Re-establish credit profile with secured MasterCard or Visa card

MasterCard and Visa is now offering the power of secured credit card in Canada. It is the best way for young people to build their credit profile or for Canadians with bad credit to re-establish their credit profile.

For a secured Visa or MasterCard you need to deposit a security with HorizonPlus or Home Trust equal to the credit line you are seeking. This can be in the form of a savings account in which you deposit $500-$10,000 with the banking institution. The amount you deposit also earns interest; it just acts as a security for the credit card. The amount you deposit in the account is the line of credit for you. You can make purchases only for the amount that is deposited in your account.

Everyone gets approved for a secured Visa or MasterCard very easily. For eligibility you just need to be a Canadian resident, the age of majority in your home province, discharged from any bankruptcy proceedings and able to deposit the security amount.

Once approved (usually in 2-4 weeks), you have the power to purchase wherever the Visa or MasterCard credit card is accepted.

A Canadian secured creedit card works like any other MasterCard or Visa credit card in Canada, the only difference is that it has a credit limit, which is secured by the amount you deposit. You can make purchases with the secured card equal to the amount deposited in your account.

With a Secured Visa or Master Card, you are required to make monthly payments. A secure credit card is not to be confused with a prepaid card.

Canadians gain new lease on financial life with Secured Visa Card or MasterCard

By paying all your bills on time you will be able to build a good credit history for yourself. If you have a Secured Visa or MasterCard, your credit rating will be reported on a monthly basis to the major credit bureaus such as Equifax Canada and TransUnion Canada .

A Secured MasterCard or Visa Card offers you a number of benefits. It comes with a zero liability for the credit card holder. With this benefit you will need to pay only for the purchases you make. Visa keeps a record of all your online and offline purchases. This gives the credit card holder shopping security. It protects you against any fraudulent activity.

The deposit is secured during the time you are using the credit card. Once you stop using your credit card and return it, you can also get back your security amount.

Summary: Secured Visa Card and MasterCard credit cards are the best ways in Canada for Canadians to re-establish their poor or non-existent credit rating. You easily get approved for this credit card even if you don’t have a good credit rating because a secure pre-deposit in the account secures the credit amount.