Save on credit card fees with the Home Trust Preferred Visa. You'll pay no annual fee, no foreign transactions fees, all while earning 1% cash back and getting some insurance and perks on the side.

Annual Fee
Extra Card Fee
Card Type
Cash Advance
Balance Transfer
Personal Income
Household Income
Canadian resident who has reached the provincial age of majority.
Purchase Protection 90 days
Rental Car Theft & Damage Yes

Please review your insurance certificate for details, exclusions and limitations of your coverage.

1 Cash advances, balance transfers, interest, fees, and foreign transactions (including online purchases in foreign currencies) are not eligible for CashBack Rewards.

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Our review of the Home Trust Preferred Visa

Looking for the elusive combination of no annual fee and no foreign exchange fees? The Home Trust Preferred Visa is one of the few cards that charges neither of these fees.

But there's more to this card than just the lack of fees. Here's everything this credit card has to offer.

No annual and foreign exchange fees

The best selling point of this credit card are the fees, or lack thereof.

With no annual fee, this card costs nothing to keep in your wallet.

And with no fx fees, you get to keep the standard 2.5% fee most credit cards charge when you make purchases that aren't in Canadian dollars.

Home Trust Preferred Visa cash back rewards

The fun doesn't end with not having to worry about paying any fees. You'll also earn cash back rewards on every purchase.

How much? You'll earn 1% cash back on every purchase, with no caps or tiers to worry about. However, you won't earn any cash back on purchases made in foreign currency.

The only drawback here is that the cash back rewards only pay out once a year. You'll get your rewards paid out every January as a statement credit.

Perks and insurance included with the Home Trust Preferred Visa

But there's still more to the Home Trust Preferred Visa. It comes with 2 types of insurance – purchase protection and rental car insurance.

There are also a few perks included. The biggest one is free roadside assistance. Every year you have the card, you'll get 4 free calls per year, which you can use for things like getting your car towed, if you’re locked out, or if you need a battery boost.

They also guarantee your hotel reservations. No matter how late you show up for your room, your room will be held for you.

The downsides

The Home Trust Preferred Visa isn't without its flaws.

The biggest one is with the approval process. It can take between 2-4 weeks before you'll receive an email telling you if you've been approved or not. If you're looking to use this card on a trip, make sure you leave yourself plenty of time to get approved and receive your card.

It also doesn't earn cash back on foreign currency purchases. So while you are saving the foreign exchange fee, you won't be earning any rewards for those purchases.

And finally, this card is not available to residents of Quebec. If you live in Quebec, you'll have to look elsewhere for foreign exchange fee savings.

Final thoughts

For no annual fee, the Home Trust Preferred Visa packs quite the punch. You'll save on a credit card annual fee, not pay any foreign exchange fees, all while earning 1% cash back on your purchases and getting some perks on the side.

It's a well rounded, no annual free credit card.

What are your thoughts?

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