Secured credit cards in Canada
A secured credit card uses money you set aside as security for a credit account. For newcomers comparing Canadian cards, the useful questions are how much cash is tied up, what the card really costs, who can apply and where payment history is reported. Compare the published options below before choosing a research route.
What a secured credit card is — and why newcomers start here
A thin Canadian credit file can make it harder to compare standard credit offers. A secured card is one possible starting route: you provide security funds, receive a credit limit and repay purchases through statements. The deposit does not pay your monthly bill for you.
Newcomer bank programs may also offer an unsecured first card. Compare both routes before locking away a deposit, especially if you need cash for rent or arrival costs.
FCAC — Choosing a credit card ↗Official sources · Checked 2026-10-21
How much deposit you need: comparing published minimums
All amounts are CAD. A security deposit is separate from card fees and monthly repayments. Capital One is included as a conditional-security route; it is not a promise that every applicant receives a secured card. This is a selected comparison, not a ranking of every Canadian card.
Scroll across the table to compare all fields and official sources.
| Issuer / card | Minimum security funds | Annual / required monthly fees | Equifax / TransUnion reporting | Canadian history / newcomer requirements | Official source | Verified |
|---|---|---|---|---|---|---|
| Home Trust Secured Visa | $500 minimum; deposit sets the limit, up to $10,000.Official source ↗ | $0 annual-fee option, or $59 annual-fee option. Other charges and interest can apply.Official source ↗ | Monthly bureau reporting is published; the reviewed product page does not name Equifax or TransUnion. Confirm directly.Official source ↗ | Markets to newcomers and people building history. Requires permanent Canadian residence, age of majority and no current bankruptcy; unavailable in Quebec. Ask how your immigration documents satisfy the residence requirement.Official source ↗ | Home Trust — Secured Visa deposits, fees and eligibility ↗ | |
| Neo Mastercard — secured credit | From $50 for most Neo secured cards; security funds determine the limit. Check the selected card.Official source ↗ | $0 annual card fee plus required Build membership at $9.99/month; interest and other fees are separate.Official source ↗ | Neo publishes reporting to both Equifax and TransUnion.Official source ↗ | Secured route for building history; the base Neo Mastercard lists no minimum income. Residence, identity and card-specific checks still apply; confirm accepted newcomer documents.Official source ↗ | Neo — Secured cards and credit reporting ↗Neo — Required membership and card fees ↗ | |
| Capital One Guaranteed Mastercard — security may be required | Personalized security requirement; no universal minimum established in the reviewed product summary.Official source ↗ | $0 annual fee in the reviewed offer. Confirm the disclosure for the card offered to you.Official source ↗ | Product summary describes building credit but does not establish which bureaus receive reports. Confirm directly.Official source ↗ | Conditional approval route with age, legal eligibility, application and account-standing rules. Security may be required; verify identity and residence requirements before applying.Official source ↗ | Capital One Canada — Guaranteed Mastercard conditions ↗ |
Official pages checked 21 Oct 2026. A deposit does not remove issuer checks or guarantee a score increase. Required membership fees count toward ongoing cost even when the annual card fee is zero. Confirm current disclosures and deposit-return conditions with the issuer.
Compare secured card options in Canada →Does a secured card build credit in Canada?
It can help establish a record when the issuer reports the account and you manage repayments consistently. Reporting to Equifax and reporting to TransUnion are separate facts; do not assume that a credit-score feature in an app means the card reports to both.
Pay by the due date, review your statements and check your credit reports for the account. A card cannot promise a particular score increase or timeline. Carrying interest is not a requirement for building a payment record.
FCAC — Improving your credit score ↗FCAC — Credit report and score basics ↗Secured card vs starter card vs credit-builder loan
Compare the account structure as well as the advertised credit-building benefit. A prepaid spending card is different from a reported credit account.
| Route | Cash or borrowing arrangement | Cost to compare | Reporting question |
|---|---|---|---|
| Secured credit card | Security funds support a revolving credit limit; statements still need payment. | Card fee, required membership, interest and deposit-return terms. | Which bureaus receive account activity, and when? |
| Unsecured starter / newcomer card | Issuer provides a credit limit without a security deposit if approved. | Annual fee, interest and any banking relationship required. | Does this particular card report, and to which bureaus? |
| Credit-builder loan | Usually a scheduled repayment arrangement; check when funds are released. | Total repayment, interest, service fees and cancellation terms. | Which lender reports the instalment account? |
How to apply with no Canadian credit history
First confirm that the issuer accepts your residence stage and province. Prepare the identification, address and income evidence requested by that issuer, then read the actual fee disclosure and security-funds instructions before applying.
- Ask whether a pre-qualification check affects your credit file and whether a full application is still required.
- Confirm the amount and return conditions of any security funds; keep that money separate from monthly repayment cash.
- Use the issuer’s official application channel and complete identity checks there.
- Once approved, set payment reminders and check the account on your credit reports.
What happens to the deposit when you close or change cards?
Read the issuer’s security agreement before transferring funds. Ask whether the balance must be cleared, how pending transactions are handled, when the funds are released and whether changing to an unsecured card requires a new application.
Do not assume a card automatically graduates after a fixed number of months. Keep enough accessible cash outside the deposit to pay statements and other bills.
Frequently asked questions
What is the minimum deposit for a secured credit card in Canada?
It depends on the issuer and card. In the reviewed selection, Home Trust publishes a $500 minimum and Neo says most secured cards start from $50. Capital One’s reviewed product summary does not establish one minimum for every applicant.
Can I get a secured card without Canadian credit history?
Some issuers publish routes for people establishing a credit file. Residence, identity and product checks still apply. Confirm that your documents and province are accepted; a deposit alone does not guarantee approval.
Does every secured credit card report to Equifax and TransUnion?
No such assumption is safe. Neo explicitly publishes reporting to both. Home Trust publishes monthly bureau reporting without naming the bureau on the reviewed product page, so confirm with the issuer.
Is a no-annual-fee secured card free?
Not necessarily. Neo Mastercard secured credit has a required $9.99 monthly Build membership despite its $0 annual card fee. Other cards may charge interest, cash-advance or service fees. Compare the full disclosure.
Does the security deposit pay my monthly credit-card bill?
No. Security funds back the account; you still need to make the required statement payments. Review how the issuer treats the deposit when the card is closed or the account is in default.
Is a secured credit card the same as a prepaid card?
No. A secured credit card is a credit account with statements and repayment obligations. A prepaid card spends loaded funds; do not assume it produces the same credit reporting.
Official references
Edited by Pick Rabbit Studio. Comparison rows show their own source-review dates; terms can change. Compare the published conditions and confirm uncertainties with the provider. This guide does not predict approval.
Home Trust — Secured Visa deposits, fees and eligibility ↗Neo — Secured cards and credit reporting ↗Neo — Required membership and card fees ↗Capital One Canada — Guaranteed Mastercard conditions ↗FCAC — Choosing a credit card ↗FCAC — Improving your credit score ↗FCAC — Credit report and score basics ↗