If you live in Alberta and need to repair your credit, the ATB Alberta Secured Mastercard is a no-nonsense secured credit card that will help you do just that.

Here's what it offers.

Pros of the ATB Alberta Secured Mastercard

There are 2 things that the ATB Alberta Secured Mastercard has going for it.

1. Almost guaranteed approval

If you have poor credit, a secured credit card is one way to help get it back on track. The ATB Alberta Secured Mastercard can help you do that.

ATB offers this card to almost everyone. That said, if you've had a bankruptcy in the last 5 years, ATB may not approve you.

2. Choose your card design

A terrific feature of almost all ATB credit cards is that you get to choose your card design. ATB offers 80 different designs to choose from, letting you personalize your credit card.

Cons of the ATB Alberta Secured Mastercard

On the flip side, here are 4 things you'll want to keep in mind.

1. No rewards on purchases

Rewards are an excellent side benefit of credit cards – a form of currency, if you will, to help pay for other expenses in your life.

This card is one of the rare options that doesn't offer rewards (or low interest rates).

2. High security deposit required

When you get a secured credit card, you need to provide a security deposit. This deposit becomes your credit limit. Then, if you fail to pay your bill, the bank can use those funds to cover it.

ATB’s $500 security deposit is relatively high compared to other secured cards.

3. Relatively high annual fee

For what it offers, the annual fee is somewhat steep at $49. As you'll see below, there are other secured cards with no annual fee.

4. Only available to residents of Alberta

ATB only operates in Alberta. If you aren't a resident of Alberta, you won't be able to get this card.

Comparisons to other top secured credit cards

This isn’t the only secured card available. Here, we’re comparing the ATB Alberta Secured Mastercard to 2 other options: the Neo Secured Credit and the Home Trust Secured Visa Card.

Both alternative secured credit cards have no annual fee, and one has a much lower security deposit plus offers rewards on purchases.

The verdict? You’d be better off looking at either of them.

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FAQ

What is the ATB Alberta Secured Mastercard?

The ATB Alberta Secured Mastercard is a secured credit card. Available only to residents of Alberta, it offers near-guaranteed approval and can help improve your credit score.

What are the annual fee and security deposit requirements for the ATB Alberta Secured Mastercard?

The ATB Alberta Secured Mastercard has an annual fee of $49 and requires a security deposit of at least $500.

Is the ATB Alberta Secured Mastercard a good secured credit card?

We recommend looking at other secured credit cards that have no annual fee. These include the Neo Secured Credit and the Home Trust Secured Visa Card.