Ontario Secured Credit Cards

When a person goes into bankruptcy he has to hand in all his credit cards to the trustee. After that person has been discharged from bankruptcy, he or she is often a good credit risk, since that person has no debt.  Regardless, a discharged bankrupt often has a difficult time getting a new credit card.

An option is to acquire a "secured credit card".   A "secured credit card" is a card backed-up or secured by funds you have deposited with the financial institution.  The card looks like a credit card, and acts like a credit card but will have a limit depending on the amount of money that secures the card.

Using a secured credit card is a quick way to rebuild your credit rating. Peoples Trust reports your payment history to the credit bureaus each month. As you make regular payments your credit history looks better and better.

    Application Form   Formulaire D'application

Card Features include:

• Minimum deposit of $500

• Credit limit is 100% of security deposit

• Monthly fee for cardholder is $5.95

• One time set up fee of $49.00

• Security deposit earns interest annually in a CDIC insured GIC Account (current rate is 0.50%)

• Available in all Canadian Provinces

• Approval is virtually guaranteed