Canadians offered unsecured and secured credit cards through several Canadian credit card companies

    /24-7PressRelease/ – May 29, 2005 – Need a Canadian credit card in Canada? now offers five distinct unsecured and secured credit cards solely for Canadians. To qualify for the credit card that’s right for your financial situation, it’s important that you first understand your credit history in Canada and its impact on Canadian credit card companies such as American Express, MasterCard and Visa.


“Before applying for a new credit card or loan, always take the time to review your Canadian credit history. It takes just a few minutes online to purchase your Canadian credit reports from both national credit bureaus – Equifax Canada and Trans Union of Canada,” says financial advisor Peter James of

“Then if you notice any errors or omissions, simply initiate the official dispute process with Equifax or TransUnion. Once any errors are corrected by the credit reporting agency, it is less likely your application for an unsecured credit card will be negatively affected,” he notes.

Credit card companies typically want to know an applicant has a good credit history of repaying their debts as well as high enough income levels to handle their credit debt. “It’s not really much more complicated than that,” says James. “Good Canadian credit history plus good annual income equals good chance you will be approved.”

CANADIAN UNSECURED CREDIT CARDS markets several great credit card offers from Amex and Visa. Each credit card offer has its unique requirements for successful application.

AMERICAN EXPRESS CANADA: Apply for either American Express Aeroplan Charge Card or American Express Air Miles Credit Card depending on which travel rewards program works best for you. Both cards require a minimum annual income and good credit rating. Successful applicants receive bonus miles after activation. You get an almost instant answer applying online.

VISA CREDIT CARD CANADA: Bank of America Canada partners with Alaska Airlines to offer a travel rewards Visa which allows cardholders to build miles to more than 700 destinations served by Alaska Air and its airline partners. Again a minimum income level and good credit score are needed for this credit card application in Canada.


So you’ve reviewed your Canadian credit report and discovered the sad facts about your credit history. “What happens when you have bad credit, poor credit or simply no credit history in Canada?” asks James. “Many Canadians don’t realize that they are still virtually guaranteed approval for a MasterCard or Visa under two different secured credit card offer applications.”

The good news – the application process for a Canadian secured credit card does not depend on your past credit problems or verifiable income levels. “You simply need to provide a fully refundable security deposit equal to the credit limit you are requesting,” says James. “It’s the best way to repair credit in Canada since both credit cards report monthly to Canadian credit reporting agencies – Equifax Canada and Trans Union of Canada.” If you use your credit card responsibly, your Canadian credit record will improve over time.

MASTERCARD CREDIT CARD CANADA: HorizonPlus offers guaranteed approval to MasterCard applicants who are Canadian citizens (or permanent Canadian residents), 19 years old or older, have a Social Insurance Number, a verifiable permanent Canadian home address (including Quebec), are not an Undischarged Bankrupt and open your Secured Savings Account with Peoples Trust. You simply complete the application and mail in a fully CDIC insured refundable deposit for $500-$10,000 (equal to the credit limit you are requesting). Within a short review period, you should receive you Secured MasterCard (in the unlikely event your application is not approved, your deposit will be returned immediately). Credit card offer is also available in Francais.

VISA CREDIT CARD CANADA: Home Trust offers guaranteed approval for Secured Visa applicants who are Canadians and resident anywhere in Canada (except Quebec). The Home Trust Secured VISA is a credit card that requires a security deposit for eligibility. Your credit limit is then set at the amount of the deposit. You can put down as little as $1,000, or as much as $10,000. Your security deposit earns interest, while your Home Trust VISA card is open and in good-standing. If you decide to cancel your card, you can just pay off your outstanding balance, and you’ll get your security deposit – plus interest earned – back from Home Trust. The application process is very simple and almost everybody is approved! Of course, if your application is not approved, your security deposit will be immediately returned to you.


So which Canadian credit card is best for your financial circumstances? If you have a good credit rating and regular verifiable income, then consider either unsecured cards from American Express Canada or Bank of America Canada. If you have bad credit or no credit, consider a guaranteed secured MasterCard or Visa until you can repair your credit to better historic levels.

“Credit cards have become a necessary financial tool in Canada,” concludes James. Counseling consumers for free, the Canadian financial advisor sees lots of different financial situations. “If someone uses credit properly, it can be a great way to improve your Canadian credit rating for a loan, line of credit or mortgage,” he says. “But always treat the card with respect!”

The registered trademarks Equifax Canada, TransUnion Canada, American Express Canada, Amex Canada, Bank of America Canada, MasterCard, Visa, HorizonPlus, Peoples Trust and Home Trust are the property of the respective companies or affiliated third parties. Users are not permitted to use these Marks without the prior consent of the respective companies or such third party which may own the Mark.

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