Review: Home Trust Preferred Visa

by Barry Choi February 7, 2018 / 6 Comments

Home Trust has recently improved their credit card portfolio and have introduced the Home Trust Preferred Visa which is easily one of the best travel credit cards on the market. What makes it so appealing is the fact that it has no foreign transaction fees and no annual fee. The downside is that this card not available to residents of Quebec.

If you’re not aware, most traditional credit cards charge you 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 adds up to quite a bit over time.

Chase used to have multiple credit cards with no foreign transaction fees, but they’re closing all accounts as of March 15, 2018. The Home Trust Preferred Visa now becomes the ideal choice for travellers or anyone who makes frequent purchases in foreign currencies.

The additional benefits included are limited, but considering this is a card with no annual fee, one could argue that they’re quite generous. The 1% cash-back applies to all purchases and has no limit to how much you can earn.

You’ll also get a Roadside Assist membership at no extra charge which is a nice benefit considering 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.

Home Trust Preferred Visa


  • No annual fee
  • No foreign exchange fee charged on purchases abroad
  • Earn 1% cash back on all purchases, with no limit on the amount you can earn

Additional benefits included

  • Purchase Security Insurance
  • Visa Auto Rental Collision/Loss Damage Insurance
  • Emergency card and cash replacement
  • Guaranteed hotel reservations
  • The Visa Zero Liability Policy for protection against fraud

Purchase Security Insurance and Visa Zero Liability Policy for protection against fraud are usually standard benefits with most credit cards, but Visa Auto Rental Collision/Loss Damage Insurance tends to only be included with premium cards. In other words, you politely decline extra insurance if you’re renting a car.

There are a few additional points to note about the card. Currently there is no TAP payment option, but this shouldn’t be a big issue since TAP is not a big feature outside of Canada. You’ll also be assigned a 4-digit PIN with no ability to change it. That being said, Home Trust has confirmed that you’ll be able to change your PIN later this year. Finally, there is a limit of 10 authorized transactions per day on the card.

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  • intraland

    Are you able to look into if this card has max 10 pending transactions per day? It has been brought up in the comments from one of your similar articles: https://www.ratehub.ca/blog/3-credit-cards-with-no-foreign-exchange-fees/
    It doesn’t seem to be explicitly stated anywhere (unless hidden deep within the T&C? Although I read through it and didn’t come across it either). Thanks.

    • Ratehub

      Hi @intraland:disqus ,

      Sorry for the delay in getting back to you. We can confirm that the card has a max of 10 authorized transactions per day. We’ve updated the post to reflect this as well.

      Thanks!

  • Halifax Steve

    I applied for this card last February. It is now almost April. I have tried contacting them a number of times but without success. There are conflicting wait times, one says up to 6 weeks. I have called and been disconnected. Do i really want to do business with a financial institution with this lack of service?

  • Shaunee

    Where can I find what exchange rates Home Trust Preferred uses in their currency conversions?

    • Ratehub.ca

      You should contact Home Trust directly to get information about the exchange rate they use for currency conversions.

  • Lee

    Applied for my card in January and received it in March. Very disappointed to receive the credit cards for myself and my husband and to see that we had been issued the same account number. Every other financial institution I have dealt with has issued cards with different numbers, so if one card is compromised the other is still usable.