Top 4 Best Credit Cards for Canadians With Bad Credit

Good news for our Canadian friends working on improving their credit – there are credit cards out there that say “yes” to everyone, without the stress of credit checks. If you’re dealing with bad credit, this guide best credit cards for Canadians is here to help you find the right credit card and pave the way to a brighter financial future.

Why a Credit Card Can Make a Difference

Having bad credit can make things tricky, but it’s not the end of the road. One way to start fixing it is by getting a new credit card.

Steps to Boost Your Credit Score

1. Pay On Time:

   • Make sure to pay your bills on time – it’s a big deal for your credit score.
   • Use reminders or autopay to avoid forgetting.

2. Keep Your Balance Low:

   • Try to keep your credit card balance below 30% of your limit.
   • If you get a new card, it can increase your total credit, making it easier to stay below that 30%.

Secured vs. Guaranteed Credit Cards

Guaranteed Cards:

Guaranteed cards are for those with not-so-great credit scores. They offer:

• Almost everyone gets approved, just answer a few questions.
• No need to worry about credit checks.

Secured Cards:

Secured cards need a security deposit, but they’re good because:

• You can qualify for a second credit line even with bad credit.
• If you do well, you might move up to a regular card and get your deposit back.

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The Top 4 Best Credit Cards for Canadians

Capital One Credit Card:

• Great for building or starting your credit.
• Your credit limit could be anywhere from $300 to $7,000.
• Annual fee of $59 and an APR of 19.8%.

Refresh Financial Credit Card:

• Secured Visa cards with no credit check.
• Your credit limit is based on your deposit, ranging from $200 to $10,000.
• An annual fee of $12.95 and an APR of 17.99%.

BMO Credit Card:

• Reloadable Mastercard with a deposit between $100 and $10,000.
• No interest on purchases and a low annual fee of $6.95.
• Good for rebuilding or starting credit.

Home Trust Credit Card:

• Secured Card with a deposit range of $500 to $10,000.
• An APR of 19.99%, with no annual fee, or 14.9% with a $59 annual fee.
• Higher deposits can mean more security and better credit.

Conclusion:

Bad credit won’t hold you back anymore! With these best credit cards for Canadians, you can take a step towards a better financial future. Just remember to use them wisely, make your payments on time, and watch your credit score climb. Explore your options, pick the one that suits you best, and start your journey to financial freedom.