Horizon Plus secured MasterCard®

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 Horizon Plus secured MasterCard® card looks and works just like any other MasterCard. The only difference is that a GIC account must be established to open a secured MasterCard® account. The GIC account serves as collateral for the secured credit card. Only you and Horizon Plus will know that the card is secured.

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 top of the application together with your cheque or money order payable to Horizon Plus for the amount that you wish to deposit in your Secured GIC Account. Alternatively you can call 1-877-694-6200 and we will send you an application form by mail.

How Can I Qualify?
Even if you have no credit, or your credit history is less than perfect, you have an excellent opportunity to be approved for a Horizon Plus secured MasterCard® card . Our general guidelines are as follows:

Canadian Citizen or Permanent Resident Must be of legal age in the province you reside Have a Social Insurance Number

Verifiable permanent Canadian home address
Not an undischarged bankrupt

What Will My Credit Limit Be?
With the Horizon Plus secured card you can set your own credit limit! The minimum deposit required is $500, with the maximum permitted of $10,000. Upon approval, you are guaranteed a credit limit equal to 100% of your deposit.

Where will my GIC Account be established?
Your account will be established at Peoples Trust , a federally Chartered Canadian Trust company. Your deposit balance will be protected by the same Canada Deposit Insurance Corporation coverage as is in place with Canada's major Banks.

Can I Add to my GIC Account to Increase My Credit Limit?
Yes. At any time after your account is opened, you may send in additional deposits of $100 or more to be added to your secured GIC account. Each additional deposit will increase your credit limit on your secured card by the same amount.

How much interest will my GIC Account earn?
The interest rate on GIC accounts as of August 6th 2004 is 2.00% with an annual percentage yield of 2.00%. For more current information please call 1 877-694-6200. Interest rates are subject to change and you will be provided with 30 days notice of any changes prior to their becoming effective. Compounding and Crediting Frequency:
Interest will not compound on this account. Interest will be credited to your account annually at the end of the month that the deposit account originated.

Minimum Balance to open Account:
You must open an account with a minimum balance of $500. Transaction Limitations:
Customer withdrawals are not permitted unless Horizon Plus has released its security. Back to Top

How do I get my Deposit back?
Your deposit will be held for as long as your Horizon Plus MasterCard® account is open. Once you close your MasterCard® account and all outstanding balances, fees and transactions have been paid, your deposit amount, together with the accrued interest will be returned to you.

Is there an annual fee?
A one-time processing and set-up fee of $49 is charged to the first statement after the account is opened and the card(s) issued. A monthly fee of $5.95 will be charged on subsequent statements. A secondary card issued on the account will be charged a monthly additional fee of $2.95

What Interest Rate will I pay on Outstanding Balances?
The interest rate is similar to conventional unsecured cards at 19.5% on outstanding balances that originate as a result of a purchase and 24.5% on cash advance balances. There is no interest charged on balances originating from purchases if the amount is paid in full by the statement date, however, interest is charged on cash advances from the day of the advance to the date that the balance is paid in full.

Do I have to pay the balance in full each month?
No, however you must pay at least the minimum payment indicated on the statement. The Security deposit may not be used to pay off the balance.

How do I make Payments?
You can make your payment by mailing your cheque or money order directly to Horizon Plus in the envelope provided with your statement, or you can make payment at any Canadian Financial Institution that bears the MasterCard® brand mark.

What if I have an outstanding Judgement against me?
Depending on the circumstances, you may still qualify for a Horizon Plus Secured MasterCard® card . It may be necessary for the security deposit to be provided by a third party together with confirmation that the funds are theirs and not yours. Appropriate forms to accomplish this structure will be provided by Horizon Plus upon request.

Is the Horizon Plus MasterCard available nationally?
Yes, the Horizon Plus Secured MasterCard® card is available to all residents of Canada.

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