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Home Trust Secured Visa Review 2022

If your credit score has been dinged over the years and you are looking to rebuild your credit rating, the Home Trust Secured Visa card may be for you.

Repairing your credit can be challenging and almost impossible if no lender is willing to lend you money. A secured credit card can help you get back on track by requiring you to put down a security deposit.

Secured credit card issuers report your credit usage to the credit bureaus so you can rebuild your credit profile and become eligible for an unsecured credit card in the future.

This Home Trust Secured Visa review covers its benefits and shows why it’s one of the best secured credit cards in Canada.

Home Trust Secured Visa card

Home Trust Secured Visa – Summary

  • No annual fee
  • Security deposit: $500 – $10,000
  • 19.99% purchase interest rate
  • 19.99% annual interest rate on cash advances
  • Foreign currency conversion: 2.00%
  • Income requirement: None
  • Not available in Quebec

Home Trust Secured Visa Benefits

1. No annual fee: For a secured credit card, it is wonderful that this card comes with no annual fees. You can also opt for a paid version of the card that comes with a 14.90% purchase interest rate and costs $59 per year.

2. Credit limit up to $10,000: A security deposit is required and determines your credit limit. For example, if you deposit $1,000, your credit limit is $1,000.

Note that you will still need to pay off your credit balance similar to a regular credit card. The minimum credit limit is $500 and the maximum is $10,000.

3. Establish or re-establish your credit: Home Trust reports your file to the two major credit bureaus every month. This can help your credit rating if you are making payments on time.

4. Guaranteed approval: The approval rate for the Home Trust Visa card is a whopping 95%+. You can qualify as long as you are not currently in bankruptcy. 

Individuals who have been discharged from bankruptcy can also apply. This is great since this card is only one of a handful of secured credit cards available in the country.

In addition to these benefits, cardholders enjoy the worldwide acceptability of Visa as well as purchase security. You can retrieve your security deposit when you close your account.

Home Trust Secured Visa Application

To apply for this card, click here.

You must be:

  • A resident of Canada
  • At least 18 or 19 years of age depending on your province of residence
  • Able to provide a security deposit
  • (Not be) in bankruptcy

The application process takes 2-3 weeks to be completed. Residents of Quebec are not eligible to apply.

Home Trust Secured Visa Alternatives

A secured card alternative that offers more rewards and benefits is the Neo Secured Mastercard.

You earn up to 5% cash back on purchases and the security deposit starts at $50.

New cardholders get a $25 cash bonus plus 15% cash back on their first purchases at multiple retailers. Even better, this credit card does not have a fee, and approval is guaranteed.

Learn more in this Neo Secured Mastercard review.

Neo Secured Mastercard

Rewards: Earn up to 5% real cash back on purchases.

Welcome offer: 15% cashback on your first purchases, plus a $25 welcome bonus.

Interest rates: 19.99% – 26.99% for purchases.

Annual fee: $0

Credit limit: Starts at $50.

Credit score required: Poor or bad credit score.

Another top secured credit card option in Canada is the Plastk Secured Credit Card. This card has a $48 annual fee and offers the following benefits:

  • 6,250 welcome bonus points ($25 value)
  • Cashback points on all purchases. You can redeem points for popular gift cards, merchandise, and more
  • Access to free credit score updates
  • $300 to $10,000 credit limit depending on your security deposit
  • 25-day interest-free grace period for purchases
  • 17.99% low interest rate for purchases

Plastk Secured Credit Card

Rewards: Earn points you can redeem for cash.

Welcome offer: 5,000 bonus points and 0% APR for 3 months.

Interest rates: 17.99% on purchases; 21.99 on cash advances.

Annual fee: $48, plus a $6 monthly maintenance fee.

Lastly, you can also take a look at these personal loans for bad credit to vary your options when making a decision.

Is The Home Trust Secured Visa For You?

The Home Trust Secured Visa is for folks who have a poor or bad or even no credit rating. If you are unable to qualify for a regular credit card, this card can help you build or rebuild your credit rating.

If you would like to earn rewards while improving your credit score and want to avoid annual credit card fees, the Neo Secured Mastercard is our top choice.

Also read:

Home Trust Secured Visa review


The Home Trust Secured Visa card helps rebuild your credit if you have a poor or bad credit score. This Home Trust Secured Visa review covers what you need to know about it.

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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

1 thought on “Home Trust Secured Visa Review 2022”

  1. Gravatar for Ro

    DO NOT USE THIS CREDIT CARD. They are crooks. If you need to build credit, use Capital one, they are must better. I had a bunch of charges that I didn’t make, Home Trust Visa confirmed it was an error but refuse to give me back my money which is in the hundreds. AWFUL company. Customer service is awful and you they will never help you. You keep calling but no one ever helps.

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