Canada's 9 Best Secured Credit Cards of November 2026

How we picked these cards

The biggest factors in choosing the best Canadian credit cards in this case were the minimum deposit required, the annual fees, and whether the cards offered any rewards on purchases or included insurance. These are the most important considerations for secured cards and were the main criteria used to compile the list below.

From our editors: The full list of Best Secured Credit Cards in Canada

Best Overall: Neo Secured Mastercard

The Neo Secured Mastercard earns some cash back on both grocery and gas purchases, plus bonus cash back when you purchase from Neo Partners. The card also allows for a lower security amount to get started. Not to mention, it avoids annual income requirements altogether, making it the most accessible secured rewards option. Cardholders can also waive the monthly fee by maintaining a total balance of at least $5,000 across Neo Everyday, Neo Savings, or Neo High-Interest Savings accounts. Ultimately, it's a solid contender that provides guaranteed approval, no matter what your current credit score or income may be. Find out more in our Neo Secured Mastercard review.

Best Mid-Tier Gas and Groceries: Secured Neo World Mastercard – Gas & Grocery

The Neo World Secured Mastercard requires a very low security deposit to get started and offers the same rewards as its unsecured counterpart. As such, cardholders can expect solid cash back on groceries, gas, and recurring purchases, plus boosted cash back on Neo partner purchases. Coverage is pretty standard, offering only purchase protection and extended warranty insurance. Cardholders can also waive the monthly fee by maintaining a total balance of at least $5,000 across Neo Everyday, Neo Savings, or Neo High-Interest Savings accounts. The budget-conscious will appreciate that this contender is more affordable than the World Elite version. That said, in order to qualify, you'll still need to meet some annual income requirements. To learn more, read our Neo World Mastercard Secured review.

Best Premium Gas and Groceries: Secured Neo World Elite Mastercard – Gas & Grocery

Like the regular Neo World Elite Mastercard – Gas & Grocery, the Secured Neo World Elite Mastercard – Gas & Grocery Secured provides some of the most impressive cash back opportunities in Canada. Cardholders collect generous cash back rates on groceries, recurring purchases, and gas, plus boosted cash back in these categories and beyond when they purchase from Neo partners. The insurance on this card is also notable, offering protections like trip interruption and trip cancellation insurance, travel medical insurance, and car rental insurance. For perks, expect an airport lounge Dragon Pass membership. Note, however, to qualify for this competitor, you'll need to pay a high annual fee and meet some hefty annual income requirements. See more in our Neo World Elite Mastercard Secured Review.

Best Dining: Secured Neo World Mastercard – Shop & Dine

The Secured Neo World Mastercard – Shop & Dine not only optimizes dining, a popular spend category, but it also uniquely earns cash back on shopping, just mind the monthly spend caps. You can boost your earnings even further by purchasing from Neo Partners. The coverage is basic, but the real pull of this contender is its easy approval, lower income-requirements, and lucrative optimization. Get all the details in our Secured Neo World Mastercard – Shop & Dine Review.

Best Premium Dining: Secured Neo World Elite Mastercard – Shop & Dine

Want to earn even more cash back on dining and shopping with higher monthly spend caps? If so, your best bet is the Secured Neo World Elite Mastercard – Shop & Dine. On top of better optimization, this card has superior coverage including trip interruption, trip cancellation, and travel medical insurance, plus an airport lounge Dragon Pass membership as a perk. The catch? You'll need to pay a higher annual fee and meet high income requirements to qualify. See more in our Secured Neo World Elite Mastercard – Shop & Dine Review.

Best Flat Rate: Secured Neo World Mastercard – Everywhere

Maybe you don't necessarily want to specify earn categories. In that case, check out the Secured Neo World Mastercard – Everywhere; the credit-building contender that earns a simple flat rate of cash back on all purchases. As with other Neo credit cards, cardholders can boost their earnings by shopping at Neo partners. For more information, read our Secured Neo World Mastercard – Everywhere Review.

Best Premium Flat Rate: Secured Neo World Elite Mastercard – Everywhere

The Secured Neo World Elite Mastercard – Everywhere offers cardholders the opportunity to pocket an even higher flat rate of cash back on all purchases, up to a point. Once the monthly spend cap is met, the earnings are identical to the Secured Neo World Mastercard – Everywhere. Another distinction between these two cards is that the World Elite version comes with comprehensive insurance coverage and a Dragon Pass membership. Read the full breakdown in our Secured Neo World Elite Mastercard – Everywhere Review.

Best Travel: Neo Cathay World Elite Mastercard Secured

Perhaps you'd rather collect miles over cash back. Luckily, the Neo Cathay World Elite Mastercard Secured has you covered. This credit-building travel contender earns Asia Miles on Cathay Pacific flights, purchases made in foreign currencies, and Canadian purchases. Cardholders also receive additional miles when they shop at Neo partners. As expected from a travel competitor, this card comes with comprehensive trip coverage as well as a Dragon Pass membership. Learn more in our Neo Cathay World Elite Mastercard Secured Review.

Best for No-Fee: Capital One Guaranteed Secured Mastercard

If you want to avoid paying any fees, then the Capital One Guaranteed Secured Mastercard is the top choice. The best thing about this card is that, even though it has no annual fees, it provides many premium benefits such as price protection. In addition, many secured credit cards come with income requirements, but this card avoids them completely. Discover more in our Capital One Guaranteed Secured Mastercard review.

What’s the difference between a secured and a regular (unsecured) credit card?

There are many differences between secured and unsecured credit cards.

In Canada, the two main types of credit cards are secured and unsecured (often called “regular”) credit cards, each serving different financial needs and credit profiles. Secured credit cards require a refundable security deposit, which typically determines your credit limit. They are designed for individuals with no credit history, a poor credit score, or newcomers to Canada looking to build or rebuild their credit. The deposit acts as collateral for the issuer in case of missed payments, which makes these cards more accessible.

On the other hand, unsecured credit cards do not require a deposit and are offered based on your creditworthiness, usually determined by your credit score and income level. These cards often come with higher credit limits, lower interest rates, and a variety of benefits such as cashback, travel rewards, insurance, and other perks. However, they can be harder to qualify for if your credit history isn’t strong. Choosing between the two depends on your current credit standing and financial goals.

How does building credit with secured credit cards work?

Building credit with a secured credit card works by using the card responsibly while your activity is reported to Canada’s major credit bureaus: Equifax and TransUnion. When you open a secured card, you provide a refundable security deposit, which usually becomes your credit limit. Although you’re using your own money as collateral, your purchases and payments are treated the same as with a regular credit card in terms of credit reporting.

If your goal is to build or rebuild credit, the Neo Secured Mastercard is our top pick, since it has no income or credit score requirements and a lower security amount to get started. If you would rather avoid annual fees, the Capital One Guaranteed Secured Mastercard is the better fit, and our review notes it has a track record of reviewing accounts for upgrades and credit increases after six months.

Not sure how much you will need to put down? See our guide to secured credit card deposits. Considering a prepaid card instead? Our secured credit card vs prepaid card comparison breaks down the differences.