Best credit cards?
- Thread starter AJstar
- Start date
Consumer Reports did a study in the November 2008 if you can get your hands on a copy (library).
Best cash-back cards Good if you pay off your balance regularly. If you don’t, opt for a nonrewards card with a lower APR.
Blue Cash from American Express 12.49 to 18.49% 5% cash back at supermarkets, gas stations and drugstores; 1.5% elsewhere. 0% APR on new purchases for up to 12 months. Offers a fixed 2.99% on balances transferred for 12 months (3% transfer fee). You only get 5% and 1.5% back on purchases made after you’ve spent $6,500 within a year; if you spend less, it’s 1% and 0.5%. Card is best for big spenders.
Capital One No Hassle Cash Rewards 9.9 to 16.9 2% cash-back on gas and groceries. 1% on all other purchases. 0% intro APR for up to 12 months. No limits on cash-back rewards, which never expire. $29 annual fee charged to people with lower credit scores.
Chase Freedom Visa 9.99 to 18.99 3% for every dollar you spend on gas, groceries, and fast food for the first six months, 1% of every dollar you spend in other categories, $50 credit after first purchase. 0% intro APR for up to 12 months. 3% rewards are limited to $600 in purchases per month; after you reach $600, you earn 1%.
Discover More 10.99 to 18.99 5% cash back in various categories on up to $400 of quarterly purchases, 0.25% on other purchases up to $1,500 in annual spending; 0.5% from $1,500 to $3,000; and 1% after $3,000. 0% on new purchases for six months, 0% on balance transfers for up to 12 months (3% transfer fee). Better deal if you redeem points for gift cards with the 100 retailers they partner with because you can get up to double points. Lesser reward for cash-back option.
They also had best rate cards and gas back cards.
Best cash-back cards Good if you pay off your balance regularly. If you don’t, opt for a nonrewards card with a lower APR.
Blue Cash from American Express 12.49 to 18.49% 5% cash back at supermarkets, gas stations and drugstores; 1.5% elsewhere. 0% APR on new purchases for up to 12 months. Offers a fixed 2.99% on balances transferred for 12 months (3% transfer fee). You only get 5% and 1.5% back on purchases made after you’ve spent $6,500 within a year; if you spend less, it’s 1% and 0.5%. Card is best for big spenders.
Capital One No Hassle Cash Rewards 9.9 to 16.9 2% cash-back on gas and groceries. 1% on all other purchases. 0% intro APR for up to 12 months. No limits on cash-back rewards, which never expire. $29 annual fee charged to people with lower credit scores.
Chase Freedom Visa 9.99 to 18.99 3% for every dollar you spend on gas, groceries, and fast food for the first six months, 1% of every dollar you spend in other categories, $50 credit after first purchase. 0% intro APR for up to 12 months. 3% rewards are limited to $600 in purchases per month; after you reach $600, you earn 1%.
Discover More 10.99 to 18.99 5% cash back in various categories on up to $400 of quarterly purchases, 0.25% on other purchases up to $1,500 in annual spending; 0.5% from $1,500 to $3,000; and 1% after $3,000. 0% on new purchases for six months, 0% on balance transfers for up to 12 months (3% transfer fee). Better deal if you redeem points for gift cards with the 100 retailers they partner with because you can get up to double points. Lesser reward for cash-back option.
They also had best rate cards and gas back cards.
Amex Platinum Aeroplan version. It has a steep yearly fee but you get a free yearly companion ticket for flights in the 15,000 Aeroplan points level and a lot of free access to lounges, hotel rooms (Royal York) etc. If you travel frequently then this is a good option. Also the "Infinite" versions of the banks CC's are good for racking up point on travel that you can use anywhere. In both cases I found that if you spend enough the companies will give you a credit back on some of the annual fees if you ask nicely but are firm.AJstar said:
here is a pretty good website for a list of cards.
http://www.creditcards.ca/
Starwoods AMEX is the best 'til all the bonuses are used up. Then the Hilton Amex is best, LOL.AJstar said:
That is if anyone can get CC's now. They ain't issuing any mo' to anyone.
Gyaos Baltar.
Amex airmiles credit card-1 air mile for every $20 you spend with no annual fee. 1 air mile for every $15 you spend, $10 for air miles merchants like LCBO for Platinum card but you have to pay $50 annual fee. Still, it's cheaper than Aerogold/RBC Avion of the world, plus no expirary date on air miles yet. You could use this Amex card to do grocery shopping and renew membership at Costco.
