Dollarwise

Home Trust Preferred Visa Review

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Visa > Home Trust







Advertising disclosure









{{card.name}} Review







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★★★★★











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Annual Fee







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Annual Rewards







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Intro Offer









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Annual fee







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Annual rewards







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Intro offer
























Pros











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Cons











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Editorial Note: DollarWise may earn a commission on sales made from partner links on this page.





Performance test results





At DollarWise, for each credit card we test 7 different factors including the rewards, value for money, perks, insurance, strengths and weaknesses of the card.





You can see our full testing methodology here to learn why we're the most trusted source for credit card reviews.





The {{card.name}} has earned a {{ranking}} DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).









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Rewards











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Fees











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Perks











{{factor_score_interest}}

















Interest rates













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Insurance











{{factor_score_acceptance}}

















Acceptance











{{factor_score_approval}}

















Approval











The highest scoring categories for the {{card.name}} are {{score_1}} and {{score_2}}.





These factors are weighted 70% to the highest scoring factor and 30% to the second highest score to get an overall review score.





This weighting allows us to judge cards on their merits and the customers they are designed for.





For the {{card.name}} the most important factors for scoring this card are its {{score_1}} and {{score_2}}.





Rewards





With the {{card.name}}, here's the rates at which you earn rewards for different spending categories per dollar you spend:





Bills{{reward_bills}}
Pharmacy{{reward_drug}}
Gas{{reward_gas}}
Groceries{{reward_grocery}}
Restaurants{{reward_restaurant}}
Specific Stores{{reward_store}}
Travel{{reward_travel}}
All Other Spend{{reward_other}}




Calculating your annual rewards





We estimate that spending {{monthlyspend}} per month with the {{card.name}} would earn {{card.rewards}} in rewards over the year.





Our performance testing research uses an accurate estimation of the average Canadian households spending patterns to predict the rewards a card will earn.





We found that you'd earn this per category:





Bills{{bills_dollarrewards}}
Pharmacy{{drug_dollarrewards}}
Gas{{gas_dollarrewards}}
Groceries{{grocery_dollarrewards}}
Restaurants{{restaurant_dollarrewards}}
Specific Stores{{store_dollarrewards}}
Travel{{travel_dollarrewards}}
All Other Spend{{other_dollarrewards}}




Our study investigating the value found that each dollar spent on the {{card.name}} is worth up to {{card.max_reward}}, depending on how you redeem.





This {{card.rewards}} in rewards value puts the {{card.name}} in the {{decile.annual_rewards}} of credit cards in Canada based on rewards earned.





The average credit card in our database earns {{averages.mean_annual_rewards}} in rewards for the same spend that the {{card.name}} earns {{card.rewards}} in rewards value.





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We can compare this card to other options by looking at the earn rate by category.





This earn rate is the percentage return that you would get when you spend on this card, assuming you redeem at the predicted maximum value.





For example, if a card earned 5 points per dollar on gas and each point is worth up to $0.02, then the earn rate is 5 points multiplied by $0.02 each, divided by the dollar you spent.





In this example, that's a 10% earn rate on gas.





SpendThis CardAverage
Bills{{bills_earnrate}}{{averages.mean_bills_earnrate}}
Pharmacy{{drug_earnrate}}{{averages.mean_drug_earnrate}}
Gas{{gas_earnrate}}{{averages.mean_gas_earnrate}}
Groceries{{grocery_earnrate}}{{averages.mean_grocery_earnrate}}
Restaurant{{restaurant_earnrate}}{{averages.mean_restaurant_earnrate}}
Store{{store_earnrate}}{{averages.mean_store_earnrate}}
Travel{{travel_earnrate}}{{averages.mean_travel_earnrate}}
Other{{other_earnrate}}{{averages.mean_other_earnrate}}
Above, we've calculated the earn rate for the {{card.name}} for every spend category and compared it to the average for all Canadian credit cards.




