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Home Trust Preferred Visa Card
March 27, 2018
11:16 am
savemoresaveoften
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Now that Amazon Visa is officially closed, I replaced it with the Home Trust Preferred Visa Card, which is also no annual fee and no fx transaction fee. Keep in mind this card's only has email alert (no SMS) and quite slow (I received a email two days AFTER the transaction was done). Also cant change the pin at all. On top no tap feature which I am disappointed but forgave them already 🙂

For those who are applying, my application from online submission to getting a card is almost 2 months, so a bit longer than most. However given no fee and it includes free road side assistance too, I dont mind having it as backup card and for the oversea purchase to save fx conversion charges.

March 27, 2018
12:13 pm
lhsaid
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Any details about the "road side assistance" ? distance limit ? Any special conditions to use it ? Does it really replace CAA/... ? Thanks,

March 27, 2018
1:43 pm
Wayno
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I notice that it has additional fees but the roadside assistance details are not on the web site !
regards,
Wayno

Annual Interest
Rate
19.99%
The Interest Rate for Purchases and Cash Advances is 19.99%. The Interest Rate is in effect the day your Home Trust Account is opened, and is set out on each monthly Account Statement you receive from Home Trust, expressed as an annual percentage rate.
Interest-Free Grace Period
21 Days
Your payment due date will be at least 21 days after your monthly Account Statement date. You will benefit from an Interest-Free Grace Period of at least 21 days for new Purchases if you pay your balance in full by the due date shown on your monthly Account Statement.
There is no interest-free period on Cash Advances or balance transfers.
Minimum Payment
3.00% or $10.00

Your minimum monthly payment for your account will be (i) the greater of $10.00 or 3% of the new balance shown on your monthly Account Statement, and (ii) any amount over your credit limit.
Foreign Currency Conversion
0%
For Purchases or Cash Advances in a foreign currency, that foreign currency will be converted into Canadian dollars at the exchange rate set by Visa International in effect on the day the transaction is posted to your Account, plus a 0% currency conversion charge.
Annual Fee
There is no annual fee.
Other Fees
Over Limit Fee: $29.00 if the Debt is permitted to exceed the Credit Limit during any period covered by an Account Statement.
These are other fees charged for services you request and will be charged on the day the transaction occurs.
ATM Charge: 1% of amount withdrawn (Minimum fee of $2.50 and Maximum fee of $10.00) for a Cash Advance from an ATM displaying the Visa or Plus logo located in Canada; 1.50% (Minimum fee of $4.50 and Maximum fee of $45.00) if the ATM is located in United States; 1.50% (Minimum fee of $5.50 and Maximum fee of $15.00) if the ATM is located outside Canada and the United States. This is in addition to any other charges that may be levied by the owner/operator of the ATM.
Convenience Cheque Fee: $10.00 for each convenience cheque processed.
Convenience Cheque Copy Fee: $5.00 for a copy of a processed convenience cheque.
Statement Copy Fee: $5.00 for a copy of your Account Statement for any other period other than the current statement period.
Rush Plastic Fee: $39.00 for the delivery of a new or replacement Card by courier at your request.
Sales/Cash Advance Draft Copy Fee: $5.00 for each copy of a Purchase or Cash Advance draft. No charge will be applied for any copy of a draft to which an Account posting error is determined.
Dishonoured (NSF) Cheque Charge: $45.00 for each cheque or other instrument used to pay Debt that is dishonoured by the financial institution on which it is drawn;
Fees are subject to change upon notice.

March 27, 2018
2:03 pm
Top It Up
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Geez ... IS there anyone, out there, that actually does VISA credit card cash advances?

--------------------------------------------

I really think the absence of Tap / Contactless Pay on the credit card is a BIG deal. I'm on the tail-end of a month in Europe and merchants of all sorts are set-up with contactless pay POS terminals - restaurants, bars, stores big and small, train and tram ticket machines, etc - PLUS, for added security, I'm an devout Apple Pay user. Hell, you don't even have to insert your debit card for cash withdrawals, you just Tap the card pad. That non-ability of contactless pay, on the Home Trust card, is a big deal to me and absolutely rules out THAT card.

March 27, 2018
2:14 pm
Top It Up
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From https://creditcardgenius.ca/blog/roadside-assistance-comparison/

With the Home Trust Preferred Visa roadside assistance you are protected for up to 4 emergency roadside services per year with a toll free number you can call 24 hours a day, 7 days a week from anywhere in North America. This card will give you:

• emergency towing services – will take you to any garage within a 5km radius,
• have 5L delivered to you free of charge, if you run out of gas,
• tire service,
• winching,
• battery boost, and
• lost key lockout assistance.

March 27, 2018
2:34 pm
Bill
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Wayno, though I could find no details it is mentioned on the site in a couple of places:

http://go.hometrust.ca/preferred-visa-ca

http://www.hometrust.ca/Preferred_Visa/

March 27, 2018
3:24 pm
Wayno
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savemoresaveoften said

........For those who are applying, my application from online submission to getting a card is almost 2 months, so a bit longer than most. However given no fee and it includes free road side assistance too, I dont mind having it as backup card and for the oversea purchase to save fx conversion charges.  

Today, Home Trust stated their processing time now takes ( 8 weeks) 2 Months !

regards,
Wayno

March 27, 2018
3:25 pm
MG
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Top It Up said
Geez ... IS there anyone, out there, that actually does VISA credit card cash advances?

