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Download and Print the Application
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| Credit limit (min.) | $1,000 |
| Credit limit (max.) | $10,000 |
| Account set-up fee (one time) | $39.00 non-refundable |
| Security deposit | $1,000 - $10,000 |
| Interest paid on security deposit | 1% |
| Service fee (primary applicant) | $7.50/month |
| Service fee (secondary card) | $3/month |
| Interest rate - purchases | 19.50% |
| Interest rate - cash advances | 21.50% |
| Interest in arrears - purchases | +5% |
| Interest in arrears - cash advances | +3% |
| Overlimit fee | $29 |
| NSF fee | $39 |
| ATM fee (Canada) | $2 |
| ATM fee (USA) | $4.50 |
| ATM fee (non-North America) | $5.50 |
| Minimum Payment | 3% of the balance or $10, whichever is greater |
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1. What is a secured credit card?
A secured credit card is a product in which the security deposit you provide is equal to your
credit limit. It works just like any other credit card. Your deposit will be held in an interest
bearing account with interest (currently 1%) payable annually. You are required to make regular
monthly payments over and above the security deposit because this is not a "prepaid" card.
2. Why a secured credit card?
The Home Trust Secured VISA Card will allow you to build or rebuild a solid credit rating. Many
people have been declined by the banks for a credit card due to past bad credit or because
they have no credit history.
Having a credit card is not a luxury anymore, it's a necessity. The Home Trust Secured VISA
Card allows you to make purchases on-line or by phone, book a flight or rent a car. And VISA is
accepted at over 24 million locations worldwide.
3. How does this help me establish or re-establish my credit?
Home Trust reports your file to the credit bureau on a monthly basis. Your file is updated
and your credit history begins. Both the primary applicant and the
co-applicant's credit bureau can be updated.
4. What is the minimum/maximum credit limit?
The minimum credit limit is $1,000 and the maximum is $10,000.
5. How can I increase my credit limit?
You can increase the limit on your card by sending additional funds (personal or personal certified cheque drawn on a Canadian Financial Institution) to Home Trust and clearly indicating that you are requesting a credit line increase.
6. Who qualifies for the program?
Almost everybody who applies (our approval rate is approximately 95%). Applicants must
have a source of income.
7. Who does not qualify for the program?
People who are currently in bankruptcy do not qualify.
8. How do you apply for a Home Trust Secured VISA Card?
Fill out an application form and mail it to: Home Trust Company, Attn: VISA Department, 145 King Street West, Suite 2300, Toronto, Ontario,
M5H 1J8, along with your security deposit. We will not
process an application without the deposit.
9. Do I need to send additional documents along with my application form?
If you have never applied for credit in Canada, you probably do not have a credit file under your name at the credit bureau. If that is the case, then you may be required to provide documents that verify your address, date of birth or Social Insurance Number (a copy of your driver's license, a copy of a current bill, or a copy of your health card/SIN card).
10. What happens if I am declined?
If your application is declined, Home Trust will return your security deposit to you (cheques
are not cashed until the application is approved).
11. How can I send my deposit?
Attach a cheque (personal or personal certified cheque drawn on a Canadian Financial Institution) to your application
form and mail it to Home Trust.
12. Can I fax in my application?
No. Applications must be accompanied by a security deposit and cannot be sent by fax.
13. How long does it take to get a card?
The application process takes approximately 2-3 weeks from the time the application and
security deposit are received, if you send a personal certified cheque drawn on a Canadian Financial Institution. It will take up to an additional 15 days if you send a
personal cheque, as we must wait for personal cheques to be cleared by the bank.
14. Do I have to be a Canadian resident to get a Home Trust Secured VISA Card?
The card is available to Canadian residents except residents of Quebec.
15. Is there any way to speed up the process?
There is no real way to speed up the process, however, ensuring that your application is
complete will help. A personal certified cheque, drawn on a Canadian Financial Institution will expedite the process as we will
not have to wait for the funds to clear.
Also, if either of the following applies to you, there are documents you can send with your
application to ensure that your file is not delayed:
You may request "rush delivery" to have your card delivered to you by courier for a fee of
$39. Please note that this is only a rush delivery and it will not affect the approval process.
16. When do I get my deposit back?
Your deposit will be held as long as you have an account with Home Trust. When you
close your account, we will return your deposit, plus earned interest once all purchases and
fees have cleared.
17. Is there an annual fee?
There is a one-time set-up fee of $39 charged to the first statement. A monthly fee of $7.50
will appear on subsequent bills. For a secondary card, there is an additional fee of $3 per
month.
18. What is the interest rate?
Most banks charge between 17 and 21%. We charge 19.50% on purchases and 21.50% on
cash advances. Interest is not charged if the balance is paid in full by the statement date.
However, for cash advances, interest is charged from the time the advance is made
to the time it is paid off.
19. Do I have to pay the balance in full each month?
You have to pay at least the minimum payment on the statement. You cannot use your
security deposit to pay off the balance.
20. How do I make payments on my account?
You can make a payment at any Canadian Financial Institution that bears the VISA logo (Bank of
Montreal will also accept payments), either in the branch or through PC or telephone banking.
If you prefer, you can mail your cheque or money order directly to Home Trust in the envelope
provided to you with your statement.
21. What if I have a past bankruptcy ?
You may still qualify if you have a past bankruptcy as long as you have been discharged. There is no waiting period after a discharge.
22. Can I qualify if I am in Consumer Proposal or Credit Counselling Service?
If you are in Consumer Proposal or Credit Counselling Service, we require a letter from your trustee stating:
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