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What is a
secured credit Card?
A secured credit card
is a credit card that has a security deposit equal to the credit limit of
the card. The deposit is held by Home Trust in an account that earns 2%*
interest annually. The secured credit card is an excellent way to
establish or rebuild your credit rating.
*interest rate subject
to change
Why should I get a secured
credit card?
There are many reasons
why people can’t qualify for a credit card from a bank such as poor credit
history, no established credit history or inability to prove income.
Because there is a security deposit ($1,000 - $10,000 limit), almost
everyone is approved. When the payments are kept up to date on the card,
the cardholder is building a positive credit rating.
What happens to your security
deposit?
Your security deposit
earns interest as long as your account remains open. When the account is
closed, the deposit plus the interest earned is returned. If there is an
outstanding balance on the account, it will be deducted from the deposit
and the remainder will be returned.
How does this help me
re-establish my credit rating?
Home Trust reports
your file to the credit bureau on a monthly basis. Your file is updated
and your credit history begins.
What benefits do I have with
my Home Trust Secured Visa?
The Home Trust Secured
Visa will give you all the benefits of being a Visa cardholder.
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Rent a
car
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Use over
750,000 ATMs worldwide
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Reserve
a hotel room, flight or concert tickets
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Make
purchases by phone or online
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Shop in
over 24 million locations
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Take out
cash advances
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Secured
VISA card features
Subject to
change without notice |
|
Credit limit (min.) |
$1,000 |
|
Credit limit (max.) |
$10,000 |
|
Account set-up fee (one time) |
$39.00 non-refundable |
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Security deposit |
$1,000 - $10,000 |
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Interest paid on security deposit |
2% |
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Service fee (primary applicant) |
$7.50/month |
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Service fee (secondary card) |
$3/month |
|
Interest rate - purchases |
19.50% |
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Interest rate - cash advances |
21.50% |
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Interest in arrears - purchases |
+5% |
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Interest in arrears - cash advances |
+3% |
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Over limit fee |
$29 |
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NSF fee |
$39 |
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ATM fee (Canada) |
$2 |
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ATM fee (USA) |
$4.50 |
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ATM fee (non-North America) |
$5.50 |
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Minimum Payment |
3% of the balance or $10, whichever is
greater |
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