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TL;DR — The card every Canadian traveller should keep
The Home Trust Preferred Visa is unique in Canada in 2026: it's the only credit card with no annual fee, no foreign transaction fee, and 1% unlimited cashback on every purchase. There is no premium variant, no annual fee tier, no rotating categories. The card exists, does its three jobs, and stays out of the way. If you can get approved, there's almost no reason not to keep it forever — even as a backup behind a flashier primary card.
The Fees, In One Glance
- Annual fee: $0
- Foreign transaction fee: 0%
- Purchase rate (interest): 21.99% (carry a balance and the cashback is destroyed; pay in full)
- Cash advance rate: 21.99%
- Cashback: 1% on every eligible purchase, uncapped
- Supplementary card: $0
- Overlimit fee: $29 if you exceed your limit
Why It Stands Alone in 2026
Brim Mastercard used to compete in this space — same no-fee structure, no FX, similar cashback. That ended on May 18, 2024 when Brim added a 1.5% FX fee. HSBC's premium World Elite Mastercard offered no FX with a $99 annual fee but disappeared on October 1, 2023 when RBC took over. Stack and Meridian's no-FX options also faded out of the market in 2023–2024. Home Trust simply hasn't moved its policy in over a decade — same product, same terms, year after year.
How the 0% FX Plays Out
Standard 2.5% bank markup is gone. You pay only the Visa network's daily conversion rate. On $10,000 USD of annual spending, that's $250 the bank no longer keeps — plus $100 in cashback Home Trust gives you back — for a $350 swing versus a typical bank Visa.
Three Real Scenarios
The cross-border worker ($25,000 USD/year on a US-paying contract, spending some of it back to US merchants): bank Visa would cost $625 in invisible FX. Home Trust costs $0 plus pays $250 in cashback. Net advantage: $875 per year.
The credit-building newcomer to Canada: a no-fee no-FX Visa is the dream first card — it builds Canadian credit history while saving on every international purchase. Many of our readers have used it as their second-ever Canadian card.
The household using it as the "everything-else" card: kept alongside a Scotia Passport for travel and a Wealthsimple Cash for daily debit, the Home Trust is the catch-all credit card that earns 1% on the things that don't fit anywhere else.
The Approval Reality
This card's biggest downside is the approval bar. Home Trust is conservative. Anecdotal data from Canadian credit forums suggests:
- Credit score above 700 helps significantly.
- Debt-to-income ratio matters more than for mainstream issuers — if you carry significant unsecured debt elsewhere, expect a smaller limit or denial.
- Income of $25,000+ is generally required; high but not extreme.
- Newcomers without Canadian credit history are routinely denied unless they apply through Home Trust's secured card program first.
If you're rejected, Home Trust's secured Preferred Visa requires a deposit (typically $1,000+) and converts to unsecured after 12 months of clean payments — a path some newcomers and credit-rebuilders take deliberately.
What I Like
- Free forever. Sit in your wallet. Pull out for international transactions.
- 1% cashback is small but uncapped — beats Wealthsimple's current 0%.
- Visa-network ubiquity (versus Mastercard-only prepaid options).
- Actual credit-building.
- Pre-authorisation holds work as a normal credit card (unlike prepaid cards).
What I Don't Like
- Approval is harder than mainstream issuers. Some applicants get denied.
- No travel insurance, no lounge access, no premium perks. It's a utility card.
- Cashback is paid annually, not monthly. You wait up to 12 months to see it.
- Home Trust's mobile banking is functional but unexciting. Don't expect Wealthsimple-level polish.
- Limit increases are slower than mainstream — expect 12 months minimum.
vs. Scotia Passport Visa Infinite
The Passport pays the $150 annual fee in exchange for lounge passes, travel insurance, and 2× Scene+ on grocery/dining. If you'll travel internationally even once a year, the Passport is the better single card. The Home Trust is the better second card — kept free in your wallet for every other foreign transaction. Many Canadian travellers hold both.
Who It's For
Anyone who wants a free credit card with no FX, anyone building credit, anyone who already pays for a premium card but wants a free backup, and households that want to consolidate small foreign-currency purchases on a no-fee card.
How to Apply
Apply directly at hometrust.ca/credit-cards/preferred-visa-card/. Decision is usually within 2–3 business days. If denied, consider the secured version as a path to the unsecured product.
Apply for Home Trust Preferred Visa →