Rewards credit cards

[dennise]

What is the best one in your opinion, a lot of them have some good offers for signing up with the first year free. I would cancel just before the year was up.

 

[Sprockie]

The World Elite Mastercard is good. It includes travel & medical insurance and every dollar you spend on it converts directly to travel cash. They have a website you can book cars, flights, cruises, hotels etc. on and you just redeem however many points you need to cover the total cost.

 

[hcortesis]

In my mind, the biggest thing to consider is how many "points" they earn per dollar spent. Most CIBC cards earn 1 to 1. TD travel cards earn 1.5 to 1. The highest I have ever found is the Capital One Aspire card which earns at a rate of 2 to 1.

 

[minnie mum]

The other thing to consider is how many points you think you could accumulate in one year in order to have enough to use for whatever it is you want to use them for. Translate that into how much money you would need to charge on that card in a single year. Would it even be worth it?

We have had an RBC Signature card (it used to be the Platinum card) for quite a few years, and place most of our purchases on it. Most years we've had enough points to take a flight somewhere. Some years not.

I'd also take a look at the fine print. Can you cancel it at the end of the first year? Is there a penalty or charge if you do? Bonus points or free fees for signing up usually come with a few caveats.

 

[badiggio]

Td Infinite.3-1.I use it for quite a few things,especially Expedia for TD.When booking online Iget 9 points for every dollar,6 points if phone assisted.It did cost one hundred at first but I got that back in bonus points to start.Works best for us.

 

[hcortesis]

Td Infinite.3-1.I use it for quite a few things,especially Expedia for TD.When booking online Iget 9 points for every dollar,6 points if phone assisted.It did cost one hundred at first but I got that back in bonus points to start.Works best for us.

Yes, I know TD says that you earn 3 to 1, which is true. However, you only redeem at 1.5 to 1. So in effect, you are really earning 1.5 to 1.

 

[Nahanni]

Amex Gold for sign up bonus (25,000 points converted directly to Aeroplan) but not to use beyond minimum requirements.

 

[badiggio]

Yes, I know TD says that you earn 3 to 1, which is true. However, you only redeem at 1.5 to 1. So in effect, you are really earning 1.5 to 1.

You may be right,but every 10,000 points gets you 50 dollars cash .You only spend one third to one ninth as the next guy to get the same reward.

 

[vacation_junkie]

What is the best one in your opinion, a lot of them have some good offers for signing up with the first year free. I would cancel just before the year was up.

We have the BMO Cash back Mastercard. No worrying about points/Rewards you get a credit every January on your card.
There is no yearly fee.
We try to use the credit card instead of our debit card.
We also have our bills set up to automatically go on the Mastercard.

We use the Master card for basically everything and just pay the bill at the end of each week.

We have our Yearly Travel Insurance Policy through BMO Mastercard as well so the $ we accumulate covers the cost of the travel insurance policy & more each year.

 

[loveshak22]

What is the best one in your opinion, a lot of them have some good offers for signing up with the first year free. I would cancel just before the year was up.

If you plan on cancelling the card before the year is up to avoid the annual fee then are you looking for something specific? Like enough miles for a plane ticket somewhere? A Disney gift card? The best rewards card for regular use and the best bonus for opening a card may not be the same.

For example, I opened a Disney rewards card because I needed a Visa card and we were about to purchase a vacation to Disney. I got 0% interest for 6 months on the vacation, maybe $100 credit on my statement, and 2% cash back on the vacation I just purchased. I used the card regularly before our trip and had a few hundred dollars in a Disney gift card by the time we traveled. It worked out nicely for me but in the end it's not nearly the best rewards card out there. I still use it because I do like the flexibility on using any airline and not needing to use rewards points but can get a credit on my statement for the a portion of the fare or the full price of the fare depending on my rewards balance. Although I think my DH's Chase premier card gets better points to dollars.

We are going on a trip to the Dominican in March so my DH opened a United Chase card which gave us 30,000 points after spending $500 and we opened a Chase Premier card that gave him 40,000 points after spending $3,000 in the first 3 months. We used those cards regularly and ended up with 70,000 points which we cashed in for a free flight to the Dominican which was running between $600 and $700 over the last few months.

So...I guess the best bonus for opening a card could depend on what you would want.

