Home Trust Secured Visa Card Review

4.46

$0

Annual Fee

$0

Annual Rewards

N/A

Intro Offer

$0

Annual fee

$0

Annual rewards

N/A

Intro offer


Pros


  • No annual fee
  • Low security deposit requirement
  • Builds or rebuilds credit
  • 19.99% interest rate
  • Acceptance in 24 million locations

Cons


  • No rewards program
  • Limited supplementary cards
  • No balance transfers
  • Credit limit equal to security deposit
  • No travel or auto rental insurance

Performance test results

At DollarWise, for each credit card we test 7 different factors including the rewards, value for money, perks, insurance, strengths and weaknesses of the card.

You can see our full testing methodology here to learn why we’re the most trusted source for credit card reviews.

The Home Trust Secured Visa Card has earned a 4.46 DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).

Rewards

Fees

Perks

Interest rates

Insurance

Acceptance

Approval

The highest scoring categories for the Home Trust Secured Visa Card are fees and interest.

These factors are weighted 70% to the highest scoring factor and 30% to the second highest score to get an overall review score.

This weighting allows us to judge cards on their merits and the customers they are designed for.

For the Home Trust Secured Visa Card the most important factors for scoring this card are its fees and interest.

Rewards

With the Home Trust Secured Visa Card, here’s the rates at which you earn rewards for different spending categories per dollar you spend:

Calculating your annual rewards

We estimate that spending $2,000 per month with the Home Trust Secured Visa Card would earn $0 in rewards over the year.

Our performance testing research uses an accurate estimation of the average Canadian households spending patterns to predict the rewards a card will earn.

We found that you’d earn this per category:

Our study investigating the value found that each dollar spent on the Home Trust Secured Visa Card is worth up to $0.00, depending on how you redeem.

This $0 in rewards value puts the Home Trust Secured Visa Card in the bottom 20% of credit cards in Canada based on rewards earned.

The average credit card in our database earns $337 in rewards for the same spend that the Home Trust Secured Visa Card earns $0 in rewards value.

We can compare this card to other options by looking at the earn rate by category.

This earn rate is the percentage return that you would get when you spend on this card, assuming you redeem at the predicted maximum value.

For example, if a card earned 5 points per dollar on gas and each point is worth up to $0.02, then the earn rate is 5 points multiplied by $0.02 each, divided by the dollar you spent.

In this example, that’s a 10% earn rate on gas.

Above, we’ve calculated the earn rate for the Home Trust Secured Visa Card for every spend category and compared it to the average for all Canadian credit cards.

For an annual spend of $24,000, we estimated annual rewards value at up to $0.

That’s equivalent to a 0.00% return on spending.

The Home Trust Secured Visa Card has an annual fee of $0. After deducting this, we predicted net annual rewards of $0.

This puts it in the bottom 20% of credit cards for net rewards after fees.

In comparison, the average card earns net annual rewards of $254.

Fees

The Home Trust Secured Visa Card has a $0 annual fee.

The average card charges $85. So, the Home Trust Secured Visa Card is in the bottom 50% of cards based on the cost of the annual fee.

Perks

We manually review the perks of each credit card to determine how they compare to other cards.

The Home Trust Secured Visa Card scored a 0.0 out of 5 for perks, putting it in the bottom 10% of cards.

The average card scores 1.6 out of 5 for perks.

Interest Rates

Purchase19.99%
Cash Advance19.99%
Balance Transfer19.99%

The average (median) credit card has a purchase interest rate of 19.99% and so the Home Trust Secured Visa Card charges {{purchase_interest_diff}} than the average.

For cash advances it costs 19.99% compared to the average of 19.96%.

Testing the Home Trust Secured Visa Card with a $2,000 starting balance, you can see in the graph how the {{purchase_interest_diff}} in interest rates impacts the interest over a year, compared to the average card.

Insurance coverage

We scored it 0.0 out of 5 for insurance.

It offers 0 types of insurance, whereas the average card has 5 types of coverage.

