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How to choose the right secured credit card for you

A secured credit card is a type of credit card that allows you to access the benefits of an unsecured card with one significant difference—a security deposit.

The security deposit is usually around the same amount as the limit you’re applying for. For example, if you’re applying for a $500 limit, you’ll give the lender $500 as a deposit which in turn means the lender takes on less risk.

The Everyday Way to Build Credit

The EP Climb Credit Card is secured credit card that allows you to build credit the everyday way. Our secured credit card can be used for all types of purchases giving you the ability to start to build, or rebuild, your credit while going to the grocery store, getting gas or paying your bills.

Launched in early 2020, the EP Climb Credit Card was designed for everyday people to build positive credit while going on about their everyday lives. Our secured credit card doesn’t require you to go to specific stores or locations and makes it easy for you to build your credit.

The experience of using the EP Climb Credit Card is stress-free allowing you to be able to purchase what you need, where you need.

How to get your card

Step 1
To qualify for a secured EP Climb Credit Card a minimum of $300 for the security deposit is required. To increase the credit limit, the security deposit must also be increased—this can be done anytime.

Step 2 
Submit your application to be reviewed by one of our Client Support Agents who will validate your information.

Step 3
Once you’re approved you can use your EP Climb Credit Card anywhere VISA® is accepted!

Step 4
We’re almost there! When reporting begins on your EP Climb Credit Card, we will report all payments from the time you signed up with two of Canada’s most recognizable credit bureaus. Unlike most other secured credit cards, we want to report your positive credit progress to both bureaus, giving you a more robust credit profile.

Step 5
With an improved credit score, a secured card client can seamlessly graduate to an unsecured, conventional credit card. Upon graduation, every dollar of the security deposit is returned to the card holder.

Building Credit

In addition to our EP Climb Credit Card, clients can also sign up for the Accelerator Plan to build credit faster. Our plan operates like a reverse loan. When you make deposits into your Accelerator Plan account, each deposit is reported to a credit bureau. This is especially helpful if you are just beginning your credit building journey. For more details about the Accelerator Plan and how it works, contact one of our credit coaches.

With our secured credit card and the Accelerator Plan together you will have two tradelines on your credit report, helping you gain double the credit history at the same time. The Accelerator Plan reports as an installment tradeline, not revolving like our EP Climb Secured Credit Card. This would be very beneficial for someone who is building, or rebuilding their credit, because you would have one revolving and one installment tradeline. This process helps you diversify, giving you a mix of credit, which looks great on your bureau report.

If you already have two installment tradelines, such as a student loan and auto loan, and no revolving tradelines, like an unsecured credit cards, then it would be more beneficial for you to get the EP Climb Secured Credit Card on its own.

If you are interested in getting an EP Climb Secured Credit Card or learning more about its features and benefits, contact one of our EP Climb Credit credit coaches.


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