How to Apply for the Home Trust Preferred Visa

If you’re looking for a free, simple credit card that’s accepted abroad, the Home Trust Preferred Visa might be a solid choice. It eliminates foreign transaction fees, making it particularly useful for Canadians who shop in the United States. Below, you’ll find the full application guide, eligibility criteria, tips before applying, and how to cancel if needed.

Basic Requirements

• Must be a Canadian resident and meet the minimum age requirement (usually 18 or 19, depending on the province).
• Provide valid identification (passport or driver’s license).
• Proof of Canadian residence (utility bill, bank statement, or similar).
• Social Insurance Number (SIN) for credit verification.
• Stable income — the bank may request pay stubs or bank statements.
• Positive credit history and an active Canadian bank account.

💡 Tip: Keep your information updated and your documents ready in digital format (PDF or clear photo) to speed up the process.

Step-by-Step Application Guide

1. Visit the official Home Trust website.
2. Locate the Home Trust Preferred Visa and click “Apply Now.”
3. Complete the online form with personal, financial, and contact information.
4. Upload the required documents for identity and income verification.
5. Review and accept the terms and conditions, including credit inquiry authorization.
6. Submit your application and wait for a confirmation email.
7. Once approved, your card will be mailed to you. After receiving it, activate it via phone or online.

Tips Before Applying

• Check your credit score and correct any issues before applying.
• Consider whether the 1% cashback (paid only once per year in January) fits your financial expectations.
• Compare with other free options like the Wealthsimple Cash Card or the EQ Bank Card, which offer ongoing cashback and better digital tools.
• Avoid submitting multiple credit applications in a short period — several hard inquiries may lower your score temporarily.

How to Cancel the Card

1. Pay off any outstanding balance and make sure no pending transactions remain.
2. Contact Home Trust customer service by phone or email.
3. Request account closure and ask for written confirmation (email or letter).
4. After confirmation, destroy the physical card to prevent misuse.
5. Check your next statement to ensure it shows “Account Closed.”
6. Note: If you cancel before January, you may lose any accumulated cashback — confirm this with the bank before proceeding.

Using the Card Abroad

One of the main reasons people choose the Home Trust Preferred Visa is its foreign transaction fee waiver, which makes it an appealing companion for travelers. You can use it freely in most countries that accept Visa, and purchases made in foreign currencies will be converted using Visa’s competitive exchange rate — without the usual 2.5%–3% surcharge that most Canadian cards apply.

However, there are a few points to keep in mind when using it outside Canada:

• Cashback exclusions: Purchases made in foreign currencies do not earn cashback, even though no fees are charged.
• ATM withdrawals: You can withdraw cash internationally where Visa is accepted, but standard cash advance interest and potential local ATM fees will apply.
• Acceptance in the U.S.: The card is particularly handy at Costco U.S., which accepts only Visa for credit purchases.
• Security while traveling: Always notify Home Trust before traveling abroad to prevent transaction blocks for unusual activity.
• Currency conversion: Transactions are automatically billed in Canadian dollars using Visa’s exchange rate on the day they’re processed.

Overall, while the card is convenient for avoiding foreign transaction fees, it’s not designed to maximize rewards abroad. If you travel frequently and want cashback or travel perks on international purchases, pairing it with a card like Wealthsimple Cash or Scotiabank Passport Visa Infinite could give you broader benefits.

Frequently Asked Questions

1. Do I need a Home Trust bank account to apply?
No. You can apply for the card even if you’re not an existing Home Trust customer.

2. Is there a pre-set credit limit?
Limits are determined after the credit review, based on your income and credit profile.

3. Can I use the card outside Canada?
Yes, it’s accepted internationally and charges no foreign transaction fees, making it convenient for travel and cross-border shopping.

4. Is cashback credited automatically?
Yes. Cashback is calculated automatically and applied as a statement credit each January.

5. What if I lose my card?
Contact Home Trust immediately. The card includes a zero-liability policy, so you won’t be responsible for unauthorized transactions.

Conclusion

The Home Trust Preferred Visa is a functional and trustworthy card with one standout feature — no foreign transaction fees, something rare among no-annual-fee cards. However, its limited cashback policy and annual payout schedule may disappoint users seeking frequent rewards.

If you occasionally shop in the U.S. — particularly at Costco, which only accepts Visa — this card serves its purpose well.
But if you prioritize consistent rewards, robust insurance, and strong digital management, alternatives like the Wealthsimple Cash Card or the EQ Bank Card offer better long-term value.

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