Our Disclosure

The content on this website includes links to our partners and we may receive compensation when you sign up, at no cost to you. This may impact which products or services we write about and where and how they appear on the site. It does not affect the objectivity of our evaluations or reviews. Read our disclosure.

Home Trust Secured Visa Review 2024

Updated:

Fact Checked

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 Summary

Home Trust Secured Visa

Rewards: Earn points you can redeem for cash.

Interest rates: 14.90% on purchases; 19.80% on cash advances.

Annual fee: $59.

Credit limit: $500 to $10,000.

Credit score required: Poor or bad credit score.

  • No annual fee or $59 fee for lower rates
  • Security deposit: $500 – $10,000
  • 19.99% purchase interest rate and cash advances (standard card)
  • 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 monthly. 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 and purchase security. You can retrieve your security deposit when you close your account.

Home Trust Secured Visa Application

To apply for this card, visit their website.

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 Alternative

Neo Secured Mastercard

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 Credit

Rewards: Earn an average of 5% real cash back on purchases.

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

Interest rates: 19.99% – 29.99% for purchases; 22.99% – 31.99% for cash advances.

Annual fee: $0

Credit limit: Starts at $50.

Credit score required: Poor or bad credit score.

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 cannot 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
Overall
4.1

Summary

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.

Best Credit Offers in May 2024

Get the top savings and spending account and stop paying costly bank fees ($20 Bonus)

Save on fees and access unlimited transactions, eTransfers & bill payments.

Get a $20 instant bonus after completing your first purchase.

Earn up to 5% unlimited cash back and up to 5% interest on your balance.

Guaranteed instant approval with any credit score + free budgeting app.

Get this guaranteed approval credit card for any credit score ($25 bonus)

Get an instant $25 welcome bonus.

Earn 5% unlimited average cash back at thousands of locations.

Guaranteed approval for poor and bad credit scores. Takes 3 minutes.

No monthly fees and up to 15% cashback on your first-time purchases.

Stop paying monthly fees with a free chequing account + $400 bonus

Get a $400 cash bonus when you set up a qualifying direct deposit.

Unlimited debits, online bill payments and Interac e-Transfer transactions.

No monthly or annual account fees.

Earn a high interest rate on your savings (6.00% interest rate offer).

Author

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

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

Free financial education

Expert advice

Free resources

Detailed guides

1 thought on “Home Trust Secured Visa Review 2024”

  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.

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.