The Home Trust Preferred Visa Review

Annual Fees
$0
Foreign Transaction Fees
0%
Min Personal Income Required
$15,000
Purchase Interest Rate
19.99%
Recommended Credit Score
740 850 670 739 580 669 0 579
Fair-Good
Enjoy 1% cashback with no limits to the amount of cash rewards you can earn, with a Home Trust Preferred VISA.

Home Trust credit cards are known for providing financial flexibility for potential cardholders. The Preferred Visa is no exception, providing limitless cash back at a 1% rate. The Visa is also inexpensive to own, as cardholders pay no annual fee.

At a Glance:

  • Easy application process
  • 0% foreign transaction fee
  • $0 annual fee
  • 1% cash back with no limits on maximum rewards
  • Free roadside assistance membership program
  • Purchase protection
  • Rental car collision and damage insurance
  • Not available to residents of Quebec
  • Daily limit of 10 transactions
  • Cardholders currently do not have the option of changing their assigned PIN

The Preferred Visa hides a perk that is not heavily advertised: cardholders are not charged any transaction fees when making purchases in a foreign currency, while other credit cards charge an average 2.5%. This puts it in exclusive company with few other Canadian cards. 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 Preferred Visa roadside assistance program for free.

Why We Like It

  1. 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.
  2. 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.
  3. No Caps on Cash: Cardholders are able to accumulate as much cash back as they like with no ceiling.
  4. 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.
  5. 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.
  6. 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?

It is not difficult to determine if the Home Trust Preferred card is worth it, and prompts us to ask, “worth what?” The card has few downsides and imposes no unwarranted charges on its owners at all, either annually or in foreign conversion fees. Assuming one pays their bill on time, the single benefit of 1% cash back outweighs all else.

Are you a Quebec resident, or are you concerned about the limit of 10 transactions per day? We recommend checking out the Rogers Platinum Mastercard as well before you make a decision on which card to go with. The Rogers card doesn’t waive foreign transaction fees per se, but it does provide extra cash back on purchases made in a foreign currency, which outweighs (and then some) the foreign trans fees. Plus it’s available to Quebecers and does not have a transaction limit.

Article comments

134 comments
E S says:

Home Trust has by far the worst and dumbest process and handling of Visa cards and applications.
Aside from taking 3 months to process an application, they do not allow for joint cards – only supplementary cards. Only one supplementary card so you cannot put more than one spouse/ child under you account.

Also, in total stupidity, they give the supplementary card the same number as the primary card holder so that when your child loses his card and it needs to be cancelled, the primary card is automatically closed. You then have no ability to charge to your own card because your kid lost his.

Everyone will drop Home Trust as soon as possible when any other institution under any name will bring out a card with no foreign fee like the Chase Amazon card featured.

I never take the time to write reviews. The fact that I am so frustrated with these idiots is why I am reviewing them now.

BTW you have to wait on the phone for 30-40 minutes to talk to any customer service rep who is then useless in doing anything to fix things.

Nancy says:

Can I use my cash back rewards towards my credit card bill with the Rogers Platinum Card. I am not a ro
I am not a Roger’s customer, so I don’t want to use my credit cash rewards towards any roger purchases. Can I use my cash credit cash rewards my credit card bill and can I do this on the next month’s credit card statement.

GreedyRates says:

Hi Nancy, thanks for your awesome question! With the Rogers Platinum Mastercard, the cash back you earn on your purchases abroad and domestic can be used as a credit against your balance or statement. However, you can’t do this monthly–only yearly–so if you urgently need to reduce your monthly balance, cash back isn’t an option. Rogers only allows cardholders to apply their full year’s cash back total to their balance, if they explicitly request this before December of the previous year. Then, they’ll see the statement credit in January of the following year. We know that it’s not the most ideal or flexible method around, but many cards operate like this, and it doesn’t detract much from its overall value proposition. Just don’t rely on cash back as a way to limit how much of a balance you’ll carry from month to month, and instead save it to offset a large annual purchase, for example. Best of luck!

GreedyRates Staff

NGS says:

If you look at the Greedy Rates credit score range for qualification it is 670-739. I can only conclude for those with a high credit score like in the 800’s, you will be refused just like me. So do not waste your time on these bush league operators. They would like those who so nor pay off their credit card in full monthly. Waiting months for a decision and non responded phone messages and emails indicate that these guys are looking for those that struggle.

Bernard Caron says:

An inconvenient to the Home Trust Visa: No Tap !

Thomessa says:

I had the Amazon card which allowed me to prepay an amount on my card (creating a negative balance). I could then withdraw foreign currency in the country I was in, and not get charged a cash advance. The advantage being a better conversion rate.
Does this allow the prepayment without charging a cash advance when used internationally?

GreedyRates says:

Hi Thomessa, we appreciate your question. Chase is a much larger bank than Home Trust, and likely gave more capabilities to their cards accordingly. Home Trust offers just a few credit cards, most with a very simple payment model and therefore won’t be as comprehensive or provide the same level of utility. We see nothing to indicate that you can prepay with the Home Trust Preferred card, but it likely won’t make a big impact regardless. Cash advances are charged at 1.00% of the total advance amount when done through an ATM, but you can always withdraw cash from a teller instead.

Additionally, you’re already avoiding 2.50% foreign transaction fees when you withdraw cash, and Visa operates at the spot foreign exchange rate anyway. We’re sorry if we didn’t fully understand your question or didn’t answer in a satisfactory way. If you want to provide extra details or follow up, we’re always here. Thanks again!

GreedyRates Staff

ted Joiner says:

Applied for Home Trust card in January(after finding out that my Amazon card was going to dissapear), finally April 10 I get a letter saying I am not approved. They then suggest I get in touch with equifax if I am wondering why. I know my equifax rating and it is high, we are retired, debt free, no bankruptcy, good savings.
Lately have been approved for american express, and last night I applied to Rodgers and was approved overnight. Customer service at Home trust is unable to help, and one cannot speak to anyone with authority. Seems to be issues with this company.

Howard Anthony says:

I applied for your no currency fee credit card for my wife and myself, that was a couple of months ago and we haven’t received any notice or credit card.
My name is Howard Anthony and my wife is Leona Anthony. Our address is 22 Danielle Cresent, London, Ontario.
Can you please advise that you received my application and if and when I will receive a notice that it has been approved and when to expect the cards. Thanks you

GreedyRates says:

Hey Howard, we appreciate you getting in touch with GreedyRates. Your frustration is understandable and totally justified in this case, and you’re not alone either. Ever since the Chase credit cards were taken off the Canadian market, Home Trust has been inundated with applications for their Preferred card by those who want to escape foreign transaction fees. This means that for the last several weeks, applications have been backed up and are being approved at a slower rate than the norm.

