"How does the Peoples Trust Secured Mastercard work?"

"The Peoples Trust Secured Mastercard is a secured credit card — you provide a security deposit (typically $500–$25,000) that is held by Peoples Trust as collateral, and your credit limit equals your deposit amount. This arrangement allows Peoples Trust to approve applicants regardless of their credit history (no credit check in the traditional sense, since the deposit secures the credit). You use the card like a regular Mastercard, making purchases and paying the balance. Peoples Trust reports your payment history to Canadian credit bureaus (Equifax and TransUnion), building your credit score over time. Verify the current deposit requirement and credit limit terms at peoplestrust.com."

"Does the Peoples Trust Secured Mastercard report to Canadian credit bureaus?"

"Yes — the Peoples Trust Secured Mastercard reports to both Equifax Canada and TransUnion Canada, the two Canadian credit bureaus. This is the critical feature that distinguishes it from a prepaid card (like KOHO): using the secured card responsibly (paying on time, keeping utilization low) builds a positive credit history that improves your credit score over time. The credit-building function typically shows results within 6–12 months of responsible use."

"What is the security deposit requirement for the Peoples Trust Secured Mastercard?"

"The Peoples Trust Secured Mastercard requires a minimum security deposit, with the credit limit equalling the deposit amount. The minimum deposit is typically around $500, and deposits up to $25,000 are typically accepted. Your deposit is held in a secured account at Peoples Trust and returned when you close the card in good standing. Verify the current minimum and maximum deposit amounts at peoplestrust.com."

"How long does it take to build credit with a secured Mastercard?"

"Building a meaningful credit history with a secured credit card typically takes 6–12 months of responsible use before significant credit score improvement is seen. The key behaviours that build credit: paying your balance on time every month (or at minimum, making the minimum payment), keeping your credit utilization below 30% of your credit limit (ideally below 10%), and not closing the account prematurely. After 12–24 months, many secured card holders qualify for standard unsecured credit cards."

"What is the annual fee for the Peoples Trust Secured Mastercard?"

"The Peoples Trust Secured Mastercard carries an annual fee of approximately $59. This is comparable to other major Canadian secured credit cards (Home Trust Secured Visa at $59, Capital One Guaranteed Mastercard at approximately $59–$79). The annual fee is in addition to the security deposit. Verify the current annual fee at peoplestrust.com before applying."

Peoples Trust Secured Mastercard Review 2026: Is It Worth It in Canada?

The Peoples Trust Secured Mastercard is a Canadian secured credit card designed for individuals who want to establish or rebuild their credit history. Issued by Peoples Trust Company (a federally regulated Canadian financial institution), it requires a security deposit equal to the credit limit, reports to both Canadian credit bureaus, and functions like a standard Mastercard at merchants worldwide. It is one of Canada’s established options for credit-building without a credit history requirement.

Quick Verdict

Best for: Canadians with no credit history (newcomers, young adults), those who have experienced bankruptcy or severe credit damage, or anyone who cannot qualify for an unsecured credit card and wants to actively build their credit score.
Not ideal for: Those who already have good credit — an unsecured rewards card (BMO CashBack, Rogers Red, Scotiabank Gold Amex) delivers much better value without tying up capital in a deposit.

Key Card Details

Feature	Detail
Annual fee	~$59 — verify at peoplestrust.com
Security deposit required	Yes — minimum ~$500, maximum ~$25,000
Credit limit	Equal to security deposit
Purchase interest rate	Verify at peoplestrust.com
Cash advance rate	Verify at peoplestrust.com
Foreign transaction fee	2.5% (typical) — verify at peoplestrust.com
Credit check	Approval generally not credit-score based (deposit secured)
Network	Mastercard
Rewards	None (credit building card)
Reports to credit bureaus	Yes — Equifax Canada and TransUnion Canada

Card terms, fees, interest rates, and deposit requirements are subject to change. Verify all current details at peoplestrust.com before applying.

How Secured Credit Cards Work

Understanding the secured credit card model is essential:

Step 1: Provide a security deposit

You transfer funds (the deposit) to Peoples Trust, typically $500–$25,000. These funds are held in a secured account and are not your spending money.

Step 2: Receive a credit limit equal to the deposit

If you deposit $1,000, your credit limit is $1,000. This collateralized structure allows Peoples Trust to approve almost anyone regardless of credit history.

Step 3: Use the card and build credit

Use the card for regular purchases (groceries, gas, online subscriptions). Pay the balance on time each month. Peoples Trust reports your payment activity to Equifax and TransUnion — building your credit file.

