FAQ (Frequently Asked Questions)
1. What is a secured credit card?
A secured credit card is a product in which the security deposit you provide is equal to your credit limit. It works just like any other credit card. You are required to make regular monthly payments over and above the security deposit because this is not a "prepaid" card.
2. Why a secured credit card?
The Home Trust Secured Visa Card will allow you to build or rebuild a solid credit rating. Many people have been declined by the banks for a credit card due to past bad credit or because they have no credit history.
Having a credit card is not a luxury anymore, it's a necessity. The Home Trust Secured Visa Card allows you to make purchases on-line or by phone, book a flight or rent a car. And Visa is accepted at over 24 million locations worldwide.
3. How does this help me establish or re-establish my credit?
Home Trust reports your file to the credit bureau on a monthly basis. Your file is updated and your credit history begins. Both the primary applicant's and the co-applicant's credit bureau can be updated.
4. What is the minimum/maximum credit limit?
The minimum credit limit is $1,000 and the maximum is $10,000.
5. How can I increase my credit limit?
You can increase the limit on your card by sending additional funds (personal or personal certified cheque, money order or bank draft) drawn on a Canadian Financial Institution to Home Trust and clearly indicating that you are requesting a credit line increase.
6. Who qualifies for the program?
Almost everybody who applies (our approval rate is approximately 95%). Applicants must have a source of income.
7. Who does not qualify for the program?
People who are currently in bankruptcy do not qualify.
8. How do you apply for a Home Trust Secured Visa Card?
Fill out an application form and mail it to: Home Trust Company,
Attn: Visa Department, 145 King Street West, Suite 2300, Toronto, Ontario, M5H 1J8, along with your security deposit and copies of two Canadian government-issued ID's. We will not process an application without the deposit and the required identification.
9. Do I need to send additional documents along with my application form?
If you have never applied for credit in Canada, you probably do not have a credit file under your name at the credit bureau. If that is the case, then you may be required to provide documents that verify your address, date of birth or Social Insurance Number (a copy of your driver's license, a copy of a current bill, or a copy of your health card/SIN card).
10. What happens if I am declined?
If your application is declined, Home Trust will return your security deposit to you (cheques are not cashed until the application is approved).
11. How can I send my security deposit?
Attach a cheque made payable to "Home Trust Company" (personal or personal certified cheque, money order or bank draft from a Canadian Financial Institution) to your application form and mail it to:
Home Trust Company
Attn: Visa Department
145 King Street West, Suite 2300
Toronto, ON M5H 1J8
12. Can I fax in my application?
No. Applications must be accompanied by a security deposit and cannot be sent by fax.
13. How long does it take to get a card?
The application process takes approximately 2-3 weeks from the time the application and security deposit are received, if you send a personal certified cheque, money order or bank draft, drawn on a Canadian Financial Institution. It will take up to an additional 15 days if you send a personal cheque, as we must wait for personal cheques to be cleared by the bank.
14. Do I have to be a Canadian resident to get a Home Trust Secured Visa Card?
The card is available to Canadian residents except residents of Quebec.
15. Is there any way to speed up the process?
There is no real way to speed up the process, however, ensuring that your application is complete will help. A personal certified cheque, money order or bank draft, drawn on a Canadian Financial Institution will expedite the process as we will not have to wait for the funds to clear.
Also, if either of the following applies to you, there are documents you can send with your application to ensure that your file is not delayed:
- if you have moved since your last loan/credit request or if you do not have a credit history, send a copy of your driver's license or a bill that matches your current address
- if you have recently been discharged from bankruptcy, attach your certificate of discharge
You may request "rush delivery" to have your card delivered to you by courier for a fee of $39.00. Please note that this is only a rush delivery and it will not affect the approval process.
16. When do I get my deposit back?
Your deposit will be held as long as you have an account with Home Trust. When you close your account, we will return your deposit once all purchases and fees have cleared.
17. Is there an annual fee?
There is a one-time set-up fee of $39.00 charged to the first statement. A monthly fee of $7.50 will appear on subsequent bills. For a secondary card, there is an additional fee of $3.00 per month.
18. What is the interest rate?
The interest rate on purchases and cash advances is 24.99 %. Interest is not charged if the balance is paid in full by the statement date. However, for cash advances, interest is charged from the time the advance is made to the time it is paid off.
19. Do I have to pay the balance in full each month?
You have to pay at least the minimum payment on the statement. You cannot use your security deposit to pay off the balance.
20. How do I make payments on my account?
You can make a payment at any Canadian Financial Institution that bears the Visa logo (Bank of Montreal will also accept payments), either in the branch or through web or telephone banking. If you prefer, you can mail your cheque or money order directly to Home Trust in the envelope provided to you with your statement.
21. What if I have a past bankruptcy?
You may still qualify if you have a past bankruptcy as long as you have been discharged. There is no waiting period after a discharge.
22. Can I qualify if I am in Consumer Proposal or Credit Counselling Service?
If you are in Consumer Proposal or Credit Counselling Service, we require a letter from your trustee stating:
- proposal has been filed
- proposal has been accepted
- all payments are up to date
23. Is the Home Trust Secured Visa Card available nationally?
It is available in every province and territory except Quebec.
24. How old do you have to be to get a credit card?
At least the age of majority in the province/territory where you reside (18 years of age in Ontario, Alberta, Saskatchewan, Manitoba, Prince Edward Island; 19 years of age in British Columbia, New Brunswick, Nova Scotia, Newfoundland/Labrador and the territories).
25. How much can I spend?
You may make purchases up to the limit of your Home Trust Secured Visa Card or you can use your card to make cash advances at ATMs or at a bank. Your Home Trust Secured Visa Card is a revolving line of credit. As you use your credit card, you are continually borrowing against your line of credit and repaying it. The amount of credit you have available at any time will vary depending on your current outstanding balance.
26. I have an existing mortgage with Home Trust, do I need to complete a Home Trust Secured Visa Card application?
Yes. Even if you are an existing Home Trust customer, you are still required to complete a Secured Visa Card application and submit it along with a deposit to set up an account. For processing purposes, please indicate on your application that you have an existing mortgage with Home Trust.
27. Who can I contact if I have questions that are not listed here?
You can call Home Trust Visa Customer Service at 416-777-5851 or toll-free at 1-888-281-7793 from Monday to Friday between 8:00 am and 8:00 pm EST
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Apply Now!
- Please download and print form (pdf form) --> Secured VISA Application
- Fill out application
- Attach your personal or personal certified cheque, money order or bank draft from a Canadian Financial Institution
- Attach copies of your two Canadian government-issued ID's
- Mail it to:
Home Trust Company
Attn: Visa Department
145 King Street West, Suite 2300
Toronto, Ontario
M5H 1J8 |
