Best Credit Card

Banking and Saving strategies, maximizing interest rates, budgeting, GICs, HISAs.
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iluvnascar
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Post by iluvnascar »

"..Maybe I'm in a minority of one - but I make most of my bill payments online from my chequing account, and I make most payments when shopping via Interac. I'll confess that this is not 'cos I'm trying to help out the merchants - it's much easier to budget if the outward cash flow is as smooth as possible. Monthly credit card payments are (potentially) very lumpy. I've recently started using a PC Financial MCard - the rewards are way higher than 1% by using the coupons that keep arriving in the mail - and cashflow budgetting is noticeably more work."

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If you're worried about lumpy payments for your CC; and since you use Interac and online payments for most purchases and bills.....you might want to try the same method I employ on a couple of accounts that I administer.

Whenever something is charged to the CC, I immediately make an online payment to the CC....so there is a zero balance. In fact, I usually maintain a credit balance and never have any CC bill to pay when it arrives.

It may seem odd to some....but I don't like owing money under any circumstances. Even when the offsetting cash is sitting in the bank!

I enjoy the 2% CC rewards that I receive (towards vehicle purchases)and I try to charge EVERYTHING to the credit card while always maintaining a zero (approx) balance.
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Bylo Selhi
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Post by Bylo Selhi »

pmj wrote:Any data that shows most people use reward cards - or more to the point - that most transactions are paid via reward cards?
That's only one factor. Another is that credit card issuers are using various strategies, including some underhanded ones (see e.g. Customer's time wasted 'cancelling' card), to force cardholders to "upgrade" to premium cards for which the issuers charge premium merchant fees. In effect the card issuers are causing a subtle form of retail price inflation as merchants pass on the increased costs of accepting premium/reward cards on to all consumers.
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Post by WishingWealth »

RE: 'Upgrading' of card:
RB tried this one on me. They changed from Classic to Classic Plus (whatever it was called). The Plus is extra charge to the merchants and a crappy rewards program where you have to buy half a million $ before you can claim a set of Ginsu knives.

I did not even bother activating it.
Now it's CIBC exclusively; till CIBC tries a similar coup.

WW
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Post by Chuck »

Count me in on the group who despise rewards programs. Especially air miles.

As per usual, these things benefit the big spenders - the rich and businesses. Rank and file consumers subsidize them. But the ignorant masses like reward programs, so I doubt they will be going anywhere.
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Post by zinfit »

Forgot to mention a few other benefits with Drivers Edge. It doubles your warranty period up to a cap of one additional year. On car rentals it provide solid insurance coverage.I bought a Samsung flat panel with a two year warranty by using this card I get an additional year.
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Post by zinfit »

I checked CITI Drivers Edge home page. They now charge $59 annual fee. I think it is still a good deal.
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Post by iluvnascar »

zinfit wrote:I checked CITI Drivers Edge home page. They now charge $59 annual fee. I think it is still a good deal.
The $59 annual fee must have just been added. it's always been a no-charge card. It appears that they have enhanced the card - you can now get redemption for one lease payment per year (I don't know if you can redeem one monthly PURCHASE payment per year); and you can accumulate unlimited rebate dollars (there used to be an annual cap on accumulations).

Guess we need to see the fine print.
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Arby
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Post by Arby »

The $59 annual fee doesn't apply to existing Drivers Edge cardholders, according to my conversation with Citi Mastercard.
iluvnascar
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Post by iluvnascar »

Arby wrote:The $59 annual fee doesn't apply to existing Drivers Edge cardholders, according to my conversation with Citi Mastercard.

WOW! Terrific!
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Re: Best Credit Card

Post by zinfit »

Some more benefits with Driver's Edge. I bought a pontoon boat and motor. Will be redeeming $3400 on this purchase. The plan applies to more then autos. Anything that is a mode of transportation. Should be able to use on ATVs and snowmobiles. Only caveat is it must be over $5000 purchase price.
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kcowan
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Re: Best Credit Card

Post by kcowan »

zinfit wrote:I bought a pontoon boat and motor. Will be redeeming $3400 on this purchase. ...
It is nice to see a social investment. Pontoon boats are all about entertaining and not macho expressions of one's self.
For the fun of it...Keith
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DavidR
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Re: Best Credit Card

Post by DavidR »

kcowan wrote:
zinfit wrote:I bought a pontoon boat and motor. Will be redeeming $3400 on this purchase. ...
It is nice to see a social investment. Pontoon boats are all about entertaining and not macho expressions of one's self.
Maybe its a pontoon racer?
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Re: Best Credit Card

Post by zinfit »

You got it. Our gang will spend a few cocktail hours on this boat. It is also far superior for fishing, which of coarse can added to the cocktail part.
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Re: Best Credit Card

Post by sydney2 »

An amazing story about Citi Bank Credit Card. My Mother has had this card for many years and signed up for this because it provided her medical Out of Country coverage and cancellation insurance etc. I think the fee is $100 per year.

They came along and cancelled these benefits, to the over 65 group, but grandfathered existing cardholders and for her this was a big plus. She is now 91 and it still covers her. We have checked because we couldn't believe it. We did use the cancellation insurance when my Step-Father passed away and she had a trip scheduled for the next week. There was no problem getting reimbursed for the trip costs.

Fortunately for Citi Bank she is the most healthy 91 year old around!!!!! :thumbsup:
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kcowan
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Re: Best Credit Card

Post by kcowan »

"grandfathering" for grandma! Wow, stick it to Citi!
For the fun of it...Keith
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Re: Deposit, GIC and MMF rates: ING, Ally, PC, etc (2010)

Post by fundamental »

Bylo Selhi wrote:
NOVICE99 wrote:Hope the planned Walmart bank will give good interest rates.
You may soon find out: Walmart Canada Bank launches Walmart Rewards MasterCard
This sounds almost too good to be true.