Redemption methodAnnual rewards
Transfer to partner airlines{{transfer_airlines}}
Fixed points travel{{fixed_points_travel}}
Transfer to partner hotels{{transfer_hotel}}
Redeem for travel{{redeem_travel}}
Apply to statement credit{{statement_credit}}
Ticketmaster{{ticketmaster}}
Charity{{charity}}
Gift cards{{gift_cards}}
Amazon.ca{{amazon}}
Merchandise{{merchandise}}
Make investments{{investments}}
Enjoy experiences{{experiences}}
Car rentals{{car_rental}}
Vacations{{vacation}}
Attractions{{attractions}}
Cash rewards{{cash_rewards}}
Grocery rewards{{grocery_rewards}}
Restaurant rewards{{restaurant_rewards}}
Movie rewards{{movie_rewards}}
Apple / BestBuy{{apple_bestbuy}}
Flight rewards{{flight_rewards}}
Airlines Rewards (Charts){{airlines_rewards_chart}}
CIBC financial products{{cibc_financial_products}}
Air travel - redemptions (scheduled){{air_travel_redemptions_schedule}}
RBC travel{{rbc_travel}}
Transfer to WestJet{{transfer_westjet}}
Transfer to Hudson Bay{{transfer_bay}}
RBC financial products{{rbc_financial_products_rewards}}
Air Canada gift cards{{aircanada_gift_card}}
Air Canada vactions{{air_canada_vacations}}
Electronics gift cards{{electronics_gift_cards}}
Cash - World Elite{{cash_worldelite}}
Cash - Platinum Plus{{cash_platinumplus}}
Banking plans{{banking_plans}}
Desjardins financial products{{desjardins_financial_products}}
Expedia travel{{expedia_td}}
Educational rewards{{education_rewards}}
HSBC financial products{{hsbc_financial_products}}
Walmart{{walmart_rewards}}
Triangle (Canadian Tire){{triangle_rewards}}
Meridian travel{{meridian_travel}}
Direct deposit{{direct_deposit_rewards}}
Costco gift cards{{costco_gift_cards}}
Wireless Rogers rewards{{wireless_rogers_rewards}}
1 Rogers rewards{{1_roger_rewards}}
Other Rogers rewards{{other_roger_rewards}}
Other 1 Rogers rewards{{other_1_roger_rewards}}




For an annual spend of {{annualspend}}, we estimated annual rewards value at up to {{total_net_rewards}}.





That's equivalent to a {{total_earn_rate}} return on spending.





The {{card.name}} has an annual fee of {{card.annualFee}}. After deducting this, we predicted net annual rewards of {{net_after_fee}}.





This puts it in the {{decile.net_annual_rewards}} of credit cards for net rewards after fees.





In comparison, the average card earns net annual rewards of {{averages.mean_net_annual_rewards}}.





Fees





The {{card.name}} has a {{card.annualFee}} annual fee.





The average card charges {{averages.mean_annual_fee}}. So, the {{card.name}} is in the {{decile.annual_fee}} of cards based on the cost of the annual fee.





Perks





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We manually review the perks of each credit card to determine how they compare to other cards.





The {{card.name}} scored a {{factor_score_perks}} out of 5 for perks, putting it in the {{decile.factor_score_perks}} of cards.





The average card scores {{averages.mean_factor_score_perks}} out of 5 for perks.





Interest Rates





Purchase{{purchase_interest_rate}}%
Cash Advance{{cash_advance_interest_rate}}%
Balance Transfer{{balance_transfer_interest_rate}}%




The average (median) credit card has a purchase interest rate of {{averages.median_purchase_interest_rate}} and so the {{card.name}} charges {{purchase_interest_diff}} than the average.





For cash advances it costs {{cash_advance_interest_rate}}% compared to the average of {{averages.mean_cash_advance_interest_rate}}.





Testing the {{card.name}} with a $2,000 starting balance, you can see in the graph how the {{purchase_interest_diff}} in interest rates impacts the interest over a year, compared to the average card.





Insurance coverage





InsuranceThis CardAverage
Extended Warranty{{warranty}}{{averages.median_warranty}}
Purchase Protection{{purchase_protection}}{{averages.median_purchase_protection}}
Travel Accident{{travel_accident}}{{averages.median_travel_accident}}
Emergency Medical Term{{emergency_medical_term}}{{averages.median_emergency_medical_term}}
Emergency Medical over 65{{emergency_medical_65}}{{averages.median_emergency_medical_65}}
Trip Cancellation{{trip_cancellation}}{{averages.median_trip_cancellation}}
Trip Interruption{{trip_interruption}}{{averages.median_trip_interruption}}
Flight Delay{{flight_delay}}{{averages.median_flight_delay}}
Baggage Delay{{baggage_delay_insurance}}{{averages.median_baggage_delay_insurance}}
Lost or Stolen Baggage{{stolen_baggage}}{{averages.median_stolen_baggage}}
Event Cancellation{{event_cancel}}{{averages.median_event_cancel}}
Rental Car Theft & Damage{{rental_theft_damage}}No
Rental Car Personal Effects{{rental_personal}}{{averages.median_rental_personal}}
Rental Car Accident{{rental_accident}}{{averages.median_rental_accident}}
Hotel Burglary{{hotel_burglary}}{{averages.median_hotel_burglary}}
Mobile Phone Insurance{{mobile_insurance}}{{averages.median_mobile_insurance}}
Personal Effects Insurance{{personal_effects}}{{averages.median_personal_effects}}
Price Protection Insurance{{price_protection}}{{averages.median_price_protection}}




We scored it {{factor_score_insurance}} out of 5 for insurance.





It offers {{insurance_count}} types of insurance, whereas the average card has {{averages.insurance_count}} types of coverage.





