Program · Federal

Secured credit card

A credit card backed by a refundable cash deposit (typically $500–$5,000). Reports to Canadian credit bureaus, builds credit history, converts to unsecured after 6–12 months of good use.

Reviewed by Ben Stevenson, Managing Editor, Canadian Money Help Updated April 21, 2026 Methodology

Eligibility

Any Canadian resident with SIN
No Canadian credit history required
Cash deposit equal to card limit

Limits and rules

Deposit held by issuer as collateral
Interest rates same as regular cards (18–22%); avoid balance-carrying
Reports to Equifax and TransUnion; builds credit file

Source

FCAC: Secured credit cards →