Best Credit Cards For Bad Credit In Canada 2022: Majority of the credit cards require a good credit history. Once you fail to pay back a loan or credit, your credit history goes from good to bad. With a bad credit history, it is almost impossible to get a credit card or a loan in the future. This worry can be put aside with credit cards shown below as they help you regain your good credit history.

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What is a credit score? 

A credit score determines whether a person is worthy of lending credit, in Canada. It is a three-digit score ranging from 300 to 900. A good credit score has a score above 660 and a bad score is below it. 

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How to improve bad credit?

A bad score can be regained into good credit by obtaining credit cards. These are some kinds of cards through which one can increase a credit score:

• Secured credit cards: this requires a security deposit of the credit limit or a percentage of it.
• Unsecured credit cards: It works like a regular card and might even have perks or rewards.
• Guaranteed credit cards: It requires a full or partial deposit by which you receive instant approval.
• Low-interest rate credit cards: As the name says, they provide lower interests.
• Prepaid cards: An amount is required in advance within the account, to avail of the card.

All these cards report to the credit bureau, thus increasing your credit score if you pay in time.

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Best credit cards for bad credit in Canada in 2022

1. Home Trust Secured No fee Visa Card

The Home Trust Secured No Fee Visa Credit Card has been mainly brought to help the users with their credit rating. Their features are:

• No annual fee
• Interest: 19.99%
• Amount set according to the deposit made, ranging from $500 to $10,000.
• Eligibility: People having bad to poor credit scores can apply.

This card is not available in Quebec. The Home Trust Secured No Fee Visa Card has received recognition as the #1 Best Credit Card For Bad Credit for Building Credit of 2022.

2. Home Trust Secured Low-rate Visa Card

Home Trust secured cards give two options of either choosing no annual fee or low rate cards. The cardholder can choose according to their preferences. The features are:

• Annual fee: $59
• Interests: 14.90%
• Amount set according to the deposit made, ranging from $500 to $10,000.
• Eligibility: People having bad to poor credit scores can apply.

3. Plastk Secured Visa Card

Plastk Secured Visa card has one of the lowest interest rates and annual fees. It also has a high approval rate for people with imperfect credit histories. The features are:

• Annual fee: $48 ($6 monthly maintenance fee)
• Interests: 17.99% for purchases and 21.99% for cash advances (no interest for the first 3 months)
• Instant balance transfer and additional bonuses.
• Eligibility: People having bad to poor credit scores can apply.

4. KOHO Prepaid Visa card

Not all prepaid cards help with the credit history building, but the KOHO Prepaid Visa card allows a $7 per month to avail the credit building option. Prepaid cards necessarily require the cardholder to deposit an amount in the account in advance to use the card. Their features are:

• No annual fee (except $7 to avail of the credit building feature)
• Interest: 1.7% on savings and spending account
• 0.5% cashback on all expenses
• Eligibility: The card has no hard credit check. People having bad to poor credit scores can apply.

The KOHO app helps make transactions and money depositing easier.

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5. Capital One Guaranteed Secured Mastercard

The Capital One Guaranteed Secured Mastercard was brought out to help people regain their credit history. Their features are:

• Annual fee: $59
• Interests: 19.8% on purchases and balance transfers; 21.9% on cash advances
• Necessary security funds from $75 to $300 should be provided.
• Additional bonuses and insurances
• Eligibility: A person with the majority age of the province who hasn’t applied for the Capital account more than once in the 30 days or had a good standing account till last year. 

Conclusion:

The above-curated information is from meticulous research as I have not earned the opportunity to purchase these credit cards. The above 5 credit cards are the best credit cards for bad credit in Canada, as they have a high approval rate for people with poor to bad credit history. Bad credit is no longer a worry as it can be turned into a good credit score through the attentive use of these credit cards.

Scotiabank American Express Card Review, Eligibility, Benefits, Pros, Cons, Rewards

The Scotiabank American Express Card is one of the best travel cards and the only so influential card which comes without any annual fee in Scotiabank’s AMEX group of cards. This makes it super easy for customers to save money and earn Scotia reward points. This credit card is flexible and comes without any travel restrictions. It provides a number of special offers and merchandise, also the reward points can be redeemed both in day-to-day spending plus in abroad visits too. For customers who like to travel, this card really stands out among its peer cards only because of its variety of insurance protection coverages, so travelers fear no more.

