Home Trust Secured Visa Review

The Home Trust Secured Visa is a secured credit card that lets you build your credit with on-time payments. You can also pay a small annual fee to get a low 14.9% interest rate on any outstanding balance you carry. Find out more about how you can apply for this secured card and sign up today to get started.

30-second take

• Get this card if you want to build your credit and you have enough money to secure your credit limit.

• Choose something else if you want to earn rewards or you’d like extended benefits to be included with your credit card.

• There is no minimum annual income specified on the website.

The basics

The Home Trust Secured Visa is a secured credit card that’s designed to help you build your credit. All you need to do is submit a deposit to Home Trust to secure your balance. This deposit allows you to borrow money from Home Trust and access credit even if your credit score won’t qualify you for a regular credit card.

The main downside of the Home Trust Secured Visa is that it doesn’t let you earn rewards or access extra perks or extended insurance. You’ll also have to pay a 19.99% interest rate on your outstanding balance even though you’ve secured it with cash. However, you’ll be able to bring this rate down to 14.9% if you pay an annual fee of $59.

• No annual fee. You won’t pay an annual fee for this card unless you choose to go with the low interest version (which is $59 per year).
• Helps to build credit. All of your on-time payments will be reported to the credit bureaus which can help you build your credit score over time.
• No credit check required. You won’t be required to submit to a credit check in order to qualify for the Home Trust Secured Visa.
• High credit limit. You can set your credit limit at up to $10,000 as long as you have the money to pay your deposit for this amount.
• Purchase protection. You’ll get insurance to protect eligible items you buy on your card against theft or damage for up to 90 days from the date of purchase.

The perks

• Low interest rates available. You can pay a small fee each year to get a 14.9% interest rate (which is around 5 percentage points lower than the normal rate you would pay).
• Adjustable credit limit. Your credit limit will be based on the amount of your deposit, which means you’re in control of how much you can spend.
• Easy approval. You can get approved for a secured credit card no matter how much income you make or what your credit score looks like (unless you’re in bankruptcy).
• Worldwide acceptance. Your Home Trust Secured Visa can be used all around the world, wherever Visa is accepted.

What to watch out for

• Deposit is required. You’ll need to put down a deposit to secure your balance if you want to spend money on this card.
• No rewards or cash back. You won’t earn any rewards or cash back when you make purchases with your Home Trust Secured Visa.
• No additional benefits. There are no extra benefits such as travel insurance, mobile device insurance, roadside assistance or car rental insurance included with this card.
• High interest. You’ll have to pay 19.99% interest for purchases you make on your card unless you pay $59 per year to lower your rate to 14.9%.
• Not available to residents of Quebec. You won’t be able to apply for a Home Trust Secured credit card if you live in Quebec.

Home Trust Secured Visa interest rates

What should I know before I apply?

Eligibility requirements

To apply for the Home Trust Secured Visa Card, you need to meet the following criteria:

• Be a Canadian citizen or permanent resident who is at least 18 years old (or 19 in some provinces).
• Provide a security deposit to cover your credit limit (between $500 and $10,000).
• Not currently be dealing with bankruptcy or a consumer proposal.

Required documents and information

• Your name, residential status and contact information
• Your Social Insurance Number and date of birth
• Your email address and phone number

How to apply

• Visit Home Trust’s website or click the “Go to site” button above to be directed to the Home Trust Secured credit card application.
• Complete the application with details that include your name, email address, Social Insurance Number and date of birth.
• Review and submit your application.

I got the card. Now what?

Follow these steps to make sure you get the most out of your Home Trust Secured Visa:

1. Make your repayments on time. Make sure you pay back your balance on time to avoid interest charges and to help build your credit.
2. Avoid paying extra fees. Be mindful of service fees that you may have to pay for missing payments, using ATMs or overspending on your credit card.
3. Watch your credit score. Keep an eye on your credit score or track your progress with a service like Mogo to make sure your score is improving.
4. Reclaim your deposit. If you’ve paid back your card and are ready to close your account, you can reclaim your deposit as long as you pay off your outstanding balance.

Bottom line

The Home Trust Secured Visa is a secured credit card that helps you build your credit score when you make on-time payments. You just need to put a deposit down to secure your credit limit and then you can start spending wherever Visa is accepted. You’ll pay a standard 19.99% interest rate with this card unless you pay an annual fee to bring your rate down. Just be aware that you won’t earn rewards or get extensive benefits with this card.

Frequently asked questions about the Home Trust Secured Visa Card

• How does this Home Trust Secured credit card work?

  The Home Trust Secured Visa card gives you access to credit when you put a deposit down to secure your credit limit. You can borrow against this deposit and you need to pay off your outstanding balance just as you would with a regular credit card. The main difference with this card is that you’ll get your deposit back when you close your account.

• How is a secured credit card different from a prepaid credit card?

  There are a number of differences between a secured credit card and a prepaid credit card:

  Feature	Secured credit card	Prepaid credit card
  Access to credit	Yes	No
  Deposit required	Yes	No
  Builds credit	Yes	No
  Interest charges	Yes	No
  Preloaded balance	No	Yes

• Do I have to pay an annual fee with the Home Trust Secured Visa?

  You don’t have to pay an annual fee with the Home Trust Secured Credit Card if you accept the regular interest rate of 19.99%. However, you can choose to pay a fee of $59 per year to get an interest rate of 14.9% on this card.

• Will I get my deposit back when I close my card?

  You can definitely get your deposit back as soon as you close your card and pay your outstanding balance off in full.

• What benefits will I get with the Home Trust Secured Visa card?

  The main benefit you’ll get with this card is that it will help you to build your credit. You’ll also get purchase protection and zero liability insurance when you sign up. You can also choose to pay a small annual fee to get a lower interest rate on your outstanding balance.

• What other credit cards does Home Trust offer?

  Home Trust offers three cards including the Home Trust Preferred Visa Card, Home Trust Equityline Visa Card, and the Home Trust Secured Visa card. Can check out the full range of Home Trust Visa credit cards in our guide here.