What is a Secured Card?
Secured Cards are an excellent way to establish a positive credit history and are designed especially for people with no credit history, or who have experienced past credit problems. The Peoples Trust Secured Mastercard® Card looks and works just like any other Mastercard, only our cardholders and Peoples Trust will know that the card is secured. The only difference is that a security deposit is required (a minimum of CAD $500.00 to a maximum of CAD $25,000.00) to open a Secured Mastercard account. We place the deposit in a GIC account which serve as collateral for the Secured Credit Card.
How Can I Qualify?
The Peoples Trust Secured Mastercard program is currently only available to our existing cardholders. We are not accepting new applications at this time.
Which mailing address should I use for my correspondence with Peoples Trust?
For regular correspondence with Peoples Trust Secured Card please use the mailing address listed below:
P.O. Box 48235
595 Burrard Street
Where is my GIC Account established?
Your account is established with Peoples Trust, a federally chartered Canadian trust company. Your deposit balance is protected by the same Canada Deposit Insurance Corporation
coverage that is in place with Canada’s major Banks.
Does my Mastercard account always remain secured?
Yes, your security deposit is held in a Peoples Trust Company GIC account until the Mastercard account is closed.
How much interest will my GIC Account earn?
The interest rate on GIC accounts is 0.50% and is compounding. For more current information please call 1-877-694-6200
. Interest rates are subject to change.
Does the interest on my GIC account compound?
Interest will compound annually on this account.
Is there an annual fee?
A monthly fee of CAD $5.80 is charged and appears on the first and subsequent monthly statements. An additional card issued on the account is charged a monthly fee of CAD $2.95 which will appear on the first and subsequent monthly statements. The maximum number of cardholders per account is two.
What Interest Rate do I pay my Outstanding Balances?
The interest rate is similar to conventional unsecured cards at 12.99% on outstanding balances that originate as a result of a purchase and 24.50% on cash advance balances. There is no interest charged on balances originating from purchases if the amount is paid in full by the statement due date, however, interest is charged on cash advances from the day of the advance to the date that the balance is paid in full. An account in arrears may have the interest rate increased to 24.50% until the past due balance amount is paid in full.
Is my Mastercard account information available online?
Yes, register now at www.peoplestrustcc.com
to view your Peoples Trust Secured Mastercard Card statement and account information and subscribe to paperless statement.
Can I add to my GIC account to increase my credit limit?
Yes. At any time after your account is opened, you may mail in additional deposits in increments of CAD $100.00 in the form of a cheque, bank draft or money order with your written request. Upon receipt, we process guaranteed funds immediately; with personal cheques there is a hold period of 7 business days before your limit is increased.
Can my limit be temporarily increased, or decreased?
No, all limit increases are permanent.
How do I make Payments?
You can make your payment using online and telephone banking, or by mailing your cheque or money order directly to Peoples Trust in the envelope provided with the bottom portion of your statement. You can also make payment by visiting any Canadian Financial Institution with your statement. All payments must be made in Canadian Funds.
Do I have to pay the balance in full each month?
No, however you are required to make at least the minimum payment indicated on your statement. The Security deposit may not be used to pay off the balance unless the account is closed or cancelled.
Can I overpay my Mastercard account?
Overpaying/inflating your Mastercard account is not permitted. Transaction amounts greater than your credit limit will not be authorized. If you would like to make a transaction that is larger than your current credit limit, your limit would need to be increased.
How do I close my account?
To close your account, contact us at 1-866-452-1138
. Peoples Trust will only return your funds after all indebtness with respect to your account is fully satisfied, all credit cards have been destroyed or returned to Peoples Trust and all your other obligations have been performed and the funds will not be returned in less than 4 weeks after receipt of notice of termination on your account.
What will happen when my current card expires?
If your account is in good standing, you will have access to a new card.