Now that the digital era has matured and continues to grow, having a credit card seems to be a necessity. There are so many efforts to make purchasing a product or using a service cashless, making it more convenient to shop, dine, or enjoy leisure activities.
However, not everyone has enough leverage to sign up for a card. Some people may have a bad financial rating while some might not have a rating at all. In any case, banks will find it difficult to trust a person and give them a card.
Fortunately, there is now what we call a secured credit card, which anyone could get their hands on a regular one should they find it difficult to get approved by banks: https://www.creditandloans.ca/secured-credit-cards-for-canadians/
What is it?
While a regular card gives you a limit and allows you to spend until that certain limit, a secured credit card gives you the same freedom as long as you make an initial deposit: https://www.creditandloans.ca/how-to-avoid-bankruptcy-in-canada/
Your deposit will, then, determine how much your limit will be—it could be the same as your initial deposit or a certain percentage of it.
You may get your initial percentage back if you do not want to use it anymore. You may do so when you close your account, but, to prevent any problems in getting your deposit back, make sure you make timely payments.
Are there fees?
Just like any other card, your this type of card will definitely have fees. This includes applications fees, annual fees, and processing fees. This, of course, will depend on the type that you sign up for. Depending on the bank, fees will also differ as well; since they might have deals that slash some fees off to entice more people to sign up.
How do I get one in Quebec?
Before filling out any application forms, the best thing to do is to do good research. There are various secured credit cards in Quebec, and each card has its own perks, policies, and even rates. What you want to have is a card with low interest rates and low annual fees. You might also want to check those that waive your annual fees plus other additional perks. Sometimes, banks allow users to have an unsecured one after months of timely payments and good credit. This is perfect for those who want to have the regular one: https://www.creditandloans.ca/
For additional information, it is best to read the fine lines and straight-out ask the bank about their deals. Be very vigilant because there might be hidden fees. You should also be on the look-out for seasonal deals of banks. For instance, there are deals that will require you to only give a small initial deposit but yields a big credit limit.
Once you have found a good deal for you, you may then proceed to collate requirements. Banks in Quebec will have different requirements depending on their policy, but they will not vary as much. The usual requirements will be identification for security purposes.
After getting all the requirements, it is time to seal the deal by filling out the application form. You may do this by going to the bank or mailing them, whichever option the bank gives you. The usual options are walk-ins and online. After the whole application process, you have to wait until the bank decides to approve you or not.