Bad credit

The Best Credit Cards in Canada for People With Bad Credit in 2021

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Best Bad Credit Credit Cards in Canada

* The Plastk Secured Visa has an annual fee of $ 48 and a monthly maintenance fee of $ 6.

Secured credit cards vs unsecured credit cards

Of course, a bad credit history will limit the cards available, but thisThat doesn’t mean you don’t have a lot of choice. To begin with, when using a credit card To rebuild your credit score, you will first need to choose between a secured card and an unsecured card. A secured credit card is offered on the condition that you “protect” it with a guarantee, usually in the form of a refundable deposit that can be claimed by the lender if you default on your payments. These cards are marketed directly to people with bad credit, so they have an easier approval process and are no frills. And lenders report your activity to the credit bureau, which increases your score as you continue to repay responsibly.

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Alternatively, although they are generally not available to those with bad credit, unsecured cards are sometimes offered to consumers with “fair” credit scores, usually between 600 and 650. As the name suggests. , an unsecured card does not require a deposit. Plus, unlike secured cards, many unsecured credit cards offer rewards (think points or cash back, which is a nice bonus, isn’t it?). That said, they can order harder approval requirements than unsecured cards. And like all contracts, it’s always a good idea to read the fine print when selecting your card.


Best secure card (no charge)

Home Trust Secured Visa (no annual fee) *

The Home Trust Secured Visa stands out because it is a secured credit card with no annual fee (a nice bonus when getting a new card). To open an account, you must make a deposit of $ 500. And while the interest rate is standard at 19.99%, it won’t trigger unless you have a balance – and if you’re looking to build your credit, you should aim for that to happen. not. As with other secured credit cards, you can improve your credit score by making payments on time, and preferably in full. Note: If you don’t use your card at least once a year, an inactivity fee of $ 12 applies. Therefore, charge at least one purchase to the card each year.

  • Annual subscription : $ 0
  • Interest rate: 19.99% on purchases
  • Min. To pay: $ 500

Note: This card is not available to residents of Quebec.

Get more details on Home Trust Secured Visa (Free) *


Best secure card (low interest rate)

Home Trust Secured Visa (Low Interest) *

Here’s another Home Trust card on our list. Like the Home Trust Secured Visa above, this low interest option is a secure card that can be opened with a deposit of as little as $ 500. And if you need a higher credit limit, you can deposit more, up to $ 10,000. Before you Pooh annual fee of $ 59, be aware that this card offers a much lower interest rate of 14.90% on card purchases, and it will save you money if you need to keep a balance. You also have the option of paying the annual membership fee in a lump sum or in installments. Be aware, however, that the card incurs an inactivity fee of $ 12 for accounts unused for a year. Most of the applicants are approved for his low interest card.

  • Annual subscription : $ 59
  • Interest rate: 14.90% on purchases
  • Min. To pay: $ 300

Note: This card is not available for residents of Quebec.


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