I'd treat the Home Trust Preferred Visa as a travel spending card that happens to pay cash back at home. It has no annual fee and no foreign exchange fee, still a rare pairing, and it earns 1% on eligible purchases with no cap.
The fine print takes some of that back. Purchases in a foreign currency, the ones this card is built for, earn no cash back at all, and what you do earn is paid once a year as a January statement credit. Insurance stops at purchase security. I'd still keep one for trips, since skipping a 2.5% to 3% FX fee is worth more than the 1% most cards would pay on the same spending.
Welcome offer
There is no welcome bonus on the Home Trust Preferred Visa as of October 13, 2026. Home Trust's page leads with the no-fee, no-FX pitch instead.
The value is ongoing rather than up front: the foreign exchange fee it saves on every purchase in another currency (Home Trust notes many cards charge 3%), plus 1% back on spending in Canada.
Put at least one purchase on the card every year. Home Trust charges a $12 inactivity fee after each 12 months with no transactions, which is easy to trigger on a card you might only use when travelling.
Fees & eligibility
There is no annual fee, and Home Trust's disclosure statement lists none for any card on the account. Purchases and cash advances in a foreign currency are converted at Visa's exchange rate with a 0% conversion charge. Watch the smaller fees instead: $12 after each 12 months with no activity, $29 if you go over your limit, and ATM fees on cash advances.
The interest rate is 21.99% on purchases and cash advances, with a 21-day grace period on new purchases; cash advances and balance transfers get no interest-free period. You need an annual income of at least $15,000, and the card is not available in Quebec.
Earning rewards
Earning is flat: 1% cash back on every eligible purchase, with no cap on what you can earn in a year. There are no categories to track.
The exclusions matter more than usual. Foreign currency transactions earn nothing, including online purchases in a foreign currency, and neither do cash advances, balance transfers, interest or fees. In practice the card pays 1% on Canadian-dollar spending and nothing (but no FX fee) on everything else.
Redeeming rewards
There is no redemption step. Your cash back builds through the year, and the full amount for the previous year is applied as a statement credit in January.
That is simple but slow: Home Trust lists no way to take it as cash, put it toward a specific purchase, or use it before January. Its page also doesn't say what happens to cash back earned in a year you close the account, so ask before cancelling.
Perks & benefits
The headline perk is no foreign exchange fee: purchases abroad or online in another currency are converted at Visa's rate with no surcharge, where Home Trust notes many cards charge 3%. That alone makes the card's case for travel.
The rest is standard Visa: guaranteed hotel reservations held for late arrival, Visa Zero Liability, and contactless and digital wallet payments. There is no lounge access, no travel credit and no status.
Insurance
Purchase Security is the only insurance. It covers most items bought in full on the card against theft or direct physical damage for 90 days, up to $5,000 per occurrence, and it pays only after any other insurance you have.
There is no extended warranty, mobile device cover or travel insurance of any kind. For trips, you need medical and cancellation coverage from another card or a separate policy.
My take
I'd get the Home Trust Preferred Visa as a no-fee card for spending in foreign currencies; I'd skip it as an everyday card in Canada, where 1% paid once a year is easy to beat.
Abroad it does one job well: no FX fee on anything you buy in another currency, for $0 a year and a $15,000 income bar most people meet. Just don't count on cash back from that spending, since foreign currency purchases earn nothing.
At home it is an average 1% card with slow payouts and almost no insurance. I'd pair it with a stronger cash back card for groceries and gas and a card with travel medical coverage for booking trips, then use this one for purchases at the destination. Put a small charge on it each year to avoid the $12 inactivity fee.
The good
- No annual fee and no foreign exchange fee
- 1% cash back with no annual cap
- Low $15,000 income requirement
The catch
- Foreign currency purchases earn no cash back
- Cash back is paid once a year, in January
- Purchase security is the only insurance