# Which credit card should I get?



## Money4life

I currently have a TD First Class Infinite Credit Card. The annual fee is $120 but I have that waived because I have a Select Service chequing account (I must have $5000 in this account to avoid another fee). I finally had enough points to redeem an item that I was looking for acquire for a long time. This will be coming in the mail next week. Once that comes in, I'm looking to ditch the fancy credit card and chequing account. My question is: which credit card should I get?

I have a PC Financial no-fee chequing account that I primarily use for all transactions so my logic is that I probably should get a credit card with this bank. The reason I have a chequing account with TD is because it is linked to my mutual funds accounts.

What do I want in a card? Nothing really...the only thing that matters to me is having a card without an annual fee. The two options that I am debating are the President's Choice Financial MasterCard or one of the many free TD cards that are offered.

Another thing: if I cancelled my current credit card outright instead of letting it expire, how much will it impact my credit rating? I've had the card for a little over a year.

Thanks for the help!


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## birdman

Not really up to speed in credit cards but really like the one I have and it suit my needs very well. I believe the fee is 150.00 but would have to check. However, in
addition to points or cash of 2% on all purchases, we have trip cancellation insurance, extended warranty coverage, renatl car collision coverage, and travel insurance up to age 75. The latter is what we really feel is an added benefit. If you travel at all check out the cost of travel insurance (medical and trip cancellation). Its a Platinum Credit Union Choice Rewards Mastercard.


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## kcowan

Money4life said:


> Another thing: if I cancelled my current credit card outright instead of letting it expire, how much will it impact my credit rating? I've had the card for a little over a year.
> 
> Thanks for the help!


You will have to ask them to remove their entry in your credit report. But you may find that it helps your rating depending on what other credit/loans you have.


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## Homerhomer

1) Canadian tire master card - the only credit card in Canada (that I am aware of) that let's you pay your bills (utilities, property taxes, tuitions and so on, no mortgage before you ask). Nice way to get Canadian tire money for the bills you have to pay anyway.
2) Some of the MBNA reward cards, I think they are some of the best when it comes to points however I am not that familiar with all these options.


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## brad

I do think some people come out on top with the paid cards, but that's because their lifestyle (or work) makes the benefits worthwhile. I'm not one of those people. I have a free TD Visa with reward points; I get back about $120/year as a rebate, and the rewards are not tied to any particular company or product. That's the way I like it: no loyalty. I never participate in any loyalty programs because I prefer shopping around for the best deal, regardless of who's offering it. I don't even participate in any frequent flyer programs, in part because I don't fly frequently but also I never seem to fly with the same alliance so it would take me about a decade to rack up enough points for a free trip anywhere.


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## fraser

We are getting ready to cancel our CIBC Aeroplan Infinite Visa card. The value is no longer there for us. Aeroplan adds excessive tax and admin fess to both AC and non AC flights. It used to be that we could save 225 per person, each way, when we used Aeroplan points on Lufthansa instead of AC. Aeroplan has finally caught up and is now adding AC type fees to all bookings regardless of carrier. We are looking at RBC Avion or some sort of cash back card. Try these sites 

http://decision.moneysense.ca/best-credit-cards-canada/results.php

http://ca.finance.yahoo.com/blogs/insight/canada-top-credit-card-packs-one-two-punch-201357009.html


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## MRT

Money4Life, there shouldn't be a big consequence to your credit rating if you cancel the card, in part because the entry remains on your bureau for the requisite period of time (6 or 7 years from the date of last activity). As time goes on, it will impact your score less and less until it drops off, so if you have paid it on time, there is no benefit to asking them to remove it (and I don't think they will anyway). If you cancel it, a note is added to show that you canceled it (as opposed to the credit grantor cancelling it). 

fraser, has CIBC communicated anything about a switch from Aeroplan to its own reward system (is that 'for sure' or still a rumour)? I wonder if your card would be automatically converted (assuming the new plan would be of any interest to you)?


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## fraser

No, CIBC have not communicated anything. I know that they are looking at an alternate arrangement.

We just used some points. If CIBC prorates the fee, we expect to cancel in about 2 months or when our balance hits 120K. This is an Imperial Service Card. We have had very poor service. We called twice to advise that we were travelling. They said nothing on file. Bottom line is that they temporarily cancelled the card when we in Costa Rica, and again when we were in Florida. Florida was not an issue, Costa Rica was since we were in a small town.


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## MoreMiles

I would vote for Capital One Aspire Travel.

Its annual fee comes with 10,000 (ie, $100 worth) points renew bonus... so it's a wash, almost no annual fee... ok, $20 fee.

Its rewards are worth 2% if you exchange it at their best level. It will deduct from you card balance, any "travel related" so you can buy flights, vacation, travel gift cards, souvenir, resort meals, they can all be deducted. You can even go to a Disney Store gift shop to buy Christmas present then it is still eligible because any expense from merchant id labeled as "travel industry" is eligible. So it is very easy to redeem.

