Home Trust VISA: one of the best secured credit cards on the market

Posted on 13 December 2022

Written by Samantha Galea

For anyone who is not aware of what a secured credit card is, it is a great way to secure credit if you are struggling to get a regular credit card. Most secured credit cards require a security deposit which is equal to the value of your credit limit. It is then free to use, just like any other credit card. Your deposit is often held in an account with interest, paid each year. Generally speaking, you will need to make frequent monthly payments over the security deposit as it is not a prepaid card. As it happens, the Home Trust VISA is a secured credit card and one of the best ways to secure the credit you need. It was also rated the best secured credit card for low fees in 2022 by CreditCardGenius. In this article, we explore the Home Trust Visa, as well as a number of other secured credit cards on the market.

What is the Home Trust VISA?

The Home Trust Secured VISA is a secured credit card that requires a security deposit in order to meet the criteria for taking one out. You can put down as little as $1,000 up to $10,000, which then becomes your credit limit. What is even better is that your security deposit will earn interest provided your Home Trust VISA is open and in good standing. With the Home Trust VISA, you can do what you deserve to do just as you would with any credit card – be that renting a car, shopping online, or booking vacations. You can also take out cash from any ATM with the VISA logo, and it is accepted at millions of locations around the world. Secured credit cards like the Home Trust VISA are also helpful for rebuilding your credit score where needed. Many Canadians are declined by banks for credit cards due to their credit score or a lack of credit history, which is where secured credit cards come into play.

What are the benefits of the Home Trust VISA?

There are many advantages of taking out the Home Trust VISA, including the following:

  • Building your credit history by using it for everyday shopping. Provided you stay current on payments each month, your credit rating will grow.
  • No annual fee. You can enjoy all the benefits of the Home Trust VISA without any annual fee.
  • Protection from fraud. The Home Trust VISA comes with a Zero Liability policy. If someone makes any unauthorized purchases with your card, you do not pay a cent for their fraudulence.
  • Global usage. You can shop and use your Home Trust VISA in over 200 countries and territories with contactless payment wherever available.
  • Online card management. You can manage your secured credit card and view your transactions securely online, no matter where you are in the world.
  • Spending limit control. You can stay in control of your spending limit with the amount of your deposit.

What are the features of the Home Trust VISA?

The Home Trust VISA secured credit card has the following features:

Home Trust VISA Card FeaturesCharge
Minimum credit limit$1,000
Maximum credit limit$10,000
Account set-up fee (one time, non-refundable)$39
Interest paid on security deposit2%
Monthly service fee (primary applicant)$7.50
Monthly service fee (secondary applicant)$3.00
Interest rate on purchases19.50%
Interest rate on cash advances21.50%
Interest rate in arrears on purchases add additional5%
Interest rate in arrears on cash advances add additional3%
Over limit fee$29
NSF Fee$39
ATM Fee (Canada)$2
ATM Fee (USA)$4.50
ATM Fee (outside North America)$5.50
Minimum Payment (the greater of 3% of the balance or $10 )3% or $10

How do you apply for the Home Trust VISA?

The application for the Home Trust VISA could not be simpler. Almost everybody who applies is approved, and there is an approval rate of 95%. Even if it is not, you will receive your security deposit back immediately. Any applicant must have a source of income, and must be a Canadian resident – although do note it is not available to residents of Quebec. You will be unlikely you qualify if you have filed bankruptcy. You can apply for a Home Trust VISA by simply completing the application form and sending your security deposit. The security deposit is crucial for your application to proceed. You can send it by sharing a cheque, a money order, or a bank draft along with your application form. If your application is accepted, your Home Trust VISA will usually take around two weeks to arrive once the security deposit has been resolved.

How much can I spend on the Home Trust VISA?

You are able to spend up to the limit of your Home Trust VISA, or to use the card to make cash advances at ATMs or banks. It is a revolving line of credit, which means you are borrowing against it and repaying. The amount you can spend at any time will depend on your outstanding balance. You can increase your credit limit by sending additional funds to Home Trust and asking for a credit line increase.

How does a secured credit card help you to establish credit?

For secured credit cards like the Home Trust Visa, your file will be reported to Canada’s credit bureaus each month. It is updated and your credit history starts. This applies to both the primary applicant, and any subsequent applicants too. Provided you are able to make your repayments in full and on time, you will find that you begin to build a good credit score. In order to stay current on your Home Trust VISA, you need to pay at least your minimum payment on the statement each month. You are not able to use your security deposit to pay off the balance. Should you choose to cancel your credit card, you can simply pay off the outstanding balance, and you will receive your security deposit as well as any interest back from Home Trust.

If you want to learn more about the Home Trust VISA or how secured credit cards can benefit your financial circumstances, book a free consultation with Spergel. It can help you on your journey to a fresh financial future. At Spergel, we have been helping Canadians to get better interest rates and to gain approval on rentals and mortgages for over thirty years. Reach out today – you owe it to yourself.


Samantha Galea

Samantha Galea is a Chartered Insolvency and Restructuring Professional and LIT (Licensed Insolvency Trustee) who started working with Spergel as a summer student in 2010. With her socio-political background, Samantha is committed to breaking the stigma associated with bankruptcy so that individuals and families can properly understand all of their options on their path to debt freedom. She is also our resident expert on student debt and collection agencies, as well as the manager of our Brampton office. Outside of work, Samantha is an avid reader of historical non-fiction and world traveler.

Schedule a Free Consultation with Samantha Galea (or your local Spergel LIT) by:

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