Home Trust Preferred Visa: Review

by Barry Choi February 7, 2018 / 43 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 closed 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 flat 1% cash-back applies to all purchases and has no limit to how much you can earn. Therefore, with the Home Trust Preferred Visa, you can save 2.5% in fees and earn an additional 1% cash back on all your foreign purchases.

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 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

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

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. Finally, there is a limit of 10 authorized transactions per day on the card.

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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