The Home Trust Preferred Visa: A Review

June 1, 2020
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The Home Trust Preferred Visa credit card comes with an attractive set of characteristics, starting with no annual fees and a 1% cashback on eligible purchases. It also has a regular interest rate for purchases and cash advances of %19.99, and no foreign exchange fees.

If you happen to travel a lot during the year and are looking to make the most out of these features, this card is definitely for you and can represent a big saver on your daily abroad expenses.

Canadians have plenty of options to choose from when picking a credit card, and the Home Trust Preferred Visa is a big contestant everyone should keep in mind. With no foreign exchange fees, no annual fees and a 1% cashback rate on your purchases, this card is a great option for people looking for an affordable and useful credit card.

However, there is much more to talk about this card. So today we’re going to take a deeper look at the Home Trust Preferred Visa, and whether it’s worth it or not.


Welcome bonus
0
Rewards Program8
Earn Rates0
Travel Benefits6
Annual Benefits vs. Annual fee10
Referral Program0
Travel Insurance0
Purchase Coverage7
Foreign Transaction Fees10
Customer Service & Online Experience5
Total
46

Home Trust offers its clients a credit card with no annual fees, a 1% cashback on eligible purchases (with no limits to your total rewards) and zero foreign exchange fees or surcharges. Not a bad deal at all.

Perhaps the best thing about this credit card is the no foreign exchange fees. This means you don’t get charged any additional fee for purchases or cash advances that you make in a foreign currency.

This is huge for anyone who loves shopping online in international stores or travels a lot. Of course, you will have to stick to the conversion rate set by Visa International, but you won’t have to deal with any type of additional conversion charges.

Related: If using your card for online purchases and travel abroad is what you’re after, you may want to check out our full post regarding the best no-foreign-transaction fee credit cards in Canada.

Of course, the interest rates for purchases and cash advances aren’t necessarily low, but not too high either. This credit card comes with a 19.99% interest rate that becomes effective the same day your account is opened, and you can expect it to be set out on each monthly statement.

We recommend the Home Trust Preferred Visa: Do you travel a lot? Do you like to shop online in international stores? Are you a business person who constantly has to go on business trips? If the answer is yes, then this card is most definitely for you!

We don’t recommend the Home Trust Preferred Visa: If you’re looking for a low-interest rate credit card, don’t travel often, or need a credit card for emergency expenses.

Features & Benefits

Foreign Exchange Fees0
Cashback Rewards1$ on eligible purchases
Annual Fees0
Purchase SecurityYes
Emergency Roadside AssistanceYes
Loss Damage InsuranceYes

#1: Welcome Bonus

Although the Home Trust Preferred Visa is considered one of Canada’s best travel credit cards, it doesn’t come with many of the usual benefits you would expect from such a card. For example, it doesn’t have a Welcome Bonus.

If a sign-up or welcome bonus is a must-have requirement for you, then this credit card might not be the right choice. However, it does have many great things to offer, so you may still want to stick around.

Home Trust Preferred Visa Welcome Bonus Score: 0/10 

#2: Cashback Rewards Program

With this credit card, you get a 1% cash back on eligible purchases, without any caps on earning potential. This means, the more you buy, the more you can get back at the beginning of the next year.

The only “but” in this benefit is that foreign transactions -including online ones- are not eligible for cashback rewards.

As to how to collect your rewards, the Home trust preferred visa makes it easy for everyone: The total credit will appear on your balance every January. That’s how easy it is to get a percentage of your money back.

Home Trust Preferred Visa Rewards Program Score: 8/10

#3: Earn Rates

The Home Trust Preferred Visa is not the credit card you go to if you’re expecting high earn rates. Although you do get 1% cash back on eligible purchases, Home Trust doesn’t stand out when it comes to earn rates.

If you’re looking for a credit card with high earn rates, we recommend you check out the Amex Cobalt credit card.

Home Trust Preferred Visa Rewards Program Score: 0/10

#4: Travel Benefits

The Home Trust Preferred Visa is a travel credit card, and as such, it has many benefits to protect you during your trip both in and out of Canada. Amongst these benefits you’ll find:

  1. Guaranteed Hotel Reservations: This means your hotel room will be held for you even if you arrive late to your destination. 
  2. Roadside Assistance: By becoming a preferred visa cardholder, you automatically get this benefit. Home Trust’s roadside assistance allows you to call their line and ask for help all year round, wherever you happen to be in North America.
    As a cardholder, you get 4 calls to use per year, totally free, that will immediately contact their road assistance team.
  3. Auto Rental Collision Insurance: If you use your Home Trust Preferred Visa credit card when renting a car, you immediately get access to this insurance, which will cover you in case of any collision or traffic accident during your travel. Insurances like this often cost way more than $100, but you get this completely free by just owning this credit card and using it.