However, don’t worry. We’re confident that your application will be processed in due time, though as a review site and not the card issuer itself, we have no control over the matter. If you’d like a status update, we recommend calling Home Trust and inquiring. If you’re travelling on the sooner side, we suggest that you check out the next best thing: the Rogers Platinum Mastercard. Rogers credits your account with 3.00% cash back for every foreign transaction fee that’s charged, so when you’re buying things abroad or online, you net 0.50% cash back with each purchase. You can learn more about the card by reading our full Rogers Platinum Mastercard review.

Let us know what you’re considering. Thanks and good luck!

GreedyRates Staff

Sarah says:

OK so I did get through on my 4th call after holding on for 40 mins this time. The attendant was very pleasant, polite and patient and answered all my questions. He told me that the reason for the delays is due to Amazon Chase shutting down and that they are still processing January applications and that the backlog is now 8 weeks and that to possibly wait 8 weeks before receiving my card. He said I will receive an email before receiving the card. So that’s how long we all have to wait.

NGS says:

You can get approval in minutes with any other financial institution, I gave up and who needs the humiliation and aggravation?

Jay says:

We just received the new Scotiabank Passport Visa Infinite. No foreign transaction fees, and Priority Pass airport lounge access with six free per year. Card is $139 per year for primary and one spousal card, or $69 per year if part of Scotia Total Equity Plan. Initial credit limit of $25,000.

tgn says:

$139 + $69 for two cards!!! That’s EXPENSIVE!!!

CPL says:

I applied over 8 weeks ago and I didn’t hear anything back? Should I call them? I need to replace my Amazon pretty soon 🙁

GreedyRates says:

Hi CPL, we appreciate your comment. If you’re in a rush to replace your old Chase Amazon card, the Home Trust card isn’t the best option. Though it is an amazing replacement for the Chase card, the company has been completely overwhelmed with applications lately and hasn’t been as responsive as they usually are. This is likely because Chase up and left Canada, leaving many people like you in the lurch. If you’re travelling soon and need to get that foreign transaction fee exemption, your other best bet is the Rogers Platinum Mastercard. While it doesn’t exactly cancel these fees, it does add 3.00% cash back directly on top, thus netting you 0.50%, where the Home Trust was 1.00%. However, in Canada you’ll earn more cash back with the Rogers card, at 1.25% versus 1.00% with Home Trust. Plus the Rogers card does not limit the number of daily transactions you can have on the card, whereas the Home Trust card does (to 10 per day).

You can compare the two directly by reading our Rogers Platinum Mastercard review as well.

Before cancelling your application, however, you should definitely call and inquire with Home Trust. Though the application process is backed up, you can still reach a representative relatively quickly. Good luck!

GreedyRates Staff

CPL says:

Thanks for your help. Update: I finally got an email that my application has been approved! I’m relieved I will receive it before my trip. I was already looking into CIBC Air Canada Prepaid Visa which sounds like a very good alternative if one has no time to do application.

SRS says:

Hi CPL, as someone who also applied for the Home Trust Preferred Visa to replace my Amazon Visa card, I totally understand where you are coming from. I applied in late January and just received the actual card today, April 3. It was an unheard of waiting time in my experience, but it finally arrived. The one time I called in to inquire about it, I was on hold for 65 minutes, and then I had to hang up because I had an appointment. And my question submitted on their online form went unanswered, but I did eventually get a generic email update saying the card was on its way 2 weeks before I got it. Hopefully this is just a result of being flooded with new applications and not a sign of bad customer service. I will definitely give the card a chance, since all I want it for is the 0% foreign currency fee. Best of luck to you. 🙂

AFran says:

I could not even apply for the card. the link says 404 NOT FOUND. disappointing.

GreedyRates says:

Hi AFran,

From what we can see all of the application links on the page are working. Can you specify which link you’re trying to open that leads you to a 404?

GreedyRates Staff

Tom says:

Picked this card for one reason, no Foreign Transaction fee. If this is not your primary and only reason to choose the card just forget it. This card comes with the life time PIN number, yes there is no way to change or reset it. In case one forgets one needs to apply for a new card and it takes 14 days to get a new card unless you want to pay $39 for courier. Any problems requiring customer service help, one needs at least 45 minutes wait time on the phone and I just received the card yesterday. Good luck!

Evelyn says:

Which of these 2 cards is the better card to use for rental car collision and damage insurance for my upcoming trip: TD Aeroplan Infinite Visa or Home Trust Preferred Visa?

GreedyRates says:

Hi Evelyn, thanks for your question. When comparing the automotive benefits between the Home Trust card and TD’s Aeroplan Infinite Visa, the winner is clear. The former card from Home Trust offers a roadside assistance package that is very useful if you’re stuck somewhere, whether in your own car or a rental. It will help you get gas delivery, a short tow, rescue from the snow and other non-accident assistance for free. Since it’s a Visa, you’ll also get rental car collision damage insurance.

The TD card, on the other hand, doesn’t provide roadside assistance benefits unless you pay extra for membership to the TD Auto Club. It does give insurance for auto rental collision, however. Ultimately, in terms of car-related benefits, the Home Trust card is much better, but you should also look at each card’s other perks to determine which is best for you.

GreedyRates Staff

Stany says:

So is there anyone that actually got this card? I’ve applied over 2 months ago, never heard anything back, and when I tried calling, I was unable to reach anyone. Is this a real company, or an attempt to get personal information under the guise of credit card application?

GreedyRates says:

Hi Stany, we appreciate your comments and your concern. Home Trust is indeed a respectable financial institution, and can unquestionably be trusted with your financial and personal information. While we don’t want to give excuses, Home Trust’s customer service team is currently backed up with the huge influx of demand for their Preferred Visa card. It’s because Chase left Canada, and those who once used the Chase Amazon and Marriott cards to save on foreign transaction fees, for example, are now trying to replace it. The Home Trust card also waives foreign transaction fees, but if you’re frustrated by their customer service, we recommend that you look at the Rogers Platinum Mastercard instead.

Instead of 0.00% foreign fees and 1.00% cash back, the Rogers card still charges 2.50% fees for foreign currency transactions, but then credits your account with 3.00% cash back, giving you a 0.5% surplus. Domestically, it earns cash back at a rate of 1.25%. This means that you’ll earn 0.50% less on foreign purchases than with the Home Trust card, but 0.25% more when purchasing in Canadian dollars. The Rogers card also has another important advantage over the Home Trust card: the Home Trust card has a limit of 10 daily transactions, and the Rogers card has no limit. You’re not alone–many others are frustrated with Home Trust’s situation, and to them we’ve made the same recommendation. You can learn more about the Rogers card by reading our complete Rogers Platinum Mastercard review. Best of luck!

GreedyRates Staff

Bruce says:

I have the same problem with Home Trust. They won’t answer their phone or respond to email enquiries. I applied in January. No excuse for not having sufficient staff as even I knew 5 months ago that Chase was closing this bank.

Art says:

If you send a PM on their facebook page, they usually get back within 1-2 days I have found.

