Comments on: Top Cash Back Credit Cards in Canada http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm Building Wealth through Saving and Investing Sun, 12 Feb 2012 23:42:26 -0330 http://wordpress.org/?v=abc hourly 1 By: smayer97 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-4#comment-123572 smayer97 Sat, 14 Jan 2012 18:57:26 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-123572 @bcomstock The only other card that comes close is the <a href="http://www.milliondollarjourney.com/capital-one-aspire-world-mastercard-review.htm" rel="nofollow">Capital One Aspire Cash World MasterCard</a> It gives 1.5% cash reward on ALL purchases, NO LIMITS, plus an annual bonus of 20%, effectively making it 1.8% BUT it was an annual fee of $120, so cuts into the effective rate, down to 1.69%. Note that they give a $100 credit on first use so effectively making the 1st year fee equivalent to $20. This may work better, especially if your annual spending is greater than $95K/yr. @bcomstock The only other card that comes close is the Capital One Aspire Cash World MasterCard

It gives 1.5% cash reward on ALL purchases, NO LIMITS, plus an annual bonus of 20%, effectively making it 1.8% BUT it was an annual fee of $120, so cuts into the effective rate, down to 1.69%.

Note that they give a $100 credit on first use so effectively making the 1st year fee equivalent to $20.

This may work better, especially if your annual spending is greater than $95K/yr.

]]> By: smayer97 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-4#comment-123570 smayer97 Sat, 14 Jan 2012 18:23:23 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-123570 @bcomstock not clear if your total spend is per month or per week. Assuming it is per month, you have 2 options. With this kind of spend either way, you will hit limits of some kind, especially if you only want to stick to 1 card. Option 1. Scotiabank Visa Infinite Momentum Cash Back card (find it here: http://www.scotiabank.com/ca/en/0,,86,00.html ) Annual fee $99. Benefits: - 4% on fuel & groceries on first $25K. After that 1% - 2% on recurring & drug store charges on first $25K. After that 1% - 1% on all other charges Quick math means that you will make $1350/yr on your fuel charges, $444 on others, for total of $1794/yr, or net $1695/y after annual fee. You will make more if you can add recurring & drug store purchases. They have a nice calculator so you can see how it works: http://www.scotiabank.com/momentumcashback/ BTW, this works out to an average 1.7% cash back based on the above spending (1.6% after your annual fee). Option 2: ALSO get the MBNA Cash Back card. No Annual Fee. Use it strictly for Fuel charges - 3% on fuel on first $600/mo Use this on first $600 spent on fuel each month (read alternative below). This gives you an extra $144/yr for free. Also, remember that they have a promo to give 5% for first 6 months. This means an extra $216 the first yr. This increases your average return to 1.85%. An alternative is to use the Scotia Visa the first 5 months (to use up the $25K first) then sign-up and use the MBNA the rest of the year, since both give you 1% past their limits (if you sign up for MBNA now, you may want to max out first to get the 5%). Also, if you are married, get your wife her own MBNA account and charge gas on it to potentially double your MBNA cash back. Add groceries and get even more. As I have posted before (#125), I use this exact scenario (except I have the 2% Scotiabank Visa for $39/yr since I do not spend as much as you). One more thing...this is CASH, not points, rewards, etc. I am always leery of rewards/points because they can change the value at any time. @bcomstock not clear if your total spend is per month or per week. Assuming it is per month, you have 2 options. With this kind of spend either way, you will hit limits of some kind, especially if you only want to stick to 1 card.

Option 1. Scotiabank Visa Infinite Momentum Cash Back card (find it here: http://www.scotiabank.com/ca/en/0,,86,00.html ) Annual fee $99. Benefits:
- 4% on fuel & groceries on first $25K. After that 1%
- 2% on recurring & drug store charges on first $25K. After that 1%
- 1% on all other charges

Quick math means that you will make $1350/yr on your fuel charges, $444 on others, for total of $1794/yr, or net $1695/y after annual fee. You will make more if you can add recurring & drug store purchases.

They have a nice calculator so you can see how it works:
http://www.scotiabank.com/momentumcashback/

BTW, this works out to an average 1.7% cash back based on the above spending (1.6% after your annual fee).

Option 2: ALSO get the MBNA Cash Back card. No Annual Fee. Use it strictly for Fuel charges
- 3% on fuel on first $600/mo

Use this on first $600 spent on fuel each month (read alternative below).

This gives you an extra $144/yr for free. Also, remember that they have a promo to give 5% for first 6 months. This means an extra $216 the first yr.

This increases your average return to 1.85%.

