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Which Canadian Visa credit card to get?

TheDragonTheDragon Registered User regular
edited October 2010 in Help / Advice Forum
I was wondering if you guys have any opinions on which visa credit card to get? I usually would look for cash back, but points are good if the points can be traded in for gift cards at the same or better rate. But maybe you guys know of a better rewards system I haven't considered? I normally also go with no annual fee, but I'd consider a fee if it's somehow worth it. Although, I think this would be my secondary card, with a PC Mastercard being my main card (free groceries, yay).

TheDragon on

Posts

  • RikushixRikushix VancouverRegistered User regular
    edited October 2010
    Which bank do you belong to, if I may ask?

    Rikushix on
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  • FiggyFiggy Fighter of the night man Champion of the sunRegistered User regular
    edited October 2010
    It largely depends on your lifestyle. You can get one that gives you free groceries (which you mentioned), free movie tickets, free stuff at Shopper's Drugmart, cheaper gasoline, and general points to cash in for shit.

    I have an RBC Rewards card, which I usually just cash in for Futureshop gift cards. I think it works out to every $6000 I spend on the card, I get a $50 gift card. Not too great, but meh.

    My fiancee has a card which earns her SCENE points, which we cash in for movie tickets. Strangely enough, the "point cost" for a VIP ticket, 3D movie ticket, or the Tuesday movie package deal is the same as a regular ticket, so we use it on those.

    A friend of mine has a Canadian Tire card where if he spends a minimum amount each month on his card, he gets something like 10 cents off per liter of gas for the following month. Of course, you're stuck going to Canadian Tire gas stations if you want the gas discount.

    Figgy on
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  • Gilbert0Gilbert0 North of SeattleRegistered User regular
    edited October 2010
    TD Rewards Visa is what I have. No annual fee, quickly gets to 1% cash back.

    Only drawbacks are high interest rate (don't carry a balance) and the cash back could be higher.

    https://www.tdcanadatrust.com/tdvisa/rebate.jsp

    Gilbert0 on
  • Sir Headless VIISir Headless VII Registered User regular
    edited October 2010
    As a warning about rewards cards with annual fees the rewards are generally not that much better so as to cover the cost of the annual fee. You will have to consider the other benefits of the more expensive cards (concierge, extra insurance, etc) worthwhile for them to be a good deal for you. For example cibc wanted me to change to a annual fee platinum version of their cash back rewards card.I calculated I would have to spend over 50k a year on the card to make back the annual fee with the difference in rewards rate. Also I don't know about all cash back cards but the cibc version wont be that great as a secondary card since you need to put money on it to get to the higher advertised return rates. They are structured as such:

    Tier one - 0.25% rebate for net annual purchases up to $1,500
    Tier two - 0.50% rebate for net annual purchases from $1,500.01 to $3,000
    Tier three - 1% rebate for net annual purchases over $3,000

    Sir Headless VII on
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  • LailLail Surrey, B.C.Registered User regular
    edited October 2010
    I have a Best Buy Visa which gets me gift certificates to Best Buy...so once in a while I get a random GC and get a free game or something, which is kind of nice.

    I also went and got a BMO Airmiles Mastercard in hope of one day being able to take a free trip somewhere. The only problem is I don't bank at BMO and now they are pretty consistently contacting me hoping I'll open an account with them.

    Lail on
  • TheDragonTheDragon Registered User regular
    edited October 2010
    Rikushix wrote: »
    Which bank do you belong to, if I may ask?

    PC Financial

    TheDragon on
  • RikushixRikushix VancouverRegistered User regular
    edited October 2010
    TheDragon wrote: »
    Rikushix wrote: »
    Which bank do you belong to, if I may ask?

    PC Financial

    Ah.

    I second what Gilbert said. I have a TD Rewards Visa and it is pretty good.

    Rikushix on
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  • WezoinWezoin Registered User regular
    edited October 2010
    I should mention, in my experience Visa offers alot less credit than Mastercard. I had $11,000 worth of mastercards, my RBC rep told me to cancel 2 of my 3 cards (cancelling $6000 worth of them) in exchange for a Visa. I did, and got rejected by Visa, she reapplied and came back to me saying if I drop $2500 off my remaining Mastercard I can have a $2000 Visa. I'm pretty sure she was just trying to sell an extra card since that in no way is beneficial to me, and ymmv, but I'm sticking with Mastercard because of that.

    Wezoin on
  • Nova_CNova_C I have the need The need for speedRegistered User regular
    edited October 2010
    Check with your bank to see if they have any special offers. RBC waives my annual fee on my Rewards card because I have their Signature account.

    Nova_C on
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