Pros & cons
Pros
- A secured credit card issued by a bank.
- Near guaranteed approval.
- Lower purchase interest rate of 14.9%.
Cons
- $500 minumum security deposit required.
- No rewards on purchases.
Your rewards
How you earn rewards
This card does not earn rewards on purchases.
Details and eligibility
- Estimated Credit Score
- 300 - 559
- Personal Income
- N/A
- Household Income
- N/A
- Annual Fee
- $59.00
- Extra Card Fee
- $0
- Card type
- Credit
- Purchase
- 14.90%
- Cash Advance
- 19.80%
- Balance Transfer
- 19.80%
Genius Rating
Home Trust Secured Visa (Low Rate)'s 1.8 Genius Rating is based on the weighted average of the following scores:
Methodology
All scores are produced by our math-based rating algorithm that takes into account over 126 credit card features.
Top cards if you have Poor Credit
Our review
If you are struggling with poor or no credit, secured credit cards could be the answer to the question, "What do I need to do to get my credit on the right track?"
Secured credit cards are a great tool to help people who haven't had a chance to build their credit, or who have had some credit issues in the past.
Because credit card issuers are taking a chance on people who have no or poor credit, they require their cardholders to put down a security deposit or "security funds". In the case of the Home Trust Secured Visas, these funds will match the amount of credit you are given. Your security funds will be returned when you close your account - assuming your account is in good standing and paid in full.
One of the best parts?
Home Trust approves virtually everyone for the Home Trust Secured Visa (even if you had to declare bankruptcy or have zero credit history). And they will also report monthly to Equifax and TransUnion, helping you to improve your credit as long as you pay your balance as agreed every month.
What about the credit limit though?
The Home Trust Secured Visa is flexible in that it will give you a limit that matches your deposit, up to $10,000.
For more peace of mind, this $59 annual version of this card comes with a lower interest rate of 14.90%. That means if for some reason you are unable to pay your balance in full, you will only be charged 15% interest, instead of the typical 20%. Be sure to pay at least the minimum payment though to keep your credit history healthy!
If you aren't concerned about a lower interest rate because you will be paying your entire balance every month, then you can save yourself $59 and apply for the
Key benefits
User reviews
Reviewed by 2 Canadians
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Terrible credit card. Funds sometimes take a week to be reflected in the system after payment. When you call "customer service", you get referred to some generic third-party that then refers you to the "real" customer service -- what a monumental waste of time. Sometimes, the chip gets blocked forever when the merchant makes a mistake with the transaction. I understand people get the card for the no foreign exchange fee but you get what you pay for -- which is nothin.
so horrible. statement is confusing and money take a week to go onto it.