I wouldn't open a bunch of cards and cancel them before the year too much because it probably isn't great for your credit score. I've done it before to get some airline miles but only once in like the last 10 years so it wasn't a big deal on my credit report.

 

[vacation_junkie]

Remember...even if you cancel a credit card it still affects your credit rating! Every time a company dings your bureau to check your credit history it lowers your credit rating!

 

[wiigirl]

Remember...even if you cancel a credit card it still affects your credit rating! Every time a company dings your bureau to check your credit history it lowers your credit rating!

Good point....

 

[tinkerone]

If you plan on cancelling the card before the year is up to avoid the annual fee then are you looking for something specific? Like enough miles for a plane ticket somewhere? A Disney gift card? The best rewards card for regular use and the best bonus for opening a card may not be the same.

For example, I opened a Disney rewards card because I needed a Visa card and we were about to purchase a vacation to Disney. I got 0% interest for 6 months on the vacation, maybe $100 credit on my statement, and 2% cash back on the vacation I just purchased. I used the card regularly before our trip and had a few hundred dollars in a Disney gift card by the time we traveled. It worked out nicely for me but in the end it's not nearly the best rewards card out there. I still use it because I do like the flexibility on using any airline and not needing to use rewards points but can get a credit on my statement for the a portion of the fare or the full price of the fare depending on my rewards balance. Although I think my DH's Chase premier card gets better points to dollars.

We are going on a trip to the Dominican in March so my DH opened a United Chase card which gave us 30,000 points after spending $500 and we opened a Chase Premier card that gave him 40,000 points after spending $3,000 in the first 3 months. We used those cards regularly and ended up with 70,000 points which we cashed in for a free flight to the Dominican which was running between $600 and $700 over the last few months.

So...I guess the best bonus for opening a card could depend on what you would want.

I wouldn't open a bunch of cards and cancel them before the year too much because it probably isn't great for your credit score. I've done it before to get some airline miles but only once in like the last 10 years so it wasn't a big deal on my credit report.

may I ask how you got the Disney rewards card? I have looked into them several times but from what I read, if your from Canada you can't get one. did I miss something? I really want one. lol

as far as 'points' you really cant compare them, its apples to oranges. with my mastercard I get 1 airmile for every 15.00 I spend where as with some of the cards mentioned above you get 15 points. 15 points may look better however if it takes me 1600 airmiles to fly to mco and back it may take the other person 20,000 points to do that.

you need to decide what you really want from your rewards card. are you looking for flights? are you looking for items or gift cards? are you looking for a cash credit? you have to put it all into prospective before you can make the choice. you will never make the right choice for you until this is done.

airmiles works best 'for me' as I can get flights if I wish, I can get gift cards if I wish, heck, I can get a new set of pots and pans if I wish. i'm not locked into one thing. good luck with your choice.

 

[loveshak22]

may I ask how you got the Disney rewards card? I have looked into them several times but from what I read, if your from Canada you can't get one. did I miss something? I really want one. lol

I signed up on the website. I saw the $200 statement credit on the Disney World site at: https://disneyworld.disney.go.com/d...&appRedirect=http://disneyworld.disney.go.com.

I'm surprised it wouldn't be available for Canadian citizens??

 

[tinkerone]

I signed up on the website. I saw the $200 statement credit on the Disney World site at: https://disneyworld.disney.go.com/d...&appRedirect=http://disneyworld.disney.go.com.

I'm surprised it wouldn't be available for Canadian citizens??

from that web site
To be eligible for a Disney Visa Credit Card you must have a valid permanent home address within the 50 United States or the District of Columbia. Accounts subject to credit approval. Restrictions and limitations apply. Disney Visa Credit Cards are issued by Chase Bank USA, N.A. Offer subject to change.

i take it your from the u.s., this would explain how you were able to get it. wish i could.

 

[loveshak22]

from that web site
To be eligible for a Disney Visa Credit Card you must have a valid permanent home address within the 50 United States or the District of Columbia. Accounts subject to credit approval. Restrictions and limitations apply. Disney Visa Credit Cards are issued by Chase Bank USA, N.A. Offer subject to change.

i take it your from the u.s., this would explain how you were able to get it. wish i could.

Interesting...credit cards are used all over the globe so the restriction seems odd to me! Maybe it's legal issues with how the credit card operates in each country or something? I'm also surprised there's not something equivelant for Canada?

I am in the U.S.