Canadian Credit Cards

Types of Candadian Credit Cards

There are limitless possibilities for consumers searching for Canadian credit cards. All of the major credit card companies, including Visa, MasterCard and American Express, and many retailers like Sears, offer credit accounts in Canada. Each one has different options, so every consumers can find just the right one for their planned credit usage.

Home Trust Secured Visa

The Home Trust Secured Visa card is a great option for Canadian credit card consumers who have gone through bankruptcy or who want to limit their spending. Once a consumer puts a security deposit into an account, he or she can use this card up to the amount of the deposit. Accounts can be opened for $1,000 up to $10,000 and earn interest as long as the account remains open and the cardholder follows the terms. The Home Trust Secured Visa is not available to residents of Quebec.

Horizon Plus MasterCard

Horizon Plus MasterCard is a secured card designed to help Canadians recovery from bankruptcy and back into good financial standing, this account can be opened with as little as $500. There is both a processing and monthly fee, but the Horizon Plus MasterCard is available to all Canadian residents.

TD Green Visa

The TD Green Visa unsecured card, offered by TD Canada Trust, has no annual fee and offers discounts on car rentals and extended warranties. Cardholders can also get cash advances at automated banking machines.

Petro-Points MasterCard

Petro-Points MasterCard is a rewards card that gives consumers points toward travel and general purchases. This Canadian credit card also gives a discount on gas purchases at participating Petro stations. Ontario cardholders can also use the PayPass feature for quick access to their account right at the pump.

Canadian Credit Reports

All Canadians who have established credit have a report that details their credit history. It’s a good idea to review this report at least once a year to check for any discrepancies or signs of identity theft. Since potential lenders will review this file before deciding on any loan applications you make, errors in your report can cost you a loan or make you pay a higher interest rate.

What’s in the Report?

A credit report details your borrowing history for the past six years. Every credit card account, mortgage, car loan, and student loan you have outstanding during that time is included, including your payment habits. If your credit report reflects late payments or defaulted loans, lenders are apt to consider you a high-risk.

How to Get Your Report

Canadian credit card users can get a free credit report by mailing photocopies of two identifications, such as a driver’s license, birth certificate, or utility bill, along with a list of your current address and date of birth to TransUnion Canada or Equifax Canada, the two credit reporting companies. Your report will be delivered to you in about two weeks. All Canadians can request a free credit report by mail once a year.

If you don’t want to wait that long or you are uncomfortable mailing that information, you can pay for a report online for about $15.

Checking Your Report

When you get your report, look it over carefully for incorrect information. If you see accounts that you don’t recognize or false addresses, it could be a sign that someone else is opening account in your name. Contact the credit reporting agency, and any related credit card companies, immediately to get the accounts removed from your name.