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Home Trust Preferred Visa Card
May 20, 2018
9:34 am
Norman1
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moneyhelp said
Has anyone noticed that when using one service (ie, Borrowell for me) I get one score (850) and I just found out yesterday RBC also has a credit score check on their online banking site and when I used it, it showed a score of 820. … 

Those scores are from different scoring systems. One needs to be careful which scoring system the score is from.

The free score from Borrowell is an Equifax Risk Score. This is from the bottom of Borrowell's web page:

Disclaimer: The Equifax credit score is based on Equifax’s proprietary model and may not be the same score used by third parties to determine your credit profile. Third parties will take into consideration other information in addition to a credit score when evaluating your credit profile. The score provided to you for educational use is the Equifax Risk Score, also known as ERS 2.0.

The free score from RBC is a TransUnion CreditVision Risk Score:

The TransUnion CreditVision Risk Score is provided to help you better understand how lenders view your credit report. … TransUnion Interactive is not connected in any way with Fair, Isaac and Company; the credit scores provided here are not so-called FICO scores. The TransUnion CreditVision Risk Score may not be identical in every respect to any consumer credit scores produced by any other company.

Such "consumer grade" scores are just for information or "laughs".

Lenders actually don't use such scores. Instead, they use FICO scoring or their own internal scoring system. Equifax Canada offers consumers their FICO score for $23.95 through their Score Power product.

May 25, 2018
7:53 am
hwyc
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fionag11 said
Wow! sf-surprised I just got an email saying I am approved for a Home Trust Visa that I applied for on April 4th and it's in the mail. This is much faster than I expected given some other people's experiences on this thread. I might actually get it before my trip to Britain on the 15th.  

Wonder if applications are first-in-first-out ... I applied on Jan 25th, contacted HT multiple times and as of yesterday May 24th still received no meaningful status updates. I don't know for sure if it is just queuing issues or something wrong with my specific application.

May 25, 2018
3:23 pm
Rick
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3 credit bureaus? Never heard of Experian. Are they in Canada as well?

June 6, 2018
6:57 pm
Marnie
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Well, what do you know, after requiring that I send a photocopy of my passport or driver's licence which I ignored and given 14 days to do so, Home Trust emailed me yesterday that my application has been approved and the Preferred Visa has been mailed. I had already given up on Home Trust as my application was made on Mar.3/18, a total of 3 months so I proceeded to apply for TD Cash Back Visa Infinite Card on May 18/18 and received it on June 1/ 18, a total of 14 days. Now I've one too many Visa cards and both have roadside assistance which is why I applied for these cards. TD waived the annual fee of $120 for the first year and gives me $27,000 credit limit in addition to 3% cash back on groceries, gas and recurring bill payments and 1% on the rest whereas Home Trust has no annual fee but low credit limit and only 1% cash back. TD will waive the subsequent annual fees if I open a TD All Inclusive Banking Plan and keep $5,000 in it not earning interest and they will throw in a small safety deposit box (rental is about $60) for free which I can use. Is TD a good deal versus Home Trust? I don't spend that much on groceries and gas.

June 6, 2018
7:15 pm
dentgal
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I finally received my Home Trust Visa today after a 5 month wait! My main objective with this card is to use it for no foreign transaction fees and roadside assist. Marnie, I have a TD Aeroplan card which I also get for free as I have an All-inclusive account there. When I got the TD card, I got a 30,000 mile welcome plus and additional 30,000 which I won at the branch (it was a bit of a joke--but a promotion). I also use a BMO World Elite Mastercard (not the cashback card but the travel card) which I pay for every month (it also gives 4 airport lounge passes).

June 6, 2018
8:50 pm
Norman1
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Marnie said
…. TD waived the annual fee of $120 for the first year and gives me $27,000 credit limit in addition to 3% cash back on groceries, gas and recurring bill payments and 1% on the rest whereas Home Trust has no annual fee but low credit limit and only 1% cash back. TD will waive the subsequent annual fees if I open a TD All Inclusive Banking Plan and keep $5,000 in it not earning interest and they will throw in a small safety deposit box (rental is about $60) for free which I can use. Is TD a good deal versus Home Trust? I don't spend that much on groceries and gas.  

I think the 3% cash back is not on groceries and gas. It is on purchases at grocery stores and gas stations. If one uses the TD Visa card to buy a Cineplex gift card at a grocery store, then one will effectively get 3% cash back on movies. sf-smile

June 6, 2018
9:06 pm
Marnie
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Dentgal, is that 60,000 miles worth $600? I only got a measly 6% on top of the 3% for 3 months. Do you find it worthwhile to keep $5,000 in the TD All inclusive account not earning any interest just to get the TD Aeroplan card for free?

June 6, 2018
9:15 pm
Marnie
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Norman1 said

I think the 3% cash back is not on groceries and gas. It is on purchases at grocery stores and gas stations. If one uses the TD Visa card to buy a Cineplex gift card at a grocery store, then one will effectively get 3% cash back on movies. sf-smile  

You are right but it's tricky as I just found out that Costco is not considered a grocery store and I buy the bulk of my groceries there. That's crazy!

