CREDIT CARDS FOR BAD CREDIT CANADA
For cardholders who are rebuilding their credit, cards for bad credit can be an essential lifeline.
They will help you restore your payment history so lenders can trust you’ll pay your bills on time.
By helping you rebuild your credit score, they can also help you qualify for better loans in the future.
SECURED OR UNSECURED
The Capital One Guaranteed Secured Mastercard
Liability Protection and access to the Mastercard Global Service
RBC Visa Classic Low Rate Card
An excellent interest rate of up to 12.99%
The Capital One Low Rate Guaranteed Mastercard
Guaranteed approval and a low-interest rate of 14.9%
Refresh Financial Secured Visa
Low fees on cash-back and other banking functions
CAPITAL ONE GUARANTEED SECURED MASTERCARD
One of the top cards on the market is the Capital One Guaranteed Secured Mastercard. The card comes with one of the best interest rates on this type of card and a smaller deposit than most.
As well, there are no income requirements, and the barrier to approval is only your age. For approval, you only need to be the age of majority in your province or territory, that is it.
Finally, the card includes liability protection and access to the Mastercard Global Service. For a secured credit card, you will be hard-pressed to find a better option to start repairing your credit.
RBC VISA CLASSIC LOW RATE CARD
As one of the top low rate cards on the market, the RBC Visa Classic Low Rate Card is an excellent option for those with bad credit. No matter if you are facing high-interest rates, or poor financial options, this card can help. With an average 12.99% interest rate, you will not find a better rate with not great credit.
As well, the card does not have any credit rating limits, which bodes well for those working on their credit score.
Finally, with a $20 annual fee, this card delivers with a low-interest rate and low annual cost. If you are looking to centralize your debt and work on your credit, the RBC Visa Classic is a great option.
THE CAPITAL ONE LOW RATE GUARANTEED MASTERCARD
This unsecured card will help build your credit with a low-interest rate. As well, with almost automatic acceptance, everyone can enjoy this Mastercard. There are a few simple requirements, but almost everyone meets them!
Plus, with access to price protection and comprehensive travel benefits, this card delivers.
Finally, the card does come with a $79 fee, but for the benefits and interest rate, this is not too bad. The Capital One Low Rate Guaranteed Mastercard is worth a look, no matter how bad your credit might be.
REFRESH FINANCIAL SECURED VISA
For those who are looking to use a card every month, the Refresh Financial Secured Visa is a great option. The card does not have a credit check, so if you are facing bad credit or bankruptcy, you are in the clear.
As well, the card has a grace period for purchases, with no interest charges for 21-days on new purchases. As this is a secured card, you can deposit between $200 and up to $1000 for use on the card. With its low fees and low interest rate, it is hard to beat for a no credit check credit card.
Finally, the card has an annual fee of $48.95, or you can pay $3 monthly with a one-time fee of $12.95. If you are looking for a straightforward, and easy to use secured visa, then Refresh Financial is worth a peep.
THE BOTTOM LINE
Bad credit can be a challenge, but with the right credit card, you can start the long journey to excellent credit. It is going to be a process, but with these cards, you have options. From secured to unsecured, these cards have the potential to aid you in your credit journey.
Finding the right card will be up to your specific financial situation, and this is a starting place. These cards on this list are tools for success, and soon enough, you will be enjoying an excellent credit rating!
Best Overall Credit Card for Bad Credit: RBC Visa Classic Low Rate Card
Best Secured Credit Card for Bad Credit: The Capital One Guaranteed Secured Mastercard
Best Credit Card for Bad Credit without a Credit Check: Refresh Financial Secured Visa
Best Unsecured Credit Card for Bad Credit: The Capital one Low Rate Guaranteed Mastercard
Best Credit Card for Consolidation of Debt and Bad Credit: RBC Visa Classic Low Rate Card