If you’re looking for a credit card that helps you establish or rebuild your credit, the Home Trust Secured Visa is a great option. With its straightforward benefits and an easy application process, this card is ideal for individuals who might not qualify for traditional credit cards due to a lack of credit history or a low credit score.
What is the Home Trust Secured Visa?
The Home Trust Secured Visa is a secured credit card, meaning that your credit limit is secured by a deposit you provide upfront. This deposit minimizes the risk for the lender while allowing you to enjoy the flexibility of a credit card.
The card operates just like any other Visa card, allowing you to make purchases in-store, online, and over the phone, as well as withdraw cash at ATMs that accept Visa.
By using the card responsibly—paying off your balance in full each month—you can build or rebuild your credit score. Regular updates will be reported to the credit bureaus, which helps improve your credit standing over time.
Key Benefits of the Home Trust Secured Visa
- Guaranteed Approval: As long as you provide a security deposit and meet the basic eligibility requirements, you’re approved. There is no minimum income requirement, making it accessible to a wider audience.
- Customizable Credit Limit: Your credit limit will be equal to your deposit. This can range from $500 to $10,000, giving you flexibility to choose the amount that suits your financial situation.
- Accepted Worldwide: The Home Trust Secured Visa is accepted globally wherever Visa is taken. Whether you’re booking flights, making hotel reservations, or shopping online, you can rely on this card.
- Build or Rebuild Credit: The card is a great tool for improving your credit score. Home Trust reports to credit bureaus, so with responsible use, you can see positive changes in your credit history.
- Two Options for Annual Fees: You have the choice between a card with no annual fee but a slightly higher interest rate (19.99%) or a card with a $59 annual fee and a lower interest rate (14.90%).
Rewards and Perks
The Home Trust Secured Visa focuses more on helping individuals build credit rather than offering traditional rewards like points or cashback. However, the ability to improve your credit score and eventually qualify for better financial products can be seen as a long-term reward.
Fees Overview
Here’s a breakdown of the fees associated with the Home Trust Secured Visa:
- Annual Fee: You can choose between two options:
- $0 annual fee with a 19.99% interest rate on purchases and 19.99% on cash advances.
- $59 annual fee with a lower interest rate of 14.90% on purchases and 19.80% on cash advances.
- Foreign Currency Conversion Fee: A 2% fee applies when you make purchases in foreign currencies.
- Additional Fees: There are standard fees for late payments, over-limit transactions, and returned payments. It’s important to familiarize yourself with these to avoid unexpected charges.
Who Should Get the Home Trust Secured Visa?
The Home Trust Secured Visa is ideal for anyone who:
- Has been denied for other credit cards due to poor or limited credit history.
- Needs a straightforward, no-frills option to build or rebuild credit.
- Prefers the security of knowing their credit limit is backed by their own deposit.
- Wants a card that’s accepted worldwide, with no hidden surprises.
Whether you’re a student, a newcomer to Canada, or someone looking to get back on track financially, the Home Trust Secured Visa is a solid choice. With flexible credit limits, guaranteed approval, and worldwide acceptance, it’s a tool that can help you establish a strong financial foundation.
Frequently Asked Questions (FAQs)
1. What’s the minimum deposit required to get the Home Trust Secured Visa?
The minimum security deposit is $500, and your credit limit will equal the amount you deposit. You can deposit as much as $10,000 if you wish to have a higher credit limit.
2. Will my security deposit earn interest?
No, the security deposit is held by Home Trust and does not accrue interest. However, it will be returned to you in full if you close your account in good standing or if you’re upgraded to an unsecured card.
3. Can I increase my credit limit?
Yes, you can increase your credit limit by providing an additional deposit, as long as your total deposit doesn’t exceed $10,000.
4. How does Home Trust report my payment history to credit bureaus?
Home Trust reports your payment activity to both Equifax and TransUnion, Canada’s two major credit bureaus. This helps you build or rebuild your credit score as long as you make timely payments.
