Home Trust Preferred Visa to stop awarding cash back on foreign currency transactions

Thanks to Rewards Canada reader Mike S. for alerting us on Facebook about this upcoming change to the Home Trust Preferred Visa Card.

As of January 1, 2020 the Home Trust Preferred Visa card will no longer award cash back on foreign currency transactions however it will continue to offer no foreign transaction fees. The card achieved some popularity in the rewards world by being an early adopter in the field of no foreign transaction fees and awarding 1% cash back on all eligible purchases – including those made in a foreign currency. Looks like they may feeling the pinch and have decided that not charging the foreign transaction fee is enough and need that 1% in their coffers.

Related: No Foreign Transaction Fee Credit Cards for Canadians

There aren’t many no annual fee card options in the No FX Fee market which leads me to believe Home Trust thinks they can keep their small portion of market share. I don’t think this will be the case – you have the Rogers/Fido portfolio of no annual fee cards, Brim has a no annual fee card and you also have the Amazon.ca Rewards Mastercard as competitive options to this card. Brim and Rogers/Fido come out ahead of the Home Trust in terms of net return on foreign transactions while the Amazon card equals Home Trust in that it does charge 2.5% for foreign currency purchases but rewards you with 2.5% back essentially nullifying the FX fee.

Related: The Ultimate No Foreign Transaction Fee Credit Card Portfolio

Home Trust has already updated their website to state the card does not earn cash back rewards on foreign transactions – even though it isn’t January yet.

Excerpt from the card T&C’s:

Cash advances, balance transfers, interest, fees and foreign
transactions (including online purchases in foreign currencies) are not
eligible for CashBack Rewards.


The reason it is probably up on the website already however is that applications and approvals for the Home Trust Visa aren’t a quick process. This saves them the hassle of having lots of people complain who thought they might be applying for a card that offers 1% back on transactions that have No FX fee.

All in all not a welcome change for this card and for those who have it but in the grand scheme of things I don’t see it as that huge of deal of either due to this card’s overall small share of the market.

Learn more about and apply for the card here.