It is the only card that I know of, giving 2% back in cash, with almost no annual fee. All the other cards either have a high annual fee or low sub 2% rewards...


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## MorningCoffee

Capital One Mastercard was the best one for us when we were hunting recently. 1% cash back, plus .5% on anniversary date (so 1.5%), no annual fees.
They were offering $100 bonus on your first purchase but I don't see it on their site anymore (I might just be missing it?). You could always ask for it - it was a recent offer.

http://www.capitalone.ca/credit-cards/aspire-cash-world


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## MrMatt

I like my Canadian Tire mastercard, 1.2% cashback (in CT money) extended warranty, no fee, and redeem at any Canadian tire.

The Costco Amex is pretty decent too, and it's the only card Costco accepts.


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## Echo

Here's a post I wrote for The Star comparing 8 no-fee cash back credit cards - http://www.thestar.com/business/per...parison_of_8_nofee_cashback_credit_cards.html

Smart Cash has a promo right now through Great Canadian Rebates where you'll get $100 cash just for signing up for the card. This, combined with 5% cash back on groceries and gas for the first six months (2% back afterwards) makes Smart Cash the best no-fee cash back option - http://www.rewardscardscanada.com/mbna-smart-cash-promo-get-100-cash-back/


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## MrMatt

Echo said:


> Here's a post I wrote for The Star comparing 8 no-fee cash back credit cards - http://www.thestar.com/business/per...parison_of_8_nofee_cashback_credit_cards.html
> 
> Smart Cash has a promo right now through Great Canadian Rebates where you'll get $100 cash just for signing up for the card. This, combined with 5% cash back on groceries and gas for the first six months (2% back afterwards) makes Smart Cash the best no-fee cash back option - http://www.rewardscardscanada.com/mbna-smart-cash-promo-get-100-cash-back/


I had a smart Cash card, then after a few months they change the program, so you don't get the same rewards. 
I don't like bait and switch, and I don't do business with companies that use those tactics.


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## Echo

MrMatt said:


> I had a smart Cash card, then after a few months they change the program, so you don't get the same rewards.
> I don't like bait and switch, and I don't do business with companies that use those tactics.


I had the Smart Cash card too and cancelled it after they changed the program. But if you look at it objectively (and if you don't want to pay an annual fee) then you'll still earn a lot of cash back with that card.

Now I use the Scotia Momentum Visa Infinite for groceries, gas and drug stores purchases, as well as for recurring bill payments. You get 4% cash back for groceries and gas, and 2% cash back for drug store purchases and recurring bill payments. This card comes with a $99 annual fee and you need to make $60k per year (or $100k household income)

I use the TrueEarnings Costco Amex for shopping at Costco and for restaurants.

Then I use the Capital One Aspire Cash World MasterCard for all my other spending - anything that doesn't fall into those other categories where there's a multiplier bonus. This card doesn't have an annual fee and pays 1% cash back, plus a 50% cash back bonus at the end of the year (so, effectively 1.5%).


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## Jagas

Echo said:


> Now I use the Scotia Momentum Visa Infinite for groceries, gas and drug stores purchases, as well as for recurring bill payments. You get 4% cash back for groceries and gas, and 2% cash back for drug store purchases and recurring bill payments. This card comes with a $99 annual fee and you need to make $60k per year (or $100k household income)


I was going to mention this card as well.


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## atrp2biz

I second the Capital One Aspire Travel. Great benefits and point value/spend ratio (2%). Like it was mentioned before, the $120 annual fee is pretty much a wash. My favourite benefit is if your flight is delayed for more than four hours for ANY reason (including weather), if you bought the ticket with the card, they'll provide you with $250 (per ticket) worth of hotel/food expenses.

As long as you don't mind speaking to US-based call centres (I guess it would be centers).


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## Sustainable PF

Echo said:


> Now I use the Scotia Momentum Visa Infinite for groceries, gas and drug stores purchases, as well as for recurring bill payments. You get 4% cash back for groceries and gas, and 2% cash back for drug store purchases and recurring bill payments. This card comes with a $99 annual fee and you need to make $60k per year (or $100k household income)
> 
> I use the TrueEarnings Costco Amex for shopping at Costco and for restaurants.
> 
> Then I use the Capital One Aspire Cash World MasterCard for all my other spending - anything that doesn't fall into those other categories where there's a multiplier bonus. This card doesn't have an annual fee and pays 1% cash back, plus a 50% cash back bonus at the end of the year (so, effectively 1.5%).


Thanks B&E. I was considering a full switch from World Aspire to Scotia but was concerned about our daycare costs which I put on the card. It looks like I should still get the Scotia but switch up the Aspire from travel to cash and look into the Amex - not liking using debit @ Costco!


