Home Trust Preferred Visa card is a Canadian credit card that I have been using for years. With its low annual income requirements, zero annual fees, 1% cash back on all purchases in Canadian dollars, and no foreign transaction fees, this card is an excellent choice for me, and hopefully for you too.
Without further ado, here is my Home Trust Preferred Visa Card review.
Who is Home Trust?
Home Trust is a federally regulated trust company carrying on business across Canada. Originally incorporated in Ontario in 1977 as Home Savings and Loan Corporation, the Company was continued under the Trust and Loan Companies Act (Canada) on March 9, 2000.
In October 2015, CFF Bank was welcomed to the Home Trust family and renamed Home Bank in August 2016. Both Home Trust Company and Home Bank are separate members of the Canada Deposit Insurance Corporation (CDIC). Home Trust is a member of VISA Canada.
Home Trust has offices across the country from Halifax to Vancouver with the head office in downtown Toronto.
Home Trust Preferred Visa Card review: What features does it offer?
The Home Trust Preferred Visa card offers an excellent range of features. Below are short descriptions for each of them.
Zero annual fee
You can earn unlimited money-back rewards on everyday purchases without an annual fee. If you are like me and don’t like to pay an annual fee for a credit card, then this cash-back card is the perfect solution for you.
1% cash back on all purchases in Canadian dollars
This is another reason why I love this card so much. It is a very simple and effective card – 1% cash back on all purchases in Canadian dollars. There is also no cap on how much cash back you can earn.
As such, this is the perfect credit card for you if you are looking for a simple solution that still earns you a reasonable cash back percentage on every purchase. No longer do you need to remember which card you should swipe for which category of purchase.
For those of you who don’t mind a little bit extra work to earn even more cash back, you can pair this card with another card, such as the Tangerine Cash Back Mastercard. This Mastercard also doesn’t have an annual fee, and it offers accelerated cash back at 2% for up to 3 categories (e.g., Groceries, recurring bill payments, gas, entertainment, restaurants, etc.). For the rest of the categories, you earn 0.5% on every purchase. As such, you can use the Tangerine Cash Back Mastercard for your top three most frequently shopped categories, and use this Home Trust Preferred Visa card for everything else. Such a combination isn’t too difficult to remember, and you will earn more than 1% on average for all your purchases. To learn more, check out my Tangerine Money-Back Credit Card Review here.
No foreign transaction fee
This is yet another feature that makes this credit card extra special. It is rare for a no-fee credit card to charge no foreign exchange fees.
The Home Trust Preferred Visa card, therefore, is your perfect travel companion. Although you won’t be able to earn cash back if the purchases are not made in Canadian dollars, you can save an average of 2.5% with foreign transaction fees, which can add up quickly.
And don’t worry about the credit card company hiding the foreign transaction fee in their foreign exchange rate. I have checked my statements multiple times, and the rates are the same as the ones available through Google.
Unlimited money-back rewards
Unlike many other credit cards that may have a cap on the monthly rewards, this credit card has no limit on the cash back you can earn through the cash back program.
Note that your rewards earned are displayed every month on your statement, and the total amount earned for the previous year will be provided to you as a statement credit in January.
Purchase Security insurance
This Visa cashback credit card with no annual fee also insures your purchases. Purchase Security insurance insures eligible items against theft or damage for 90 days from the date of purchase.
Guaranteed hotel reservation
With your Preferred Visa credit card, you can also request a guaranteed hotel reservation anywhere in the world and your room will be held for you even if you arrive late.
Free cards for other authorized users
You have the option to add additional authorized users to your card, and they can receive their copies of the credit card free of charge!
Home Trust Preferred Visa card: Key numbers
Here are the key numbers about this card that you should be aware of:
- Cash-back on all purchases in Canadian dollars: 1%; there is no cap on the cash back
- Gross income threshold requirement: $15,000
- The annual interest rate for purchases and cash advances on your Home Trust Preferred Visa is 21.99%.
- Foreign exchange fees: 0%.
- Interest-free grace period: As long as you make payments in full every month, there is no interest. Therefore, I encourage you to always pay the balance in full instead of just making monthly minimum payments.
The Signup Process
The sign-up process is very straightforward. Here are the steps:
Head to Home Trust
To apply for this credit card, click on the link in the title. It will lead you directly to the sign-up page. No need for more Googling!
Accept the terms & conditions
You will be led to a page that asks you to accept the terms & conditions. You will have to check that you meet all the eligibility requirements and select the check box before you can click on “Get Started”.
Here are the eligibility requirements for the Home Trust Preferred Visa card:
- You are a permanent Canadian resident
- You have reached the age of majority in your province and are not currently in bankruptcy
- You will need to make at least $15,000 as annual income
- You cannot be a resident of Quebec
Confirm your information
You will then be led to a page where you have to confirm your personal information such as your legal name, your address, your date of birth, etc. This is to comply with government regulations.
Ready to earn cash back with Home Trust!
After your account is approved, you will be ready to start earning money back on every purchase with the Home Trust Preferred Visa card!
Home Trust Preferred Visa Credit Card Review: How do I communicate with Home Trust if I have any issues?
It is easy to contact the customer services department at Home Trust.
To report a lost/stolen credit card, you can contact 1-866-839-3485 (24/7).
For card activation, you can call 1-866-333-4786 (24/7).
If you want to speak to an agent, you can contact 1-888-281-7793 (Monday to Friday, 8:00am to 8:00pm EST).
Home Trust also has offices in Toronto, Vancouver, Calgary, Montreal and Halifax. Feel free to check out the contact page to learn more.
Is Home Trust Visa Card for me?
Here is a simple FAQ to help you decide if the Home Trust Preferred Visa card is for you:
If you prefer cash-back, then this credit card is a good choice for you. I personally prefer getting cash back, because cash is easier to spend, and it’s nice to know that I have the cash in my pocket.
The no-annual-fee feature is one of the features that attracted me to the card initially. I personally do not like the idea of spending money on a credit card. If you are like me, then you may want to opt for this card.
If the answer is yes, then this card is certainly a great option. You can save 2.5% on each transaction that you make abroad, and the savings will add up quickly.
Getting 1% cash back is great, but that is only when you don’t have to pay the interest. You should always try your best to pay off your balance every month so you don’t need to pay a hefty interest charge.
If you think getting a credit card will get you into financial trouble, then don’t apply for one until you are confident in your discipline.
Final Words on the Home Trust Preferred Visa Card
By simply taking some time and making a few clicks, you can enjoy great cash back on everyday purchases and no foreign transaction fee with this Home Trust visa card. Is this credit card worth it if you want to give it a try? Definitely. You can get the most out of your money with no annual fees, cash-back on every purchase, and unlimited rewards! If you want to save with a credit card, this Home Trust Preferred Visa Card is certainly a great option.