NGS says:

Same experience, and almost four months later declined with a credit score of 849? I have checking my credit report daily and they never have made an inquiry? What have they done with information I provided? Are these guys for real or what?

Theresa says:

Can I get another card on the same account? Free?
When returning a U.S. item paid by Visa, what is the rate?
I recently bought a hotel room online and canceled it the next day.
My RBC VISA carrier charged me a 1.35% conversion rate on the purchase, but I only received a 1.24% refund when I cancelled the next day. This never happened with my Marriott Visa. Whatever the going rate for that day was what I was charged. With The RBC Visa they were charging me for what it would cost to purchase Canadian$ from $U.S. what is Home Trust Visa and Rogers’ policy on return rates from U.S to Canadian $’s?

GreedyRates says:

Hi Theresa, thanks for your question. We’ve seen this happen a few times to other readers, and can give you a likely explanation. When you buy an item with a foreign currency, the bank uses the exchange rate at the time the charge posts, and not the exact moment the purchase takes place. For returns, it works the same way. Some stores process returns and refunds slower than others do, so the exchange rate your bank used may not have reflected the actual rate a day later, but rather multiple days later. Additionally, they must apply these currency spread fees on both sides of the transaction, to account for their own overhead.

Rogers and Home Trust both follow the same strategy, though the extra transaction fees that they charge on top of the spread are handled differently. Home Trust simply negates them, while Rogers pays out cash back to cover them (3.00% cash back versus 2.50% fees). However, you’re totally within your rights to call the bank and inquire about the altered exchange fees. Simply tell them that you didn’t expect the fees and ask to have them removed. It’s worked before, but success isn’t guaranteed! Good luck.

GreedyRates Staff

Anita says:

Hi, just wondering if you know if this card is compatible with Apple Pay? Thanks.

GreedyRates says:

Hi Anita, we highly appreciate you coming to GreedyRates with your inquiry! Home Trust is a relatively straightforward bank that offers credit cards with basic benefits, and it would surprise us if the card is Apple Pay compatible. While some other banks offer custom applications and other cutting-edge tools, Home Trust isn’t at this point yet and has focused more on providing solid, yet basic credit products to their customers. If you’re looking for cards that work with Apple Pay, check out RBC’s line of Visa or Mastercards, Visas from TD, Scotiabank, or CIBC, and MBNA as well. Many of these offer Apple Pay compatibility, allowing you to pay securely with your mobile device at the register. Best of luck!

GreedyRates Staff

Jack says:

Applied first week of January 2018 in which they said 2-3 weeks to receive it.. I am still waiting for our Visa cards.. Its March 20, our credit score is 865 Excellent and home trust still hasn’t done the credit check. Which means its still being processed…. Has anyone had home trust lose their Visa application??

GreedyRates says:

Hi Jack, thanks for leaving your comment with us at GreedyRates. We’re impressed with your excellent credit score and are happy that you’re considering the Home Trust Preferred Visa, but you’ll likely wait a while. Even with the best credit, applicants all over Canada have tolerated significant wait times to get approved by Home Trust. The likeliest explanation is that Home Trust, being a relatively smaller bank, is currently overwhelmed by applications because of the withdrawal of Chase from Canada. Chase used to offer their Amazon and Marriott rewards cards, which reduced foreign transaction fees to 0.00% (among other perks). In the gap left by their absence, Home Trust’s Preferred card is the next best thing, but Home Trust wasn’t prepared for its new popularity.

Though your application is still processing, we have no clue as to when you’ll actually receive your card. We’re now suggesting to readers like yourself that the Rogers Platinum Mastercard is a better option. Though it doesn’t explicitly cancel the 2.50% foreign transaction fees, it does credit 3.00% cash back for each of these transactions, netting you 0.50%. The domestic cash back rate is 1.25%, but you likely know all about it from our articles on the matter. Sorry for your frustration, and if you need anything else let us know.

GreedyRates Staff

lesley says:

I have tried to sign up for this card twice online – no response in 4 weeks or immediate email confirmation of receiving application. Tried called twice. First time gave up after 15 min on hold. Second attempt now still on hold 45 minutes!!! Seems like an awful company

GreedyRates says:

Hi Lesley, thanks for contacting us. We’re very sorry to hear of your frustrations with Home Trust, and you’re definitely not alone. Many others are experiencing long wait times and limited responses from the bank regarding their applications, and it’s likely because of Chase removing itself from Canada. In the gap left by their Amazon and Marriott cards, which once granted the best deal for reducing foreign transaction fees, Home Trust has been inundated with new customers.

If you’re looking for another way to reduce/eliminate foreign transaction fees, the Rogers Platinum Mastercard has a similar deal. But instead of reducing the fees to 0.00% like Home Trust does, the bank charges 2.50% but then credits you 3.00% in cash back to cover it. It also offers a higher rate of domestic cash back, at 1.25%. Their customer service is usually prompt and helpful, so if you need a solid alternative, go with Rogers. And, of course, let us know how you like it!

You can learn more about the Rogers card by reading our full Rogers Platinum Mastercard review.

GreedyRates Staff

martin Derks says:

I applied for this card January 18th, i received e-mail thanking for the application and said it would take 3 to 4 weeks . It is now march 15th . I replied to their e-mail , no reply as of today. I tried phoning , twice, once was on hold 1/2 hour , tried later on hold 1 hour . I gave up . I really would like there card, but if you can not communicate with them that worries me.

GreedyRates says:

Hey Martin, thanks for voicing your concerns with us at GreedyRates. We share your disappointment. Home Trust has experienced challenges with the recent bombardment of applications for their Preferred card, now that Chase has removed their Amazon and Marriott cards from the market. However, there are other alternatives out there, like the Rogers Platinum Mastercard.

The card generates 3.00% in cash back for each foreign currency transaction abroad or online, but charges 2.50% in foreign transaction fees, resulting in an overall net gain of 0.50% (and 1.25% for purchases made in Canadian dollars). We agree that if you aren’t comfortable with the level of service you’re getting, you shouldn’t stick with the Home Trust card. If you need additional information about the Rogers card you can read our full Rogers Platinum Mastercard review. Thanks again.

GreedyRates Staff

Mary-Katherine says:

Hi. I have great concerns about this company. I applied on February 9 and as of yesterday, I had not received anything I called to check on the status of my application. I was on hold for 56 minutes before I was finally connected to the “Customev Service” representative. She was unable to provide me any information as the spreadsheet she had access to only indicate who was approved or not. I was told I should hear something at the end of the month. I was approved almost immediately for the Amazon Visa card. My credit rating is in very good standing. At the end of the call I tired to complete the Customer Satisfaction survey. I entered “1” for “Not likely to recommend Home Trust to a friend. I received the message that my response was invalid and to try again. I unsuccessfully entered “1” two more times and was disconnected. Customer service is obviously not a priority. Now looking at Roger’s MasterCard.

