In 2002, we switched from the Enrich to the Driver’s Edge coz we knew we were going to buy another car in the near future. Received a $500 cheque after the purchase and switched back to the Enrich.

And of course, the cardinal rule of paying off balances in full every month.

Some of you on these forums are hilarious. I hear people talking about using a 4 percent credit line to pay off a card that gets you 1 percent rewards, and other people talking about paying off their mortgage with their credit cards, and people keeping money in their high interest savings accounts when they have a mortgage. LOL. Ahahahaha. If you were intelligent you would pay off your mortgage with the money you seem to have available in your high interest savings accounts, and you would not use a 4 percent line of credit to pay your card bills. I hear other people talking about BUYING coffee. You BUY coffee and you think you are getting rewards back from your credit card? The amount you spend BUYING coffee a few times is more than the rewards you get in a year from a credit card! Same goes with buying small meals out (10-20 dollar purchases).

Make your own damn $0.10 coffee and meals, heat up the house while your coffee maker is on in the winter, and rarely pay a coffee shop 5 dollars for a coffee. Please, and I guarantee you will save more money than you ever did racking up rewards. Coffee in the summer can be used to go into a cold sweat to cool off – but make your OWN.

Plus, if you get rewards AND you stop paying idiot companies for styrophoam cups of coffee, you get the benefit of actually making money on the rewards instead of before where you were just LOSING all your rewards by purchasing the donuts and coffee! Do not get me started on fast food, or Girl Friends either.

Unfortunately I only know of US rewards checking accounts.

I think that the Canadian retail bank market is more concentrated in the big 5 unlike the US market which is concentrated, but also consists of thousands of community banks..

David

@Brad Every month I look at what I spend and always pay off my entire credit card bill right away when I get it so I don’t forget about it and I don’t have to worry about interest rates. Still, seeing things as they come help out and not just waiting till a month down the road. Thanks.

For some having a CC is a free for all until the credit limit is matched and then its a matter of making payments until the balance is decreased.

Those that get a CC should start off with a limit that is lower than their approval and within range of their typical monthly spending. So if your monthly expenses are $500/mth, dont get a $2000 limit card, but rather opt for the lower limit so your less prone to over spend.

Personally I think AMEX is by far the best credit card company to deal with in terms of protecting the consumer. For example, we once purchased tickets on an airline that went out of business (hasn’t everyone these days?). While other credit card companies refunded peoples money on the original day of travel, AMEX refunded our money immediately.

@Craig – You don’t have to track your expenditures for the benefits mentioned – just look at the statement balance each month and pay it off in full.

With my credit card, I can review each transaction as it is posted. It resides on my online banking page between my savings account and my investment account, visible each time I access online banking. Remaining frugal, and meeting a budget has more to do with the decision-making about an expenditure before it happens, than once funds get low. Basing your purchase decisions on your account level seems like handing the responsibility for your budget to someone else, rather than truly being in control of your spending (I can’t spend any more ’cause the bank says I have no money left).

I put my debit card ONLY into a bank’s ATM, as I feel they are more secure than independent machines. I would also hate to be in a situation where someone got access to all my accounts which are connected to my debit card. I feel much more secure knowing the Credit Card losses are limited to it’s limit, and that I do not enter a PIN which could grant greater access.

DAvid

MBNA MC sounds good however I use 1% cash back Citi MC and don’t have any telemarketers calling (definitely a bonus).

Debit card fraud is becoming more prevalent as well.