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Home Trust Preferred Visa Review
The Home Trust Preferred Visa Card is one of the leading no-fee, no-foreign transaction fee credit cards in Canada.
Jul 22, 2026 6:23 PM
Written By
Lead Writer
The Bottom Line
While the rewards on this card aren't overly impressive, with this contender, cardholders avoid foreign transaction fees and annual fees without having to jump through too many hoops.
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APPLY NOW
on Home Trust's website
RECOMMENDED CREDIT SCORE
300Poor
560⁎Fair
660⁎Good
725⁎Very Good
760⁎Excellent
Rewards
- 1% cashback on all eligible purchases.
- Foreign transactions don't receive cashback!
Insurance
Coverage
Purchase Protection
Up to 90 days
Benefits
Details
No Foreign Transaction Fees
Eligibility
Credit Score
FairAnnual Income
N/A
Card Details
Interest Rates
Purchase APR
21.99%
Cash Advance APR
21.99%
Fees
Annual Fee
$0
Additional Cards
$0
Eligibility
Minimum Individual Income
N/A
Minimum Household Income
N/A
Credit Score Estimate
Fair
Type
Card Type
Credit
Reward Type
Cash BackPros & Cons
Pros
- No annual fee
- No foreign transaction fees
Cons
- Average rewards
- No extended warranty insurance
- No welcome bonus
Our Detailed Review
The Home Trust Preferred Visa credit card is one of Canada's only no-annual-fee credit cards with no foreign transaction fees. It's also one of the top Home Trust credit cards in Canada.
How You Earn Rewards with the Home Trust Preferred Visa
Earning rewards with the Home Trust Preferred Visa is very simple. Cardholders can expect 1% cashback on all eligible purchases. Note, unfortunately, that foreign transactions don't receive cashback.
Even though you don't earn 1% cashback on foreign purchases, this card is more favourable than many other cards because the 2.5% fee waiver is worth it. That said, the 1% cashback on all eligible purchases is very average.
How You Redeem Rewards with the Home Trust Preferred Visa
Cashback for the Home Trust Preferred Visa is issued to your account in January of the following year.
Benefits and Perks
2 Benefits of the Home Trust Preferred Visa Card
There are a couple of benefits that make the Home Trust Preferred Visa Card worthwhile.
Budget-conscious applicants will appreciate this card's lack of an annual fee.
For those who tend to spend money internationally, the Home Trust Preferred Visa Card avoids foreign transaction fees, making a it an affordable and convenient travel companion.
For context, whenever you buy something in foreign currency, most credit card issuers charge you an additional 2.5% markup for providing the conversion service.
Drawbacks and Considerations
3 Downsides to the Home Trust Preferred Visa Card
There are also a few downsides you should consider before submitting an application.
Compared to other no-fee credit cards on the Canadian market, the cashback rate on the Home Trust Preferred Visa Card isn't very competitive.
Aside from purchase protection insurance, the Home Trust Preferred Visa Card lacks significant insurance coverage.
Unfortunately, cardholders have to wait to receive their cashback rewards once a year in January.
Compare to Similar Cards
Comparison to Other No-Fee No-Foreign-Transaction-Fee Cards in Canada
Before you commit to the Home Trust Preferred Visa as your affordable no-foreign-transaction-fee credit card, there are a couple of prepaid and premium competitors to consider.
Home Trust
3.5
EQ Bank
4.4
Wealthsimple
4.0
Wealthsimple
4.4
Annual Fee
$0
$0
$240
$240
Interest Rates
Purchase
21.99%
Cash advance
21.99%
Purchase
N/A
Cash advance
N/A
Purchase
20.99%*
Cash advance
22.99%*
Rate details
Purchase
20.99%*
Cash advance
22.99%*
Rate details
Welcome Bonus
—
N/A
—
—
Rewards
$234.84
First year rewards
0.5%
$229.68
First year rewards
$229.68
First year rewards
Apply Now
on EQ Bank's website
Apply Now
on Wealthsimple's website
Apply Now
on Wealthsimple's website
Welcome Bonus Details
Earn Rates
Insurance Coverage
Extra Benefits
Requirements
Home Trust Preferred Visa Card vs EQ Bank Card
If you don't mind earning a little less cashback on your purchases, the EQ Bank Card comes with interest earned on your balance, free ATM withdrawals, and no foreign transaction fees.
Verdict: If you'd rather use a prepaid bank card for foreign purchases, the EQ Bank Card is your top option.
Home Trust Preferred Visa Card vs Wealthsimple Visa Infinite Card
For a better cashback rate on all purchases, consider the Wealthsimple Visa Infinite Card. This contender is also equipped with superior coverage, including protections like trip interruption, trip cancellation, and travel medical insurance. On top of no foreign transaction fees, cardholders also receive Visa Infinite Exclusive Benefits. That said, there are a couple of caveats. For starters, to waive the card fee, you'll need to be either a Premium or Generation client or deposit at least $4,000 every month into your chequing account. Applicants will also need to meet some high annual income requirements.
Verdict: The Wealthsimple Visa Infinite Card is the more valuable option for qualifying applicants.
Home Trust Preferred Visa Card vs Wealthsimple Visa Infinite Privilege Card
The Wealthsimple Visa Infinite Privilege Card offers the same rate of cashback on all purchases as the Visa Infinite version, but it provides better coverage and perks, including complimentary airport lounge access. However, to qualify for this card, you'll need to meet some steep income requirements. Like the Visa Infinite Card, you'll also need to be either a Premium or Generation client or deposit at least $4,000 every month into your chequing account to waive the card fee.
Verdict: The Wealthsimple Visa Infinite Privilege Card is the most premium no-fee no-foreign transaction-fee credit card for those who qualify.
About the author
Sara Skodak
Lead Writer
Since graduating from the University of Western Ontario, Sara has built a diverse writing portfolio, covering topics in the travel, business, and wellness sectors. As a self-started freelance content ...
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Home Trust Preferred Visa
3.5
FinlyWealth Rating
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