(August 10 – 11:20 ET) – Home Trust Co. says it will issue Canada’s first secured VISA card to Canadians who may not be able to obtain a credit card or who desire to build or re-establish their credit. The trust company estimates that there are over 4 million adult Canadians who do not have a credit card.

Home Trust reports that it it has selected First Data Corp. to process its new credit card. This is First Data’s initial card venture in Canada. It will begin processing cards for Home Trust next month.

First Data processes over 260 million card accounts on behalf of 1,400 issuers around the world. According to Gerald M. Soloway, president and CEO of Home Trust, First Data has the expertise Home Trust needs to serve Canada’s alternative credit card market. “The relationship we are announcing today with FDC is a vital component of a strategy that will make us a leader in providing credit cards to a large and unserved market. We are very proud to be First Data’s first Canadian card processing customer.”
-IE Staff