Credit Cards

If you don’t need a credit card, don’t get one.  However, we get it.  Credit cards are necessary in some cases (booking a hotel room, renting a car, or making an online purchase), so here’s our advice:

If you can use a Visa or Mastercard debit card, that’s a great option (and no credit check is required).  Here are some options:

Visa Debit Cards: CIBC, TD Bank, Royal Bank (Virtual Visa Debit Card only), Scotiabank, Tangerine

Mastercard Debit Cards: Simplii Financial Debit Mastercard,  Bank of Montreal, PC Financial PC Money Account

If you need a credit card, here are some options (many of which are possible even while you are in a consumer proposal or bankruptcy):

Reloadable Prepaid Credit Card: EQ Bank Mastercard, KOHO, Stack (People’s Trust) Prepaid Mastercard, Bank of Montreal, CIBC, Shakepay

Prepaid Credit Card:  Canada Post Cash Passport™ Prepaid Mastercard®

Secured Credit Cards: Home Trust Visa, Capital One Mastercard, Tim Horton’s Mastercard, CIBC, TD Bank (difficult to get, only after discharge)

Unsecured Credit Cards: 

Capital One Unsecured Mastercard

You may qualify for a Capital One Unsecured Mastercard immediately after filing a consumer proposal or bankruptcy. Limit your applications as too many applications and too many credit cards will lower your credit score. Set your limit low to avoid the temptation of racking up new credit card debt. If you didn’t owe money to Capital One when you filed your bankruptcy or consumer proposal, you may qualify for a Capital One unsecured Mastercard. Again, use this card wisely and pay all balances in full each month.