Best Credit Card
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- Veteran Contributor
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"..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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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.
- Bylo Selhi
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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.pmj wrote:Any data that shows most people use reward cards - or more to the point - that most transactions are paid via reward cards?
Sedulously eschew obfuscatory hyperverbosity and prolixity.
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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
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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- Joined: 25 Apr 2005 08:21
- Location: London, Ontario
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).zinfit wrote:I checked CITI Drivers Edge home page. They now charge $59 annual fee. I think it is still a good deal.
Guess we need to see the fine print.
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Re: Best Credit Card
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.
Re: Best Credit Card
It is nice to see a social investment. Pontoon boats are all about entertaining and not macho expressions of one's self.zinfit wrote:I bought a pontoon boat and motor. Will be redeeming $3400 on this purchase. ...
For the fun of it...Keith
Re: Best Credit Card
Maybe its a pontoon racer?kcowan wrote:It is nice to see a social investment. Pontoon boats are all about entertaining and not macho expressions of one's self.zinfit wrote:I bought a pontoon boat and motor. Will be redeeming $3400 on this purchase. ...
Re: Best Credit Card
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.
Re: Best Credit Card
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!!!!!
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!!!!!
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Re: Deposit, GIC and MMF rates: ING, Ally, PC, etc (2010)
This sounds almost too good to be true.Bylo Selhi wrote:You may soon find out: Walmart Canada Bank launches Walmart Rewards MasterCardNOVICE99 wrote:Hope the planned Walmart bank will give good interest rates.
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
ModeratorW
“Courage is what it takes to stand up and speak. Courage is also what it takes to sit down and listen.” - Winston Churchill
Re: Deposit, GIC and MMF rates: ING, Ally, PC, etc (2010)
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.fundamental wrote:This sounds almost too good to be true.Bylo Selhi wrote:Walmart Canada Bank launches Walmart Rewards MasterCard
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 ?
For me, not enough incentive to switch my current Visa card (CIBC Dividend).
Re: Deposit, GIC and MMF rates: ING, Ally, PC, etc (2010)
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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Re: Deposit, GIC and MMF rates: ING, Ally, PC, etc (2010)
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?
suzy
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Re: Deposit, GIC and MMF rates: ING, Ally, PC, etc (2010)
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.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.
Re: Deposit, GIC and MMF rates: ING, Ally, PC, etc (2010)
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'.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.
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)
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:AltaRed wrote: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'.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.
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.
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.
Show me the incentive and I will show you the outcome
--Charlie Munger
--Charlie Munger
Re: Deposit, GIC and MMF rates: ING, Ally, PC, etc (2010)
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.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.
Re: Best Credit Card
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.
Regards,
Pickles
Pickles
Re: Best Credit Card
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.
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.
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.
Show me the incentive and I will show you the outcome
--Charlie Munger
--Charlie Munger