which credit card has the most bang for your buck?

[xttxt]

Just wanted to get an idea of some of the credit cards that people use which have incentives (ie. travel points, rewards, cash back). I currently have a CIBC Visa earning aeroplan miles and a BMO Mosaik MC earning Air Miles, I figure I should just use one or the other or try something new. I also signed up at points.com to consolidate all my reward programs.

I know its very much dependant on personal preference - whether you prefer to travel, get cashback, or buy material rewards with points, just want to get an idea of what other people are using.

So if members could please post which credit card is in YOUR wallet and why you prefer it.

[bg_27]

I have a TD Visa Gold Elite as my main card, I get 1% cash back (on EVERYTHING) every year, I prefer the 1% cash back over air miles, points, because I can spend it on what I want and not sit in some travel account saving up for a trip. I think the annual fee costs $120, but I have a TD bank account that waives that annual fee.

I look at it that I am saving 1% on the purchase, this was helpful with my car or other large purchases (10k+), etc.

Someone told me, which I haven't actually calulcated on my own, but most points, cash back, etc. cards all work out to around 1% rewards anyways, so why not get cash back.

[nobb]

I mostly use my credit card to buy online or electronics. For that reason, I chose to primarily use my CIBC Classic Visa because of the included extended warranty feature.

[Kloubek]

I'm kinda unsure what my GM Visa will provide me... if anything at all.

[Neil4Speed]

Originally posted by Kloubek
I'm kinda unsure what my GM Visa will provide me... if anything at all.

If you typically buy GM cars this card is probably one of the best returns points per dollar. But you obviously have to buy new GM cars, which unfortunately do not give you very good returns per dollar...

[aaronck]

I use the BMO Mastercard, and collect the airmiles but I'm not sure what for-I've cashed some in for pretty decent rewards that I can flip on Ebay, which is almost like cash back.


Previously, I had the Canadian Tire Optimum card, which was 5% cash back, double that at Canadian Tire and Marks Work Warehouse-now THAT was a card!

[Super_Geo]

Originally posted by aaronck
Previously, I had the Canadian Tire Optimum card, which was 5% cash back, double that at Canadian Tire and Marks Work Warehouse-now THAT was a card!

Really? That doesn't sound right...

You will typically never find 'rewards' >2% because that's the fee the credit card company charges to the merchant (~2% for Visa/MC, up to 3% for Amex). So even though it's giving you 1% back, 1-2% is still profit.

With 5% back, that means Canadian Tire would be losing 2-3% with every purchase you made... unless that was ONLY for Canadian Tire stores, but reading your post makes it sound like it was 10% back at CT and MWW?

[lint]

AmEx Gold, 2% Cash Back (tiered), no annual fee
MBNA Smart Cash MC, 1% Cash Back (non-tiered), 3% on groceries and gas, no annual fee
Citi EnRich Platinum, 1% Cash Back (non-tiered), no annual fee

[LongCity]

I have the BMO mosaic gold card - $90/yr. I get 1% cashback on all purchases, 1 airmile/$15 as opposed to the normal 1/$40, and double reward miles at shell. First time using the card you get 150 AM and 450 (or 400 can't remember) if in each of the first three months you spend at least $2000.

[2002civic]

I like my RBC avion, 120/year but you get 15000 point to sign up which is a free flight basically and 1$=1 point and you can fly with any airline anytime

[B4tMan]

Originally posted by bg_27
I have a TD Visa Gold Elite as my main card, I get 1% cash back (on EVERYTHING) every year

I have similar card from CITI , but has a maximum of 250 rebate a year.

I found out when I decided to buy the car on the CC - teir customer service informed that only 250 will be sent by check :P

[ExtraSlow]

If you are just going to sell your cards, why not cash in for gift cards?
You can get them for Shell, Home Depot and lots of other places that you probably shop at all the time.
That's like cash, and no hassle of selling them on ebay.

[Isaiah]

Originally posted by LongCity
I have the BMO mosaic gold card - $90/yr. I get 1% cashback on all purchases, 1 airmile/$15 as opposed to the normal 1/$40, and double reward miles at shell. First time using the card you get 150 AM and 450 (or 400 can't remember) if in each of the first three months you spend at least $2000.

I don't think you're getting both cashback AND airmiles. I'm using the card and it's either one or the other.

[LongCity]

Originally posted by Isaiah

I don't think you're getting both cashback AND airmiles. I'm using the card and it's either one or the other.

Yah you are because the premium card, which is $50 I think, you only get the cashback. We are paying $90 so we are getting more than just that, otherwise it's quite pointless.

[rc2002]

Originally posted by bg_27
I have a TD Visa Gold Elite as my main card, I get 1% cash back (on EVERYTHING) every year, I prefer the 1% cash back over air miles, points, because I can spend it on what I want and not sit in some travel account saving up for a trip. I think the annual fee costs $120, but I have a TD bank account that waives that annual fee.

That's what I have now. You also get the auto club included which means you get free towing and road side assistance for your vehicle anytime.

Originally posted by Kloubek
I'm kinda unsure what my GM Visa will provide me... if anything at all.

Although the rewards add up fast, you lose them if you don't use them within a certain amount of time. I got that card 10 years ago, racked up a bunch of reward dollars and never used them. When I cancelled that card last year there was almost no rewards left.

Originally posted by lint
AmEx Gold, 2% Cash Back (tiered), no annual fee
MBNA Smart Cash MC, 1% Cash Back (non-tiered), 3% on groceries and gas, no annual fee
Citi EnRich Platinum, 1% Cash Back (non-tiered), no annual fee

I was going to sign up for that MBNA smart cash MC because of your post. But then I read into the fine print, and 3% is only on the first $600 then it's 1%.

Seems bg_27 is right - most cards work out to around 1% at the end of the day.

[LongCity]

Originally posted by 2002civic
I like my RBC avion, 120/year but you get 15000 point to sign up which is a free flight basically and 1$=1 point and you can fly with any airline anytime

Wow WTF! You get an air mile for every dollar you spend?! And I thought 1/$15 was good. Maybe I should switch over. Any special requirements to get the card?

[LongCity]

Nm, I don't make $60k/year.

[aaronck]

It's true-it broke down like this

In a billing month, if you spend:
$3,000 or more you get 5%
$1500-2,999.99, you get 3%
$500-$1499.99, you get 1%
Less than $500, you get 0.5%

Putting daycare, all groceries, gas, essentially every household expense on the credit card-we hit 3k no problem between me and my wife-
It maxed out at $2000 cashback per year, and I think I got $1800.

[Enhance]

Originally posted by LongCity


Wow WTF! You get an air mile for every dollar you spend?! And I thought 1/$15 was good. Maybe I should switch over. Any special requirements to get the card?

RBC points =/ air miles

[LongCity]

Aren't they essentially the same thig though - You get to purchase things with them, correct?