The Home Trust Preferred Visa is a straightforward credit card with surprising utility. Credit card holders know there are few perks that work better in tandem than cash back and no annual fee, and this Home Trust Visa card provides both. The Home Trust Preferred Visa also offers additional savings for those who travel overseas or do a lot of online shopping in foreign currencies.
This Home Trust Visa is one of the few Canadian credit cards that doesn’t charge foreign transaction fees, and it includes some other added perks that make it even more worthwhile. Those looking for a secured card instead should consider the Home Trust Secured Visa.
Pros and cons
Pros
-
No annual fee
-
1% cash back on all purchases with no cap
-
No foreign transaction fees
-
Purchase protection included
-
Ideal for frequent travelers and online shoppers
Cons
-
No cash back on transactions in foreign currency
-
Not available to Quebec residents
Home Trust Preferred Visa Cashback structure
Home Trust Visa cardholders will earn cash back at a competitive rate of 1% on all eligible purchases1, with no maximum cash back cap. The cash back you accumulate in a given year is automatically applied against the card balance in February of the following year.
Notable perks
- Earn unlimited 1% cash back on all purchases
- No foreign transaction fee
- Purchase protection
Drawbacks
- Cash back is not earned on transactions in foreign currency
- Not available to residents of Quebec
Home Trust Preferred Visa vs MBNA Smart Cash Platinum Plus Mastercard
MBNA Smart Cash Platinum Plus® Mastercard®
4.7
5% cash back
Welcome offerGood
Suggested credit scoreCash Back†† on eligible gas and grocery purchases for the first 6 months (until the total gas and grocery purchases in the applicable month reaches $500)
Pros
-
Generous Welcome Bonus to earn accelerated rewards during the initial six months of account opening
-
No annual fee
-
Ongoing cash back rewards after the welcome bonus - up to 2% cash back on eligible purchases
-
Car rental discounts
-
MBNA Payment Plan: Flexible payment options for purchases over $100, which is a nice perk for budget management.
-
Purchase assurance and extended warranty
Cons
-
Monthly spend cap on the welcome bonus rewards earn rate
-
Limited reward categories
-
Potential fees for payment plan
-
No travel rewards or premium perks
Eligibility
Good
Recommended Credit Score
Recommended Credit Score
Good
2%
Cash Back‡ on eligible gas and grocery purchases thereafter (until the total gas and grocery purchases in the applicable month reaches $500)
0.5%
Get 0.5% Cash Back‡ for all other eligible purchases
Cash Back‡ on eligible gas and grocery purchases thereafter (until the total gas and grocery purchases in the applicable month reaches $500)
2%
Get 0.5% Cash Back‡ for all other eligible purchases
0.5%
19.99%
Purchase APR
22.99%
Balance Transfer Rate
24.99%
Cash Advance APR
$0
Annual Fee Up to 9 additional card with no annual fee
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN
Purchase APR
19.99%
Balance Transfer Rate
22.99%
Cash Advance APR
24.99%
Annual Fee
$0
Foreign Transaction Fee
2.5%
Pros
-
Generous Welcome Bonus to earn accelerated rewards during the initial six months of account opening
-
No annual fee
-
Ongoing cash back rewards after the welcome bonus - up to 2% cash back on eligible purchases
-
Car rental discounts
-
MBNA Payment Plan: Flexible payment options for purchases over $100, which is a nice perk for budget management.
-
Purchase assurance and extended warranty
Cons
-
Monthly spend cap on the welcome bonus rewards earn rate
-
Limited reward categories
-
Potential fees for payment plan
-
No travel rewards or premium perks
Eligibility
Good
Recommended Credit Score
Recommended Credit Score
Good
2%
Cash Back‡ on eligible gas and grocery purchases thereafter (until the total gas and grocery purchases in the applicable month reaches $500)
0.5%
Get 0.5% Cash Back‡ for all other eligible purchases
Cash Back‡ on eligible gas and grocery purchases thereafter (until the total gas and grocery purchases in the applicable month reaches $500)
2%
Get 0.5% Cash Back‡ for all other eligible purchases
0.5%
19.99%
Purchase APR
22.99%
Balance Transfer Rate
24.99%
Cash Advance APR
$0
Annual Fee Up to 9 additional card with no annual fee
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN
Purchase APR
19.99%
Balance Transfer Rate
22.99%
Cash Advance APR
24.99%
Annual Fee
$0
Foreign Transaction Fee
2.5%
The Home Trust Preferred Visa offers a rare combination of benefits: It charges neither an annual fee nor foreign transaction fees, while earning a respectable level of cash back on purchases at home in Canada. Though no other card in Canada offers this exact mix of features, there are other cards that have their own variations of these perks, outshining the Home Trust card in some areas and underperforming next to it in others.
The MBNA Smart Cash Platinum Plus® Mastercard® doesn’t waive foreign transaction fees, but it does offer hefty cash back rates on gas and groceries. You can earn 2% back on gas and groceries and 0.5% back on all other purchases.
That said, unlike the Home Trust card, the MBNA Smart Cash Platinum Plus® Mastercard® has a monthly ceiling on the amount of cash back you can earn. And purchases aside from gas and groceries earn cash back at half the rate of the Home Trust card.
Who is this Home Trust Visa card for?
Travellers and online shoppers who want the tri-pronged perk of no annual fee, no foreign transaction fees, and cash back will love the Home Trust Preferred Visa for its simplicity and efficacy. Despite the value of its comprehensive approach to travel savings and extra privileges, however, the card also inhibits certain cardholders. Those who are turned off by the card’s aforementioned downsides should consider Canada’s other credit cards that either eliminate or make up for foreign transaction fees.
- ‡, ††, ✪, Terms and Conditions apply.This offer is not available for residents of Quebec. For residents of Quebec, please click here.Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.
Scott Birke is a finance editor at Money.ca.
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†Terms and Conditions apply.