Prepaid Canadian Credit Cards

The Canadian credit card market offers a diverse range of choices for customers and depending on your needs, a prepaid credit card may be a good option for you.

Prepaid Canadian credit cards are offered by many Canadian banks and are a great option for you if you have poor credit and are having great difficulty in obtaining other types of credit cards. All of the big Canadian banks and many other providers offer prepaid credit cards and so you will have many choices as you set out looking for a card. When obtaining a prepaid credit card, you will need to consider the steps to get a card, the advantages of this type of card, and the disadvantages of this type of card.

When looking for prepaid Canadian credit cards, you will want to check with both your primary bank and with other banks for their available options. You will want to consider the fees associated with the card, the options for recharging the card, any potential rewards associated with the card, and the security assurances provided by the prepaid credit card issuer. When examining these various cards, each person will weight each of these factors differently; and so, you will need to pick a card that offers the combination of benefits that works for you. Once you have picked your card, the application process is typically very straightforward. You will provide the financial institution with the information they require and will pay an amount equal to your initial credit limit plus fees. After you run your card down you will need to recharge the card by depositing additional funds.

Prepaid Canadian credit cards have many advantages. When looking at this card type, the main advantage is the fact that this type of card does not have an arduous application process. Seeing as you fund the card, the bank will not be concerned with poor credit history. Consequently, a prepaid credit card is ideal for you if you have poor credit history. In addition, this card type has limited liability because the most you can potentially lose is the amount you have deposited on the card.

This card isn’t necessarily the best option, though, if you are able to obtain a regular unsecured credit card or even a securd credit card. Prepaid credit cards typically do not help you build your credit score and these cards typically have higher fees as compared to unsecured credit cards.

Prepaid Canadian credit cards are an excellent option for those who cannot obtain other forms of credit. If you want a flexible financial tool without the difficult application process that comes with other forms of credit cards, then you should consider the prepaid credit card.



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