Card Name and Issuer: Scotiabank American Express Card

Scotiabank is a leading bank in Canada and is one of the best international financial services providers in the Americas. It is the 3rd most preferable bank in Canada. Scotiabank credit cards are accepted in more than 200 countries and territories, allowing you to pay for your purchases safely and conveniently.

Scotiabank American Express Card Rewards

When you sign up for Scotiabank’s American Express Card, you become eligible for a welcome offer of 5,000 Scotia Rewards bonus points equalling $50 in value and which can be redeemed with your first $500 everyday purchases in the first 3 months.

In addition to these, you earn 1 Scotia reward point for every 1$ spend on everyday purchases. Moreover, you get access to special offers, merchandise, gift cards, rewards, and more as when they become live. Interest rates are 19.99% on purchases and 22.99% In case of cash advances, balance transfers, and Scotia Credit Card Cheque.

Scotiabank American Express Card Benefits

• No Annual Fee ($ 0) and no fee for each additional supplementary card.
• Enjoy all the benefits that come with being an American Express Cardholder.
• Book Trips without any restrictions or blackout periods by using Scotia Rewards Point with the help of travel agents in the Scotia Rewards Travel Service or at Post Purchase travel redemptions.
• This card comes with automatic 90-day purchase protection on eligible items against theft, loss or damage and an extended warranty term of 1 one year excluding the manufacturer’s warranty. Save on Car Rentals is another service you become eligible for by being a Scotiabank AMEX Cardholder, you can save up to 25% off base rates at participating AVIS locations and at participating Budget locations in Canada and the U.S. when you pay with your Scotiabank American Express card.
• It provides two types of optional insurance coverage bundles, Basic Protection And Comprehensive Protection.
• Provides Purchase Protection, reimbursement up to 100$ if the product price falls within 60 days of its purchase.

Scotiabank American Express Card Eligibility Requirements:

Unlike other credit cards, the eligibility requirements are very straightforward and you wouldn’t need to worry to be eligible for this card if you satisfy –

• Must be 18+ and have a fair credit score of around 650 or more.
• Minimum Income – $ 12000/yr. and no minimum household income is required as such.

How To Apply for Scotiabank American Express Card?

• In Person – by appointment in the branch office.
• By Phone Call – +18007473208 (Takes About 8 Minutes)
• Apply Online: Official Site – https://www.scotiabank.com/ca/en/personal/credit-cards/american-express/no-fee-amex-card.html

Insurance Coverages Offered on Scotia American Express Card

• Travel Accident Insurance – gives you the benefit to charge at least 75% of your ticket cost to your Card.
• Travel Emergency Medical Insurance – This Coverage is provided for eligible persons under age 65 for up to 8 consecutive days and for eligible persons age 65 and older for up to 3 consecutive days.
• Trip interruption – Let’s you charge at least 75% of your trip costs to your Card without any extra charges.
• Rental Car Collision Loss/Damage Insurance
• Purchase Security & Extended Warranty Protection.

Scotiabank American Express Card Advantages / Pros:

• Save time at the checkout – Tap your Scotiabank American Express Card or your smartphone for quick easy payments using Apple pay.
• One Account, Multiple Cards at no extra cost with same benefits.
• Interchangeability – Scotia Rewards points can be converted into SCENE points and SCENE points can be converted into Scotia Rewards points.
• A bunch of Insurance Coverages to let you always feel assured and protected

Scotiabank American Express Card Disadvantages/ Cons:

• The Primary Cardholder on the Scotiabank American Express Card Account (the “Account”) is responsible for all charges to the Account including those made by the additional Supplementary Cardholder.
• You can convert points up to a maximum of 4 times within a 24-hour period. Interchangeability conversions cannot be reversed or canceled once completed.