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## christinad

With the Capital One Aspire Travel Card is the length of time to redeem your points unlimited? I have the TD Platinum travel visa (same deal as above - free with $5000 maintained in your account). What I like about it is you can hoard your points for as long as you like. I did that previously for a period of 10 years and I accumulated quite a few. On the other hand, it seems silly to maintain such a large amount of money in your chequing account.

Thanks,

Christina


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## Nemo2

christinad said:


> On the other hand, it seems silly to maintain such a large amount of money in your chequing account.


We have a TD Visa _Infinite_, with the $5K maintained......I can't recall the exact figures but, quite a while back, I did a rough calculation re how much we'd have to make, (just to break even), if we invested the $5K and paid all the charges that would then apply........somewhere ~ 7% IIRC.......easier to let the $5K ride IMO.


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## Echo

christinad said:


> With the Capital One Aspire Travel Card is the length of time to redeem your points unlimited? I have the TD Platinum travel visa (same deal as above - free with $5000 maintained in your account). What I like about it is you can hoard your points for as long as you like. I did that previously for a period of 10 years and I accumulated quite a few. On the other hand, it seems silly to maintain such a large amount of money in your chequing account.
> 
> Thanks,
> 
> Christina


The miles don't expire but they have specific redemption tiers that you need to understand in order to maximize your points. This is the most thorough summary I've found about the program - http://www.milliondollarjourney.com/capital-one-aspire-world-mastercard-review.htm


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## w0nger

I use the TD Infinite and the MBNA World Card... between the two of those, I capitalize huge plus the benefits of having premium cards. The only card I wish I had was the AMEX Platinum, but I can't justify the $600/yr fee....


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## Hawkdog

article in G&M on rewards cards today.
I got rid of my royal bank Avion card, the point system is horrible.
My wife still has hers. We looked at booking her a flight to Lisbon, I have to go for work. She would have to use 65000 points plus pay $1480 plus taxes. We are looking for a new one for her. 

http://www.rewardscanada.ca/topcc20...=PersonalFinanceReader&utm_campaign=105152746


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## NorthKC

I use PC Mastercard that I use for my monthly bills that I would pay off a few days after they've been paid. No annual fees and I get my PC points faster for free food that I redeem every few months. Love them!


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## Money4life

Thanks for all of the replies.

I don't think I would have an advantage of getting a loaded credit card as I don't travel enough or do much business things--I probably wouldn't use it to its full potential. Having said that, there are so many credit cards out there and it will take some time to make a decision. Thank you to all who have posted links. It's very helpful.


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## Echo

I've just added a new tool to my rewards card site. You can enter your current credit card and then adjust the spending categories to match your monthly expenses. It will spit out a card recommendation for you - http://www.rewardscardscanada.com/credit-card-offers/


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## Money4life

Echo said:


> I've just added a new tool to my rewards card site. You can enter your current credit card and then adjust the spending categories to match your monthly expenses. It will spit out a card recommendation for you - http://www.rewardscardscanada.com/credit-card-offers/


Thank you for the additional link, Echo.

Funny enough, I was leaning toward one of the Capital One credit cards and I believe this solidified the decision for me. The Capital One Aspire CashTM World MasterCard® looks like the best choice for me. The MBNA Smart Cash Platinum MasterCard would be my second choice but it looks like the card isn't as good as it once was.


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## Echo

My pleasure, I think you've made a wise choice.


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## Money4life

Echo said:


> My pleasure, I think you've made a wise choice.


Argh. Forgot that this card has a $60,000 annual income limit! Can't do this one then.

Might have to go with the MNBA Smart Card or Canadian Tire Cash Back Card at this point...


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## My Own Advisor

Just got the Capital One Mastercard: 1% cash back, plus .5% on anniversary date (so 1.5%), no annual fees.
http://www.capitalone.ca/credit-cards/aspire-cash-world


We also keep the MBNA Smart Cash: 2% cash back on gas and groceries, 1% everything else, no annual fees.
https://www.mbna.ca/RWDapp/home?mc=SMCACN&locale=en_CA


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## Echo

Aww, crap! Smart Cash is probably the way to go. They have an min. income level of $35k and a cap on cash back earnings after you spend $1,250 per month. Still worth it for the 5% cash back bonus on groceries and gas spending for 6 months and then 2% afterwards.


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## Compounding1

Do not recommend MBNA smart card. Ever since I got my MBNA card I've had so many telemarketers calling me about random crap. Not to mention in my experience, terrible customer service but hey the cash back is nice I suppose but lately I've been debating if it's worth it.


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## Money4life

Echo said:


> Here's a post I wrote for The Star comparing 8 no-fee cash back credit cards - http://www.thestar.com/business/per...parison_of_8_nofee_cashback_credit_cards.html
> 
> Smart Cash has a promo right now through Great Canadian Rebates where you'll get $100 cash just for signing up for the card. This, combined with 5% cash back on groceries and gas for the first six months (2% back afterwards) makes Smart Cash the best no-fee cash back option - http://www.rewardscardscanada.com/mbna-smart-cash-promo-get-100-cash-back/


OK...just applied for the card now. We'll see if I even get this $100 cash. A little skeptical I am about this.


