Visa Card - Farking CIBC is always farking around with it

[james t kirk]

I have a CIBC Visa "Dividend Infinite" card.

https://www.cibc.com/ca/visa/dividend-visa-infinite-card.html

Long story short:

79 bucks a year annual fee.
Slidling scale of cash back -

Tier one - 0.5% rebate on first $3,000 in annual net purchases
Tier two - 1% rebate 12,000 in annual net purchases (Between $3,000 and $15,000)
Tier three - 1.5% rebate on next $20,000 in annual net purchases (Between $15,000 and $35,000)
Tier four - 2% rebate on next $15,000 in annual net purchases (Between $35,000 and $50,000)


Up to a maximum of $735.00 a year.


Now here's the problem. They only recently introduced the $735 maximum. (Cause some years I received more - I keep my old Visa Statements)

They've also fucked around with the scale as to how much you need to spend to get into which tier.

Fuckers.

The other day, I get a letter in the mail from CIBC offering me a CIBC Dividend "Ulimited Mastercard"

https://www.cibc.com/ca/credit-cards/cash-back-world-mastercard.html

Basically, it's the same, but....

1. It's a Mastercard (I prefere VISA)
2. After you spend 50k, you get 1% on anything over and above 50k (with Visa you get fuck all now)
3. You get Mastercard PayPass - which could be handy I suppose.


RBC, my other bank, has nothing of the like. Simply 1% back with an annual fee of $19.00.



My question to the peanut gallery is what is the best card out there for your needs.


I don't want Aeroplan as Aeroplan is bullshit frankly. Plus Air Canada is likely to go broke again and who knows how it will go next time.

 

[fuji]

The non-fee CIBC dividend card is 1% cash back with no annual fee. I know in most cases you can earn back more than the annual fee if you're a big spender, but I don't pay bank fees as a matter of principle, a principle I am not willing to sell out for what will be at most a few hundred dollars.

 

[james t kirk]

The non-fee CIBC dividend card is 1% cash back with no annual fee. I know in most cases you can earn back more than the annual fee if you're a big spender, but I don't pay bank fees as a matter of principle, a principle I am not willing to sell out for what will be at most a few hundred dollars.

I absolutely agree with you.

But $79.00 will get you $400.00

So logically, it only makes sense to pay the fee and get the additional $300 (give or take) profit.

 

[Brotherman]

Get the RBC Gold Rewards points card. I have a $25 gas card from esso coming in the mail,
after only 3000 points.

Next, get yourself an AMEX with airmiles. AMEX recently offered me a free $25 gift card, if I spend $5 at each of the 4 groups of retailers.

I think once you get an AMEX, you will see how nicely they reward you. Of course your account has to be in good standing.

Not to mention the nice high credit limit which is great for your credit rating.

 

[Moraff]

My Capital One Platinum has no fee and pays me 3% on all purchases w/ no cap. However this offer does not appear to be available any longer and I only got to keep it because they screwed up on the terms when they offered it to me, although I have to argue with them every now and again to keep them honouring the deal.

Looks like what they are offering now for no fee is 1% on purchases with a bonus 1% on gas and groceries (as long as the retailer codes the sale right ) and no cap.

 

[fuji]

So logically, it only makes sense to pay the fee and get the additional $300 (give or take) profit.

Sure you're right, but the way I see it for a measly $300 I get to say that I don't pay bank fees. Ever.

 

[TVA]

canadian banks rape customers because they are monopolies compared to the US banks. I refuse to pay bank fees too. get presidents choice financial mastercard. it has no fee, and get 1% back on any amount you spend, had it for over 10 years, no problem.

 

[blackrock13]

Time to tell them it's becoming too complicated and tell them it's time to consider honouring some of your other cards. That tired stuff is just crap. KISS people.

 

[blackrock13]

canadian banks rape customers because they are monopolies compared to the US banks. I refuse to pay bank fees too. get presidents choice financial mastercard. it has no fee, and get 1% back on any amount you spend, had it for over 10 years, no problem.

Again, a blanket statement that really doesn't always hold true. You can have one bank bend some to keep you as a customer when they know you have other services from other banks. I do it all the times, with two banks and three cards, don't treat them like idiots and get well treated because of it; preferred interest rates, higher tier service packages. If that 10 lb hammer approach is the attitude you hand your bank(s), no wonder you get that bum fucked feeling.

Our banking system has flaws, but it's the envy of the world right now and a whole lot more secure than the wild west they have south of the border. The fact that you call it an monopoly tell me that you have little understand insight into the banking world in canada and have little understanding how to work it.

 

[Rockslinger]

If that 10 lb hammer approach is the attitude you hand your bank(s), no wonder you get that bum fucked feeling.

Agreed. Charm never hurts. Just like with SC dancers I cut deals with banks all the time. The posted rate is just the posted rate. Managers and even assistant managers have some degree of "mangerial discretion" and can waive many fees. On the other hand, reward credit cards are getting complicated. Heard that a TERBIE is actually getting 3% back on his purchases.