Hello, savvy savers and future financial gurus! I’m here to introduce you to a credit card transforming how Canadians manage their finances and earn rewards—the Home Trust Preferred Visa. Whether you’re a seasoned credit card user or looking for your first card, the Home Trust Preferred Visa offers a compelling mix of benefits, rewards, and cost-saving features that can significantly impact your financial journey. Let’s dive into why this card could be the perfect fit for you.
Benefits of the Home Trust Preferred Visa
1. No Annual Fee One of the standout features of the Home Trust Preferred Visa is its zero annual fee. This means you can enjoy all the benefits and rewards without the burden of an extra yearly cost. For those who prioritize budget-friendly options, this is a significant advantage.
2. 1% Cash Back on All Purchases Cash-back rewards are a favourite among credit card users, and the Home Trust Preferred Visa doesn’t disappoint. You earn 1% cash back on every purchase, with no limits on how much you can earn. This straightforward rewards program ensures that every dollar you spend works harder for you.
3. No Foreign Transaction Fees Travel enthusiasts will particularly appreciate the absence of foreign transaction fees. Most credit cards charge a fee for transactions made outside Canada, but with the Home Trust Preferred Visa, you save 2.5% on every purchase made abroad. This feature alone can result in substantial savings for frequent travellers.
4. Purchase Security and Extended Warranty The Home Trust Preferred Visa provides peace of mind with purchase security and extended warranty protection. Eligible purchases made with the card are protected against theft or damage for up to 90 days, and the card extends the manufacturer’s warranty by up to one additional year. This added protection can be invaluable for big-ticket items.
Detailed Breakdown of Fees
No Annual Fee: As mentioned, there’s no annual fee, making this card a cost-effective option.
Interest Rates:
- Purchases: The standard interest rate for purchases is 19.99%.
- Cash Advances: Cash advances come with an interest rate of 19.99%.
Other Fees:
- Balance Transfer Fee: There is no fee for balance transfers, which can be a huge benefit if you’re looking to consolidate debt.
- Over Limit Fee: None.
- Returned Payment Fee: $45.
- Inactive Account Fee: $12 annually if the account remains inactive for a year.
Frequently Asked Questions (FAQs)
1. What are the eligibility requirements for the Home Trust Preferred Visa? To be eligible, you must be a resident of Canada, the age of majority in your province or territory, and have a good credit score.
2. How is the cashback rewarded? Cashback is earned at a rate of 1% on all eligible purchases. The cashback is accumulated throughout the year and credited to your account annually in January.
3. Is there a minimum income requirement? There is no specified minimum income requirement, but having a stable income and a good credit score can enhance your chances of approval.
4. Can I use the card for balance transfers? Yes, the Home Trust Preferred Visa allows for balance transfers with no fee, which can be a strategic move to manage existing credit card debt.
5. How do I redeem my cash-back rewards? The cashback earned is automatically applied to your account balance annually in January. There’s no need for complicated redemption processes.
I have 13 years of experience in customer service at one of Brazil’s largest banks, including 5 years as a general branch manager. I am a specialist in banking products and services with a proven track record in team leadership and business development. I am also a holder of Brazilian certifications CPA-10 and CPA-20.
