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Secured credit card Canada: the ones that work at Costco, and the path to the Costco card
A secured credit card in Canada only works in a Costco warehouse if it's a Mastercard. Of the cards we checked, the Capital One Guaranteed Secured Mastercard ($0, 29.9%) and the Neo Mastercard with a secured limit ($50 to $10,000 deposit) qualify; Home Trust's and TD's secured cards are Visa. There's no secured CIBC Costco Mastercard.
By Flatcart Editorial · Last reviewed Oct 4, 2026 · 3 min read
If you're rebuilding credit and shop at Costco, the secured credit card Canada lenders offer has to be a Mastercard: Costco warehouses and gas stations take Mastercard, not Visa. Of the cards we checked on the issuers' sites, two qualify: the Capital One Guaranteed Secured Mastercard ($0 annual fee) and the Neo Mastercard with a secured limit (a $50 minimum deposit plus a $9.99 monthly membership). There's no secured CIBC Costco Mastercard, so a secured card is the step before it. Compare the Costco cards on our best cards for Costco page.
Why does the network matter for a secured card at Costco?
Because Costco Canada's warehouses and gas stations accept Mastercard credit cards and refuse Visa; only Costco.ca takes Visa. A secured Visa works for online orders but not at the till. See which cards Costco accepts.
Which secured credit cards are Mastercards?
From the issuers' pages, checked October 4, 2026:
| Capital One Guaranteed Secured Mastercard | Neo Mastercard, secured limit | |
|---|---|---|
| Annual fee | $0 | $0 listed; Neo's optional Build membership is extra |
| Security deposit | Set by Capital One after approval; add more to raise the limit | $50 to $10,000; your limit equals your deposit, raised in $50 steps |
| Purchase interest | 29.9% (21.9% in Quebec) | 19.99% to 29.99%, by credit profile (19.99% to 24.99% in Quebec) |
| Rewards | None listed | Same as the regular Neo Mastercard, including cash back at Neo partners and on gas and groceries |
| Credit reporting | Monthly, to the credit reporting agencies | Every payment, to TransUnion and Equifax |
| Extras | Purchase assurance, extended warranty, car rental collision coverage, price protection | Neo's partner offers |
At Costco, neither earns much: Capital One lists no rewards, and Neo's grocery cash back depends on how Costco is coded; see does Costco count as grocery. The point of either card is the credit history.
Is there a secured CIBC Costco Mastercard?
No. CIBC doesn't offer a secured version of the Costco card. The regular card needs $15,000 of household income and has a $1,000 minimum credit limit, and approval depends on your credit history; see how to apply for the Costco Mastercard.
What about Visa secured cards and credit builders?
- Home Trust Secured Visa: $0 (or $59 a year for a 14.90% rate), deposits of $500 to $10,000, 19.99% on the no-fee version. A Visa, so not at the Costco till.
- TD secured cards: TD will secure several of its Visa cards with a deposit. Also Visa.
- KOHO Credit Building: not a credit card; it's a credit-builder line of credit with no interest, reported to Equifax. KOHO's card is a prepaid Mastercard, which is a different product from credit.
Any of these builds credit. For paying at Costco in the meantime, debit works everywhere, so a Visa secured card plus debit at Costco is a perfectly good plan.
How do you move from a secured card to the Costco card?
1. Use the secured card lightly and pay it in full every month. Payment history is what you're building; keep the balance well under the limit. 2. Give it time. Several months of on-time payments on your credit file make a regular card approval more likely. 3. Apply for the CIBC Costco Mastercard once your file has that history and you meet the $15,000 income requirement. 4. Keep the secured card open for a while if it has no fee, since closing your oldest account can shorten your credit history; ask for the deposit back when you close it.
Comparing every card you can get with a low score, secured or not? See credit cards for bad credit.
Which should you choose?
- You want one card that works at Costco while you rebuild: Capital One Guaranteed Secured Mastercard. No annual fee, accepted in the warehouse, but don't carry a balance at 29.9%.
- You want to choose your deposit and get bureau reporting to both TransUnion and Equifax: Neo's secured Mastercard, if the $9.99 monthly membership is worth it to you.
- You already have a secured Visa: keep it, and pay with debit at Costco until you qualify for the Costco card.
Frequently asked questions
- Can I use a secured credit card at Costco?
- Yes, if it's a Mastercard. Costco warehouses and gas stations in Canada don't accept Visa, so a secured Visa only works on Costco.ca.
- Is there a secured CIBC Costco Mastercard?
- No. CIBC doesn't offer a secured Costco card; the regular card needs $15,000 of household income and starts at a $1,000 limit.
- What is the minimum deposit for the Neo secured Mastercard?
- $50, up to $10,000. Your credit limit equals your deposit. Neo also sells a paid Build membership; check its current price.
- Does the Capital One Guaranteed Secured Mastercard have an annual fee?
- No. The annual fee is $0, but the purchase rate is 29.9% outside Quebec.
- Is the Home Trust Secured card accepted at Costco?
- No, not in the warehouse. It's a Visa; it works on Costco.ca only.
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