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What is a Secured MasterCard?
A Secured MasterCard is an excellent way to establish a positive credit history and is designed especially for people with no credit history, or who have experienced past credit problems. The HorizonPlus secured MasterCard® card looks and works just like any other MasterCard. The only difference is that a GIC savings account must be established to open a secured MasterCard® account. The GIC savings account serves as collateral for the secured credit card. Only you and HorizonPlus will know that the card is secured. The HorizonPlus MasterCard has all the security benefits as any other MasterCard offered by another financial institution (Signature area on the back of the card, CVV Number also known as the 7 digit security number for purchases online or over the phone, and authentic MasterCard hologram on the front of the card).

Will HorizonPlus MasterCard help me establish or re-establish my credit?
Yes, HorizonPlus MasterCard reports your file to the credit bureau on a monthly basis. Your file is updated and your credit history begins. By reporting to the credit bureau this will establish or re-establish damaged credit. Both the primary applicant and the co-applicant's credit bureau is updated for as long as you keep your account open.

Note: The only way to build good credit is by making your payments each month on time and never maxing out your credit limit and never miss payments. Building your credit will take time and will not happen over night, you need so show a history of good payments on your credit history, the longer you show your good credit the better it will be for you. Click Here for more details and tips on establishing or re-establishing credit.

Why would anybody need a HorizonPlus MasterCard?
Those who apply for the card fall on one or more of the following...
1) New landed immigrant to Canada
2) Did not require the use of credit in the past until now,
    for work or personal use
3) Slow payments or late payments, but always paid
4) Bad credit history showing R7, R8 or R9
5) Past bankruptcy
6) Do not meet financial banks qualifications due to, employment,
    personal income, self-employment, debt to income ratio,
    low credit score etc..

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 cheque or certified cheque payable to HorizonPlus MasterCard for the amount that you wish to deposit in your Secured GIC savings account. Alternatively you email us at securedcredit@cgwsolutions.com with your full name, complete mailing address and we will send you an application form by mail right away.

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 HorizonPlus secured MasterCard® card .

1) You must be a Canadian resident and have a valid Social Insurance Number to work in Canada.

2) Security deposit must be from the applicant and will only accept personal cheque or certified cheque only. HorizonPlus does NOT accept Bank Draft, Money Orders, Cashiers Cheque due to security reasons.

Age of majority is 18 in:
Alberta	Ontario	Quebec
Manitoba	Saskatchewan	Prince Edward Island
Age of majority is 19 in:
British Columbia	Nova Scotia	Newfoundland & Labrador	Nunavut
New Brunswick	Yukon	Northwest Territories

What Will My Credit Limit Be?
With the HorizonPlus secured MasterCard® account 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 your deposit. ex. Security deposit of $500.00 we will give you a Secured MasterCard card with a $500.00 limit or if you leave a security deposit of $1500.00, we will issue you a HorizonPlus MasterCard account with a $1500.00 limit.

Where will my Security deposit go?
We will establish a GIC savings account for you with Peoples Trust, a federally Chartered Canadian Trust company in Canada. Your deposit balance will be protected by Canada Deposit Insurance Corporation (CDIC).

Can I Add to my GIC savings 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 savings account. Each additional deposit will increase your credit limit on your secured card by the same amount.

How much interest will my GIC savings account earn?
The interest rate on GIC savings accounts is 2.00% with an annual percentage yield of 2.00%. 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 maintain a minimum balance of $500 in the account.

Transaction Limitations:
Customer withdrawals are not permitted unless HorizonPlus has released its security.

How do I get my Deposit back?
Your deposit will be held for as long as your HorizonPlus 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?
No, there are no annual fee's. There is a one-time processing and set-up fee of $49 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 an additional monthly 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 due indicated on the statement. The Security deposit may not be used to pay off the balance. Minimum payment is 3% of your balance or $10.00 which ever is more.

How do I make Payments?
You can make your payment by mailing your cheque or certified cheque directly to HorizonPlus in the envelope provided with your statement, or you can make payment at any Canadian Financial Institution that bears the MasterCard® brand mark, PC Banking & Telephone Banking. (Check with your bank to see if you can make MasterCard Payments with them)

What if I have an outstanding Judgment against me?
Depending on the circumstances, you may still qualify for a HorizonPlus Secured MasterCard® card, This can not be determined initially and a credit check must be done prior to approval. Each applicant would be reviewed on a case by case basis.

It is necessary for the security deposit to be provided by a third party together with confirmation that the funds are theirs and not yours. A Third Party Form must be attached to your application, the form you can print by clicking here. If for what ever reason you are not approved because of your judgment on the credit bureau, the security deposit sent would be returned back to you immediately.

I've been in bankruptcy, do I still qualify?
You qualify only if you have been discharged from bankruptcy. Bankruptcy Act doesn't allow you to have any credit while you’re in Bankruptcy. Once you have been discharged from bankruptcy, you can apply and submit your application, with your security deposit cheque or certified cheque along with a copy of your discharge papers. Do not send the original copy of your discharge papers as you will not get them back.

I am in a consumer proposal, but not bankrupt. Do I still qualify?
No, If you are in a consumer proposal, you do not qualify. There is allot of legal gray area and we are currently working on this matter, but at this time we can not approve do to legal matters. There are some exceptions the processing department at HorizonPlus makes and that is if you are near the end of your consumer proposal, were you would complete your proposal to your creditors in the next 6 months. Please check back with us once a month or email us to be added on our contact list on when this becomes available to all who are in a consumer proposal.