With a secured Card, you secure your credit limit with a required deposit (between $200 – $10,000) then build your credit by making the same everyday purchase you already make. Because the credit limit is secured up-front, you can get approved and start rebuilding credit no matter what your credit score is now.
Though it may seem counterproductive, use of a credit card can be beneficial to your credit score on the basis that you pay back the amount spent in a timely manner. A secured credit card can help to improve your credit by spending and repayments being reported to the credit bureau despite it being your own money. It demonstrates that you can handle your credit in an appropriate, sensible manner without getting into trouble.
This depends on your circumstances; in some cases, it will be a percentage of the total credit limit, but in others, it will be the full amount of the credit limit.
If you choose to cancel the credit card, the deposit will be returned to you if your balance is fully paid off.
The credit limit available ranges from $200 to $10,000.
Refresh Financial’s secured credit card requires payment of an annual fee of $12.95 and a maintenance fee of $3 per month.
You must be of the age of majority in your province or territory, you must live in a province or territory where Refresh Financial offers the secured card and you must be able to provide a deposit of at least $200.