Author Topic: Canadian looking for new credit card reward program  (Read 2987 times)

max9505672

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Canadian looking for new credit card reward program
« on: July 24, 2017, 01:06:17 PM »
Hey guys!

Iíve used American Express Gold Card for the past 3 months in order to get the 25000 reward points.

Iím now looking for a new credit card reward program/offer that I could benefit from.

Iím pretty frugal so I donít spend a lot on my credit cards. Previous AE card required 1500$ spending over 3 months, and I had to buy 300$ of gift cards in order to get there.

Anyone has a suggestion for a good offer?

Thanks!

Lews Therin

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Re: Canadian looking for new credit card reward program
« Reply #1 on: July 24, 2017, 01:19:15 PM »
What are your normal cards right now? just the AE?

max9505672

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Re: Canadian looking for new credit card reward program
« Reply #2 on: July 24, 2017, 01:42:00 PM »
What are your normal cards right now? just the AE?
I have a Laurentian Bank Visa Black with points rewards (and a 3.50$/month fee if I spend less than 500$). Maybe not the best option (around 1% return on most spending), I didn't shop around much because of low spending rate.

I stopped using the AE when I reached the minimum 1500$ spending in order to not pay the 3.50$/month Visa fee anymore. Plus after a year, the AE has a yearly fee that I don't want to pay, but for now has better overall return.

I should run the numbers between the Visa and AE, but I'm pretty sure it's very close :

- Option 1 : Keep the Visa and use the AE until the 1 year mark = better reward but 3.50$/month fee
- Option 2 : Cancel the AE and use the Visa only = lower reward but no monthly fee
- Option 3 :  Cancel the Visa and use the AE until the 1 year mark then find another card similar to the Visa
- Option 4 : Find a new ''deal'' similar to the AE Gold

Lews Therin

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Re: Canadian looking for new credit card reward program
« Reply #3 on: July 24, 2017, 02:07:07 PM »
Alright here are my recommendations:

Depending on what you are searching for:

1- Free card with 2% in 2 categories (and a third if you open a checking/savings account with them) Tangerine - Worthwhile as it is free, and you pick the categories to fill out other cards, and keeps your average age of card up by keeping forever. Checking and savings accounts are both free, so might as well get the 3rd category.
If you go with this, use my Orange key, and we'll both get a bonus 50$  Orange Key : 32792737S1 (as last check, sometimes it can vary)

2-There`s a Hugely profitable way of going through the AMEX`s listed here: https://www.reddit.com/r/churningcanada/comments/36w31o/amex_self_referrals_which_to_start_with/?st=j5ikxmu5&sh=ab37898d. The churning Canada Page also has a bunch of other offers/best use explanations.

3- BMO has a FYF with 2000 air miles, solid card, 200$ bonus that you can use shopping,
3- Visa scotia infinate has a 300$ travel return option with FYF too (4% grocery and gas return)
http://forums.redflagdeals.com/hot-deals-f9/2/

might be worth posting on this page to bump it up and get more responses: https://forum.mrmoneymustache.com/reader-recommendations/cc-rewards-thread-for-canadians/

« Last Edit: July 24, 2017, 02:08:55 PM by Canadian Ben »

Lews Therin

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max9505672

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Re: Canadian looking for new credit card reward program
« Reply #5 on: July 25, 2017, 09:07:03 AM »
Thanks man!

I just applied for the Tangerine CC that I will use to replace my outdated BLC Visa.

Can you explain what you mean by : Tangerine - Worthwhile as it is free, and you pick the categories to fill out other cards, and keeps your average age of card up by keeping forever

2-There`s a Hugely profitable way of going through the AMEX`s listed here: https://www.reddit.com/r/churningcanada/comments/36w31o/amex_self_referrals_which_to_start_with/?st=j5ikxmu5&sh=ab37898d. The churning Canada Page also has a bunch of other offers/best use explanations.
Yes, I already used the AE Gold and got the 25000 points. I'll look for further possible churning.

3- BMO has a FYF with 2000 air miles, solid card, 200$ bonus that you can use shopping,
I'll look at this card! Link to this one?
What is FYF? No yearly fee?

3- Visa scotia infinate has a 300$ travel return option with FYF too (4% grocery and gas return)
http://forums.redflagdeals.com/hot-deals-f9/2/
I'll look at this too! Is it only travel return? How can you use that money because I don't travel much and don't have any travel planned soon...
« Last Edit: July 25, 2017, 09:33:34 AM by max9505672 »

Lews Therin

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Re: Canadian looking for new credit card reward program
« Reply #6 on: July 25, 2017, 09:41:22 AM »
Thanks man!

I just applied for the Tangerine CC that I will use to replace my outdated BLC Visa.

