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Top Credit Card Cancelled, Investing for Retirees, TFSA Confusion and More!

For the past year or two, one of the top cash back credit cards in Canada (with no annual fee) was the Capital One Aspire Cash World card which gave a 1.5% cash back reward on spending in addition to top of the line insurance coverage.  Unfortunately, Capital One has recently removed this card from their line up.  Existing cardholders will be grandfathered, which means they will continue to receive benefits and will even be renewed once their card expires.

Capital One still offers a good Platinum cash back card which gives 1.25% cash back but with less insurance coverage.  Still a decent no fee card, but not as competitive as the World card.

In light of this news, I have updated my list of the top cash back credit cards in Canada.  For those who currently have the World card, hang on to it!

Investing for retirees @ Canadian Money Forum

TFSA Confusion – Contribution Limits, Withdrawals and Re-Contributions @ The Blunt Bean Counter

9 (and a half) ways to help you & your finances @ Sustainable Personal Finance

Why ETF Distributions Fluctuate @ Canadian Capitalist

3D Printers – Niche Product or Mainstream Must Have? @ Boomer and Echo

Is Extreme Couponing Really Worth The Time? @ Financial Highway

How Do You Prioritize Your Purchases? @ Canadian Finance Blog

Rethinking this bond allocation should match your age formula @ My Own Advisor

Income Options for Registered Retirement Plans @ Retire Happy Blog

What is Rich? @ Canadian Dream Free at 45

The Price is Right? Consumer Price Index up 1.1% for August in Canada @ Canadian Personal Finance Blog

Why You Should Organize A Clothes Swap @ Young and Thrifty

What Options Do You Have for Home Loans? @ Balance Junkie

Canadian Investing with Mr. Frugal Toque: Part 1 @ Mr. Money Mustache

My 3 Biggest Money Mistakes and How You Can Avoid Them @ Money Smart Life

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FT About the author: FT is the founder and editor of Million Dollar Journey (est. 2006). Through various financial strategies outlined on this site, he grew his net worth from $200,000 in 2006 to $1,000,000 by 2014. You can read more about him here.

{ 10 comments… add one }
  • Avatar Geoff September 26, 2013, 11:16 am

    It’s still on their website? capitalone.ca ?

  • FT FrugalTrader September 26, 2013, 12:04 pm

    Are you sure its the cash world card that you see?

  • Avatar Geoff September 26, 2013, 12:43 pm

    Nope, misread that oops ;) but the travel aspire gives cash rewards of 1.5% as well (2% for travel) and I think must have similar insurance coverage as the other card.

    Admittedly it comes with a $120 annual fee (no fee for additional card holder though) and comes with 10,000 annual miles topup bonus.

  • FT FrugalTrader September 26, 2013, 1:02 pm

    @Geoff, yes the travel world card is one of the best in the industry for a paid card. Do you have that one? What has your experience been like?

  • Avatar Hammer September 26, 2013, 2:28 pm

    The travel Aspire card is good. Getting the max 2% of travel can be a bit tricky to line up because of the redemption tiers, so if I don’t see myself travelling I’ll just redeem the 1.5% for cash.

    The net cost after the annual points is $20, but it comes with a free 2nd card.

  • Avatar Canadian Capitalist September 26, 2013, 5:13 pm

    Thanks for the mention FT! Cheers!

  • Avatar My Own Advisor September 26, 2013, 8:20 pm

    Very happy with the CapitalOne card and happy it is grandfathered in.

    1.5% on everything is solid and I use this card frequently.

    Thanks for the mention FT, it’s always great to be part of the MDJ reading list.


  • Avatar Geoff September 27, 2013, 11:19 pm

    My experience with Cap1 Aspire has been fantastic. Yes, much is made of the $120 annual fee (remember, no fee for extra card!) but every year you get 10,000 miles the same month they charge the fee. This offsets the cost to about $20 if you travel, or $50 if you take cash back (which at 1.5%, means that this card that ‘also does cashback’ does cashback better than many cash-back only cards out there).

    As Hammer notes, the tiers is a bit of a pain but once you get above $600 for a ticket, it’s a straight 2% conversion. Miles never expire, so you can pile them up if you travel.

    Redemption etc couldnt’ be easier. You just book your ticket, and then later go in and ‘erase’ the purchase online. Piece of cake. No calls, no thinking about it.

    And I’m not sure if all cards do this and my old provider was just behind the times, but I quite like being able to see pending transactions a millisecond after teh card is swiped. I just find it cool. Big thumbs up so far.

  • Avatar Big Cajun man September 29, 2013, 9:09 am

    Thanks for the inclusion, the price may be right now, but for how much longer?

  • Avatar JasmineM October 15, 2013, 4:49 pm

    We have this card and I love it. Too bad they’re cancelling it, but I’m thankful we’re grandfathered in. I wonder for how long though…

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