Are you looking for a Home Trust Preferred Visa review? This card has become incredibly popular since Chase pulled out of Canada. It was one of the few cards that had no foreign transaction fees and no annual fee. A win-win situation for consumers. However, more no foreign transaction fee credit cards have come to Canada since then, so many people wonder if the Home Trust Preferred Visa is still worth it?
As a no fee card that gives you 1% cash back, there’s not much to complain about. That said, with so much competition out there, you should consider all of your options before applying. Read my Home Trust Preferred Visa review now for the full details.
Home Trust Preferred Visa benefits
- No annual fee
- No foreign transaction fees
- 1% cash back with no limits
- Visa Auto Rental Collision/Loss Damage Insurance
- Purchase protection
In case you didn’t know, most credit cards in Canada charge a fee of 2.5% when you make any purchase that’s not in Canadian dollars. The Home Trust Preferred Visa does not charge that fee at all so you’re always getting the lowest rate possible for your purchase. Plus, you earn 1% cash back on all your purchases made in Canada, so you’re coming out ahead.
Admittedly, the cash back earn rate isn’t that high. However, this is a no fee card, so you shouldn’t complain too much. It’s worth noting that the cash back earned only applied to purchases made in Canadian dollars. I wouldn’t worry about that too much as your goal for this card should be to avoid foreign transaction fees, not earning cash back.
If you rent a car and pay with your Home Trust Visa, you’re covered by the included Visa auto rental collision/loss damage insurance. You’ll be covered up to 48 days of consecutive travel for vehicles that have a Manufacturer’s Suggested Retail Price of no more than $65,000. Note that the entire cost of the rental car must be charged to your Home Trust Preferred Visa for the insurance to be valid. You must also decline any insurance that the car rental agency offers you.
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.
If you want a no foreign transaction credit card with no annual fee, the Home Trust Preferred Visa is an excellent choice.
Home Trust Preferred Visa pros and cons
Honestly, as a no fee card that has no foreign transaction fees, having this card is not a bad thing. That said, not everyone wants to have multiple credit cards, so consider the Home Trust Preferred Visa pros and cons before you apply.
Home Trust Preferred Visa pros
- No annual fee – Applying for this card is free.
- No foreign transaction fees – You’ll save 2.5% on all purchases made that are not in Canadian dollars.
Home Trust Preferred Visa cons
- Limited daily transactions – You have a limit of 10 transactions per day.
- Not available to residents of Quebec – If you live in Quebec, you won’t be able to apply.
- Limited customer service hours – Customer services hours are Monday to Friday, 8am – 8pm EST.
- Inactivity fee – You’ll pay $12 for accounts with no activity in a 12-month period.
I personally held this card for about three years before I cancelled it. I decided to cancel my card for a few reasons. I personally prefer to use STACK now (see below). Plus, my Home Trust Preferred Visa was compromised twice in a year even though I had not used the card in quite some time. I was very concerned about the safety of my account.
How the Home Trust Preferred Visa compares to others
Comparing the Home Trust Preferred Visa to the best no foreign transaction fee credit cards in Canada really depends on what you’re looking for. The Rogers World Elite Mastercard is the closest comparison as it has no annual fee and gives you 3% cash back on purchases made in U.S. dollars. This effectively gives you a 0.5% return but that card also requires you to charge $15,000 a year to it and it has a high minimum income requirement ($85,000).
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 no 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. Of course, the downside is that you need to preload this card with funds for you to be able to access it. On a positive note, you get $5 for free when you sign up with my referral link. Note that you must click this link via your mobile device for it to work.
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. You earn Scotia Rewards with this card and the welcome bonus is usually pretty generous.
Although it’s not one of the best travel credit cards in Canada, my Home Trust Preferred Visa review is positive. Some people will say 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.