It appears better than the decent value in CIBC Dividend Visa and TD Rebate Rewards Visa.

Plus $15 welcome bonus, plus $10 paperless bonus....... all for no annual fee ?
split from Deposit, GIC thread
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Re: Deposit, GIC and MMF rates: ING, Ally, PC, etc (2010)

Post by adrian2 »

fundamental wrote:
Bylo Selhi wrote:Walmart Canada Bank launches Walmart Rewards MasterCard
This sounds almost too good to be true.

It appears better than the decent value in CIBC Dividend Visa and TD Rebate Rewards Visa.

Plus $15 welcome bonus, plus $10 paperless bonus....... all for no annual fee ?
Notwithstanding one-off bonuses, I'd say it's really a marginal difference. Still 1% back on everyday spending, and a grand 1.25% back on Walmart spending. My Citi (soon to be CIBC) Driver's Edge MasterCard gives me 2%, albeit not quite cash, but pretty close to it.

For me, not enough incentive to switch my current Visa card (CIBC Dividend).
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Re: Deposit, GIC and MMF rates: ING, Ally, PC, etc (2010)

Post by AltaRed »

CIBC keeps sending me offers to convert to their 2% cash back dividend card ($79 annual fee) from their current 1% cash back dividend card (no fee). Trouble is, I've done the math and would have to spend somewhere between $30k and $35k to break even (pretty close to a wash for me) AND I'd have to advise a dozen or more companies of a change in credit card. It is not worth the aggravation.
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flywaysuzy
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Re: Deposit, GIC and MMF rates: ING, Ally, PC, etc (2010)

Post by flywaysuzy »

I like the cashback visa at the bns, because you can spend cash anywhere, on anything. This walmart card just gives you walmart money to buy stuff at-guess where?
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Re: Deposit, GIC and MMF rates: ING, Ally, PC, etc (2010)

Post by brucecohen »

AltaRed wrote:CIBC keeps sending me offers to convert to their 2% cash back dividend card ($79 annual fee) from their current 1% cash back dividend card (no fee). Trouble is, I've done the math and would have to spend somewhere between $30k and $35k to break even (pretty close to a wash for me) AND I'd have to advise a dozen or more companies of a change in credit card. It is not worth the aggravation.
That's probably the Platinum Dividend card I've had for years. If so, it's no longer 2% but rather a tiered schedule. IIRC the 2% kicks in after $15,000.
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AltaRed
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Re: Deposit, GIC and MMF rates: ING, Ally, PC, etc (2010)

Post by AltaRed »

brucecohen wrote:That's probably the Platinum Dividend card I've had for years. If so, it's no longer 2% but rather a tiered schedule. IIRC the 2% kicks in after $15,000.
Yes, I aware of that. I did the tiered calculation and was so pissed about the so called offer, I was ready to 'raise shit'. :lol:
Added later: Actually the 2% doesn't kick in until $35k! It is 0.5% to $3k, 1% to $15k, 1.5% to $35k, 2% thereafter.
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Re: Deposit, GIC and MMF rates: ING, Ally, PC, etc (2010)

Post by FinEcon »

AltaRed wrote:
brucecohen wrote:That's probably the Platinum Dividend card I've had for years. If so, it's no longer 2% but rather a tiered schedule. IIRC the 2% kicks in after $15,000.
Yes, I aware of that. I did the tiered calculation and was so pissed about the so called offer, I was ready to 'raise shit'. :lol:
Added later: Actually the 2% doesn't kick in until $35k! It is 0.5% to $3k, 1% to $15k, 1.5% to $35k, 2% thereafter.
In terms of reward payout, that card is pretty mediocre compared to some of the alternative out there. I have the regular one from days gone by and every time they try to up-sell me on the platinum I just toy with them to see how low I can get them to go on the annual fee. Over the years, I've got responses ranging from $29 to $79 (ie $0 off) and I have no other banking/investing relationship with CIBC. Two questions for you guys:
1) do you have the card just to keep all of your dealings under one roof?
2) have you been able to get them to reduce the annual fee to $0? I think it can be done pretty easily if one has a significant relationship with CIBC.
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Re: Deposit, GIC and MMF rates: ING, Ally, PC, etc (2010)

Post by marty123 »

FinEcon wrote: 2) have you been able to get them to reduce the annual fee to $0? I think it can be done pretty easily if one has a significant relationship with CIBC.
Just a comment: most times when banks waive or reduce the annual fee, it's a one-time perk that they may not repeat the following year (s). You've got to be prepared to look for alternatives 12 months later, especially if you "upgraded" from a card that is no longer offered.
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Re: Best Credit Card

Post by Pickles »

The MBNA Smart Card Platinum Plus is far better than any of the cards mentioned above. No fee; pays 3% rebate on gas and grocery purchases and 1% on all other credit charge purchases. Bonus offer for the first 6 month: grocery and gas purchases up to $600 per month get 5% rebate instead of 3%. When you have accumulated $50 of credit, they mail you a cheque (comes 4 weeks after the statement on which you reached the level). I got my first cheque last week and used it to pay my internet and phone bill.
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Re: Best Credit Card

Post by FinEcon »

Good point marty123, I was sloppy and should have mentioned I've received the 'annual fee waived' offer on a one year window basis. They give that one up easily and I'm willing to bet this could be repeated each and every year so long as one is willing to call up and haggle on an annual basis. :x

Pickles, agreed on the MBNA smart cash card but I think many on here would rather keep all of their ops with a single institution, a TD Select Gold through a select service account for example.
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