Secured credit card in Canada - RBC Royal Bank credit card
In Canada, you can find your share of secured credit cards. The secured RBC Royal Bank credit card is one of them. It is a good card for anyone who wants to establish or rebuild credit history. Unlike with Capital One Low Rate Guaranteed Secured MasterCard or Peoples Trust Secured MasterCard which you can apply online for, and the ones we covered in more or less detail in Credit card after bankruptcy, Canada , you can only apply for the secured RBC Royal Bank credit card in person, dropping by your local branch.
The secured RBC Royal Bank credit card in Canada works exactly as a regular RBC Royal Bank credit card does. You can even pick a card which will earn redeemable reward points. You can also put a coapplicant on your account who will also receive a secured credit card. The credit limit on this card will be determined by the amount of your security deposit, called pledge in Canada. With C$2,000 security pledge you would have a credit limit of C$2,000 on your RBC Royal Bank Visa.
The security pledge will be placed in an RBC Guaranteed Investment Certificate and earn interest for you. The interest is less than puny of course, but your goal is to establish or rebuild credit history, not too earn interest. Once you establish a credit rating, RBC will release your money. Normally, it takes up to 18 months to establish a credit rating, depending on how often and how much you spend on the RBC secured credit card and how you pay it.
Fri Nov 5, 2010 10:11AM | Copyright: www.bad-credit-advisor.com | More in Credit Repair Tips | Comments (0)
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