GreedyRates says:

Hi Mary-Katherine, thanks so much for coming and tell us of your frustrations. We’re also concerned with the recent back-up at Home Trust. Now that Chase has pulled out of Canada, cardholders who once loved their Amazon card for its ability to reduce foreign transaction fees are now jamming the doors at Home Trust. The Preferred card is indeed good at reducing these fees, but we’re encouraging customers disappointed in Home Trust to instead consider the Rogers card. Your comments are much appreciated, and we support your decision to come here and warn other readers about the disappointing progress at Home Trust. Enjoy your Rogers card!

GreedyRates Staff

Karen says:

I’ve applied for this card and have not heard back. I just tried calling their toll free number and the line keeps getting disconnected. Are they still taking clients? Seems odd that both the toll free and local (416) number both drop and can not connect to anyone. Do you know anything about this?

GreedyRates says:

Hi Karen, thank you for coming to GreedyRates. Home Trust is still taking applications for their amazing Preferred card, but with Chase recently cancelling their cards in Canada, there is a high demand among the Canadian public for cards that waive or subsidize foreign transaction fees.

If you don’t want to wait, you can consider applying for another card with a similar feature to combat foreign transaction fees, the Rogers Platinum Mastercard, which does have foreign transaction fees of 2.50%, but also credits you 3.00% cash back for each purchase you make in a foreign currency. So, each purchase on a business trip or vacation abroad nets you 0.50% total. In Canada, it earns cash back at a rate of 1.25%. Some also prefer this card to Home Trust’s because it does not limit daily transactions (Home Trust has a 10-per-day limit).

Whether you decide to wait for Home Trust to work through their backlog of applications or apply for the Rogers card, you’ll benefit either way. You can learn more about the Rogers card by reading our Rogers Platinum Mastercard review.

Let us know what you think, and good luck!

Karen says:

Thanks for the information. I did finally receive the card. I’ll try it out and see how I like it. The first thing I’ve noted though is when you look at the transaction made in US dollars it doesn’t show the exchange rate that is being charged. I am one of those who had amazon chase and transaction in foreign currency rates were shown with them. The one plus I can see is the online website. Amazon Chase was difficult to log in to.

Mina says:

Hey Karen,
How long from the time you requested the card did you get it. I feel like I have been waiting for at least 6 weeks now to get this card. Did you finally get through, and that is what expedited you getting the card?

AG says:

Hey Karen,
The current waiting time for this card should be around 2 to 3 months. I personally decided to go for this one over the 2 Roger’s owned options due to its benefits were more straight forward. I personally applied on January 23rd and I haven’t got my card yet. Although I just got an email saying that it has been mailed yesterday which was nice. However, since I believe the bulk of the former Chase card holders have applied on February I believe that just short of 3 months sounds about right for new applications.

Karen says:

Hi Murray. Thanks for the information. I was with Amazon Chase so I decided to go with this card as well. I’ve received it and made a transaction in US funds. In looking at my account online, it does not show the conversation rate being charged. With Amazon Chase it showed the exchange rate. I always had difficulty signing in to the Amazon Chase account and at the outset Home Trust doesn’t have sign on problems.

Jack says:

I applied in early January and only received the H00000 number initially and no card yet which is now April 5 2018. I can also look at my Credit score which shows they haven’t asked for a credit check on it…Which is excellent. Almost 3 months now. Starting to think its a fraudulent visa card and may jeopardise your identity as identity theft with the application information..

Murray says:

I have applied for this Visa like all other Amazon card holders, while reading the answers are very good and helpful I have come to a question myself.
Hometrust assigns the PIN, I can’t enter my own? I see this as a potential security risk to me more than to Home Trust hope you can clarify this for me as I want to use my PIN thank you.

GreedyRates says:

Hi Murray, we appreciate you leaving a comment with us. Also, thanks for giving us positive feedback for our reviews! We’re glad you decided to apply for the Home Trust card, now that the Amazon Visa cards aren’t taking Canadian applications, but you should know that the bank is currently overwhelmed with demand. It might take you a while to receive your card, but when you do, you’ll likely be able to change your PIN by calling customer support. Otherwise, be assured that Home Trust keeps your information safe. No one will know the PIN they assign you, other than yourself and the bank. If you don’t want to wait for the card or think their way of handling PIN codes is a deal-breaker, check out the Rogers Platinum Mastercard instead.

With Home Trust currently shouldering the demand from customers previously with Chase, Rogers is being overlooked. Their Platinum Mastercard also helps with foreign transaction fees, but in a different way. Instead of eliminating them, they simply credit you 3.00% cash back for each eligible purchase in a foreign currency, which nets 0.50% after the 2.50% foreign transaction fee. In Canada, the cash back rate is a competitive 1.25%. You can learn more about the Rogers card by reading our full Rogers Platinum Mastercard review.

Check it out and let us know what your opinion is.

GreedyRates Staff

Drew K says:

It’s fairly standard now with CHIP cards that a PIN is generated for the card. The FI I am at, the card provider sends the PIN separate and in advance of the Card so they are never together unless you don’t check your mail regularly. As far as the bank knowing the PIN. Im not aware of any way a bank can look up a customer’s PIN. The payment system knows it, though it’s likely encrypted. It’s probably no less risky than punching in your PIN whenever you use the card.

Roland says:

Can i preload my Visa account with say for example $1000.00 before leaving for France and wen i do a purchase there it is deducted from my balance minus of course the exchange rate.

GreedyRates says:

Hi Roland, thanks for your question! With the Home Trust card, you will always pay 0.00% in foreign transaction fees instead of the industry-standard 2.50%. In France, this applies as well. All your purchases there will incur no extra fees and simply be subject to the spot exchange rate from Euros to Canadian dollars. In other words, it’ll happen exactly you describe in your comment. Safe travels!

GreedyRates Staff

Allan says:

Are there restrictions on what you can use the 1% cash back for?

GreedyRates says:

Hi Allan, thank you for reading GreedyRates! With the Home Trust Preferred card, you’ll earn 1.00% cash back on all your purchases, with no limits on how much you can collect. You can redeem this cash back on just one thing–reducing your balance. Once per year in December, just call Home Trust and indicate to them that you’d like to redeem your collected cash back during the upcoming January. Unfortunately, there aren’t any merchandise rewards you can buy with the cash back, but when you think about it, being able to apply your cash back directly to your balance is more flexible anyway.

GreedyRates Staff

Anita says:

How many authorized users can you have on the home trust proffered visa

Allan says:

I would have only one.

Boyd Kramble says:

What is the status of my application #ht 00000 44418

GreedyRates says:

Hi Boyd, thanks for coming to GreedyRates. Unfortunately, we can’t know the status of specific applications for credit cards on our site. This is information only available from the banks and issuers whose cards we review, so you’ll have to call them and find out via a customer service representative. Home Trust has a support line at 1-888-281-7793. Best of luck!

