Best secured credit cards in Canada
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Getting a secured credit card can be a lifeline for anyone with bad credit or no credit history. Here's our list of the best secured cards in Canada so you can start building credit today.
Secured credit cards are an excellent tool for building or repairing credit. When used responsibly, they help establish good credit habits, control spending and improve financial management skills. To support your journey to financial independence, we’ve compiled the best secured credit cards in Canada. We'll help you assess crucial factors like interest rates, security deposits and additional advantages.
Our Take
The Capital One® Guaranteed Secured Mastercard® is designed for individuals with limited or poor credit, offering guaranteed approval (subject to conditions) and the opportunity to rebuild credit through responsible use. Cardholders are required to provide a security deposit, and benefit from features such as purchase protection and extended warranty coverage, though the card carries an annual fee and a standard interest rate.
Eligibility
Poor (up to 299)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Annual Interest Rates
21.9%
Purchase
21.9%
Cash Advance
21.9%
Balance Transfer
Fees
$0
Annual Fee
Insurance Benefits
$75,000
Rental car insurance amount
Our Take
The Capital One® Guaranteed Secured Mastercard® is designed for individuals with limited or poor credit, offering guaranteed approval (subject to conditions) and the opportunity to rebuild credit through responsible use. Cardholders are required to provide a security deposit, and benefit from features such as purchase protection and extended warranty coverage, though the card carries an annual fee and a standard interest rate.
Eligibility
Poor (up to 299)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Annual Interest Rates
21.9%
Purchase
21.9%
Cash Advance
21.9%
Balance Transfer
Fees
$0
Annual Fee
Insurance Benefits
$75,000
Rental car insurance amount
The Capital One Guaranteed Secured Mastercard® might not be the most famous card on the market, but it’s an exceptional secured card designed to help Canadians build (or rebuild) their credit score :
Our Take
The Home Trust Secured Visa is designed for individuals aiming to build or rebuild their credit, offering two options: a no-annual-fee card with a standard interest rate or a low-interest version with an annual fee. Cardholders benefit from features such as purchase protection and extended warranty coverage, but are required to provide a security deposit, which determines the credit limit.
Eligibility
Good (620 - 670)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Annual Interest Rates
19.99%
Purchase
19.99%
Cash Advance
19.99%
Balance Transfer
Fees
$0
Annual Fee
2.50%
Foreign Transaction
Our Take
The Home Trust Secured Visa is designed for individuals aiming to build or rebuild their credit, offering two options: a no-annual-fee card with a standard interest rate or a low-interest version with an annual fee. Cardholders benefit from features such as purchase protection and extended warranty coverage, but are required to provide a security deposit, which determines the credit limit.
Eligibility
Good (620 - 670)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Annual Interest Rates
19.99%
Purchase
19.99%
Cash Advance
19.99%
Balance Transfer
Fees
$0
Annual Fee
2.50%
Foreign Transaction
The Home Trust Secured Visa is another impressive option to consider. We like the Home Trust card because of its low foreign transaction fee of 2.5%. That's not exceptional but it's significantly lower than the 3% you'll find with many secured cards.
Our Take
The Neo Secured Mastercard is a secured credit card designed to help individuals build or rebuild their credit history. It offers cash back rewards on purchases, with earn rates that increase based on the balance maintained in a linked Neo Everyday account.
Eligibility
Poor (up to 299)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Annual Interest Rates
19.99% - 29.99%
Purchase
22.99% - 31.99%
Cash Advance
Fees
$59
Annual Fee
Rewards cash back
Up to 4%
Earn up to 4% on gas and groceries
up to 1%
Earn up to 1% on everything else
$680
Earn up to $680 in annual cashback
Our Take
The Neo Secured Mastercard is a secured credit card designed to help individuals build or rebuild their credit history. It offers cash back rewards on purchases, with earn rates that increase based on the balance maintained in a linked Neo Everyday account.
Eligibility
Poor (up to 299)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Annual Interest Rates
19.99% - 29.99%
Purchase
22.99% - 31.99%
Cash Advance
Fees
$59
Annual Fee
Rewards cash back
Up to 4%
Earn up to 4% on gas and groceries
up to 1%
Earn up to 1% on everything else
$680
Earn up to $680 in annual cashback
The Neo Secured Mastercard is a great option for those looking to establish a credit history for the first time in Canada.
It's worth noting that cash back is capped after $6,000 per year on groceries, $10,000 per year on gas and $30,000 per year on everything else.
