Best Credit Card

Banking and Saving strategies, maximizing interest rates, budgeting, GICs, HISAs.
Locked
User avatar
Bylo Selhi
Veteran Contributor
Veteran Contributor
Posts: 29493
Joined: 16 Feb 2005 10:36
Location: Waterloo, ON
Contact:

Re: Best Credit Card

Post by Bylo Selhi »

Spudd wrote:they needed you to sign the cheque and write some sort of number on it as well (I forget the details)
Nope. (Unless you were part of some pilot or beta test.) You don't need to do either. They suggest, but have no way to enforce, that after they accept your cheque via the phone app, you make a notation on the cheque that you've deposited it. Presumably this is so that you don't embarrass yourself if you inadvertently try to redeposit it. That seems fair enough to me. In any case I don't see what's painful about this optional post-deposit process.
Sedulously eschew obfuscatory hyperverbosity and prolixity.
Spudd
Veteran Contributor
Veteran Contributor
Posts: 1518
Joined: 22 Sep 2013 14:52

Re: Best Credit Card

Post by Spudd »

Bylo Selhi wrote:
Spudd wrote:they needed you to sign the cheque and write some sort of number on it as well (I forget the details)
Nope. (Unless you were part of some pilot or beta test.) You don't need to do either. They suggest, but have no way to enforce, that after they accept your cheque via the phone app, you make a notation on the cheque that you've deposited it. Presumably this is so that you don't embarrass yourself if you inadvertently try to redeposit it. That seems fair enough to me. In any case I don't see what's painful about this optional post-deposit process.
Oh, that's good. I guess I tried it early on in their implementation and never looked at it again after that. Maybe I'll try it again next time I get a cheque.
User avatar
Insomniac
Veteran Contributor
Veteran Contributor
Posts: 2802
Joined: 29 Oct 2011 19:01
Location: Vancouver Island

Re: Best Credit Card

Post by Insomniac »

Bylo Selhi wrote:
Spudd wrote:they needed you to sign the cheque and write some sort of number on it as well (I forget the details)
Nope. (Unless you were part of some pilot or beta test.) You don't need to do either. They suggest, but have no way to enforce, that after they accept your cheque via the phone app, you make a notation on the cheque that you've deposited it. Presumably this is so that you don't embarrass yourself if you inadvertently try to redeposit it. That seems fair enough to me. In any case I don't see what's painful about this optional post-deposit process.
I haven't deposited a cheque this way. How long do you keep the original?
User avatar
Bylo Selhi
Veteran Contributor
Veteran Contributor
Posts: 29493
Joined: 16 Feb 2005 10:36
Location: Waterloo, ON
Contact:

Re: Best Credit Card

Post by Bylo Selhi »

In some cases indefinitely. For example I'll staple a GIC interest cheque to the statement it was originally attached to, then file it away for tax season. Next spring that will become part of my tax records for at least the following 8 years.

But I'd think a month should be more than sufficient for the "cheque" to clear through TD's system.

And of course I make a note on the cheque to indicate that it's been "deposited."
Sedulously eschew obfuscatory hyperverbosity and prolixity.
User avatar
Insomniac
Veteran Contributor
Veteran Contributor
Posts: 2802
Joined: 29 Oct 2011 19:01
Location: Vancouver Island

Re: Best Credit Card

Post by Insomniac »

Thanks. One of these days, I suppose I will have to buy a smart phone.
Okanagan
Contributor
Contributor
Posts: 179
Joined: 22 Oct 2008 17:35
Location: BC - Okanagan Valley

Re: Best Credit Card

Post by Okanagan »

Unread postby Insomniac » Fri Aug 14, 2015 11:11 am
Thanks. One of these days, I suppose I will have to buy a smart phone.
OR....use a tablet or ipad with camera works too
User avatar
Insomniac
Veteran Contributor
Veteran Contributor
Posts: 2802
Joined: 29 Oct 2011 19:01
Location: Vancouver Island

Re: Best Credit Card

Post by Insomniac »

Well, I just checked with my credit union. Smart phone, tablet, iPad or ... doesn't work as they don't support online cheque deposits (yet).
hamor
Veteran Contributor
Veteran Contributor
Posts: 1225
Joined: 09 Mar 2013 23:12

Re: Best Credit Card

Post by hamor »

