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 Sat, 21 Nov 2009 03:00:37 -0500 http://wordpress.org/?v=abc hourly 1 By: Jeff http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-2#comment-107211 Jeff Sun, 15 Nov 2009 16:46:21 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-107211 Thanks for the in-depth look at those credit cards. It's always nice to see which credit card people should be using and base it on an example! Thanks for the in-depth look at those credit cards. It’s always nice to see which credit card people should be using and base it on an example!

]]> By: Mr. Bubba http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-2#comment-106777 Mr. Bubba Sun, 01 Nov 2009 20:31:37 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-106777 Jonathan and Mitchel get the MBNA smart cash card. Since I got it in late June. I have had three $50.00 cheques sent to me as of last week over that span. By far the best value. No annual fee, simple cashback system, and good returns. Nothing surpasses this for cash back or any other point system trust me. Don't waste your time on any other card and cut them all up and never use them again. Note: Please ensure you pay the full balance every month otherwise you got to be a moron to use this card if you rather pay a higher interest then the cash back mechanism outlined. Thank you and have free money come in for everyday purchases that is deemed necessity or planned trips, etc.. Jonathan and Mitchel get the MBNA smart cash card. Since I got it in late June. I have had three $50.00 cheques sent to me as of last week over that span.
By far the best value. No annual fee, simple cashback system, and good returns.
Nothing surpasses this for cash back or any other point system trust me.
Don’t waste your time on any other card and cut them all up and never use them again.
Note:
Please ensure you pay the full balance every month otherwise you got to be a moron to use this card if you rather pay a higher interest then the cash back mechanism outlined.
Thank you and have free money come in for everyday purchases that is deemed necessity or planned trips, etc..

]]> By: Mitchell http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-2#comment-106687 Mitchell Thu, 29 Oct 2009 13:11:20 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-106687 Has anyone looked into the MBNA Smart Cash Platinum Plus®? http://www.mbna.ca/smartcash_cardList.html Get 5% cash back†† with no annual fee Exceptional cash back rewards Get 5% on net gas and grocery purchases for the first 6 months†† Get 3% on net gas and grocery purchases thereafter‡ Get 1% on all other net retail purchases‡ Receive a cheque from us automatically once your cash back totals at least $50 per month Card features Around-the-clock fraud protection Purchase protection against damage or theft for up to 90 days** Up to $1,000,000 in common carrier travel accident insurance** Immediate cash access at 430,000 ABMs worldwide Unparalleled 24/7 customer service Has anyone looked into the MBNA Smart Cash Platinum Plus®?

http://www.mbna.ca/smartcash_cardList.html

Get 5% cash back†† with no annual fee

Exceptional cash back rewards
Get 5% on net gas and grocery purchases for the first 6 months††
Get 3% on net gas and grocery purchases thereafter‡
Get 1% on all other net retail purchases‡
Receive a cheque from us automatically once your cash back totals at least $50 per month

Card features
Around-the-clock fraud protection
Purchase protection against damage or theft for up to 90 days**
Up to $1,000,000 in common carrier travel accident insurance**
Immediate cash access at 430,000 ABMs worldwide
Unparalleled 24/7 customer service

]]> By: Jonathan http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-2#comment-106406 Jonathan Tue, 20 Oct 2009 04:11:21 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-106406 Has anyone heard of the scotiabank cash back visa, and how does it compare to the capital one and mnba cards Has anyone heard of the scotiabank cash back visa, and how does it compare to the capital one and mnba cards

]]> By: Mr. Bubba http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-2#comment-105193 Mr. Bubba Wed, 16 Sep 2009 00:10:02 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-105193 Elbryon is right and follow our wise words and you will get better returns with MBNA smart card period unless something new comes out to top this. Thank you. Elbryon is right and follow our wise words and you will get better returns with MBNA smart card period unless something new comes out to top this. Thank you.

