Secured credit cards are another form of credit cards. These are often used by those who have damaged credit. Or, for those who as of yet have not established their credit. Newcomers to Canada will often start out with these types of credit cards. There are not a lot of Canadian financial institutions that offer these types of cards. An alternative to these is the prepaid credit cards.

There are some specific features that are important to look for in secured credit cards such as;

• The grace period
• Options to Upgrade
• Low Deposit Requirements
• Low Fees
• Any Rewards
• Over Limit Flexibility

Currently, there are limited options for Canadians to obtain secured credit cards. The next alternative to this is through the purchase of prepaid cards. Although these are not going to help build a credit rating. They do serve a purpose where many times a credit card is needed to make a purchase.

Here the list of top 10 best, secured credit cards in Canada for 2018;

1. Home Trust Secured Secured Visa ( Best low interest)
2.  Refresh Financial (Best grace period)
3.  Capital One Guaranteed Mastercard ( Best low deposit requirements)
4.  BMO Prepaid Mastercard
5.  Canada Post Prepaid Mastercard
6.  CIBC Smart Prepaid Visa
7.  Canada Post Visa
8.  Scotia Bank Scene Prepaid Visa
9.  Scotia Bank Scene Prepaid Visa
10.  Visa Prepaid Business Card

Best Low-Interest Secured Canada Credit Card

Home Trust Secured  Visa

Annual Fee	$59*
Interest Rate	14.90%/19.99%**
Balance Transfer %	No option
Cash Advance%	19.80%/19.99%***
Credit Score	Poor
Rewards	None

*Or $5. per month

**annual fee/no annual fee

***annual fee/no annual fee

What qualifies this credit card for the top ten list is the low-interest rate option. For those that are trying to build their credit having a low-interest, option helps to keep their credit card costs down. The extra benefits are this card can be used at many different locations

Best Grace Period Secured Canada Credit Card

Refresh Financial

Annual Fee	$12.95
Interest Rate	17.99%
Balance Transfer %	N/A
Cash Advance%	$5. month
Credit Score	None
Rewards	N/A

Refresh Financial will issue credit cards with limits ranging between $200 to $10,000. They have made the top ten list because of their 21 day grace period. You may be required to make a security deposit in order to qualify for this credit card. They offer options for the deposit ranging between zero to $2,000+. There are no additional perks that come with this card.

Best Low Deposit Requirements Secured Canada Card

Capital One Guaranteed Mastercard

Annual Fee	$59.
Interest Rate	19.8%
Balance Transfer %	19.8%
Cash Advance%	19.8%
Credit Score	Poor
Rewards

Included in the top ten list based on its flexibility for the amount they may ask for by way of a security deposit. This can include an amount of anywhere between $75. to $300. This card allows for some extras such as;

• The MasterCard benefits
• Zero Liability
• Customer service

Prepaid Mastercards

Many of the major banks do issue prepaid MasterCard. The following is a list of the common ones and some of the options that come with them.

BMO Prepaid Mastercard

Annual Fee	$6.85
Interest Rates	None
Cash Advances	N/A

This prepaid master card can be purchased in the amounts of $100 to $10,000 Canadian funds. Some of the advantages are;

• Use for cash withdrawals
• Shop wherever MasterCard is accepted

Canada Post Prepaid Mastercard

Cash Passport Prepaid Mastercard

Purchase Price	$15.
Reload Fee	$3.
Monthly Fee	$2.80
Transaction Fee	1.5%(domestic send

It is convenient to be able to buy a Canada Post prepaid Mastercard as they are available at most postal outlets. The benefits of this card are;

• They can be used wherever a regular Mastercard can be used.
• Ideal for travelers.
• Good for those who want to shop online for local as well as international shopping.

Iridium Prepaid Mastercard

Purchase Price	$3.99
Reload Fee	$2.
Monthly Fee	$4.99
Transaction Fee	None

This card is included in the top ten for secured credit cards because it is secured by the load value of the card which can be up to $5,000. with the Iridium Value Plan. The advantages of this card are;

• It can be used almost anywhere that a standard Mastercard is
• Can be used for ATM withdrawals
• Card to Card money shares
• Personalized cards

Prepaid Visa Cards

Many of the same opportunities exist for buying prepaid Visa cards

CIBC Smart Prepaid Visa

Purchase Price	$5.95
Reload Fee	none
Monthly Fee	none
Transaction Fee	none

This card is a good choice as it doesn’t charge some of the standard fees that are applied to other types of pre-loaded credit cards, some of the other advantages are;

• Can have a maximum balance on the card up to $10,000
• Free cash withdrawals at CIBC -ATMS
• Can use to shop at most places where Visa is accepted
• Funds don’t expire.

Canada Post Visa

Purchase Price	$15.
Reload Fee	$3.00
Monthly Fee	$3.00
Transaction Fee	Foreign transaction fees

This card deserves to be on the top ten list because it can be used like any Visa card and also comes with some extra benefits such as;

• Purchase security insurance
• Zero liability policy
• Extended warranty insurance

Scotia Bank Scene Prepaid Visa

Purchase Price	$10.
Reload Fee	None
Annual Fee	$10.
Transaction Fee	None

This prepaid visa deserves to be on the top ten list because it doesn’t charge a reload fee or transaction fee but comes with additional benefits;

• It comes with the Zero liability policy
• Can earn scene points equal to 1 scene point for every $5. spent.

Prepaid Credit Cards for Businesses

There are many different businesses that can benefit from prepaid credit cards.

BMO Corporate One Card

This business card is a prepaid card for business. It can be used to give to employees who need to pay for their business expenses.

Scotia Prepaid Business Card

These prepaid business cards can be customized for the corporate brands. Some of the extra benefits that come with these cards are programs such as customer loyalty, incentives, and rebates.

Resources

http://www.hometrust.ca/securedvisa.aspx
https://refreshfinancial.ca/securedcreditcard/
https://www.capitalone.ca/credit-cards/guaranteed-mastercard/
https://www.canada.ca/en/financial-consumer-agency/services/payment/prepaid-cards.html
https://www.bmo.com/main/personal/credit-cards/prepaid-credit-cards/
https://www.canadapost.ca/cpc/en/personal/money-government-services/manage-money/prepaid-cards.page#findLocation
https://www.iridiumcard.ca/UsingYourCard.aspx
https://www.cibc.com/en/personal-banking/prepaid.html
https://www.canadaprepaidcard.ca/
https://www.bmo.com/main/business/cash-management/prepaid-card#benefits
http://www.scotiabank.com/ca/en/commercial/financing/credit-cards/visa-prepaid-business-credit-card.html