Home Trust Preferred Visa

The Home Trust Preferred Visa is a free Canadian credit card that waives foreign transaction fees, which sounds like a perfect budget travel card. On paper it checks one big travel box: no foreign transaction fee. In practice, however, it falls short in several areas that matter to people who actually travel or spend in foreign currencies. This review breaks down why the card gets a middling score and who, if anyone, should consider it.

Quick Overview

• Annual fee: Free
• Foreign transaction fees: Waived
• Cashback: 1% on eligible purchases (but excludes purchases in foreign currency)
• Insurance: Purchase protection only
• Statement credit: Cashback issued once per year in January

Signup Bonus

There is no signup bonus. The card does not offer introductory cash back or sign-up incentives through third-party portals. For people who chase welcome offers, this card will not be interesting.

Rewards

The Home Trust Preferred Visa advertises 1% cashback on eligible purchases. That sounds straightforward until the fine print: purchases made in a foreign currency do not earn the 1% cashback even though the card waives foreign transaction fees.

That contradiction is the card’s core problem for travelers. There are several free alternatives that both waive foreign transaction fees and still give cashback on foreign purchases. Examples include:

• Wealthsimple Cash Card: No foreign transaction fees and 1% cashback on purchases, including foreign currency transactions.
• EQ Bank Card: No foreign transaction fees and 0.5% cashback on purchases, including foreign currency transactions.

Another practical downside: cashback is paid out as a statement credit once a year in January. If a cardholder cancels the card before January, any accumulated cashback for that year is lost. Annual payouts also mean the user misses potential value from reinvesting or using cashback throughout the year.

Rewards Grade

The reviewer scored rewards 6 out of 10. One percent cashback is average for a free card, but excluding foreign-currency purchases and paying cashback only annually drag the score down.

Insurance

The card offers a single insurance benefit: purchase protection. This covers items that are lost, stolen, or damaged shortly after purchase. That is useful, but many competing free cards add one-year extended warranty coverage on top of purchase protection, a benefit Home Trust does not provide.

Insurance Grade

Insurance is rated 6 out of 10 — acceptable for a free card but below average compared with peers that include extended warranty.

Perks

The marketing materials list several generic perks, but in reality there are very few meaningful extras. A commonly noted practical advantage is that the card is a Visa. That makes it one of the few free Canadian cards that lets holders shop at Costco in the United States without paying foreign transaction fees, because Costco US accepts only Visa for credit purchases.

Beyond that Costco-usability, the perks are underwhelming. Items like “guaranteed hotel reservations” are unclear and not compelling in day-to-day use. For most cardholders, the lack of tangible, useful perks is a strike against the card.

Perks Grade

Perks earned a 6 out of 10. The Costco US use case is a niche advantage and not a general selling point for most people.

Security and Card Controls

Home Trust advertises a zero liability policy for fraudulent purchases, which is standard for most credit cards. Competing cards such as Wealthsimple Cash and EQ Bank also offer zero liability and provide easy app-based controls like locking the card and instant transaction notifications. The reviewer notes that these app features and real-time alerts can make alternatives feel more secure and user-friendly.

Pros and Cons

• Pros:
  • No annual fee
  • No foreign transaction fees
  • Works at Costco US (Visa accepted there)
• Cons:
  • 1% cashback excludes foreign-currency purchases
  • Cashback paid once a year in January only
  • Minimal insurance (no extended warranty)
  • Few meaningful perks beyond Costco US usability
  • Better free options exist that offer cashback on foreign purchases

Who Should Consider the Home Trust Preferred Visa?

• Shopper who frequently visits Costco in the United States and wants a free Visa that avoids foreign transaction fees.
• Someone who values a simple, no-fee card and does not care about cashback on foreign purchases or frequent payouts.

Who Should Avoid It?

• Frequent travelers who want cashback on foreign purchases.
• People who prefer monthly or immediate cashback and easy app controls for fraud protection.
• Anyone who wants better bundled insurance like extended warranty coverage.

Comparisons and Better Options

For most people looking for a free travel-friendly card, the reviewer recommends considering the following alternatives:

• Wealthsimple Cash Card — No foreign transaction fees and 1% cashback on purchases, with solid app controls and transaction notifications.
• EQ Bank Card — No foreign transaction fees and 0.5% cashback, also with strong digital controls and ease of use.
• Premium travel cards — If frequent international travel is common, a premium card such as the Scotiabank Passport Visa Infinite or other travel cards may offer better travel protections, airport lounge access, and higher practical value despite an annual fee.

Final Grade and Recommendation

The reviewer gave the Home Trust Preferred Visa an overall score of 6 out of 10 — a low C tier card. Scores were:

• Rewards: 6/10
• Insurance: 6/10
• Perks: 6/10

Overall verdict: it is a functional, free card with one standout feature — no foreign transaction fees and Visa acceptance at Costco US — but it is not the best choice for people who want actual cashback on foreign purchases, better insurance, or meaningful perks. For most Canadians who want a no-fee card that performs well on travel-related purchases, the Wealthsimple Cash Card or the EQ Bank Card are stronger options.

Bottom Line

The Home Trust Preferred Visa is not a terrible card. It is free and removes the foreign transaction fee, but its reward structure and limited benefits keep it from being a strong travel contender. Consider it only if Costco US access without foreign fees is an important, frequent need. Otherwise, pick a free alternative that combines no foreign transaction fees with ongoing cashback and better digital controls.