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Home Trust credit cards

Even in the best of times there are significant numbers of people who just don’t qualify for a conventional credit card. Either their past credit history is less than perfect or they simply haven’t established credit. As a result, it can be extremely difficult to find a credit card company that is willing to extend credit to them under those circumstances. However, with the global economy in the state it is in it is even more difficult to have credit extended to you, even with a fair credit rating. Home Trust credit card products are for people who have trouble qualifying for a credit card at other companies and according to the company, virtually anyone can qualify for a Home Trust Visa credit card.

About Home Trust

Home Trust conducts business across Canada and is federally regulated as a trust company. Originally they carried out business as a savings and loan company but in the year 2000 they reorganized under Canada’s Trust and Loan Companies Act and are owned as a subsidiary of Home Capital Group, Inc. While Home Trust is owned by Home Capital Group (HCG) is traded on the TSX market, and is a member of CDIC (Canada Deposit Insurance Corporation) and of Visa Canada.

Credit Card Products

There are two main credit card products issued by Home Trust. One is a Home Trust Secured Visa and the other is an Equityline Visa. In effect both are secured; it is just that one is secured with the customers’ monetary deposit while the other is an equity line based on equity in property the customer has title to. Home Trust advertises that virtually no one is turned down for a Home Trust Visa; it is simply a matter of whether or not you have equity in a home or would need to leave a deposit with the company.

Home Trust Secured Visa

In order to qualify for a secured Visa card Home Trust you are required to deposit a minimum of $500 to an account payable to Home Trust Company. This deposit can be made in the following ways:

• Personal cheque
• Personal certified cheque
• Bank money order
• Band draft

Home Trust will not accept Western Union, postal money orders or cash for the initial deposit. And they also require identification in the form of a Canadian Passport, Certificate of Canadian Citizenship or a valid Provincial Driver’s License. For anyone looking to build or rebuild credit, a secured Visa card from Home Trust one way to do so.

Home Trust Equityline Visa

If you own your own home and would like to have a line of credit against any equity in your home, the Home Trust Equityline Visa is a program that combines the flexibility of a Visa card with a home equity line of credit. The only province that requires a setup fee and initial deposit is Quebec. All others have no setup fee requirements or initial deposit requirements. Interest rates will vary depending on the customer’s credit rating but can be as low as 4.99% or as high as 15.99% except in Quebec when the range is from 9.99% to 13.99%. Monthly payments are interest only and there are legal fees and title search fees at start up.

Whether you are trying to establish credit or looking for a flexible credit line against equity in your property, Home Trust Visa cards are available for those specific needs. More information about both products is available on the Home Trust official website.

Home Trust credit card reviews and credit card application details.

NameTypeInterest RateAnnual Fee
Home Trust Secured VISA CardVisa19.5%$0