Best Secured Credit Cards Newcomers With No Canadian Credit History This October 2025
For newcomers to Canada, establishing credit history is a crucial first step toward financial stability. Secured credit cards offer an accessible entry point for those without Canadian credit history, and understanding the available credit card options is essential for making an informed choice. These cards require a security deposit but provide a practical way to start building credit in Canada.
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Summary Table for Best Secured Credit Cards Newcomers With No Canadian Credit History This October 2025
| Card | Annual Fee | Welcome Bonus | Best For | Apply |
|---|---|---|---|---|
|
Secured Neo Mastercard Everyday Spending |
$60 ($5/month) | $25 | Everyday Spending | Apply |
|
Home Trust Secured Visa Everyday Spending |
$0 or $59 | None | Everyday Spending | Apply |
|
Refresh Secured Credit Card Everyday Spending |
$48.98 ($12.95 annual + $3/month maintenance) | N/A | Everyday Spending | Apply |
1. Secured Neo Mastercard
The Secured Neo Mastercard is Canada's premier secured credit card option, offering unique cashback rewards while helping build credit with a security deposit that determines your credit limit.
Secured Neo Mastercard
- Security deposit determines credit limit (up to $10,000)
- Monthly credit bureau reporting
- Instant digital card upon approval
- Access to 10,000+ retail partners
Pros
- No credit check required
- Guaranteed approval with deposit
- Higher cashback rates than typical secured cards
- Flexible credit limit based on deposit
Cons
- Monthly fee of $5
- Higher interest rates for some provinces
- Security deposit cannot be used for monthly payments
Why is it Our Top Pick?
This card stands out for offering substantial cashback rewards on a secured card, with up to 15% back on first-time purchases at partner locations and ongoing rewards that rival many unsecured cards.
2. Home Trust Secured Visa
The Home Trust Secured Visa offers a unique choice between no annual fee or lower interest rates, making it an excellent option for Canadians looking to rebuild credit with full deposit protection through CDIC.
Home Trust Secured Visa
- Choice of no annual fee or low-rate options
- Security deposit earns interest
- Monthly credit bureau reporting
- 2-3 week application process
Pros
- No annual fee option available
- Lower interest rate option (14.90%)
- CDIC-protected security deposit
- No credit check required
Cons
- No rewards program
- Must provide security deposit
- Longer application processing time
3. Refresh Secured Credit Card
The Refresh Secured Credit Card is designed for Canadians looking to build or rebuild their credit, offering guaranteed approval with a security deposit and no credit check required.
Refresh Secured Credit Card
- No credit check required
- Guaranteed approval with security deposit
- Reports to major credit bureaus
- Security deposit establishes credit limit
Pros
- No credit check required
- Guaranteed approval
- Helps build credit history
- Low minimum deposit of $200
Cons
- High annual and monthly maintenance fees
- No rewards or cashback
- No welcome bonus
- Limited additional benefits
Final Words
Selecting the ideal financial product ultimately depends on your individual goals, spending patterns, and financial situation. We recommend comparing the features and benefits of our top picks, then taking action to optimize your financial strategy for the current market conditions.
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Frequently Asked Questions: Best Secured Credit Cards Newcomers With No Canadian Credit History This October 2025
What are the best secured credit cards for new immigrants to Canada in 2025?
The Secured Neo Mastercard, Home Trust Secured Visa, and Refresh Secured Credit Card are the top 3 options with minimum security deposits starting at $300.
Which secured credit card has the lowest annual fee for newcomers to Canada?
The Secured Neo Mastercard has no annual fee, compared to $59/year for Home Trust Secured Visa and $48.95/year for Refresh Secured Card.
How do I apply for a secured credit card in Canada with no credit history?
You can apply online with valid ID and a security deposit ranging from $300-$10,000, depending on your chosen card and desired credit limit.