PC Mastercard or Citi's Petropoints Mastercard-nothing beats free grocery and lower gas bills without annual fees. No expiary date for those points either for the time being, unlike Aeroplan
. Plus, both cards have paypass technology, meaning you fill in the gas at PetroCan gas station or getting double-double at Timmy or Combo meal at McDonald faster.
CIBC Dividend Card-this may not be the best among the cash back cards cause it's tiered but hey there's no annual fee. Plus it's a Visa card and that comes in handy when you have odd merchants that only accept both debit and Visa cards only.
For those who are really loaded ($100K+ market value monthly), HSBC Premier Mastercard is the best deal compared to those Visa Infinite Card or Amex Plantinum charge card as that Mastercard have the same perks as the Infinite Card without outragious annual fees.
PC Mastercard or Citi's Petropoints Mastercard-nothing beats free grocery and lower gas bills without annual fees. No expiary date for those points either for the time being, unlike Aeroplan
. Plus, both cards have paypass technology, meaning you fill in the gas at PetroCan gas station or getting double-double at Timmy or Combo meal at McDonald faster. CIBC Dividend Card-this may not be the best among the cash back cards cause it's tiered but hey there's no annual fee. Plus it's a Visa card and that comes in handy when you have odd merchants that only accept both debit and Visa cards only.
For those who are really loaded ($100K+ market value monthly), HSBC Premier Mastercard is the best deal compared to those Visa Infinite Card or Amex Plantinum charge card as that Mastercard have the same perks as the Infinite Card without outragious annual fees.
Not so sure the fee schedule nowadays. If I am not mistaken, interac charges $0.08 or 0.5% per transaction, while Visa/Mastercard charges 1.72%. Amex usually charge 50 basis points more than Visa/Mastercard as Amex does not and could not issue cards via banks here in Canada.AJstar said:
But again that depends on the business nature of the merchants in question.
BTW, Amex charge cards, not credit cards cousins are preferred when it comes to corporate spending. It is also true for those high net worth individuals willing to spend big and pay in full balance before the due date.
I prefer VISA over AMEX because AMEX is not as widely accepted. Of the the VISA cards available in Canada, I prefer TD Elite Gold ($99 annual fee). I found this card while searching for a better auto club than CAA Plus ($104). CAA's limitations had really p-o'ed me when I needed roadside assistance for my friend, a tow to a transmission shop from Oakville to Scarborough, a tow to a tire store, etc. TD's auto club had no such restrictions. Total piece of mind. (K. K. Enuff ranting about crappy CAA.)
Also 1% cash back across the board, trip interruption insurance, travel accident insurance, purchase protection, auto rental insurance, etc. makes this card nice.
Other cash back cards are tiered or have limitations on rebates (especially the free cards). Some don't have as many benefits, or offer the extras as optional benefits. For someone like me who spends about $2000 per month on my card and value a great auto club, this card is it.
However, not everyone's needs/wants all the benefits. I believe a person should spend some time to figure out how much spending will be done on the card each month, what benefits are desirable, and how much money those benefits are worth. Then he/she can start looking at various cards and their annual fees if any.
Also 1% cash back across the board, trip interruption insurance, travel accident insurance, purchase protection, auto rental insurance, etc. makes this card nice.
Other cash back cards are tiered or have limitations on rebates (especially the free cards). Some don't have as many benefits, or offer the extras as optional benefits. For someone like me who spends about $2000 per month on my card and value a great auto club, this card is it.
However, not everyone's needs/wants all the benefits. I believe a person should spend some time to figure out how much spending will be done on the card each month, what benefits are desirable, and how much money those benefits are worth. Then he/she can start looking at various cards and their annual fees if any.
Yes. It is also a hassle to deal with AMEX as a merchant, I am told. However, as a card user, I have found that they look after their customers like no other credit card issuer. My SO lost her purse in Europe, and it was a very easy matter to handle that emergency with AMEX.AJstar said:
I recently had a hassle with unauthorised charges to my VISA, and, even after I had my card number changed, they told me that they couldn't help me if the ripoff company tried to do it again to me. No protectino form VISA, and no further business from me, if I can help it.
As for Mastercard, I have had no issues with them, and I feel that they are almost as good as AMEX, except for Crappy Tire version of Mastercard. The CTC version offered no buyer protectin that was given to me by BMO Mastercard for no fee.
Whatever the card, try to get one form a reputable bank, or, as is the case with AMEX, directly form the issuer.
I just got the RBC Avion Infinite Visa card not too long ago. A welcome bonus of 15,000 points, and they waived the fee for the first year. It has a lot of perks that regular cards don't have, like concierge service, increased spending power etc.. For Mastercard, I prefer the Citi Enrich Platinum. No annual fee, and a full 1% cash back on all your purchases.
