Credit Cards for Bad Credit

Credit cards for bad credit may not be as common as cards for people with mediocre or good credit, but with the right guidance, you can find suitable offers with forgiving rates that will help you get your finances back on track. With a new credit card in hand, you’ll the convenience of credit back and get the chance to start to regain the trust of conventional lenders.

Bad Credit Makes Your Life Difficult

Regardless of your credit status, it’s almost not an option to go without a credit card today. It’s rare to have a job for life now, so you never know when you might need a little advance to cover your household expenses. Further, paying with credit cards is becoming more and more popular with the rise of e-commerce, self-checkouts and other situations in which cash is not useful. It also goes without saying that you’ll want to rebuild your credit in service of future borrowing options. Lenders may be wary of the potential risk you pose to their funds, but you can’t let that stop you from seeking out a solution. Bonsai Finance can be your guide through the sticky situation that is bad credit.

Finding Credit Cards for Bad Credit in Canada

It’s not easy having bad credit when you need a new credit card. You’re short on options and don’t have time to waste, so waiting for lenders to inspect and process your application can be extremely frustrating when it drags on for weeks. That’s time you could have spent not worrying about what might happen to you if you encountered any emergency expenses without credit behind you, or even building up your credit score again. You need to have your new card in your hands as soon as possible, without all the unnecessary processing time and hold-ups.

We know time is important to you during this taxing period of your life, so we’ve focused on streamlining the credit card application process for our clients. Our lenders’ processes feature nearly guaranteed and instant approval credit cards for bad credit, giving you the reassurance you need to feel confident as you move forward with your life. There’s only a short wait – no hassle, and no prolonged uncertainty. You typically get access to a line of credit within just a few days, and with it, you’ll be able to regain your financial freedom.

Finding Credit Cards for Bad Credit in Canada

Unsecured Credit Cards for Bad Credit in Canada

When lenders have doubts about their credit applicants, they often require a little more from them in terms of collateral. That’s why a common choice for people in this situation is to apply for a secured credit card with a line of credit that matches the initial deposit they must make. Since bad credit often means you might be a little short on money, these may not be the best option for you, but there’s good news: these cards are available with no up-front deposit. You’ll only be responsible for interest charges and any applicable annual fees when you use them, just like any other credit card on the market. This means you’ll be minimally affected by your current troubled credit standing and be able to work on restoring your credit at little immediate cost to you.

A New Card, Just a Few Clicks Away

As previously mentioned, we at Bonsai Finance know that bad credit can seriously complicate your life; that’s why we want you to know we’ve got your back. With our assistance, you’ll get your credit card use back and enjoy all of the following conveniences too:

  • No deposit required
  • Get approved fast
  • Your credit score won’t be an issue
  • We do all the legwork for you

You can’t afford to keep your bad credit forever. Instead, you can get to work on rebuilding it with credit cards for bad credit found through Bonsai Finance.

Rebuilding your credit provides you with a chance to get approvals for other loans in the future. This is because most lenders will assess your creditworthiness to determine whether you deserve a loan or not. There are different ways you can use your credit cards for bad credit Canada to improve your credit. They include;

  • Make frequent and payable purchases, and pay them off in good time.
  • Try to have a habit of paying more than the minimum payment in due time.
  • Avoid defaulting your payment or having late payments.
  • You should avoid using all the credit you have; using more credit ruins your credit reputation
  • Ensure that you check on your credit to avoid errors or frauds.
  • Avoid applying for credit with many lenders. This is known as the hard inquiry and instead of improving your credit, may actually decrease it.