]]> By: Elbyron http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-2#comment-103436 Elbyron Tue, 01 Sep 2009 20:08:37 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-103436 Just to add to knightmastery's analysis: The MBNA Smart Cash card would pay you $444 on $30k spending (assuming $600 or more is spent each month on gas/groceries, and not counting the sign-up bonus). However, this card has no annual fee. The 2% Capital One card costs $59/year, so when you factor that in then the net yield is only $391. But at 50k the Smart Cash would yield $644, which underperforms both Capital One and CIBC even when the annual fees are included. Those spending less than $35,300 on their credit cards would actually find the MBNA Smart Cash to pay better, provided that they always spend $600/month on gas/groceries. Over that amount, and the Capital One card pays better. Just to add to knightmastery’s analysis:
The MBNA Smart Cash card would pay you $444 on $30k spending (assuming $600 or more is spent each month on gas/groceries, and not counting the sign-up bonus). However, this card has no annual fee. The 2% Capital One card costs $59/year, so when you factor that in then the net yield is only $391. But at 50k the Smart Cash would yield $644, which underperforms both Capital One and CIBC even when the annual fees are included.

Those spending less than $35,300 on their credit cards would actually find the MBNA Smart Cash to pay better, provided that they always spend $600/month on gas/groceries. Over that amount, and the Capital One card pays better.

]]> By: knightmastery http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-2#comment-103356 knightmastery Tue, 01 Sep 2009 14:22:40 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-103356 Capital One's "Cash Back Plus Platinum Mastercard with No Hassle Rewards" is the best cash card out there if you spend lots on your credit card ($30k or more). Rewards are 1% on first 10k, 1.5% on next 10k, and 2% on everything after 20k in a given year. CIBC Dividend Platinum also offers 2% cash back, but the levels are not as good and it caps rewards at $735 in a given year. Rewards for CIBC are 0.5% on first 3k, 1% on next 12k, 1.5% on next 20k, and 2% on next 15k, and no rewards after 50k of spending in a year. So for $30k spent, Capital Ones card would yeild $450 in rewards, and CIBC would yeild $360. Annual fee is better with Capital One ($59) versus CIBC ($79). With 50k spending, Capital One would yield $850, CIBC would yield $735. Capital One’s “Cash Back Plus Platinum Mastercard with No Hassle Rewards” is the best cash card out there if you spend lots on your credit card ($30k or more). Rewards are 1% on first 10k, 1.5% on next 10k, and 2% on everything after 20k in a given year. CIBC Dividend Platinum also offers 2% cash back, but the levels are not as good and it caps rewards at $735 in a given year. Rewards for CIBC are 0.5% on first 3k, 1% on next 12k, 1.5% on next 20k, and 2% on next 15k, and no rewards after 50k of spending in a year. So for $30k spent, Capital Ones card would yeild $450 in rewards, and CIBC would yeild $360. Annual fee is better with Capital One ($59) versus CIBC ($79). With 50k spending, Capital One would yield $850, CIBC would yield $735.

]]> By: Tony http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-2#comment-102821 Tony Fri, 28 Aug 2009 20:46:22 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-102821 is there any US dollar credit cards with the reward issued in Canada? the BMO US air miles is one. what's else is there any US dollar credit cards with the reward issued in Canada? the BMO US air miles is one. what’s else

