# Credit Cards



## 30seconds (Jan 11, 2014)

Just curious to what credit cards people like..

I have an MBNA Smart Card for 90% of spending.
BMO SPC Airmiles card from when I was 18. 
And a Petrocanada card which I used when I was buying gas. Sitting on the shelf now.

On a side note not to distract from my main goal of the thread but my BMO is the oldest and has the most purchases done it. Would cancelling to effect the credit score I gained from it. Ive had MBNA for close to 1.5 years bmo for 5.


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## Westerncanada (Nov 11, 2013)

My Personal Opinion.. aeroplan/airmile's are increasingly poor choices as there value (point value) erodes on top of tax's and fee's getting higher. 


I currently use TD Travel Rewards Visa which give's you full value on all redemption and highly recommend this card.. 

Also, I haven't used it but understand Avion card's offer a similar redemption process..

Ultimately boil's down to preference and spending patterns.. typically if you are spending less then 20K a year on your card the 'Reward' type doesnt equal the yearly fee.. so you may want to look at a $0 Annual free option as well?


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## 30seconds (Jan 11, 2014)

Yes I noticed that to. The tax's they are able to throw on the flights is insane thats why I don't use it. It was nice to use the points I had for a couple short trips though. 

Really happy with MBNA. I defiantly spend under 20K so zero fee is the way I've gone. Guess I'm looking for other alternatives to MBNA if there are any.


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## Westerncanada (Nov 11, 2013)

30seconds said:


> Yes I noticed that to. The tax's they are able to throw on the flights is insane thats why I don't use it. It was nice to use the points I had for a couple short trips though.
> 
> Really happy with MBNA. I defiantly spend under 20K so zero fee is the way I've gone. Guess I'm looking for other alternatives to MBNA if there are any.


Out of curiosity.. what type of rewards are you wanting most? Travel? Or Cash? Do you have any need for travel insurance/benefits or is that not something of interest?


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## 30seconds (Jan 11, 2014)

TBH I started this just to see what other members where using.. being nosy. 

For me cash back is the preferred.


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## DayTek (Sep 26, 2013)

I have an RBC Cash Back MasterCard...Loooove it! Got $180 in cash back this January. No fee...2% back on groceries, 1% on everything else.

We also have a no-fee RBC Rewards Gold Visa as a back-up card in case some places do not accept MasterCard. We don't use it much, except for a few small, online purchases. 

We downgraded to that card from the RBC Rewards Visa Preferred because we haven't gone on any trips outside the province/country since 2011. The Preferred was an awesome travel card, though. We took it mainly for the insurances (Medical, Auto, Trip Cancellation/Interruption) and saved hundreds of dollars doing so. Not a bad reward point system as well. We will upgrade back to the card if we start traveling abroad again 

I love my no-fee cards and never carry a balance. Credit card companies must loath us because they are paying us! Mwa ha ha...


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## cedebe (Feb 1, 2012)

I have an aeroplan classic Visa with CIBC that costs me $29/yr. Points are 1:$2 vs. 1:$1. In addition to points earned via the cc, I also get points through the aeroplan estore and other promotions. I loathe aeroplan and their flight fees, but at $29/yr, I try not to complain too often -- especially since I haven't found anything comparable that'll give me flights.


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## coptzr (Jan 18, 2013)

DayTek said:


> I love my no-fee cards and never carry a balance. Credit card companies must loath us because they are paying us! Mwa ha ha...


Can do better than that...have BMO Mastercard with 1% cashback + shell bonus(SORRY, not 2%, just checked statement, made mistake) and I don't have a bank account with BMO. Pay monthly statement with cash, rewards go back onto balance. They hate it every time I go in to pay it off, especially because I overpay it sometimes just to be safe.


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## Nemo2 (Mar 1, 2012)

TD Infinite Visa (Travel points).....we pay no fee.........also contemplating getting a Cash Back Master Card, (with the lowest possible limit), for when we're away.


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## Westerncanada (Nov 11, 2013)

coptzr said:


> Can do better than that...have BMO Mastercard with 2% cashback and I don't have a bank account with them. Pay monthly statement with cash, rewards go back onto balance. They hate it every time I go in to pay it off, especially because I overpay it sometimes just to be safe.


This may be only with my card.. but i regularly pay over the balance owing as my work reimburses me for all my travel expenses (so sometimes a larger one will come in after i've paid off my statement.. and I noticed on my Trans Union it actually calculates the -negative amount as a balance owing.. ie if my statement closes with $1000 overpayment it shows my CC Balance on Transunion as $1000 Balance..


