How to Apply Home Trust Secured Visa Credit Card

Home Trust Visa is a popular-secured credit card for Canadians. With a fraud protection policy and low foreign transaction charges, the card has become the best choice for several residents. When you apply for other credit cards, your credit score is important. But, in the case of a Home Trust Visa card, applicants with minimal or no credit score can get approval. The bank lets you set a credit limit of up to $10,000.

Unlike other credit cards, Home Trust Visa does not offer rewards. However, after having the card, you can avail of purchase protection for 90 days to insure certain items.

About the Home Trust bank

Home Trust Bancshares Inc. is a prominent bank holding corporation based in North Carolina. The Home Trust Bank was established in 1926 with only a 5-member team. However, with the growth of the business, the bank expanded its team, and currently, it owns an asset of around $4.6 billion.

The bank is a member of CIDC or Canada Deposit Insurance Corporation. At present, it is the largest trust organization in Canada. Till now, Home Bank has released a number of credit and debit cards for consumers. From Visa Small Business Rewards Cards to Secured Visa Credit Cards, every financial product comes with amazing features.

Benefits of using a credit card

The most significant benefits of using a credit card are-

• Build or restore your credit history – The Home Trust Secured Visa card can be used for your daily purchases, and it helps you develop your credit history. However, your payments should be up-to-date to improve your credit status.
• International usage – Whether you are shopping in Canada or other countries, you can use the Visa Credit Card. This card is acceptable in more than 200 countries where the contactless payment system is available.
• Zero Liability policy- It is another provision for the Secured Visa card owners. It means that the cardholder will not be liable for any unauthorized transactions. So, Home Trust ensures fraud protection for its card users. If any unauthorized person makes a deal against your card, you will not need to pay an amount for the fraudulent activity.
• No annual charge – Home Trust Secured Visa card users do not need to pay an annual fee. But, the interest rate is charged when your credit account has a balance. To reduce the interest rate, you may pay $59 as an annual fee.
• Online account management – Your Visa Credit Card is manageable easily using the online portal. You can check transactions or balances and pay bills online.
• Compatible with digital wallets – Today, most consumers like to use digital wallets like Samsung Pay, Google Pay, and Apple Pay. You can add a credit card to any online wallet for convenient payment.

Prerequisites for Secured Visa Card applicants

Home Trust has not set any strict requirements for Secured Visa Card applications. So, even if you have a low credit score, you can apply for the card. So, consumers whose credit score ranges from 300 to 579 can also get their application approved.

Who is Home Trust Secured Visa Credit Card for? 

Home Trust Secured Visa Credit Card is the right choice for those whose credit histories are quite nontraditional. For instance, newly arrived citizens in the country, self-employed persons, and students can apply for this card. Moreover, if you have had any credit issues in the past, you can choose the Secured Visa Card. It lets you control your future by developing or restoring your credit. 

People with no credit history can also go for the Secured Credit Card. The card will help them build a good credit history, and it will be beneficial while applying for a loan. Besides, high-risk borrowers prefer using the Home Trust Secured Visa Card.

Guide to applying for Home Trust Secured Visa Credit Card 

Applying for your Home Trust Secured Visa Credit Card is very simple.

It is very easy to apply for the Home Trust Secured Visa card. You can do it by visiting the official site of the bank. You have to pay the minimum amount as the security deposit after getting approval for your card application. Send the amount via money order, cheque, or bank draft.

If you want to send your credit card application online, you need to provide some details like-

• Name 
• Social Insurance Number
• Date of Birth
• Employment details
• Add any authorized user if needed

Once you send these details and the bank accepts your application, it takes 2 weeks to deliver the card. 

Positive and negative aspects of the credit card 

Home Trust Secured Visa Credit Card has a number of positive aspects.

No need for checking the credit card: There is no need to go through the credit card checking process to qualify for the Secured Visa Card.

Easy access: The biggest advantage is that it is easy to get your card application approved. Consumers who need to re-establish their credit status can apply for the card.

Zero-interest grace period: You will get 21 days to pay your bill after the arrival of your monthly statement. There is no need to pay an additional interest.

Scale up your credit limit: You can open a credit account with a minimum deposit of $500. However, the credit limit can be scaled up to $ 10,000. Besides, the bank will reimburse your security deposit when you cancel the card and pay the bill in full.

Low minimum payment: The minimum monthly payment you need to make is only 3% of your balance.

Although Home Trust Secured Visa Card offers several benefits, it comes with some demerits.

• Need a deposit to use the card- If you want to purchase something against the card, you should deposit a certain amount and secure the balance.
• No Cashback or Rewards – Most credit cards in the market offer redeemable points and cashback rewards that allow users to save money. However, you will find no such facilities with the Home Trust Secured Visa Card.
• No bonuses or extra benefits – The card does not offer any additional benefits, like smartphone damage insurance, medical insurance, or roadside insurance.
• Higher interest – The interest rate is higher when compared to other credit cards.
• Not for everyone in Canada – Quebec residents cannot access the Home Trust Secured Visa Credit Card. 

How to unlock the Home Trust Secured Visa Credit Card 

It is easy to unlock the credit card even though your credit score is very low. 

You should make a security deposit while applying for the Secured Visa Credit Card. However, if the application has not been approved, you will get the amount back.

Any Canadian resident can apply for this card (except residents from Quebec).

Those who have currently filed for bankruptcy may not be eligible for the Secured Visa Credit Card.

Annual charges

Before applying for the Secured Visa Credit Card, you should learn about the fees associated with it. Home Trust charges 19.50% as the interest rate on every purchase you make using the card. In case of cash advances, the interest rate is 21.50%. The over-limit fee charged by the bank is $29.

Besides, you need to make a one-time payment of $39 for the credit account setup. When you make the security deposit, the interest charge is 2%. Moreover, the monthly service charge for primary Secured Visa Credit Card holders is $7.50. But, secondary applicants need to pay $3 as the service charge.

If you have not used the card for a year, the monthly fee for inactivity is $12.

Customer services of the bank

Home Trust is highly concerned about customer satisfaction and tries to provide the best customer service. For any card-related issues, you can dial 641-732-3763. If your Visa Credit Card is lost, call 1-866-552-8855 and enter #1 to send the report. In case of any suspicious activity, you can also block your card by sending a message to 72718.