The Home Trust Preferred Visa not only saves you from foreign transaction fees, but also offers several additional benefits – like no annual fee and the added perk of earning 1% cash back on all your spending in Canada without any limits or caps.
Pros
- No foreign transaction fees: Save 2.5% on all non-Canadian currency purchases
- No annual fee: Enjoy the card’s travel benefits without an annual fee; however, it is important to note that the card has an inactivity fee (if you don’t use the card to make at least one purchase during a consecutive 12-month period, you’ll be charged $12)
- Cash back earnings: Earn 1% cash back on all Canadian purchases, providing consistent rewards
- Additional perks: Take advantage of a number of other perks, including car rental insurance and Visa Zero Liability coverage to help ensure you are protected against potential fraudulent activities
Cons
- Not available to Quebec residents
- Transaction limitation: It’s worth noting that the card is limited to 10 authorized transactions per day
- No rewards on foreign exchange purchases: While this card charges no foreign exchange fees, it does not offer any rewards for those purchases
- Limited insurance coverage: Insurance coverage isn’t as comprehensive as other similar rewards cards (if insurance is a priority for you, consider the cards featured on our list of best credit cards for travel insurance)
- Lacking in bonus rewards: Other than the 1% cash back rate, there is not much else offered in the way of rewards, bonus offers or perks with this card
