Credit Card Recommendations

[Wormius]

Kind of neat that the insurance also covers mobile devices that were given as gifts.

[Hot_Flatus]

Originally Posted by jtfrogger

What about the Home Trust Preferred Visa?

It sounds like it meets your requirements perfectly:

• Visa
• No annual fee
• No forex fee
• 1% cash back

The other option is to pick up a Visa that has a good sign-up bonus with the first year free and cancel within a year. For example, the TD Aeroplan Visa Infinite gives you 35,000 Aeroplan miles when you spend $1k on it. This promo ends on May 17, but there is always something decent out there if you don't mind flipping cards every year. (Or more often if you really feel like racking up a bunch of points).

I would seriously caution anyone who is considering using an Aeroplan card to stay away. If you do any travel beyond basic flights that are bookable 10-12 months in advance around North America, Aeroplan is absolutely useless. We had one for a year or two and literally every time we tired to redeem we were forced to select from extremely limited options and terrible connections.

Other travel cards out there may have fees but are far better these days with next to no limitations, good travel perk benefits and the ability to book on popular travel sites.

[Jimmy Stang]

The Scotiabank Visa Momentum Infinite is my "gas and grocery" card, but I can probably shift some recurring payments over to it to make up the difference in gas. The increase in fee kind of sucks, but without any comparable alternatives, I'll probably just suck it up as I know I'll still end up getting a good chunk of money back.

[Calgary14]

I've noticed the annual fees have started to slowly creep up on most cards; the Westjet RBC card had a $99 fee which is up to $120 now like most others

[Reggie28]

So I just signed a six month lease in Texas.

$2500 usd/month
Probably $4000 can/month

The exchange doesn’t matter because I expense Canadian dollars.

What is the best card to get? I’m leaning toward a pure cash back card.

[MoneyGuy]

I’ve been using a Capital One MasterCard card for years but they’re now cutting their reward miles from 2 to 1.5 per dollar spent and eliminating their 10,000-point anniversary bonus. Thoughts on options? I don’t mind an annual fee but now I’m not putting as much on my card so I’d consider a no-fee option.

[Torture]

Originally Posted by MoneyGuy

I’ve been using a Capital One MasterCard card for years but they’re now cutting their reward mikes from 2 to 1.5 per dollar spent and eliminating their 10,000-point anniversary bonus. Thoughts on options? I don’t mind an annual fee but now I’m not putting as much on my card so I’d consider a no-fee option.

I'm sad about this change and looking for a new card as well. Loved my grandfathered Cap One Aspire.

[Old Yeller]

I was coming to bump this thread to bitch about that. It's my wife and my primary card for EVERYTHING but gas and groceries.

With those changes it makes no sense to pay the $120 annual fee anymore.

[Torture]

Originally Posted by Old Yeller

I was coming to bump this thread to bitch about that. It's my wife and my primary card for EVERYTHING but gas and groceries.

With those changes it makes no sense to pay the $120 annual fee anymore.

Yep. If they still gave $100 in points annually I'd keep it around for basically $20/yr but a 1.5% card isn't worth it for $120.

[Old Yeller]

I just called in, you can't get a card with no annual fee and transfer your reward miles.

Also the multinational billion dollar company doesn't really care if I cancel.

[MoneyGuy]

Originally Posted by Old Yeller

I just called in, you can't get a card with no annual fee and transfer your reward miles.

Also the multinational billion dollar company doesn't really care if I cancel.

That’s what I expected. I suppose I’ll spend my points and then cancel before the annual fee is charged, whenever that is. Is the fee charged same time for everyone?

It’s a shame but I don’t begrudge businesses making business decisions like this (but still won’t be keeping the card).

[White Out 403]

Ya was going to come and gripe about this.

I spend everything on this so it's a huge change.

What are the alternatives out there?

[DoubleF]

Originally Posted by Reggie28

So I just signed a six month lease in Texas.

$2500 usd/month
Probably $4000 can/month

The exchange doesn’t matter because I expense Canadian dollars.

What is the best card to get? I’m leaning toward a pure cash back card.

Not even joking, see what's available in the States with some of the highest annual fees. Such options aren't available in Canada.

I have a buddy who worked in California. He has told me of a few credit cards with over $500-800 USD annual fees. The reason being is that he crunched the numbers and showed me that the benefits he gets on those cards are several times more than the additional fees.

For instance, he gets unlimited lounge access with some of his cards, gets enterprise level car rental upgrades for free (AMA plus membership has this too apparently), extra few percent cash back, bonus cash back on certain categories like travel and hotel with basically no maximum, favourable exchange rates, gas discounts, extra points etc.

In the meanwhile, there are plenty of cards that offer damn good cash back options for the first 6 months (to a cap) that you could take advantage of while you seek another card in the states if possible (up to 4% for first 6 months, down to 1.5 -1% after that).

[Torture]

Used to get unlimited lounge access with Wealthsimple Black. Another perk that is no more.

[accord1999]

Originally Posted by Jimmy Stang

The Scotiabank Visa Momentum Infinite is my "gas and grocery" card, but I can probably shift some recurring payments over to it to make up the difference in gas. The increase in fee kind of sucks, but without any comparable alternatives, I'll probably just suck it up as I know I'll still end up getting a good chunk of money back.

To save on the Infinite Momentum fee, I ended up signing up for their Ultimate Bank Account. Keeping $5000 in a checking account to save $120 after tax ends up being pretty competitive to any high interest savings rate and I can save a bit more with several free commissions a year using their iTrade platform for stock transactions.

There's also a $300 sign-up bonus at the moment if you don't have an existing Scotiabank checking account, plus a $75 cash back:

hhttps://www.greatcanadianrebates.ca/...imate-Package/

[Calgary14]

I use the Amex Cobalt card that pays 5% on grocery and restaurant purchases, its been decent, but yeah I was really disappointed with Capital One too when I got the letter last week about the earn rate reduction

[Old Yeller]

Originally Posted by MoneyGuy

That’s what I expected. I suppose I’ll spend my points and then cancel before the annual fee is charged, whenever that is. Is the fee charged same time for everyone?

It’s a shame but I don’t begrudge businesses making business decisions like this (but still won’t be keeping the card).

The worst part is that I've got hundreds of thousands of reward miles that we usually save up for international flights as it's the best straight across value. Cash back option loses me a significant amount of money.

I realize this is the epitome of a first world problem during a global pandemic.. but god dammit this card was awesome.

[Torture]

Originally Posted by Old Yeller

The worst part is that I've got hundreds of thousands of reward miles that we usually save up for international flights as it's the best straight across value. Cash back option loses me a significant amount of money.

I realize this is the epitome of a first world problem during a global pandemic.. but god dammit this card was awesome.

You can redeem the same expense multiple times. Just get one thing classified as travel before your annual fee is required and redeem it until you have no points left.

[MoneyGuy]

Originally Posted by Torture

You can redeem the same expense multiple times. Just get one thing classified as travel before your annual fee is required and redeem it until you have no points left.

You can redeem one expense multiple times? If I have a $300 Hotel bill I can redeem it many times until my points are used up? My wife does the redemptions and I’ll have to point this out.

Red Flag Deals forum has an excellent thread on credit cards. There is some discussion now on this card.

[Calgary14]

Anyone know how to purchase something under "travel" as described by capital one, redeem points for the purchase, then cancel the transaction for a full refund? I'll need to do this to get my points off my capital one card before I cancel (no plans to actually travel any time soon). I've considered a flight but most have a 24 hour cancellation policy before they start charging fees