Factors to consider when choosing credit cards for bad credit Canada

There are so many types of credit cards for bad credit Canada. Choosing the card that suits you may be daunting and confusing. You need to look at several factors before selecting a particular card. These factors include;

  1. Interest rate – You should always consider choosing a credit card with a low and affordable interest rate. Some of the Canadian credit cards may have interest rates of as high as 19.99% while others may have as low interest rates as 10%. With a low-interest rate, you can carry a balance. You can as well maintain your credit score. This is because you can afford to keep paying the monthly payments even when you cannot pay the full balance of your debt.
  2. Secured credit cards – When you choose to use the secured credit cards, you should be aware that they require you to have a deposit as security for the loan. This credit varies from one credit card provider to another. A credit card that has a low deposit may help you in such things as saving.
  3. Setup fee – In the secured credit cards, one is required to pay a setup fee. This amounts to 3% of the total balance. The fee is usually nonrefundable. This means that the setup fee will be higher if your balance is high.
  • BMO SPC®** AIR MILES®† MasterCard®*

    Issuer BMO Bank of Montreal
    • Plus get double the Miles on every purchase at participating AIR MILES Partners.
    • Get 1 reward mile for every $20 in credit card purchases.
    • No Annual fee.
    • Extended Warranty.
    • Purchase Protection.
    • SPC discounts (Student Price Card Ltd.) of 10% to 15% at hundreds of your favourite stores.
      *Terms Apply. Show more
    Issuer BMO Bank of Montreal
    Regular APRAnnual FeeCredit RecommendedOur take
    19,99% No annual fee No CreditNo fee card with free SPC membership and exclusive deals and event access
    Regular APR19,99%
    Annual Fee No annual fee
    Credit RecommendedNo Credit
    Our takeNo fee card with free SPC membership and exclusive deals and event access
  • Bonsai Finance Credit Card Finder

    Issuer Various
    Independent reviews and ratings of the top credit cards available in Canada Simple filtering and selection tool allows you to browse offers side-by-side Honest, original content that helps you make decisions Show more
    Issuer Various
    Annual FeeCredit RecommendedOur take
    Various All scores acceptedSimple and effective credit card comparison engine helps you choose the best card for you
    Annual Fee Various
    Credit RecommendedAll scores accepted
    Our takeSimple and effective credit card comparison engine helps you choose the best card for you
  • No Fee Home Trust Secured Visa Card

    Issuer Home Trust Company
    • Build or re-build your credit, even if you've had credit difficulties in the past, or have never had a credit card before!
    • An excellent opportunity to establish your credit rating.
    • Virtually everyone is approved.
    • Make purchases over the phone or online.
    • Plan and book a vacation.
    • Access cash anytime, anywhere from over 1 million ATMs around the world displaying the Visa or Plus logo.
    • Shop at over 24 million locations worldwide.
      *Terms Apply. Show more
    Issuer Home Trust Company
    Regular APRAnnual FeeCredit RecommendedOur take
    19,99% No annual fee No creditGuaranteed approval card with low interest rate and low annual fee
    Regular APR19,99%
    Annual Fee No annual fee
    Credit RecommendedNo credit
    Our takeGuaranteed approval card with low interest rate and low annual fee

Basic qualifications for credit card

Since this is a transaction that involves money, there are a number of requirements one has to meet in order to receive the credit card. One of the requirements is that you should be of legal age which is eighteen years. On top of this, you have to be able to prove it and the only way to do that is by providing your National Identification card to the lenders (ID). You also need to prove that you have a regular source of income. If you are employed, this is where you provide details of your employment. Lastly, you have to be able to provide a deposit which will act as collateral in case you are unable to pay for the credit card.

Benefits of credit cards for bad credit

The cards are an excellent way of rebuilding your credit. People with bad credit can make purchases using the credit cards and paying them off in good time. This improves your credit score. Credit cards for bad credit can help you in the management of your finances. They help you make cautious and well-thought decisions on what to charge with the card as well as being responsible for making the payments.

In conclusion, credit cards for bad credit Canada are very significant for any person. They have favorable terms and can be used for many purposes. We at Bonsai Finance help you to get the best options of these cards as well as helping you through the process of obtaining them. Our financial experts will be with you every step of the way to help you make the right choices.