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## 30seconds (Jan 11, 2014)

I dont have a bank account with BMO either haha. What mastercard are you getting 2% cashback? Cant find it. Is that on all purchases?

I wish the CC that gave protection for vehicle rentals would cover people under 25. That fee they tag on is ridiculous. Costs more for underage coverage then to rent the car.


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## coptzr (Jan 18, 2013)

^^^

Got it couple years ago, No fee, 1% cashback + shell bonus(SORRY, not 2%, just checked statement, made mistake)


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## Echo (Apr 1, 2011)

I use the Scotia Momentum Visa Infinite for groceries, gas (4% back), drug store, and recurring bill payments (2% back). Then I use the Cap One Aspire Travel World MasterCard for everything else. I also carry the Costco TrueEarnings Amex for Costco shopping and for restaurant purchases (3% back). I just recently added the Amazon Rewards Visa for Amazon purchases and for the no-fee foreign currency conversion.


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## wendi1 (Oct 2, 2013)

PC MC. Free. Free groceries.

Also, free banking and chequing.


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## james4beach (Nov 15, 2012)

MBNA smart cash and PC Mastercard.

They upgraded me to one of the black PC cards which means 2% reward (instead of usual 1%) at Loblaws-family stores.


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## Video_Frank (Aug 2, 2013)

Echo said:


> I use the Scotia Momentum Visa Infinite for groceries, gas (4% back), drug store, and recurring bill payments (2% back). ... Amazon Rewards Visa for Amazon purchases and for the no-fee foreign currency conversion.


Same. I'm averaging $50k per year on credit which will average out to more than $1.5k per year cash rewards, net of fees, on the Scotia Visa.


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## BC Eddie (Feb 2, 2014)

Westerncanada said:


> This may be only with my card.. but i regularly pay over the balance owing as my work reimburses me for all my travel expenses (so sometimes a larger one will come in after i've paid off my statement.. and I noticed on my Trans Union it actually calculates the -negative amount as a balance owing.. ie if my statement closes with $1000 overpayment it shows my CC Balance on Transunion as $1000 Balance..


Maybe I am not understanding you but there is no need to pay more than your statement balance to avoid other charges. Every month I pay my statement in full on the due date (In fact I have it setup so the card automatically takes the full statement amount from my bank account on the due date (I do not think all card companies offer this option)). Virtually every month there are significant charges that then hit the card between the statement date and the payment date but there is never any charge (e.g., interest) on my statement for this on the next month. So just pay your statement amount.


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## FiveCardCharlie (Feb 10, 2014)

I use the MBNA Travel Rewards (MC). No annual fee, 2% cash back on all purchases. No cash back 'cap'. Pretty good.
Our family has cashed out about $3.5k so far in rewards in the last 3 years. We use the MC for almost all spending (and pay it off every month).


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## Echo (Apr 1, 2011)

FiveCardCharlie said:


> I use the MBNA Travel Rewards (MC). No annual fee, 2% cash back on all purchases. No cash back 'cap'. Pretty good.
> Our family has cashed out about $3.5k so far in rewards in the last 3 years. We use the MC for almost all spending (and pay it off every month).


That's a great card. Too bad it's not open to new applicants anymore. ING/Tangerine is supposedly working on a cash back card - hopefully they can offer a 2% back card on all purchases.


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## Ag Driver (Dec 13, 2012)

I hold two cards:

CIBC Dividend Visa - No Fee's. This gives a 1% cash back at the end of each year. I use this card for everything possible. 

Canadian Tire Options World Master Card - No Fee's. I use this for Gas at Canadian Tire Gas Bar's. This gives me the maximum Canadian Tire money bonus for fuel every time. I also use this card for bill payments that I can not do with my visa. There are no fee's for doing bill payments via Options Credit Card. Thus, I get Canadian Tire Money back on my Taxes, Union Gas, and Hydro -- No charges for using this credit card that way! If I do not want to spend the points on Canadian Tire products, I will just buy a gift card and purchase gas with said gift card.

The only other card I am debating on getting is the Amazon.ca Rewards Visa purely for it's No Fee foreign transaction feature. Aside from that, I'm not interested in anything that gives aeroplan or airmiles or any other point system. When I get back to traveling more often, I will look at a card with travel insurance and rental insurance.


