HomeTrust Secured Visa Card

The HomeTrust Secured Visa card is often overlooked, probably because it is from a smaller issuer that most people have not heard of.   

I'd recommend this card, or the CapitalOne "Guaranteed" Secured Mastercard, for those that are:

About HomeTrust Secured Visa

The issuer is much smaller than the big banks, so they take on clients that the big banks may not. The application is paper or online, but either way you will have to mail in a cheque (preferably certified, or a bank draft, to speed up the approval process). The minimum deposit (and therefore card "credit limit") is $500. The company says that almost everyone is approved, but there is a monthly fee of $5 or a yearly fee of $49.  This isn't terrible if you really need a Mastercard/Visa, but should only be a last resort if you the above three options haven't worked out.

Paying the monthly fee will cost you $60/year, so scrounge together the $49 to save yourself the money.

I'm of the opinion that having a Visa/Mastercard will save you enough money by being able to buy things cheaply online instead of from a retail store that jacks up the price, so that it will pay off the $49 annual fee, though this all depends on what you like to buy. Nobody needs a credit card, but I believe everyone should have a Visa or Mastercard in this world (if not both for the rare circumstances when a place accepts only one, it's happened to me).

Value of a Mastercard/Visa, "Credit" or not

Seriously, get an Ebay and Paypal account, and you can save a bundle on an unimaginable number of things. Cables that Futureshop sells for $75 can be had for $7 including shipping. I bought an engraved leather wallet for $21 including shipping, frivolous, but far cheaper than you'd pay for the same thing in Canada.

Do What You Can to Get, and Responsibly Use, a Regular Credit Card

If your credit rating is poor, be sure to check out my guide on getting your free credit reports from TransUnion Canada and Equifax Canada, and try to get things cleared up if possible.    

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