Best Credit Card

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HardWorker
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Best Credit Card

Post by HardWorker »

Sorry ahead of time if this has been posted before. I did a few searches, but pages and pages came up of anything and everything.

So, lets please hear about the credit card you're using. Personal use only. I've been with BMO Master Card for almost a decade now. I have no idea or care to know what the interest rate is. But I only get 1 air mile for every $40 spent, and no annual fee of course. I'm sure there is something better out there. I probably will switch if its worth the credit hit.
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Post by Jo Anne »

President's Choice Master Card. For every $100 charged I get $1 of free groceries. No annual fee. Interest rate (for me, anyway) is 5.97%. But I've never paid interest so that's irrelevant.
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Post by arthur »

Citi Bank Drivers edge, 2% Credit for purchase of a Car, any Make, new or Used.
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Post by WishingWealth »

I recently switched to VISA CIBC Dividend.
This one was mentionned a few times by Bylo on other threads.
http://www.cibc.com/ca/visa/dividend-card.html
(Like for everything else, read the fine print to see if it applies to your situation)
1% of purchases rebated.
I also pay through automatic withdrawals so interest rate is not an issue.

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Bylo Selhi
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Post by Bylo Selhi »

There's no single "best" card for everyone. It all depends on what your needs are, how much you charge each year, whether you pay a balance, linkage to bank accounts, what sort of rewards you're after (and e.g. which airline(s) you fly), etc.

See:
http://www.fcac-acfc.gc.ca/eng/consumer ... ards_e.asp
http://web.ncf.ca/be960/reviews/creditcard.html
http://www.chargecards.ca/
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Post by bootsie »

We use the TD Visa Gold Elite.
It gives a 1% cashback from the 1st to the last dollar (no tiers). It has a $99 fee but includes TD Auto Club, so we made the switch from CAA which costs about the same.
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Re: Best Credit Card

Post by Darrell Greenwood »

HardWorker wrote:But I only get 1 air mile for every $40 spent, and no annual fee of course.
In case you aren't aware of it, the 0.5% cashback/no annual fee option is a better deal in my opinion.

You can change your option online at https://www3.bmo.com/mosaik/selfserve/SignOn

Cheers,

Darrell
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Post by YogiBear »

WishingWealth wrote:I recently switched to VISA CIBC Dividend ... 1% of purchases rebated.
FWIW, the 1% rebate only applies once net annual purchases total more than $3000:
CIBC VISA wrote:Here's how your Dividend Dollars® are calculated:
  • Tier one - 0.25% rebate for net annual purchases up to $1,500
  • Tier two - 0.50% rebate for net annual purchases from $1,500.01 to $3,000
  • Tier three - 1% rebate for net annual purchases over $3,000
Note: Your year-to-date net purchase amounts must be greater than the dollar range for a tier before you can start earning Dividend Dollars at the next tier rate.
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Post by gouthro »

In case you aren't aware of it, the 0.5% cashback/no annual fee option is a better deal in my opinion.
Just curious, but why would you get this one at 0.5 percent if you could get the cibc one giving 1 percent mentionned earlier?
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Post by habanero »

Read the fine print. The CIBC Dividend Cards (at least the Platinum Card that I use) pay up to a maximum per annum. We put everything on our cards -- including business expenses -- and pay the balances every month, so we end up with hefty bills at month end. Last year (in November) we hit the "ceiling". No more cash bonuses earned for December (so we used Mastercard in December). The ceiling on that card is at $60,000 charged/year.
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Post by Darrell Greenwood »

gouthro wrote:Just curious, but why would you get this one at 0.5 percent if you could get the cibc one giving 1 percent mentioned earlier?
Joe
1. Inertia -- the net saving for me is too small for the hassle of changing.

2. Tiering of CIBC card rebates effectively reduces the 1% to something less than 1%, for me say, 3/4%. The Mastercard is a flat 0.5%.

3. I have the Mosaik Gold Travel option which costs $60/year (trip cancellation/CDW). That saved me $160 last month on purchase of airline tickets.

Cheers,

Darrell
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Post by WishingWealth »

I used to use my debit card for almost everything.
Once you start paying groceries, cable, phone, internet, restaurant etc.. the $3000. is quite an easy reach.

Whatever works.

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Post by Jaunty »

I got rid of the BMO Mastercard because of the short turn around timeline (ie. from bill printing to payment required) as it was a pain when I was travelling or when I was very busy at work and didn't open my mail until the end of the week. I replaced it with an MBNA card. I solved the latter problem too, by retiring.
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Post by Darrell Greenwood »

Jaunty wrote:I got rid of the BMO Mastercard because of the short turn around timeline (ie. from bill printing to payment required) as it was a pain when I was travelling or when I was very busy at work and didn't open my mail until the end of the week.
FWIW, I was an instant convert years ago to BMO Mastercard's auto debit on my chequing account of the full amount due. This occurs on the due date.

