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Best Secured Credit Cards in Canada 2023

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For many Canadians, the first step to building credit is with a secured credit card.

You might consider one if you’re trying to get your first credit card, if you’re new to Canada, or if you have bad credit or are currently paying off a consumer proposal or bankruptcy settlement.

But with so many to choose from, what is the best secured credit card in Canada? In this WealthRocket article, we’ll take a look at some of Canada’s best options for secured credit cards.

The Best Secured Credit Cards in Canada for 2022

A photo of the Neo secured credit card with a banner that says guaranteed approval

Neo Secured Credit

Rated 2.9/5 stars.

Our Review

Capital One Guaranteed Secured Mastercard

Capital One Guaranteed Secured Mastercard


  • Welcome Offer $0
  • Annual Fee $59
  • Interest Rates Purchases: 19.8%, Cash Advances: 21.9%
  • Recommended Credit 300+
Home Trust Secured Visa

Home Trust Secured Visa

Not Yet Reviewed

  • Welcome Offer N/A
  • Annual Fee $0 or $59 for a reduced interest rate of 14.90%
  • Interest Rates Purchases: 19.99% for no annual fee; 14.90% for $59 annual fee Cash Advances: subject to additional service fees
  • Recommended Credit 300+

Best secured credit card with no fees: Neo Secured Credit Card

  • Annual Fee: $0
  • Annual Interest Rate: 19.99%-26.99%
  • Credit Limit: $50 – $10,000
  • Minimum Security Deposit: $50

The Neo Secured Credit Card is our favorite on this list – and for good reason. The card offers no annual or monthly fees and unlike most secured credit cards, provides an average 5% cashback rate. The card offers up to 15% cashback on your first purchase as a welcome bonus. Because of the rewards and no annual fee, no other secured credit card compares to Neo.

The only drawback to this card is the purchase interest rate ranging from 19.99% – 26.99%. This is a bit higher than some interest rates on our list, but the card offers an auto-pay feature to prevent you from missing a payment. If you believe you can cover all of your payments, the Neo Secured Credit Card is one of your best options. If not, read on to find another option.

A photo of the Neo secured credit card with a banner that says guaranteed approval

Neo Secured Credit

Rated 2.9/5 stars.

Our Review
Rewards
  • 15% Earn 15% cash back on first-time purchases at participating partners.
  • 5% Earn an average of 5% unlimited cash back at thousands of Neo partners.
  • 0.5% Earn 0.5% guaranteed top-up cash back, up to $50.

Best for credit card benefits: Capital One Guaranteed Secured Mastercard

  • Annual Fee: $59
  • Annual Interest Rate: 19.8%
  • Credit Limit: $300 to $2,500
  • Minimum Security Deposit: $75 to $300
  • Maximum Security Deposit: $2,500

The Capital One Guaranteed Secured Mastercard allows Canadians to build credit and guarantees approval to all Canadians who are the age of majority. It can provide the necessary security funds.

Upon approval, you’ll have the option for a credit limit of $300 in exchange for a security deposit of either $75 or $300, depending on the details provided in your application. You can increase your credit limit up to a maximum of $2,500 by providing additional security funds at a 1:1 ratio.

The Capital One Guaranteed Secured Mastercard charges a competitive annual fee of $59 and comes with better benefits than any other secured credit card in Canada.

The benefits include price protection, purchase assurance (insurance against loss or damage of items bought with the card), and an automatic doubling of any manufacturer’s warranty.

Cardholders also receive travel benefits, including travel accident insurance, baggage delay coverage, emergency travel assistance, and rental car collision coverage.

Capital One Guaranteed Secured Mastercard

Capital One Guaranteed Secured Mastercard


  • Welcome Offer $0
  • Annual Fee $59
  • Interest Rates Purchases: 19.8%, Cash Advances: 21.9%
  • Recommended Credit 300+

Best low interest secured credit card: Capital One Low Rate Guaranteed Mastercard

  • Annual Fee: $79
  • Annual Interest Rate: 14.9%
  • Credit Limit: $300 to $2,500
  • Minimum Security Deposit: $75 to $300
  • Maximum Security Deposit: $2,500

The Capital One Low Rate Guaranteed Mastercard is an option with a lower interest rate on purchases of 14.9% for those who carry a balance.

If you qualify, you may be able to get this credit card without providing a security deposit. If a deposit is required, you’ll either pay $75 or $300 to obtain a $300 spending limit and can increase your limit up to $2,500 by providing additional security funds at a 1:1 ratio.

In exchange for the lower interest rate on the Capital One Low Rate Guaranteed Mastercard, you’ll pay a higher annual fee of $79.

While this annual fee is slightly higher than some other low-interest secured credit card options, this card comes with benefits like rental car collision coverage and purchase protection. This is not typically available with secured credit card providers other than Capital One.

Capital One Low Rate Guaranteed Mastercard

Capital One Low Rate Guaranteed Mastercard


  • Welcome Offer $0
  • Annual Fee $79
  • Interest Rates 14.9% on purchases and 21.9% on cash advances
  • Recommended Credit 300-559

Best no-fee secured credit card: Home Trust Secured Visa

  • Annual Fee: $59 per year or $5 per month
  • Annual Interest Rate: 19.99% (Can be reduced to 14.90% with a $59 annual fee)
  • Credit Limit: $500 to $10,000
  • Minimum Security Deposit: $500
  • Maximum Security Deposit: $10,000

The Home Trust Secured Visa card is a flexible and convenient way to pay for purchases and build your credit. This card offers a higher credit limit than other secured options, up to $10,000 depending on your financial situation and your ability to provide a security deposit at least equal to your credit limit.

