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What is a secured credit Card?
A secured credit card is a credit card that has a security deposit equal to the credit limit of the card. The deposit is held by Home Trust in an account that earns 2%* interest annually. The secured credit card is an excellent way to establish or rebuild your credit rating.
*interest rate subject to change
Why should I get a secured credit card?
There are many reasons why people can’t qualify for a credit card from a bank such as poor credit history, no established credit history or inability to prove income. Because there is a security deposit ($1,000 - $10,000 limit), almost everyone is approved. When the payments are kept up to date on the card, the cardholder is building a positive credit rating.
What happens to your security deposit?
Your security deposit earns interest as long as your account remains open. When the account is closed, the deposit plus the interest earned is returned. If there is an outstanding balance on the account, it will be deducted from the deposit and the remainder will be returned.
How does this help me re-establish my credit rating?
Home Trust reports your file to the credit bureau on a monthly basis. Your file is updated and your credit history begins.
What benefits do I have with my Home Trust Secured Visa?
The Home Trust Secured Visa will give you all the benefits of being a Visa cardholder.
- Rent a car
- Use over 750,000 ATMs worldwide
- Reserve a hotel room, flight or concert tickets
- Make purchases by phone or online
- Shop in over 24 million locations
- Take out cash advances
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Home Trust Secured Visa Card features |
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Subject to change without notice |
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Credit limit (min.) |
$1,000 |
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Credit limit (max.) |
$10,000 |
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Account set-up fee (one time) |
$39.00 non-refundable |
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Security deposit |
$1,000 - $10,000 |
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Service fee (primary applicant) |
$7.50/month |
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Service fee (secondary card) |
$3.00/month |
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Interest rate (purchases & cash advances) |
24.99% |
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Over Limit fee |
$29.00 |
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NSF fee |
$39.00 |
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ATM fee (Canada) |
$2.00 |
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ATM fee (USA) |
$4.50 |
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ATM fee (non-North America) |
$5.50 |
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Minimum Payment |
3% of the balance or $10.00, whichever is greater |
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