Okanagan wrote: Yabutttt....with MBNA you only pay $89 per year and get 2% cash back to spend on whatever ....with BMO you pay $150 per year???? and get only 1.75% back AND have to spend on travel
sorry I didn't use the precise names of the cc... there are too many...
My MBNA is zero fee, BMO card I have no fee for the first year and I will likely cancel after.
"Speculation is an effort, probably unsuccessfully, to turn a little money into a lot. Investment is an effort, which should be successful, to prevent a lot of money from becoming a little." Fred Schwed " Where are the Customers’ Yachts?"
DenisD
Veteran Contributor
Veteran Contributor
Posts: 4081
Joined: 19 Feb 2005 01:24
Location: Calgary

Re: Best Credit Card

Post by DenisD »

Scotiabank to Acquire JPMorgan Chase Credit Card Portfolio in Canada
The JPMorgan Chase credit card portfolio being acquired is a MasterCard and private label credit card portfolio, currently associated with Sears Canada Inc.
No mention of the Amazon Visa card. I wonder if it's included.
User avatar
Insomniac
Veteran Contributor
Veteran Contributor
Posts: 2802
Joined: 29 Oct 2011 19:01
Location: Vancouver Island

Re: Best Credit Card

Post by Insomniac »

DenisD wrote:No mention of the Amazon Visa card. I wonder if it's included.
Look like Sears only:
http://www.bnn.ca/News/2015/10/15/Scoti ... organ.aspx

I cut up my Sears card when they wanted me to change it into a MasterCard.
Thegipper
Veteran Contributor
Veteran Contributor
Posts: 3477
Joined: 14 Mar 2015 16:58

Re: Best Credit Card

Post by Thegipper »

I am still with the CIBC Driver's Edge. It was formerly CITI Driver's Edge. Just cashed in for $2600 because of a vehicle purchase. Since 2004 I have redeemed something like $12,000 on one boat purchase and 4 vehicle purchases. I think I might let it go and start using the RBC Westjet card. My spouse gets one annual flight for $99 . We make a couple of North American flights a year and I figure this makes sense. I have reached a stage in life were my need for vehicles will diminish.
2 yen
Veteran Contributor
Veteran Contributor
Posts: 4116
Joined: 09 Apr 2005 09:15

Re: Best Credit Card

Post by 2 yen »

Insomniac wrote:
DenisD wrote:No mention of the Amazon Visa card. I wonder if it's included.
Look like Sears only:
http://www.bnn.ca/News/2015/10/15/Scoti ... organ.aspx

I cut up my Sears card when they wanted me to change it into a MasterCard.
That was my thought, too. Is Amazon part of this. I read all through the article, but could find no specific reference. Any more news on this?

2 yen
2 yen
Veteran Contributor
Veteran Contributor
Posts: 4116
Joined: 09 Apr 2005 09:15

Re: Best Credit Card

Post by 2 yen »

2 yen wrote:
Insomniac wrote:
DenisD wrote:No mention of the Amazon Visa card. I wonder if it's included.
Look like Sears only:
http://www.bnn.ca/News/2015/10/15/Scoti ... organ.aspx

I cut up my Sears card when they wanted me to change it into a MasterCard.
That was my thought, too. Is Amazon part of this. I read all through the article, but could find no specific reference. Any more news on this?

2 yen
(added)

This message appeared on the Chase Amazon website:


TRAVELLING TO THE U.S.? Paying at the Pump is easier than ever with your Amazon.ca Rewards Visa Card.
When using your Amazon.ca Rewards Visa Card to pay at the pump in the U.S. you may be prompted for a 5-digit zip code.
Simply use the three numbers from your postal code and add two zeros. If your postal code is L1M 2N3 the 5-digit number you enter is: 12300.
Available at participating U.S. fuel merchants

I called to see which merchants and the reply was that it was an individual station thing, not fuel companies. Oh well. At least they are talking about this issue a bit.

2 yen
Jo Anne
Veteran Contributor
Veteran Contributor
Posts: 3648
Joined: 19 Feb 2005 21:33

Re: Best Credit Card

Post by Jo Anne »

We have a PC Financial MasterCard. No annual fee, 5.9% interest, and 2% cash (in the form of free groceries) on all purchases. There are also extra bonus "points" if certain things are purchased.

