Pros & cons
Pros
- 1% cash back on all purchases.
- Charges no foreign exchange fees.
- No annual fee.
Cons
- No rewards on foreign exchange purchases.
- Limited insurance included.
Your rewards
How you earn rewards
Each card earns rewards differently. Part of choosing your card is deciding what type of rewards you want to get. With Home Trust Preferred Visa, here's how you earn rewards:
- 1% cash back on all purchases
For all reward details click here.
How much your rewards are worth
The dollar value of your rewards depends on the specific rewards program ‒ and what you choose to redeem your points for. For Home Trust Preferred Visa in particular, if you spend $2,000 per month, here's our estimated annual rewards earned depending on which reward you choose:
| Statement credits | $240 |
Calculating your annual rewards
$24,000 annual spending x 1.00% return on spending = $240 annual rewards
$240 annual rewards − $0.00 annual fee = $240 net annual rewards
Details and eligibility
- Estimated Credit Score
- 560 - 659
- Personal Income
- $15,000
- Household Income
- N/A
- Annual Fee
- $0.00
- Extra Card Fee
- $0
- Card type
- Credit
- Purchase
- 21.99%
- Cash Advance
- 21.99%
- Balance Transfer
- 21.99%
Insurance coverage
- Purchase Protection
- 90 days
Please review your insurance certificate for details, exclusions and limitations of your coverage, terms and conditions apply.
Learn more about the value of credit card insurance coverage.
Genius Rating
Home Trust Preferred Visa's 3.8 Genius Rating is based on the weighted average of the following scores:
Methodology
All scores are produced by our math-based rating algorithm that takes into account over 126 credit card features.
Top cards from Home Trust
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.
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.
Key benefits
1 Cash advances, balance transfers, interest, fees, and foreign transactions (including online purchases in foreign currencies) are not eligible for CashBack Rewards.
User reviews
Reviewed by 166 Canadians
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This is the worst credit card I ever had. After I cancelled a flight reservcation because the company FlyGo - another crooked company if there is one - made the reservation for the wrong day, they would not refund me, and Home Trust would not support my claim. Then after having paid for a SIM card in Italy clearly specifying that I did not want automatic payment because it was only for two months, the company, Iliad, kept charging me. Home Trust would not only refused to refund me, but even refused to put a stop payment! I cancelled the card, so at least they will have to do the stop paymnent! Crooks of a feather fly together! Avoid these crooks at all costs!
Literally got this card for a back-up travel card when I lived in Canada. I permanently moved to Australia 5+ years ago, and the card has been safely stowed here since. My phone # on file (my parents) received a phone call for me so I called all the way from Australia through the heavy time difference, and I can't call 1888/1800 #'s (no Canadian companies seem to understand this). Only to be told there are TWO transactions worth hundreds of dollars that I'm overdue to pay. I laughed and told them it's impossible that I made those transactions as I live in Australia, and I can't shop at Staples OBVIOUSLY. They said it is probably too late to dispute these clearly fraudulent transactions as.... it's been too long? OK but NO email and it didn't raise ANY alarms that two random charges were made when the card has been open a decade and never been used? GROSS NEGLIGENCE. I tried to call to get this sorted and they just put me through 3x to wrong departments then I was on hold for an hour and realised with the time difference it was after 8pm and the office was actually closed, so I was on hold for nothing. Company has refused to provide me a local contact number rather than 1888, so I get to do the whole thing again tomorrow. Home Trust, if you think I'm going to pay these charges you are dreaming.
I wouldn't recommend this company to my worst enemy.
DO NOT SIGN UP WITH THIS COMPANY THEY DON'T KNOW HOW TO CONVEY SIMPLE INFORMATION AND ARE LIVING IN THE 90's
No foreign fees is great, but customer service needs serious work. I have tried to dispute a fraudulent transaction since 2023 and I've been on the hook for thousands of dollars for it since then. Home Trust sent me someone else's sensitive account information by mail after I let them know I hadn't received the dispute forms that they sent out. Then they asked me to fax my documentation in. I have yet to find a fax machine. Now I have six fraudulent transactions in the last several months that they have not even noticed, while my legitimate transactions have been flagged for fraud by email. American Express has a seamless, no fault process for fraudulent transactions. Home Trust, on the other hand, uses a website so outdated that I'm sure it can be easily hacked and by phone is essentially the only way to get some help. I'm at the end of my rope with this company.
I use it as emergency backup while travelling. HT is incredibly aggressive in blocking purchases (transactions) with minimal if any notification unless the card is declined at POS. The banking portal is from 1999. Customer service is difficult to reach especially with limited hours. I'm betting they'll move to the Brim model and implement a FX fee. However, using this card is risky.
