Home Trust Secured Visa Review
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
How you earn rewards
Each card earns rewards differently. Part of choosing your card is deciding what type of rewards you want to get. With Home Trust Secured Visa, here’s how you earn rewards:
How much your rewards are worth
The dollar value of your rewards depends on the specific Home Trust rewards program and what you choose to redeem your points for.
For Home Trust Secured Visa in particular, if you spend $2,000.00 per month, here’s our estimated rewards earned depending on which reward you choose:
Calculating your annual rewards
$24,000.00 annual spending x $0.00% return on spending = $0.00 annual rewards
$0.00 annual rewards – $59.00 annual fee = $$-59.00 net annual rewards
Details and eligibility
| Do I qualify? | |
|---|---|
| Estimated Credit Score | 300 – 559 |
| Interest Rates | |
|---|---|
| Purchase | 14.9% |
| Cash Advance | 19.8% |
| Balance Transfer | 19.8% |
| Fees | |
|---|---|
| Annual Fee | $59.00 |
| Extra Card Fee | $0 |
| Card type | Visa |
Insurance coverage
Home Trust Secured Visa Review
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.
Benefit 1: 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.
Benefit 2: 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.
Benefit 3: 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.
Benefit 4: 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.
Drawback 1: 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.
Drawback 2: 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.
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
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