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## Money4life

Compounding1 said:


> Do not recommend MBNA smart card. Ever since I got my MBNA card I've had so many telemarketers calling me about random crap. Not to mention in my experience, terrible customer service but hey the cash back is nice I suppose but lately I've been debating if it's worth it.


Well that was bad timing. 

Anyone else have these experiences?


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## Echo

If you applied through Great Canadian Rebates then you will definitely get the rebate (I've done this before). Regarding the telemarketing, just tell them to put you on a do-not call list the first time they call and it will stop.


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## m3s

Echo said:


> Smart Cash has a promo right now through Great Canadian Rebates where you'll get $100 cash just for signing up for the card. This, combined with 5% cash back on groceries and gas for the first six months (2% back afterwards) makes Smart Cash the best no-fee cash back option - http://www.rewardscardscanada.com/mbna-smart-cash-promo-get-100-cash-back/


I like blogs and alternate media myself but giving direct advise without ever mentioning that you stand to profit from it would be just wrong. I know some blogs in the US hit the jackpot with credit cards referrals, such as MMM. Now I see why you defended the rewards cards when I pointed out the $$ merchant fees in another thread.

I have Smart Cash card but I stopped using it for various reasons, as have most of the credit card fanatics on RFDs.


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## Echo

m3s said:


> I like blogs and alternate media myself but giving direct advise without ever mentioning that you stand to profit from it would be just wrong. I know some blogs in the US hit the jackpot with credit cards referrals, such as MMM. Now I see why you defended the rewards cards when I pointed out the $$ merchant fees in another thread.
> 
> I have Smart Cash card but I stopped using it for various reasons, as have most of the credit card fanatics on RFDs.


The OP wanted a cash back credit card. I mentioned earlier in the thread that I used the Smart Cash card for a while until they reduced the rewards from 3% to 2%. Then I found the Scotia/Cap One combo gave me more cash back, so I cancelled the Smart Cash card. But those two cards require applicants to have $60k annual income, which the OP says he does not qualify for. In that case, Smart Cash is still the best option for earning the most cash back. The 6 month bonus, combined with the $100 promo from GCR, is the best deal for the OP.

True, if the OP did not have a GCR account and decided to sign up via the link in my blog post before applying for the card, I would receive a small commission (15% of his rebate). It certainly was not my intention to mislead the OP into signing up for a card strictly for my benefit. To that point, I have a direct to application link to MBNA that would pay me $100 per successful application, but that direct link would not give the applicant a bonus. I'd much rather see the OP benefit to the tune of $100 just for signing up.

I apologize if this seems like a conflict of interest to you. I write about these cards (a lot!) as well as other banking products and so I'm aware of most, if not all, of the best deals on the market. Just trying to pass on some savings.


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## PatInTheHat

Compared almost every card out there about a year ago. Capital One Aspire was the clear cut winner for me.


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## cannew

I really don't care about any rewards or other benefits, to me I wouldn't use a credit care which doesn't allow me to Direct Debit my bank account for the monthly payment. That way you'll never miss paying the balance and getting charged interest.

I also use a special credit card for internet purchases. It has only a $1,000 limit and gives me peace of mind more than anything else.


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## Echo

Some of the banks offer Visa Debit cards now so you can use them to shop online and direct debit your account. Pretty good feature for those without credit cards.


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## MoreMiles

This just in... the most popular reward CC, Aeroplan card, may switch from CIBC to TD.

This will lead to some changes to the credit card rewards, hopefully for the better.
http://www.cbc.ca/news/business/story/2013/06/27/business-aeroplan-aimia.html

So if you are not in a rush, wait and see a bit before applying because each application may affect your credit score.


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## jamesbe

I just applied for a scotia momentum infiinite visa -- gives 4% cash back on gas and groceries which is where most my of money goes. $99 yearly fee but I'll make that back in spades.

I was loyal to pc points for a long time but I've finally decided 1% isn't enough.


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## Echo

Nice work, jamesbe! I love the Scotia Momentum card. The only issue (not really an issue) is you have to wait til the end of the year to get your cash back. But it's nice to see it build up - http://screencast.com/t/4j3jVVJupC


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## sprocket1200

avoid aeroplan at all costs. they have fuel surcharges that can make international travel cost 2/3 of the price anyway. along with their expirty of miles and frequent rulse changes, you can't trust them!! go for dividend cards...




MoreMiles said:


> This just in... the most popular reward CC, Aeroplan card, may switch from CIBC to TD.
> 
> This will lead to some changes to the credit card rewards, hopefully for the better.
> http://www.cbc.ca/news/business/story/2013/06/27/business-aeroplan-aimia.html
> 
> So if you are not in a rush, wait and see a bit before applying because each application may affect your credit score.