]]> By: Mr. Bubba http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-2#comment-99936 Mr. Bubba Tue, 18 Aug 2009 00:05:47 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-99936 Don't waste your time with anything mentioned here for other cards. Simple even a dummy can figure this out: Get the MBNA Smart Cash Card (Canada) 1-888-876-6262 - please call them directly to obtain this card as it is not online yet for some reason. Benefits: No annual fee - Yes exactly and no catches 3% standard cashback on Gas and Groceries (Promo - 5% for the first 6 months) on first $600 spent per month. All major/smaller grocery chains and gas stations - no issues. 1% Cashback on everything else no exceptions (no maximum limits). ex. other cards require you to spend 1st $1,000 to achieve 1% cash back but prior to 1K spend it is at 0.5% cash back or have maximum limits on 1% . Not with MBNA smart cash 13.99% - (Promo - 1.99% on Balance Transfers for the first 10 months). Note: Do not transfer any amounts to this card as it not accounted for the cash back mechanism. If you do not pay the full balance on all your spends then this card is not for you as the monthly interest payments would then eventually outweigh your cash back stimula. Ex. Say you spend on groceries and gas in a month at the max of $600 then at the six month promo offer of 5% you get $30.00 per month back simple as that. Then if you spend $1000 that same month on any other misc charges at 1% = $10.00. Total = $40.00 cash back for one month You pay off the full balance when you receive the statement and your up 40 bones. $40 x 6 months (promo) if this is your trend then: Total during six month promo = $240 is collected. Then if the trend remains the same the remainder six months (non promo) is $18.00 per month @ 3% cashback x 6 months = $108.00. 1% on all other purchases at 1K per month = $60.00 for remaining 6 months. Total after promo = $168.00 Grand Total potential in 1st annual year ($240.00 + $168.00) = $408.00. Can you say book a cheap trip to Vegas just by do nothing. heh Say $170 per six months or $340 (annually) after promo at the same spend rate. By the fifth year of having this card you could potentially of obtained close to $1,700 cashback for normal spending habits. You know your savings rate currently is @ 0.50 or 0.75% per dollar saved. MBNA are actually providing a better return then your scamming banks for things you spend on everyday. What is also great about this card it is a MC / Paypass and accepted almost everywhere. You can request MBNA to send out a cheque once accumulated to each $50.00 cashback period. They pay promptly and just received the cheque two weeks ago instead of waiting for end of the fiscal year or somehow it is applied to the statement, red tape such with other cash back cards etc.. Trust me this is best cash back card out there and if you weigh it out it is far superior then having cards for travel rewards / airmiles, other points card (PC points is ok but only good for groceries - boring). 1 airmile for $10 or $20 spent or other point systems requires you to spend like 50 to 80K before you can get a trip or high electronic merchandise out of them. If you make everyday required purchases at $1,600 per month (all bills that can be applied to card, gas, groceries, trips, restaurants / bars, clothing, necessities = high yield of cashback in the end. Thank you and show me the money. Don’t waste your time with anything mentioned here for other cards.
Simple even a dummy can figure this out:

Get the MBNA Smart Cash Card (Canada) 1-888-876-6262 – please call them directly to obtain this card as it is not online yet for some reason.

Benefits:
No annual fee – Yes exactly and no catches
3% standard cashback on Gas and Groceries (Promo – 5% for the first 6 months) on first $600 spent per month. All major/smaller grocery chains and gas stations – no issues.
1% Cashback on everything else no exceptions (no maximum limits).
ex. other cards require you to spend 1st $1,000 to achieve 1% cash back but prior to 1K spend it is at 0.5% cash back or have maximum limits on 1% . Not with MBNA smart cash

13.99% – (Promo – 1.99% on Balance Transfers for the first 10 months).
Note: Do not transfer any amounts to this card as it not accounted for the cash back mechanism.
If you do not pay the full balance on all your spends then this card is not for you as the monthly interest payments would then eventually outweigh your cash back stimula.

Ex. Say you spend on groceries and gas in a month at the max of $600 then at the six month promo offer of 5% you get $30.00 per month back simple as that.
Then if you spend $1000 that same month on any other misc charges at 1% = $10.00. Total = $40.00 cash back for one month
You pay off the full balance when you receive the statement and your up 40 bones.
$40 x 6 months (promo) if this is your trend then:
Total during six month promo = $240 is collected.

Then if the trend remains the same the remainder six months (non promo) is $18.00 per month @ 3% cashback x 6 months = $108.00.
1% on all other purchases at 1K per month = $60.00 for remaining 6 months.
Total after promo = $168.00

Grand Total potential in 1st annual year ($240.00 + $168.00) = $408.00.