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## fraser (May 15, 2010)

Captital One for purchases in Canada.

Chase Visa for purchases outside Canada....they do not have a 2.5 percent hidden charge on foreign transactions.


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## PoolAndRapid (Dec 3, 2013)

..


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## FinancialPanther (Jul 13, 2013)

I use TD First Class (4.5% back on ExpediaForTD, 1.5% back everything else), MBNA SmartCash (2% back gas+groceries, 1% everything else). I am thinking of getting one of the Chase cards for the no foreign exchange fee feature.


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## Canadian (Sep 19, 2013)

I use the BMO world elite card. Annual fee isn't cheap but I end up saving money from the insurance, warranties, and other frills.


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## pwm (Jan 19, 2012)

This is slightly off topic, but I was wondering how reliable have your micro-chip cards been? We have CTC Options Mastercard cards with the new chip technology. My wife's card quit working a month ago and I had to call to get a new one. Now mine no longer works. It's a new card, only about 2 weeks old. The mag strip still works but the chip does not. Have others had this problem?


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## pwm (Jan 19, 2012)

I just called to get a replacement card and they gave me a $5.00 credit to compensate for my inconvenience. I think that was quite good of them. The service desk person I talked to said that it is a common problem and they are tracking the occurrences to try to identify a pattern.


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## Canadian (Sep 19, 2013)

RE micro-chips: it tends to be random. I've yet to have any issues and I've had cards with the chip for years. I know people who need to replace their cards quite often. I leave my cards in my wallet, though, and see some others who will hold their cards loose in the pockets with change, phone, etc. I've heard that certain electronics and magnetic items can ruin the chip.


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## Ag Driver (Dec 13, 2012)

PoolAndRapid said:


> I have the same. The 1% on the Dividend card doesn't kick in until you hit 3k so I retired it in preference for the Chase Amazon Visa as it's gives you 1% with no tiers plus it pays rewards as your accumulate them in $20 increments. And no FX charges of course. The only advantage I see the CIBC card having over the Chase card is the web interface. Not that CIBC's is anything special; it's that Chase's is really outdated.
> 
> I didn't know Canadian Tire had an Options World card. I can't find it on their website. Do you have a link? To convert CT money on the card to cash, you can purchase an item and then return it. The credit will be applied against any balance.


Yes, the CIBC Card is tiered, but racking everything on the VISA, I find it very quick to hit 3k (usually by month two). I may go with the Amazon card if it is 1% all the time AND no FX fee's... for some reason I didn't read that it was a cash back card. I just assumed "points" were for Amazon purchases.

As for the Canadian Tire Options card, I was invited into the "Elite" program back when they had it (I don't think it is available now). I think when they phased out Elite, they automatically upgraded me to Worlds. It gives better returns vs a regular Options card. Unfortunately, it appears you can not apply for this card, as it must be offered to you. Maybe call and request to be upgraded? I have called and asked for a website that even outlines the rewards, or the card in general -- and they have nothing to provide.

http://www.canadiantire.ca/en/instore-financing.html -- It is the black card pictured in the back ground. You can see World in the upper right hand corner.


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## Feruk (Aug 15, 2012)

The only thing that matters is rate of return after fees. If you're below 1.5%, you're getting ripped off.

I spend ~$1,500/month on credit card. I have
a) MBNA Smart Cash World: 5% back on groceries/gas for first 6 months, no cap, no fee. Then it goes to 2% with a $400 cap and 1% beyond that (not sure if capped). I use it just for gas and groceries, so my ROR used to be 5%. Now on $1,500, it's 1.27%. HUGE drop; I go from getting a $50 cheque monthly to once every SIX months. So for those who swear by this card, once the 6 month trial is over, you might as well cancel as you're getting ripped off.
b) Capital One Aspire Cash World: 1.5% cash back on ALL purchases. No limits, no stupid points, no fees, just cash. After the 6 months with MBNA ended, I now use this exclusively.
c) RBC Rewards Gold Visa: Horrible horrible card. I only have it so I have a Visa. ROR is UNDER 0.5%.


