Hi footloose, thanks for a thorough and well explained discussion about secured credit card. it seems our friend creditcardsuck is more informed now. i never liked credit card. i prefer cash. but you see, in this part of the world, living day to day without a credit card is such a big hassle. we freakin need it even if we dont like it. most of the time, we cant buy stuffs on the internet without a credit card. we cant buy a plane ticket without a credit card, etc. etc. we really need that darn plastic. oh nice analogy with that chinese laundry, NO TICKEE, NO SHIRTEE... i dont have a credit file. and yes, i did apply to almost all credit card companies here in canada. the big 5 banks+other financial institutions? yes. and they all sent a mail to me saying they cant give me their credit card because i dont have a credit record. so i have to first have a secured credit card. so to go back to the topic, best secured credit card in canada???

i think the best secured credit card in canada is that company which releases your security deposit without much ado after one year. fhack it, i need my money now. but they wont give it back.[im not also coming from a bankruptcy, i simply have zero credit file] i have no outstanding balance whatsoever with them. that's because in my case, i have already one year in my $500 security deposit with my secured credit card company [i wont name them yet because i have still respect for them, let me just do what they want and see what happens] and they wont release my money yet. they say, i have to show them proof that im no longer on probationary period on my new job. because when they asked some information and also about my current work, i told them i left my old job which i wrote on my original application with them and right now with my new job, i am still on probation on my new job which kinda sucks on my opinion. what the fhack does that have to do with my security deposit? they say because it may affect my ability to pay? pay??? i have been paying my balances all year, on time. i left my old job because my new job pays a little more that's why. of course i have the ability to pay. and what if i keep on looking for new jobs then screw me! hence always on probation. then i wont be able to get that security deposit??? [okay, last step would be just fhack it, cancel the darn card] anyway, im just cool on the phone during that conversation. its a good morning plus i need to get to work so i just talked back with them, laid back cool composure. i'll comply with what they want. next month when i finish my probation, i will give them what they want then if they still pull of that hokus pokus balooney trick on me, im gonna talk to them like John Travolta in the movie The Taking of Pelham 123: Darn M**f*kers!

Thanks you very much for the tips and resources. This helped greatly..

Cheers.

If you are looking to pay bills online , you have yet another good option that does not impact your credit history. 3V Visa prepaid vouchers, available at 1500 locations in Canada, are perfect for paying bills or shopping online without a credit card. No back account, no interests no personal information. It's safe, secure and discreet. Find a store near you here http://bit.ly/3Vstore

Interest rates play a vital role in dealing with credit cards. each credit card company do have their own interest rates depending on what kind of credit card you are holding. but this article focuses on the interest rate for bad or secured credit cards. you can see the interest rates for May 2010 and be able to compare the current interest rates and give you an idea how much increase had happened or how low is the interest rates today.

LOW CREDIT SCORE CREDIT CARDS – INTEREST RATES FOR BAD CREDIT CREDIT CARDS
After the recession many Americans are looking for low credit score credit cards as many consumers have seen their credit score drop over the last several months and years. At the present time interest rates for bad credit credit cards can get rather high because credit card companies see you as a risky investment.

By having a credit score below 650 you have proven to make bad decisions with your money. With this being the case expect to see high interest rates on any amount of money that you borrow. If you are looking to apply for a low credit score credit card online it would be a wise decision to step back and look at your current financial position.

If you have many debts outstanding and you are finding it very difficult to pay off your bills then it might not be a wise decision to take out another credit card. It would be wise to pay down your high interest credit card debts and start to build your credit through budgeting.

It is important to note that it can take several months and possibly even several years to repair a bad credit score. It will be well worth it in the long run as it will make your financial life much easier.

Courtesy of SubPrimeBlogger.Com

Home Trust credit cards are considered one of the famous secured cards in Canada. it have been trusted by a lot of people for their service in which they are focused on the credit card applicant who don't qualify for the criteria of the traditional financial institution. Home Trust Company have been serving the people for a long time already and they are upgrading their system in which metal strips are being utilized to save pin code for the card.