Can you say book a cheap trip to Vegas just by do nothing. heh
Say $170 per six months or $340 (annually) after promo at the same spend rate.
By the fifth year of having this card you could potentially of obtained close to $1,700 cashback for normal spending habits.
You know your savings rate currently is @ 0.50 or 0.75% per dollar saved.
MBNA are actually providing a better return then your scamming banks for things you spend on everyday.

What is also great about this card it is a MC / Paypass and accepted almost everywhere.
You can request MBNA to send out a cheque once accumulated to each $50.00 cashback period. They pay promptly and just received the cheque two weeks ago instead of waiting for end of the fiscal year or somehow it is applied to the statement, red tape such with other cash back cards etc..

Trust me this is best cash back card out there and if you weigh it out it is far superior then having cards for travel rewards / airmiles, other points card (PC points is ok but only good for groceries – boring). 1 airmile for $10 or $20 spent or other point systems requires you to spend like 50 to 80K before you can get a trip or high electronic merchandise out of them.

If you make everyday required purchases at $1,600 per month (all bills that can be applied to card, gas, groceries, trips, restaurants / bars, clothing, necessities = high yield of cashback in the end.
Thank you and show me the money.

]]> By: Pierre http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-2#comment-99068 Pierre Thu, 13 Aug 2009 18:36:07 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-99068 In my opinion the best card is CITI Bank Drivers Edge Master Card, 2% dividend accumulate for upto 5 years. You can redeem for buying a car or any vehicle. No fee, and has all other coverages such as insurance, rental collision coverage etc. In my opinion the best card is CITI Bank Drivers Edge Master Card, 2% dividend accumulate for upto 5 years. You can redeem for buying a car or any vehicle. No fee, and has all other coverages such as insurance, rental collision coverage etc.

]]> By: drew http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-2#comment-91023 drew Thu, 09 Jul 2009 00:22:36 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-91023 Wow - what a great post - I wish it was current though. Wow – what a great post – I wish it was current though.

]]> By: moneytech http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-2#comment-79120 moneytech Thu, 23 Apr 2009 18:46:17 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-79120 Found this on RFD forum <a href="http://www.milliondollarjourney.com/mbna-smart-cash-credit-card-the-new-cash-back-king.htm" rel="nofollow">MBNA Smart Cash mastercard.</a> It is a Platinum card. No annual fee FOREVER (not just waived in the 1st year). 5% for gas/groceries 6 months afterwards 3%. 1% cashback no cap on other purchases. No annual fee 13.99% 10 months for 1.99% B/T promo can request rebate once cashback hits $50. otherwise same as premier rewards platinum plus aka prp+. Grocery/gas vendors that gets 3% cashback. Found this on RFD forum
MBNA Smart Cash mastercard.

It is a Platinum card. No annual fee FOREVER (not just waived in the 1st year).
5% for gas/groceries 6 months
afterwards 3%.

1% cashback no cap on other purchases.

No annual fee

13.99%

10 months for 1.99% B/T promo

can request rebate once cashback hits $50.

otherwise same as premier rewards platinum plus aka prp+.

Grocery/gas vendors that gets 3% cashback.

]]> By: khai http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-2#comment-76660 khai Wed, 08 Apr 2009 15:38:50 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-76660 2naz: it seems that 2% is the past. CIBC web says 1%. 2naz: it seems that 2% is the past. CIBC web says 1%.

]]> By: naz http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-2#comment-76598 naz Wed, 08 Apr 2009 08:47:18 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-76598 how about the CIBC DIVIDENd credit card 2% cash back.(after $3000.00). no fee. doubles your warrenty. how about the CIBC DIVIDENd credit card 2% cash back.(after $3000.00).
no fee.
doubles your warrenty.