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## marina628

We get 100,000 plus a year in aeroplan points by using the Aeroplan visa for purchases for our business and travel expenses ,never had any issue with them .Cost me $191 for 2 tickets to Las Vegas in April and these tickets would have cost over $1000 without points.I use my points for domestic flights ,USA/CANADA usually watch the business class sales for my trips to Europe ,we went to London last year for $4000 taxes in for two business class tickets in the fall.


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## YYC

One note about Aeroplan...I just received an email from them this week that they are getting rid of their mileage expiry rules. So, that's good at least.

As to the credit card, I am myself in the process of getting a Scene Visa. No fee and free movies, works for me. Will be cancelling our mbna and BMO Airmiles cards.


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## HaroldCrump

Echo said:


> Some of the banks offer Visa Debit cards now so you can use them to shop online and direct debit your account. Pretty good feature for those without credit cards.


I wouldn't call them a "pretty good feature" at all.
In fact, IMO, they are outright dangerous.
The reason is because with Visa/MasterCard debit cards, you do not have the same chargeback rights that you have with regular credit cards.
As soon as the transaction is processed, your money is _gone_ from your account.
Whether it was outright fraud, unauthorized charge, defective product, undelivered product, etc. you now have to fight the bank and the merchant to get your own money back.

Using these types of cards online are a particularly bad idea.

The US has had these Visa debit cards for nearly 2 decades now but I'd avoid using them.
Just get a regular credit card.


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## dotnet_nerd

[Oops, meant to reply to the MBNA post but the original quote didn't show up]

Yes, I've had an MBNA card for a few years now.

At first their telemarketers were a real pain, but they stopped after I yelled at them. (The Do-not-call list is useless in this case because they have a business relationship established with you)

It's nice getting those $50 cheques in the mail under the reward program.

The problem I have with MBNA, oddly enough, is the physical card. The chip in my first card failed and they had to send me a replacement. My wife still doesn't have a working card. It's been activated but the PIN doesn't work even after them resetting it a few times.


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## Echo

HaroldCrump said:


> I wouldn't call them a "pretty good feature" at all.
> In fact, IMO, they are outright dangerous.
> The reason is because with Visa/MasterCard debit cards, you do not have the same chargeback rights that you have with regular credit cards.
> As soon as the transaction is processed, your money is _gone_ from your account.
> Whether it was outright fraud, unauthorized charge, defective product, undelivered product, etc. you now have to fight the bank and the merchant to get your own money back.
> 
> Using these types of cards online are a particularly bad idea.
> 
> The US has had these Visa debit cards for nearly 2 decades now but I'd avoid using them.
> Just get a regular credit card.


When you use Visa Debit you are protected with Visa Layers of Security including Zero Liability, and when shopping online you are also protected by the Visa E-Promise.

http://www.visa.ca/en/personal/visa-debit-card/index.jsp


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## HaroldCrump

The money is still gone from your chequing account immediately.
You have to fight to get your own money back.

I see no advantage to these Visa debit cards instead of a regular credit card.
They don't help build credit history either.
Just another useless product from the financial industry to give people more and more ways to blow their money.

Using debit cards does not help those with spending problems - it simply creates the illusion of fiscal responsibility.


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## Echo

@HaroldCrump - But if you can't get a credit card, for whatever reason, it can be very difficult to book a hotel, flight, or to rent a car. A debit card that acts like a credit card, and gives you all the protection and security of a credit card, can definitely be useful to some people.


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## liquidfinance

HaroldCrump said:


> The money is still gone from your chequing account immediately.
> You have to fight to get your own money back.
> 
> I see no advantage to these Visa debit cards instead of a regular credit card.
> They don't help build credit history either.
> Just another useless product from the financial industry to give people more and more ways to blow their money.
> 
> Using debit cards does not help those with spending problems - it simply creates the illusion of fiscal responsibility.



The Visa Debit is simply an alternative to interac and one which you can use to purchase through online retailers worldwide. Throughout europe and specifically the UK Visa is probably the main form of debit payment. There is no interac type system. So it's not really a useless product. Simply the financial industry offering Canadians what the rest of the world has had for some time now. 

Personally though Credit cards are by far the best payment method so long as you pay in full.


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## Money4life

Echo said:


> I've just added a new tool to my rewards card site. You can enter your current credit card and then adjust the spending categories to match your monthly expenses. It will spit out a card recommendation for you - http://www.rewardscardscanada.com/credit-card-offers/


Echo, I'm confused by one thing:

I've hypothetically put my monthly spending habits down as $100 groceries, $0 gas, $75 restaurants, $150 bills, $0 travel and $200 other by bringing a total of $525. The TD Cash Back MasterCard comes in at #13 with a yearly rewards of $47. And then we have the TD Gold Elite Visa coming in at #42 with a yearly rewards of negative $36. How does that work when the TD Cash Back card has a 0.75% annual cash back rate and the TD Gold Elite Visa has a 1.00% annual cash back rate. Both cards have no annual fees. Is that a mistake on the website or am I missing something here?