June 7, 2018
4:34 am
dentgal
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Marnie, it's really difficult to calculate points into dollars.
With aeroplan, some "short haul" flights are 25,000 points. (ie. to Montreal, New York, etc)--but you still have to pay the taxes, so I usually find that it's not worth using your points for these type of flights. You get 1 point for every dollar that you spend with the TD Aeroplan Visa. So let's forget about the "bonus" welcome points. YOu have to spend $25,000 to get 25,000 points. I am going to Copenhagen this summer. The cheapest flight I have seen so far on Air Canada direct is between $1450 and $2000!! I used 60,000 Aeroplan points for the same flight. My taxes were $500. So, my 60,000 points got me approx. $900 worth of flights($1400-$500 taxes) (or more), so I think that this is worth it!! If my math is correct, this translates into $60 that you spend with the TD card gives you almost $1 of travel. (I hope someone else will check my math).
The Home Trust gives you 1% cashback--so you would have to spend $100 to get $1 back. So the comparison is $60 with TD aeroplan vs. $100 from Home Trust to get the same $1 back. So TD is better!! If you're looking for a cashback card, there are better ones. I'm not sure about "free" cards. So, it depends how much you will spend on a card to determine if you should pay for your card. Or if you can "write off" the cost of the credit card through your business. As I mentioned, my main use for this card is for travel outside of Canada--normal cards charge 2.5% foreign transaction fees--this card has none. And, the roadside assist feature--although the information on HOme Trust website AND the info that they sent me does not specify details about the roadside assist. I believe that I read somewhere that they only include a 6km tow. And, I read the fine print on the "Purchase Security"--should your new item that you bought be stolen or damaged for up to 90 days after you purchased the item: if you leave the item in your vehicle, it is not covered!! Honestly, picking a credit card is a nightmare!!! PS I've been seeing advertising from TD right now saying that if you get an All inclusive account, they will give you $300. I use this TD account for all my personal expenses (paying hydro, visa, taxes, etc), so I have to keep more than the minimum $5000 in there. I know that there are cheaper banks (i.e Presidents Choice=Simplii) with free accounts. With TD I get a free safety deposit box, free USD Visa card, preferred rates to convert to USD, etc. (I think that you have to have an online high interest savings account with TD to get all this--but I'm not 100% sure!). (P.S you asked about keeping $5000 in the account; right now, the most you would get is about 2.5% in a savings account, so $5000 works out to $125 , which is the cost of many credit cards!!)

June 7, 2018
10:09 am
Marnie
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Thanks dentgal for such a comprehensive and insightful explanation. I can see why you have the All inclusive account. For me I already have a free checking account where I don't have to keep a minimum balance so opening the All inclusive account would be just to get the annual fees waived for the TD Cash Back Visa Infinite Card and the small safety deposit box and I'm pondering whether it's worth it. Well I guess I have some time to think about it as TD did waive the first year fee for the card.

June 7, 2018
10:37 am
Top It Up
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dentgal said
I hope someone else will check my math.   

I ain't touching the math but I do wonder about your using the 2 cards for travel.

So, you say you like the Home Trust Visa for the fee-free foreign transactions. If on a trip to Europe you spend €5,000 x 1.5 exchange rate = $7,500. So, you save $7,500 x 2.5% = $187.50 in foreign transaction fees BUT you loose out on 7,500 Aeroplan miles you would've earned on your TD card - so where does that all sort itself out?

June 7, 2018
10:57 am
Norman1
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Marnie said

You are right but it's tricky as I just found out that Costco is not considered a grocery store and I buy the bulk of my groceries there. That's crazy!  

More precisely, it is based on the assigned Merchant Category Code (MCC) of the credit card terminal used.

Wrote way back that Costco had MCC 5300, for the category "WHOLESALE CLUBS". The MCC for "Grocery Stores" is 5411.

June 7, 2018
11:43 am
Marnie
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Top It Up said

I ain't touching the math but I do wonder about your using the 2 cards for travel.

So, you say you like the Home Trust Visa for the fee-free foreign transactions. If on a trip to Europe you spend €5,000 x 1.5 exchange rate = $7,500. So, you save $7,500 x 2.5% = $187.50 in foreign transaction fees BUT you loose out on 7,500 Aeroplan miles you would've earned on your TD card - so where does that all sort itself out?  

Let me try the math. Dentgal says her flight fare ranges between $1,450 and $2,000 and after $500 taxes her 60,000 points garner her $950 to $1,500 worth of flight benefits so she has to use a range of 40 to 63.16 points to pay for $1 of flight benefit. Therefore the TD Aeroplan Visa 7,500 points equate $118.75 to $187.50 flight benefits whereas Home Trust yields $187.50 in foreign transaction fees plus $75 in 1% cash back so $262.50 in total. Looks like Home Trust wins or am I missing something?

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