Home Trust Visa Credit Cards Overview
While Home Trust is a well-known mortgage lender, the company has expanded its financial products and offers several credit cards. While the selection of Home Trust credit cards is small, the company does offer some surprisingly great offers including the Home Trust Preferred Visa which is notable for its zero annual fee and no foreign exchange fees.
Home Trust Visa Credit Card Benefits and Perks
The standout benefit of choosing a Home Trust Visa is the absence of foreign exchange fees which is perfect for Amazon shoppers. In addition, the unsecured card offers a 1% cashback on all purchases creating a straightforward simple rewards program. In addition, the two secured cards are an excellent way for those with poor credit to rebuild their credit score.
Home Trust Visa Credit Card Cons
1% cashback is not a high reward earn rate for those who are used to more generous travel and cashback programs from larger Canadian credit card issuers. Also, secured cards are dependent on a security deposit of at least $500 which can make them less affordable for some people.
Home Trust credit cards may not be the best choice for those who want immediate access to credit, as they do not offer instant approval. In fact, it can take anywhere from two to four weeks for applicants to find out whether their application has been approved or denied.
What are the Types of Home Trust Credit Cards
Home Trust Cashback Cards
Home Trust offers one unsecured credit card to qualified credit applicants, the Home Trust Preferred Visa. The card carries a standard interest rate of 19.99% and a cashback reward rate of 1%. The card does not have an annual fee and does not charge any foreign transaction fees.
Home Trust Secured Cards
Home Trust also offers two Home Trust secured credit cards for applicants who need to rebuild their credit history. The basic Home Trust Secured Visa Credit Card offers applicants a credit limit that is equivalent to their security deposit which starts at $500 and can be extended up to $10,000. Once the account is closed the security deposit is returned when you pay off your balance. The Home Trust Secured Visa card does not have an annual fee but also does not offer any rewards and carries an APR of 19.99%. It does have a foreign exchange fee of 2%.
For those who expect to carry a balance, Home Trust also offers a low rate secured credit card called the Home Trust Secured Visa. This card does carry a $59 annual fee but in exchange offers a starting APR of 14.90%.
What is the Eligibility to Get a Home Trust Credit Card?
To apply for Home Trust credit cards applicants must be Canadian residents and meet the lending criteria of their individual state or province. At this time Quebec residents cannot apply for a Home Trust credit card. To apply for the Home Trust Preferred Visa applicants need to have a credit score of 660 or higher. To apply for the secured cards applicants must be willing to put down a security deposit of at least $500 and have a credit score between 300-560.
How to Apply for a Home Trust Credit Card
If you want to apply for Home Trust credit cards simply follow our secured links on this page to submit your application on the Home Trust website.
How Long Does it Take to Get Approved for a Home Trust Visa Card?
One of the major issues with Home Trust credit cards is the long application wait time. It can take as much as two to four weeks to be notified about whether or not you have been approved for the Preferred Visa credit card. The secured cards on the other hand have a variable timeline depending on how long it takes to process the application and how long it takes the company to receive your initial security deposit.