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## Echo

@Money4Life - I see the TD Gold Elite Visa comes with a $99 annual fee - http://screencast.com/t/VoB4OyBen1q

Generally, any card with 'Elite' in the name probably has an annual fee. These cards are only worthwhile when you spend above a certain threshold.


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## Money4life

Echo said:


> @Money4Life - I see the TD Gold Elite Visa comes with a $99 annual fee - http://screencast.com/t/VoB4OyBen1q
> 
> Generally, any card with 'Elite' in the name probably has an annual fee. These cards are only worthwhile when you spend above a certain threshold.


Whoops, sorry, meant to say TD Gold Select Visa Card. I guess that card didn't make the top 50.


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## Echo

How do you like the Smart Cash card? Did you get your $100 yet? I think Great Canadian Rebates pays out around the 15th of the month.


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## Money4life

Echo said:


> How do you like the Smart Cash card? Did you get your $100 yet? I think Great Canadian Rebates pays out around the 15th of the month.


I'm liking the card a lot. I like how the transactions always update on the following day, even on a weekend.

Apparently I have to wait 45 days before I can claim the $100.


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## Echo

Right, they have that 45 day rule. So August 15th, I guess.

Do you think you'll max out the $400/month grocery and gas spending?


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## Money4life

Echo said:


> Right, they have that 45 day rule. So August 15th, I guess.
> 
> Do you think you'll max out the $400/month grocery and gas spending?


Probably not. I actually don't own a car (live in Toronto) so all of my spending would have to be from groceries.


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## Echo

Ahh, I see. Well, the good thing is they're pretty liberal with what's categorized as 'grocery'. Anything you buy at a retailer like Walmart or Superstore (Loblaws) will get you 5% back.


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## Money4life

Echo said:


> Ahh, I see. Well, the good thing is they're pretty liberal with what's categorized as 'grocery'. Anything you buy at a retailer like Walmart or Superstore (Loblaws) will get you 5% back.


That's good to hear. I was wondering what kind of stores actually qualified.


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## Feruk

The MBNA Smart Cash card was good when there was no "max." Now it's OK at best. I'm switching to Capital One. I looked at my spending habits for the last year, and this card hands down gives me more cash back.
http://www.capitalone.ca/ca/credit-cards/aspire-cash-world/


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## Sustainable PF

Echo said:


> Then I use the Capital One Aspire Cash World MasterCard for all my other spending - anything that doesn't fall into those other categories where there's a multiplier bonus. This card doesn't have an annual fee and pays 1% cash back, plus a 50% cash back bonus at the end of the year (so, effectively 1.5%).


Figures that I waited until this week to change our world travel rewards to this until this week and the Aspire Cash is no longer being offered!

Any suggestions on what the best no-fee card would be for the "other spending" Echo?


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## Echo

I know, brutal change!

The Aspire Cash Platinum card is a watered-down version of the World card but it's probably still the best option for "other spending" because it pays 1% back plus a 25% bonus, effectively 1.25%. 

Cash back cards must not be doing that well and so banks are happy to steer you to the more lucrative travel rewards cards.

You could use the Cap One Aspire Travel World MasterCard for your non grocery and gas purchases (if you spend a lot), but I'm not sure the annual fee is worth it. 

With the travel card you can still redeem your miles for cash at 75% of the value (so 10,000 points would get you $75 cash instead of $100 in travel). That would put your earn rate for cash back at 1.75% across the board.

Here's some quick math:

Spend $2,000 a month and get 4,000 points. That equals 48,000 points per year. You also get 10,000 bonus miles each year on your card anniversary.
58,000 points gets you $435 cash back. Subtract the $120 annual fee and you're left with $305.

The same spending with the Aspire Platinum card will get you $300. 

The incentive for using the Travel card is that you'll get 35,000 bonus miles in the first year, which is good for $262.50 cash. Plus, if you actually want to use it for travel it is arguably the top card on the market.


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## Sustainable PF

Thanks Echo. We will likely just stick with the travel card. We have a recurring ~ $1000 day care expense (child #1) which doubles if/when we have another child. Our more "major" purchases also would go on the card so I can see us getting to $2000 per month on it.


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## Echo

At least you get to put that on the card and don't have to pay by cheque. If you already have the world travel card and earn enough points to make the fee worthwhile then it's not worth switching to the Aspire Cash Platinum.


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## leoc2

Cap One Cash Back World Master Card - Discontinued

http://forums.redflagdeals.com/cap-one-cash-back-world-master-card-discontinued-1373991/


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## Echo

leoc2 said:


> Cap One Cash Back World Master Card - Discontinued
> 
> http://forums.redflagdeals.com/cap-one-cash-back-world-master-card-discontinued-1373991/


Yup, that's what we were discussing above


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## leoc2

woops sorry echo ... I feel like the guy on Saturday night live who delivers second hand news.


