The Secured Tims Mastercard is a secured credit card that earns rewards from Tim's Financial. It's rare in its class because it earns rewards on purchases, which is an uncommon feature with secured cards. It also comes with a welcome bonus.

Here is a full dive into the pros and cons, plus a comparison to one of the best secured credit cards in Canada, the Neo Secured Credit.

Pros of the Secured Tims Mastercard

The biggest benefit to getting this card is that it's a secured card that earns rewards – and it’s one of very few that gets a welcome bonus. Here's our full breakdown of the reasons you may want this card.

1. Earns rewards as a secured credit card

Secured credit cards aren't primarily known for their rewards-earning prowess, but this card is one of the few exceptions.

Here's the reward structure for this card:

• 2 points per $1 spent at Tim Hortons
• 2 points per $1 spent on gas, groceries, EV charging, transit, taxis, rideshares
• 1 point per $4 spent everywhere else

Tims Rewards points vary depending on what you spend them on but range from 0.34 to 0.66 cents each.

Here's the average per category:

And here are the top 5 redemption options:

All in all, you'll have a variety of options on the menu – and while they're not all equal in value, a lot of them are decently close if you want to fill a craving.

2. Guaranteed acceptance to build your credit score

Because this is a secured credit card, it has guaranteed approval. It's not an issue if you've had a troubled credit history – you can use this card to fix your bad credit score and from there, move on to a better card with even more rewards.

All you have to do is keep paying your bills on time and the credit bureaus will take note of it, putting your credit score on an upward trend.

3. Low minimum security deposit

Some secured credit cards have a high minimum security deposit, which can be a barrier to entry for Canadians trying to get their finances back on track. The Secured Tims Mastercard is among the lowest in Canada at only $50, which makes it accessible to most people.

4. No annual fee

This card has no annual fee. The last thing you'd want to worry about is owing money to a bank at the end of the year when you've spent so much effort paying your bills on time.

5. Basic insurance included

The final perk we’ll mention is that the card includes basic insurance. Even though it's not much (just purchase insurance and extended warranty), it's better than a lot of other secured cards and basement-dwelling cards that we list on our site that often give nothing at all.

Cons of the Secured Tims Mastercard

There is 1 major downside to getting the Secured Tims Mastercard and it's subjective.

You can't expect too much for rewards compared to normal credit cards. The lower value on non-boosted purchases combined with the ability to redeem your points in just one place pales in comparison to what you could get with another card on the market.

Comparison to other secured credit cards in Canada

Let's have a look at some of your other secured credit card options. First, we'll compare it with the best secured card in Canada. Or would you choose a different option, like one from Home Trust?

The rewards for the Secured Tims Mastercard are nice, but the fact that you can get straight-up cash back with the Neo Secured Credit is far better. Even though the Neo Secured Credit is known as the best secured card in Canada, it does not have a welcome bonus. It also charges a monthly fee of $7.99.

This is where the Secured Tims Mastercard wins out. It also has basic insurance coverage, which neither of the competitors have.

For the most part, the Home Trust Secured Visa Card doesn't fare well in this 3-way fight, with the only real benefit being that it boasts a slightly lower foreign exchange fee. In the end, 0.5% isn't much to write home about, either.

It really comes down to the 2 Neo options. Do you enjoy a regular cup of coffee and a donut at our beloved Canadian chain? If so, the Secured Tims Mastercard could be the better option. Otherwise, if you're looking for as much of a return as possible, go with the Neo Secured Credit (just mind the monthly fee).

Your thoughts on the Secured Tims Mastercard

If you planned on using a secured credit card to help improve your credit score, would Tim Hortons have crossed your mind? Would you take this or go with one of the longer-tenured options available?

Write a user review and let us know your experience with this card.

FAQ

Can you use your Secured Tims Mastercard's rewards outside of Tim Horton's?

You have 2 options to redeem Tims Rewards. They can be redeemed at Tim Horton's or used towards statement credits.

What's the minimum security deposit for the Secured Tims Mastercard?

The minimum security deposit for the Secured Tims Mastercard is $50.

Does the Secured Tims Mastercard come with any insurance coverage?

The Secured Tims Mastercard comes with the most basic insurance coverage of extended warranty and purchase protection. Although this seems minimal, this is more than average compared to other secured credit cards, which usually do not offer anything.