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| >Banking >Peoples Trust Card Programs >Secured MasterCard Card >Secured Card FAQ's |
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Secured MasterCard® Card FAQ'sWhat is a Secured Credit 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 and download our application form. Complete the form and send it to the address listed at the bottom of the application together with your personal cheque payable to Peoples Trust. This amount will be equal to your credit limit. Alternatively, you can call 1-877-694-6200 and we will send you an application form by mail. Is the Peoples Trust MasterCard available nationally? Yes, the Peoples Trust Secured MasterCard is available to all residents of Canada. 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:
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 in the form of a personal cheque is required to open an account. 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? When we receive your application, your personal cheque is deposited immediately upon approval. There is a hold period of 10 business days before applications are processed, with the exception of applications which are accompanied by a certified personal cheque. 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% with an annual percentage yield of 0.50%. 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. A one-time processing and set-up fee of CAD $49.00 is charged and will appear on your first statement after the account is opened and the card(s) issued. A monthly fee of CAD $5.95 is charged and will appear on your first and subsequent monthly statements. An additional card issued on the account is charged a one-time processing and set up fee of CAD $29.00 which will appear on the first statement as well as 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 19.50% 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. 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 or money order with your written request. Upon receipt, we process guaranteed funds immediately; with personal cheques there is a hold period of 10 business days before your limit is increased. Can my limit be temporarily increased, or decreased? No, all limit increases are permanent. 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; please see the question "Can I add to my GIC account to increase my credit limit?". 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 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.
This card is issued by Peoples Trust pursuant to license by MasterCard International Incorporated. MasterCard and the MasterCard Brand Mark are registered trademarks of MasterCard International Incorporated. |
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