Secured Credit Card Application
Home Trust Secured Visa: The Best Secured Credit Card Solution
If you have been turned down for a traditional credit card due to past financial challenges, bankruptcy, or a lack of credit history, the Home Trust Secured Visa is one of the most effective tools available to get your financial profile back on track. Unlike a prepaid card, this is a real credit card that helps you build the "credit muscle" needed to qualify for a mortgage in the future.
How it Works
A secured credit card requires a security deposit that acts as your credit limit. For the Home Trust Secured Visa, you can provide a deposit ranging from $500 to $10,000.
- Credit Limit: Your limit is 100% of your deposit.
- Guaranteed Approval: Because the card is backed by your deposit, virtually everyone is approved—including those recovering from bankruptcy or consumer proposals.
- Security: Your deposit is held safely by Home Trust (a CDIC member) and is returned to you when you close the account with a zero balance.
Why It’s the "Best" Solution for Rebuilding Credit
The primary reason we recommend this card to clients in Nova Scotia is its impact on your credit score.
- Monthly Reporting: Home Trust reports your payment activity to both Equifax and TransUnion every month. Consistent, on-time payments demonstrate to future mortgage lenders that you are a reliable borrower.
- Better than Prepaid: Prepaid cards do not report to credit bureaus. The Home Trust Secured Visa establishes a formal trade line on your credit report, which is essential for improving your credit score.
Choose Your Plan
Home Trust offers two distinct options based on how you plan to use the card:
The No-Fee Plan: * Annual Fee: $0
- Interest Rate: 19.99% on purchases.
- Best for: Those who plan to pay their balance in full every month.
The Low-Interest Plan: * Annual Fee: $59 (or $5.00 per month).
- Interest Rate: 14.99% on purchases.
- Best for: Those who may occasionally carry a balance and want to save on interest costs.
Key Benefits at a Glance
- Worldwide Acceptance: Use it anywhere Visa is accepted—online, in-store, or for booking travel and car rentals.
- Lower Foreign Fees: A 2% foreign transaction fee (lower than the industry standard of 2.5%).
- Zero Liability: Protection against unauthorized purchases.
- Fast Application: Most clients can complete the application in minutes and receive their card shortly after the deposit is processed.
The Mortgage Managers Perspective
Rebuilding your credit is a marathon, not a sprint. Using a Home Trust Secured Visa responsibly for 12 to 24 months is often the difference-maker for clients looking to transition from "alternative" lending back to "A-lending" rates. If your goal is homeownership in Halifax or anywhere across Nova Scotia, this card is a foundational first step.
