Home Trust Preferred Visa
Rewards Calculator Algorithm
You can either estimate rewards by inputting your spending habits manually or creating secure bank connections through our trusted financial partner mx.com and letting Finly analyze your spending in the past year.
Total Spending
Modify your spending numbers and click update to get the most accurate reward estimates.
$0
Rewards based on $0 average spending
Card Details
Annual Rewards
$227.95
First Year Bonus
$0
Annual Fee
$0
First Year Value
$227.95
Interest Rates
Cash Advance: 21.99%"
Purchase: 21.99%
Annual Fee
$0
Annual Income
Personal: N/A
Household: N/A
Credit Score
Good
Welcome Bonus
N/A
Card Type
Cash Back
Our Rating
3.5/5
Institution
Home Trust
Rewards
- 1% cashback on all eligible purchases.
- Foreign transactions don't receive cashback!
Home Trust Preferred Visa Cash Back Calculator
Based on average spending
Rewards Ranking
Rewards Breakdown
Foreign Purchases
$0
All other purchases
$227.95
Net Annual Rewards
$227.95
Rewards Summary
Net Annual Rewards
$227.95
First Year Bonus
$0
First Year Value
$227.95
Insurance & Benefits
Insurance
Coverage
Purchase Protection
Up to 90 days
Benefits
Details
No Foreign Transaction Fees
Pros & Cons
Pros
- The only No Annual fee Credit Card in Canada that offers No Foreign Transaction Fees
Cons
- Rewards are very average
- No Extended Warranty benefit on this card
Home Trust Preferred Visa Review
The Home Trust Preferred Visa credit card is Canada's only no-annual-fee credit cards with no foreign transaction fee.
If you are not fully aware of credit card foreign transaction fee of a credit card, whenever you buy something with a foreign currency, your credit card issuer charges you an additional 2.5% markup for providing the conversion service. There are some cards that waive these 2.5%, which are cards known as cards with no foreign transaction fee and are one of the best methods of payments abroad. You can read more about this in detail here.
Given that this is a great benefit, any other credit card offering this benefit comes with an annual fee.
In this review, we will go into the details of the Home Trust card and discuss its various aspects in great detail.
The Rewards
How You Earn Rewards
The rewards of the Home Trust card are very simple.
- 1% cashback on all eligible purchases. Foreign transactions don't receive cashback
Even though you don't earn 1% on foreign purchases, this card is more favourable than many other cards because the 2.5% fee waiver is worth it. The 1% on all eligible purchases is a very average cashback rate which many other credit cards can beat. Let's compare the cashback rate with some other popular cashback credit cards.
Reward comparison to other popular cashback credit cards
Home Trust Preferred vs Simplii Financial™ Cash Back Visa Card
Simplii Financial earns 4% cashback on food (With a $200 reward annual cap, meaning $5000 spent), 1.5% cashback on gas, groceries, drugstore, recurring payments (With a $225 reward annual cap), and 0.5% on everything else.
So given that Simplii earns a lot on many of the more popular spendings, but for some people, if they have a lot of spending in categories other than the ones mentioned, BRIM would be better, which is something most people don't have. So, for most people, the Simplii card is a better one.
Home Trust Preferred vs Rogers Mastercard
If you are a Rogers, Shaw or Fido customer, you will earn 2% cashback on all your purchases with the Rogers Mastercard (3% if you redeem for Rogers, Fido or Shaw purchases). It's very obvious that the rewards you can get with the Rogers card are much higher than Home Trust preferred, and if you are looking for rewards, the Rogers card is a much better choice.
If you are looking to maximize your rewards, you could use FinlyWealth's credit card calculator to find the best card for you using your own spending pattern!
Note on rewards
Our general recommendation is that if you decide to go for the HomeTrust card, is that you should also carry another credit card as well. One which you use in Canada with the goal of maximizing the rewards you earn and the HomeTrust card when you travel abroad. This combination would give you much better value than just using one card.
Welcome Bonus
Unfortunately, the HomeTrust Preferred card does not come with any signup bonuses.
2 benefit of Home Trust Preferred
1. No Annual fee
Having to pay no fee to access the no foreign transaction fee benefit is an obvious benefit of this card.
2. No Foreign Transaction fee
As mentioned multiple times, the No Foreign Transaction fee benefit of Home Trust might be the only reason someone might want to go for this card as there are not any other mentionable benefits.
2 downside of Home Trust Preferred
1. Not the best card for Canadian Purchases
As discussed in comparison with other card sections, there are many better alternative cards that give much higher rewards compared to Home Trust, so for your transactions in Canada, definitely take a look at using other credit cards.
2. Not that many benefits
Other than the no foreign transaction fee benefit and the very basic purchase protection and extended warranty, this card doesn't offer any other notable benefits. So, in terms of benefits, you have to pair this with another card to have much more comprehensive insurance and benefit coverage.
Final Verdict
In general, if you go for this card, definitely pair it with another card because the only good thing about this card is the foreign transaction fee waiver and not much else.