Can you explain what you mean by : Tangerine - Worthwhile as it is free, and you pick the categories to fill out other cards, and keeps your average age of card up by keeping forever

2-There`s a Hugely profitable way of going through the AMEX`s listed here: https://www.reddit.com/r/churningcanada/comments/36w31o/amex_self_referrals_which_to_start_with/?st=j5ikxmu5&sh=ab37898d. The churning Canada Page also has a bunch of other offers/best use explanations.
Yes, I already used the AE Gold and got the 25000 points. I'll look for further possible churning.

3- BMO has a FYF with 2000 air miles, solid card, 200$ bonus that you can use shopping,
I'll look at this card! Link to this one?
What is FYF? No yearly fee?

3- Visa scotia infinate has a 300$ travel return option with FYF too (4% grocery and gas return)
http://forums.redflagdeals.com/hot-deals-f9/2/
I'll look at this too! Is it only travel return? How can you use that money because I don't travel much and don't have any travel planned soon...

Hmm, wrote the tangerine quickly.

The card allows 2% on two categories (Gas, groceries, restaurants, recurring bills, etc). You also get a third category if you have a checking /savings account with them. so you now have 3 2% categories moving forwards. Those categories can be changed every 3 months (or something like that) so you keep them in the categories that are worth it. For example, you'd move it from gas and groceries if you had the visa scotia infinite, you'd rather have them in other categories. If you're not traveling soon, don't go for travel cards! (There are some more doubtfully usable tricks, but it's not worth the hassle).

The RFD forum has the BMO link in there as well, you just might have to refresh and/or go to the second page. FYF = First year free, so you'd want to get rid of it before the renewal date.

Lews Therin

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Re: Canadian looking for new credit card reward program
« Reply #7 on: July 25, 2017, 09:44:17 AM »
Also, read up on the downsides of credit churning, as it will cause short term hits to your credit rating (not huge, unless you are doing a lot of churning) so if you have large purchases coming up (I.E. Mortgages) you might want to play it safe.

I'd recommend checking your credit score with a free service (borrowwell and ratehub both offer it) to make sure you have a high enough rating to do this.

Nothing stops you from closing the AE, and then opening a new one in 3 months! (and getting the bonus again) muahahhaa

Lews Therin

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max9505672

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Re: Canadian looking for new credit card reward program
« Reply #9 on: July 25, 2017, 10:30:43 AM »
Also, read up on the downsides of credit churning, as it will cause short term hits to your credit rating (not huge, unless you are doing a lot of churning) so if you have large purchases coming up (I.E. Mortgages) you might want to play it safe.

I'd recommend checking your credit score with a free service (borrowwell and ratehub both offer it) to make sure you have a high enough rating to do this.

Nothing stops you from closing the AE, and then opening a new one in 3 months! (and getting the bonus again) muahahhaa
Credit score isn't an issue for me now, short term.

I didn't know you could close a CC and re-open another one 3 months later! I guess I have more research to do!

Lews Therin

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Re: Canadian looking for new credit card reward program
« Reply #10 on: July 25, 2017, 10:57:14 AM »
Check out the reddit site, there's a FAQ on the side, and a lot of background info.

max9505672

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Re: Canadian looking for new credit card reward program
« Reply #11 on: July 25, 2017, 11:39:11 AM »
Check out the reddit site, there's a FAQ on the side, and a lot of background info.
Thanks!

max9505672

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Re: Canadian looking for new credit card reward program
« Reply #12 on: July 25, 2017, 11:55:14 AM »
Do you know what happens to your Aeroplan/Air Miles gained when you cancel a credit card? Do you loose all of them?

Lews Therin

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Re: Canadian looking for new credit card reward program
« Reply #13 on: July 25, 2017, 12:52:06 PM »
Air miles and Aeroplan are outside the credit card realms, so they are safe.

However, credit card points / travel reward points are lost.

max9505672

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Re: Canadian looking for new credit card reward program
« Reply #14 on: July 25, 2017, 03:05:36 PM »
Air miles and Aeroplan are outside the credit card realms, so they are safe.

However, credit card points / travel reward points are lost.
Ok, so let's say a credit card offers some reward bonus points (ex: Scotia Rewards bonus points), once you get those, can you exchange for Aeroplan or Air Miles with them?

Basically, my question is, since I don't plan on travelling soon, what are my options of thing I can do with those CC specific reward/bonus/''every other name it can have'' points?

Lews Therin

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Re: Canadian looking for new credit card reward program
« Reply #15 on: July 25, 2017, 04:37:56 PM »
% return in cash would be best. Air miles & aeroplan next, internal bank ones last (like scotia points that you lose when you are no longer part of scotia)