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## Echo

leoc2 said:


> woops sorry echo ... I feel like the guy on Saturday night live who delivers second hand news.


Hahahaha!


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## My Own Advisor

That's too bad! Effectively 1.5% cash back on everything and you get travel insurance etc. Great card. I hope they don't make current cardholders switch?


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## Sustainable PF

My Own Advisor said:


> That's too bad! Effectively 1.5% cash back on everything and you get travel insurance etc. Great card. I hope they don't make current cardholders switch?


Or do an MBNA and slash the CB %.


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## Silverbird

Echo said:


> I know, brutal change!
> .........
> With the travel card you can still redeem your miles for cash at 75% of the value (so 10,000 points would get you $75 cash instead of $100 in travel). *That would put your earn rate for cash back at 1.75% across the board.*
> ..........


Wouldn't the earn rate now be 1.5%? (75% of 2%)? Ignoring the annual fee impact obviously.


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## liquidfinance

I just picked up the Amazon.ca reward Visa card. Mainly for it's zero fee currency conversion. 

1% Reward points = $20 cash back credited to card every 2000 points. Or 2% if you spend on Amazon.ca But I don't really count this as realistically how much will be spent on amazon.ca

The zero exchange fee and 1% cashback puts this well ahead when it comes to spending overseas either on travels or online. 

To get an idea how close the exchange rate is to the BOC rate you can check the link here.

http://corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp

Assuming you pre paid the card first you could even get a very competitive foreign currency atm withdrawal. 

Otherwise I use the RBC Cashback Mastercard for 2% on groceries.


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## Echo

Silverbird said:


> Wouldn't the earn rate now be 1.5%? (75% of 2%)? Ignoring the annual fee impact obviously.


Yup, you're right - it's 1.5%.


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## indexxx

I've had an MBNA cash back card for a while now, and this week they sent me an offer for an "upgrade" to their new product, the Smart Cash World MC. It offers 5% for the first six months, like the original card did, and then 2% on gas and groceries and 1% on everything else with no limit on cash back, as well as a few other perks like price protection. Seems like a good deal- I know that previously the MBNA card was the best cash back card in Canada, but isn't there a newer card somewhere now that offers higher rewards?


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## james4beach

indexxx: if you currently have the cash back platinum and got that offer to upgrade to World, that is a good deal (I think). The 5% applies to gas and groceries purchases during the first 6 months.

There is a maximum you should be aware of though ... see recent posts in thread:
http://canadianmoneyforum.com/showthread.php/13154-Changes-to-Smart-Cash-card/page3

I suggest calling MBNA and clarifying: for that 5%, is there still a $400 monthly limit? When it drops to the 2% level it's only the first $400 a month that earns that higher cash back rate; everything else earns 1%.


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## james4beach

By the way, one of my family members just got the PC Financial World Mastercard. No annual fee and double the usual PC points (so effectively 2% at loblaws chains with no monthly limit).

Kind of nice that it also came with coupons for 20,000 PC points = free $20 after signing up online.


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## rd_aaron

We just recently went with the TD First Class Travel Visa Infinite card. 3TD points for every $1 spent which equals 1.5% cash towards travel. If we book any travel through Expedia for TD, we get 9TD points per $1 dollar spent, which is equivalent to 4.5% back.

It also comes with all the trip cancellation/rental car/baggage/etc. insurance. It has a $120 annual fee, but it is waived as long as we keep $5000 in our chequing account, which we will.


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## Boondock

I have a TD Driver's Rewards card. It gives me 2% on gas and 1% on all other purchases and credits the money back against any parts and service work I have done on my vehicles. I prefer this card as we have two commuters in our family and get all our parts and service done at the local GM dealership. I'm sure there's better cards, but I currently have about $700 in points on my account that I can use to offset any potential big service bill on one of our vehicles, which is a nice little budget insurance policy .


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## mutzy

Just received TD F. Cl. Trav. Card. Best part is that after the age of 65 it allows Med. Cov. for up to 
4 Days which is very handy living on the border.
This card will replece my CIBC V. gold Medical Cov. at $90 per yr. with no Cov. after 65.
I also have a CIBC Air Miles card (120) as well as 2nd card (50). I will cancel the supplementary card.
Have abut 350,000 air miles on card so I suppose I can't cancel Primary card or I will lose the miles
Found out miles are held in Air Miles accont, therefore I'm able to cancel card and preserve miles


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## fraser

Just got our Amazon Visa card today. We will use this exclusively for non CAD transactions. Not yet sure if we want the same Marriott version of the card.

One thing for sure, we will be punting our $30. CIBC US Dollar Visa card.


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## kcowan

Had anyone seen any offers from TD or CIBC for Aerogold. We have just seen the other points cards. Nothing new on Aeroplan.


