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Fact Checked: Amy Tokic

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Updated: November 22, 2023

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Please be aware that some (or all) products and services linked in this article are from our sponsors.

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Please be aware this post may contain links to products from our partners. We may receive a commission for products or services you sign up for through partner links.

If you want to improve, rebuild or re-establish your credit score, the Home Trust Secured Visa Card may be the right fit for you.

The Home Trust Secured Visa comes in two options: the Home Trust Secured Annual Fee Visa Card ($59) and the Home Trust Secured Visa No-Fee Card option (which charges a 19.99% APR interest instead of the 14.90% interest). This cardā€™s credit limit scales with your security deposit, and it offers monthly reporting to both major credit bureaus in Canada.

The Home Trust Secured Visa credit card offers cardholders flexibility, including a grace period after each monthly statement that doesnā€™t charge any extra interest on your bill for 21 days. Additionally, minimum payments are highly manageable, reducing to whichever sum is greater at the end of the month ā€“ $10.00 or 3.00% of the cardā€™s current balance.

On top of the low-barrier of entry and useful features for rebuilding credit, Home Trust Secured Visa cardholders can also benefit from having a Visa in their wallets. Access to millions of ATMs and shops around the world, easy online banking and purchase protection are convenient perks that Visa customers will consider valuable.

The ā€˜Securedā€™ 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.

Who is the Home Trust Secured Visa card for?

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 itā€™s especially useful if youā€™re looking to establish credit or rebuild poor credit. 

Pros and cons of the Home Trust Secured Visa Card

Pros

Pros

  • No annual fee (if you choose): The card does not charge an annual fee, making it cost-effective for users. You have the option to pay a $59 annual fee for a reduced interest rate of 14.90%.
  • Credit building: Reports to credit bureaus every month, helping to quickly build your credit rating.
  • Scaling credit limit: The Home Trust Secured Visa Card requires a $500 minimum deposit, with the credit limit scaling on a 1:1 basis all the way up to $10,000. Your entire security deposit is reimbursed as long as the outstanding bill is paid in full.
  • High approval rate: Virtually all applicants are approved for the Home Trust Secured Visa Card, giving those with a dire need to rebuild their score the tools to do so immediately.
  • Monthly reporting: Home Trust reports a cardholderā€™s progress on paying bills to major credit agencies every month, expediting the credit repair or improvement process.
  • Low foreign transaction fee: Charges a lower foreign transaction fee of 2% compared to the typical 2.5%.
  • No-interest grace period: After the monthly statement arrives, customers have 21 full days to pay their bill while accruing no extra interest. This allows a bit of breathing room to organize your finances and pay the bill on time, every time.
  • Low minimum payments: If cardholders choose to pay the monthly minimum rather than the full balance, theyā€™re allowed to pay either the greater of $10 or 3% of the monthly balance.
Cons

Cons

  • Interest rate: The regular APR is 19.99%, which is standard for most credit cards. If you opt for the annual fee version of the card, it comes down to 14.90%.
  • No rewards or perks: Unlike some other secured cards, the Home Trust Secured Visa Card does not offer rewards or cash-back programs.
  • Inactivity fee: Charges a monthly inactivity fee of $12 if the card is not used for a period of 12 months.
  • Potential for application denial: Despite a high approval rate, there are still chances of being denied based on deal-breaking factors like being under the age of majority, failure to provide a security deposit, insufficient income or a history of missed payments.
  • Welcome bonus: The Home Trust Secured Visa Card doesnā€™t offer a welcome bonus. Itā€™s designed for credit building and not for rewards or bonuses. When you upgrade to an unsecured credit card, look for the best cash back or best travel credit cards to unlock extra perks like high earning rates, insurance coverage, and more.

How to earn points

The Home Trust Secured Visa Card doesnā€™t offer a points reward system or cash back rewards. Key benefits 

  • 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, youā€™re likely to be approved.

Insurance coverage

  • The card does not offer insurance coverage. 

Extra benefits

  • Visa acceptance: The card offers the global access, convenience and security of a Visa card. 
  • Visa Zero Liability: Provides protection against unauthorized transactions.
  • Low foreign transaction fee: Charges a lower foreign transaction fee of 2% compared to the typical 2.5%.
  • Purchase Protection: 90 days

How the Home Trust Secured Visa compares

Home Trust Secured Visa Card vs. the Capital One Guaranteed Secured Mastercard

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 (ranging from $500 to $10,000), and a lower foreign transaction fee of 2%.  

The Capital One Guaranteed Secured MasterCard imposes an annual fee of $59 but offers a lower initial security deposit of either $75 or $300, which is relatively low compared to other secured cards. The interest rate is slightly lower at 19.8% on purchases, cash advances, and balance transfers. 

Home Trust Secured Visa Card vs. the Neo Secured Credit Card

Neither card charges an annual fee. You can opt to pay $4.99 per month ($59.88 per year) to unlock higher cash back rewards with Neo, or you can pay $59 to give yourself lower monthly interest rates (from 19.99% to 14.90%) 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. 

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 itā€™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. 

Whoā€™s the card for?

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.

FAQs

  • Is Home Trust Secured Visa legit?

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    Yes, the Home Trust Secured Visa is a legitimate credit card offered by Home Trust Company, a reputable Canadian financial institution.

  • Are Home Trust Secured Visa Cards guaranteed?

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    While not guaranteed, Home Trust Secured Visa cards have a high approval rate, especially for those with poor or no credit history.

  • Is Home Trust Secured Visa easy to get?

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    Yes, it's relatively easy to get due to its high approval rate for individuals with various credit backgrounds.

  • What are the disadvantages of a secured credit card?

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    Disadvantages include requiring a security deposit, often lower credit limits, and sometimes higher interest rates compared to unsecured cards.

  • How much is the inactivity fee for a Home Trust Visa?

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    The inactivity fee for the Home Trust Visa is $12 per month after 12 months of no use.

  • Does Home Trust Visa report to a credit bureau?

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    Yes, Home Trust Visa reports to both major credit bureaus, aiding in building or rebuilding credit history.

  • What if my Home Trust Visa is compromised?

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    If compromised, immediately report it to Home Trust. They offer Visa Zero Liability to protect against unauthorized transactions.

  • How do I pay my Home Trust Visa bill online?

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    Pay online by adding Home Trust Visa as a payee in your bankā€™s online banking platform and making a payment.

  • Is there a Home Trust Visa app?

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    There is no dedicated Home Trust Visa app; account management is primarily done through their website. Check out Neo or KOHO if you're looking for a credit card with an app that helps with credit building.

About our author

Scott Birke
Scott Birke, Finance editor, Money.ca

Scott Birke is a finance editor and writer with an interest in credit cards, investing, saving money and personal finance. Scott joined Wise Publishing from Finder, and his byline has appeared in the National Post, Mountain Life and Rock and Ice. When he's not trying to help Money.ca readers save money by comparing better financial products, he can be found riding his snowboard or mountain bike or listening to his small (but growing) vinyl collection.

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