An alternative is to use the Scotia Visa the first 5 months (to use up the $25K first) then sign-up and use the MBNA the rest of the year, since both give you 1% past their limits (if you sign up for MBNA now, you may want to max out first to get the 5%).

Also, if you are married, get your wife her own MBNA account and charge gas on it to potentially double your MBNA cash back. Add groceries and get even more.

As I have posted before (#125), I use this exact scenario (except I have the 2% Scotiabank Visa for $39/yr since I do not spend as much as you).

One more thing…this is CASH, not points, rewards, etc. I am always leery of rewards/points because they can change the value at any time.

]]> By: bcomstock http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-4#comment-123566 bcomstock Sat, 14 Jan 2012 04:55:28 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-123566 Is there any cards that offer 1.5%+ on fuel purchases, with NO limits? that would probably be the best for this scenario with the high fuel purchases... Thanks! Is there any cards that offer 1.5%+ on fuel purchases, with NO limits? that would probably be the best for this scenario with the high fuel purchases… Thanks!

]]> By: bcomstock http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-4#comment-123565 bcomstock Sat, 14 Jan 2012 04:38:58 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-123565 Hey, just wondering what you guys think here. I work for a company where i pay for all materials, then expense them every week. This equates to about $5000 in gas, and $3700 in materials ($8700). I was looking at the MBNA card, but it has a $600 max/moth on the fuel 3% cash back.. (otherwise it would be the obvious choice) Which do you think the best cash back card might be for me here? TD has an interesting points card, $1 spent=3 pts= $0.015 in points. Its a travel thing, you spend $500 on a hotel/air/car rent, you receive $500 credit (if you have 1500 pts.) To me, this equates to 1.5% cash back right? (only to be spent on travel). I don't see any cards that offer more than 1% here.. so is this the best? Hey, just wondering what you guys think here. I work for a company where i pay for all materials, then expense them every week. This equates to about $5000 in gas, and $3700 in materials ($8700). I was looking at the MBNA card, but it has a $600 max/moth on the fuel 3% cash back.. (otherwise it would be the obvious choice)

Which do you think the best cash back card might be for me here?

TD has an interesting points card, $1 spent=3 pts= $0.015 in points. Its a travel thing, you spend $500 on a hotel/air/car rent, you receive $500 credit (if you have 1500 pts.) To me, this equates to 1.5% cash back right? (only to be spent on travel). I don’t see any cards that offer more than 1% here.. so is this the best?

]]> By: Abhi http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-4#comment-122838 Abhi Mon, 05 Dec 2011 17:59:16 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-122838 Very Good Article! I read through your blog and applied for my MBNA Smart Cash Master Card! The reviews and comments here really helped me compare all the cash back cards. Keep it up! From Montreal Very Good Article!
I read through your blog and applied for my MBNA Smart Cash Master Card!
The reviews and comments here really helped me compare all the cash back cards.
Keep it up!

From Montreal

]]> By: FrugalTrader http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-4#comment-122481 FrugalTrader Wed, 23 Nov 2011 15:15:14 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-122481 Good stuff Troy. MBNA Smart cash is still our #1 credit card. I've lost count of how many cash back cheques we've received! Good stuff Troy. MBNA Smart cash is still our #1 credit card. I’ve lost count of how many cash back cheques we’ve received!

]]> By: Troy W http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-4#comment-122479 Troy W Wed, 23 Nov 2011 13:30:55 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-122479 On the advice of this blog, a couple of years ago, we changed over to the MBNA Smart Cash Mastercard. We use this card for everything and pay our balance off in full every month. We've never incurred a single fee and we continue to receive cheques for $50 every 4-6 weeks. Thanks for the advice! On the advice of this blog, a couple of years ago, we changed over to the MBNA Smart Cash Mastercard. We use this card for everything and pay our balance off in full every month. We’ve never incurred a single fee and we continue to receive cheques for $50 every 4-6 weeks. Thanks for the advice!

