Home Trust Secured Visa Card Review

Embark on a powerful new chapter of your financial life with the Home trust Secured Visa Card! 

The Home Trust Secured Visa Card is built on a foundation of security and simplicity, where your own deposit guarantees your credit limit, giving you a safe and controlled environment to grow. It’s more than just a credit card; it’s your partner in building a stronger financial foundation, unlocking future opportunities for loans, mortgages, and better interest rates.

CREDIT CARD

Home Trust Secured Visa

No annual fee option Best way to build credit

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Ways to Benefit: Your Toolkit for a Better Credit Score

The Home Trust Secured Visa is uniquely positioned to offer a wealth of benefits, especially for those focused on building or repairing their credit profile. Each feature is a stepping stone toward a stronger financial future.

1. Guaranteed Approval with a Security Deposit: This is the cornerstone of the card. Unlike traditional unsecured cards that can be difficult to qualify for, your approval is guaranteed as long as you meet the basic eligibility criteria and provide a security deposit. 
2. Build or Rebuild Your Credit History: This is the card’s primary mission. Home Trust reports your payment activity to Canada’s major credit bureaus (Equifax and TransUnion) every month.
3. No Credit History Required: This card is perfect for those who are “credit invisible.” If you’re new to Canada, a young adult just starting, or have always paid with cash, this card provides the opportunity to establish that crucial first line of credit that other lenders look for.
4. Flexible and Controllable Credit Limit: You are in control of your credit limit. Your limit is determined by the amount of the security deposit you provide, which can range from $500 to $10,000. 
5. Your Security Deposit is Fully Refundable: The money you provide as a security deposit is not a fee; it’s your money held by Home Trust as collateral. When you decide to close your account and pay off any outstanding balance, your security deposit is returned to you in full.
6. No Annual Fee with Higher Interest Rate Option: If you prefer to avoid an annual fee altogether, you have that choice! You can select the “Fee Free” option, which carries a higher interest rate (29.99%) but eliminates the yearly charge, giving you flexibility based on your financial preferences.
7. Opportunity to Graduate to an Unsecured Card: Consistent, responsible use of your Home Trust Secured Visa can open doors to future credit opportunities. A positive history with this card can make it much easier to be approved for an unsecured credit card from other lenders down the road.

Who Can Apply: Eligibility Criteria

The eligibility criteria for the Home Trust Secured Visa Card are designed to be accessible to those who may have difficulty getting approved for other credit cards.

• Age of Majority: You must have reached the age of majority in your province or territory. In Barrie, Ontario, the age of majority is 18.
• Canadian Resident: You must be a resident of Canada.
• No Undischarged Bankruptcy: You cannot have a current, undischarged bankruptcy. You may be eligible if you have a prior bankruptcy that has been discharged.
• Ability to Provide a Security Deposit: You must have the funds available to provide a security deposit of at least $500.
• Must Not Currently Have a Home Trust Credit Card: Applicants typically cannot be existing Home Trust credit cardholders.

This card is specifically designed for individuals with limited, no, or poor credit history, making it one of the most accessible credit-building tools in Canada.

How to Apply: Steps to Secure Your Card

The application process for the Home Trust Secured Visa is straightforward and can be initiated online.

1. Visit the Home Trust Website: Go to the official Home Trust Secured Visa card page.
2. Choose Your Card Option: Decide whether you want the “Low Rate” card with a $59 annual fee and 19.99% interest rate, or the “Fee Free” card with no annual fee and a 29.99% interest rate.
3. Complete the Online Application: Fill out the secure online application form with your personal information, such as your full name, address, date of birth, and contact details.
4. Submit the Application: Review your information for accuracy and submit the application. You will typically receive an email with a reference number and the next steps.
5. Provide Your Security Deposit: Once your application is conditionally approved, you will receive instructions on how to send your security deposit to Home Trust. This is often done via an online bill payment from your regular bank account.
6. Receive and Activate Your Card: After Home Trust receives and processes your security deposit, your new Home Trust Secured Visa Card will be mailed to you. Once it arrives, you will need to call to activate it before you can begin using it.

Frequently Asked Questions (FAQ)

1. What is the minimum security deposit?
   The minimum security deposit required is $500.
2. Is the security deposit used to pay my monthly bill?
   No, it is crucial to understand that your security deposit is held as collateral and is not used for payments. You must pay your monthly credit card bill from your own chequing or savings account.
3. Will I earn interest on my security deposit?
   No, the security deposit is held in a non-interest-bearing account by Home Trust.
4. What is the annual fee?
   You have two options: a “Low Rate” card with a $59 annual fee, or a “Fee Free” card with a $0 annual fee.

CREDIT CARD

Home Trust Secured Visa

No annual fee option Best way to build credit

APPLY NOW You will be redirected