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Author: Scott Birke

By Scott Birke

Fact Checked: Money.ca

🗓️

Updated: September 21, 2023

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Please be aware that some (or all) products and services linked in this article are from our sponsors.

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We adhere to strict standards of editorial integrity to help you make decisions with confidence. Please be aware this post may contain links to products from our partners. We may receive a commission for products or services you sign up for through partner links.

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.

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

  • $0 annual fee
  • 1% cash back1 on all eligible purchases
  • 0% foreign transaction fee
  • Purchase protection

This Home Trust Visa's triple threat of no annual fee, no foreign transaction fees, and cash back is an enticing combination, making this card a definite asset for those who travel frequently and want to keep unnecessary expenses to a minimum.

Click here to apply

Drawbacks

  • Cash back is not earned on transactions in foreign currency
  • Not available to residents of Quebec

How does this Home Trust Visa compare?

Card name
Home Trust Preferred Visa
MBNA Smart Cash Platinum Plus® Mastercard®
Annual fee
$0
$0
Welcome offer
None
5% cash back on gas and groceries for first 6 months†† (max $150 cash back)
Regular CAD cash back rates
Earn 1% cash back1 on every eligible purchase you make with no cap on your annual cash back earnings
2%‡ on gas and groceries; 0.5%‡ on everything else
Foreign currency cash back rates
0%
Same as above
Foreign transaction fee
0%
2.5%
Regular interest rates
Purchases 21.99%; Cash Advances: 21.99%
Purchases: 19.99%; Cash Advances: 24.99%

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, with its regular 2% rate‡ in those categories outshining the max 1% that the Home Trust card earns. That said, unlike the Home Trust card, the MBNA Smart Cash Platinum Plus® Mastercard® has a monthly $25 ceiling on the amount of cash back you can earn at its 5%†† and 2%‡ rates. And purchases aside from gas and groceries earn cash back at half the rate of the Home Trust card.

‡, ††, ✪, Terms and Conditions apply

MBNA Smart Cash Platinum Plus® Mastercard® 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.

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.

Click here to apply

About our author

Scott Birke
Scott Birke, Finance editor, Money.ca
More from this author

Scott Birke is a finance editor and writer with an interest in credit cards, investing, saving money and personal finance. Scott joined Wise Publishing from Finder, and his byline has appeared in the National Post, Mountain Life and Rock and Ice. When he's not trying to help Money.ca readers save money by comparing better financial products, he can be found riding his snowboard or mountain bike or listening to his small (but growing) vinyl collection.

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Disclaimer

The content provided on Money.ca is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.

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