As a regional community bank, Home Trust is a financial institution that has had my interest for a long time. Eager to find if the services that they offer are worthy, I decided to try them out.
In this article, I will be going through the highlighting points of the three credit cards that Home Trust offers – Preferred Visa, Equityline Visa, and the Secured Visa. Let’s get started!
- What Is the Home Trust Preferred Visa All About?
- What Are the Home Trust Preferred Visa Fees and Interest?
- How to Apply for Home Trust Preferred Visa?
- What Is the Home Trust Equityline Visa All About?
- What Are the Home Trust Equityline Visa Fees and Interest?
- How to Apply for Home Trust Equityline Visa?
- What Is the Home Trust Secured Visa All About?
- What Are the Home Trust Secured Visa Fees and Interest?
- How to Apply for Home Trust Secured Visa?
- Bank Contact Details
What Is the Home Trust Preferred Visa All About?
As someone who is on the go almost all the time, I love credit cards that offer travel-related perks. The main advantage of the Home Trust Preferred Visa is that there are no annual or foreign transaction fees.
It makes this card a pleasure to shop with both at physical locations outside of the country as well as at online markets that are using foreign currency.
Along with that, it can be accepted in over 200 countries and supports the Home Trust Visa online banking method.
Thus, monitoring my bank account as well as making swift payments can be done within minutes.
Also, Home Trust does include a 90-day purchase warranty and a zero liability policy in case someone would steal my credit card and make unauthorized payments.
Last but certainly not least is that with using the Preferred Visa, I was able to get a 1% on all made purchases.
So, apart from seeing it as a great travel companion, I think of this Home Trust card as suitable for everyday spending.
What Are the Home Trust Preferred Visa Fees and Interest?
Firstly, I want to say that there isn’t an annual fee using the Home Trust Preferred Visa, which makes it a better entry-level choice compared to most travel credit cards issued by Canadian banks.
While there isn’t a welcome bonus, the transparency and the fact that there aren’t any hidden fees (early/late payments) is another huge advantage.
As mentioned above, the bank doesn’t charge any fees on purchases made in foreign currency, be that inside or outside of the country.
Still, the cashback isn’t earned in foreign currency, which can be an issue for people who aren’t doing business in Canadian dollars.
What About the Interest Rate?
It is great to know that the Preferred Visa is pretty friendly in terms of the annual percentage rate.
It does depend on the creditworthiness/market prime rate but averages at 19.99% for cash advances, balance transfers, and purchases.
How to Apply for Home Trust Preferred Visa
When it comes to the application process, it is straightforward and comes down to complying with a couple of requirements.
The first one is to be a permanent resident or a citizen of Canada, which I had no issues proving.
The second one is to have a credit score between good and excellent which translates to anywhere between 670 and 750.
Last but certain not least is to prove a minimum annual income of 15,000 Canadian dollars.
What About the Drawbacks?
Once I filled the online inquiry, I waited for a few hours, after which I got an answer of approval with the credit card arriving at my address in two business days.
The first downside of this credit card is that the cashback can’t be redeemed in a foreign currency, and secondly that there is a daily limit of 10 transactions.
In addition to that, I found that it isn’t cheque-friendly as paying over $1,000 results in a frozen account.
What Is the Home Trust Equityline Visa All About?
Similar to the aforementioned product, this one isn’t available in Quebec. Still, it is a credit card that any Canadian with home equity can apply for. The biggest advantage of this credit card is that it can be used to secure home equity anywhere between $10,000 and $1,000,000 in revolving credit.
It is highlighted by convenient Visa access and can be used in almost any country around the world.
This is why I consider it to be not only a great equity-related card but also a financial product suitable for everyday spending.
No Prepayment Penalty
It also offers 90-day purchase protection and a 1% cashback on all made purchases.
It is great to know that paying off the credit card debt before it is due is much easier with this Equityline Visa as there isn’t a prepayment penalty.
According to my research, the late payment is pretty low and shouldn’t be a great concern.
What Are the Home Trust Equityline Visa Fees and Interest?
The most common question when reviewing credit cards is about the fees and hidden charges.
