The Home Trust Secured Visa is one of Canada’s most established secured credit cards — designed specifically for those building credit for the first time or rebuilding after financial difficulty. With a security deposit that becomes your credit limit, Home Trust can approve applicants without traditional credit checks, while dual reporting to Equifax and TransUnion ensures responsible use translates to credit score improvement. At $59/year, it is the stepping stone to the Home Trust Preferred Visa (unsecured, no FX fee) once credit is rebuilt.
Quick Verdict
Best for: Canadians with limited or damaged credit history who need a secured Visa from a reputable lender, with dual Equifax and TransUnion reporting, to build toward qualifying for unsecured credit cards within 12–24 months.
Not ideal for: Those who already have good credit — the Home Trust Preferred Visa (unsecured, $0 fee, no FX fee) or other rewards cards deliver far more value for established credit holders.
Key Card Details
| Feature | Detail |
|---|---|
| Annual fee | $59 |
| Security deposit | Minimum $500 — becomes your credit limit |
| Maximum credit limit | Up to $10,000 (based on deposit) |
| Purchase interest rate | Verify at hometrust.ca |
| Cash advance rate | Verify at hometrust.ca |
| Foreign transaction fee | 2.5% — verify at hometrust.ca |
| Credit check | Soft check or no check — verify at hometrust.ca |
| Credit bureau reporting | Equifax Canada + TransUnion Canada (both) |
| Network | Visa |
| Rewards | None |
| Availability | Canada-wide |
Card terms and features are subject to change. Verify all current details at hometrust.ca before applying.
How the Secured Visa Works
Step 1: Apply and deposit
- Apply online at hometrust.ca
- No traditional credit approval — the deposit protects the lender
- Provide a security deposit ($500–$10,000 CAD)
- Credit limit = deposit amount
Step 2: Use responsibly
- Use the card for small, manageable purchases
- Keep your balance below 30% of your credit limit (e.g., under $300 if you have a $1,000 limit)
- Pay your full statement balance on time every month
Step 3: Credit score improves
- Home Trust reports monthly to both Equifax and TransUnion
- On-time payments and low utilisation are the two biggest credit score factors
- Most users see measurable score improvement in 6–12 months
Step 4: Graduate to unsecured credit
- After 12–18 months, apply for Home Trust Preferred Visa or other unsecured cards
- Close the Secured Visa — your deposit is returned in full
- Continue building credit with your new unsecured card
Credit Utilisation: The Most Important Rule
| Utilisation | Credit Score Impact | Strategy |
|---|---|---|
| Under 10% | Excellent | Ideal — spend $100/month on a $1,000 limit |
| 10–30% | Good | Target zone — spend $300 or less on $1,000 limit |
| 30–50% | Moderate | Acceptable but suboptimal |
| Over 50% | Negative | Hurts credit score significantly |
| Over 90% | Severe negative | Near credit limit = major red flag to bureaus |
Key insight: With a $500 deposit (minimum limit), keep your monthly spending under $150 to stay below 30% utilisation. If your spending naturally exceeds this, consider a larger deposit for a higher credit limit.
Canadian Secured Card Comparison
| Card | Annual Fee | Min. Deposit | Network | Rewards |
|---|---|---|---|---|
| Home Trust Secured Visa | $59 | $500 | Visa | None |
| Peoples Trust Secured MC | ~$59 | $500 | Mastercard | None |
| Neo Financial Secured MC | $0 | Verify | Mastercard | Cash back (partners) |
| Capital One Guaranteed MC | ~$59 | None required | Mastercard | None |
| Refresh Financial Secured Visa | ~$48.95/yr | $200 | Visa | None |
The case for Home Trust Secured Visa: Established lender (not a fintech), dual bureau reporting, widely accepted Visa, and credit limit flexibility up to $10,000.
The case for Neo Financial Secured: $0 annual fee and cash back at Neo partners — best for minimising costs while building credit.
Fees and Rates
| Fee | Amount |
|---|---|
| Annual fee | $59 |
| Purchase interest rate | Verify at hometrust.ca |
| Cash advance rate | Verify at hometrust.ca |
| Foreign transaction fee | Verify at hometrust.ca (typically 2.5%) |
The Upgrade Path: Home Trust Secured → Preferred Visa
Once your credit is rebuilt (typically 12–24 months of responsible use):
- Apply for Home Trust Preferred Visa — unsecured, $0 annual fee, 0% foreign transaction fee
- If approved, choose whether to:
- Close the Secured Visa (deposit returned) and use only the Preferred Visa
- Keep the Secured Visa open temporarily to maintain credit history length and available credit
- The Preferred Visa is one of Canada’s best no-fee travel cards — free of foreign transaction fees, accepted internationally on the Visa network
Alternatively, after building credit, apply for TD First Class Travel, Scotiabank Gold Amex, or other rewards cards — your improved credit score unlocks the full market.
Who Is the Home Trust Secured Visa Best For?
Ideal cardholders:
- Newcomers to Canada building a Canadian credit file from scratch
- Those who have experienced bankruptcy, consumer proposal, or payment defaults and are rebuilding
- Young adults with no credit history seeking a reliable first credit card
- Those who prefer Visa over Mastercard for secured card options
- Anyone who wants a larger deposit (up to $10,000) to establish a higher credit limit
Less suitable if:
- You already have good credit — the Home Trust Preferred Visa (or any rewards card) is better
- You want to minimise fees — Neo Financial Secured Mastercard offers $0 annual fee
- You want cash back while building credit — Neo Financial Secured offers cash back at Neo partners
Bottom Line
The Home Trust Secured Visa is one of Canada’s most trusted secured credit cards — from an established non-bank lender, with dual bureau reporting, a flexible deposit range up to $10,000, and the Visa network’s universal acceptance. The $59 annual fee is reasonable for a tool that, used responsibly for 12–24 months, can meaningfully rebuild a damaged credit profile or establish a new one.
The natural next step is the Home Trust Preferred Visa — one of Canada’s best no-fee travel cards with 0% foreign transaction fees — available once creditworthiness is demonstrated.
Card terms, security deposit requirements, and features are subject to change. Verify all current details at hometrust.ca before applying.