]]> By: khai http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-2#comment-72741 khai Sat, 07 Mar 2009 06:16:04 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-72741 How about Ultramar card? It seems that you can earn up to 1.25% back. http://www.nbc.ca/bnc/cda/productfamilymc/0,6326,divId-2_langId-1_navCode-15959,00.html Does anybody have it? How about Ultramar card? It seems that you can earn up to 1.25% back.

http://www.nbc.ca/bnc/cda/productfamilymc/0,6326,divId-2_langId-1_navCode-15959,00.html

Does anybody have it?

]]> By: Jim http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-2#comment-72210 Jim Sun, 01 Mar 2009 15:13:03 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-72210 Hi guys, Can someone comment on annual fees for high end point cards? I have a RBC Visa Infinite Avion. You can read up on it here: http://www.rbcroyalbank.com/visainfiniteavion/index.html Lately, I have been second guessing whether or not the annual $120 fee is worth it. You get all these points that u can use for travel, merchandise, etc... But I am also paying $120/yr. So whatever I end up purchasing with the points I can add $120 to it! For that matter, I have had the Avion card for like 10 years ($1,200 to date in fees). Am I wasting money here??? PS: Please read the fine print on any credit card that mentions Vehicle Rental Collision Insurance. You'll be suprise on how many vehicles are excluded (e.g.: trucks, cargo vans, etc... Caveat emptor!). Thank you, Jim Hi guys,

Can someone comment on annual fees for high end point cards? I have a RBC Visa Infinite Avion. You can read up on it here:

http://www.rbcroyalbank.com/visainfiniteavion/index.html

Lately, I have been second guessing whether or not the annual $120 fee is worth it. You get all these points that u can use for travel, merchandise, etc… But I am also paying $120/yr. So whatever I end up purchasing with the points I can add $120 to it! For that matter, I have had the Avion card for like 10 years ($1,200 to date in fees). Am I wasting money here???

PS: Please read the fine print on any credit card that mentions Vehicle Rental Collision Insurance. You’ll be suprise on how many vehicles are excluded (e.g.: trucks, cargo vans, etc… Caveat emptor!).

Thank you,

Jim

]]> By: Narajin http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-2#comment-69895 Narajin Wed, 11 Feb 2009 03:29:28 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-69895 PLus MBNA premier has a $29 annual fee. PLus MBNA premier has a $29 annual fee.

]]> By: Narajin http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-2#comment-69894 Narajin Wed, 11 Feb 2009 03:26:05 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-69894 Capitolone Cashback also has the option of cash advancing with your cheques as if you were just using your card. I think thats pretty handy. Capitolone Cashback also has the option of cash advancing with your cheques as if you were just using your card.

I think thats pretty handy.

]]> By: Ramy Y http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-2#comment-67182 Ramy Y Thu, 15 Jan 2009 07:20:34 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-67182 Regarding post 33, you do have to include such income on your tax return. I know it was mentioned on the Capital One website. Regarding post 33, you do have to include such income on your tax return.
I know it was mentioned on the Capital One website.

]]> By: newbie http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm/comment-page-2#comment-66882 newbie Mon, 12 Jan 2009 16:22:04 +0000 http://www.milliondollarjourney.com/top-cash-back-credit-cards-in-canada.htm#comment-66882 @Detractor post#40 - I got a $5,000 credit limit upon applying in 2005 (I actually asked for a lower limit). I didn't even apply at a PC pavilion, just filled out an application form and mailed it in. My experience with them thus far has been good, can't complain about the free cheques and no-fee banking. Frankly, I've seen clients with $10K- $20K credit limit who max out all the time and refinance their mortgages every 2-3 years to pay off those balances. @Detractor post#40 -

I got a $5,000 credit limit upon applying in 2005 (I actually asked for a lower limit). I didn’t even apply at a PC pavilion, just filled out an application form and mailed it in.

My experience with them thus far has been good, can’t complain about the free cheques and no-fee banking.

Frankly, I’ve seen clients with $10K- $20K credit limit who max out all the time and refinance their mortgages every 2-3 years to pay off those balances.

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