Best rewards credit card
- Thread starter Tangwhich
- Start date
Recently, I cancelled about 15 credit cards. Many that I have not used for years. Why does anyone need a Home depot credit or a gas station card when one or two all purpose cards will do. I whittled it down to my Canadian Tire card and Presidents Choice card. I use my CDN Tire card for almost everything to accumulate points, to maximize the value of the points I only buy things at CDN Tire that are on special when they are 40-50-80% off. Even when the need is in the future and not now.
Recently, I just found out that CDN Tire will be bringing out a new loyalty points plan because they are afraid of what Target will do to them when the start to sell in Canada. If you are a CDN Tire Card holder, cancel your card and by the time the new enhanced loyalty points plan goes into effect they will probably offer you an incentive to join up. The Target stores will probably also offer a loyalty plan as well.
Recently, I just found out that CDN Tire will be bringing out a new loyalty points plan because they are afraid of what Target will do to them when the start to sell in Canada. If you are a CDN Tire Card holder, cancel your card and by the time the new enhanced loyalty points plan goes into effect they will probably offer you an incentive to join up. The Target stores will probably also offer a loyalty plan as well.
I'm a fan of the Amazon Visa, but it's only a good deal if you already make purchases from Amazon.
If you travel, the best deal, as rated by a pro on redflagdeals, is AMEX's SPG card. Accumulate points and you can use them for hotels in the SPG group: Westin, St. Regis, etc. Also can use points for travel. I previously used Aeroplan but am getting out.
For my money, nothing beats cash back.
Fuck Aeroplan, fuck points anything.
Cash.
Just give me money, that's what I want. Easily quantifiable, no bullshit anything, no fucking idiots to call to redeem.
Cash
CIBC Infinite Divident Card - gives you 2% cash back (graduated scale) for a $79.00 annual fee (yes, the fee is bullshit).
Maximum payable is something like $745.00 per annum. After you accumulate that, you get fuck all, so then I switch to my RBC Mastercard cash back (free - gives you 1% cash back.)
Fuck Aeroplan, fuck points anything.
Cash.
Just give me money, that's what I want. Easily quantifiable, no bullshit anything, no fucking idiots to call to redeem.
Cash
CIBC Infinite Divident Card - gives you 2% cash back (graduated scale) for a $79.00 annual fee (yes, the fee is bullshit).
Maximum payable is something like $745.00 per annum. After you accumulate that, you get fuck all, so then I switch to my RBC Mastercard cash back (free - gives you 1% cash back.)
You can get up up $0.10 a liter off. The average person using 1/2 to 1 tank of gas or even a family using 2 cars using 2 tanks of gas a week will not see the $0.10 off a liter. They even try to hide how much you are getting back at the Canadian Tire credit card application website.
Many times they have promotions that allows you to pay over 12 months at 0%, ie. bought $20,000 of flooring and paid over a year with no interest instead of lump sum upfront. It's the only reason I have it.
There are certain cards that give you back more than 2% in value, better than cash back of 2%. Former Citibank driver's edge Platinum gave me 3%, now sold to CIBC. PC card gives you 3% back in value at certain retailers. Some Mastercards give back 3% in value in many retailers. It's up to each person to see what works for them, our needs are not all the same.
I have that card for free just for the free TD Auto Club benefit, lol, other than that it's not a great card for cash back, lots better out there.
What ever bank you belong to should have some ideas. I think the major banks have an online tool that takes you through a series of questions and then recommends which reward card is best for your spending habits.
