With its easy approval, the Home Trust Secured Visa is good for almost anyone looking for a secured card instead of an unsecured card. But it’s especially useful if you’re looking to establish credit or rebuild poor credit.
The Home Trust Secured Visa’s credit limit scales with your security deposit and includes monthly reporting to both major Canadian credit bureaus—ideal for rebuilding credit. It also offers a 21-day interest-free grace period after each statement. Beyond its low barrier to entry, the card offers the convenience of carrying a Visa: global ATM and retail access, easy online banking, and purchase protection. The ‘Secured’ portion of the card means that the credit limit attainable is flexible, ranging from $500 to $10,000, depending on how much is put down initially as a security deposit.
✅ Pros and cons of the Home Trust Secured Visa Card
- Reports to credit bureaus every month, helping to quickly build your credit rating.
- Requires a $500 minimum deposit, with the credit limit scaling on a 1:1 basis all the way up to $10,000.
- High approval rate
- Monthly credit reporting to major credit agencies every month, expediting the credit repair or improvement process
- Low foreign transaction fee
- Cardholders get a 21-day no-interest grace period
- Low monthly minimum payment options; pay either the greater of $10 or 3% of the monthly balance.
- Standard interest rate although, if you opt for the annual fee version of the card, it comes down
- No rewards or perks
- Charges a monthly inactivity fee of $12 if the card is not used for a period of 12 months.
- Despite a high approval rate, there are still chances of being denied based on deal-breaking factors
- No welcome bonus offer as it is designed for credit building
The Home Trust Secured Visa Card doesn’t offer a points reward system or cash back rewards. Key benefits include:
- Credit building: Reports to credit bureaus each month which helps you build your credit.
- Flexible credit limits: Based on the security deposit, you can choose your own credit limit between $500 and $10,000.
- High approval rate: Whether you have no credit history, poor credit, or have experienced bankruptcy, you’re likely to be approved.
- The card does not offer insurance coverage.
- Visa acceptance: The card offers the global access, convenience and security of a Visa card.
- Visa Zero Liability: Provides protection against unauthorized transactions.
-
Purchase Protection: 90 days
How the Home Trust Secured Visa compares
The Home Trust Secured Visa and Capital One® Guaranteed Secured Mastercard cater to individuals aiming to build or rebuild their credit, yet they differ in several aspects.
The Home Trust Secured Visa stands out with its no annual fee policy, flexible credit limit (starting as low as $500). The Capital On®e Guaranteed Secured MasterCard imposes an annual fee of $0 but offers a lower initial security deposit as low as $75, which is relatively low compared to other secured cards. The interest rate is slightly lower at 21.9%-% on purchases, cash advances, and balance transfers.
$0
First Year Value
$0
Annual Value
Get this card if you...
- looking to improve your credit score
- want a low security deposit card
- value purchase protection and extended warranty coverage
Annual Fee & Annual Interest Rates
$0
Annual Fee
21.9%
Purchase
21.9%
Cash Advance
21.9%
Balance Transfer
Our Take
The Capital One® Guaranteed Secured Mastercard® is designed for individuals with limited or poor credit, offering guaranteed approval (subject to conditions) and the opportunity to rebuild credit through responsible use. Cardholders are required to provide a security deposit, and benefit from features such as purchase protection and extended warranty coverage, though the card carries an annual fee and a standard interest rate.
Eligibility
Poor (up to 299)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
- Guaranteed approval for those with weak credit
- Helps build or repair credit history with responsible use
- Low annual fee
- Purchase and travel benefits for available for those who qualify for the unsecured card version
- High interest rate
- Limited extra features for secured cards
- Security funds are required for the secured version
Annual Interest Rates
21.9%
Purchase
21.9%
Cash Advance
21.9%
Balance Transfer
Fees
$0
Annual Fee
Insurance Benefits
$75,000
Rental car insurance amount
Our Take
The Capital One® Guaranteed Secured Mastercard® is designed for individuals with limited or poor credit, offering guaranteed approval (subject to conditions) and the opportunity to rebuild credit through responsible use. Cardholders are required to provide a security deposit, and benefit from features such as purchase protection and extended warranty coverage, though the card carries an annual fee and a standard interest rate.
