Home Trust Secured Visa Review

3.24

$59

Annual Fee

$0

Annual Rewards

N/A

Intro Offer

$59

Annual fee

$0

Annual rewards

N/A

Intro offer


Pros


  • No annual fee option available
  • Low interest rate of 14.9% on purchases
  • Helps rebuild or repair credit
  • Virtually guaranteed approval process
  • Accepted worldwide
  • Online account management

Cons


  • Security deposit required (minimum $500)
  • No rewards or cash back features
  • Limited additional card benefits
  • Foreign exchange fee of 2% on transactions
  • Not suitable for individuals seeking reward-based credit cards

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 has earned a 3.24 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 are interest and fees.

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 the most important factors for scoring this card are its interest and fees.

Rewards

With the Home Trust Secured Visa, 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 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 is worth up to $0.00, depending on how you redeem.

This $0 in rewards value puts the Home Trust Secured Visa 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 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 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 has an annual fee of $59. After deducting this, we predicted net annual rewards of $-59.

This puts it in the bottom 10% 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 has a $59 annual fee.

The average card charges $85. So, the Home Trust Secured Visa is in the top 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 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

Purchase14.9%
Cash Advance19.8%
Balance Transfer19.8%

The average (median) credit card has a purchase interest rate of 19.99% and so the Home Trust Secured Visa charges 5.09% less than the average.

For cash advances it costs 19.8% compared to the average of 19.96%.

Testing the Home Trust Secured Visa with a $2,000 starting balance, you can see in the graph how the 5.09% less 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$59
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, 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 credit card is a popular option for Canadians looking to rebuild their credit or establish a credit history. This card offers a simple way to improve one’s credit profile while providing modest financial benefits.

In this review, we’ll discuss the card’s earning potential, benefits, drawbacks, and other relevant information to help you decide if it’s the right choice for you.

Earning potential with the card

The Home Trust Secured Visa credit card does not offer points or cash back rewards like traditional rewards credit cards. Instead, its main purpose is to help individuals with no credit or poor credit reestablish their credit history by using the card responsibly and making consistent payments.

Benefits

  1. Credit Rebuilding Capability: The first major advantage of the Home Trust Secured Visa credit card is its ability to help individuals rebuild their credit.

    By using the card responsibly, making full payments on time, and maintaining a low balance, cardholders can improve their credit score and eventually qualify for better financial products with more attractive reward offerings.
  2. Guaranteed Approval with Security Deposit: A second major advantage of this card is that it requires a security deposit, allowing for almost guaranteed approval.

    This means that even individuals with poor credit or those who are new to credit will generally be approved, as long as they can provide the required security deposit. Depending on your creditworthiness, required deposits can range from $500 to $10,000.
  3. No Annual Fee: The Home Trust Secured Visa has no annual fee, making it an affordable option for those who are rebuilding their credit. Many secured credit cards still charge annual fees, so this is a standout feature for the card.
  4. Reporting to Equifax and TransUnion for Credit History: Additionally, because Home Trust reports your payment history to both Equifax and TransUnion, responsible use of the card will be reflected on your credit report at both major credit bureaus. This can potentially lead to faster improvements in your credit score, assuming responsible use.

Drawbacks

  1. Lack of Rewards or Cashback Features: A significant drawback of the Home Trust Secured Visa credit card is the lack of rewards or cashback features. Many credit cards offer incentives for spending, such as cashback, points, or travel rewards. With the Home Trust Secured Visa, there are no such earning opportunities.
  2. Interest Rate on Purchases: The second major drawback is the card’s interest rate. The Home Trust Secured Visa currently has an interest rate of 19.99% on purchases, which is relatively high compared to other cards. If you carry a balance from month to month, interest charges can accumulate quickly.

Additional information

In conclusion, the Home Trust Secured Visa credit card is a valuable tool for Canadians looking to rebuild their credit or establish a credit history. While the card does not offer any rewards or cash back, its primary purpose is to help individuals reestablish a positive credit profile.

Due to its almost guaranteed approval, no annual fee, and reporting to both major credit bureaus, the Home Trust Secured Visa is an excellent option for those focusing on building or repairing their credit.

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

FAQ

The Home Trust Secured Visa does not operate on a points-based rewards system. Therefore, you will not be able to redeem points for rewards with this particular card.

This secured credit card is designed to help individuals with poor credit or no credit history to build or improve their credit score by providing a fully secured credit card option.

The Home Trust Secured Visa credit card does not charge additional fees when used for foreign transactions. This means that cardholders can make purchases in foreign currencies without incurring any extra costs, making it a great option for those who frequently travel or shop internationally.

The Home Trust Secured Visa credit card does not have a minimum income requirement. This makes it an accessible option for individuals with various income levels, as the primary focus is on securing the credit card with a deposit rather than meeting an income threshold.

Key benefits

  • Secured credit card option
  • Flexible deposit range ($500 $10,000)
  • Annual fee choices: $0 or $59 with lower interest rate
  • Purchase interest rate: 14.9% or 19.99% (depending on plan)
  • Online account access and management tools
  • Features Visa Secure for enhanced online shopping security
  • Credit limit determined by security deposit amount
  • Potential for credit limit increases over time
  • Free mobile alerts for account notifications
  • Global customer assistance services available
  • Increases credit score through responsible usage and on-time payments
  • Option to enroll in e-statements for environment-friendly billing access

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