GreedyRates Staff

Daniel says:

Applied for this card seeing the Amazon Visa card will unfortunately be discontinued. When I shop online or cross the border there is no sense to pay a 2.5% conversion fee when there are options available to you. Hopefully this card is hassle-free like the Amazon card. The roadside perk seems to good to be true? Are there any stipulations compared to BCAA? I pay $60 a year for that service and it would be great to cancel my membership.

GreedyRates says:

Hi Daniel, thanks for leaving your comment with us! We’re also disappointed that the Amazon Visa is no longer available, and agree that 2.50% foreign transaction fees are painful. The perk of not paying foreign transaction fees is even more beneficial when shopping online, and we can confirm that the Home Trust Preferrred Visa card really is as good as advertised. You’ll get the straightforward benefit of zero foreign transaction fees, but we think you might be overstating the benefits of roadside assistance. It’s simply a membership, meaning that the only thing you’re saving is the annual fee you’d otherwise pay to a different service. We can’t compare it directly to BCAA, but assume it’s something similar: you have freedom to call them whenever and wherever you’re stuck (in Canada), and they’ll come rescue you, for a price. You can therefore likely cancel your other roadside programs without putting yourself at risk.

We also highly recommend the Rogers Platinum Mastercard. With that card you pay foreign transaction fees, but you earn 3% in cash back on purchases in a foreign currency, resulting in a 0.5% net cash back gain. This is less than the 1% net cash back gain from Home Trust, but unlike Home Trust the Rogers card doesn’t limit the number of transactions you can make with the card each day, and it’s also available to Quebec residents (if that’s relevant to you). You can learn more about the card by reading our full Rogers Platinum Mastercard review.

Let us know what you decide!

GreedyRates

Daniel says:

Thanks for getting back to me! I will look into the Rogers Mastercard shortly as I have not heard back from HomeTrust and it has been a few weeks. It seems others are having this issue as well. My credit score is pretty good so I would be confused if I got declined. Perhaps I have to just be more patient.

Charlotte says:

What if you are going to Europe? Does the Hometrust Visa just charge you the amount in Canadian dollars with no conversion rate or is that only for US dollars??

GreedyRates says:

Hey Charlotte, thank you for leaving such a savvy comment! It’s important to know exactly how the card saves you money before applying, so it’s great you asked for more detail. Here’s how it works: when you use the Home Trust Preferred Visa in Europe, the card converts euros to Canadian dollars at the standard Visa exchange rate. You’ll see the amount in euros converted to CAD in your bank statement. Today, you’d be spending $1.57 for each €1.00, for instance. However, with most other credit cards, you’d be charged an extra 2.50% foreign transaction fee on top of the item’s purchase price. With the Home Trust card, you’re instead exempted from these fees, which saves you a lot of money during your trip. Hope that helps! Enjoy your trip.

GreedyRates Staff

Mary says:

My apologies for the dumb question, but is the card available to any location in Canada (outside Quebec)? The reason I ask is because I saw a post on another site that said it wasn’t available in my area (Ontario). Thank you

GreedyRates says:

Hi Mary, thanks for your question–and no, it’s not dumb! Every inquiry, no matter how small, gets the same amount of attention and consideration here on GreedyRates. We’re not sure which site you got your information from, but the Home Trust Visa Preferred card is available to Ontario residents without issue. It’s just Quebec residents that aren’t eligible. You’ll be able to find this out easily simply by trying to apply for the card itself. In the application, there’s a field labeled ‘Province,’ and you can see here that all of Canada’s provinces (Ontario included) are listed except for Quebec! Enjoy the card–it’s one of the most popular options right now due to its lack of foreign transaction fees.

GreedyRates Staff

Len says:

It’s a real toss up (for me anyways) as to go with Hometrust visa or Fido Mastercard. Both are no conversion fee cards (just the fx on the cash amount) BUT there are several disadvantages to the Hometrust card:

1)Can’t change the issuer-issued PIN without having to “buy” a totally new card ($9.99 IIRC) and
2)No chip technology

Fido has chip and you can change the pin yourself. A

Another disadvantage of hometrust is 10 transactions per day. For example, if you and your sig other buy 5 separate coffees in a day (ie 10 separate transactions), you can’t use the card till the next day. Dollar amounts don’t matter (within your credit limit of course).

IMO, I’m leaning towards Fido because of the above disadvantags.

Plus their approval/get-the-card-to-you turn around time is significantly less than home trust.

Kingsley says:

Where did you see that there is a limit of 10 transactions per day? I can’t seem to find that statement.

GreedyRates says:

Hi Kingsley, thanks for checking in with us. We can confirm that Home Trust Visa Preferred card limits cardholders to 10 transactions per day. Though there isn’t much evidence of this restriction online, we spoke with Home Trust directly and they verified it. You can do the same if you like. Thanks!

GreedyRates Staff

Tina B says:

Hey is this card paid off in Canadian funds through my Canadian bank or the bill has to be paid in the currency charged (aka if I charge something in the states do I pay back in US funds or in the Canadian equivalent)?

GreedyRates says:

Hi Tina! Interesting question! The Home Trust Preferred Visa charges all purchases in CAD, and for those that require exchanging from a foreign currency, these costs are absorbed by the issuer and not put onto you. If you buy in dollars, for instance, Home Trust allows you to pay the exact price of your purchase in CAD at a later date, no fee included. If you have any other inquiries, feel free to ask. Thanks for reading.

GreedyRates Staff

Dany says:

Hi, I tried to apply online for the Home Trust Preferred Visa but I got to the address filed it offered no choice for the province of Quebec in the top-down menu. Is this a programming error or are resident of Quebec no allowed to get this card?

GreedyRates says:

Hi Dany! We understand your frustration and share it with you, as we do with all the other residents of Quebec. Unfortunately, the card isn’t available to Quebec applicants, and we’ve updated our article to reflect this fact and avoid any further confusion. Instead, Quebec residents can get an arguably better alternative: the Rogers Platinum Mastercard. People love the Home Trust card because it exempts them from foreign transaction fees, and while the Rogers card does not, it does add 4.00% cash back on top. Each transaction made in a foreign currency earns 4.00% cash back, and because the foreign transaction fee is 2.50%, that means purchases made abroad net you 1.50% total. At home, the card earns 1.75% (for CAD purchases).

You can learn more about the Rogers card by reading our complete Rogers Platinum Mastercard review. Check it out further and let us know if that suits your needs.

GreedyRates Staff

Tomer r says:

Which credit card is the best for traveling outside of Canada?

GreedyRates says:

Hey Tomer! We have a list of our recommended Canadian credit cards for travel, with different cards winning in different categories. Take a look at that and see which cards meet your priorities as a traveller.

As an alternative to the Home Trust card, the Rogers Platinum Mastercard is simple but powerful for travellers, as it earns 4.00% cash back on transactions made in a foreign currency, and 1.75% on domestic expenses. This way, no matter where you go you’ll earn cash and avoid pesky fees. You can learn more about the Rogers card by reading our complete Rogers Platinum Mastercard review.

