Are you looking for a secured credit card? The People’s Trust Secured MasterCard is definitely a good choice. Secured credit cards give those with poor credit or no credit a chance to get a credit card. Secured credit cards are popular among Canadian immigrants to Canada and can also be a great option for anyone looking to build or rebuild credit.
Most secured credit cards have high interest rates. But the People’s Trust Secured MasterCard actually has a low interest rate, which is a huge perk. The interest rate on all purchases is 12.99%. This is definitely something to consider and take advantage of when shopping around for a secured card.
The one thing to keep in mind with a secured credit card is that’ll require a security deposit. In other words, you pay a sum of money upfront to be kept as collateral in the event that you’re unable to pay off your credit card balance.
The People’s Trust Secured MasterCard requires a security deposit of between $500 and $25,000. The amount you choose to provide as a security deposit is equal to the credit limit you’ll receive with the card. Your security deposit will be invested in a GIC at People’s Trust Company. which will earn you 0.5% interest annually. Your deposit will be returned to you when you choose to close the account.
This is without a doubt a top pick for secured credit cards. One other thing you need to know is this card has a $70 fee. This may be well worth it if you have trouble paying off your monthly balance immediately because a low interest rate could save you well beyond $70 in interest payments.
In conclusion, this may be the perfect card for you if you’re looking to rebuild your credit, you don’t mind paying an annual fee, you have the security deposit required, and you prefer a low interest credit card.
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