Secured credit cards with low APRs
Avoid high APRs when you carry a balance on these secured credit cards.
Secured credit cards are designed for riskier borrowers with poor credit or a rocky or non-existent credit history. To offset the greater risk, providers usually charge higher APRs and annual fees. While you should pay off your balance in full each month in order to build up your credit score and graduate to an unsecured card, a low APR secured card can prove useful if you need to carry a balance during unforeseen financial events.
Compare secured credit cards
Other secured credit cards with low APRs
1. Home Trust Secured No Fee Visa
Home Trust offers a secured visa card that allows you to choose the best option for your needs: choose a no annual fee card that comes with a purchase rate of 19.99% APR, or choose a lower purchase rate of 14.90% with an annual fee of $59 (or the option to pay $5 per month). By opting for the low purchase rate, you’ll be able to take advantage of a 14.90% APR – but you’ll face an annual or monthly fee.
2. RBC Secured Credit Card
The RBC Secured Credit Card comes with one of the lowest interest rates on the market. It has a purchase and cash advance interest rate of 11.99%. That said, this low APR is slightly offset by an annual fee of $20. In addition, you’ll need to provide at least $500 as a deposit to receive the card.
3. Scotiabank Secured Credit Card
With no annual fee and a purchase APR of 16.99%, the Scotiabank Secured Credit Card offers a slightly lower than average interest rate. That said, this card can be handy if you need to transfer debt, as it offers a balance transfer APR of 3.99% for six months and charges no balance transfer fee.
While you should always strive to pay off your balance in full each month, the low APRs on these secured credit cards can help lower your interest charges if you ever need to carry a balance. Before applying for a secured credit card, compare your options to find the one that best suits your financial needs and spending habits.
Once you start building your credit score, you’ll be able to graduate to an unsecured credit card where you can start earning rewards for your spending.
Frequently asked questions about secured cards
More guides on Finder
BMO Plus Chequing Account review
Enjoy 25 free transactions per month and pay a low monthly fee for this basic chequing account.
BMO AIR MILES Chequing Account Review
Collect AIR MILES Reward Miles for making purchases and paying bills with this loyalty chequing account.
Loans Canada Car Loans Review
Want to get top rates on your car loan? Compare lenders using this online car loan broker.
BMO Premium Rate Savings Account Review
Earn interest on your savings for no monthly fee with this popular BMO bank account.
BMO Practical Chequing Account review
Enjoy 12 free transactions per month for one low monthly fee with this basic chequing account.
Review: CoinSmart cryptocurrency exchange
Learn more about the CoinSmart cryptocurrency exchange by reading the full review.
Loans Canada Personal Loan review
Want to find the best rates for your next personal loan? Compare lenders with this well-known online platform.
RBC Day to Day Savings Account Review
Earn interest on your savings and pay no monthly account fees with this basic account.
RBC U.S. High Interest eSavings Account Review
Earn a high interest rate on your US savings and pay zero monthly fees to sign up for this account.
RBC Visa Signature Black U.S. Credit Card review
Do you regularly spend money in the US? Find out how you can avoid currency conversion and pay no annual fee with this cross-border card.
Ask an Expert
You must be logged in to post a comment.