]]> By: smayer97 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-4#comment-122179 smayer97 Fri, 04 Nov 2011 20:43:15 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-122179 I do something similar using MBNA MC and SCotiabank Visa see my complete post earlier (#125) http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-118018 I do something similar using MBNA MC and SCotiabank Visa

see my complete post earlier (#125)

http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-118018

]]> By: asdasd http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-4#comment-122165 asdasd Thu, 03 Nov 2011 19:50:43 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-122165 Couldn't you get the MBNA smart cash and use that for gas and groceries and then use the capital one aspire cash for anything else? Since u get 1.2 back technically from the aspire one Couldn’t you get the MBNA smart cash and use that for gas and groceries and then use the capital one aspire cash for anything else? Since u get 1.2 back technically from the aspire one

]]> By: DA http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-4#comment-121964 DA Wed, 19 Oct 2011 01:30:14 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-121964 Dont use Canadian Tire credit card (Crappy Tire), very unsecure and crappy customer service... Stick with a real financial institue, Watch out for fraud Dont use Canadian Tire credit card (Crappy Tire), very unsecure and crappy customer service…

Stick with a real financial institue, Watch out for fraud

]]> By: Elbyron http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-4#comment-121573 Elbyron Fri, 09 Sep 2011 17:34:15 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-121573 @sunny I know what you mean, but I suspect it's the same from all banks. Some of the questions had possible answers that were so far off that I wondered if I had put in the wrong SIN or something! In fact, some of the questions couldn't be answered based on the information on my credit file, so maybe they just make up all incorrect answers when it can't find a correct one! When I applied for the Aspire Travel World card, I had to try it about 5 times before the set of questions it gave me could be answered. The Capital One support person was being nice, and stayed on the line the whole time, but was unable to do anything about the bad security questions. @Jack In the past when I've tried to buy gas in the U.S., the pay-at-the-pump system doesn't always work with my Canadian credit cards (even though the issuing bank is American). I've never had trouble at any gas station in Canada though. I'm assuming the 2% card you're referring to is the old (2009) Cashback Plus Mastercard, which is actually tiered (first 10K at 1%, next 10K at 1.5%, and 2% for amount over 20K) and has a $59 annual fee. Given how much you spend per year, you should definitely stick with that one - it's better than the current cash-back cards being offered. @sunny
I know what you mean, but I suspect it’s the same from all banks. Some of the questions had possible answers that were so far off that I wondered if I had put in the wrong SIN or something! In fact, some of the questions couldn’t be answered based on the information on my credit file, so maybe they just make up all incorrect answers when it can’t find a correct one! When I applied for the Aspire Travel World card, I had to try it about 5 times before the set of questions it gave me could be answered. The Capital One support person was being nice, and stayed on the line the whole time, but was unable to do anything about the bad security questions.

@Jack
In the past when I’ve tried to buy gas in the U.S., the pay-at-the-pump system doesn’t always work with my Canadian credit cards (even though the issuing bank is American). I’ve never had trouble at any gas station in Canada though. I’m assuming the 2% card you’re referring to is the old (2009) Cashback Plus Mastercard, which is actually tiered (first 10K at 1%, next 10K at 1.5%, and 2% for amount over 20K) and has a $59 annual fee. Given how much you spend per year, you should definitely stick with that one – it’s better than the current cash-back cards being offered.

]]> By: sunny http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-4#comment-121570 sunny Fri, 09 Sep 2011 16:37:40 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-121570 I am appalled at how credit card companies make up an online application process. They do not decline your application up front. But they have three security question - as they describe it, and each needs to be answered just choosing one of the three possible answers. In my case, when I apply online, they give me a choice of three possible addresses where I lived in the past. But none of them is correct, and so I have no choice to select "None of them". So the application remains incomplete. The name of the bank here is MBNA. I have optimum card, but wanted to apply for another. I am appalled at how credit card companies make up an online application process.
They do not decline your application up front.
But they have three security question – as they describe it, and each needs to be answered just choosing one of the three possible answers.
In my case, when I apply online, they give me a choice of three possible addresses where I lived in the past. But none of them is correct, and so I have no choice to select “None of them”. So the application remains incomplete.
The name of the bank here is MBNA. I have optimum card, but wanted to apply for another.

]]> By: LSO http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-4#comment-121561 LSO Thu, 08 Sep 2011 14:22:19 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-121561 @Jack This is Laurel from Capital One. Sorry to hear you've been having some trouble. Please send us an email at socialcanada@capitalone.com and I'll try to help you. In you email, please don't include any confidential information, like your credit card number or SIN. @Jack This is Laurel from Capital One. Sorry to hear you’ve been having some trouble. Please send us an email at socialcanada@capitalone.com and I’ll try to help you. In you email, please don’t include any confidential information, like your credit card number or SIN.