Eligibility
Poor (up to 299)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
- Guaranteed approval for those with weak credit
- Helps build or repair credit history with responsible use
- Low annual fee
- Purchase and travel benefits for available for those who qualify for the unsecured card version
- High interest rate
- Limited extra features for secured cards
- Security funds are required for the secured version
Annual Interest Rates
21.9%
Purchase
21.9%
Cash Advance
21.9%
Balance Transfer
Fees
$0
Annual Fee
Insurance Benefits
$75,000
Rental car insurance amount
You can opt to pay $5 monthly fee to get the Secured Neo Mastercard or you can pay $59 to give yourself lower monthly interest rates with Home Trust. They both have high acceptance criteria and offer scaling credit, but the minimum deposit with Neo is $50, as opposed to Home Trust which is $500. This makes it easier to start rebuilding your credit.
Disclosures:
-
Neo Credit and Neo Secured Credit cards are issued by Neo Financial™ pursuant to license by Mastercard International Incorporated.
$184
First Year Value
$0
Annual Value
Get this card if you...
- have a low credit score
- want to improve your credit score
- want to earn cash back on everyday purchases
Annual Fee & Annual Interest Rates
$59
Annual Fee
19.99% - 29.99%
Purchase
22.99% - 31.99%
Cash Advance
Our Take
The Neo Secured Mastercard is a secured credit card designed to help individuals build or rebuild their credit history. It offers cash back rewards on purchases, with earn rates that increase based on the balance maintained in a linked Neo Everyday account.
Eligibility
Poor (up to 299)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
- Low minimum security deposit
- Cash back rewards on purchases
- No hard credit check
- High APR range
- $5 monthly fee
- Best cash back offer requires high balance
Annual Interest Rates
19.99% - 29.99%
Purchase
22.99% - 31.99%
Cash Advance
Fees
$59
Annual Fee
Rewards cash back
Up to 4%
Earn up to 4% on gas and groceries
up to 1%
Earn up to 1% on everything else
$680
Earn up to $680 in annual cashback
Our Take
The Neo Secured Mastercard is a secured credit card designed to help individuals build or rebuild their credit history. It offers cash back rewards on purchases, with earn rates that increase based on the balance maintained in a linked Neo Everyday account.
Eligibility
Poor (up to 299)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
- Low minimum security deposit
- Cash back rewards on purchases
- No hard credit check
- High APR range
- $5 monthly fee
- Best cash back offer requires high balance
Annual Interest Rates
19.99% - 29.99%
Purchase
22.99% - 31.99%
Cash Advance
Fees
$59
Annual Fee
Rewards cash back
Up to 4%
Earn up to 4% on gas and groceries
up to 1%
Earn up to 1% on everything else
$680
Earn up to $680 in annual cashback
Home Trust Secured Visa reviews: What users have to say
Reddit users on the r/PersonalFinanceCanada subreddit have shared opinions and experiences regarding the Home Trust Secured Visa Card, though the general feeling is that it’s a viable option to build or rebuild credit. Users complimented it on its no annual fee in this thread and appreciate that it reports to both credit bureaus to rebuild credit.
However, there are some customer service concerns. Users discuss less-than-ideal experiences, and other users have experienced delays or issues with the application and approval process.
Know that individual experiences can vary, but in general, Home Trust company reviews are positive.
✅ Is it worth it?
Those with excellent or even good credit would be better served by another card that offers lucrative rewards or cash back and should likely consider the Home Trust Preferred Visa instead. But by approving virtually all applicants, the Home Trust Secured Visa Card provides a credit-building opportunity to those who are in greatest need of improving their score.
