Guaranteed MasterCard and Secured Visa Card
This card is great if your credit needs improvement. Get access to credit and establish or repair your credit.
Low Rate Guaranteed
Establish or repair your credit history and get a low interest rate on purchases and balance transfers.
No credit history needed. Get access to credit and establish or repair your credit history.
New to Canada?
If you are a Permanent Resident and have been in Canada for less than two years, you can apply for an unsecured TD Credit Card and may be eligible for a credit limit of up to $1000 – even if you have no Canadian credit history.
If you are a Temporary Resident or an international student, you can apply for a secured TD Credit Card. TD has a range of credit card products to help meet your needs, depending on your financial situation.
You can also choose from a number of reward programs on select TD Credit Cards, such as cash back and travel rewards.
Eligible secured TD Credit Cards
See which secured TD Credit Cards could work for you.
Establish your credit and enjoy the convenience and flexibility of a TD Credit Card
If you are college or university student, a credit card is a great tool to help you establish your credit and better manage your finances. We have a wide selection of Credit Cards perfect for you.
Choose the Card that best suits your needs: having no annual fee, getting a competitive Low Rate, or earning Travel Rewards. Then, manage your credit and finances through school and beyond with tips and tools found in our Student Life section.
What are the benefits of a Student Card?
- A TD Credit Card can be very practical for everyday purchases such as books, laptop computers and supplies.
- Make simple things like Internet shopping or renting a car a lot easier.
- Used responsibly, a credit card is a great way to establish your all-important credit rating.
- Optional Card benefits1 include CardAssist2, TD Auto Club3 and Travel Medical Insurance4, depending on the Card selected.
How do I qualify for a Student Card?
To apply for a Student Credit Card you must be a Canadian resident, the age of majority in the province from where you apply, and attend an accredited University or College. When applying in branch make sure to have your student ID or any document confirming your enrollment and student number.
Eligible Student TD Credit Cards:
See which card is right for you.
Repairing Your Credit
Regain control of your credit
A secured TD Credit Card can help you repair your credit, while still maintaining the freedom and convenience of access to credit when you need it. Plus, take advantage of our Everyday Finances tips and tools to help you get your credit and finances back on track.
What is a Secured Card?
A secured TD Credit Card is a TD Credit Card that is secured by funds you deposit with us. The credit limit established for your Card will depend, among other things, on the amount of your deposit. We hold the money you deposit as security for the Card.
Depending on your situation, you can secure from a wide range of TD Credit Cards, allowing you to earn the same rewards as any other Cardholder while still being able to establish or repair your credit.
How do I qualify for a Secured Card?
The deposit amount is determined by, among other things, the minimum credit limit for the Card you choose.
Your qualification is subject to TD Bank’s eligibility and credit criteria.
Apply for a secured Card
Secured TD Credit Cards can be a great way to help rebuild your credit. Locate your local TD Canada Trust branch where you can find out more.
Start building your credit history today with a CIBC credit card
Secured card options
Secured credit card options are also available for international students and Canadians looking to build or re-establish credit. Simply pledge a security deposit equal to the approved credit limit on the card and we’ll put the funds in a CIBC interest-bearing investment. The funds will grow while you establish your credit rating.
What is credit history?
Credit history is a representation of the money you have borrowed and whether or not you have paid it back. If you pay the money back on time, you will have good credit history. If you are late making payments or miss them altogether, your credit history will be negative and you may find it difficult to borrow money in the future.
Why do I need a credit card?
Establishing good credit now can help you get that loan or mortgage in the future – and one of the easiest ways to build a credit history is to get a credit card. A home, car and education are just a few goals you may choose to finance with personal credit. Managing personal credit wisely is the first step to building a good credit history.
Newcomers1 Credit Card offer – no security deposit or credit history needed with another CIBC product
Secured card options for anyone looking to build or re-establish credit
Newcomers credit card offer
Getting started in a new country is tough enough without the worry of getting approved for credit. Start to build your credit history and pay for immediate purchases with a CIBC credit card. Choose a credit card to fit your needs with no credit history or security deposit needed – just by having another CIBC product.
Virtually everyone is approved.
Get all the benefits of Visa* while re-building your credit:
- Make purchases over the phone or online.
- Plan and book a vacation.
- Access cash anytime, anywhere from over 1 million ATMs around the world displaying the Visa or Plus logo.
- Shop at over 24 million locations worldwide
How the Secured Visa Credit Card Works
The Home Trust Secured Visa Card is a credit card that requires a security deposit for eligibility. Your credit limit is then set at the amount of the deposit. You can put down as little as $500, or as much as $10,000
If you decide to cancel your card, you can just pay off your outstanding balance, and you’ll get your security deposit back from Home Trust. Home Trust is a Member of Canada Deposit Insurance Corporation (CDIC) (1-800-461-2342).
The application process is very simple and almost everybody is approved! Of course, if your application is not approved, your security deposit will be immediately returned to you.
When your application is complete, please mail your security deposit (personal or personal certified cheque, money order or bank draft from a Canadian Financial Institution, payable to “Home Trust Company”)
The right information at the right time
We’ve made a commitment to ensure you get the most out of your credit card and tell you want you really need to know so you can be confident in your purchase and payment decisions. Building a strong credit history is integral to your financial health.
Looking to establish or rebuild credit?
Establish or build your credit history with a enviro™ Secured Visa* card and save for your future at the same time. Invest as little as $500 into your own Vancity Term Deposit, Jumpstart® High Interest Savings Account or TFSA (Tax Free Savings Account), and we’ll issue you an enviro Visa card with a credit limit equal to the amount of your investment.
