BEST FIRST CREDIT CARD CANADA 2024 - Neo Secured Credit Card Review

Описание: In this video, we discuss why the Neo Financial Secured Credit Card is the best first credit card in Canada, as well as having the term secured credit card explained, and of course a full comparison between secured credit card vs unsecured.

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One of the problems many face when getting their first credit card is that you need a good credit score in order to qualify for most credit cards, but you need a credit card in order to have a good credit score in the first place!

In face, there are only two options for getting a credit card without any prior credit history. The first is to apply for a student card if you are a student, and the second is to apply for a secured card. In this video we are going to have secured credit cards explained, as well as discuss why the Neo Secured Credit Card is the best secured credit card Canada wide in 2024.

A secured card is a credit card that requires you to deposit the same amount as your credit limit; note that this deposit will be returned to you in full once you close your card without any remaining debt.

For those who have no prior credit history, the best solution is to get a secured card with a minimal credit limit for a couple of months, in order to establish some credit history, and as a result, build your credit score. Once you have used your secured card for a number of months and built a decent credit score, you will be able to apply for a regular credit card, after which you will be able to close your secured card and retrieve your initial deposit.

The main differences between secured vs unsecured credit cards is that for secured cards you need to deposit the same amount as your credit limit, and the fact that the vast majority of secured cards offer no rewards or cash backs.

In fact, the only secured credit card in Canada that offers rewards or cash back is the Neo Secured Credit Card. This card is by far the best secured card in Canada, not only for being the only secured card that offers cash back, but also due to the fact that it has no fees, and it has the lowest minimum deposit amount compared to all other secured cards, with a minimum deposit requirement of only $50. Other secured cards in Canada for comparison require a minimum deposit amount of $500 or more.

With this card, you will receive 15% cash back on your first purchase at a Neo Financial partner, 5% cash back at Neo Financial Partners, and 1% cash back everywhere else. Although these rates are not the highest compared to normal credit cards, they are great to have for a secured credit card.

So go ahead and use this secured card, build credit, and get the amazing rewards and cash back outlined in this Neo secured credit card review.

0:00 Intro
1:33 Secured Credit Card Explained
3:02 Secured Cards Vs Normal Credit Cards
3:39 Neo Financial Secured Card
4:33 Conclusion