Looking to build your credit with a new Canadian credit card but have a lot of questions? No problem! Check out or faqs below to learn answers to questions Canadians ask us a lot here at Dominion Lending Centres about "Secured Visas" from our friends at Home Trust, and about our Low-Rate secured Visa credit card in particular. Just click the question below that you want to learn the answer to, and the link will take you down the page:
Yes: all of the secured Visa credit cards we offer here at Dominion Lending are created by our lending friends at Home Trust Company, and they ALL allow you to build a credit history here in Canada! Even from scratch! Here at Dominion Lending we've encountered a lot of Canadians who have found it hard to apply for a first credit card - simply because they don't have a 'credit history' yet - and they feel like they're on a hamster wheel! That's why we're proud to offer a "Low-Rate" version of our secured Visa credit cards by Home Trust: it is not only easy to get approved for, and allows you to build a credit history, but offers you a great low Canadian interest-rate of 14.9% - which helps you save money on interest payments in the long run - especially if you plan on carrying a balance on your new secured Visa from time to time!
Yes: we've encountered a few people here in Canada that were misinformed about "pre-paid" credit cards: "pre-paid" credit cards specifically cannot help you build a credit history, because they do not show up or 'count' on your credit bureau. BUT - our Low-Rate secured Visa credit card by Home Trust WILL indeed show up on your credit bureaus - it WILL help you 'build credit' from scratch - so don't worry - if you're looking for way to start building credit, you are reading about the correct Canadian secured Visas! They're really easy to get approved for to: these Home Trust secured Visa options anyway: even if you have no credit history, bad credit, have recently been discharged from bankruptcy or are currently in consumer proposal - this secured Visa credit card is still an option for you!
This Low-Rate secured Visa credit card and our other secured Visas DO help you build credit to be able to get a mortgage someday: it's not like they just help you build credit for other types of loans - they help with building credit for mortgages too! This is great news for Canadians who have found it hard to get a first credit card - whether it's because they've never borrowed before or because they ran into a bad credit situation. The Home Trust secured Visa credit cards that we offer here at Dominion Lending are very easy to obtain: and work JUST like regular Visa Credit Cards - they build credit scores and credit histories JUST like the regular Visas!
Getting a secured Visa credit card is a GREAT start to building credit in order to get a home by a mortgage or to build credit for other loans you want to get in the future. Don't go trying to apply for tons of credit cards at once - starting with our easy approval "Low-Rate secured Visa" by Home Trust is a smart choice. Once you've used it well for 6 months have: kept your payments up, made them on time, avoided maxing out your new credit card, and actually used it (you can't build credit unless you actually use your new Home Trust secured Visa - it's odd but that's how all credit cards and credit building works) - then contact us about getting one of our regular Dominion Lending Centres Visa Credit Cards too - we'll let you know where things are at for you credit-wise and what kind of credit card you should/could get next. P.S. we do mortgages too - so we're here to advise you on your mortgage needs as well!
It's easy to start building credit from scratch with a new Home Trust "secured Visa" from us - Dominion Lending Centres! All you have to do is:
Applying for a new Home Trust "Low-Rate Secured Visa Credit Card" with us here at Dominion Lending, is easy! All you have to do is fill out our short online credit card application: Low-Rate Home Trust Secured Visa Credit Card Application - and make sure to have a $500 minimum cash deposit available - yes: this Home Trust Visa has to be secured by cash (just like any Canadian secured Visa credit card would) - and we have one of lowest cash deposit requirements thanks to Home Trust, PLUS the added benefit of an 'easy approval' process - which other banks and credit card companies don't necessarily have! P.S. Don't worry: this $500 is refundable if you ever decide to cancel your paid-off Home Trust secured Visa!