Top Secured Credit Cards in Canada

Secured credit cards are valuable financial tools for Canadians who want to establish or re-establish their credit history. They are backed by a refundable security deposit, which is also the credit limit, and are useful to those with limited credit history. In 2025, Canadian financial institutions are launching new secure card options with improved features like lower fees, cash back deals, and flexible deposit terms. This article reviews the best secured credit cards available in Canada in 2025.

1. Home Trust Secured Visa Card

The Home Trust Secured Visa Card is made for Canadians who want to build or restore their credit score. Unlike regular credit cards, you must provide a deposit, which sets your credit limit. Because there is no required credit score and flexible choices like no annual fee or a low-interest rate, it helps people with poor credit start building a good financial record. Since it’s used widely where Visa is accepted, it’s helpful for responsible credit use and building your finances.

Learn more about how to improve your credit score while using secured cards like this one.

Key Features and Benefits

Interest Rate Options

• Credit limit: Your credit limit depends on the size of your refundable security deposit, which can be between $500 and $10,000.
• Standard: 19.99% as a discount on your purchases.
• Low-Interest: You will pay 14.90% interest on purchases when you pay a $59 annual fee.

You can choose to pay no annual fee and have a higher rate, or pay an annual fee and get a lower rate.

Acceptability

• Visa Cards are accepted everywhere Visa is accepted, in more than 200 countries and territories. Supports Apple Pay, Google Pay, and Samsung Pay so you can make quick, safe, and contactless payments.

Why it matters

This card is among the top recommended credit cards in Canada thanks to its flexibility in interest and fee structure. It is therefore suitable for individuals who want a credit card that has no annual fee, yet it can still pay for expenses. 

2. Neo Secured Mastercard

This Secured Mastercard is made for Canadians who want to start or enhance their credit history. With Neo Financial, this card rewards you with cashback on everyday spending, just like a secured credit card.

Key Features and Benefits

• Monthly fee: From September 2024, the monthly fee was set at $5 CAD.
• Cash back earnings: You earn cash back on your purchases, and the rate depends on how much is in your Neo Everyday account.

Interest rates

• Purchase interest rates: 19.99% – 29.99%
• Cash advanced interest rates: 22.99% – 31.99%

You can benefit from cashback on your regular purchases, which boosts the worth of your spending. You can use your card for online shopping—see our credit card tips for Amazon purchases to learn how to shop securely.

Why it matters

The Neo Secured Mastercard is useful for people who want to improve their credit, since it rewards users and is valid worldwide. Still, those who are interested should review the monthly cost and recent updates in the agreement before they apply.

3. Secured Neo World Elite Master Card

Secured Neo World Elite Master Card Neo Financial offers the Neo World Elite® Mastercard, a premium card built to give Canadians high cashback rewards and special perks. It’s best suited for people who want to get the most cashback when buying groceries, fuel, and regular bills.

Key Features and Benefits

Cash back rewards:

• You can earn up to 5% cashback on your first $1,000 in groceries every month.
• Recurring Bills: You’ll earn 4% cashback on the first $500 you spend every month.
• You earn 3% cashback on the first $1,000 you charge each month for gas or electric vehicles.
• For all other purchases, get 1% cashback on the first $3,300 you spend each month.

Fees & Interest rates

• The annual fee is $125 CAD.
•  Purchase interest rates: 19.99%
•  Cash advances and balance transfers: interest rates are 22.99%.

Travel benefits

• Travel Insurance covers medical emergencies up to $1,000,000, along with trip interruption, cancellation, flight delays, and lost or delayed baggage for trips of up to 14 days.

Why it matters

People who spend on groceries, gas, and monthly bills regularly can find the Neo World Elite® Mastercard a good choice, as long as they keep a balance in their Neo Everyday account to get the higher cashback. Even though this card has great offers and travel perks, people interested should check the fees and make sure they can meet the conditions to get the most from it. For other budget-conscious options, explore this list of no-fee credit cards in Canada for 2025.

4. KOHO Essential

The KOHO Essential Prepaid Mastercard helps Canadians control their money without charging any fees. With cashback, budgeting tools, and optional credit-building features, the mobile app for KOHO Essential is made for anyone who wants a simple, no-fee alternative to traditional banking.

Key Features and Benefits

 Fee-Free Banking:

• You won’t pay a monthly fee if you set up a recurring direct deposit of $1,000 or more or make monthly contributions totaling $1,000.

 Cashback Rewards:

• Extra Cash Back: Up to 6.5% cashback is available at partner stores, making your rewards better.

 High-Interest Savings:

• Consider KOHO’s interest feature to receive 2.5% interest on your balance each year which is calculated and paid out each month.

CDIC Protection:

• If you have money in your KOHO account, it is covered up to $100,000 by the Canada Deposit Insurance Corporation (CDIC).

Why it matters

With the KOHO Essential Prepaid Mastercard, users can take advantage of many features that help them control their funds well. Because it is free, offers cashback, budgeting tools, and an optional credit-building add-on, it is a useful financial product for Canadians. If you want to save, build credit, or manage your spending better, KOHO Essential gives you the tools you need.

Final Thoughts

Secured credit cards are still one of the best tools to establish or rebuild credit in Canada. There are now even more choices available in 2025; consumers now have a wealth of choices that offer real value, whether it be reward programs, low fees, or flexible deposit requirements. The key is to choose a card that is aligned with your financial goals and your spending habits. Always pay your bill on time, keep your credit utilization low, and check your score regularly. With time and usage, responsible spending can lead to better credit and access to unsecured credit cards with higher limits and better benefits. Make the right decision, and let your secured credit card be your first step towards better financial health. For a deeper understanding of managing credit, don’t miss our full guide on how to improve your credit score.