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Are there bad credit credit cards in Canada????

I know that there is Home Trust and Capital One. I don't want a Capital One card and Home Trust has a miminum deposit of $1000. If I had $1000 I wouldn't have bad credit. I'm looking for something available to Canadians to rebuild my credit.

Public Comments

  1. We also have Horizon Plus Secured Master Card in Canada and they have minimum $500.00 limit. You can apply at: http://www.horizonplus.ca/index.html 866-452-1138
  2. There are really four serious options for you. There are Hometrust and HorizonPlus (and as another person answered they have minimum deposits of $1000 and $500 respectively). The downside of these two cards is that while they DO help you establish or rebuild credit they will never, EVER become normal credit cards. Your limit with them will only increase if you increase your security deposit. Worse, you're going to eventually have to cancel them (to get your deposit back) and this will close your oldest credit line (hurting your credit score in the process). Capital One is a good choice simply because their security deposit ranges from $75-$300 (depending how bad your credit is) and they grant a credit line of $300-$750. More importantly after 6-12 months of responsible use (no overlimits or missed payments, keeping your balance under 50% etc) they will automatically increase your credit limit. The card will eventually turn into a normal credit card and you won't have to cancel it to get your deposit back. There is one other option similiar to Capital One, and that is Citizens Bank. They offer a secured card (minimum deposit of $500) that will change into a normal unsecured card (they refund your deposit) if you demonstrate responsible use for 12 months (the secured card is not listed on their website, you have to call 1.888.708.7800 and ask them about it, you'll need to deposit $500 into a GIC with them as security). Citizens Bank and Capital One are your best options when it comes to secured cards in Canada. Hope this was some help!
* Some answers may have been provided by Yahoo! Answers.