a secured card because they were one of the banks claimed in my bankruptcy case. I told the woman I felt discriminated against because of my past. She said they would still deny me even if it were over 10 years later. I guess your bankruptcy is life long according to them.

Go to a credit union.

Go to a credit union.

Secured Credit Cards and Bankruptcy

I am thinking to go bankrupt, should I get one of the Secured Credit Cards before I go bankruptcy, will I have to give it back, becouse the bankruptcy low says that you have to surrender all your credit cards you have. Thank you!

You will surrender those

You will surrender those credit cards you include in the bankruptcy
Strongly recommend to pay in full one or two cards with low limit and keep those running, they will help you rebuild your credit quickly after your bankruptcy.

Keeping Credit Cards

Oh no yhou don't/ You will be required to turn over all your credit cards to the Trustee - YOU ARE BANKRUPT!
You don' get to keep or decide what credit cards you keep and in fact if you do this you will violate tne terms
of Bankrupcy and your ceditors will then have cause to continue to seek payment.

It doesn't work that way, you

It doesn't work that way, you are not allowed a "credit card" during a bankruptcy, since you are not allowed to have any credit, unless you tell the company/person you are bankrupt. So what do you think the chances are of keeping a credit card after telling a bank you are bankrupt. Any way, you have to give up all your credit cards to the trustee. You can however bet a pre-paid credit card while bankrupt, since you are not actually getting any credit. If you have a pre-paid card before bankruptcy just tell the trustee you have it and he won't care, if he does find another trustee to go bankrupt with.

Secured Credit Crad

You missed perhaps the oldest guy on the block for this type of product. Home Trust Capital has offered this product for at least 15 years. I have a friend from Australia who got one of these when he first arrived, from what I understand, he has no problems.

ScotiaBank Sucks

I have been a member of Scotia Bank for over 10 years. I had a bankruptcy 5 years ago, since then I have several investments with the bank. TFSA - $5000, RRSP, $3500, RESP, $2000 and I went to apply for a secured credit card with funds of $1000-1500 to deposit into wherever they saw fit. They rejected me and told me that they don't give secured cards until miniumum 8 years after bankruptcy. They feel you need that length of time to wait to then rebuild your credit. I explained that I had been through a divorce 6 years ago that resulted in the bankruptcy and as my investment portfolio would show, my life is different now. This is insane, they have about $10,000 of my money and would not allow me to get a $500 secured card even for the purposes of travel. I will be moving all my investements to VanCity, this is stone aged behaviour. Consider your clients and the economy Scotia! You SUCK

scotiabank complaints

I hope many people will join my page and then once we have a few thousand we can form a class action law suit and sue Scotiabank for all the money they have stolen and the pain, damage and humiliation. Please join us as in the fight.
If you are not on facebook you can also email me I have a rather large amount of names so far over 300 but I want to get it into the thousands.

I paid $20 to cancel a cheque then they charged me $45 NSF fee. I called to have them remove it they refused saying its only good for 3 month but just prior the same bank said its good for 6 month. After calling and calling I finally got a nice girl on the phone that reversed the fee. Then when I looked over my banking statement I noticed my fee's have been raised. This month $32.05 on my savings account from a maximum of a few dollars for months prior to the problem bellow suspicious at least.

More criminal behavior from this same bank was when they cut my card up. This last month I sent my assistant to get my rent and grocery money because my daughter was sick just out of hospital. I was forced to go to the bank to get a card or miss my rent, pay late fee and have no money over a long weekend for grocery and her doctors prescription from the pharmacy.

I am so disgusted with these people are stealing from me and my 5 year old girl. I am saddened that once again the big banks are proving how how of little value we are to them. As if they are not already stealing enough from Ava and me with the hundreds in fees.

To top it off they are closing my account because I swore at the teller on the phone when she refused to listen to my plea's to not force us out into the cold and rain, I begged her but when this was obviously going no were as a human and a father I admit I lost my cool and can not imagine even the most conservative person would not. Really what real and caring parent would not I mean we were just out of hospital and I was up all night nursing my child I was tired and beside myself with anger that this insensitive narcissist was going to force us to venture out into the cold and rain while my 5 year old girl was coughing, sick and throwing up.

Shame on Scotia Bank SHAME on the people that work at Scotia Bank that are so insensitive as to risk the life and health of my five year old girl Ava Wettstein. Shame Scotia Bank for all the other people they have humiliated and inconvenienced just to access their own money and most of all shame on Scotia bank for being so obviously unconcerned with the health and welfare of a 5 year old girl and her loving father.

As surprising as it was when I went to the bank I was able to video the entire thing with my daughter crying and coughing and the bank not even apologizing actually the opposite closing my account and even hostile.

