FAQ (Frequently Asked Questions)
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. 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's
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, money order or bank draft) 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 and copies of two Canadian
government-issued ID's. We will not
process an application without the deposit and the required identification.
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 security deposit?
Attach a cheque made payable to "Home Trust Company"
(personal or personal certified cheque, money
order or bank draft from a Canadian Financial Institution) to
your application form and mail it to:
Home Trust Company
Attn: Visa Department
145 King Street West, Suite 2300
Toronto, ON M5H 1J8
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, money order or bank draft, 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, money order or
bank draft, 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:
-
if you have moved since your
last loan/credit request or if you do not have a credit history, send a copy
of your driver's license or a bill that matches your current address
-
if you have recently been
discharged from bankruptcy, attach your certificate of discharge
You may request "rush delivery" to have your card delivered to you
by courier for a fee of $39.00. 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 once all purchases and
fees have cleared.
17. Is there an
annual fee?
There is a one-time set-up fee of $39.00 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 $3.00 per month.
18. What is the
interest rate?
The interest rate on purchases and cash advances is 24.99 %. 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 web 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:
-
proposal has been filed
-
proposal has been accepted
-
all payments are up to date
23. Is the Home
Trust Secured
Visa Card available nationally?
It is available in every province and territory except Quebec.
24. How old do you
have to be to get a credit card?
At least the age of majority in the province/territory where you reside (18
years of age in Ontario, Alberta, Saskatchewan, Manitoba, Prince Edward
Island; 19 years of age in British Columbia, New Brunswick, Nova Scotia,
Newfoundland/Labrador and the territories).
25. How much can I spend?
You may make purchases up to the limit of your Home Trust Secured
Visa Card or you can use your card
to make cash advances at ATMs or at a bank. Your Home Trust Secured
Visa Card is a revolving line of
credit. As you use your credit card, you are continually borrowing against
your line of credit and repaying it. The amount of credit you have available
at any time will vary depending on your current outstanding balance.
26. I have an
existing mortgage with Home Trust, do I need to complete a Home Trust Secured
Visa
Card application?
Yes. Even if you are an existing Home Trust customer, you are still required
to complete a Secured Visa
Card application and submit it along with a deposit to set up an account. For
processing purposes, please indicate on your application that you have an
existing mortgage with Home Trust.
27. Who can I
contact if I have questions that are not listed here?
You can call Home Trust Visa Customer Service at 416-777-5851 or toll-free at
1-888-281-7793 from Monday to Friday between 8:00 am and 8:00 pm EST
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Apply Now!
- Please download and print form
(pdf form) -->
Secured VISA
Application
- Fill out application
- Attach your personal or
personal certified cheque, money order or bank draft from a Canadian
Financial Institution
- Attach copies of your two
Canadian government-issued ID's
- Mail it to:
Home Trust Company
Attn: Visa Department
145 King Street West, Suite 2300
Toronto, Ontario
M5H 1J8
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