The Home Trust Secured Visa is a secured credit card with a competitive interest rate, no annual fee, and the potential to help you build credit. It’s well worth a look if you want to get your credit back on track, but there are several other options available too. Keep reading to compare five alternatives to the Home Trust Secured Visa credit card and find the option that suits your needs.
Unlike the Home Trust Secured Visa, KOHO is not a secured credit card. But with its Cover product, it provides interest-free cash advances of up to $250 to help you cover unexpected costs and avoid bank overdraft fees. You can apply without a credit check, and KOHO doesn't have any minimum income requirements either. You also get the flexibility to repay your advance at any time, so KOHO Cover is worth checking out if you need a little extra cash to see you through to your next payday.
Apply in a matter of minutes
No credit checks
Instant access to funds
No interest charges to worry about
No NSF fees
Monthly KOHO plan fee (can be waived)
KOHO Cover subscription fee
Won't help you build credit
$250 may not be enough for your needs
Costs
0% + monthly fee from $2
Loan Amount
$20 – $250
Loan Term
Flexible
Credit Check
No
Turnaround Time
Immediately
Requirements
KOHO account—access higher loan amounts over time by using KOHO for everyday spending, repaying your monthly fees and using its other services
Just like the Home Trust Secured Visa, Nyble can also help you build credit. This Canadian fintech offers interest-free credit lines of up to $250. There's no credit check and you can apply online in five minutes, while instant funding is available if you're willing to pay a monthly subscription fee. And because Nyble reports your payments to the credit bureau, making on-time payments to repay the money you borrow could help improve your credit score.
Helps you build credit
No credit checks
No interest charges
Sign up in minutes
Also lets you track your credit score
4.8/5 stars based on 7,800+ Trustpilot reviews
Late payments could hurt your credit score
$11.99 monthly fee for instant funding and other perks
Funding with a free account takes up to three business days
$250 may not be enough for your needs
Costs
0%
Loan Amount
$30 – $250
Loan Term
31 days, extendable
Credit Check
No
Turnaround Time
1-30 minutes with a paid membership or 1-3 business days with a free membership.
Requirements
You must be 18 years or older and have a minimum monthly income of $1,000.
It's not a secured credit card like the Home Trust Secured Visa, but Bree does offer a handy solution if you need some extra cash to avoid bank account overdraft fees. It provides 0% interest cash advances of up to $500, and you won't need to pass a credit check to qualify for funding. Instant funding is available for a fee, while free funding takes up to three business days.
Apply online with no credit checks
Get a decision in minutes
0% interest and no late fees
Instant funding available
4.7/5 based on 6,400+ Trustpilot reviews
Won't help you build credit
$500 maximum loan amount
$2.99 monthly fee plus a transfer fee if you want instant access to funds
Costs
0%
Loan Amount
$20 – $500
Loan Term
Next pay cycle (90 days max)
Credit Check
No
Turnaround Time
Receive funds within 5 minutes with express delivery (the fee is based on the advance amount) and within 1 to 3 business days for standard delivery.
Requirements
You must have a bank account with regular income deposits and a Visa or Mastercard debit card with a CVV
If you're looking for a secured credit card, the Secured Neo Mastercard is a direct competitor to the Home Trust Secured Visa. The Neo card offers a credit limit of up to $10,000, and you won't need to meet an income requirement to apply for your own card. You can use your card wherever Mastercard is accepted, plus earn % on gas and grocery purchases as well as take advantage of special offers at over 10,000 partner retailers across the country. And because Neo reports your account activity to the credit bureaus, you can use this card to help build credit.
Earn cashback rewards
Highly rated mobile app
Rebuild your credit
Get an instant virtual card
$7.99 monthly fee (waivable)
Purchase interest rate could be up to 19.99%-29.99%
Monthly spend limit applies to cashback
Annual Fee
$96
Purchase APR
Cash Advance Rate
22.99%-31.99%
Balance transfer APR
N/A
Welcome offer
N/A
Rewards
The Neo Secured Credit Card lets you earn cash back at Neo food, clothing, footwear and homeware retailers partners. Earn 1% cash back on gas and groceries (3% cash back with a $5K+ Neo Money account balance or 4% with a $10K+ balance). Premium members earn an additional 2% cash back on gas and groceries. Pay $7.99 per month for the standard or Premium plan.
The Capital One Guaranteed Secured Mastercard is another direct competitor with plenty of similarities to the Home Trust Secured Visa credit card. This no-annual-fee credit card comes with guaranteed approval, provided you meet a few basic criteria (like being the age of majority and not being prohibited from accessing credit due to legal or regulatory reasons). The card also offers benefits like purchase protection and travel accident insurance, and because Capital One reports your account activity to the credit bureaus, this card can help you improve your credit score.
