Ever since Chase closed all their accounts in Canada, there has been much debate about which is the best credit card with no foreign transaction fees. The good news is that in the last two years, there have been quite a few cards that have come to the Canadian market that now offer no forex fees.
In my Home Trust Preferred Visa review, I’m going to go over all the benefits of the card and explain why it’s still arguably the best credit card without foreign transaction fees. If you’re looking for a card with a huge signup bonus, you may want to check out my list of the best travel credit cards in Canada. But if you want something simple that’s great for people who make casual purchases in foreign currencies, then keep reading.
Home Trust Preferred Visa Benefits
- No foreign transaction fees
- No annual fee
- 1% cash back with no limits
- Roadside assist membership
- Visa Auto Rental Collision/Loss Damage Insurance
- Purchase protection
- Not available to residents of Quebec
- 10 daily transactions limit
- No tap payments
What makes the Home Trust Preferred Visa (referral link) so appealing is the fact that it has no foreign transaction fees and no annual fee. When CHASE pulled out of Canada, this was the only card that offered both of those features. A little while later Rogers introduced their World Elite Mastercard which also has no forex fees and no annual bee and now there are even more players (which I’ll highlight below) which have joined the game.
As a no fee card, you’re still getting a decent rate of return at 1% cash back on all purchases but this does not apply to purchases made in a foreign currency. There are no multipliers, but the real value is the lack of foreign exchange fees since that would normally cost you an additional 2.5%. Note that the cash back rewards earned with the Home Trust Preferred Visa are redeemed in December and credited your account in January of the following year.
What’s interesting about this card that you still get some additional benefits even though the card has no fees. The roadside assist membership is worth at least $100 a year but you get this for free. You also get Visa Auto Rental Collision/Loss Damage Insurance and purchase protection. Some people get this card for the free roadside assist membership alone.
When the card was first introduced, you could not go paperless or change your assigned PIN but that has now been changed. Going paperless is just a setting in your account, but if you want to change your PIN, you need to call 1-833-217-8090. Once it’s changed and you go use your card, you’ll still need to use your old PIN the first time, but all subsequent transactions will use your new PIN.
I should also mention that Quebec residents can’t apply for the card and there is a daily limit of 10 transactions which will annoy some people.
Home Trust customer service
First off, Home Trust credit card customer service hours are Monday – Friday from 8am – 8pm EST which I find ridiculous. This card is popular with travellers so imagine someone trying to call in when they need immediate assistance while abroad in a different time zone; this would be a nightmare.
When CHASE closed their accounts, many people instantly applied for the Home Trust Preferred Visa and approved applications have been an absolute crawl. That said, it seems clear now that Home Trust is now able to handle the application process in a timely manner. They’ve also staffed up their customer service so it shouldn’t be too hard to reach someone as long as you do it within their open hours.
How the Home Trust Preferred Visa compares to others
Comparing the Home Trust Preferred Visa to other cards really depends on what you’re looking for. As mentioned, the Rogers World Elite Mastercard has no annual fee, no forex fees and gives you 1.75% cash back on all your purchases. This card seems like a better choice compared to the Home Trust Preferred Visa, but the Rogers card has a minimum income requirement of $80,000.
One card I like that has no forex fees and no annual fee is the STACK Mastercard. STACK is a prepaid credit card where you don’t earn any cash back, but their now forex fees also apply to ATM withdrawals which is handy if you need cash. I should mention that the ATM you use may still charge a one time fee, but STACK won’t charge you anything extra.
Another credit card I like that has no foreign transaction fees is the Scotiabank Passport Visa Infinite Card. Although it has an annual fee of $139, you get a Priority Pass membership with six free annual passes and a pretty comprehensive travel insurance package. In my opinion, the Scotiabank Passport Visa Infinite Card is perfect for people who want an all-in-one travel credit card. There is a minimum income requirement of $60,000 for you to get the card, but it also comes with 25,000 Scotia Rewards points as a sign up bonus which has a value of $250.
My Home Trust Preferred Visa review is Postive. You could argue that this card is not as good compared to other credit cards without foreign transaction fees, but if you want something with no annual fee and no foreign transaction fees, then this is a perfectly fine card to get.