Credit Tip Tuesday #73 -Best Secured Credit Card In Canada For Bad Credit In 2022

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Do you want to rebuild your bad credit?

Do you wish to improve your credit score quickly?

Are you looking for a credit card that would give you guaranteed approval if you have a poor or no credit history?

Are you afraid your credit application might get rejected due to your bad credit rating?

If you responded yes to any of the above questions, you've come to the right place!

So, without further ado, let’s take you on a ride to discover the best secured credit card in Canada, the solution to all your credit problems!

Best Secured Credit Card In Canada For Bad Credit In 2022

Plastk secured credit card is swiftly becoming the best bet for Canadians struggling with a bad credit score, compromised credit rating, and a poor or no credit history.

Unlike many secured cards, Plastk offers a rewards program feature that lets you collect points for everything you buy and redeem them for:

• Cashback
• Bonus points
• Gift cards
• Travel miles
• And so much more!

It has a plethora of credit benefits to offer Canadians with poor credit.

One of the many reasons Marija Pandurov, author of the top credit card review portal (Reviewlution), considers it the best secured credit in Canada to rebuild credit.

Here’s a summary table for the key features before we dive deep into the details:

Let’s discuss the reasons in detail why Plastk is best secured credit card in Canada for your healthy credit rebuilding journey:

Best For Rebuilding Credit

If your credit history falls into bad, poor, or zero credit category, being approved for a good credit card can be difficult.

However, to build excellent credit, you must have access to use credit. It's a bit of a puzzle, right?

So, how can you break the spell?

Choosing a secured credit card can be a good start for your credit building and rebuilding journey.

• Robin Saks Frankel, a finance writer at Forbes Advisor, supports the theory that a secured credit card can be the best option for people with bad credit
• Alexandria White, a credit content writer at Experian, also shares the same thoughts about a secured credit card

In fact, the majority of the top credit experts share a similar opinion when it comes to building credit with a secured credit card in Canada.

• When you make timely payments using Plastk or other secured credit cards, your responsible credit handling data is transferred to the top credit bureaus (Equifax, TransUnion, Experian). Plastk currently reports to Equifax.
• The bureaus can then review the information to update your score and credit history.

Moreover, a secured credit card is easy to use and manage as it is backed up by a security deposit.

However, don’t worry. The amount you need to deposit is not huge to push you further into a credit debt hole which supports our next point:

Best For Beginners

When you’re a beginner in the credit score world, you wish to apply for a credit card that provides guaranteed approval to new clients.

There could be many reasons for it, but here are some of the most common ones:

• Your credit history is almost zero as you’ve never used a credit card before!
• You have limited information about credit score range, good credit history, ideal credit length, and all that complicated stuff.

Considering all the above scenarios, it all comes down to choosing one thing: a secured credit card.

However, there are endless options in the market, and for a beginner, it can be a lot to handle credit checks and credit card rejections.

So, here comes the Plastk secured credit card Canada to the rescue:

●     Ideal Credit Features

If you scroll to the table we have curated above, you can analyze that the majority of features are in sync with your no credit history and poor credit score situation

●     Guaranteed Approval

If you’re a Canadian Immigrant looking for a credit card or a young adult who wants to start his/her credit journey with a simple and easy to manage credit card, this can be your best bet!

One of the key features of this card is guaranteed approval!

YES! You read that right. It provides services to all clients regardless of their bad credit scores and poor credit histories.

●     Easy Application

As a beginner, you don’t want to put yourself into a credit debt when you have just hopped on to your credit building ride.

So, it’s understandable that you seek credit with an easy-to-apply process and relatively simpler approval scenario.

Favorable Interest Rates

The topic of interest rates and how they work can be daunting for beginners. Even most experienced credit users can get baffled by the complex interest data.

Thankfully, credit experts like Will Peterson have explained how credit interest works in simple words, which is quite understandable for every credit user.

Here watch the video before we proceed further:

So, when it comes to credit card interests, you don’t want to get a secured credit card that offers scammy and shady offers.

• For instance, if you’ve come across a card that offers a 5% interest fee for a year. The first thing you should do is look for the peak if one payment is late.
• Say the card offers 5% interest but charges %55 for one late payment. Trust us when we say this, one missed transaction can ruin your credit history and score for a long time!

So, the key is to invest in cards that provide favorable interest rates throughout your credit card usage! Here’s what Plastk has to offer:

• Our secured credit card provides a lower interest rate than big credit companies.
• Starting at 17.99%, the interest rate is the most favorable for beginners.
• Moreover, it offers 0% interest to all the new clients for the first three months.
• The good news is there is no shady peak interest fee after missed payments!
• In fact, it reaches only 29.99% after two late payments, which is still a good deal as you can manage it after timely payments.

It may seem a trivial change compared to other card companies, but the difference in these numbers can amount to hundreds of dollars per year!

So, it's a great way to keep the interest low so you can put that money into your good mortgage loan payments or other money tasks rather than interest charges.

Affordable Deposit Amount

Students, young adults, or teens who are thinking of becoming financially stable at a young age demand a credit card that offers all the perks yet requires affordable security.

Of course, that rules out applying for unsecured cards. However, it also takes big companies’ secured credit cards out of the queue.

Why fear when Plastk is here? We’ve Got Your Back (Or Bank. Hehe)!

• The minimum security deposit requirement starts at $300, which is quite reasonable for students, paycheck-to-paycheck office workers, or even retired staff. You can also pay the $300 in parts to make is easier on your cashflow.
• It’s also preferable for home-based or small business owners and bankrupt companies struggling to manage their finances!

All the reasons why Plastk is the best secured credit card in Canada when it comes to the card approval for building bad credit.

Of course, there’s still so much more to unveil which can’t be covered in this guide. So, we’ll cover the information in another credit tip blog. Stay tuned!

FAQs

1.   Is it easy to get a secured credit card in Canada?

Obtaining a secured credit card in Canada is really simple.

Of course, you must be a Canadian resident who has reached the age of majority in your province or territory and have a security deposit for card approval.

2.   What is Canada's best secured credit card for building credit?

According to Reviewlution, the Plastk secured credit card is the best credit card in Canada to build bad or poor credit scores.

Unlike standard secured credit cards, which charge a fee and don't offer incentives, this card offers consumers a three-month 0% interest rate and a 25-day no-interest grace period.

3.   Do secured credit cards help improve credit?

The reasonable annual cost, cashback advances, and the opportunity to develop credit carefully.

By submitting your credit data to top credit companies, Plastk secured credit card in Canada will help you build a strong credit history and profile.

Bottom Line

That’s it from our side, fellows!

Keep visiting Credit Tip Tuesday Blogs for more such valuable content. :)