Home Trust Secured VISA

 
Annual Fee
Sign-Up Bonus
Why This Card?
 

$0

n/a

  • No Annual Fee!
  • Great way to build and repair your credit!
  • Home Trust reports your file to the credit bureau on a monthly basis.
  • Deposit is insured by CDIC!
  • Credit limit is matched dollar for dollar on your deposit.
  • $500 minimum deposit.
  • $10,000 maximum credit limit!
  • Virtually everyone is approved
  • Supplementary cards are available!
  • Two options available including a card with a 14.9% interest rate ($59 annual fee).

Apply now for the Home Trust Secured VISA!



No-Fee Home Trust Secured VISA Card Review

Special Note: Home Trust secured cards are not available to residents of Quebec.
    This is a good credit card to help someone start their credit history.  It is also a good option for you if are rebuilding your credit or if you have no credit history in North America.  Each month Home Trust will report to the credit bureaus on the status of your account.
    Whether this is a fresh new start or your first start, you should start some good credit habits.  If you want to help your credit score and your life you should pay off your balance each month on time.  Just because it is secured, it doesn't mean that you will be given a break on the interest rate.  Any balance left remaining after the grace period will be charged 19.99% interest.
    There are some big differences between the Home Trust secured card and a regular unsecured card.  First off, you will need to make a deposit (don't worry it is CDIC insured) that is equal to your requested credit limit.  Your deposit will be held until you decide to cancel the card.  After you cancel the card, Home Trust will refund your deposit.  If for some reason you are not approved, Home Trust will return your deposit immediately (checks are not deposited until the application has been approved).  You can increase your credit limit by sending in an additional deposit and clearly indicating that you are requesting a credit limit increase.
    Between the two secured cards, the no fee card is far superior.  Paying a $59 annual fee to have a secured credit card is a bit harsh.  The only people that wouldn't choose the no fee option are the ones that think that you need to carry a balance in order to improve your credit score.  Don't let anyone tell you that you should only pay the minimum balance on your credit card.  Doing so doesn't help you, it will only cost you.


Credit Card Nerd Math

It is foolish to keep a balance and pay 19.99% interest on your credit card.  Doing so will hurt you badly.  Maintaining a balance past the monthly due date will cost you $99.95 per year for every $500 on your credit card balance.  The numbers work like this: 19.99% x 12 months x $500 = $99.95 in annual interest costs.  This doesn't include compounding interest costs either, this is just the interest cost if you maintain a $500 balance throughout the year.




No-Fee Card Details

Network: VISA
Provider: Home Trust
Minimum Credit Limit: $500
Grace Period: 21 days
Annual Fee: $0
Additional Holder Annual Fee: $0
Interest Rate: 19.99%
Cash Advance: 19.99%
Over Limit Fee: $29
Balance Transfers: n/a


Insurance Perks

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Home Trust Secured VISA Card Review

You can reduce the interest rate by going for the Home Trust secured Visa with a $59 annual fee, but it will probably be a net loss if you apply for this card instead of the no fee version.


Credit Card Nerd Math

You can only save money by applying for the $59 annual fee card if you maintain an average monthly balance of $1159.14 past the due date throughout the year.  The numbers work like this: $59 annual fee / (19.99% - 14.90%) = $1159.14 average monthly balance.  I really hope that this option will not be saving you money.




Fee Card Details

Network: VISA
Provider: Home Trust
Minimum Credit Limit: $500
Grace Period: 21 days
Annual Fee: $59
Additional Holder Annual Fee: $0
Interest Rate: 14.90%
Cash Advance: 19.80%
Over Limit Fee: $29
Balance Transfers: n/a


Insurance Perks

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