Cheers,

Darrell
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Post by 2 yen »

CIBC Aerogold. You pay a fee, but if you travel and use a credit card a lot, it's great. One mile for every dollar spent. I have regularly received tickets from Japan to Thailand, Singapore and China as rewards. If you don't travel, however, there are better cards out there.
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Post by AltaRed »

Darrell Greenwood wrote:
Jaunty wrote:I got rid of the BMO Mastercard because of the short turn around timeline (ie. from bill printing to payment required) as it was a pain when I was travelling or when I was very busy at work and didn't open my mail until the end of the week.
FWIW, I was an instant convert years ago to BMO Mastercard's auto debit on my chequing account of the full amount due. This occurs on the due date.
Do not all bank credit cards have this option (with same bank chequing account)?
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Post by j831robert »

We go with Citibank because they will implant your photo on your card. Retired, we travel every quarter, book our travel on Citibank Mastercard Gold (wife is principal holder) and ours carries medical travel insurance under very good rates with no age limits (grandfathered from back around 1998 or earlier). I hold Citibank Platinum Driver's Edge (photo ID type), will be buying a new car this year with the insurance pretty well covered for the first year by the monies accrued on the card and, since we travel and always rent a car at the destination, the car rental coverage that goes with the card covers the annual fee several times over during the year.
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Post by 2 yen »

Actually, this thread is very interesting as I didn't appreciate all the niches that one can exisit in regarding types of cards. Who'd a thunk it?
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Post by Bylo Selhi »

YogiBear wrote:
WishingWealth wrote:I recently switched to VISA CIBC Dividend ... 1% of purchases rebated.
FWIW, the 1% rebate only applies once net annual purchases total more than $3000...
Which is one reason why I said upthread, "There's no single "best" card for everyone. It all depends on what your needs are..." If you go for TD's Select Chequing Account package and can afford to keep a $5k min. balance you get a free 1% rebate VISA that starts on the first dollar. You also get a free card for the spouse as well as all sorts of other free stuff as described here. Wait a couple of months and maybe they'll have another free iPod promo to sweeten the deal even more. But if you can't park $5k in the account, at $25/month it's hardly a good deal.

BTW the problem with CIBC Aerogold VISA, apart from CIBC's institutional ineptitude, is that it's becoming increasingly difficult to find reward seats on AC for the nominal number of miles. So instead of paying 25k miles to fly within Canada you have to cough up 37k to 50k which devalues the benefit to the point that 1% cash beats the AP shell game most of the time. YMMV
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Post by kcowan »

Bylo Selhi wrote:BTW the problem with CIBC Aerogold VISA, apart from CIBC's institutional ineptitude, is that it's becoming increasingly difficult to find reward seats on AC for the nominal number of miles. So instead of paying 25k miles to fly within Canada you have to cough up 37k to 50k which devalues the benefit to the point that 1% cash beats the AP shell game most of the time. YMMV
While Bylo is correct as usual, this is actually a problem with Aeroplan, not Aerogold. We have found that our travel agent can book the flight we want for 25000 points plus a fee of $50 even after we searched in vain for the desired bookings. It requires planning ahead because of the increasingly limited inventory of available seats. But if you can give them four months (6 months for peak periods), you should be able to save the premium points.

We find Aeroplan is still better than Airmiles and Avion (or similar private plans) for long distance travel. But if you can get money back that might be the best yet. We have not tried that yet because we are travelling a lot.

We have CIBC Aerogold for the reasons above. We still have BMO Mastercard for Air Miles and SPCA donations but use it sparingly since they started charging interest for 60 days in case you miss one payment. We also have a no fee AMEX Air Miles card for use at Costco, especially in the US where they have the cheapest gas, and at a favourite restaurant in PV that no longer accepts Visa/MC because of fraud.
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Post by Maciek »

Citibank Enrich Mastercard

Notes:

- Airpoints, points, rewards, non-cash incentives etc are not as desirable to me as cashback rewards. Cash is king, as they say.
- 1% cash back, no tiers.
- No fee.

I've been looking at the Ultramar card (from National Bank) which looks good too, and has some higher cash reward rates as you climb up the tiers, and other kinds of rewards aside from straight up cash. From what I've read, this card only becomes worth it after 6K in purchases and is especially worth it if you prefer cash rewards but really like to get discounts on gas.

For those of you who are TD junkies, there's now a TD Visa cashback card making the rounds now which is not the same card as Bylo is talking about; this looks to me like a newly-introduced card, as my significant other was told when she was offered one by TD. It has a tiered rate which is 1% for purchases north of $3K. TD was willing to combine her previous limit with a newly-offered additional limit and convert the other card to the new one with no hassle or waiting.

