Home Trust Preferred Visa Review
The Home Trust Preferred Visa is a relatively straightforward credit card, but one that offers surprising utility. Cardholders know there are few perks that work better in tandem than cash back and no annual fee, and the Preferred card provides both, plus additional savings power for those who travel overseas or do a lot of online shopping in foreign currencies. The Home Trust Preferred Visa is one of the few Canadian credit cards that doesn’t charge foreign transaction fees, and it includes some other added perks that make it even more worthwhile.
In This Article:
Home Trust Preferred Visa Cashback Structure
Cardholders will earn cash back at a competitive rate of 1.00% on all eligible purchases1, with no maximum cash back cap. The cash back you accumulate in a given year is automatically applied against the card balance in February of the following year.
- $0 annual fee
- 1.00% cash back on all eligible purchases
- 0% foreign transaction fee
- Purchase protection
The triple threat of no annual fee, no foreign transaction fees, and cash back is an enticing combination, making this card a definite asset for those who travel frequently and want to keep unnecessary expenses to a minimum.
- Cash back is not earned on transactions in foreign currency
- Not available to Quebecers
Historically some applicants have also expressed disappointment in Home Trust taking a long time to approve applications and send out cards. Home Trust claims that its cards are currently mailed to approved applicants within 2–4 weeks, but keep in mind that Home Trust is a very small company and its operations may be particularly affected by market disruptions (e.g. COVID-19).
How Does It Compare?
|Card Name||Home Trust Preferred Visa||Rogers™ Platinum Mastercard®||MBNA Smart Cash Platinum Plus® Mastercard®|
|Welcome Offer||None||$25 cash back for first purchase within first 3 months||5% cash back on gas and groceries for first 6 months†† (max $150 cash back)|
|Regular CAD Cash Back Rates||1% on everything||1% on everything||2%‡ on gas and groceries; 0.5%‡ on everything else|
|Foreign Currency Cash Back Rates||0%||3% on purchases in USD; 1% on purchases in other foreign currencies||Same as above|
|Foreign Transaction Fee||0%||2.5%||2.5%|
|Regular Interest Rates||Purchases 19.99%, Cash Advances: 19.99%||Purchases: 19.99%, Cash Advances: 22.99%||Purchases: 19.99%, Cash Advances: 24.99%|
The Home Trust Preferred Visa offers a very rare combination of benefits: It charges neither an annual fee nor foreign transaction fees, while earning a respectable level of cash back on purchases at home in Canada. Though no other card in Canada offers this exact mix of features, there are other cards that have their own variations of these perks, outshining the Home Trust card in some areas and underperforming next to it in others.
If most of your excursions outside Canada are in the United States, the Rogers Platinum Mastercard® might be a more beneficial card for you than the Home Trust Preferred Visa. The Rogers card earns 3% on USD purchases, with a net gain of 0.5% in cash back after factoring in its 2.5% foreign transaction fee. But the Rogers card is less advantageous for purchases in currencies other than CAD and USD, in which you’ll lose 1.5% on each purchase (2.5% foreign transaction fee – 1% in cash back).
The MBNA Smart Cash Platinum Plus® Mastercard® doesn’t waive foreign transaction fees, but it does offer hefty cash back rates on gas and groceries, with its regular 2% rate‡ in those categories outshining the max 1% that the Home Trust card earns. That said, unlike the Home Trust card, the MBNA Smart Cash Platinum Plus® Mastercard® has a monthly $25 ceiling on the amount of cash back you can earn at its 5%†† and 2%‡ rates. And purchases aside from gas and groceries earn cash back at half the rate of the Home Trust card.
‡, ††, ✪, Terms and Conditions apply
MBNA Smart Cash Platinum Plus® Mastercard® offer is not available for residents of Quebec. For residents of Quebec, please click here.
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The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.
Who’s the Card For?
Travellers and online shoppers who want the tri-pronged perk of no annual fee, no foreign transaction fees, and cash back will love the Home Trust Preferred Visa for its simplicity and efficacy. Despite the value of its comprehensive approach to travel savings and extra privileges, however, the card also inhibits certain cardholders. Those who are turned off by the card’s aforementioned downsides should consider Canada’s other credit cards that either eliminate or make up for foreign transaction fees.
1 Cash advances, balance transfers, interest, fees and foreign transactions (including online purchases in foreign currencies) are not eligible for CashBack Rewards.