- Low-Rate Home Trust Visa Secured Credit Card - Low Fees
Our Low-Rate secured Visa here at Dominion Lending, comes with a great low credit card interest-rate of 14.9% - a fantastic credit card rate for a secured Visa in Canada! Especially for a credit card that is considered an 'easy approval'/almost guaranteed credit card - this rate of 14.9% is a steal! Most importantly though, it will save you money when it comes to Visa Credit Card "interest payments" - especially during those times you end up carrying a balance on your new credit card: lower rates mean lower interest payments!
But on this page, we're here to discuss fees: does the Low-Rate Visa Card by Home Trust that we offer have an annual fee? Yes: it does - but it's very minimal. It's only $59 a year - and if that's too much to swallow all at once, and sometimes it can be - you can choose to pay $5 a month instead - to spread out the cost over the full year. We really like our friends/fellow-lenders at Home Trust: they've successfully created a secured Visa credit card that caters to people's financial needs - and that's why we're proud to offer their Low-Rate Visa Cards to you, here at Dominion Lending!
On the other hand, Home Trust also created a No-Fee secured Visa - which we also offer here at Dominion Lending Centres. But here's the thing: the interest-rate for that No-Fee secured Visa is higher - it sits at 19.99% - so in the event that you have to carry a balance on your new Home Trust Visa - your interest payments will be quite a bit higher with the No-Fee Home Trust Visa option than with this Low-Rate Visa option.
As you well know, "secured Visas" require (at any bank/credit card company) a 'cash deposit' - we have one of the lowest cash deposit requirements in Canada, of only $500 to secure your Home Trust Low-Rate Visa! And you get that $500 back if you ever cancel your paid-up Home Trust Visa - so don't worry, your money isn't gone forever, it's just working for you as security for your new credit card. And if you want a higher limit on your new Home Trust credit card: you can put down a larger cash deposit - all the way up to $10,000 if you want - it's up to you.
Now math, we know, is never too exciting, but let's do a quick sorta-fun math example to show what kind of savings you'll get with a Low-Rate Visa - and how it can equal or exceed the $59 fee you'll have to pay each year for your new Visa (or the $5 a month fee if you go the monthly-fee route). Say you carried an average balance of $2,000 on your new Home Trust secured Visa: with the interest-rate of 14.9% that this "Low-Rate" secured Visa offers, you'll only pay around $298 in interest payments that year. But with the higher rate of 19.99% that you'll have with Home Trust's "No-Fee" secured Visa option - you'll pay around $399.8 - just over $100 more in interest payments! That means you'd save around $41 by choosing the Low Rate Secured Visa over the No-Fee Secured Visa - (because that $100 minus your $59 yearly fee is $41). But of course your saving-amount all depends on a) the credit limit / cash deposit you choose to pay for your new Low-Rate Visa b) the size of the balance you carry on your new Low-Rate Visa and c) how long you carry any balance on your new Low-Rate Visa.
In the end, the Low-Rate secured Visa credit card by Home Trust is great for you if you know you won't always be paying your balance down to zero each month. Sometimes the unexpected happens and we have to float a cost for a few months on our credit cards, so the lower 14.9% rate that comes with this Low-Rate secured Visa, can help you save on your interest payment costs when the unexpected happens!
Apply online easily for our 'easy approval' Low-Rate secured Visa by Home Trust! Just fill out the following Low-Rate Secured Visa Credit Card Application right here online at Dominion Lending Centres!