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 you 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 will place the deposit in a GIC account which will serve as collateral for the Secured Credit Card.
How do I get a Secured Mastercard Card?
It’s easy, and takes just a few minutes. Click here to access our online application form. After completing and submitting the form you will receive a confirmation number. Write the confirmation number on the back of your security deposit and mail it to:
P.O. Box 48235
595 Burrard Street
Your security deposit must be one of the following:
- A pre-printed personal cheque or certified personal cheque issued from your personal bank account; or
- A bank draft or a money order AND a Letter of Acknowledgement from your Canadian financial institution. The Letter of Acknowledgement must confirm that you have a Canadian personal bank account, and must be printed on your financial institution’s letterhead and must be stamped by the issuing branch; or
- If you qualify, an e-Transfer® or Western Union® money transfer. To find out if you are eligible to provide your deposit through Interac® eTransfer or Western Union®, please contact our main office by email at SecuredCard@peoplestrust.com.
Your credit limit will be equal to your security deposit amount. Alternatively, you can call 1-877-694-6200 and we will send you a printed application form by mail.
Is the Peoples Trust Mastercard available nationally?
Yes, the Peoples Trust Secured Mastercard is available to all residents of Canada.
How Can I Qualify?
Even if you have no credit, or your credit history is less than perfect, you still have an excellent chance of being approved for a Peoples Trust Secured Mastercard. Our general guidelines are as follows:
- Must reside in Canada and have a verifiable permanent Canadian home address
- Must be of legal age in the province in which you reside
- Must have a valid Social Insurance Number
- Must have a verifiable source of income
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
The same address is to be used for all express services with Canada Post. However, correspondence sent via private couriers (e.i. FedEx®, UPS®) the PO Box address listed above cannot be used. Instead, please send your correspondence to the following address:
888 Dunsmuir Street
Where will my GIC Account be established?
Your account will be established with Peoples Trust, a federally chartered Canadian trust company. Your deposit balance will be protected by the same Canada Deposit Insurance Corporation
coverage that is in place with Canada’s major Banks.
What is the minimum deposit amount required to open a GIC Account?
A minimum deposit of CAD $500.00 required to open an account. Your Security Deposit must be one of the following: a pre-printed personal cheque or certified personal cheque issued from your personal bank account, a bank draft plus a Letter of Acknowledgement, a money order plus a Letter of Acknowledgement. The Letter of Acknowledgement must confirm that you have a Canadian personal bank account, and must be printed on your financial institution’s letterhead and must be stamped by the issuing branch.
You may qualify for an e-Transfer or Western Union money transfer. To find out if you are eligible to provide your deposit through Interac® eTransfer or Western Union®, please contact our main office by email at SecuredCard@peoplestrust.com or by phone at 1-877-694-6200 during our regular business hours after submitting your online application.
Are post-dated personal cheques accepted for the security deposit?
No, all cheques sent to Peoples Trust must be currently dated.
How long will it take to process my application?
We will begin processing your application on the day it is received; however, if any documentation is missing, we will attempt to contact you by phone or email to gather this missing documentation. Once the application is complete and your application is pre-approved, your security deposit will immediately be cashed. There is a hold period of 7 business days for applications received with a personal cheque, with the exception of applications which are accompanied by a guaranteed means of payment.
Additionally, regular mailing delays for the card are 7-10 business day. For a fee of $39.00 an Express Delivery (FedEx® or DHL®) request can be made. For Express Delivery, please contact our office by email at SecuredCard@peoplestrust.com or by phone at 1-877-694-6200 during our regular business hours.
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 will appear on your 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 will I pay on 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 directly at 1-877-694-6200
. 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.