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. Although there are quite a few cards to choose from, there’s no clear winner since every card has different features which appeal to some, but not all.
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. Of course, I’m also going to address the customer service issues that many people (including me) have experienced to date.
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.
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. This was the only card that offered both of those features until Rogers introduced their World Elite Mastercard. 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.
Considering this is a no fee card, all the benefits you’re getting are free. 1 % cash on all purchases, a roadside assist membership, Visa Auto Rental Collision/Loss Damage Insurance, and purchase protection are all available to you at no cost. All you need to do is sign up for the card.
Recently Home Trust has added the optional go paperless with your statements and you can now change your assigned PIN by calling 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 issues
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 being said, Home Trust has made improvements to their approvals process and wait times for cards to arrive are much more reasonable these days.
My Home Trust Preferred Visa review is neutral. I still like the card compared to other credit cards without foreign transaction fees, but the customer service issues and the negative card features are a bit disappointing. To be honest, this card serves my needs now, but if a better card comes along, I would have no problem jumping ship.