Disclosures:
$20 Tims gift card
Welcome Bonus
$131
First Year Value
$111
Annual Value
Welcome Bonus: Get a $20 digital gift card upon first purchase with a new Tims Mastercard.† Offer valid through June 30, 2025. Expires Jun 30, 2025
Get this card if you...
Annual Fee & Annual Interest Rates
$0
Annual Fee
20.99% - 26.99%
Purchase
22.99% - 27.99%
Cash Advance
Our Take
The Secured Tims® Mastercard® is a no-annual-fee secured credit card designed to help individuals build or rebuild their credit history. It requires a minimum security deposit, which determines the credit limit, and offers rewards such as earning Tims® Rewards Points on purchases, with higher earn rates at Tim Hortons locations.
Eligibility
Good (620 - 670)
Recommended Credit Score
Annual Interest Rates
20.99% - 26.99%
Purchase
22.99% - 27.99%
Cash Advance
Fees
$0
Annual Fee
Get a $20 digital gift card upon first purchase with a new Tims Mastercard.† Offer valid through June 30, 2025.
From May 13, 2025, up to and including June 30, 2025, new customers who apply and are approved for the Tims Mastercard are eligible to receive a $20 CAD Tims Gift Card via email upon their first purchase with their new Tims Mastercard, (the “Welcome Offer”). To receive the Welcome Offer, your first purchase must be made within 30 days of your Tims Mastercard account activation. It can take up to 24 hours from the time of first purchase for the Welcome Offer to be processed and emailed. There is a limit of one Welcome Offer per person, per account, and it cannot be combined with any other offers. This Welcome Offer is subject to the Tims Rewards Terms and Conditions and the Tims Rewards – Tims Mastercard Offer Terms and Conditions.
Our Take
The Secured Tims® Mastercard® is a no-annual-fee secured credit card designed to help individuals build or rebuild their credit history. It requires a minimum security deposit, which determines the credit limit, and offers rewards such as earning Tims® Rewards Points on purchases, with higher earn rates at Tim Hortons locations.
Eligibility
Good (620 - 670)
Recommended Credit Score
Annual Interest Rates
20.99% - 26.99%
Purchase
22.99% - 27.99%
Cash Advance
Fees
$0
Annual Fee
Get a $20 digital gift card upon first purchase with a new Tims Mastercard.† Offer valid through June 30, 2025.
From May 13, 2025, up to and including June 30, 2025, new customers who apply and are approved for the Tims Mastercard are eligible to receive a $20 CAD Tims Gift Card via email upon their first purchase with their new Tims Mastercard, (the “Welcome Offer”). To receive the Welcome Offer, your first purchase must be made within 30 days of your Tims Mastercard account activation. It can take up to 24 hours from the time of first purchase for the Welcome Offer to be processed and emailed. There is a limit of one Welcome Offer per person, per account, and it cannot be combined with any other offers. This Welcome Offer is subject to the Tims Rewards Terms and Conditions and the Tims Rewards – Tims Mastercard Offer Terms and Conditions.
The Tims Secured Mastercard is another secured card option from Neo Financial.
Disclosures:
Conditions Apply
The Tims® Mastercard is issued by Neo Financial™ pursuant to license by Mastercard International Incorporated.
A secured credit card is the perfect financial tool for Canadians with no credit history or those rebuilding after financial setbacks. We recommend these cards as an excellent starting point for establishing credit.
Unlike regular credit cards, secured cards require a security deposit that serves as collateral. This deposit typically equals your credit limit—deposit $500, get a $500 limit. The good news? This deposit is fully refundable when you close your account in good standing.
Think of a secured card as credit training wheels. You get all the convenience of a regular credit card while proving to lenders you can manage credit responsibly. Your payment history gets reported to credit bureaus, helping you build a positive credit profile over time.
Applying for a secured credit card in Canada typically involves the following steps:
Remember, each credit card issuer may have slightly different processes and requirements, so it's important to read the specific instructions provided by the issuer of the card you choose.
Tyler Wade has worked in personal finance for over 5 years writing for brands like Ratehub, Forbes, KOHO, and now Money.ca.
Cory Santos is a finance writer, editor and credit card expert with nearly a decade of experience in personal finance. Cory joined Wise Publishing from BestCards, with bylines in numerous print and digital publications across North America, including the Miami Herald, St. Louis Post-Dispatch, Debt.ca, AOL, MSN and Medium as well as financial podcasts like KOFE Talk.
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