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## Hogo (Mar 6, 2014)

I personally churn through credit cards, but here is what I am using right now:

1) Capital One Aspire World Card - Essentially a flat 2% on all purchases (you have to play around with how you redeem). 35,000 mile Signup bonus ($350), $120 Annual fee which is partially covered by an annual $10,000 mile bonus ($100). 
2) TD First Class Visa - No annual fee (Free with All Inclusive Banking Plan from TD) I use this exclusively for expedia.ca travel bookings for 4.5% cashback in points. 
3) Amex Gold Rewards - 2 Amex MR points per 1$ spent on all travel expenses (Hotel, flight, car) $120 annual fee (first year free, and 25,000 bonus points on signup)
4) Amex Platinum - $700 Annual fee, first year 60,000 bonus points. I use this exclusively for one year, and for the perks (airline lounges, concierge, annual $200 travel credit) 

I travel for work so most of my cards are travel oriented.


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## Kursor (Mar 7, 2014)

In the Wallet:
- MBNA Reward Travel World Elite 2% Cash Back for all purchases, no annual fee, no cap for rewards

In the drawer and only pulled out for certain circumstances:
USD/Foreign purchases (USD Online and purchases abroad):
- Amazon Visa for - 0% Foreign Exchange fees and 1% cash back
Note: Pain that Chase doesn't support Pre-authorized Automatic payment of the full balance, so you have to remember to pay your bills!

Travel/Accommodations/Rental:
- Capital One Aspire Cash World Elite - Effective 1.5% cash back, no annual fee, no cap for rewards, free travel, booking, rental, and medical insurance.

Bill Payments that don't accept Credit Cards (Property Tax, Utilities, etc):
Canadian Tire Cash Cash Advantage

Legacy unused:
PC Mastercard World Elite (since MBNA Reward Travel is better)

Future Card(s) Contemplating on getting:
Scotia Momentum VISA Infinite card - 4% cashback from gas & groceries is tempting. Annual fee is a turn off, though. Anyone have any luck in calling in and getting the *annual fee waived on the 2nd year and beyond?*


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## FrugalTrader (Oct 13, 2008)

@Kursor, how do you use the Canadian tire credit card for bill payments that don't accept credit cards?


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## OurBigFatWallet (Jan 20, 2014)

Kursor said:


> In the Wallet:
> - MBNA Reward Travel World Elite 2% Cash Back for all purchases, no annual fee, no cap for rewards
> 
> In the drawer and only pulled out for certain circumstances:
> ...


I use the Scotiabank Momentum Visa Infinite. I've tried negotiating to have the fee waived but no luck. I even suggested moving all our banking over to Scotiabank with no luck. Head office says it's a decision at the branch level so my guess is they can waive it for select clients, but no luck yet. 

For paying bills that don't accept credit cards - do you mean a Canadian Tire banking card? Or are you able to pay property taxes, utilities etc with the Canadian Tire Credit Card?


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## Kursor (Mar 7, 2014)

FrugalTrader said:


> @Kursor, how do you use the Canadian tire credit card for bill payments that don't accept credit cards?


https://www.ctfspayments.com/CTFS_Consumer/Landing.do


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## FrugalTrader (Oct 13, 2008)

@Kursor, I really don't understand how that works. Say I have a utility bill and they do not accept credit card, does CTFS pay on my behalf in cash?


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## carverman (Nov 8, 2010)

Apparently you can pay your property taxes with credit card, but you are charged a service fee...which is yet another "tax"...when you are paying taxes already,



> If paying Ottawa taxes by CC:
> 
> Taxpayers can now pay property taxes online with MasterCard, VISA, American Express (AMEX) and Interac Online.
> 
> ...


so lets see..you are paying lets say an installment of $2000 on your property taxes via credit card..the total charge will be $2039.80 on your CC bill. If your property taxes are for example
$4000 a year..you will have paid another $79.60 to a third party that forwards your tax payment to the city.


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## Kursor (Mar 7, 2014)

FrugalTrader said:


> @Kursor, I really don't understand how that works. Say I have a utility bill and they do not accept credit card, does CTFS pay on my behalf in cash?


1. Get a Canadian Tire *Mastercard*
2. Go to ctfspayments.com
3. Enter in card details (Card #, etc)
4. Select from list of Payees (In my case, Union Gas, Oakville Tax, Oakville Hydro)
5. Enter Account # of Payee
6. Enter *Amount $*
7. Click Submit

2-3 business days later you'll see the exact same *Amount $* on your transaction history. No extra service fees. Just exactly what you paid for. I've been doing this for about 2 years now. How CTFS does it in the background to pay the Payee? I don't know. Don't care.

