Best Credit Cards for Bad Credit in Canada 2026: Secured and Guaranteed Approval Options

A low score narrows the field but doesn’t close it. In Canada the cards that approve applicants with bad credit fall into three groups: guaranteed-approval cards, secured cards that need a deposit, and a handful of unsecured cards aimed at fair or limited credit. This page is about choosing among them when your file has missed payments, collections, a consumer proposal or a bankruptcy on it. It belongs to our credit card reviews and roundups, and the per-card detail for every secured card lives on the secured credit card comparison.

Cards that approve bad credit

Guaranteed approval: Capital One Guaranteed Mastercard

“Guaranteed” here means approval for applicants who meet the issuer’s basic conditions (age of majority, Canadian residence, no Capital One account in poor standing). Capital One places stronger applicants on an unsecured version and asks others for a security deposit, so the same application can end in either. Its interest rate is 29.9% (21.9% for Quebec residents), which makes carrying a balance expensive.

Secured cards

A secured card is the most dependable route back because the deposit covers the issuer’s risk. Neo starts at a $50 deposit but charges a monthly membership to use the limit; Home Trust has no ongoing charge at its standard rate but needs $500. The secured card comparison sets out deposits, rates and upgrade paths for each, and explains how a secured card works.

Unsecured cards for fair credit

If your score has started to recover, the Capital One Smart Rewards Mastercard approves fair or limited credit without a deposit. Its points are earned on payments toward the balance rather than on purchases. Beyond that, most unsecured cards want a score in the “good” range; the easiest credit cards to get lists the low-requirement options.

The Refresh Financial Secured Visa still appears on some lists, but Borrowell bought Refresh Financial in 2021, so confirm with Borrowell that the card is offered.

Where your score puts you

Bureau scores in Canada run from 300 to 900, and each lender draws its own lines inside that range. As a rough guide, scores in the “poor” band generally limit you to secured and guaranteed cards, the “fair” band opens a few unsecured starter cards, and rewards cards mostly sit above that. The credit score ranges guide explains what each band means at Equifax and TransUnion.

Secured or unsecured with bad credit

A second decline costs you another hard inquiry, so when the outcome is uncertain, a card whose approval doesn’t depend on your score is the lower-risk application.

After a bankruptcy or consumer proposal

You can usually get a secured card during a consumer proposal or after a bankruptcy is discharged; some issuers decline an undischarged bankruptcy. Starting a secured card early adds new on-time payments while the older marks age. How long each mark stays on your report is covered in the guide to how long a bankruptcy stays on your credit, and the full recovery plan is in rebuilding credit after bankruptcy.

Rebuilding with the card you get

The card only helps if it reports good months. The habits that matter most:

• Pay the full balance by the due date every month; one missed payment can undo months of progress.
• Keep the reported balance low compared with the limit; on a small limit this takes care, and the credit utilization guide explains the effect.
• Space out new applications rather than applying to several cards at once.
• Keep the account open after you move up, since its age counts.
• Check your report for errors that drag the score down; the guide to disputing a credit report error explains the process with each bureau.

How long the climb takes depends on what’s on your file; the build-credit-from-scratch guide covers the typical first year.

Related Resources

• Best secured credit cards in Canada
• Choosing a first credit card
• What hurts your credit score