Step 4: Upgrade or close

After 12–24 months of responsible use and improved credit score, apply for an unsecured card (one without a deposit requirement). When approved, close the Peoples Trust card and receive your deposit back.

Credit-Building Best Practices

Practice	Why It Matters
Pay on time, every month	Payment history is 35% of your Canadian credit score
Keep utilization below 30%	Credit utilization is 30% of your score — lower is better
Don’t close old accounts too early	Length of credit history matters
Don’t apply for many credit cards at once	Hard inquiries temporarily lower your score
Set up auto-payment for at least minimum	Prevents missed payments that devastate credit scores

Target credit utilization: If your limit is $1,000 (=$1,000 deposit), try to keep your monthly balance under $300 (30%). At $100 or less (10%), your credit score improvement is maximized.

Annual Fee Analysis

The $59 annual fee is the cost of credit-building:

Scenario	Cost
12 months of secured card building	$59 in annual fees
Value of qualifying for an unsecured card	Access to no-fee rewards cards worth $300–$800/year
Typical credit score improvement	50–100+ points in 12–18 months (varies by starting point)

The $59 annual fee is a modest investment relative to the long-term credit access it enables.

Fees and Rates

Fee	Amount
Annual fee	~$59 (verify at peoplestrust.com)
Security deposit	~$500 minimum (verify at peoplestrust.com)
Purchase interest rate	Verify at peoplestrust.com
Cash advance rate	Verify at peoplestrust.com
Foreign transaction fee	Verify at peoplestrust.com (typically 2.5%)

Peoples Trust Secured Mastercard vs. Other Secured Cards in Canada

Card	Annual Fee	Network	Deposit Required	Reports to Bureaus
Peoples Trust Secured MC	~$59	Mastercard	Yes ($500 min)	Yes
Home Trust Secured Visa	$59	Visa	Yes ($500 min)	Yes
Capital One Guaranteed MC	~$59–$79	Mastercard	No (unsecured, guaranteed)	Yes
Neo Secured Mastercard	$0	Mastercard	Yes	Yes
Refresh Financial Secured Visa	~$48.95/yr	Visa	Yes	Yes

Key differences

Home Trust Secured Visa ($59): Nearly identical product — secured Visa with the same annual fee. Mastercard vs. Visa network choice.
Capital One Guaranteed Mastercard: Does NOT require a deposit — it is an unsecured guaranteed approval card. Higher fee but no capital tied up.
Neo Secured Mastercard ($0/yr): No annual fee, deposit-secured, Mastercard. Strong choice if no annual fee is the priority.

Who Is the Peoples Trust Secured Mastercard Best For?

Ideal cardholders:

Newcomers to Canada with no Canadian credit history
Young adults (18–24) opening their first credit card
Those who have experienced bankruptcy, consumer proposal, or severe credit damage
Those who are declined for unsecured credit cards and need a credit-building starting point
Anyone who wants a Mastercard (broader international acceptance vs. Visa in some markets)

Less suitable if:

You qualify for an unsecured card — deposit-free cards deliver more value and don’t tie up capital
You want to earn rewards — a rewards card is far more appropriate once creditworthy
The $59 fee is a concern — the Neo Secured Mastercard offers a $0 annual fee alternative

Timeline to Upgrading to an Unsecured Card

Month	Action	Goal
0	Apply for Peoples Trust Secured MC, deposit $500–$1,000	Establish credit file
1–3	Use card for 1–2 small purchases per month, pay in full	Build payment history
6	Check your credit score (Borrowell, Credit Karma free)	Track progress
12	Apply for a no-fee unsecured card if score has improved	Test creditworthiness
18–24	Likely qualified for unsecured cards — consider Rogers Red MC, BMO CashBack	Upgrade
Upon approval	Close Peoples Trust card, receive deposit refund	Complete transition

Bottom Line

The Peoples Trust Secured Mastercard is a reliable, established credit-building tool for Canadians who need to establish or rebuild credit. The $59 annual fee and deposit requirement are the costs of entry — in exchange, you receive a Mastercard that reports to both Canadian credit bureaus and, with responsible use over 12–24 months, significantly improves your credit score.

For those who want the same outcome with no annual fee, the Neo Secured Mastercard is an attractive alternative. For those who want guaranteed approval without a deposit, the Capital One Guaranteed Mastercard is worth comparing.

Card terms, deposit requirements, annual fees, and interest rates are subject to change. Verify all current details at peoplestrust.com before applying.