A enviro Secured Visa card looks and functions like a regular credit card and provides you with the same convenience, security, and insurance benefits of our other enviro Visa card products. You can also earn My Visa Reward Plus points every time you use your card for every day purchases.
A secured credit card is best for those who…
- have immigrated to Canada with limited or no previous Canadian credit history.
- have experienced financial difficulty in the past and wish to rebuild their credit.
- are able to put a security deposit equal to the maximum credit limit on the enviro Visa card.
- want convenient access to credit for everyday purchases.
Building a strong credit history
What is a credit history?
Your credit history is a record of your ability to borrow and repay loans on time. It is a key piece of information that a financial institution will review when considering whether to grant you credit (e.g. a credit card, a loan, a line of credit or a mortgage). If you’re new to Canada, it is important to understand how credit works and to build a good credit history in Canada. A good credit history will help you borrow money in the future.
Why is it important?
A good credit history and corresponding credit rating show your ability to repay any money you have borrowed on time. One or more missed or late payments can result in a bad credit history, affecting your credit rating, and making it difficult for you to borrow money in the future.
Building a good credit history
To build a good credit history in Canada, you need to apply for credit and demonstrate that you can use credit responsibly. One of the best ways to start building your credit history is to apply for a credit card. Credit cards give you the ability to charge your purchases, rather than having to pay for them with cash or debit right away. Using a credit card responsibly (i.e. paying on time and not going over your credit limit) shows that you are able to manage your cash flow, which demonstrates to lending institutions that you are credit worthy.
Credit cards feature many advantages over other payment methods, such as protection against fraudulent charges,1 and Purchase Security & Extended Warranty Protection.
However, to fully enjoy the benefits and features of a credit card, it is important to use it responsibly.
How does credit card billing work?
Use your credit card to pay for purchases. Each month, the financial institution that issued your credit card sends you a statement telling you how much you spent on your credit card, and the minimum amount you need to pay back. If you do not pay the full amount shown on your statement, you are charged interest. These interest charges will be added to the balance you already owe. Interest rates for credit cards are often higher than for other types of credit, such as like loans or lines of credit. So it’s important to use credit cards carefully and pay off the balance each month.
Choosing A Secured Credit Card As A Solution To Credit Issues
In this day and age, many Canadian consumers rely on credit cards when making a variety of purchases. While having access to a credit card can be a more convenient method of payment, credit card users need to be responsible spenders, in order to achieve a good credit score. Having good credit can make individuals appear more mortgage and loan worthy to financial institutions. In turn, If a bad credit history exists, banks are less likely to lend borrows the funds they require, such as a credit card.
There are, however some credit cards available to those borrowers who have bad history and are not eligible for further selection of the traditional credit card option. A secure credit card is a card that can benefit those that are beginning to borrow credit and develop a credit history of their own as well as regain a good credit score.
It may be worth first applying to a card where no security is needed, one such exists, details below.
Many card issuers offer secured credit cards with low interest rates and no annual fees attached and this way an individual has the opportunity to move back into the good credit history range. These cards require an initial cash deposit to be held as collateral and the value of the deposit typically equals the amount of available credit. This means if a borrow pays a deposit of $300, then this will be the credit limit for the card. The average limit for secured cards generally fall within the $300 – $500 range, and sometimes the bank will increase the card limit, if the borrower has demonstrated the ability to keep up with the payments, overtime.
•Deposit of $300-500
•Credit limit of $300-500 – gradually increased as credit score rises with payments
Functioning much the same as a standard credit card, the secure credit card option requires that monthly minimum payments be made on the card and if the full amount can be payed off completely, then interest charges can be avoided. Similarly, if payments are not made on time or the borrower surpasses their limits, they will be charged additional fees as a penalty.
The security deposit used in the initial set up process is held as a method for covering the credit balance, in instances where borrowers cannot make the required payments. Collection agencies will not contact the borrower looking for any money however the card issuer will keep the deposit amount.
•Collection agencies will never hassle you
Although some similarities exist between secured credit cards and prepaid cards, secure cards have a credit limit and prepaid cards can be unlimited, depending on how much money is reloaded onto the card by the individual. As a result, secure cards may be a better option for borrowers with bad credit because they are more likely to regain a better credit score not only due to the secure limit, but also because card payment activity is often followed by Canadian Credit Bureaus and credit histories can be tracked.
•Secured Credit Cards offer a chance to improve your credit score
•Prepaid Credit Cards do not build credit score
Just as with all credit cards, there are various considerations, which a borrower should look into before applying for a Secure Credit Card. Higher fees are often associated to Secure Cards, which can include annual, application, monthly, and fees for credit limit increases. Additionally, users of this card type are not often permitted to withdraw funds from the account. This is to ensure the credit limit is not exceeded and balances can be covered, if individuals default on their payments. For borrowers who cannot find the money for the deposit, this may not be the best card choice. However, if paying the security deposit is possible, potential secured card users will have a better chance of being approved for this card versus many other standard card options.
•Application Fee of $35 May Apply
For individuals who require a credit card, but have a bad credit history or lack of any credit history, the following Secure Credit Cards may be an effective solution.
Getting a credit report
Credit reporting agencies
It is important to know what your credit report says (i.e. the report of your credit history). If you need a copy of your credit report, you can contact Equifax or TransUnion, the two main credit reporting agencies in Canada (also known as Credit Bureaus).
These credit reporting agencies maintain a record of your credit history, which is provided as a credit report. Lenders, such as banks, use credit reports to assess whether to provide you with credit.
To get a credit bureau report, contact the credit bureau agencies directly.