The Home Trust Preferred Visa Review
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
- 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: Cardholders are 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?
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.