--------------------------------------------

 

Absolutely! I have wintered in the USA for 4 months for each of the last 8 years and use cash advances to pay for my condo rental. In the past, you could walk into any bank and get a cash advance of $2000 to $3000 USD. This year, some banks started to say they do not accept Canadian credit cards for cash advances. Others said there was a limit of $1000 per day per person. Made it a bit more tricky to get my rent funds on time. I really don't want to withdraw all my funds from my Canadian account at the start of the rental period and frankly see no reason to open a local bank account just so I can stay here for the winter.

Not many other options that don't have a lot of hoops to jump through 🙁

March 27, 2018
3:48 pm
Save2Retire@55
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Thanks for the update. Going to apply for Fido tonight 🙂 Can't wait forever for Home Trust visa to get processed / arrives.

March 27, 2018
8:53 pm
Joe
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Home Trust is not paperless.....they mail statements every month, which is a deal breaker for me.

March 27, 2018
11:06 pm
Rick
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Joe said
Home Trust is not paperless.....they mail statements every month, which is a deal breaker for me.  

It's a little out dated, a minor issue, for me, but worth the benefits that come with the card. Why is that a deal breaker? You CAN download a copy from the website if want. They are working on updating and would fully expect them to come inline with other providers re; PIN/Chip technology.

March 28, 2018
4:28 am
Top It Up
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Top It Up said

Geez ... IS there anyone, out there, that actually does VISA credit card cash advances?
 

MG said

Absolutely! I have wintered in the USA for 4 months for each of the last 8 years and use cash advances to pay for my condo rental. 

WOW ... at loan shark rates of between 19% - 22% that CCs charge for cash advances, I guess I don't get it.

Kinda kills off any reason to chase after a no Fx transaction fee CC.

March 28, 2018
4:55 am
Top It Up
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With all the on-going chatter about wanting / needing a CC with NO Fx transaction fees - I'm curious what the seeker of those same cards averages in yearly Fx spending in Canadian equivalent - I'm guessing the average amount is pretty paltry.

March 28, 2018
5:16 am
Kidd
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Top It Up.

A way around the high interest costs of foreign cash advances on your credit card.... before you leave canada, deposit a few thousand into you credit card account. So you "top it up" before you leave canada

March 28, 2018
5:24 am
Top It Up
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OR

Just use your debit card and make a cash withdrawal ... CIBC now allows up to $3,000 Canadian equivalent PER day.

March 28, 2018
8:14 am
Mary
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Top It Up said
With all the on-going chatter about wanting / needing a CC with NO Fx transaction fees - I'm curious what the seeker of those same cards averages in yearly Fx spending in Canadian equivalent?  

Good point! I just received my Home Trust card and I feel uncomfortable with them. But never the less I pay for my Time Share all in US dollars so why not save 2.5%. And was a frequent cross border shopper. So I guess it is based on “of you can take benefit” from that feature. And may depend if you live close to the border.

March 28, 2018
11:38 am
Top It Up
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Mary said

I just received my Home Trust card and I feel uncomfortable with them.
 

WELL Mary ... you're joining a long, long list of folks carrying those thoughts about Home Trust and in particular their parent, Home Capital.

March 28, 2018
2:15 pm
savemoresaveoften
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Well with a credit card, they are extending credit to you, and not the other way round. So not sure why people feel uncomfortable to have a credit card issued by them.
On the other hand, if they absolutely wont have tap feature or apple pay ever, I will prob drop the card as those 2 features are becoming "the way to pay" in a lot of countries and the list is growing.

March 28, 2018
4:56 pm
Loonie
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If it's a choice between tap and applepay on the one hand and no forex on the other, I know which one I'd choose.

March 28, 2018
5:26 pm
Mary
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savemoresaveoften said
Well with a credit card, they are extending credit to you, and not the other way round. So not sure why people feel uncomfortable to have a credit card issued by them.
On the other hand, if they absolutely wont have tap feature or apple pay ever, I will prob drop the card as those 2 features are becoming "the way to pay" in a lot of countries and the list is growing.  

Because of their bush league credit card.....same number for spouse (if one card goes bad..both are bad), no tap, long wait for Canadian call centre, total incompetence at their after hour call centre and no changing pins. So how confident do I feel for their security or help vs working with for eg. BMO Mastercard.

And as far as Apple Pay you are willing to put someone else in between you and your bank and the retailer??? How much more do you want to pay for your products and service.....all these wonderful things cost wise is included in the the price YOU pay.

I remember the days with Chargex (Visa) and MasterCard and retailers did not offer both, which restricted your shopping with a credit card. That improved and then more of us got Amex...and back to....sorry we don't take Amex!!! Now Apple Pay who takes it and what about Android Pay?

Yes I realize that we probably will see the end of cash and cheques in our life time but we must realize that this one and that one is going to cost us.

And how do I use Uber with a smart phone that does not have a Data Plan? Another cost to us for to get a service?

Lots of changes happening.....no more bills in the mail (but no more leaflets which is nice**)....now our cost of internet and our paper, ink, and printer to print it on (sometimes).

**So with the billing savings of mail, paper, printing etc. BC Hydro can spend thousands of dollars on annoying, repetitive commercials all at prime time?? Save your money BC Hydro....and reduce our bills!!

Sorry....some was off topic.

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