The Home Trust Secured Visa is a credit card that requires a security deposit for eligibility. Your credit limit is then set at the amount of the deposit. You can put down as little as $1,000, or as much as $10,000.
If you decide to cancel your card, you can just pay off your outstanding balance, and you'll get your security deposit back from Home Trust. And Home Trust is a Member of Canada Deposit Insurance Corporation (CDIC) (1-800-461-2342).
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Complete the application form and mail it with your security deposit (personal or personal certified cheque, money order or bank draft from a Canadian Financial Institution, payable to "Home Trust Company") and copies of two Canadian government-issued ID's to:
Home Trust Company
Attn: Visa Department
145 King St. West, Suite 2300
For more information, or to speak to a Customer Service Representative, please call 416-777-5851 or toll-free at 1-888-281-7793, or e-mail us at email@example.com.
Customer Service hours are from 8:00 am to 8:00 pm EST, Monday to Friday.
Please note that the Home Trust Secured Visa Card is not available to residents living in Quebec.
Home Trust Secured Visa Card features
|Credit limit (min.)||$1,000|
|Credit limit (max.)||$10,000|
|Account set-up fee (one time)||$39.00 non-refundable|
|Security deposit||$1,000 - $10,000|
|Service fee (primary applicant)||$7.50/month|
|Service fee (secondary card)||$3.00/month|
|Interest rate (purchases & cash advances)||24.99%|
|Over Limit fee||$29.00|
|ATM fee (Canada)||$2.00|
|ATM fee (USA)||$4.50|
|ATM fee (non-North America)||$5.50|
|Minimum Payment||3% of the balance or $10.00, whichever is greater|
1. What is a secured credit card?
A secured credit card is a product in which the security deposit you provide is equal to your credit limit. It works just like any other credit card. You are required to make regular monthly payments over and above the security deposit because this is not a "prepaid" card.
2. Why a secured credit card?
The Home Trust Secured Visa Card will allow you to build or rebuild a solid credit rating. Many people have been declined by the banks for a credit card due to past bad credit or because they have no credit history.
Having a credit card is not a luxury anymore, it's a necessity. The Home Trust Secured Visa Card allows you to make purchases on-line or by phone, book a flight or rent a car. And Visa is accepted at over 24 million locations worldwide.
3. How does this help me establish or re-establish my credit?
Home Trust reports your file to the credit bureau on a monthly basis. Your file is updated and your credit history begins. Both the primary applicant's and the co-applicant's credit bureau can be updated.
5. How can I increase my credit limit?
You can increase the limit on your card by sending additional funds (personal or personal certified cheque, money order or bank draft) drawn on a Canadian Financial Institution to Home Trust and clearly indicating that you are requesting a credit line increase.
8. How do you apply for a Home Trust Secured Visa Card?
Fill out an application form and mail it to: Home Trust Company,
Attn: Visa Department, 145 King Street West, Suite 2300, Toronto, Ontario, M5H 1J8, along with your security deposit and copies of two Canadian government-issued ID's. We will not process an application without the deposit and the required identification.
9. Do I need to send additional documents along with my application form?
If you have never applied for credit in Canada, you probably do not have a credit file under your name at the credit bureau. If that is the case, then you may be required to provide documents that verify your address, date of birth or Social Insurance Number (a copy of your driver's license, a copy of a current bill, or a copy of your health card/SIN card).
11. How can I send my security deposit?
Attach a cheque made payable to "Home Trust Company" (personal or personal certified cheque, money order or bank draft from a Canadian Financial Institution) to your application form and mail it to:
Home Trust Company
Attn: Visa Department
145 King Street West, Suite 2300
Toronto, ON M5H 1J8
13. How long does it take to get a card?
The application process takes approximately 2-3 weeks from the time the application and security deposit are received, if you send a personal certified cheque, money order or bank draft, drawn on a Canadian Financial Institution. It will take up to an additional 15 days if you send a personal cheque, as we must wait for personal cheques to be cleared by the bank.
15. Is there any way to speed up the process?
There is no real way to speed up the process, however, ensuring that your application is complete will help. A personal certified cheque, money order or bank draft, drawn on a Canadian Financial Institution will expedite the process as we will not have to wait for the funds to clear.
Also, if either of the following applies to you, there are documents you can send with your application to ensure that your file is not delayed:
You may request "rush delivery" to have your card delivered to you by courier for a fee of $39.00. Please note that this is only a rush delivery and it will not affect the approval process.
16. When do I get my deposit back?
Your deposit will be held as long as you have an account with Home Trust. When you close your account, we will return your deposit once all purchases and fees have cleared.
17. Is there an annual fee?
There is a one-time set-up fee of $39.00 charged to the first statement. A monthly fee of $7.50 will appear on subsequent bills. For a secondary card, there is an additional fee of $3.00 per month.
18. What is the interest rate?
The interest rate on purchases and cash advances is 24.99 %. Interest is not charged if the balance is paid in full by the statement date. However, for cash advances, interest is charged from the time the advance is made to the time it is paid off.
20. How do I make payments on my account?
You can make a payment at any Canadian Financial Institution that bears the Visa logo (Bank of Montreal will also accept payments), either in the branch or through web or telephone banking. If you prefer, you can mail your cheque or money order directly to Home Trust in the envelope provided to you with your statement.
24. How old do you have to be to get a credit card?
At least the age of majority in the province/territory where you reside (18 years of age in Ontario, Alberta, Saskatchewan, Manitoba, Prince Edward Island; 19 years of age in British Columbia, New Brunswick, Nova Scotia, Newfoundland/Labrador and the territories).
25. How much can I spend?
You may make purchases up to the limit of your Home Trust Secured Visa Card or you can use your card to make cash advances at ATMs or at a bank. Your Home Trust Secured Visa Card is a revolving line of credit. As you use your credit card, you are continually borrowing against your line of credit and repaying it. The amount of credit you have available at any time will vary depending on your current outstanding balance.
26. I have an existing mortgage with Home Trust, do I need to complete a
Home Trust Secured Visa Card application?
Yes. Even if you are an existing Home Trust customer, you are still required to complete a Secured Visa Card application and submit it along with a deposit to set up an account. For processing purposes, please indicate on your application that you have an existing mortgage with Home Trust.
27. Who can I contact if I have questions that are not listed here?
You can call Home Trust Visa Customer Service at 416-777-5851 or toll-free at 1-888-281-7793 from Monday to Friday between 8:00 am and 8:00 pm EST or email firstname.lastname@example.org