Rewards credit card

Savage Bacon · #1 06-14-2023, 01:21 PM

My GM card is getting phased out and I need to pick a new plan. I could spend days comparing and not get anywhere. What are the best plans you guys are using?

My card was 5% back on the first $10,000 and 2% back on everything after that, in GM money. Restarting every year.

I don't travel so those plans don't do me any good.

The GM card was perfect for me. I'm kinda bummed that it is gone.

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Cement Bench · #2 06-14-2023, 01:35 PM

TD cash back is good enough for me

no annual fee

golferac · #3 06-14-2023, 02:02 PM

CDN Tire World Mastercard has probably one of the better no fee cards. 3% on groceries ex Walmart/Costco. 4% on CT. Roadside assistance. Not bad. You get your rewards in digital CT dollars.

JB_AOL · #4 06-14-2023, 02:15 PM

Quote:

Originally Posted by golferac

CDN Tire World Mastercard has probably one of the better no fee cards. 3% on groceries ex Walmart/Costco. 4% on CT. Roadside assistance. Not bad. You get your rewards in digital CT dollars.

I agree with this...

But your "Ex" is not "example", it is "excludes".

Savage Bacon · #5 06-14-2023, 02:26 PM

I don't mind collecting Canadian Tire money. I think the only thing I'd benefit from would be the 1% cash back on regular purchases. I don't really shop at their "favorite stores" or purchase fuel at their selected fuel stations.

Not applicable at walmart doesn't help

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golferac · #6 06-14-2023, 02:33 PM

Just for clarification, you would get 1% @ Costco/Walmart. You would get3% @ superstore/no frills/coop/iga etc.

Are you looking for travel rewards, specific company rewards or cash back?

Quote:

Originally Posted by Savage Bacon

I don't mind collecting Canadian Tire money. I think the only thing I'd benefit from would be the 1% cash back on regular purchases. I don't really shop at their "favorite stores" or purchase fuel at their selected fuel stations.

Not applicable at walmart doesn't help

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Savage Bacon · #7 06-14-2023, 02:37 PM

No travel. I'm looking for more of a cash value points card.

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Spidey · #8 06-14-2023, 02:50 PM

Quote:

Originally Posted by Savage Bacon

No travel. I'm looking for more of a cash value points card.

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I know you said you don't travel, but If you still do a lot of out of country orders/purchases, this card is one of the very few Canadian credit cards with no foreign transaction fees. It does have an annual fee, though.

It's both a travel and general rewards card (Scene points) and you earn triple points at most grocery stores, gas stations, restaurants or travel
and entertainment purchases (flights, hotels, car rentals, movie/concert tickets, etc). It's a Visa card, which works well when we're in the States (no foreign transacation fees and U.S. Costco stores only accept Visa, not MC).

Safeway just swtiched over to Scene points from Airmiles, so extra deals there as well.

https://www.scotiabank.com/ca/en/per...nite-card.html

mmmtracksoup · #9 06-14-2023, 03:58 PM

No such thing as a free lunch, how about we all just use cash or debit cards instead, bring down transaction costs for retailers and in time prices will come down. Why the push to make some fat cat bankers rich? JMO.

bat119 · #10 06-14-2023, 04:19 PM

PC Mastercard was giving 7 cents a a liter on fuel at Mobile it suddenly changed to 3 cents unannounced I filled up three times before I caught on

wallz · #11 06-14-2023, 04:24 PM

I've been using the CIBC dividend card for year, and the last 4 went over to their infinite card.
The dividend was no fee, and the infinite is a fee, but better cash back yearly.

dfarms11 · #12 06-14-2023, 04:53 PM

I've checked over a lot of different cards. They are basically all the same. Still looking for the best one! Do you ever miss even one payment a year? If so, IMHO, you're better off just paying cash / debit. One month of interest can kill your rewards for the entire year. Otherwise just pick the bank you like and get one from them. Just my 2 cents for what it's worth!

artie · #13 06-14-2023, 05:26 PM

I was going to go with the Costco Mastercard until I found out they can automatically put your renewal fees for the Costco card onto the credit card without your permission
not for me

fishnguy · #14 06-14-2023, 05:32 PM

Quote:

Originally Posted by bat119

PC Mastercard was giving 7 cents a a liter on fuel at Mobile it suddenly changed to 3 cents unannounced I filled up three times before I caught on

Ha! Just checked and you are right. I have not clued in, lol. Just noticed that my points don't accumulate as fast anymore. That makes the card kind of suck, really.

Triangle World Elite probably gives some of the best benefits, I would say, given the points, the road side assistance, etc.

Savage Bacon · #15 06-14-2023, 05:40 PM

I'm looking at the Scotia bank momentum infinite visa. 10% back on the the first $2000 spent. 4% back on groceries and reoccurring payments. 2% on gas and transit. And 1% on everything else. And the $120 fee is waived for the first year.

