Secured Credit Card
Building or rebuilding your credit history can be a daunting task.
You may think it is impossible to qualify for a new line of credit if you have no or poor credit, or if you have
recently filed for bankruptcy. The good news is that there are ways to obtain credit cards even if you have poor
credit, and through using a secured line of credit from a reputable bank, you can actually improve your credit
score with each purchase you make on credit.
Secured credit cards are one of the safest ways to make purchases with credit and they are ideal for people with no
or poor credit. Secured cards are associated with a bank account, such as a savings, checking or money market
account. Your line of credit is based on a percentage of the account balance. For example, if you deposit $1000 and
you have a secured credit card with a 75% balance line of credit, you will be able to charge up to $750. Reputable
banks will offer secured credit cards to people with no or poor credit and this is a great way to both build a
lasting relationship with a bank while improving your credit.
One of the most notable banks in Canada offering secured credit cards is the Canadian Imperial Bank of Commerce
(CIBC). A CIBC secured credit card must be obtained at a branch location. During the process of getting a
CIBC secured credit card, you will have the opportunity to discuss the terms of the card with CIBC
professionals who will walk you through the process and ensure you fully understand the card and account terms. By
opening a CIBC secured credit card, you will also have the opportunity to learn about the best ways to manage and
save your money.
As with all credit cards, be sure that the terms of the card offer will work for your financial situation. If you
plan to maintain the card from month to month, inquire about the minimum balance required for the account.
Additionally, it will be important to know what fees will be associated with the CIBC secured credit card.
Finally, be sure to ask which credit bureaus CIBC reports positive card use to, as reports of positive credit card
use from reputable financial institutions like CIBC will help improve your credit score.
Even if you have less than perfect credit, or if you have no credit at all, building a lasting relationship with a
financial institution is essential for improving your financial standing. CIBC is a reputable and renowned bank
that recognizes the importance of helping people rebuild credit. With help from CIBC, you will be able to make
purchases on credit, improve your credit score, and build a strong financial foundation.
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