We spend over $30k/year on this card, so it's a no-brainer - over $600 in free groceries.
User avatar
deaddog
Veteran Contributor
Veteran Contributor
Posts: 3422
Joined: 19 Jan 2008 19:59
Location: Central BC/Arizona

Re: Best Credit Card

Post by deaddog »

Jo Anne wrote:We have a PC Financial MasterCard. No annual fee, 5.9% interest, and 2% cash (in the form of free groceries) on all purchases. There are also extra bonus "points" if certain things are purchased.

We spend over $30k/year on this card, so it's a no-brainer - over $600 in free groceries.
At 10 points per $1 how do you figure 2% or do you get an additional 10 points if you shop at PC stores?

It is more of a groceries back plan. Also the fine print says they can change the point value at any time. I got burned by RBC by not reading the small print.
"And the days that I keep my gratitude higher than my expectations, well, I have really good days" RW Hubbard
pmj
Veteran Contributor
Veteran Contributor
Posts: 3412
Joined: 27 Feb 2005 18:15
Location: Ottawa

Re: Best Credit Card

Post by pmj »

PC Financial offered me an upgraded "World Elite" card in my last statement: http://www.pcfinancial.ca/english/credi ... orld-elite
It gives 3% on PC groceries.

I buy a lot of basic groceries at Shoppers Drug Mart. The specials on PC products are better than at PC stores :shock:, and the groceries I want are usually in stock :roll:. With judicious buying I can accumulate more points - although they are harder to use at max value than the PC points.
Peter

Patrick Hutber: Improvement means deterioration
User avatar
deaddog
Veteran Contributor
Veteran Contributor
Posts: 3422
Joined: 19 Jan 2008 19:59
Location: Central BC/Arizona

Re: Best Credit Card

Post by deaddog »

pmj wrote:PC Financial offered me an upgraded "World Elite" card in my last statement: http://www.pcfinancial.ca/english/credi ... orld-elite
It gives 3% on PC groceries.

I buy a lot of basic groceries at Shoppers Drug Mart. The specials on PC products are better than at PC stores :shock:, and the groceries I want are usually in stock :roll:. With judicious buying I can accumulate more points - although they are harder to use at max value than the PC points.
The 70K minimum income might limit the number of people using this card. I know I try and keep my taxable income to a minimum yet probably spend more than a wage earner pulling in 70K per year.

Not a bad deal though; BMO charges $150 for a 1.75% cashback world elite MC.
"And the days that I keep my gratitude higher than my expectations, well, I have really good days" RW Hubbard
peter
Contributor
Contributor
Posts: 662
Joined: 10 Oct 2005 21:37
Location: Alberta

Re: Best Credit Card

Post by peter »

PCF MC is my oldest credit card, with about a 15-year history with no missed payments, but earlier this year they lowered my limit from 20k to 2k (notifying me by letter weeks after the fact, and congratulating me that it was in _my_ best interest to have a 90% lower limit); then on the phone agreed to increase it to 10k again after a lot of discussion; then lowered it again the next week to 1800. Well after that they send me an offer for the new card, then apparently decided that was a mistake. I clearly fell into one of their risk categories but I'm not amused and about ready to give Costco a try.
User avatar
Koogie
Veteran Contributor
Veteran Contributor
Posts: 3971
Joined: 09 Mar 2012 16:44

Re: Best Credit Card

Post by Koogie »

One website has listed their choices for best Canadian credit cards in each category...

The Best Canadian Credit Cards of 2015
https://www.ratesupermarket.ca/blog/bes ... ance-2015/

~ we have #1 and #2 choices in the Cashback segment. Pretty happy with both of them except MBNAs
extra-crappy website. That might be the TDCT I.T. department holding them back, though... :lol:
pmj
Veteran Contributor
Veteran Contributor
Posts: 3412
Joined: 27 Feb 2005 18:15
Location: Ottawa

Re: Best Credit Card

Post by pmj »

Koogie wrote:One website has listed their choices for best Canadian credit cards in each category
... But with no category that Amazon's 0% FX VISA would fit into :(. The Amazon website is pretty good too - exchange rates (to about 10 SF) on every transaction!

