Secured Credit Cards · Canada 2026

Find the right card to start building your credit.

No credit history required for any of these cards. Compared honestly — fees, deposits, approval odds, and who each card is actually best for.

✓ No credit history required
✓ Reports to Equifax & TransUnion
✓ Honest comparison — no hidden bias
✓ Updated March 2026
⭐ Top Pick
Neo Financial
Neo Secured Card
Cash back rewards + instant approval decision
Annual Fee
$0
Min. Deposit
$50
Interest Rate
19.99%
Approval
Easy
✅No annual fee — ever
✅Average 5% cash back at partner stores
✅Instant approval decision online
✅Reports to Equifax & TransUnion monthly
✅Deposit as low as $50
⚠️Online-only bank, no physical branches
Apply Now — Neo.ca →
No Annual Fee
Koho
Koho + Credit Building
Prepaid card + credit builder subscription
Monthly Fee
$0
Credit Add-on
$7/mo
Min. Deposit
$0
Approval
Very Easy
✅No deposit required at all
✅Free budgeting & spending insights
✅1% cash back on purchases
✅Reports to credit bureaus with $7/mo add-on
⚠️Prepaid, not a true credit card
⚠️Slower credit building vs. secured card
Apply Now — Koho.ca →
Newcomer Friendly
Home Trust
Visa Secured Card
One of Canada's most trusted secured cards
Annual Fee
$59 or $0*
Min. Deposit
$500
Interest Rate
19.99%
Approval
Moderate
✅$0 fee option (no rewards, 14.9% rate)
✅Widely accepted — Visa network
✅Reports to Equifax & TransUnion
✅Established lender — great for credit history
⚠️$500 minimum deposit is high
⚠️No rewards on the no-fee version
Apply Now — HomeTrust.ca →
Low Deposit
Capital One
Guaranteed Secured Mastercard
Guaranteed approval — no credit check needed
Annual Fee
$59
Min. Deposit
$75–$300
Interest Rate
19.80%
Approval
Guaranteed
✅Guaranteed approval — truly no credit check
✅Mastercard accepted worldwide
✅Reports to both major credit bureaus
✅Flexible deposit range $75–$300
⚠️$59 annual fee with no rewards
Apply Now — CapitalOne.ca →
Newcomer Program
Scotiabank
StartRight Program
Full newcomer package — account + credit card
Annual Fee
$0 (yr 1)
Min. Deposit
None
Interest Rate
19.99%
Approval
Newcomer OK
✅Designed specifically for newcomers to Canada
✅No deposit, no Canadian credit history required
✅Chequing + savings + credit card in one package
✅Free banking for first year
⚠️Must apply in person at a branch
⚠️Fees apply after year one
Apply Now — Scotiabank.com →
Side-by-side

Full comparison table

Every card, every number, in one place.

Card Annual Fee Min. Deposit Rate Reports to Bureaus Rewards Best For
Neo Secured Card
Neo Financial
 $0 $50 19.99% ✓ Both ✓ Cash back Most newcomers
Koho + Credit Building
Koho
 $0 $0 n/a ✓ Both* ✓ 1% back No deposit available
Visa Secured
Home Trust
 $59 / $0* $500 19.99% ✓ Both — Larger deposit available
Guaranteed Secured MC
Capital One
 $59 $75–$300 19.80% ✓ Both — Guaranteed approval
StartRight Program
Scotiabank
 $0 yr 1 $0 19.99% ✓ Both — Full banking package
Which card is right for you?

Choose based on your situation

Every newcomer's starting point is different. Here's the honest recommendation.

✈️
Just arrived, no funds yet
You need a card with no deposit requirement and guaranteed approval. Start here while you get settled.
→ Best choice: Koho or Scotiabank StartRight
💸
Have $50–$300 to deposit
The sweet spot. You can get a true secured credit card with cash back rewards and no annual fee.
→ Best choice: Neo Financial Secured Card
🏦
Want everything under one roof
Banking, savings, and credit card in one package. Walk into a branch and get set up completely.
→ Best choice: Scotiabank StartRight Program
🔒
Been declined everywhere else
Capital One's Guaranteed Mastercard is exactly that — guaranteed. No credit check, no rejection.
→ Best choice: Capital One Guaranteed Secured

Frequently asked questions

What is a secured credit card and how does it work? ⌄
A secured card requires you to deposit money as collateral — that deposit becomes your credit limit. You use the card like any regular credit card, pay your bill monthly, and the bank reports your on-time payments to Equifax and TransUnion. This builds your credit score even if you had no history in Canada before.
How long does it take to build a good credit score? ⌄
Most newcomers can reach a 650+ score within 6 months of consistent on-time payments, and 720+ within 12 months. The key factors are payment history (pay on time, every time), keeping your balance below 30% of your limit, and not applying for multiple cards at once.
Will applying for a secured card hurt my credit score? ⌄
Yes, any credit application triggers a "hard inquiry" which can temporarily lower your score by a few points. This is exactly why you should choose one card, apply once, and not apply to multiple cards back-to-back. The secured card inquiry is worth it — the credit building far outweighs the small initial dip.
When can I upgrade to a regular (unsecured) credit card? ⌄
Most issuers will consider upgrading you after 12 months of on-time payments and a credit score above 650. Some, like Neo Financial, have a clear graduation path. When you upgrade, your deposit is returned in full.
Should I get one secured card or multiple? ⌄
Start with one. Multiple hard inquiries in a short period signals risk to lenders and can hurt your score. Master one card — pay it off monthly, keep utilization under 30% — before adding a second. After 12 months you'll be in a much stronger position to apply for additional credit.
Disclosure: Some links on this page may be affiliate links. If you apply for a card through our link, we may receive a commission at no extra cost to you. This does not influence our recommendations — we only feature cards we genuinely believe are useful for newcomers to Canada. Card terms, fees, and rates are subject to change. Always verify current terms directly with the issuer before applying. This is not financial advice.

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