credit cards for good credit history
Getting The Lowdown On Using Secured Credit Cards To Build Credit
If you have poor or no credit, having a secured credit card will help you establish or improve your credit score. You can apply for a secured credit card with most banks in Canada. If you are a union member, you may want to check with your institution as well. Secured deposit credit cards are not offered by all institutions and in fact, most credit card issuers prefer the unsecured variety. Unsecured credit cards go with higher interest rates and fees. Still, it pays to shop around and in some cases, a secured credit card may be your only option. Young persons who are just starting out or those who are rebuilding their credit score after some major event (serious illness, job loss, or divorce), may find this card a good option.
If you have to choose a secured card, which ones should you go with? You can choose from various types, including secured MasterCard and secured Visa. You can check the offer of Toronto Dominion, for example – the secured TD Canada Trust Credit Card is a type of card secured by money you deposit into the card account. The amount deposited becomes your credit limit. The funds deposited into the account may be held by the bank up to three years, depending on the card of choice. Apart from establishing credit history, this card allows holders to take care of emergency purchases, car rentals, and hotel reservations.
The Capital One Guaranteed Secured MasterCard is another secured credit card you can check. It is offered with zero fraud liability, 19.8 percent interest rate, and annual fee of $59. Persons who can pay at least the minimum balance and want to build credit are likely candidates. The card goes with various beneficial features such as 24/7 assistance, MasterCard Global Service, as well as MasterRoad Assist Service. With the MasterCard Global Service, clients are entitled to emergency card replacement, emergency cash advances, 24/7 telephone access, and more.
The Bank of Montreal also offers to its clients secured deposit credit cards. You can check the Prepaid Travel MasterCard, going with a $9.95 purchase fee, zero dollar liability, purchase protection, worldwide acceptance, and extended warranty. Identity theft assistance is also offered though IDefence while the MasterCard SecureCode allows for secure internet shopping. A major benefit is that cardholders do not pay interest.They can load the credit card as a bill payment, using a bank account in a number of financial institutions. In fact, this card is easy to reload as well. It is up to you how much to load provided that the card is prepaid and reloadable. The Prepaid Travel MasterCard is a convenient and secure alternative to other products such as traveler’s cheques.
To apply, you should provide your personal information, permanent address, employment status and employer name, together with your occupation, and other details.
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How long until I can have a good credit history?
I’m a young person with no credit history. I was recently approved for a student credit card through citi bank. I am planning on using the card responsibly because I want to build up good credit. If I have no history, how long will I have to use the card to actually have something built up? A couple months? A year?
At least one year
but it’s a good idea that you want to be responsible for your credit record.
good luck !