Home Trust Preferred Visa: Review

Ratehub.ca
by Ratehub.ca March 8, 2019 / 43 Comments

While the Home Trust Preferred Visa doesn’t come with a lot of the bells and whistles you would expect from one of Canada’s best travel credit cards – like a big sign up bonus or lounge access – it does have one distinct advantage above most other cards; no foreign transaction fees.

What makes this card in particular so appealing is the fact it’s one of the few credit cards in Canada with no foreign transaction fees and no annual fee. Not to mention, it offers a handful of additional perks including cash back.

Introduced around the same point in time when CHASE closed all their Canadian accounts, including their no foreign transaction fee Amazon Rewards Visa Card, the Home Trust Preferred Visa has been a popular choice with travellers (or anyone who makes frequent purchases in foreign currencies) ever since.

For everything you need to know about the Home Trust Preferred Visa, read our full review below.

Home Trust Preferred Visa – At a glance

Home Trust Preferred Visa


  • No annual fee
  • No foreign transaction fee charged on purchases abroad
  • Earn 1% cash back on all purchases, with no limit on the amount you can earn
  • The Visa Zero Liability Policy for protection against fraud
  • Free Roadside Assistance membership and car rental collision/loss damage insurance
  • Not available in Quebec

No foreign transaction fees and cash back rewards

If you’re not aware, most credit cards charge a foreign transaction fee of 2.5% on top of the spread whenever you make a purchase in a foreign currency. This may not sound like a lot, but that fee can add up to quite a bit over time – particularly if you regularly use your card outside of the country or shop from websites that sell products in a non-Canadian currency.

When it comes to foreign transaction fees, the Home Trust Preferred Visa is more the exception than the rule as it’s one of only a handful of credit cards in the country to charge 0% in foreign transaction fees.

Along with no foreign transaction fees, the Home Trust Preferred Visa offers a flat 1% cash back on all purchases (both foreign and domestic). Therefore, with this card, you can save 2.5% in fees and earn an additional 1% cash back to pocket a total of 3.5% in savings per dollar on all your foreign purchases. One important note: you are limited to a maximum of 10 authorized transactions per day on this card.

No annual fee

For all its perks, the Home Trust Preferred Visa also charges no annual fee. This is a big win if you’re a fee averse cardholder or are just looking to pick up this card as a backup option to use only when you’re travelling.

Income requirement and interest rates

Home Trust doesn’t stipulate that you need to earn a specific amount in order to be eligible for this card, which does suggest there isn’t a strict minimum income requirement. However, you will be required to provide your annual income when applying and it will likely affect your odds of being approved.

In regards to interest rates, this card charges an annual interest rate of 19.99% on purchases with a standard grace period of 21 days as well as 19.99% on balance transfer and cash advances.

Other perks

While some of the Home Trust Preferred’s side perks, such as purchase security insurance and Visa Zero Liability Policy for protection against fraud, usually come standard with most credit cards, it also offers Visa Auto Rental Collision and Loss Damage Insurance. These tend to only be found on annual fee cards – so it’s a nice touch that it’s also available here.

You’ll also get a Roadside Assistance membership at no extra charge, which is a nice benefit considering it can cost up to $100 to buy this coverage on your own and there aren’t many credit cards that offer this feature.

Emergency roadside services covers you 24 hours a day, 7 days a week in North America. The towing service will take you to any garage as long as it’s within a 5km radius. 5L of gas gets delivered right you at no charge if you run out, and there’s also included tire service, battery boost, and lost key lockout assistance.

Some considerations

There are a few additional points to note about the card. Unfortunately, the Home Trust Preferred Visa is not available to residents of Quebec. Plus, there is a limit of 10 authorized transactions per day on the card.

Currently, there is no TAP payment option, which is less than ideal but shouldn’t be too big an issue since TAP is not a big feature outside of Canada. You’ll also be preassigned a four-digit PIN that you’ll have to remember since Home Trust doesn’t give you the ability to change it. Some applicants have also noted that approval processing times for the Home Trust Visa Preferred has been slow compared to their experience with other cards.


Home Trust Preferred Visa – Quick review

The Pros

  • No foreign transaction fees (estimated 2.5% savings on all purchases made in a non-Canadian currency)
  • No annual fee
  • Flat 1% cash back on all domestic and foreign purchases
  • Visa Zero Liability Policy for protection against fraud
  • Free Roadside Assistance membership
  • Purchase Security Insurance
  • Visa Auto Rental Collision/Loss Damage Insurance
  • Emergency card and cash replacement
  • Guaranteed hotel reservations

The Cons

  • Limited to 10 transactions per day
  • Not available to residents of Quebec
  • Your 4-digit credit card pin is assigned by HomeTrust and cannot be changed
  • The card has no “tap-to-pay” option
  • Some applicants have noted that approval processing times for the Home Trust Visa Preferred is slower compared to other credit cards

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