The Home Trust Preferred Visa is one of the strangiest cards on the market, particularly at the lower-end level where it sits. It includes a little bit of everything and is surprisingly generous with each of those additions, so nothing feels like it was sacrificed in favour of securing something else. If you can’t make up your mind as to whether you favour rewards, benefits or utility options in your credit card, it’s worth considering this card that can offer you all three.
What Can You Expect From the Home Trust Preferred Visa?
The Home Trust Visa is a card that is best described as offering cash back rewards, although that does not capture the full reality of what it can bring you. It gets you 1% in cash back for all purchases you make when you use it. These rewards are unlimited, so you can continue to receive them for as long as you keep spending no matter how much you end up charging to your card overall. Your cash back is automatically credited to your account each January, no matter how much you’ve accrued in rewards by that point. This might not be everyone’s favourite set-up due to the fact that you do not have direct control over the timing of it, but it does conveniently make sure that you will never forget to spend your rewards even if you choose to completely ignore them as you accumulate them. They’ll never go to waste, and if you keep the card for a long time, you’ll come to appreciate the influx of extra money that comes around right after the heavy holiday spending season.
That’s not all, though. The Home Trust Visa also includes a few extra things to help lure in consumers. The least impressive of the three is some extra rental car coverage in case of a collision, a nice bonus that coudl get you out of trouble at some point. Complementary to that, you’ll also get a free roadside assistance membership for your personal car. With this, you’ll be able to call for aid anytime you need your car towed, a tire changed, your gas replenished, or any number of other small emergencies that might happen on the road. What’s great about this benefit is that it can be useful to almost everyone and helps make your year go just a little bit more smoothly.
Arguably best of all, though, is the total lack of foreign transaction fees when you make a purchase with this card in a currency other than CAD. Most cards do charge these fees, and around 3% of the total transaction is the standard amount they ask for. It’s easy to see how that might add up after a few purchases, such as what you might make when going shopping for souvenirs while abroad or buying Christmas presents online from an American retailer. This card removes that extra expense. This perk is great for people who want the freedom to shop without worrying that they are accidentally spending more than they realize, and it’s so sought-after that you usually have to choose a premium card (which usually require very good credit, a high income and an annual fee) to get it. Having it on a card that is so accessible in comparison is really unusual and makes this card a standout among its peers.
Even with all of these rewards and benefits, it is completely free to hold and will be for each year to come. That’s a great deal considering that many cards that do charge a fee do not come close to meeting the level of value that is on display here.
What You Need To Get It
As interesting as this card is, its varied features aren’t the only noteworthy thing about it – it’s also important to know that its application requirements are quite low. You do not need to be a homeowner or even own any assets at all to get this card. This might sound obvious since it is typical for most credit cards, but this is actually not the case with many of this company’s offerings; we’ll talk more about those other products later on. What’s important to know for now is that this one is available to the public at large without any particular equity requirements.
You do have to prove that you are a viable candidate in other ways, though – most importantly through demonstrating adequate income and good credit. As little as $1,000 a month coming in could be enough to qualify, although it has to be consistent in order to truly count. As for credit, things are a little more complicated. This card is considered an entry-level option and does not ask for excellent credit scores from its applicants, but it does usually require some established credit history to get. You will also struggle to get it if you have bad credit. If you forsee having problems with either of these stipulations, though, there are some things you might try to improve your situation, which we’ll discuss in a later part of this article. You also have to be of legal age (at least 19 or older), but that is a standard requirement of all cards. If you meet all these stipulations, you can go ahead and apply for this card online – it’ll only take a few minutes and you’ll hear back from the company shortly.
Enjoying the Full Spectrum of Possibilities
Most credit cards, especially ones on the lower end of the spectrum like this one is, do not include more than a reward system and perhaps an extra perk or two. Those perks are usually ones with little everyday value to the common person, too, such as a discount on car rentals. Something like that might come in handy once in a while, but it doesn’t make much of an impact on your daily life. Because of this, you might not realize just how helpful a credit card can be in your daily life.
The Home Trust Visa doesn’t settle for pleasing customers on just one level. Its cash rewards are nothing to sneeze at, but the fact that it bundles automotive assistance, fee waivers and even a little car rental insurance all in one card is nothing short of phenomenal. There is no other card that can offer you everything you’ll find here, and that strange combination alone is enough to recommend it. You can try out each of these things and see how you like them without having to get a trio of different cards to do it. Think of how your credit horizons will broaden once you’ve experienced what it’s like to have all these things at your disposal!
Learning From the Experiences of Others
Home Trust is a lesser known provider and its cards naturally don’t get as much discussion as those from more well-known brands that have name recognition to lean on. Among those who do know of it, this card is generally well-liked – but as with any financial product, some people have gripes about it. Some common complaints include a lack of a tap payment option, the inability to set your pin to what you want it to be, and the possibility of your credit taking a slight dip when you apply for it. None of these are that uncommon with credit cards as a whole and can certainly be worked around or put up with without causing you too much inconvenience or discomfort.
On the opposite end of things, many users praise its usefulness and generosity, stating that it is a one-of-a-kind card prospect that suits them better than any generic option ever could. Frequent travellers and online buyers are especially avid fans of it for obvious reasons. The fact that it is a free card has also won it a lot of good will with just about everyone – who can complain about getting all that value for free?
Qualifying With Low Credit
It should be clear to you by now that this card is pretty great, but there is one notable exception to this rule – you have to have a fair to good credit score in order to qualify for it. Many people who would otherwise like to apply for this card will fall short of that requirement. However, this can be remedied relatively easily. It shouldn’t be too hard or take too long to get your credit to where it needs to be, but it may take some small sacrifices along the way. Luckily, it’s easy to work on this aspect of your application with the same company due to the credit-building focus of all their other products. You just have to start looking at those instead of the Home Trust Visa for the time being.
Home Trust also offers many secured products that are much easier to qualify for, including loans and credit cards that draw on your home equity to get you access to credit. The credit score and even income standards are much lower for these products because they are insured by the ownership stake in your home that you will have signed over to Home Trust. If you fail to meet your debt obligations with them, they would then have the option of forclosing on your home to recoup their investment in you. Obviously this poses certain risks to you if you aren’t completely sure of your ability to keep up with any payments you end up owing. However, if you are very confident that you will not incur more debt than you can handle, you can probably trust yourself to use them safely.
If you happen to own your own home already, you might consider starting off with one of these products until you have a credit score that is high enough for consideration for the Home Trust Visa. If not, they also offer a secured credit card that will cost you nothing but a temporary loss of control over some of your money. To get this product, you need to entrust Home Trust with a small sum as collateral. Users who close their accounts while they are in good standing receive the entire amount back, though, so there’s no long-term sacrifice being made. Either one of these options could be a great help in working toward the Home Trust Visa over time.
Should You Get the Home Trust Visa?
It’s hard to say anything negative about the Home Trust Visa when it has so much to offer for such a low-level card. No matter what you prefer in a credit card, you’re probably getting at least a little bit of it here. If you’re primarily interested in more upscale credit card options, this one obviously isn’t for you. If you either need to stick to the lower levels to have a good chance of qualifying or just don’t care about the hierarchy as long as you’re getting a good deal, you’ll probably be happy with this card. It will work best for people who can’t decide what aspect of a credit card matters to them most, since it includes a wide sampling of perks to try out. That makes it a great introductory card for testing the waters, provided that you can get it.