How to get a credit card in Canada with poor credit — realistic options, examples and how to apply
If credit history isn’t great, Canada still offers real, reliable ways to get a plastic card and rebuild credit. Below is a plain-spoken guide to the realistic products on the market in 2025, real examples, and step-by-step advice on how to apply.
Real product types that work for poor credit
1.Secured credit cards — you place a security deposit and your credit limit is usually equal to that deposit. They report to Equifax/TransUnion so on-time payments help rebuild your file. Examples in Canada: Home Trust Secured Visa, Neo Secured Mastercard, Refresh Financial Secured Visa. Typical deposits run from a few dozen dollars up to several hundred (or more), and APRs are often in the high-teens.
2.“Guaranteed approval” secured cards — marketing will say “guaranteed approval,” but the guarantee is conditional on you providing the required security deposit. Capital One and some other issuers offer guaranteed/secured options intended for credit rebuilding. These cards still require identity checks and follow anti-fraud rules even if they don’t perform a hard credit pull in the conventional sense.
3.No-hard-credit-check rebuild cards — some secured card issuers advertise “no credit check” applications (for example, Refresh Financial), meaning they may not do a hard inquiry — useful if a hard pull would be harmful — but you still must provide a deposit and pay fees. Expect monthly maintenance fees and modest APRs.
4.Neobank / challenger-card options — fintech players (Neo, KOHO, etc.) offer starter or secured cards tied to an app, sometimes with small minimum security funds and quicker approval processes; they can be a low-friction way to begin rebuilding. Check details: some products offer rewards even on secured products.
Concrete examples (what they ask for and what they cost)
🔹Home Trust Secured Visa — common choice for rebuilders. Credit limit range $500 to $10,000; purchase APR commonly shown near 19.99%, with a no-annual-fee option (or a paid option with lower APR). Home Trust reports to the credit bureaus.
🔹Refresh Financial Secured Visa — marketed toward people rebuilding credit. Typical published details: minimum deposit ~$200, interest ~17.99%, small annual/maintenance fees (e.g., $12.95 + $3/month in some offers). Refresh emphasizes reporting to credit bureaus and approval when a qualifying deposit is provided.
🔹Capital One Guaranteed / Secured options (Canada) — Capital One Canada markets a Guaranteed Mastercard and secured products designed for buildup; terms vary, but the brand positions them for applicants with challenged credit who can provide the required security funds. Always check the issuer’s product page for current APRs and terms.
🔹Neo Secured Mastercard — Neo allows secured starts with low security balances in some offers (reports indicate minimums as low as $50 in promotions), and Neo advertises quick, app-based account setup and reporting to the bureaus. Neo and similar fintechs can be a good option if you want low friction.
How to apply — step-by-step
1.Pick the right product: secure cards are the most reliable route to rebuild. Compare minimum deposit, monthly/annual fees, APR, and whether the issuer reports to both Equifax and TransUnion. Rate sites and issuer pages are useful starting points.
2.Prepare documents: government ID, SIN (sometimes for identity check), proof of address, and proof of income if required. Some fintechs allow faster sign-ups via app.
3.Apply online on the issuer page: many secured offers give instant decisions and virtual card access while the physical card ships. If approved, you’ll fund the security deposit and get your working limit.
4.Use responsibly: keep utilization low (ideally <30% of your limit), always pay on time, and consider setting up auto-pay. On-time behavior reported to bureaus is what rebuilds credit.
5.Upgrade later: after months of timely payments, many issuers allow you to increase your limit, reduce deposits, or graduate to an unsecured product. Ask about upgrade paths up front.
Fees, APRs and practical cost examples
APR ranges for these rebuild cards commonly sit in the mid- to high-teens up to high-teens or low-20s (examples above: 17.99% Refresh, ~19.99% Home Trust). Monthly maintenance or small annual fees may apply on some products (e.g., Refresh). Always calculate the interest and fees into your budget.
Quick pick-list of where to start
🔸Home Trust Secured Visa — solid, widely available secured option.
🔸Refresh Financial Secured Visa — low minimum deposit offers and “no credit check” positioning (watch monthly fees).
🔸Neo Secured Mastercard — fintech route with low minimum security funds in some offers.
🔸Capital One Guaranteed / Secured options — mainstream bank option for rebuilders.
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