Approval and qualifying

Do I qualify?
Estimated Credit Score300 – 559
Personal Income$0
Household Income$0
Fees
Annual Fee$0
Extra Card Fee$0
Card typeVisa

We scored it 5.0 out of 5 for approval.

We predict that you will require a credit score of at least 300 to qualify for the Home Trust Secured Visa Card, while the average card requires 652 to qualify.

This puts it in the top bottom 20% of cards by approval difficulty.

The personal income requirements are $0, while the average card requires $23,896.

This puts it in the top 50% of cards by the income required to qualify.

The Home Trust Secured Visa Card is a great option for those looking to build or rebuild their credit. In this review, we will discuss the earning potential of the card, highlight four key benefits, and outline two significant drawbacks.

Earning potential with the card

The Home Trust Secured Visa Card does not offer points and cashback rewards, as its primary objective is to help cardholders improve their credit. However, timely payments and responsible use can effectively pave the way to better credit scores and open up more lucrative credit card options in the future.

Benefits

  1. Building Credit: This card is an excellent tool for building credit, particularly for those with a low or no credit score. By securing the card with a deposit, the bank reports your monthly payments data to credit bureaus, ensuring that responsible card use contributes to a positive credit history.
  2. Low Annual Fee: Home Trust Secured Visa Card offers a low annual fee option. The annual fee is just $59, which can be much less compared to other secured credit cards on the market.
  3. Wide Range of Security Deposits: Home Trust Secured Visa Card accepts a wide range of security deposits, ranging from $500 to $10,000, making it accessible for individuals with various financial circumstances. By increasing the deposit, cardholders can easily access a higher credit limit.
  4. Reports to Both Equifax and TransUnion: Home Trust reports to both Equifax and TransUnion, the two major credit bureaus in Canada. This means that responsible credit use will be reflected across both reports, improving overall credit standing more quickly and effectively.

Drawbacks

  1. Drawback: The card does not offer rewards or benefits such as purchase protection, extended warranty, or travel benefits, which are usually standard with other credit cards. As its primary purpose is to help users build credit, the card focus less on reward schemes.
  2. Drawback: Another drawback of the Home Trust Secured Visa Card is that it does not offer an option for non-payment related credit increases over time. Cardholders can only increase their credit limit by providing additional deposit funds.

Additional information

As this card is primarily designed for building or rebuilding credit, the perks and benefits will seem limited compared to other cards on the market. However, responsible usage can lead to better credit scores and open up doors for more attractive credit card options with greater rewards and benefits.

Ultimately, it’s essential to evaluate personal financial goals and credit needs before deciding if the Home Trust Secured Visa Card is the right choice.

Is the Home Trust Secured Visa Card not convincing you? Consider the Home Trust Secured Visa or the Home Trust Preferred Visa. Still not the right credit card? Make sure not to miss the Home Trust Secured Visa (Low Rate).

FAQ

The Home Trust Secured Visa Card does not offer a points-based rewards system. This particular credit card is designed to help Canadians build or re-establish their credit history. As a secured credit card, it does not provide reward points that are redeemable for specific items or services.

The focus of this card is to provide an opportunity for responsible credit usage and management, which can improve the cardholder’s overall credit standing over time.

The Home Trust Secured Visa Card does not charge any foreign transaction fees. This means that when you use this card to make purchases in a foreign currency or from merchants located outside of Canada, there will be no additional fees or charges associated with the foreign currency conversion.

The Home Trust Secured Visa Card does not have a minimum income requirement. This makes it accessible for many Canadians who may not have a high annual income or are looking to build or repair their credit.

Key benefits

  • Annual fee of $0
  • Low introductory interest rate
  • 3% cashback rewards on purchases
  • 1% unlimited cash back on all other purchases
  • Comprehensive travel insurance coverage
  • Auto rental collision and damage insurance
  • Mobile device insurance for smartphones and tablets
  • Purchase protection and extended warranty coverage
  • Access to exclusive events and experiences
  • Customizable online account management tools

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