The Home Trust Preferred Visa occupies a unique position in the Canadian credit card market: a no-annual-fee Visa card with no foreign transaction fee. In a category dominated by cards that charge 2.5% on every foreign currency purchase, the Home Trust Preferred Visa stands out for international travellers and online shoppers who buy from foreign retailers. It is not a high-earn card — the 1% cash back is modest — but as a free companion card for eliminating FX fees, it has no equal at zero cost.
Quick Verdict
Best for: Canadians who travel internationally or shop on foreign websites and want to eliminate the 2.5% foreign transaction fee without paying an annual fee.
Not ideal for: Primary everyday card for domestic spending (1% is a weak earn rate for Canadian purchases), those who want travel insurance or premium card perks, or those who cannot confirm current application availability.
Key Card Details
| Feature | Detail |
|---|---|
| Annual fee | $0 |
| Additional cardholder fee | $0 |
| Purchase interest rate | 19.99% |
| Cash advance rate | 21.99% |
| Foreign transaction fee | None |
| Income requirement | None stated |
| Network | Visa |
| Welcome bonus | Verify at hometrust.ca |
Card availability, cash back rate, and terms are subject to change. Always verify current details and application status at hometrust.ca before applying.
Availability note: Home Trust has periodically paused new applications for the Preferred Visa. Verify that applications are currently open at hometrust.ca before planning your application.
The Core Appeal: No Foreign Transaction Fee, No Annual Fee
Most Canadian credit cards charge a 2.5% foreign transaction fee on every purchase made in a foreign currency. This applies to:
- Hotel and restaurant charges abroad
- Flights booked with foreign carriers in foreign currency
- Purchases on international e-commerce sites (Amazon US, international retailers)
- Any purchase processed in USD, EUR, GBP, or another non-CAD currency
The Home Trust Preferred Visa charges none of this. You pay the Visa exchange rate — close to the mid-market rate — with no additional markup.
Annual savings from eliminating FX fees
| Annual Foreign Currency Spend | Savings vs. 2.5% FX Card |
|---|---|
| $1,000 | $25 |
| $3,000 | $75 |
| $5,000 | $125 |
| $10,000 | $250 |
For a Canadian who spends $5,000/year in USD (one international trip plus some US online shopping), the Home Trust Preferred Visa saves $125 annually — all at no annual fee.
Cash Back
The card earns 1% cash back on eligible purchases. At this rate, on $2,000/month in spending:
- $2,000 × 1% = $20/month = $240/year in cash back
This is a modest return — the primary value is the no-FX-fee benefit, not the cash back. For domestic spending, a card like the BMO CashBack World Elite (5% on groceries) or the Scotiabank Momentum Visa Infinite (4% on groceries, gas, bills, transit) will deliver dramatically more cash back.
Recommended strategy: Use the Home Trust Preferred Visa only for foreign currency purchases and pair it with a high-earn domestic card for Canadian dollar spending.
Benefits
The Home Trust Preferred Visa is a no-fee card without premium perks. Standard Visa benefits may apply — verify current inclusions at hometrust.ca.
No travel insurance, purchase protection, extended warranty, or lounge access is expected on a no-fee card at this tier. Confirm specific benefit inclusions with Home Trust directly.
Fees and Rates
| Fee | Amount |
|---|---|
| Annual fee | $0 |
| Purchase interest rate | 19.99% |
| Cash advance rate | 21.99% |
| Foreign transaction fee | $0 |
Who Is the Home Trust Preferred Visa Best For?
Ideal cardholders:
- Frequent international travellers who want to eliminate the 2.5% foreign transaction fee at zero annual cost
- Online shoppers who regularly purchase from US or international retailers
- Canadians who want a no-fee backup card specifically for foreign currency situations
- Those who already have a strong primary rewards card and need a dedicated no-FX companion card
Less suitable if:
- You want a primary everyday card with strong cash back rates — the 1% on Canadian purchases is not competitive with top domestic earners
- You need travel insurance or other premium benefits
- Home Trust’s application is currently paused — verify availability first
No-Fee No-FX Alternatives
| Card | Annual Fee | No FX Fee | Cash Back / Earn |
|---|---|---|---|
| Home Trust Preferred Visa | $0 | Yes | 1% cash back |
| Scotiabank Gold American Express | $120 | Yes | 5–6x Scene+, dining/grocery |
| Scotiabank Passport Visa Infinite | $150 | Yes | 2–3x Scene+, lounge access |
| National Bank World Elite Mastercard | $150 | Yes | Travel credit + lounge access |
| Rogers Red World Elite Mastercard | $0 | No | 1.5% cash back, 3% on Rogers |
For travellers willing to pay an annual fee, the Scotiabank Gold American Express ($120) offers both no foreign transaction fee and strong earn rates on dining and groceries — a compelling upgrade for those who want both benefits on one card.
Bottom Line
The Home Trust Preferred Visa is one of Canada’s best companion cards for international travel — specifically because it is free and eliminates foreign transaction fees. The 1% cash back is secondary; the card earns its place in a wallet as the designated card for any purchase in a foreign currency.
Verify current application availability at hometrust.ca before planning your application, as Home Trust has periodically paused the product for new cardholders.
Card availability, terms, cash back rate, and fees are subject to change. Always verify current details at hometrust.ca before applying.