Hey internalaudit ,

I have never heard the term zero balance card. Two months before I signed the CP papers I have applied for a
BMO Prepaid Travel MasterCard, however I didn't transfer any money on it till everything was done with the CP papers.
I just wanted to make sure that everything was by the book and there were not suspicious cash outflows.
With secured and prepaid cards you basically set your own max limit, so what you deposit is your limit.
One difference between secured and prepaid card is that secured cards do report, you have to pay your balances monthly and the creditor keeps your deposited cash as a collateral (usually either 500 or 1000 and returned if you close your account).  Check out home trust(ca) site for more details about how secured credit cards work.  In my opinion I would wait till CP papers are done so there is no suspicious cash outflows.

Hi Tipler and Confuse,

Thanks to you both for taking the time to help ou.  We will hold off applying for one; it's just a minor inconvenience at the Esso gas station but purchases can be done with a debit card.