The assessments seem to be ranked only by % value of rewards - without accounting for cards that have annual fees. There are lots of no-fee cards with 1% on everything, and there are no-fee cards with 2% or more on gas and groceries - so to net-out more rewards using a $100 fee 2% on everything card - if there is such a thing - I'd have to put at least $10k of non-gas / non-groceries on it. Do-able - maybe ....
Peter

Patrick Hutber: Improvement means deterioration
User avatar
IdOp
Veteran Contributor
Veteran Contributor
Posts: 3873
Joined: 16 Feb 2006 11:27
Location: On the Pacific sea bed, 100 mi off the CA coast.
Contact:

Re: Best Credit Card

Post by IdOp »

Koogie wrote:Pretty happy with both of them except MBNAs
extra-crappy website. That might be the TDCT I.T. department holding them back, though... :lol:
Yeah, the MBNA site has definitely (IMO) gone down the toilet since TD took over. :(
SB2k15
Contributor
Contributor
Posts: 18
Joined: 28 Jul 2015 11:02

Re: Best Credit Card

Post by SB2k15 »

I always use greedyrates.ca to figure out what credit card is best to be honest.
User avatar
Quebec
Veteran Contributor
Veteran Contributor
Posts: 1645
Joined: 24 Oct 2009 16:49
Location: Quebec City

Re: Best Credit Card

Post by Quebec »

I have just received my Amazon.ca Visa card. I was attracted by the good forex rates and I intend to use the card mostly overseas and for my Amazon purchases (2% refund).

Let's say I need to transfer $3k from a Canadian bank account to an overseas bank account every month while travelling for 6 months (separate from any purchases made directly with my credit card). I can see 3 ways to do it:

1. Every month, pre-pay $3k to the Amazon Visa using 'bill payment' in my Canadian online banking, then ask for a cash advance on the Visa at the overseas bank;
2. use my debit card at an ATM, withdrawing $500 on six consecutive days;
3. make a $6k SWIFT wire transfer every other month

The monthly fees I can easily calculate are the visible ones:
1. cash advance fees 1% from Chase = $30
2. charges from my bank for each transaction, from the overseas bank as well, probably $30+ in total
3. about $25 to send and $10 to receive, but this is every other month only.

Number 2 is annoying. Number 3 sounds the cheapest, but will the exchange rate be as good as on the Amazon Visa (number 1)?

Thanks
Imagefiniki, the Canadian financial wiki: a knowledge base of financial subjects written from a Canadian perspective
peter
Contributor
Contributor
Posts: 662
Joined: 10 Oct 2005 21:37
Location: Alberta

Re: Best Credit Card

Post by peter »

Quebec wrote:I have just received my Amazon.ca Visa card. I was attracted by the good forex rates and I intend to use the card mostly overseas and for my Amazon purchases (2% refund).

Let's say I need to transfer $3k from a Canadian bank account to an overseas bank account every month while travelling for 6 months (separate from any purchases made directly with my credit card). I can see 3 ways to do it:

1. Every month, pre-pay $3k to the Amazon Visa using 'bill payment' in my Canadian online banking, then ask for a cash advance on the Visa at the overseas bank;
2. use my debit card at an ATM, withdrawing $500 on six consecutive days;
3. make a $6k SWIFT wire transfer every other month

The monthly fees I can easily calculate are the visible ones:
1. cash advance fees 1% from Chase = $30
2. charges from my bank for each transaction, from the overseas bank as well, probably $30+ in total
3. about $25 to send and $10 to receive, but this is every other month only.

Number 2 is annoying. Number 3 sounds the cheapest, but will the exchange rate be as good as on the Amazon Visa (number 1)?

Thanks
For 3 the wire transfer if you convert currencies in the process will be at the bank exchange rate. I don't think this is the reliable 2.5% on most Canadian credit cards, as it depends on the bank, possibly on the currency (lower for USD/EUR, more for less common currencies) and from some posts I've seen it's negotiable to some degree, depending on relationship with bank and amount. You probably have no choice but to ask your bank, but odds are it's of the order of 1.5%-2%. It will definitely be more than the Amazon visa card. I've transferred amounts by wire to fund oversea stays, but converted to the right currency first using the cheapest way I could find. There are various threads about this already.
pmj
Veteran Contributor
Veteran Contributor
Posts: 3412
Joined: 27 Feb 2005 18:15
Location: Ottawa

Re: Best Credit Card

Post by pmj »

Do you have a foreign bank account? If you don't, Amazon VISA cash advances will beat out any other option. ATMs are also very convenient!

If you do, cheapest for "small" transfers would be TransferWise at 0.5% over neutral rates. From UK to Canada (bank to bank) there are no fees. Fees from Canada are here: https://transferwise.com/support/custom ... sfers#From

** edited to add link to fees from Canada (on the front page, Canada is not listed as a sending currency).
Peter

Patrick Hutber: Improvement means deterioration
Locked