Home Trust Preferred Visa Travel Benefits Score: 6/10

#5: Annual Benefits vs. Annual Fee

Home Trust offers its clients a credit card with no annual fees. This is perhaps one of the biggest pros this credit card has. Although the interest rates are pretty standard, the no annual fee plus zero foreign exchange fees or surcharges combo makes the home trust visa a great credit card.

Home Trust Preferred Visa Annual fee Score: 10/10

#6: Referral Program

This credit card doesn’t have a referral program. Like we have said before, this card is great for people who do a lot of international shopping, but if you’re looking for high earn rates and referral programs, this is not the right option for you.

Home Trust Preferred Visa Referral Program: 0/10

#7: Travel Insurance

Although the Home Trust Preferred Visa is a travel credit card that comes with various travel benefits, it doesn’t have Travel Insurance and it won’t cover you during your trips.

If you’re looking for a credit card that does have travel insurance, we recommend you to check out the Amex AIR MILES Platinum Card.

Home Trust Preferred Visa Travel Insurance: 0/10

#8: Purchase Coverage

When it comes to purchase coverage, this card’s got what you need. You get full-on protection for any purchase you make anywhere in the world, and you also get protection in case of fraud.

  1. Purchase protection: You can register your credit card with Verify by Visa and automatically enhance your online shopping protection.
  2. Fraud Protection: The Home Trust Preferred Visa credit card has a VisaZero Liability policy that protects you against fraud.

Home Trust Preferred Visa Purchase Coverage Score: 7/10

#9: Foreign Transaction Fees

The biggest pro this credit card has on its side is the no annual fee plus no foreign exchange transaction fee combo. An option that allows you to both manage your credit better, and make the most out of your international shopping and expenses.

This means you don’t get charged any additional fee for purchases or cash advances that you make in a foreign currency. This is huge for anyone who loves shopping online in international stores or travels a lot. Of course, you will have to stick to the conversion rate set by Visa International, but you won’t have to deal with any type of additional conversion charges.

Home Trust Preferred Visa Foreign Transaction Fees Score: 10/10

#10: Customer Service & Online Experience

Another curious thing about this credit card is that it includes customer service, but it is not 24/7. You can contact the bank from Monday to Friday from 8:00 am to 8:00 pm. EST through their direct line, or send them an email during this time. However, if you are in an emergency and need immediate help outside these hours, you won’t get a response until the next day.

Home Trust Preferred Visa Customer Service Score: 5/10

#11: Interest Rates

Unlike some credit cards that fill you with benefits but overcharge you with the interest rates, the Home Trust Preferred Visa offers you a very regular and standard interest rate of 19.99% on purchases and cash advances.

It is important to mention the Home Trust Visa offers you a 21 days interest-free grace period, meaning the payment due date will be, at least, twenty-one days after the monthly statement date. This, however, only applies to for purchases. There isn’t any interest-free period on Cash Advances or balance transfers.

Home Trust Preferred Visa Interest Rates Score: 6/10

Additional Home Trust Preferred Visa Benefit: Lower Interest Rates On Cash Advances

The truth is, the interest rates of the Home Trust Preferred Visa are very standard when you compare it with most other travel credit cards. Although the Purchase rate isn’t necessarily low, it isn’t super high either. As a matter of fact, it’s the industry standard of 19.99%.

The cash advance interest rate, on the other hand, is lower than what most other credit cards charge. It’s also 19.99%, which is 3% less than the standard 22.99%. This apparently small difference can really add up when you’re abroad and in constant need of cash, especially considering the fact that you won’t be charged a foreign currency transaction fee.

Of course, the 19.99% rate on cash advances stands out when you pair with the no annual fee benefit this card has to offer. But, if you’d still like to compare it with other travel credit cards, we have a full blog about the Best Travel Credit Cards Canada Has To Offer. We truly recommend you to check it out

A Summary Of The Home Trust Preferred Visa

The Home trust preferred visa is a very standard credit card. It has a very regular interest rate, strong benefits and it’s easy to apply for. However you look at it, it’s a smart choice. However, we truly recommend it if you travel a lot during the year.

The whole point of having a credit card is to make the most out of it, and you can only do that with this card if you are constantly traveling/purchasing abroad. So, if that is your case, apply now!