Home Trust of Canada Selects Gemalto for EMV Migration

AMSTERDAM, Netherlands - (BUSINESS WIRE) - Gemalto (Euronext NL0000400653 GTO), the world leader in digital security, today announced that it has been chosen to manage Home Trust Company's migration from magnetic stripe credit cards to EMV (Chip and PIN) smart payment cards. Home Trust is a Canadian Visa Issuer and one of Canada's leading trust companies, focusing on consumers who typically do not meet all the lending criteria of traditional financial institutions.

"Gemalto has already provided us with the comprehensive and collaborative support that we needed to begin issuing EMV payment cards and successfully participate in the pilots in Kitchener-Waterloo, Ontario," said Gerald M. Soloway, Chief Executive Officer, Home Trust. "We are looking forward to continuing our work with Gemalto to complete our conversion to EMV technology."

Courtesy of Newsblaze.Com

hello there,

if your searching for credit cards that will help you rebuild your credit history after losing what you have in the past then check out this link

here is the link for Best Secured Credit Card in Canada:
/archives/2010/4/best+secured+credit+card+canada.html

what you can see here are list of secured cards coming from different credit card issuers. there are also detailed presentations of each credit card benefits and features.

this also caters new applicants of credit cards who belongs to the category of no credit history. some of the cards give guaranteed approval for their cards. in this way, new credit card holders can start to build their own credit history.

if you have any questions or clarification to ask or suggest then post it in this thread. we are willing enough to help you and give our friendly advices. thank you.

footloose... good points..

sometimes you need a credit card in this society...

in my business i have to use credit cards to buy things online, or software etc...

Hi creditcardssuck

It appears that you are grossly misinformed about why people apply for a secured credit card. Let me "clue you in". Not all people who apply for a secured credit card are born losers, deadbeats, bottom-feaders or people with a poor or bad credit record.

A few years ago, I wanted to rent a 5 ton truck to help a neighbour do some moving. Because I have an AZ licence and have driven transports from coast-to-coast and border-to-border for several years, he approached me to rent and drive this truck. At this time, I approached the truck rental agency and they told me that I could not rent the truck without a valid credit card. At that time I paid everything by cash or cheque. I did not possess a credit card. I offered to leave a cash deposit equal to twice the estimated rental cost. They refused. I then made three applications for a credit card. Every application was rejected. REASON: I had no credit history, therefore, I was having a problem. My annual income from driving long-haul was in excess of $70,000 so obviously income was not a problem. The short of all this is: NO CREDIT CARD -- NO TRUCK.

Second scenario: In 2005, I retired from trucking and wanted to have a Sirius Satellite Radio in my house. After purchasing a satellite radio, I phoned Sirius Radio to arrange the hookup. When they asked for my credit card number, I told them that I don't have a credit card but gave them authorization to debit my bank account each month. They refused. They said they only deal with credit cards. As they say, in the Chinese Laundry "NO TICKEE, NO SHIRTEE". I then applied to Capital One for a secured credit card which I received in time. As you can see, I didn't have bad credit, I had no credit. And obviously money was not the problem.

When new immigrants arrive in Canada, how do they establish credit when there is no credit history? SECURED CREDIT CARD.,

So as you can see, there is a real need for secured credit cards. I have given you three examples, two of which happened to me. I am sure there are many other cases where secured credit cards are warranted.

I hope this helps you better understand the need for secured credit cards.

Good Luck and have a GREAT DAY

I have to disagree with that. Credit card companies love when you go over your limit because they charge extra fees for that. Check out HomeTrust, capital one and you see what kind of surcharges that they give you when you go over your limit. It's pure profit for them

Hello there.

You might be getting the wrong impression of secured credit cards. They are the type of cards where your credit balance is limited only to the amount of your security deposit. This means that you cannot go over the credit limit and get worried over using too much credit because you can only use up to the amount of the security deposit.

It is one of the primary policies of credit cards issuers that one must have a security deposit to assure that you won't go over your limits.

Hope this helps.