Safe travels Tomer!

Jeffrey says:

Hi, I applied for the card online four weeks ago. Since then I still have not received any acknowledgment regarding my application, whether I’ve been turned down, nor did I receive the card. Is this common business practice for Home Trust?

GreedyRates says:

Hi Jeffrey, thanks for your question. With any issuer, especially those inundated with applications for their popular cards (such as the Home Trust Preferred Visa), you may wait a while before hearing back. You can call and inquire, if you like, but do not jump the gun and reapply. Some of our more impatient readers have ended up with two identical credit cards this way. One month is usually the most anyone will wait, so sit tight another week and then give them a call.

You might also check your credit report to see that the application shows up on it. If it does, that means that Home Trust received the application, reported it to the credit bureau and is currently processing it. Thanks for reading.

GreedyRates Staff

Sha says:

I applied January 22 and on February 5, I received an email stating “We just wanted to let you know that we have received your request and you can expect to hear back in the next 3 – 4 weeks. Thank you for your patience and thank you for choosing the Home Trust Preferred Visa.” It’s now March 13 and I have yet to receive my credit card. I wrote a follow-up email and they haven’t responded. Apparently reaching them by phone is near impossible. I really wish I hadn’t applied. You can read about what people are going through here: https://forums.redflagdeals.com/preferred-visa-card-home-trust-1658841/123/. You’re not alone!

GreedyRates says:

Hey Sha! Thanks for coming to GreedyRates. We understand your frustration with the long wait and are very sorry to hear that Home Trust hasn’t responded yet. However, understand that the company has been inundated with applications for the Preferred card due to the Chase cards’ cancellations in Canada. If you don’t want to wait for them to clear their backlog (we don’t know when this will be), you should consider applying for the Rogers Platinum Mastercard. It has an arguably better foreign transaction fee deal, in that they credit 3.00% cash back for each transaction instead of simply negating the fee. This way, you’ll earn 0.50% all said and done (after the 2.50% foreign exchange fee), and also 1.25% on purchases made in Canada. You can learn more about it by reading our complete Rogers Platinum Mastercard review and let us know if you have any questions, otherwise, be patient and we’re sure that Home Trust will get back to you soon.

GreedyRates Staff

Tim says:

I’m in the exact same situation. I applied Jan 13. It’s a little frustrating because I’m going to the States
in a few days, and might be there past March 15, when my Amazon visa “expires”!

BSH says:

I also applied a few weeks ago, but yesterday received my pin numbers in the mail, so I expect the cards will arrive within a few days.

GL says:

Hi BSH, can you remember how many weeks that you waited until received pin numbers? I applied two weeks but no repies until now. I also checked my credit report from TransUnion and Equifax, no records.

AG says:

I applied on January 23rd. On February 2nd I received an e-mail saying: We just wanted to let you know that we have received your request and you can expect to hear back in the next 3 – 4 weeks. Thank you for your patience and thank you for choosing the Home Trust Preferred Visa. Today is March 2nd and i haven’t received anything yet. The waiting time should be getting even worse as more people start researching for a card to replace their amazon visa. So sit tight fellows. On this note: I can foresee one of the big banks buying Home trust like Scotia did with Chase so all Canadians are trapped on a foreign transaction Fee fish bowl .

Susan says:

Does the auto insurance cover for 3rd party or is it just the car you rent?

GreedyRates says:

Hi Susan, thanks for your great question! To address your question about the Home Trust Preferred Visa’s rental car protection program, we first need to know what you mean by 3rd party. Do you mean someone travelling in a separate car in your group? If this is the case, their accident will not be covered by your card. The card is in your name, not theirs, and was used to rent your vehicle, not theirs (if we have this correct).

If you rented two vehicles with your card, and the driver of the second vehicle gets into an accident, it’s likely that you still won’t be covered because you weren’t driving. We recommend checking with Home Trust by calling customer support. Also ask them if the damage insurance is primary (eclipses your other insurance) or secondary (your insurance comes first, but Home Trust’s might cover your deductible, for example). Good luck.

GreedyRates Staff

Cate says:

http://www.hometrust.ca/pageFlip/pages/pdf/ON/ON%20Visa%20Products%20Booklet.pdf
This says “Offered exclusively to Home Trust mortgage customers”?

GreedyRates says:

Hi Cate, thanks for the question! Believe it or not, this isn’t the first time this inquiry has popped up in the GreedyRates comment section. Per our knowledge, this small snippet of information is outdated and a small mistake on the part of Home Trust. We’ve drawn this conclusion after having many of our readers successfully apply for the card regardless of with whom they have a mortgage, if they have one at all. In short, it’s safe for you to apply and we encourage you to do so. The Home Trust Preferred card is one of the most in-demand that we’ve seen lately. Enjoy!

GreedyRates Staff

Arwen says:

What does the below mean? “Account Maintenance: for an inactive Credit Card Account with a credit balance that has not changed for 360 consecutive days, a fee of the lesser of $10.00 or the full credit balance will be charged on that date.”

GreedyRates says:

Hey Arwen, thanks for coming to GreedyRates with your comment! We’ve had some questions about the account maintenance charge from others as well, but thankfully it isn’t as bad as you think. To avoid this $10.00 fee, you’ll just have to use the card once during the year, even for something as small as a pack of gum.

Essentially, not using the card at all costs Home Trust money, so they charge a small fee at the end of every year that you don’t use the card (even once) to pay for something. The “lesser than” rule means that if you have a credit balance that’s $250, you’ll pay $10. If your credit balance is $6, you’ll pay $6. More cards than you probably realize do the exact same thing, so it’s nothing to be afraid of. If you got the card–just use it! Good luck.

GreedyRates Staff

Michelle W says:

For “a fee of the lesser of $10.00 or the full credit balance will be charged on that date”, I understood this as either balance or $10, but if you have paid off your balance and are carrying $0, does that mean you don’t get charged? Getting dinged for “inactivity” is usually stated explicitly as “inactivity fee”, which wasn’t expressed in the Disclosure Statement.

GreedyRates says:

Hi Michelle, thanks for your request for clarification. With the Home Trust Preferred card, it’s true that you’ll be charged a small fee for not using the card during the yearly billing period. We agree that the fine print is ambiguous: “The lesser of $10.00 or the full credit balance”, it means that this fee will be either $10.00 (if your balance is more than $10.00) or whatever the amount of your balance is currently. Here are two examples:

1. If your balance is $50.00 and you didn’t use the card within the last year, the charge for inactivity will be $10
2. If your balance is $4.60 and you didn’t use the card within the last year, the charge for inactivity will be $4.60
3. *But* those that have been inactive with the card for a year and who do not carry a balance at all (aka a ‘0’ balance) will be charged the full $10.

We recommend making at least one small purchase on the card each year to avoid this fee entirely.