For those who prefer cash, I think Citi's enrich card is the way to go for now ...
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Post by sydney2 »

I just got the TD Gold Visa Travel. This card gives you a point for every dollar you spend. $5000.00 gives you $75.00 credit towards any travel booked through TD Travel. They gave me an initial 7500 points and when you book through TD Travel you get 5 point for every dollar spent for your next trip. If your trip is 2500.00 and you have $450 in point credits you just apply it to the overall cost of your travel. I am going to give this a try for awhile.

My concern is, that travel through TD travel could be more expensive than when I do it myself, will have to check this out. Have any of you used this card ...I would appreciate enlightening comments as I find this credit card business hazy at best.

The only other card I have is Sears and being a former employee their points system was one of the best, but it has recently changed, but still not bad, as long as you pay it off every month. I could get a new dishwasher right now with Sears points. I put all my gas purchases on it from Petro Canada and get PCA points and also Sears points and we use a lot of gas. :roll:
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Post by Bylo Selhi »

kcowan wrote:
Bylo Selhi wrote:BTW the problem with CIBC Aerogold VISA, apart from CIBC's institutional ineptitude, is that it's becoming increasingly difficult to find reward seats on AC for the nominal number of miles...
While Bylo is correct as usual, this is actually a problem with Aeroplan, not Aerogold...
Correct. My wording could have been better. It's a problem with the card because of problems with the Aeroplan program. I've come to the conclusion that I'd rather have 1% cash than some reward, be it travel or merchandise, that can be devalued by the sponsor at any moment. Granted even cash rebates are subject to change, but at least you can then take your money and run to another card.
We have found that our travel agent can book the flight we want for 25000 points plus a fee of $50 even after we searched in vain for the desired bookings. It requires planning ahead because of the increasingly limited inventory of available seats. But if you can give them four months (6 months for peak periods), you should be able to save the premium points.
Thanks for the good idea.
sydney2 wrote:I just got the TD Gold Visa Travel... My concern is, that travel through TD travel could be more expensive than when I do it myself, will have to check this out. Have any of you used this card
No. That's why I went for the TD Elite VISA and the 1% cash rebate. As with AP, I'd hate to accumulate a large balance in points only to see it devalued by 1/3 or 1/2.

BTW the TD Elite VISA card currently offers a 2% rebate promotion. Also, as someone mentioned earlier, there's now a free TD Rebate Rewards Visa Card that pays 0.5% the the first $3k and 1% thereafter.
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Post by ward »

We have the TD Gold Travel Visa as part of Waterhouse's Paramount Service. The travel reward points provide a return equivalent to 1.5% cash, if memory serves. My wife, who's the main travel consumer, complains about service at the TD agency; she usually shops the net herself for the best fares before she goes to them for bookings.
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Post by Bylo Selhi »

Speaking of Aeroplan devaluations, Gripes frequent about Aeroplan rewards
Aeroplan, the frequent flyer plan spun off by Air Canada in 2005, generates frequent complaints to On Your Side. Loyalty comes with a price for the plan's five million members, who often run into headwinds when trying to redeem their rewards...

Ken Shaw, who owns a Toyota dealership, got a surprise when booking an Aeroplan flight to Las Vegas last fall. While he could usually get reward seats for 40,000 miles, the flight he wanted would require 122,000 miles – about a third of all the points he had collected. "I'm somewhat shocked at the number of points required," he told his travel agent, who had already booked three of his colleagues on a Las Vegas flight. Two got seats for 40,000 miles, but the third needed 122,000 miles...

Helene Yaremko-Jarvis spent several days this month trying to book a reward flight to Italy in July. "The Classic points requirement for Europe is 60,000 points and some of the available seats are for more than 120,000 points," she said. "Quite frankly, it's a points grab. We seem to have to use so many more points for our tickets almost every time we book."

She complained about error messages at Aeroplan's website. Calling for technical support didn't help, either. "I had to lower my security and privacy settings, but nothing worked." She experienced the same problems with another computer...
I've also experienced weird problems in trying to access the Aeroplan website even though I consider myself to be quite knowledgeable in faking out recalcitrant web servers to do what I want them to do. Imagine how the great unwashed must cope with this nonsense.

P.S. I spoke with a retired AC employee who, as part of his retirement package, is allowed to fly cheaply on standby. He used to use that perq regularly to travel to Europe until a couple of years ago when he was stranded in Paris for almost a week waiting for an available seat. Apparently AC's load factors are now so high that it's almost impossible for retirees to fly standby on busy routes.
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