While this card has no annual fee, you can opt to lower your interest rate on purchases for a fee of $59 annually or $5 per month. Aside from very basic purchase protection, this card doesn’t offer any benefits.

While approval for this secured card isn’t a guarantee, the minimum requirements are fairly flexible.

You need to be the age of majority in your province and able to pay a security deposit.

Unfortunately, people who are currently in bankruptcy will not qualify for this card, nor will residents of Quebec.

Home Trust Secured Visa

Home Trust Secured Visa

Not Yet Reviewed

  • Welcome Offer N/A
  • Annual Fee $0 or $59 for a reduced interest rate of 14.90%
  • Interest Rates Purchases: 19.99% for no annual fee; 14.90% for $59 annual fee Cash Advances: subject to additional service fees
  • Recommended Credit 300+

Best secured credit card for high spenders: Plastk Secured Credit Card

  • Annual Fee: $120
  • Annual Interest Rate: 17.99%
  • Credit Limit: $300 to $10,000
  • Minimum Security Deposit: $300
  • Maximum Security Deposit: $10,000

If you’re looking for a secured credit card that lets you earn points, the Plastk Secured Credit Card is a good choice. Plastk card holders can earn reward points that are redeemable for cash and other perks.

As a sign-up bonus, cardholders get a 3-month 0% interest rate on purchases and 5,000 welcome points valued at $20.

In addition to earning 1 point for every dollar spent on purchases, Plastk members can also earn up to $200 worth of points by participating in their referral program.

To help members monitor their credit, Plastk also offers a monthly credit score update via Equifax

However, Plastk doesn’t offer more traditional credit card rewards like rental car insurance coverage or purchase protection.

Rewards come at a price, however. The Plastk Secured Credit Card charges an annual fee of $48 plus a monthly “maintenance fee” of $6 for an effective annual fee of $120. That’s equal to many of the top-featured premium credit cards out there.

To earn enough points to cover these fees, you’ll need to spend at least $2,500 per month on your card. If you’re not going to be using your credit card to that extent, you’re better off choosing a card with a lower fee.

Plastk Secured Credit Card

Plastk Secured Credit Card

Rated 4.1/5 stars.

Our Review

  • Welcome Offer 0% APR for 3 months and 5,000 bonus points
  • Annual Fee $48
  • Interest Rates 17.99% on purchases and cash advances
  • Recommended Credit 300-559

A secured credit card alternative for residents of BC: Vancity enviro Secured Visa card

  • Annual Fee: Up to $395
  • Annual Interest Rate: 19.50%
  • Credit Limit: $500+
  • Minimum Security Deposit: $500

For BC residents, the Vancity enviro Secured Visa Card allows you to establish or rebuild your credit history. Unlike other secured credit cards, Vancity allows you to stay in control of your deposit.

Rather than holding it themselves, you deposit your security funds into one of a few specified Vancity accounts in your name and earn interest on your deposit.

To qualify for the Vancity enviro Secured Visa card, you must be a resident of BC at least 19 years or older. You must apply in-person at a Vancity branch. Be aware that this card carries an annual fee of up to $395.

Vancity enviro Secured Visa Card

Vancity enviro Secured Visa Card


  • Welcome Offer $0
  • Annual Fee $0 - $395
  • Interest Rates 11.25% on purchases and 19.5% on cash advances
  • Recommended Credit 300-559

What is a secured credit card?

You’re probably familiar with the idea of a credit card, but what is it that makes a credit card “secured”?

A secured credit card is one that you pay a (security) deposit on. The deposit is typically equal to your credit limit and is held by the issuer when they give you the credit card.

For example, if you wanted a secured credit card with a $500 credit limit, you would need to provide security funds of $500.

If you default on your card, the credit card company can use your deposit to offset their loss. The deposit is returned to you when you close your account or upgrade to a non-secured credit card.

How do secured credit cards work?

To get a secured credit card, you’ll need to submit an application with information on who you are, how much money you make, and what other debts you have.

Once your application is approved, you’ll be given details about the card and asked to submit funds for a deposit. Once the deposit has cleared, typically 5-7 business days after the issuer receives it, you’ll receive your credit card.

In most cases, the credit card issuer will specify only a minimum deposit and will allow you to increase your credit limit if you submit additional security funds. For example, your approval for a limit of $300 with the option to increase your limit up to $2,500 by submitting additional security funds.

Aside from the required deposit to secure the card, secured credit cards work just like other credit cards.

You are permitted to use your credit card to make purchases up to your credit limit and are required to make a minimum payment, which is typically $10 or 3% of your balance each month.

You will pay interest on any balance carried forward past your billing date. And the card issuer will report your payment status to the credit bureaus, helping you build credit.

Your security deposit will return to you when you close your credit card. Some lenders will also give back some or all of your deposit after a sustained period of on-time payments, typically a year or longer, depending on your credit situation.

Who can benefit most from a secured credit card?

Secured credit cards are a great choice for anyone who needs to build credit. Anyone can get a secured credit card, no matter what their credit or financial situation is.

This includes people with no credit history, such as new Canadians and other adults who haven’t established credit through a student credit card or other entry-level credit product.

It also includes people who have bad credit, as well as those who have been in bankruptcy or a consumer proposal.

Secured credit cards have lower standards of approval than other credit cards and so may also be appropriate for people who are unemployed or otherwise can’t prove their income.

Frequently asked questions

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