GreedyRates Staff

Jean says:

Hi! Does anyone have a link to the auto rental certificate of insurance? We are going to Costa Rica in March, and would like to know if the car rental protection applies there.

Rich vandervelden says:

What is the scoop on the free travel insurance

GreedyRates says:

Hi Rich, thanks for coming to GreedyRates. We believe you’re referring to the free roadside assistance program that Home Trust Preferred Visa cardholders obtain with membership. This is different from auto insurance (or any kind of insurance) because it doesn’t reimburse you for anything, it just helps you get help should you become stuck on the side of the road, or get into an accident. Essentially, every roadside assistance program (like CAA, for example) costs a membership fee, which gives you the right to call them and have someone from their network come rescue you. Home Trust gives you this membership for free, but should you need to use it, you’ll still have to pay towing and other costs.

GreedyRates Staff

tazg says:

The benefits of the roadside assistance have been reported elsewhere, for example creditcardGenius:

https://creditcardgenius.ca/blog/roadside-assistance-comparison/

Apparently we get the following for free, for up to 4 calls a year:

– towing up to 5 kilometers
– gas delivery up to 5 liters
– tire change
– battery boost
– door unlock
– winching

However, I haven’t found any review site to provide any source for this, and there doesn’t seem to be anything mentioned on Home Trust’s own website about this except a single sentence:

“Roadside Assist membership at no extra charge”

They have one Cardholder Agreement, which is generic and applies to all their Visa cards, and also doesn’t mention the roadside assistance. Seriously, where is this documented? And what about other details like coverage areas, or who provides the service…?

GreedyRates says:

Hi Tazg, thanks for your comment. We understand your frustration with Home Trust’s website, and agree that it leaves a lot to be desired in terms of detail. The roadside assistance membership that Home Trust cardholders get entitles them to up to four of the following services every year for free:

– tow to the nearest garage or within 5km
– changing of a flat tire(s)
– gas delivery up to 5 liters
– rescue from being stuck in snow or ice
– door unlock for keys locked in the car

Essentially, if you’re stuck for any reason, Home Trust will send someone out to you. However, real car accidents are not covered by this benefit, and will instead require a towing service. Regarding who exactly Home Trust sends to help you, the bank partners with a wide range of garages and towing companies across Canada, so whoever arrives depends on exactly where you’re stuck. Overall, for no annual fee, the benefit is quite worthwhile.

GreedyRates Staff

Ann says:

I have been using my Amazon.ca Visa to withdraw funds from ATMs in foreign countries. I preload the card with cash before leaving home. Compared to using our debit card the rates we receive have been much cheaper. Example – pesos by Visa $14.90 to the Cdndollarcompare to debit card $14.45. Will this be different if I get the home Trust Visabased on the information about a 1 to 1.5% charge?

GreedyRates says:

Hey Ann, thanks for stopping by GreedyRates. We’re glad you’ve found a nice companion in the Amazon Visa, but you should know that in March of this year, Chase is cancelling all Amazon cards in Canada. You may already know this, which is why you’re looking at alternatives. As far as the Home Trust Visa goes, the card charges a 1.50% fee for taking money from an ATM outside the US and Canada, with a minimum fee of $5.50 and a maximum fee of $15.00.

The Rogers Platinum Mastercard also helps with foreign transaction fees, but by crediting 4.00% cash back for each purchase made abroad. With this card, you’ll be charged 2.50% foreign transaction fees at the ATM, plus the $2.00-$3.00 Rogers charges for ATM withdrawals. Cash advances aren’t eligible for the 4.00% bonus, so you’ll likely be paying more at the ATM than you otherwise would with the Home Trust card.

You can learn more by reading our full Rogers Platinum Mastercard review.

GreedyRates Staff

Kim says:

A few questions:
I will likely see it in the booklet that accompanies the card, but what roadside services are provided?
Is there an online site that allows me to see the balance of the card? And can I pay the balance online?
I would be using the card in the US (natch) Bulgaria and possibly Amsterdam. Is conversion from the Bulgarian lev and Dutch krona a problem?
Thanks.

GreedyRates says:

Hey Kim, thanks for the interesting and detailed inquiry! To address your question about the roadside assistance program, from what we understand it’s simply membership to a service that can send someone to help you should you encounter car troubles of any kind. It won’t cover the costs of towing or temporary repair, it’ll just give you a lifeline when you’re in a strange area and have no one to call.

As far as the online portal for Home Trust, they’ll provides services via their web page. For specific questions about whether their platform meets your expectations, we suggest calling a customer service representative.

If you’re carrying this card and need to withdraw Bulgarian lev or the Euro (Netherlands is part of the Euro currency union), you’ll be able to do so without issue, but be warned that there is a 1.50% ATM fee. The fee drops to 1.00% when withdrawing cash domestically. Hope we helped–safe travels!

GreedyRates Staff

Matt says:

Do you think this might be the site providing the Visa International Rate?
https://usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html/

Michael says:

Looks like a good calculator to us!

GreedyRates Staff

Dan says:

Hello, does the monthly statement require payment in USD or converted to CDN? If in USD, how do I pay the statement? Thank you.

GreedyRates says:

Hi Dan, thanks for your question! We appreciate the inquiry but believe you’re mistaken in how one goes about paying his or her monthly statement. The Home Trust Preferred Visa is a Canadian card, meaning that the monthly balance is denominated in CAD and not USD, so there will be no need for conversion if you’re using CAD to pay it off.

GreedyRates Staff

Frugal Father says:

Great replacement for the Amazon.ca card which is being discontinued in March 2018.

Rae says:

“The card has few downsides….”
Can you please explain those downsides so it’s transparent to those wanting to apply for this card? Thank you.

Michael says:

Hi Rae, thanks for coming to us for clarity. We’d be glad to outline the downsides for you here. First off, one must remember that the Home Trust Preferred Visa isn’t as robust as some of the other cash back cards floating around out there, in that its cash back rate is limited to 1.00% and then restricted to a once-per-year redemption (in January). Other cards might allow you to earn more cash back and redeem it flexibly.

Another downside is the ATM fees, which we’ve discovered thanks to the eagle eyes of another reader, who pointed out the fact that the domestic ATM fee is 1.00%, while one will pay 1.50% abroad to withdraw their money.

Despite these caveats, it’s still technically the only card in Canada that waives foreign transaction fees, and we do recommend it for those who travel a lot and/or make a lot of purchases in foreign currencies. Thanks for stopping by, and if you have any other questions just reply below!

GreedyRates Staff

Mona says:

Is the site Home Trust Preferred Visa safe to enter your application information?

Michael says:

Hey Mona, thanks for your inquiry. We’re glad that you’re looking out for your online safety, as inputting sensitive financial information into a risky site won’t end well. However, rest assured that the link we’ve provided to the Home Trust Preferred application on our site (below) is very safe. You can recognize sites that are more secure by looking for an ‘S’ following the ‘HTTP’ in the browser’s URL bar.

https://https://www.greedyrates.ca/links/home-trust-preferred-visa

GreedyRates Staff

Jen says:

The site is not secure to enter your info.

