Home Trust Preferred Visa Card Review

After Chase shut down their credit cards with no foreign transaction fees in 2018, the Home Trust Preferred Visa has become one of the go-to cards for those who make purchases in foreign currencies.

The average credit card charges a 2.5% or so foreign currency conversion surcharge when you make purchases in a different currency, whether you are shopping online or abroad.

Not so with the Home Trust Preferred Visa! This card saves you 2.5% in fees every time you make payments in a foreign currency. This is in addition to a 1% unlimited cash back that applies to all purchases made with the card and other nice perks.

It’s no wonder you will find this card on my list of the best no-fee credit cards in Canada. This review of the Home Trust Preferred Visa highlights its benefits, downsides, and whether or not this card may be for you.

Home Trust Preferred Visa

Home Trust Preferred Visa Benefits

1. No Annual Fee: This is a no-fee card which means you do not need to shell out $100 every year to keep it.

2. 1% Cash Back Rewards: Unlike other rewards cards that offer different tiers of cash back for various categories of spending, this card gives a flat 1% cash back on all your purchases.

There is also no limit on how much you can earn per year. Your total cash back balance is automatically credited to your account every January.

3. No Foreign Transaction Fees: The $0 foreign transaction fee on this card is not commonly seen on a zero-fee card. This perk translates into an additional 2.5% cash back when you make purchases in a foreign currency.

For example, if you spend $1,000 abroad using the Home Trust Preferred Visa, you save $25 in foreign transaction fees plus the basic 1% cash back reward.

4. Free Roadside Assist Membership: This includes up to 4 free service calls per year anywhere in North America at no charge.

The free coverage offers emergency towing services up to 5 km away, free 5-litre gas delivery, tire service, key lock-out, and battery-boosting assistance. This service is available 24/7.

5. Auto Rental Collision and Loss Damage Insurance: Covers you when you use your card to pay for a rental car.

6. Purchase Protection: This gives you some peace of mind when you make purchases using the card.

Related: Brim Financial Mastercards Review

Downsides of the Home Trust Preferred Visa

There are some cons of this card that folks on Reddit and Red Flag Deals have pointed out. To start, the Home Trust Preferred Visa is not available in Quebec, sorry!

There is a limit to the number of transactions you can conduct on a daily basis – a max of 10 transactions per day. This limit is a bit off given that most users do not mind a daily spending cap but would prefer to be able to conduct as many transactions as they want within that cap.

This Home Trust credit card does not support tap payments. Cardholders can update their pin by calling 1-833-263-2828.

Lastly, their general customer support is available Monday to Friday between 8am-8pm EST. They are not available to answer questions 24/7 unless you are reporting a lost card. Their main customer service contact number is 1-888-281-7793.

Home Trust Preferred Visa

Home Trust Visa Application

The application process for the card starts online here. It takes about 3-5 minutes and you will need to be:

  • A permanent Canadian resident
  • At least the age of the majority in your province of residence
  • Not currently in bankruptcy

If your application is approved, they will notify you by email within 2 weeks. Your new card and PIN are mailed to you separately via Canada Post.

The entire process can take up to 3 weeks, so if you are thinking of using the card on a planned vacation, make sure to apply well ahead of time. If you have questions about your application, you can call them toll-free at 1-888-281-7793.

Is The Home Trust Preferred Visa For You?

The Home Trust Preferred Visa card is the main credit card in Canada that will not charge you foreign transaction fees and has a $0 annual fee.

Other cards that offer no-FX markups are Scotiabank Passport Visa Infinite ($139 annual fee) and Rogers World Elite Mastercard (FX mark-up is offset by a 4% cash back on foreign purchases and $0 annual fee).

For a prepaid credit card option that has no ATM withdrawal fees and no foreign transaction fees, check out the KOHO Premium card. It also offers up to 2% cash back and pays interest on your entire account balance.

If you travel abroad frequently, the Home Trust Preferred Visa can save you a ton of money in fees! The free roadside assistance membership offered by this card is easily a savings of $100 every year.

If roadside assistance is useful to you (but you don’t transact in foreign currencies), another card that offers this perk plus a very competitive 3-4% in rewards (CT Money) is the Triangle World Elite Mastercard.

Overall, my review of the Home Trust Preferred Visa card is positive. The combination of a no-foreign transaction fee (2.5% savings), 1% cashback, roadside assistance, and auto collision/loss damage insurance make this card worth paying attention to.

Apply for the Home Trust Preferred Visa here.

Home Trust Preferred Visa Card 2020 Review
4.7

Summary

The Home Trust Preferred Visa card is the only no-fee credit card offering no foreign transaction fees and free roadside assistance in Canada. This review of the card shows why you should consider it in your wallet.

Retirement 101 eBook - 3D

Join Our Newsletter!

Sign up now to join thousands of other visitors who receive our bi-weekly newsletter and latest personal finance tips. You will also receive our FREE eBooks.