Pros:
- 21 day grace period for your tax, utilities, etc.
- Cash back (it's actually not all that great - tiered up to 1% under $24k)
- Also works with Canadian Tire's other card that gives CT $. I think you can redeem it for gas and it has a higher RoR.

Cons:
- You have to go through these exact steps every you need to pay your bill. The system doesn't save your payees.
- You have to remember to pay your bills on time. So if you normally do a pre-authorized payment through your chequing account to your respective municipality or utilities, if you go down the CTFS route, you'll need to pay your bills manually.




carverman said:


> Apparently you can pay your property taxes with credit card, but you are charged a service fee...which is yet another "tax"...when you are paying taxes already,
> 
> so lets see..you are paying lets say an installment of $2000 on your property taxes via credit card..the total charge will be $2039.80 on your CC bill. If your property taxes are for example
> $4000 a year..you will have paid another $79.60 to a third party that forwards your tax payment to the city.


As per my reply above, you're going through CTFS. You ARE NOT paying directly through each respective utilities organization. ie there's no extra fees or hidden fees.


*Admin: Can you take me off having my posts reviewed before posting each time? My contribution has been one of the most earth shattering contributions to this board in a long time.*


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## Kursor (Mar 7, 2014)

I may go for the Scotiabank Momentum Visa Infinite after all dedicated to gas/groceries/drug stores. Break-even point btw these to cards for just for gas/groceries is $6,500 spend. 

Scotia Scotiabank Momentum Visa Infinite 4% cash back on gas/groceries: $6,500 spend is $260 - $130 annual fee (His & Hers) = $130
MBNA Reward Travel 2% cash back assuming just on gas/groceries: $6,500 spend = $130 

Added bonus is I can buy gift cards at the gas/groceries/drug stores for other NON gift cards at the gas/groceries/drug stores and get 4% cash too.



OurBigFatWallet said:


> I use the Scotiabank Momentum Visa Infinite. I've tried negotiating to have the fee waived but no luck. I even suggested moving all our banking over to Scotiabank with no luck. Head office says it's a decision at the branch level so my guess is they can waive it for select clients, but no luck yet.
> 
> For paying bills that don't accept credit cards - do you mean a Canadian Tire banking card? Or are you able to pay property taxes, utilities etc with the Canadian Tire Credit Card?


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## Westerncanada (Nov 11, 2013)

Hogo said:


> I personally churn through credit cards, but here is what I am using right now:
> 
> 1) Capital One Aspire World Card - Essentially a flat 2% on all purchases (you have to play around with how you redeem). 35,000 mile Signup bonus ($350), $120 Annual fee which is partially covered by an annual $10,000 mile bonus ($100).
> 2) TD First Class Visa - No annual fee (Free with All Inclusive Banking Plan from TD) I use this exclusively for expedia.ca travel bookings for 4.5% cashback in points.
> ...


I am also on #2 and Also travel for work using expediafortd.ca and think this is truly the biggest hidden gem out there.. highest rate of return for any card going period at 4.5%... 

Not to mention you get an additional 1000 Points per transaction


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## PoolAndRapid (Dec 3, 2013)

..


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## FrugalTrader (Oct 13, 2008)

I have multiple credit cards, and I find that the billing cycle changes based on when you pay the full amount. So I pay all my credit cards at the same time, and now their due dates are all relatively close. Is that just coincidence on my part?


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## livingthedream (Apr 28, 2014)

I have several credit cards. I have the amazon visa for US and international travel.
My wife and I both have the Westjet RBC MC, mainly for the $99 companion feature. We fly Westjet to Dallas at least twice a year so absolutely worth it.
I also have the AMEX Starwood credit card, which I have had for the last 7 years. While it is $120, we travel a lot and get at least 5 free nights in a Starwood hotel every year.


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## Marguerite Gilmore (Apr 10, 2014)

Right now Aeroplan is running a promotion where you can earn 5x Aeroplan miles for purchases through their eStore between October 15-19, 2012. I can personally attest to the fact that you can earn these Aeroplan miles even if you live in the United States.


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## Abbie Darcy (Apr 10, 2014)

Aeroplan Miles are critical for enabling EWB to create change in the world.


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## kcowan (Jul 1, 2010)

So my hard-earned miles are being diluted to attract new suckers?


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## newfoundlander61 (Feb 6, 2011)

Use the CIBC Classic Visa with a $5k limit, comes in handy for hotel bookings and online shopping. Treated as cash meaning don't use it unless i can pay it off monthly, don't bother with points cards at all.


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