I plan on creating a blog and posting the video when I have time to edit it down as I have the phone recording, the trip to the bank, my sick child crying and breaking my heart and then the discussion with the bank manager its over 2 hours of the most humiliating and shameful behavior I have ever been a victim of.

When my blog is done I will be mailing it to the media and I will be trying to solicit a lawyer to take my case if I am not satisfied with the response to this letter.

I have also just now created a Scotia Bank Complaints Facebook page and will be actively searching out people to share their complaints and horrer stories to do with Scotia Bank.

This is the page I am building a complaints board for with the tools and resources to properly address complaints. Including Consumer protection resources, Scotia Bank and associate company emails, MLA, MP and other relevant emails and contact info. This is where I will post my story and video along with many others,

Post, learn and share here.

I can relate somewhat here.

I can relate somewhat here. So sorry your daughter was sick. I dealt with scotiabank for about 25 years now, I had a rough go at it in 2006, co-signed for my brother and got stuck with the payment, and as a result of it, had to go bankrupt. I am supporting a family of 5, work full time, trying to get back on track, not easy by no mean's. I had contacted my branch, and asked them about a secured credit card to rebuild my credit, they right out and said no. They also said they don't care if I had a million dollars, i still will not get it. I sent a letter directly to the head office, stating what they had told me, and to this day, I still never got e reply. This is going on 5 years now. I am still with them but they treat me different now, like I am scum on the earth to them. I have been trying everywhere to get a loan, but as a result of my bankrupsy, I am turned down no matter where I go, they say I have to wait atleast 7 year's, and even then, I may still not qualify. I understand your frustrations.

RBC nationality-based credit card discrimination

I was denied a SECURED credit card by RBC. They said that for "non-residents", only people from these countries are eligible to get a credit card, and I don't belong to any of them:

Australia; Ireland; Bahamas; Israel; British Virgin Islands; Netherlands; Cayman Islands; Saudi Arabiae; Czech Republic; South Korea; China; Sweden; Finland; Switzerland; France; Taiwan; Germany; UK; Hong Kong; UAE; USA.

RBC definition of a non-resident includes anyone who doesn't have Canadian citizenship or permanent residency. So, people like me who have a work permit and social insurance number starting with 9 are considered non-residents.

BMO discriminatory too

After living and working in Canada for about a year, paying off balances on two secured cards diligently every month, my husband and I still have $1500 frozen for each $1000 limit card. And, they will not raise the credit limit. We were NOT told when we got the cards that "not being a permanent resident" would result in indefinite discriminatory treatment. In fact, we were explicitly told that the freeze and the low credit limit would both be lifted after we "established credit in Canada." They are liars and we will bolt from this bank as soon as we can find a business that respects it customers more.

Scotiabank Secure Credit cards

Being a person who needed to rebuild credit and also being a long time Scotiabank consumer, I did inquire about their secured credit cards. I had a small business and dealt with tellers, at least, weekly and many of the branch employees new me well enough to ask about the state of my online music business.

When I received my first student loan cheque, as I had decided to return to University (in my 30s), I asked about getting a secured credit card. Despite my rapport with the branch and the rather large cheque in my hand I was told that secured cards are ONLY EVER available to new immigrants. This was in 2002 and their lack of response to the poster's questions would seem to imply that the same is very likely still true

Capital One

Too bad we live in Quebec. A province that is not allowing such a privilege to be able to start building good credit.
Capital One Secured MasterCard should be good.
Thanks for the info.

Incorrect statement

Hello, what you say is not accurate.

The reason that some credit card companies chose not to offer their card is because of the Quebec Consumer Protection Act, not because you are not allowed to build a credit history. E.g. the QCPA prohibits credit card companies from increasing your credit limit without your authorization.

Get your facts right.

BMO secured credit card

Hi Dan, good summary! I just wanted to add that the BMO also offers a "secured" credit card with 120% deposit. This amount is just on hold for example in the chequings account as authorized by the branch. The credit card itself seems to be a normal credit card with airmiles or whatever is desired (just like the TD Bank offer) including the report to the credit bureau. It doesn't say "secured" in any of the documents I received, therefore I think, they just installed the credit card as a "secured" one by freezing my money on my own account. I guess this could also be the case for the CIBC cards.

Great summary! I confirm

Great summary! I confirm your finding on TD. After talking to one of their bankers in person, my wife and I were able to get one of their regular Visa (for the purpose of credit rebuilding). In order to secure it we had to establish a checking acct. that was tied to the Visa and put 1,500 on it (and leave it). They also helped us identify the right Visa: initially we wanted a 1,000 limit Visa, but the banker suggested the 1,500 because it is reported more frequently to the bureaus.

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