Credit Card Tips 2

Consider whether you need a specialized credit card

In addition to standard, gold and platinum cards, there are some specialized credit cards that cater to special needs. 

Some of these specialized cards include:
 
Secured credit cards

A secured credit card is a card that requires you to pay the issuer a security deposit before you can use it. Your credit limit is normally set as a percentage of your deposit (usually 100 percent or more). 

For example, if you pay a security deposit of $500, you would normally get a credit limit of $500 or more.

You might consider applying for a secured credit card if:

     • you have no credit history in Canada,
     • you’ve had credit problems in the past and want to rebuild your credit score; or
     • you've filed for bankruptcy in the past

This excerpt was taken from the publication called "Choosing the Right Credit Card For You" by the Financial Consumer Agency of Canada.

You can find more information at the Financial Consumer Agency of Canada site at http://www.fcac-acfc.gc.ca/eng/index-eng.asp.