5. Is the Home Trust Secured Visa accepted internationally?
Yes, the card is accepted anywhere Visa is accepted worldwide. However, remember that there is a 2% foreign currency conversion fee on transactions made in a foreign currency.
The Home Trust Secured Visa is an excellent option for those looking to build or rebuild their credit. Its flexible deposit structure, accessible approval process, and global acceptance make it a practical and convenient financial tool. While it doesn’t come with traditional rewards, the long-term benefit of improving your credit score is invaluable.
If you’re ready to take the next step toward financial freedom, consider applying for the Home Trust Secured Visa today. With responsible use, this card can open doors to better credit opportunities in the future.
How to Apply for the Home Trust Secured Visa
Applying for the Home Trust Secured Visa is a straightforward process designed to help you take control of your credit journey. Whether you’re building credit for the first time or rebuilding after financial difficulties, the Home Trust Secured Visa provides an accessible and reliable way to improve your credit score. On this page, we’ll guide you step by step through the application process to ensure everything runs smoothly from start to finish.
Eligibility Requirements
Before you apply for the Home Trust Secured Visa, it’s important to confirm that you meet the basic eligibility criteria. These requirements ensure that you’re a good candidate for the secured card and that the process of approval can proceed without delays. The eligibility requirements are as follows:
- Canadian Residency: You must be a resident of Canada with a valid Canadian address.
- Age: You must be the age of majority in your province or territory, which is typically 18 or 19 years old, depending on where you live.
- Security Deposit: A minimum deposit of $500 is required, which will serve as collateral for your credit limit. The deposit can range up to $10,000.
- Personal Identification: You’ll need to provide proof of identity, such as a government-issued ID, and a Social Insurance Number (SIN) or Tax Identification Number.
- No Prior Bankruptcy (Optional): While Home Trust is more flexible with approvals, certain applicants with recent bankruptcies may face additional scrutiny or requests for information.
- Income Verification: While there is no minimum income requirement, you may still be asked to provide details about your financial situation or employment.
If you meet these requirements, you’re well on your way to securing a Home Trust Secured Visa.
Application Process
Applying for the Home Trust Secured Visa is a simple process that can be completed in a few steps. Here’s a detailed guide on how to apply:
1. Gather Your Information
Before you begin the application, ensure you have the following information handy:
- Proof of Canadian residency (such as a utility bill or government-issued ID).
- Your Social Insurance Number (SIN) or Tax Identification Number.
- Information about your current employment (though there is no minimum income requirement, it may be part of the application process).
2. Visit the Home Trust Website
Head over to Home Trust’s official Secured Visa page and navigate to the application section. You’ll find a button labeled Apply Now—click this to begin the application process.
3. Complete the Application Form
You’ll be required to fill out a basic application form that asks for:
- Your personal information (name, date of birth, address).
- Employment details (current employer, length of employment).
- Financial details (such as your current assets, liabilities, and banking information).
4. Choose Your Deposit Amount
Once you’ve filled in the necessary details, you’ll need to select how much you want to deposit as collateral. This deposit will determine your credit limit, so choose an amount that reflects your financial needs. Deposits start at $500 and can go up to $10,000.
5. Submit the Application
After reviewing the details, submit your application. Home Trust will then process your application and deposit, and you’ll receive confirmation of your approval (or any follow-up requests for additional information) within a few days.
6. Send Your Deposit
Once approved, you’ll need to send in your deposit. Home Trust offers multiple methods to send your funds, including certified cheque, money order, or direct bank transfer. After your deposit is received, your card will be mailed to you.
7. Start Using Your Card
Once your card arrives, activate it by following the instructions provided, and you’re ready to start using it to make purchases, build your credit, and manage your finances.
The Home Trust Secured Visa offers a clear path toward financial independence and better credit health. With its easy application process and guaranteed approval (as long as the eligibility requirements are met), you can begin building or rebuilding your credit right away.
By following the steps outlined above, you’ll be well-prepared to complete your application quickly and efficiently. Take charge of your financial future by applying for the Home Trust Secured Visa today and start building a better tomorrow.
