The 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 a $0 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. With no foreign transaction fees, Home Trust provides one of the best alternatives to the universally-missed Chase Amazon card, plus some added perks that make it even more worthwhile.
Home Trust Preferred Visa Cashback Structure
Cardholders will earn cash back at a competitive rate of 1.00%, with no maximum cash back cap or restrictions on what they purchase and where. This detail makes the Home Trust Preferred card a valuable companion for those who shop in Canada, but also online or abroad. The ability to earn cash back on domestic purchases and those in a foreign currency means that cardholders can always expect that they’ll be getting 1.00% back wherever they are and for whatever they buy. It can be redeemed once yearly like many other cash back cards, by requesting it from Home Trust in December, and having it deposited in your account in January.
- $0 annual fee
- 1.00% cash back on all purchases
- 0% foreign transaction fees
- Free roadside assistance membership
- Purchase protection
- Auto rental collision and damage insurance
The triple threat of no annual fee, no foreign transaction fees and cash back is an enticing combination. However, the Home Trust Preferred Visa goes even further by granting cardholders free membership to a roadside assistance program, which will be much appreciated should misfortune befall them on the road. The program offers emergency towing services up to 5km away, gas delivery up to 5 litres, and help with tire-changing, boosting dead batteries, towing, and retrieval of locked-in keys.
- Limit of 10 transactions per day
- Paying a balance by cheques for over $1,000 will freeze the account
- Waiting period for applications is on the long side, but getting shorter
- Cardholders are assigned a PIN, but they can change it by calling Home Trust
- Minimum card payments can be automated, but you can’t automate to pay the full card balance
- Not available to Quebecers
We’ll go into greater depth about some of the above limitations: citing security reasons, Home Trust will freeze an account for 10 days if a balance payment of over $1,000 is sent via cheque, as it wants to ensure that the cheque clears before offering continued credit.
Also, many applicants have reported their disappointment in Home Trust taking a long time to approve applications. Though this is unsurprising given that the Preferred card effectively plugs the gap left by Chase’s Amazon and Marriott cards, it was still disappointing. However, Home Trust has worked through most of its backlog and is now claiming to approve applicants within 2-4 weeks.
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 card 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.