Approval and qualifying







Do I qualify?
Estimated Credit Score{{credit_score_low}} - {{credit_score_high}}
Personal Income{{personal_income}}
Household Income{{household_income}}






Fees
Annual Fee{{card.annualFee}}
Extra Card Fee$0
Card type{{card_type}}






We scored it {{factor_score_approval}} out of 5 for approval.





We predict that you will require a credit score of at least {{credit_score_low}} to qualify for the {{card.name}}, while the average card requires {{averages.mean_credit_score_low}} to qualify.





This puts it in the top {{decile.credit_score_low}} of cards by approval difficulty.





The personal income requirements are {{personal_income}}, while the average card requires {{averages.mean_personal_income}}.





This puts it in the {{decile.personal_income}} of cards by the income required to qualify.





The Home Trust Preferred Visa credit card offers a simple yet rewarding cash back program for its cardholders. In this review, we will discuss the earning potential, benefits, drawbacks, and additional information related to this card. This will help potential users decide if it is the right choice for their credit card needs.





Earning potential





With the Home Trust Preferred Visa credit card, cardholders earn 1% cash back on all eligible purchases made on the card. The rewards are automatic and there are no caps or limits to the amount that can be earned.





Unlike some other credit cards, this card does not tier its rewards based on spending categories such as dining, travel, or groceries. Instead, users can enjoy a straightforward rewards system.





Benefits






  1. No Annual Fee: A significant advantage of the Home Trust Preferred Visa is that it comes with no annual fee. This allows cardholders to fully benefit from the rewards they earn without having to offset the cost of a yearly fee.




  2. No Foreign Transaction Fees: Cardholders who travel or make purchases in foreign currencies can enjoy the added benefit of no foreign transaction fees on their Home Trust Preferred Visa.

    This can save users a significant amount of money on international purchases as compared to other cards that charge up to a 3% fee for each transaction made in a foreign currency.




  3. Roadside Assistance: This card provides its users with complimentary roadside assistance through the Home Trust Preferred Visa Auto Club membership. This added layer of protection can bring peace of mind in case of vehicle troubles while travelling within Canada.




  4. Car Rental Insurance: Home Trust Preferred Visa offers its cardholders car rental insurance, covering potential damages or theft to the rental vehicle. This spares users from having to pay for additional insurance when renting a car, potentially saving money on travel expenses.





Drawbacks






  1. Limited Card Acceptance: A notable drawback of the Home Trust Preferred Visa is that it is not accepted at as many locations as other major credit cards, such as Visa or Mastercard. This could potentially limit its usability, especially for those who prefer to use a single card for most transactions.




  2. No Introductory Offers: This card does not come with any introductory offers, such as lower interest rates or bonus rewards points, which may be a disadvantage for those who enjoy taking advantage of initial sign-up offers when acquiring a new card.





Additional information:





The Home Trust Preferred Visa credit card requires users to have a minimum annual income of $15,000, making it accessible to a wide range of income earners.





Overall, this card is a solid choice for those seeking a simple, no-fee cash back rewards system, especially for individuals who travel or make purchases in foreign currencies.





However, it is essential to consider the limitations in terms of card acceptance and the lack of introductory offers, which may narrow the card’s appeal for some potential users.





Interested in other credit cards? If the Home Trust Preferred Visa credit card isn’t perfect for you, you might want to consider the Home Trust Secured Visa (Low Rate). Plus, many Canadian’s that like the Home Trust Preferred Visa like the Home Trust Secured Visa Card, and the Home Trust Secured Visa.





FAQ







The Home Trust Preferred Visa credit card does not offer a traditional rewards points system. Instead, it provides a suite of benefits for cardholders, such as no annual fee, no foreign transaction fees, and 1% cashback on all eligible purchases.





The cashback is automatically credited to your account on a monthly basis, allowing you to either use it as a statement credit or redeem it in other ways at your discretion.





With this card, you don’t need to worry about tracking points or redeeming them for specific rewards, as the 1% cashback simplifies the process.







The Home Trust Preferred Visa credit card is an excellent choice for Canadians who travel frequently or make purchases in foreign currencies. This credit card stands out due to its 0% foreign transaction fees.





This means that you will not be charged any additional fees when making purchases in a non-Canadian currency, which can save you money compared to other credit cards that may charge a 2.5% to 3% fee on foreign transactions.







The Home Trust Preferred Visa credit card does not have a minimum income requirement, making it accessible for a wider range of applicants.







Key benefits






  • Annual purchase rate (APR): 19.99%




  • Cash advance rate: 19.99%




  • Balance transfer fee: 3% of the transaction amount or minimum $7.50




  • Grace period: 21 days from statement date




  • Minimum credit limit: $500




  • Interest-free period on new purchases: Up to 21 days




  • Cashback categories: Gas, groceries, restaurants, home improvement, etc.




  • Insurance coverage: Inclusive of common carrier accident, purchase security, and extended warranty coverage




  • Chip and PIN technology for added security




  • Online account management and customer support available



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