9 Best Canadian Credit Cards for Bad or Limited Credit for May 2025

Equifax offers online access to your credit score and report when you sign up for a free online subscription. You can also submit a request by phone, by mail or in person and receive a paper copy by mail. You should expect to receive your credit information within 10 to 20 business days following the request.

You can access your credit report — which TransUnion calls a consumer disclosure — for free through TransUnion’s website. If you live in Quebec, you’ll find your credit score included in your consumer disclosure. Canadians outside of Quebec must sign up for TransUnion’s subscription-based credit monitoring service for $24.95 monthly to see their credit score. This service includes alerts of changes to your credit score, personalized debt analysis and up to $1,000,000 in ID restoration insurance.

Outside the two major Canadian credit bureaus, you may also be able to check your credit score through a third-party financial service. A number of major Canadian banks, including BMO, CIBC, RBC and Scotiabank, offer credit score access via their online banking platforms and mobile apps.

A secured credit card requires a cash deposit to open an account. The deposit amount is typically your credit limit. So, if you deposit $500, your credit limit will be $500. It works just like other credit cards — unpaid balances accrue interest, and you must pay at least the minimum amount due each month to keep the card in good standing. If you fail to pay the minimum, the issuer may use your initial security deposit to cover the debt. Issuers of secured credit cards typically report payment activity to the credit bureaus. So, when used responsibly, a secured card can help you build your credit and improve your score. Plus, you’ll get your initial deposit back when you close your account.

Which makes sense for you? Secured vs. Unsecured Credit Cards: How to Choose

A prepaid card is like using cash: you load money onto the card and use it to make purchases.

Unlike a traditional credit card, it won’t help you build credit because your transactions aren’t typically reported to the credit bureaus. However, some prepaid cards offer credit-building services for a fee. A portion of your money is used to pay a small line of credit, which is then reported to the bureaus. The best prepaid cards earn rewards and boast deals and discounts. They don’t require a credit check, which means those with no credit can apply.

Student cards are unsecured cards that often have low or no annual fees and attractive perks, like rewards and insurance coverage. While many entry-level unsecured credit cards may be suitable for students, some issuers specifically offer official student-branded credit cards that have fewer criteria for acceptance. To qualify, you must be the age of majority in your province or territory. You may be asked to demonstrate that you’re a post-secondary student by providing proof of enrollment.

Each of the Big Six banks in Canada — BMO, CIBC, National Bank, RBC, Scotiabank and TD Bank — offer credit cards specifically designed for newcomers.

These cards typically don’t require an established credit history to apply.

Sometimes, proof of status as a Canadian newcomer, like a Canadian Permanent Resident Card, confirmation of Permanent Residence, or a work or study permit, is required.

Be aware that cards for newcomers tend to have lower credit limits — often up to $15,000.