Refresh Financial’s Secured Card Wins Best Overall Secured Card Award

Simple Rate has put together a list of the best Secured Cards available in Canada and Refresh Financial is proud to have been rated as the best overall secured card in Canada for no credit check with guaranteed approval.

Simple Rate understands that most people’s financial situations are not the same, and therefore there is no one-size-fits-all credit card. With all the different credit cards on the market today, it can be difficult to find the best one for you. Simple Rate’s mission is to educate Canadians on how to use credit cards effectively to earn the most rewards and cash back.

The Value of a Credit Card

Credit cards have two main benefits. First, they provide access to funds when you don’t necessarily have the money at the time. That’s why it’s called credit. While you will pay high interest rates when carrying a balance on a credit card, it is nice to have the option to “buy now, pay later”, especially in case of an emergency.

Secondly, credit cards are extremely useful in this digital age for making online purchases and reservations. Without a credit card you will find it challenging to rent a car, book a hotel, buy a vacation and more.

Credit Cards for Bad Credit

When applying for a regular credit card, the lender will check your credit score. It makes sense as they are giving you access to credit. They want assurances that you will pay it back on time, and your credit score reflects that. Upon seeing a poor credit score they are less likely to approve you for a credit card. For Canadians with poor credit, there is less choice of credit cards available to them, and a secured card is sometimes the only – and best - option for spending flexibility while safely building credit. You put down a deposit which in most cases becomes your credit limit. This protects the lender in case you don’t make your monthly payments while giving you the benefits of having a credit card. Used responsibly, a secured credit card allows you to establish a history of repayment of debts which, overtime, boosts your credit score.

Learn more about Refresh Financial’s Secured Card and apply online in less than 20 minutes! Guaranteed approval, no credit checks!