Home Trust credit cards are known for providing valuable financial flexibility without significant application prerequisites for potential cardholders. The Preferred Visa is no exception, approving applicants as long as they meet their provincial age of majority and are not in bankruptcy. The Visa is also inexpensive to own, as cardholders pay no annual fee.
At a Glance:
- Virtually all applicants are approved
- 0% foreign transaction fee
- $0 annual fee
- 1% cash back with no limits on maximum rewards or where one can earn
- Free roadside assistance membership program
- Purchase protection
- Rental car collision and damage insurance
The Preferred Visa hides a perk that is not heavily advertised: cardholders are not charged any conversion fee when making purchases in a foreign currency, while other credit cards charge an average 2.5%. This benefit makes it a unique contender among few other Canadian cards, including the Rogers Mastercard. Customers will also receive protection for their new purchases as well as their rental vehicles. Should a cardholder experience car trouble, they will appreciate Home Trust’s efforts to enroll them in a roadside assistance program for free.
Why We Like It
- Easy Approval: Home Trust does not ask much of its applicants, only that they be at least the age of majority and free from bankruptcy. The specific wording indicates that they will likely approve those who were previously discharged from bankruptcy and there is no minimum household income or credit score requirement listed either.
- No Foreign Fees: Many cards charge a 2.5% fee for every purchase made in a foreign currency, making purchases abroad very expensive. There are few issuers who exempt cardholders from these fees, but the Home Trust Preferred Visa terms and conditions make this benefit explicitly clear.
- No Annual Fee: With similar benefits, there are some competitors who might charge customers up to $30 per year just for the privilege of using their card. Not Home Trust, which makes their Preferred Visa available for free.
- No Caps on Cash: Although 1% is not a comparatively enormous cash back rate, the benefit does apply to purchases made anywhere on anything. Cardholders will also be able to accumulate as much cash back as they like with no ceiling.
- Roadside Assistance: Whether in your own car or a rental car, Home Trust’s roadside assistance program will help you out of a bind like a flat tire or an engine problem. This is a great value, as similar memberships to plans like those from CAA cost upwards of $75 per year.
- Protect Your Purchases: Any product, even big-ticket items like expensive electronics are covered against damage if they were purchased with the Home Trust Preferred card. This will be a readily appreciated benefit in unlucky circumstances
- Rental Car Protection: It’s important to protect the car that you rent while on a vacation or business trip. In the case of an accident or damage to the vehicle, it quickly gets expensive, and having a card like the Home Trust Preferred Visa will help avoid those costs with collision and damage insurance.
Is It Worth It?
Those without the high household income or stellar credit score required for the best rewards cards will find excellent value in the Home Trust Preferred Visa. It provides a solid amount of purchasing and savings power while only asking cardholders to pay their monthly statement.
The card has few downsides and imposes no unwarranted charges on its owners at all, either annually or in foreign conversion/transaction fees.