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## My Own Advisor

We use the (grandfathered) CapitalOne World MC with 1.5% cash back and all the travel insurance perks you could ever need. $0 annual fee. Got lucky.


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## alingva

Money4life said:


> I currently have a TD First Class Infinite Credit Card. The annual fee is $120 but I have that waived because I have a Select Service chequing account (I must have $5000 in this account to avoid another fee). I finally had enough points to redeem an item that I was looking for acquire for a long time. This will be coming in the mail next week. Once that comes in, I'm looking to ditch the fancy credit card and chequing account. My question is: which credit card should I get?
> 
> I have a PC Financial no-fee chequing account that I primarily use for all transactions so my logic is that I probably should get a credit card with this bank. The reason I have a chequing account with TD is because it is linked to my mutual funds accounts.
> 
> What do I want in a card? Nothing really...the only thing that matters to me is having a card without an annual fee. The two options that I am debating are the President's Choice Financial MasterCard or one of the many free TD cards that are offered.
> 
> Another thing: if I cancelled my current credit card outright instead of letting it expire, how much will it impact my credit rating? I've had the card for a little over a year.
> 
> Thanks for the help!


Do you want cash back or travel points? If you go to RBC and tell them you have TD Infinite - they will waive fee for RBC Infinite (did you cancel your TD card already?) (if they do not - send me a private message)
When you cancel your card it does affect your credit score but if you have a good one - it does not affect much.


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## liquidfinance

fraser said:


> Just got our Amazon Visa card today. We will use this exclusively for non CAD transactions. Not yet sure if we want the same Marriott version of the card.
> 
> One thing for sure, we will be punting our $30. CIBC US Dollar Visa card.



If anyone misses what I posted in Deals & freebies. 

Here is my recent experience with the Amazon Visa. 

http://canadianmoneyforum.com/showt...-Free-Currency?p=204743&viewfull=1#post204743


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## Video_Frank

Amazon.ca Visa: No forex fees and 1% cash back. Compared to Amex or BMo Mastercard, which charge 2.5% forex.
Scotia Momentum Visa Infinite: 4% cash back on gas and groceries (up to $25k each per year), 2% drug store & recurring bills, 1% else. $100.00 annual fee plus $30 for spousal. We spend almost $10k per year on gas and the same on groceries. That's $670.00 cash back after fees right there. Add on another $40k in other purchases and it adds up to over $1k cash back net of fees. 
Amex: Strictly for Costco.
BMo Mastercard: I guess for stores that won't take the Scotia Visa.


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## fraser

Just spent 5K USD on our CIBC US Visa card with another 5K next month. That alone saved us $250-$300 in fees that we would have been charged had we used our CAD visa. The CIBC US Visa card will be history soon and I can say goodbye to the userous $30 or $35. (cannot remember) fee.

Just ordered a Marriott Visa to replace Amazon Visa. No FX fees, free in year one, $120 thereafter but comes with a free room every year, which we will use, plus insurance-car, etc.

Expect to move from Aeroplan to a Capital One product. Tired of Aeroplan fees. On a 1300. retail ticket they want to charge $350 for taxes and fees. It works out to a rebate of about 1.5 percent. Would rather have the cash and the increased flexibility. Aeroplan is great for business class tickets but it has been a few years since we were actually able to find seats for all flights in a trip.


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## Sustainable PF

MorningCoffee said:


> Capital One Mastercard was the best one for us when we were hunting recently. 1% cash back, plus .5% on anniversary date (so 1.5%), no annual fees.
> They were offering $100 bonus on your first purchase but I don't see it on their site anymore (I might just be missing it?). You could always ask for it - it was a recent offer.
> 
> http://www.capitalone.ca/credit-cards/aspire-cash-world


Does this card still exist?

I see a: ASPIRE CASHTM PLATINUM MASTERCARD but it does not mention the .5% anniversary bonus unless I am missing something?


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## Echo

Cap One discontinued its Aspire Cash World MasterCard in August and now it looks like they've devalued the Aspire Cash Platinum card, which used to pay a 25% cash back bonus at the end of the year. Now it's just a straight 1% back card like the PC MasterCard.


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## Dave

Echo said:


> Now it's just a straight 1% back card like the PC MasterCard.


So there is no more incentive to have the Captial One cash back. It is just like the MBNA or the BNS Visa. Does anyone know if it is now 1% for all of us or only the new customers ? I still got the 0.5% bonus paid out this november.

Dave


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## Dave

I called Capital One and if you already have the 1.5% deal, you keep it. The 1% cashback is only for new applications.


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## Echo

Yes, if you've already got it then the benefits are grandfathered. Just like the folks who still have the MBNA World Points card that pays 2% cash back on everything. Unfortunately it's not open to new applicants.


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## pentel

The Capital One 1.5% cash back and MBNA World Points 2% everything are probably the best cash back cards ever offered. Be nice if they get offered again.


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