Conclusion/ Editor’s Review on Scotiabank American Express Card

The Information and references provided above are true to my knowledge and are made available upon thorough research of the Card. I had never before gotten a chance to get a credit card as good as this one and I will surely love to try such a service provider card myself someday. The research I’ve made before writing this article has convinced me that I myself should start making use of cards and card such as this I find worthy of use. And the other thing which I liked the most about this card is the number of insurance coverages it offers which particularly and to a substantial extent is a noteworthy factor while choosing a card for oneself. The advantages of this travel card surely outweigh its cons and that is what I find most comforting.

This card will be most suitable for frequent travelers and is a rewarding travel card when compared with its competitors.

Note: Effective November 22, 2021, changes are coming to the SCENE and Scotia Rewards programs as stated on the official site.

We know Credit score is very much beneficial nowadays to get the best credit card or best rates on loans, mortgages. And when we are shifting to a rented house or apartment, the owner of the house also checks our credit score to get the idea of our credit history and affordability.

Although checking credit scores used to be paid and tough for the average person because not everyone wants to pay for that. But don’t worry. We have mentioned the ways through which you can check credit score for free. Yes, you read that right. You’ll get a credit report free. There are various companies that provide a to check credit score free.

Before you get the answer to your question “How to Check Credit Score for free” we need to understand about Credit Score.

What is a Credit score?

A credit score basically shows the credit worthiness of someone. It is based on your number of accounts, credit history, total levels of debt, or any payment history. Credit Score helps the lenders to get the idea of your

 potential while lending you the amount.

Generally, it’s a three-digit number and ranked in a manner:

• 760 – 900 EXCELLENT
• 725 – 759 VERY GOOD
  
• 660 – 724 GOOD
  
• 560 – 659 FAIRS
  
• 300 – 559 POOR
  

The higher score depicts the better potential of a borrower to lenders. A very good score can help you get the best rates on loans, mortgages, etc.

How to get free credit scores?

These are the companies that provide free credit scores:

#1 Borrowell

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How to apply for a free credit score?

The process is simple. You just need to login to the site and enter your personal details. Few questions may be asked just to make sure of your identity. Then you can submit the form.

This process is basically a soft inquiry that doesn’t affect your credit score anyway. It is recommended to check the scores from both Equifax and TransUnion because Sometimes the scores may vary.

Free Credit Report in Canada

Check credit score for free is an easy job in Canada. As we mentioned, a credit score reveals a lot about your credit history and affordability.

You can get your Equifax free credit report through Equifax for free., just by dialing them at 1-800-465-7166. Or, if you want a Transunion free credit report then you can get it through online portals. But it’s mostly preferred to use both methods just to be sure about the slightest differences.

How Credit score is calculated?

If you want to improve your credit score or know how it works. Then you must understand how it is calculated.

Basically, there are various factors that affect credit scores in Canada.

• Payment history:(35%)
  

Your payment history plays a vital role in credit scores. Because any lenders first want to know your punctuality when it comes to paying your bills. If you pay your bills very late then it affects your credit scores badly.

• Credit history: (15%)
  

It is advised to keep the old old credit accounts when you are closing the credit accounts. Because it can fetch you more points as longer the credit history, the better it is.

• Amount owned: (30%)
  

This basically shows your credit utilization ratio, which How much ratio of credit limit you have been using from the amount of credit limit that is provided to you.

For example: if the credit limit is up to $10000 and your credit balance is up to $4000.Then you have attained 40% of your credit limit which is your credit utilization ratio.

It is recommended to keep it 30% or below.

• New credit inquiries: (10%)
  

Inquiries are basically how many times you have applied for credit and how many times you have been inquired for that. Because lenders may think you are desperate for cash which might affect your credit score and reliability.

• Credit Mix: (10%)

Credit mix shows your different kinds of credit accounts. Like a personal loan, mortgage loan. It affects your credit score positively. Because it shows how much you are capable of managing your different accounts if all the accounts are in good standing.

How often the Credit score is updated?

Usually, You can check Credit score updated after every 30 days. Credit bureaus update your information according to the data they get from your lenders like payment history, credit limit changes, account balance, etc. Sometimes, it might take more than 30 days as well.

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