Can You Get A Scotiabank Secured Credit Card?

Unfortunately, you cannot get a Scotiabank secured credit card. Although it does have an extensive menu of products and services for personal and business use, a secured card isn't on Scotia's roster.

If you’re set on finding a secured card, or you don’t qualify for a typical, unsecured credit card, there are still options available. These include secured cards from other issuers, prepaid cards, and other cards with relatively simple eligibility requirements.

Here, we discuss what secured cards are and your best alternatives to the nonexistent Scotiabank secured credit card.

Scotiabank does not offer secured credit cards

Sadly, Scotiabank doesn't have a dedicated secured credit card available online, which is unfortunate considering the award-winning credit cards in Scotiabank's lineup (many of which also come with strong GeniusCash bonuses).

But again, if you're looking specifically for a Scotiabank secured credit card, you're pretty much out of luck. Fortunately, Scotiabank does have some credit cards that are easier to qualify for – like the Scotiabank American Express Card.

What is a secured credit card?

With unsecured cards, you typically have to meet income and credit score requirements. If you meet those requirements and are approved for the card, the issuer gives you a credit limit. You can then borrow up to that amount and pay it off to have continuous access to credit.

Secured cards work a little differently. When you open a secured credit card, you’re required to make a deposit, and this becomes your credit limit. The card issuer doesn’t technically lend you money; you’re accessing money you’ve already put into the account.

Secured credit cards are an excellent option for those who don't qualify for a typical, unsecured card, either for credit or income reasons. Luckily, secured cards have almost guaranteed approval (since you’re putting down your own money), and they can help you fix your credit score.

Pro tip: Use a secured credit card until your credit score improves. Once it's improved, you may be eligible to apply for an unsecured card with benefits like rewards, insurance, and/or other perks.

Best alternatives to a Scotiabank secured credit card

Since there's no Scotiabank secured credit card, the table below offers suggestions for alternatives you may consider, including a few secured cards and one fairly easy-to-qualify-for Scotiabank option:

FAQ

Do banks offer secured credit cards in Canada?

Unfortunately, none of the big banks offer secured credit cards, but Home Trust does. Other financial institutions that provide secured card issuers include Neo Financial, ATB, and Capital One. You could also consider prepaid cards, like the Wealthsimple Prepaid Mastercard.

What qualifies you for a secured credit card?

Unlike unsecured cards, there aren't any strict credit score or income requirements for secured credit cards. As long as you can put down a security deposit, you’ll typically qualify. Remember, the security deposit becomes your credit limit.

Is it easier to get approved for a secured credit card?

Yes, it’s usually a lot easier to get a secured credit card since the credit card issuer isn’t actually lending you money. Instead, the amount you make as a security deposit becomes your credit limit.