Secured Credit Card
March 20th, 2009 by Questions
I just had my consumer proposal accepted, and want to know if I can get a secured credit card while in the proposal.
I travel for work occasionaly, and it would be difficult without a card. Thanks.
Posted from: Ontario
One Response to “Secured Credit Card”
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March 21, 2009 at 8:21 am, A licensed trustee said:
Yes, you may apply for one. Most of the companies that offer them ask that you wait until 3 motnhs after a proposal has been filed (so they know that it has been accpeted) – in your case, you say is has been, so you should be good to go…
A tip for people: the market has two products that look like credit cards, but are quite different. A secured credit card requires you to place money on deposit and yuo are granted credit based on the deposit. If yuo don’t make the required payments on the debt your deposit is seized and the card is cancelled. This type of card will help rebuild your credit.
The second type is commonly called a pre-paid credit card (there’s no credit given so it’s a marketing ploy). You pay the company $200 (or whatever amount) and you can spend $200 on a card that looks like a regular credit card. This type of card does NOT rebuild your credit because no credit has been given – you gave them the money upfront.