Credit cards come with their own sets of benefits and drawbacks and while their points and rewards can be enticing, it shouldn't come as a surprise that their interest rates, typically +20% or higher annually), are the absolute worst. Missed credit card payments can be a heavy weight on credit scores if used incorrectly. Fortunately enough, a handful of credit card alternatives have been popping up in Canada that allow you to only pay with however much you have available, without the risk of overdraft fees and runaway credit card debt.
Credit cards come with their own sets of benefits and drawbacks and while their points and rewards can be enticing, it shouldn't come as a surprise that their interest rates, typically +20% or higher annually), are the absolute worst. Missed credit card payments can be a heavy weight on credit scores if used incorrectly. Fortunately enough, a handful of credit card alternatives have been popping up in Canada that allow you to only pay with however much you have available, without the risk of overdraft fees and runaway credit card debt.
Koho offers different tiers of pre-paid Visa card offerings that provide a bevvy of nice cashback rewards you don't typically see with pre-paid cards. Its base account is free and gives you 0.5% cashback across all purchases and gives you flexible options to round up and save money in an interest-bearing savings account. Their premium products cost $9/month (or $84 a year) and give 2% cashback on all purchases, as well as no FX fees. Because you're only able to spend whatever is available in your account, there's no risk of racking up debt or overdraft fees.
Mogo offers another similar pre-paid product, except instead of getting cashback off of your purchases, you're getting Bitcoin. The company gives 1% cashback in BTC on all purchases and 2% on foreign transactions (however you still are charged the 2.5% Visa foreign transaction fee). To top it all off, for each $1 you spend using your Mogo card, the company will be purchasing 1 lbs of carbon offsets. Its a win-win for both your wallet and the planet!
The company offers a reloadable Mastercard alongside targeted rewards from specific retailers and companies (think Netflix, Spotify, etc.) One of the main perks is they offer free ATM withdrawals, allowing you to withdraw from your pre-loaded balance fairly easily.
All in all, pre-paid credit & debit cards can be a great alternative to traditional credit cards, sometimes offering equivalent (and occasionally superior!) rewards and savings.
You can choose almost any move-in-ready home listed publicly or privately, as long as it meets our program criteria.
Eligible homes typically:
Are freehold single-family homes or townhouses
Are connected to municipal water and sewer
Are priced between $150,000 and $600,000
Are located in Alberta, Manitoba, Ontario, or Saskatchewan in communities with established municipal services and a population of 20,000 or more.
In some cases, newly built condo townhouses with reasonable condo fees may be approved. If approved, condo fees are added to your monthly payment.
Homes must be in good condition. Major systems such as roof, furnace, HVAC, and water heater should be within reasonable age limits. All properties are reviewed to confirm they meet our inspection and funding requirements.
We do not purchase rural properties, fixer-uppers, homes sold as-is, or properties with structural or safety concerns.
Once you are pre-qualified, you can tour homes with a partner agent or your own realtor and we will confirm eligibility before purchase.
Depending on the type of income, we will ask for different supporting documents to verify your income. Our goal is to make sure you can afford rent-to-own payments during the lease term.
Traditional employment (Hourly, Salaried or Commission)
Employment letter
Most recent pay stubs
Notice of assessment from the last two years
Bank statements for the past 6 months
Self-employed
Sole proprietorship
T1 General tax returns for the last 2 years
Notice of Assessment for the last 2 years
Business bank statements for the last 6 months
GST returns if applicable
Incorporated
T1 General tax returns for the last 2 years
Notice of Assessment for the last 2 years
Articles of Incorporation
Business bank statements for the last 6 months
Accountant prepared financial statements for the last 2 years
Corporate tax returns or CRA balance to verify corporate tax
GST returns if applicable
Pension & Disability Incomes
Proof that such payments are expected to be longer than three years
Alimony & Child Support
Proof that such payments have been made consistently in the past 6 months
What is the interest rate?
There is no interest rate during the rent-to-own term because this is not a mortgage.
When you are ready to buy the home, most clients get a mortgage from a lender to complete the purchase.
All content on this website, including but not limited to text, program structure, rent-to-own model descriptions, customer pathways, and proprietary frameworks, is the exclusive property of Requity Homes. Any reproduction, adaptation, or use of this content, in whole or in part, for commercial purposes without express written consent is strictly prohibited and may result in legal action.
As a realtor, mortgage broker, or Requity Homes ambassador, you can now help more community members achieve their homeownership goals while streamlining your workload. Partner with us to expand your impact and create success stories with less work.
Credit cards come with their own sets of benefits and drawbacks and while their points and rewards can be enticing, it shouldn't come as a surprise that their interest rates, typically +20% or higher annually), are the absolute worst. Missed credit card payments can be a heavy weight on credit scores if used incorrectly. Fortunately enough, a handful of credit card alternatives have been popping up in Canada that allow you to only pay with however much you have available, without the risk of overdraft fees and runaway credit card debt.
Credit cards come with their own sets of benefits and drawbacks and while their points and rewards can be enticing, it shouldn't come as a surprise that their interest rates, typically +20% or higher annually), are the absolute worst. Missed credit card payments can be a heavy weight on credit scores if used incorrectly. Fortunately enough, a handful of credit card alternatives have been popping up in Canada that allow you to only pay with however much you have available, without the risk of overdraft fees and runaway credit card debt.
Koho offers different tiers of pre-paid Visa card offerings that provide a bevvy of nice cashback rewards you don't typically see with pre-paid cards. Its base account is free and gives you 0.5% cashback across all purchases and gives you flexible options to round up and save money in an interest-bearing savings account. Their premium products cost $9/month (or $84 a year) and give 2% cashback on all purchases, as well as no FX fees. Because you're only able to spend whatever is available in your account, there's no risk of racking up debt or overdraft fees.
Mogo offers another similar pre-paid product, except instead of getting cashback off of your purchases, you're getting Bitcoin. The company gives 1% cashback in BTC on all purchases and 2% on foreign transactions (however you still are charged the 2.5% Visa foreign transaction fee). To top it all off, for each $1 you spend using your Mogo card, the company will be purchasing 1 lbs of carbon offsets. Its a win-win for both your wallet and the planet!
The company offers a reloadable Mastercard alongside targeted rewards from specific retailers and companies (think Netflix, Spotify, etc.) One of the main perks is they offer free ATM withdrawals, allowing you to withdraw from your pre-loaded balance fairly easily.
All in all, pre-paid credit & debit cards can be a great alternative to traditional credit cards, sometimes offering equivalent (and occasionally superior!) rewards and savings.
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