Author

Photo of author
Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in the Toronto Star, The Globe and Mail, MSN Money, Financial Post, Winnipeg Free Press, CPA Canada, Credit Canada, Wealthsimple, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO and monitors his credit score for free using Borrowell.

18 thoughts on “Home Trust Preferred Visa Card Review”

  1. Home Trust Visa PIN #s can now be changed.
    I haven’t yet used my card out of country but am hoping to use it later this year in E. Europe.
    I have read several reviewers elsewhere relating that their cards were declined.

    Reply
    • … used this card to, from, through the USA and in Mexico and it works everywhere, even in small towns in Mexico. No nasty surprises or declines. When paying in US $ or pesos the no 2.5% Forex fees are a bonus and I like the car rental insurance fee waiver option and roadside assistance…was approved for $4000. As I travel a lot this card will be my primary now and my BMO card is headed to the back burner as a secondary backup.

      Reply
  2. Since there is no annual fee and no foreign currency exchange fee and 1% reward on each transaction, their exchange rate is trustful and reliable? I am wondering about this because all the financial institutes charge the rate differently. What do you think?

    Reply
  3. One correction/update: application process is now down to 3 weeks.
    With customizable PIN and password it’s almost a perfect no-fee credit card now, except that they don’t offer automatic full balance pay (yet).

    I’m not concerned about 10-transactions daily limit, for me this is a “travel” card, not a home-card, and in places where I travel it’s often cash-only. It’s a good idea to carry reasonable amount of cash, anyway. You don’t want to expose your credit card in sketchy fast-food joints etc.

    Reply
  4. I have had this card for well over a year now and would not recommend it. Multiple problems with getting the first card mailed out to me to work, online account management very limited, and worst of all it sometimes doesn’t work at retailers when I travel (and then my Mastercard does work on sale transaction) as on a recent trip to NYC (happened 3x). Service isn’t the best as per the reviews below, and I had similar delays and issues as the reviews when applying. It’s also incompatible with Apple Pay. I would cancel this card due to all the frustrations except I don’t want to negatively impact my credit score!

    Reply
  5. I used this card in Spain in April and it worked great. Just got back from France. It worked for the toll booths and that is it. Would not work for gas, restaurants or shopping. Luckily I brought another card. It was very disappointing as the main reason I got this card was for travelling.

    Reply
  6. I called the Customer Support today and advised them of the countries we’ll soon be visiting in the not to distant future. She agent recorded the info on my file.
    When I told her that several recent online reviewers had reported their card being declined, she said that this shouldn’t happen in my case since I’d advised them in advance of upcoming travel dates and countries to be visited.

    Reply
  7. I called again and asked if their Customer Service had been getting a lot of complaints from travelers whose cards had been declined and was told that just from folks who hadn’t called to inform Home Trust of travel plans.
    Maybe they are told to say that.
    So, folks just have to call over and over to complain and perhaps HT will get the message.

    Reply
  8. Ok, I’m in Salzburg and the Home Trust VISA has worked without fail every time. In Krakow I was even offered the choice of paying in the local currency (Zloties) or Canadian $.

    Reply
  9. Just to advise the 1% CB only applies now to Canadian Transactions only. They have changed the rules now. You can check Home Trust Visa website to verify this.

    Reply
  10. Very disappointed with the card, just find out you would lose all your reward for the whole year if you were late for 1 of your payment, and that is exactly what happen to me that I was away during xmas hoilday last year and was late for a payment when I came back home. My WHOLE YEAR of your cashback reward has be cancel and I am sure most of us wouldn’t know it, what a scam!!! Also all my other credit cards with TD, CIBC and even small company like Tangerine would waive the interest for late payment once a year and with Home trust they said is only once in a LIFE TIME….what a joke. I think I will let everyone I had recommend in the past to stop using this credit card as you would be scam if you didn’t know.

    Reply
Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Learn how to master your money
Millions of Canadians visit annually to read our latest personal finance tips. Subscribe to receive our bi-weekly newsletter and free eBooks.
We hate SPAM as much as you do. You can always unsubscribe...
Learn how to master your money

Millions of Canadians visit annually to read our latest personal finance tips.

Subscribe to receive our bi-weekly newsletter and free eBooks.

We hate SPAM as much as you do. You can always unsubscribe...
Success!
Please click the link in your email to complete your subscription and download your free ebooks!
Please click the link in your email to complete your subscription and download your free ebooks!
Success!
The content on this website includes links to our advertisers or partners and we may receive compensation when you sign up, at no cost to you. This does not impact the objectivity of our reviews or evaluations, but it may impact which products or services we write about and where and how they appear on the site. Savvy New Canadians is for informational purposes only and is not intended to substitute professional financial advice. Read our disclosure.
Savvy New Canadians is for informational purposes only and is not intended to substitute professional financial advice. The content on this website includes links to our advertisers or partners and we may receive compensation when you sign up, at no cost to you. This does not impact the objectivity of our reviews or evaluations, but it may impact which products or services we write about and where and how they appear on the site.
10 Shares
Share
Pin
Tweet
WhatsApp
Reddit