The following credit cards companies offer SECURED credit cards. What this means is that you are securing the credit card amount but sending them the same amount of money that your credit limit is set.

As an example is you have a SECURED credit card with Home Trust Visa for $500, then it means you have given Home Trust $500 to hold as a security while you use their credit credit.

SECURED credit cards are excellent at establishing, repairing or rebuilding credit in Canada because they report to the credit bureaus (Equifax and TransUnion) monthly.

Other than requiring a security, secured credit cards work the same way as unsecured credit cards that you get from your bank or a credit card company with good credit. You receive a monthly statement where a minimum payment is due (if you use the card), and your can cancel at anytime to get your deposit back; of course you get your security back once you have paid off the balance of the card.