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No Fee Home Trust Secured Visa Card

No Fee Home Trust Secured Visa Card

A secured card to build your credit - with no annual fee.

  • Card Details Details
  • Our Review Review

Card Details


  • Build or re-build your credit, even if you've had credit difficulties in the past, or have never had a credit card before!

  • An excellent opportunity to establish your credit rating

  • Virtually everyone is approved

  • Make purchases over the phone or online

  • Plan and book a vacation

  • Access cash anytime, anywhere from over 1 million ATMs around the world displaying the Visa or Plus logo

  • Shop at over 24 million locations worldwide

RateSupermarket.ca's Review

Are you new to Canada and want to build a credit history? Looking for your first credit card? Do you have a poor credit rating? If you answer yes to any of these questions, the No Fee Home Trust Secured Visa Card might be just what you need. Virtually, anyone can be a cardholder and start benefitting from being part of the Visa network. This card has no annual fee, a great plus for people concerned about their finances.

Secured credit cards operate a bit differently from regular credit cards, in that you have to pay a deposit before being able to use it. The deposit you pay, anywhere from $500 to $10,000, then becomes the credit limit available to you. Assuming you use the card wisely, only spend what you can afford and don't miss any payments, you can quickly build up or repair your credit score.

This card does not offer rewards, but once you have built up a decent credit score, you could be eligible to upgrade to a rewards card, as you usually need a good score along with a regular annual income to apply for one. If you do choose to close this card account, simply clear the balance to receive your deposit back in full.

Pros

  • You can build or repair your credit in Canada.
  • Virtually everyone is approved for this card.
  • Having a Visa card will enable you to make purchases online, book vacations and check into hotels.
  • You can access cash from over one million ATMs around the world displaying the Visa or Plus logo.

Cons

  • No rewards. Once you have built up a decent credit history, you can look into upgrading to a rewards card.
  • Maximum credit limit is $10,000.
  • Don't use the card if you feel like you will struggle to pay it off each month. The interest rate and cash advance rate of 19.99% can add up quickly if you fail to pay at least the minimum balance. This will increase your debt and further damage your credit score.

Rate, product information and rewards estimate are subject to change at any time and does not constitute financial advice. Please contact supplier for complete details

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