The Home Trust Preferred Visa is more than just a credit card; it is a tool designed to help individuals maximize their everyday spending while avoiding unnecessary costs. With a range of compelling features, it stands out as an excellent choice for those seeking value and convenience, whether at home or abroad.

From eliminating foreign transaction fees to offering a simple and rewarding cashback system, this card is tailored for users who want to optimize their finances. Let’s explore everything the Home Trust Preferred Visa has to offer and understand why it is a preferred option for many Canadians.

Key information about the credit card

How does the annual fee work?

The Home Trust Preferred Visa is an outstanding option for individuals who want premium features without the burden of an annual fee. Unlike many credit cards that charge yearly fees ranging from $50 to $150 or more, this card offers all its benefits without requiring any payment to maintain it.

How is the credit limit determined?

The credit limit for the Home Trust Preferred Visa is determined based on a careful evaluation of the applicant’s financial situation. Factors such as income, credit score, employment stability, and existing debt obligations are assessed during the application process. Individuals with a solid credit history and higher income levels are more likely to receive higher credit limits, while those with limited credit histories might start with a more modest limit.

Advantages of the credit card

• No foreign transaction fees: The Home Trust Preferred Visa eliminates the standard 2%–3% fee that most credit cards charge for purchases in foreign currencies. This makes it an excellent choice for frequent travelers and online shoppers who buy from international retailers.
• 1% cashback on eligible purchases: Earn 1% cashback on every eligible purchase, with no caps on the total rewards you can accumulate. Whether it’s groceries, utilities, or entertainment, every dollar spent adds up to valuable savings.
• Zero annual fee: All the impressive features of this card come at no cost, allowing you to enjoy premium benefits without worrying about yearly fees.
• Visa Zero Liability policy: Enjoy peace of mind with fraud protection. If unauthorized transactions are made on your card, you won’t be held liable, ensuring financial security at all times.
• Worldwide acceptance: The card is accepted in over 200 countries, offering a reliable payment option for international travelers. Its compatibility with contactless payment systems adds further convenience.
• Purchase Security insurance: Protects eligible purchases from theft or damage for 90 days after the purchase date. This benefit is particularly valuable for expensive or essential items.

Standout advantage

The standout feature of the Home Trust Preferred Visa is its waiver of foreign transaction fees. For Canadians who frequently shop online from international retailers or travel abroad, this benefit translates into significant savings.

While most credit cards charge an average of 2.5% on every foreign currency transaction, this card removes that fee entirely. For example, a traveler spending $2,000 abroad in a year could save $50 or more in fees. This unique feature ensures that the Home Trust Preferred Visa stands out as a cost-effective option for international spending.

Disadvantages

• Not available in Quebec: Unfortunately, residents of Quebec cannot apply for this card, limiting its reach to other provinces.
• Flat cashback rate: While the 1% cashback rate is appealing, it lacks tiered rewards for categories like dining, travel, or groceries that some other cards offer.
• No introductory bonuses: Many competitors offer sign-up bonuses or promotional cashback rates, but this card does not include such perks.
• Requires good credit: Applicants with poor or limited credit histories might face challenges when applying for this card.

A standout disadvantage

The primary drawback of the Home Trust Preferred Visa is its limited availability, as it cannot be issued to residents of Quebec. For a card that offers such valuable benefits, this restriction can be disappointing for individuals living in this province. While other cards may provide similar perks, few match the combination of no annual fees and no foreign transaction charges. This limitation reduces accessibility and prevents a wider audience from benefiting from its features.

Who can apply for this card?

The Home Trust Preferred Visa is available to individuals who meet certain eligibility criteria. Applicants must be at least 18 years old (or the age of majority in their province or territory) and must have a valid Social Insurance Number (SIN). Additionally, applicants need to demonstrate a stable source of income and possess a good credit score. The application process also requires providing proof of identity and income.

Unfortunately, this card is not available to residents of Quebec, narrowing its accessibility to other Canadian provinces. While the card offers easy approval for those with strong credit histories, individuals with poor credit may face challenges during the application process. Ensuring that your financial profile meets the required standards will increase your likelihood of approval.

How to apply for the Home Trust Preferred Visa

For the website

To apply online, visit the official Home Trust website and navigate to the credit card section. Locate the Home Trust Preferred Visa page and click on the “Apply Now” button. You’ll be directed to an application form where you’ll need to provide details such as your name, address, Social Insurance Number, income information, and contact details.

Ensure that all information is accurate and complete, as this will speed up the approval process. Once submitted, your application will be reviewed, and you’ll typically receive a decision within a few business days.

Through the app

If you prefer using your smartphone, the Home Trust mobile app provides a seamless way to apply for the card. After downloading the app from the App Store or Google Play, log in or create an account to access the application feature. The app allows you to input your personal and financial details, upload any necessary documents, and track the status of your application in real time. The mobile app also provides additional features, such as managing your card, checking your balance, and making payments.

At the branch

For a more personalized experience, you can apply for the card in person at a Home Trust branch or an authorized retail location. A representative will guide you through the process, ensuring that all your questions are answered and that your application is complete. This method is particularly useful for those who want assistance during the application process or prefer face-to-face interactions. Be sure to bring all necessary documents, such as identification and proof of income, to facilitate the process.