]]> By: Jack http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-4#comment-121414 Jack Sun, 28 Aug 2011 19:30:09 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-121414 I have a Capital One platinum master card with 2% cash back. Great deal but I hate Capital One. Terrible customer service and typical American attitude. Also card will not work when I swipe for gas. Has something to do with being an American company. When I travel out of town have to have another card because inevitably the card will not work or will be refused, have had this experience number of times. Lastly, never ask for a cheque for the cash back because they have lost my money 3x doing that, just apply rebate to your account. I spend over 120K per yr on the card, so I am sticking with it for now but would switch in a heartbeat. I have a Capital One platinum master card with 2% cash back. Great deal but I hate Capital One. Terrible customer service and typical American attitude. Also card will not work when I swipe for gas. Has something to do with being an American company. When I travel out of town have to have another card because inevitably the card will not work or will be refused, have had this experience number of times. Lastly, never ask for a cheque for the cash back because they have lost my money 3x doing that, just apply rebate to your account. I spend over 120K per yr on the card, so I am sticking with it for now but would switch in a heartbeat.

]]> By: Corey http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-4#comment-121199 Corey Tue, 09 Aug 2011 01:36:16 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-121199 This is one of my fav. articles you post. Comparison articles. Just an update: Went to make a claim on my PCF Mastercard re: a laptop bought at Staples. It doesn't cover any kind of computer equipment. MOTHER F***!! Still like the points for groceries... Keep up the great financial posts. This is one of my fav. articles you post. Comparison articles.

Just an update: Went to make a claim on my PCF Mastercard re: a laptop bought at Staples. It doesn’t cover any kind of computer equipment.

MOTHER F***!!

Still like the points for groceries… Keep up the great financial posts.

]]> By: vancouvercheap http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-4#comment-121198 vancouvercheap Mon, 08 Aug 2011 23:28:19 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-121198 Thank you for the link. I should have posted my comment on that review. I was wondering if the 4% cashback (gas, groceries) now offered on the $99/year card made it worth it (plus it's an "Infinite" card so there are other non-reward benefits like car rental insurance not included on lower Momentum cards). I will have to build a spreadsheet based on my spending patterns I suppose :) Thank you for the link. I should have posted my comment on that review. I was wondering if the 4% cashback (gas, groceries) now offered on the $99/year card made it worth it (plus it’s an “Infinite” card so there are other non-reward benefits like car rental insurance not included on lower Momentum cards). I will have to build a spreadsheet based on my spending patterns I suppose :)

]]> By: FrugalTrader http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-4#comment-121195 FrugalTrader Mon, 08 Aug 2011 22:37:03 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-121195 Here is my review: http://www.milliondollarjourney.com/scotia-momentum-cash-back-visa-review.htm. Not as good as the mbna SC card IMO. Here is my review: http://www.milliondollarjourney.com/scotia-momentum-cash-back-visa-review.htm. Not as good as the mbna SC card IMO.

]]> By: vancouvercheap http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-4#comment-121193 vancouvercheap Mon, 08 Aug 2011 20:40:30 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-121193 Anybody spent time comparing the new $99/year Scotia Momentum Infinite 4% cashback card against MBNA and AMEX Costco? http://www.scotiabank.com/cda/content/0,,CID14526_LIDen,00.html Anybody spent time comparing the new $99/year Scotia Momentum Infinite 4% cashback card against MBNA and AMEX Costco?

http://www.scotiabank.com/cda/content/0,,CID14526_LIDen,00.html

]]> By: Love Costco http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-4#comment-121076 Love Costco Wed, 27 Jul 2011 03:56:41 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-121076 I use the new TrueEarnings Costco AMEX Card which offers 3% at restaurants, 2% for Gas (up to 3k and 1% thereafter), and up to 1% at Costco and everywhere else Amex is accepted. I'm also a Costco Exec Member and the benefit of paying the extra $45 is that you receive 2% cash back from Costco on all your Costco spend. With the Exec Membership and the Amex card you will get ~3% back. This is a great deal if you love Costco! I use the new TrueEarnings Costco AMEX Card which offers 3% at restaurants, 2% for Gas (up to 3k and 1% thereafter), and up to 1% at Costco and everywhere else Amex is accepted.

I’m also a Costco Exec Member and the benefit of paying the extra $45 is that you receive 2% cash back from Costco on all your Costco spend. With the Exec Membership and the Amex card you will get ~3% back. This is a great deal if you love Costco!

]]> By: lsrezai http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-4#comment-121051 lsrezai Fri, 22 Jul 2011 19:16:33 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-121051 Hi again, A bank guy told me that I better go for a Canadian credit card (like Canadian Tire or CIBC) instead of Americans because of the US economical situation. Is that true? How can I be affected by the crises, if I get an American (e.g. MBNA) credit card? Thanks Hi again,

A bank guy told me that I better go for a Canadian credit card (like Canadian Tire or CIBC) instead of Americans because of the US economical situation. Is that true? How can I be affected by the crises, if I get an American (e.g. MBNA) credit card?

Thanks

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