Firstly, it is good to know that using the Home Trust Equityline Visa doesn’t include having to pay an annual fee.
Additionally, there isn’t a foreign transaction fee either, making transactions in a foreign currency much more approachable.
There isn’t a prepayment fee, and I felt much more confident covering the interest rate and paying off my Equityline Visa debt, considering it isn’t aimed to break my budget.
What About the Interest Rate?
The coolest point is that the interest rate isn’t fixed but depends on the current market prime rate as well as my credit history.
According to my research, the annual percentage rate is set anywhere between 5.99% and 14.99%, which is pretty great considering that this credit card can be used for everyday spending.
How to Apply for Home Trust Equityline Visa
The application can be made in person, via a telephone line, or through an online inquiry that I was able to find on the Home Trust official website.
My personal favorite is the latter option, considering how simple it is.
While I wasn’t able to find any information on the minimum personal income, the needed credit score should be in the range of good to excellent (similar to the Preferred Visa).
Plus, the applicant should be able to provide proof of residence/citizenship and an ID document.
What About the Drawbacks?
One major drawback is that all of the redeemed cashback is automatically converted into Canadian dollars.
In addition to that, getting approved for the Equityline Visa seems to be harder than for the Preferred Visa, especially if the applicant doesn’t have home equity.
What Is the Home Trust Secured Visa All About?
Rated as one of the best credit-building cards and a financial product that offers security to people who don’t have a great credit history, I was very interested in finding out more about its advantages.
The greatest benefit is that making due payments with this Secured Visa guarantees an improved credit score.
In addition to that, using it was fairly convenient given the fact that it supports online payment methods.
While the minimum deposit is set at $500, the bank allows the limit to be set anywhere between $500 and $10,000.
Similar to the aforementioned two, this card can be used almost anywhere in the world.
In the spirit of credit building, using the Home Trust Secured Visa includes monthly reporting to the credit bureaus a no-interest grace period.
What Are the Home Trust Secured Visa Fees and Interest?
What I found while applying for this credit card is that there are two different packages.
The first one is with an annual fee of $59 but a friendlier interest rate that is set at 14.99%. The second one excludes an annual fee but kicks the APR up to 19.99%.
It is great to know that Home Trust stays true to its policy and doesn’t charge a prepayment penalty or a foreign transaction fee.
Also, I think that a lot of applicants with a bad credit history will be able to improve through the 21-day interest-free period.
It is important to know that the credit card limit is directly affected by the secured deposit.
The flexibility offered by the Home Trust Secured Visa, featuring an ability to choose between 14.99% and 19.99% APR as well as if I want to pay an annual fee, makes it one of my favorites.
How to Apply for Home Trust Secured Visa
The biggest advantage of the secured credit cards is that they are great for building credit scores and are highlighted by easy approval.
The same goes for this Visa as there isn’t a minimum personal income, and there were just two requirements that I had to meet.
The first one was to be over the legal age, while the second one was to prove residency or citizenship of Canada.
When it comes to the credit score, I found that even those with a bad to poor rating can be approved as long as the aforementioned criteria are met.
What About the Drawbacks?
The biggest issue is that it doesn’t offer any kind of reward.
Thus, I found that it would be much more lucrative if it would be used along with a credit card such as the Preferred Visa.
Bank Contact Details
It is great to know that the Home Trust bank offers a wide variety of contact forms.
The telephone is 1-855-270-3630 (toll-free) that is available from 8 am to 10 pm from Monday to Friday, and 9 am to 5 pm EST Saturday and Sunday.
You can also reach the head office on 416-775-5000.
Along with a telephone line and an extensive FAQs page, the bank also offers a responsive email team at [email protected].
What About the Office Addresses?
My personal experience is great as it took only a few hours to get my lost credit card issue solved.
While not available for the residents of Quebec, Home Trust offers its financial services to everyone else in Canada.
Their head office is located at Suite 2300, 145 King Street West, Toronto, Ontario, M5H 1J8.
In the end, I find that the Home Trust financial services are great not only for everyday purposes but also for building a good credit score and/or securing home equity!
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.