How to Get a Secured Credit Card in Quebec

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:

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.

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.

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.

Why Are Quebec Infrastructure Projects so Important?

Infrastructure can be termed as all the existing networking of systems and facilities in a given area. Quebec is a first-world region which has for many years seen the best in as far as infrastructure is concerned. One of the driving forces of the economy of this Canadian province is infrastructure and this has been made possible by the government and the private sector. Basically, a majority of Quebec infrastructure projects which are ongoing and which have been planned to start soon include those touching on water supply, roads, and bridges as well as electrical and telecommunications systems.

Proper management of infrastructure projects is a must in Quebec: The major reason why this should be so is to ensure the proper utilization of public funds. Some of the other reasons necessary to note include;

  • It has to be current and adaptable– Quebec usually has an infrastructure plan done every after several years. The current plan captures the years between 2015-2025. This plan lays out the current state of infrastructure of the whole province. Moreover, it also lays out the current state of infrastructure and sets ambitious yet achievable goals for the different cities spread across it.
  • Adherence to set standards– There are several city, national and international standards that have to be adhered to when it comes to infrastructure projects. Whether the projects will be carried out privately or otherwise, these strict standards must be followed to the letter. These standards involve safety, cost effectiveness, environment as well as utilization of public funds in the most ideal and competitive projects among others.
  • Competitiveness –Quebec province has long established itself as a first-world region with some of the best amenities; as such it has to put in place proper measures to ensure that it retains its stature. It needs to employ the best resources into the best probable projects. Private firms which are qualified for the many jobs must, therefore, be thoroughly vetted if at all quality work is to be expected. This is why there is a vetting body for all the projects that are being undertaken in and around the cities.
  • Innovation – When a bridge is supposed to be constructed in Quebec, the contractor is under the obligation to not only build something that is safe and functional but to also enhance the region’s beauty and landscape. This means that projects are supposed to embrace futuristic ideas but at the same time ensuring that the very fabric of the province’s culture and architecture is carried forward.

Quebec has for the past several years been seen to be lagging behind in the infrastructure section. That is why the government and the other stakeholders came up and put a 10-year plan in 2015. The plan is supposed to expound the cities’ skylines as well as enhance the connectivity around the region. However, given the state of the infrastructure today, the province will have to play the catch-up role for some years before finally coming out of the woodworks.

A bright future for Quebec can be seen especially after the government allocated more than CAN$88 billion for infrastructure:

The amount is to be spent in the next ten years. For better management and for the sake of inclusiveness in the existing and future projects, the government has gone further to ensure that all the plans are public. After all, all these projects are funded by their tax dollars.