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macee · #16 06-14-2023, 05:56 PM

Not sure if you buy much from amazon but you can link your TD travel points and use them to buy stuff from them instead of travel.

fishnguy · #17 06-15-2023, 12:24 AM

Quote:

Originally Posted by bat119

PC Mastercard was giving 7 cents a a liter on fuel at Mobile it suddenly changed to 3 cents unannounced I filled up three times before I caught on

To follow up, I put some gas today at a Mobil gas station in town. The pump didn’t want to print the receipt and I didn’t have time to go stand in line to get one indoors, but this is what I saw by the pump:

Something I will have to look into because this is the only way the PC world whatever card I have makes sense to me.

bat119 · #18 06-15-2023, 07:13 AM

Quote:

Originally Posted by fishnguy

To follow up, I put some gas today at a Mobil gas station in town. The pump didn’t want to print the receipt and I didn’t have time to go stand in line to get one indoors, but this is what I saw by the pump:
.

About mid March Mobile stopped giving 7 cents a litre dropped to 3, in a rather scummy move points earned and a total were no longer on the printed receipt.
I phoned sent emails and blasted them on FB myself they relented and gave me 15,000 points ($15) for my 3 fuel purchases. I'll do a drive by see what the scoop is today.
Now the sign says 8 cents I suspect the consumer backlash made them reverse the decision.

fishnguy · #19 06-15-2023, 09:04 AM

^ Now that you talk about it, I do remember not seeing any points on the last receipt I looked at. Sneaky bastards. I looked online and do not see anything about 8 cents. Has to be though if it’s on the pump.

colin455 · #20 06-15-2023, 08:48 PM

Reward cards are a self funding scam. I talked to my CC about lowering my interest as we’ve many years of great credit. New card holders got an introductory rate lower than mine.
The person I talked to indicated as it was a reward card, the interest rates were higher.

Smokinyotes · #21 06-15-2023, 09:51 PM

Quote:

Originally Posted by colin455

Reward cards are a self funding scam. I talked to my CC about lowering my interest as we’ve many years of great credit. New card holders got an introductory rate lower than mine.
The person I talked to indicated as it was a reward card, the interest rates were higher.

If you are paying the balance in full each month you shouldn’t be paying interest

burbotman · #22 06-16-2023, 06:36 AM

Quote:

Originally Posted by Smokinyotes

If you are paying the balance in full each month you shouldn’t be paying interest

This right here A credit card can be a tool you leverage for your benefit or let the Credit Card leverage you for their benefit

sewerrat · #23 06-16-2023, 08:49 PM

We just switched to Scotia American Express, we get scene points and we rack up travel points as well, then we have a scene card as well so like shopping at Sobeys we use the scene card as well as the American Express so we rack up dou the points.
Unfortunately not all places accept American Express.
Our local coop grocery store does but the coop lumber store doesn’t.

Savage Bacon · #24 06-17-2023, 08:01 AM

I ended up going with the Scotia bank momentum infinite credit card. It's the same company that I was with before. Even tho I don't bank with them. And it was easier to stay with them and not have to apply somewhere else.

And I didn't have to start with a lower limit.

My GM money from my card that's getting phased out is still good for a couple of years.

This was the best cash rewards card for my spending habits. I use my cardlock for fuel and don't fly or travel, if I can help it.

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sewerrat · #25 06-17-2023, 10:44 AM

Quote:

Originally Posted by bat119

PC Mastercard was giving 7 cents a a liter on fuel at Mobile it suddenly changed to 3 cents unannounced I filled up three times before I caught on

I just filled up at Mobil and if you pay with your PC credit card you get 8 cent or 80 point, with your PC optimum card you get 3.5c

Penner · #26 06-17-2023, 12:03 PM

Quote:

Originally Posted by Savage Bacon

I ended up going with the Scotia bank momentum infinite credit card. It's the same company that I was with before. Even tho I don't bank with them. And it was easier to stay with them and not have to apply somewhere else.

Cash back cards are the way to go. 4% on groceries and bills, 2% on gas, 1% on everything else. Extend travel insurance and a bunch more features. Better than anything else out there.

Gotta have the Costco credit card, cash back on fuel and all purchases at Costco.

EZM · #27 06-17-2023, 12:13 PM

Quote:

Originally Posted by Smokinyotes

If you are paying the balance in full each month you shouldn’t be paying interest

I think Dean can explain this a bit better than I can (I will do my best to explain it) ..... but, as I understand it, you are "mostly" correct here .... interest is calculated daily on average balance. There is a fee built into the price (cost of goods in fees) in a arrangement with the retailer and the credit card company (so it's kind of hidden). It's a fractional percentage. When you buy something your are charged this fee and you fund it in the original price of purchase.

The interest you "see" on the credit cards is the interest that calculated on/at the end/beginning of the next billing cycle. It does give you a $ amount but the reality is, it is for that day only (as it's calculated daily).

Either way, cash back or rewards cars are, in reality, not a free ride for anyone, even if you are like some of us who carry no balance and pay these off.

And, yes the rewards (or cash back) are nice, but the reality is they are rewarding you your own self funded money ..... nothing for free and no way to "beat the banks".

If you are disciplined, it is pretty good, but not free.