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 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 which 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.
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 and you do not have the option to change your pin.
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 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 2-4 weeks. Your new card and PIN are mailed to you separately via Canada Post. The PIN you receive is unique and cannot be changed.
The entire process can take up to 6 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 only 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).
If you travel abroad frequently, the Home Trust Preferred Visa can save you a ton of money in fees!
The free roadside assist membership offered by this card is easily a savings of $100 every year. If roadside assistance is useful to you (but not foreign transaction fees), 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% cash back, 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 Review
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.