The Home Trust Secured VISA requires applicants to "secure" the VISA card by submitting a deposit equal to the credit limit of the card ($1,000 - $10,000) with the application. This money is held in an account that pays 2% interest* on an annual basis. The account is insured by the Canadian Deposit Insurance Corporation (CDIC). When the cardholder closes their account, their deposit is returned to them once all outstanding payments are made.
*subject to change
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