AL says:

It’s HTTPS with a cert when applying for the car, not sure why you say it’s not secure.

Jen says:

what exactly does the free roadside assistance program offer?

Jenna says:

You’re protected for up to four emergency roadside services per year. 24 hours a day, 7 days a week in North America. Emergency towing service will take you to any garage within a 5km radius. If you run out of gas, have 5L delivered to you free of charge. Also included are tire service, winching, battery boost and lost key lockout assistance.

Jen says:

Does anyone know if the Home Trust Preferred Visa offers free supplementary cards?

Jen says:

I wasn’t charged for a card for my wife.

Arwen says:

how to redeem the cash back?

Michael says:

Hi Arwen, thanks for your question! We’re sorry that Home Trust doesn’t make it more apparent how cash back is redeemed, but we’ve found your answer in the fine print supplied in the PDF form for potential applicants. Check out the page below and refer to number six:

http://www.hometrust.ca/documents/VISA%20Agreement.pdf

You can see that cash back is earned on a monthly basis (as 1% of your total monthly earnings, minus your remaining balance), but that this amount can’t be applied to your account until January. To do this you’ll need to go online or call and request the redemption in December (the month before).

GreedyRates Staff

Vito says:

Must you call in or can you notify by logging into ones account or via email perhaps?

Vito says:

As it turns out, I contacted them directly and was emailed back stating that they do NOT need to be contacted, as it is currently set up to automatically credit your card in January of each year. Amazing! 🙂

Dave says:

Huge downside: take a hard look at the ATM fees for this card: 1.5%, with high minimums and maximums, and even higher minimums outside Canada. For those who were thinking of using this as a travel card, think twice. Yikes.

Michael says:

Hey Dave! We recommend this as a credit card for making purchases at checkout, not as a card for ATM withdrawals. For ATM withdrawals we recommend the use of debit cards. Anyone who wants to avoid foreign transaction fees can simply use the card (not cash) for the majority of their purchases abroad.

GreedyRates Staff

lavender says:

Do you know how the cash rewards are paid? Is it cash back to monthly statement or we they send a check? Anyone has this info?

Michael says:

Hi Lavender, thanks for your question. We did some digging in the fine print, and if you refer to section 6 of the Home Trust CashBack Rewards Terms and Conditions it says that, “[Cardholders] will accumulate CashBack Rewards over the course of a calendar year beginning with the Purchases shown on [their] January Account Statement. [They] will redeem the CashBack Rewards in December each year and credit [their] Account in January of the following year.”

This is similar to how many cards operate. Though you accrue cash back each month according to that month’s balance, you can only gain access to it in January, and then only if you remember to begin the process beforehand during the month of December. Hope that helps!

GreedyRates Staff

David says:

I found a downside to this card. As with many things in life The Home Trust Preferred Visa is not available to residents in Quebec.

Bill says:

Quebec has enough. Stop complaining.

Gordon Pratt says:

The devil may be in the details.

How does Visa International set its exchange rate?

For instance, if the “wholesale rate” is C$1.00 = US$0.80 a bank might charge C$1.012 to sell you US$1.00 and buy US$1.00 from you for C$0.99.

I wonder how big the spread is between Visa International’s buy and sell rate.

GreedyRates says:

Hi Gordon, thanks for getting in touch.

You’re right, the lack of transparency in how issuers determine rates could mean that they profit slightly from the exchange of different currencies. However, we cannot confirm this, as our relationship with Visa is far removed from those with this kind of insider knowledge. If you’re curious, you could try calling customer service and asking about it.

GreedyRates Staff

No FX fees please says:

Check out their calculator.

https://usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html/

Between CAD and USD, you’ll find only about a 0.5% spread. Other cards will add 2.5% on top of that.

PHT says:

You say:

“The Preferred Visa is no exception, approving applicants as long as they meet their provincial age of majority and are not in bankruptcy.”

It should noted that HomeTrust DOES have underwriting criteria and some folks online report being denied due to too many cards or previous delinquency.

The big deal with HomeTrust (who are traditionally a sub-prime lender) is that they adjudicate the underwriting of everything they do manually. This prevents gaming the system and ‘looks beyond the score’.

Although I use it very little – I’m happy to carry it and grateful to HomeTrust for their products and their customer service.

Some cons:

-No way to change PIN (literally needs a new card being issued)
-While statements are available online in pdf (better than Chase!) – you can’t turn off the snail mail copy of the statement.

Jason says:

Thats what is holding me back from applying to this card, the paper statements!

i hate paper statements especially because i am usually gone for 3-4 months a year away. At the moment I have a Fido Mastercard which gives me 1.5% and no FX trasacation fee but it doesn’t come with added benefits like Car Damage Insurance and Purchase protection as Home Trust preferred Visa. Its still a decent card to have… I might get it or not depending on how bad i need the damage insurance and roadside assist.

Amalia says:

Home Trust Visa Card

“Purchases or Cash Advances in a foreign currency will be converted into Canadian dollars at the exchange rate set by Visa International in effect on the day the transaction is posted to the Account, plus a 2% currency conversion charge.”

Is this not the same as the foreign transaction fee?

GreedyRates says:

Hey Amalia! Thanks for posting your comment. Unfortunately, you may be looking at the wrong page or link. Try navigating to this page: http://go.hometrust.ca/preferred-visa-ca

Click on the Apply Now button and read the box entitled ‘Foreign Currency Conversion’, you’ll see this: “Purchases or Cash Advances in a foreign currency will be converted into Canadian dollars at the exchange rate set by Visa International in effect on the day the transaction is posted to the Account, plus a 0% currency conversion charge.”

We’re not sure where you see 2%, but we assure you that the Home Trust Preferred does not charge foreign transaction fees. Thanks for coming to us to double check!

GreedyRates Staff

gee says:

Hi. I just fill up the application form and at the end it did not show my confirmation number. How can I get my confirmation number? Thanks

GreedyRates says:

Hey Gee, thanks for your question. When applying for the Home Trust Preferred Visa card, you’ll receive your confirmation number in the email address you listed on the application itself. If you haven’t received it yet, give it another couple days and then call Home Trust to confirm that they’ve received it. Don’t try and apply again until you have an answer from them, as you don’t want to apply for the same card twice, which could prove both redundant and a slight credit risk, should you cancel it immediately. The best thing to do is sit tight for now, and trust that customer support will deliver you a satisfactory answer. Good luck!

GreedyRates Staff

Ash says:

I used this card in US and it worked great as expected and their rental coverage insurance team is great too. The only issue which is minor is that their pre-authorized payment option only allows minimum payment rather then full balance. Also may be it was just me but the zip code trick at the gas pump using 3 numbers from postal plus 00 didn’t work. It used to work with amazon chase thought it would have been a standard visa process but may be not.