Get pre-approved online without hurting your credit score
Please note: All information about Capital One Guaranteed Secured Mastercard has been collected independently by Finder and this product is not available through this site.
How does the Home Trust Secured Visa compare?
With a Home Trust Secured Visa, your credit limit is determined by the amount you provide as a security deposit—anywhere from $500 to $10,000. Once your card has been issued, you can use it anywhere Visa is accepted. You can also add it to your Apple Pay, Google Pay or Samsung Pay digital wallet.
In standard form, the card has no annual fee and charges interest at 19.99%. But if you’d prefer a lower rate, you can choose to pay a $59 annual fee and get an interest rate of 14.9%.
Each month, Home Trust reports your account and payment activity to the Equifax and TransUnion credit bureaus. So if you make on-time payments and attempt to use less than 30% of your available credit, you can build credit.
Which is easier to apply for: secured credit cards or cash advance apps?
Cash advance apps offer a faster and easier application process. You can apply online or via a mobile app by providing your personal information and contact details, and typically linking your bank account. And if you’re happy to pay a fee, you can get instant access to a cash advance.
You’ll need to provide similar information to apply for a secured credit card, but you’ll also need to provide a security deposit and submit to a credit check. The time it takes for your application to be processed and your card mailed out to you could be as much as 15 business days.
How much can I borrow?
With a secured credit card, your credit limit is set based on the amount of your security deposit. The Home Trust Secured Visa credit card offers a maximum credit limit of $10,000, as does the Secured Neo Mastercard, while the Capital One Guaranteed Secured Mastercard offers a maximum limit of $2,500.
Cash advance apps have smaller maximum loan amounts. You can borrow up to $500 with Bree, or up to $250 with Nyble and KOHO Cover.
Which costs more?
Cash advance apps are generally a more affordable option than secured credit cards. They don’t require you to provide a security deposit, and if you don’t mind waiting up to three business days to get your funds, they have low or no fees. However, you may need to pay a monthly subscription fee of roughly $2 – $12 if you want an instant transfer.
With a secured credit card, you’ll need to provide an upfront deposit to set your credit limit. You’ll usually be charged interest ranging from 19.99% to 29.99% on purchases, but you can avoid interest charges by paying your card’s balance off in full during the interest-free grace period. And while you can get the Home Trust Secured Visa with no annual fee, some cards have annual fees of close to $100.
Which provides more flexible repayments?
Cash advance apps offer more flexible repayments than secured credit cards. Depending on the app you choose, you may be able to repay your advance at any time or roll over your repayment to your next pay cycle.
With a secured credit card, you’ll need to make at least the minimum monthly payment to ensure that your credit score doesn’t take a hit. And if you want to avoid being charged interest on your purchases, you’ll need to pay them off during your card’s interest-free grace period.
Is it faster to borrow from a secured credit card or cash advance app?
It’s faster to borrow from a cash advance app. These apps offer instant access to funds, typically by e-Transfer, but usually for an additional fee. If you don’t want to pay this fee, it can take up to three business days to get funded.
Meanwhile, if you apply for a secured credit card, you’ll need to wait for your application to be processed and your card mailed out to you. This means it could take anywhere from 2 to 15 business days to get your card, though some providers offer virtual cards so that you don’t have to receive your physical card before you can start spending.
Can I rebuild my credit?
Yes, you can. A secured credit card is one of several simple but legit steps you can take to improve your credit. By taking care not to utilize too much of your credit limit, and by always making on-time payments, you can improve your credit score.
Other ways you can rebuild your credit include:
Paying down any other debts you have.
Paying your rent, mortgage and utility bills on time.
Disputing any inaccurate information in your credit report.
Avoiding making multiple applications for credit in a short period of time.
From other secured credit cards to cash advance apps, there are several options available if you’re searching for alternatives to the Home Trust Secured Visa credit card. Whether you need a small loan or you want to rebuild your credit, compare a range of options to find the best fit for your financial situation.
Frequently asked questions
The credit limit for the Home Trust Secured Visa is the same as the amount you deposit as security funds. You can deposit anywhere from $500 to $10,000.
Yes. Home Trust reports the activity on your Home Trust Secured Visa account to Equifax and TransUnion, Canada's two main credit bureaus.
Customer feedback for the Home Trust Secured Visa is mixed. People who leave positive reviews mention factors such as being able to get approved for a credit card with less than perfect credit, and the fact that this card is useful if you need to rebuild your credit. Negative reviewers mention issues such as no card perks and poor customer service.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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