What is a Secured Rewards MasterCard?

Secured credit cards are meant specifically for consumers with damaged credit. However, they have available finances and want to rebuild their credit rating. The "secured" aspect of this type of credit card refers to the cardholder's existing savings account. It should be equal to or greater in value than the amount of credit required. The deposit made by the cardholder can be used by the issuer as security against the possibility that the cardholder fails to make a required payment. The savings account is separate from any other accounts the cardholder may have and is dedicated to funding the credit card. Secured credit cards are low risk for lenders and usually accepted wherever credit cards are used. They offer a convenient method of using funds while building up a credit history.

This article discusses the Guaranteed Secured Rewards MasterCard; secured credit cards in Canada; and partially-secured credit cards.

What is the Guaranteed Secured Rewards MasterCard?

Capital One Canada offers consumers a guaranteed approval credit card to help establish credit while earning reward miles with the Guaranteed Secured Rewards MasterCard from Capital One Canada. As long as your bills are paid on time, this card can help you build or re-establish your credit history. The Guaranteed Secured Rewards MasterCard from Capital One Canada lets you earn rewards in the form of miles while rebuilding your credit! You'll earn 1 mile for every $1 in purchases you make on your card. These miles never expire and can easily be redeemed for travel, gift cards, cash, or merchandise. If you choose to redeem your miles for travel, you get to choose the airline and when to fly with no blackout dates or seat restrictions.

What are Secured Credit Cards in Canada?

Secured credit cards in Canada were originally designed to help people who wanted to start building their credit record. If you desire to build your credit from scratch or you want to re-establish your credit, it is important to check out all the secured credit cards in the market. You can find all the reviews and ratings for comparison of terms, features and benefits. This will help you make an informed decision in getting the best rated secured credit cards. All the top credit card companies, including Visa, MasterCard, American Express and Discover will definitely want to help you build your credit. Take a look at their guaranteed credit card offers and you will be on your way to build a solid credit rating.

What are the partially-Secured Credit Cards?

The partially secured credit cards are offered to consumers who have modest financial status. These credit cards require a deposit amount or collateral money from the applicants. Many of the partially secured credit cards allow the card seekers to withdraw the collateral amount as per free will. However, after withdrawal of the collateral, the partially secured credit card becomes an unsecured credit card.
Before you apply for partially secured credit cards, it is best to make a comparative study between the major firms such as HSBC, Bank of America, Citibank, and J.P Morgan Chase. It is also prudent to seek the help of financial advisers while applying for partially secured credit cards. The collateral or deposit amount for a partially secured credit card differs. The amount is determined by providers. There may be annual fees for unsecured credit cards but the partially secured credit cards usually do not have any annual maintenance fees. The banks and other card providers have toll-free customer care help lines. Any online query is resolved as soon as possible. These are good cards to build credit with as the annual percentage rates are lower than the unsecured ones.

Compare Credit Cards and Go for the Industry Leaders

Try to check out all credit card companies and compare their features and financial packages. Take a close look at the special deals like low interest and other perks. No matter where you live in this world, makes sure to pick out the industry leader such as MasterCard.

References

creditnet.com
bchighway.com
novinite.com