Should I Get the Home Trust Secured Visa Card?
If you need to build or rebuild your credit, the Home Trust Secured Visa card will be an excellent fit for you. The monthly reports Home Trust sends to Equifax and TransUnion will help improve your credit rating. However, this requires paying off your card balance in full each month.
Who’s Eligible for the Home Trust Secured Visa Card?
Virtually everyone who applies for the Home Trust Secured Visa card is approved. The top requirements are that you’re a Canadian resident and the age of majority in your province. Other than that, there are no minimum income or credit score requirements. You can apply even if you have declared bankruptcy in the past or are in a consumer proposal.
What Information Do I Need to Provide When I Apply for This Card?
You will need to provide personal information such as your name, contact details, email address, and date of birth. To apply for the Home Trust Secured Visa card, you will also need to provide your residential status and Social Insurance Number (SIN).
How Does the Home Trust Secured Visa Card Work?
With the Home Trust Secured Visa card, you’ll have access to credit that’s limited to the deposit you put down. Therefore, if you make a deposit of $1,500, your credit limit will be $1,500.
You borrow against the deposit and pay off the outstanding balance just like a regular credit card. What makes the Home Trust Secured Visa card different is that you’ll get your deposit back when you close your account.
Is the Home Trust Secured Visa Card Different From a Prepaid Credit Card?
There are several differences between the Home Trust Secured Visa card and a prepaid credit card. With a secured Visa card, you can improve your credit history and rating. A prepaid credit card doesn’t offer this benefit.
Also, the Home Trust Secured Visa card allows you to control your spending limit with your deposit. And almost all places with a Visa logo accept your card, unlike a prepaid credit card that may not be widely accepted.
Can This Card Really Get Me a Better Credit Rating?
Yes. Your credit history is established since Home Trust reports to the credit bureaus every month. You’re responsible for keeping up with your payments. As long as you do this, your credit score will improve.
Do I Have to Pay an Annual Fee?
No. However, if you want a lower interest rate of 14.90% than the standard 19.99%, you can pay a fee of $59.
If I Decide to Close My Card, Will I Get My Deposit Back?
Yes. Secured cards reimburse you for the deposit you make as long as you settle your account in full.