Comments on: Rewards Credit Cards, Book Winner and Money Links

By: Gustawo

Gustawo — Thu, 13 Aug 2009 14:00:12 +0000

Machine Embroideries from embromix.blogspot.com: Animals In our store. High quality embroidery designs, new designs every week.

By: Greg

Greg — Tue, 02 Dec 2008 03:01:43 +0000

If you spend more than $10000 per year, the Costco Platinum AMEX card has a better rebate than the MBNA 1% cash rebate. The Costco AMEX tops out at $500 per year, so you’d have to spend more than $36666 to max out the AMEX rebate and you’d have to spend over $50000 on the MBNA card to get to a $500 rebate.
Another thing to take into consideration if you travel outside of Canada and the US is that some US based credit card companies convert all non Canadian dollar transactions to US dollars before converting them to Canadian dollars which can increase prices dramatically when compared to a direct currency conversion. I’m not sure if this is the case with MBNA, but I used a CitiBank mastercard to purchase something from Australia that should have cost me about $85 canadian, but after first converting to US dollars then to Canadian dollars, it ended up costing me over $100. As it turned out, AMEX doesn’t do this so I should have used the Costco AMEX card.

By: Acorn

Acorn — Sun, 30 Nov 2008 16:46:42 +0000

I’m a long time Canadian Tire Options M/C (no fee) user. You are getting the Canadian Tire money if you are using this card anywhere (not necessarily at Can. Tire). Not sure how the calculate the rebate, but every time when I’m buying something (including the gift cards) I can see a substantial amount available for immediate rebate. Also promotions… Try to pay your large dental bill and you will feel the difference. By the way, next time you don’t have to explain your wife were this new fishing rod came from :=)

By: slickster

slickster — Sun, 30 Nov 2008 15:34:21 +0000

Hi all,

I got a MBNA card and there is no annual fee. The only thing i don’t like about MBNA is that they will send you cheques non-stop and call you every so often to try and enroll you into a new offering (insurance). I’m willing to live with it but just putting it out there for those who aren’t.

If that 2% AMEX gold card still exists for no annual fee and starting from the 1rst dollar you spend, it’s safe to say it would be easily the top card.

As for the TD Gold Elite Visa, it seems like a great value considering what it offers (despite the annual fee) assuming you’re already paying or willing to pay for roadside assistance.

By: H

Sun, 30 Nov 2008 07:36:19 +0000

I just called to confirm, the Platinum Card no longer has the $29 annual fee - I have an hold MBNA card from college a long time ago (that I don't really use) and I just got the conversion done. Guess I'll be using it more now!!!

By: Jordan Clark

Jordan Clark — Sun, 30 Nov 2008 06:29:46 +0000

I still have my 2% AMEX gold card, it was offered to me a couple years ago, but I heard you could call Amex and specifically request it. In a months time I’m getting about $340 bucks back for free, they must hate my guts!

Since Amex isn’t accepted everywhere I have a TD Gold Elite Visa as my back up card. It’s very similar to this MBNA card, with a 1% reward, purchase protection, extended warranty, free road side assistance (used twice already), travel & rental insurance. It’s a good card, but it normally has a high $79/annual fee but it’s free if you have a TD Select Service checking account (which is $25/month but also free with $5000 balance)

Cheers

By: Keith

Keith — Sun, 30 Nov 2008 00:24:58 +0000

Hi FrugalTrader. I haven’t heard that it was discontinued, I only hold the Costco AMEX today but was going to look into the 2% rebate AMEX after this cards rebate period pays out. It’s too bad if they have discontinued that offer – I never saw it advertised on AMEX site, only in fourms – so I guess easy come easy go.

As per Cannon_fodder comment, I agree if you are looking to borrow money the 0% then no annual fee, no balance transfer fee could be very useful.

I suppose what ever goal is important for you will dictate the best card. Interest rate, insurances, useful point system (cash back, air miles), etc… Today cash back works great as a reward card for me … cash doesn’t expire, if cash is reward anually any changes in the plan or expiry of rewards won’t matter, cash is the most flexible reward in my opinion (not necessary the highest value reward but some cash back cards come close).

By: cannon_fodder

cannon_fodder — Sat, 29 Nov 2008 12:28:11 +0000

I think the best credit cards are those that you can get 0% interest for many months with no annual fee, no balance transfer fee. You can simply transfer the entire amount into whatever account you want – mortgage paydown, investment account, savings account. When the TFSA comes around, you could transfer $5k into your and your spouse’s accounts.

Of course, you eventually have to pay back the principle – a little bit each month and then one final lump sum payment – but having an interest free loan for 9, 12 even 15 months can easily net you 4%+ after tax guaranteed (think mortgage paydown).

By: FrugalTrader

FrugalTrader — Fri, 28 Nov 2008 23:33:09 +0000

Keith, I read/heard that the 2% AMEX was discontinued. Do you know otherwise?

By: Keith

Keith — Fri, 28 Nov 2008 21:53:14 +0000

My math tells me that if you spend >$11000 on a single credit card then the Costco AMEX will return you more cash. However since the MBNA is a MasterCard it may be accepted by many stores that do not take the AMEX card. If the MBNA it your secondary card, starting with a 1% cash back from $0 would make it ideal choice, in my opinion.

Of course there are many other considerations such as the Costco AMEX max reward is $500/yr, insurance differences, etc. I’ve heard you can get an AMEX Gold card without an Annual Fee that will return up to 2% reading the redflagdeals.ca website.

By: FrugalTrader

FrugalTrader — Fri, 28 Nov 2008 20:04:59 +0000

mjw, as far as i know, there is no annual fee for the card. Best thing to do is to call them to confirm. I’m torn between this MBNA card and the Costco AMEX card.

By: mjw2005

mjw2005 — Fri, 28 Nov 2008 19:55:35 +0000

On the terms and condition page for this card it lists an annual fee of $29.00 but on the application page it says no annual fee….

Confusing…any know if this is no fee or not….

Currently I am using the no fee TD Visa Rebate rewards which is similar to this card except it only pays 0.5% on the first $3000 and then 1% on the rest up to $25,000 in purchases….

By: Canadian Capitalist

Canadian Capitalist — Fri, 28 Nov 2008 15:29:31 +0000

Thanks for the mention FT! Have a nice weekend.