CREDIT CARD

[DSB]

Question for those with a little more financial knowledge than myself.


I need a new credit card with:

  - no annual fee
  - I would like one that has some sort of reward, (airmiles??...I also heard mastercard has one that give you big cash for old and new vehicle purchases...is the PC credit card useful??)

Any ideas or recommendations would be appreciated?

DSB

 

[MikeL]

I got a Visa Classic from Royal Bank, no annual fees an for every dollar you spend you get a certain amount of points you can redeem for gifts.

 

[zipperhead_cop]

I don't purport to have a heap of financial knowledge, but here's my two bits:
I have been pretty happy with the Presidents Choice financial products.  If you shop at Zehrs, Loblaws or Super Center you get points on your card for purchases.  A lot of places have the gas stations there too, so that adds to the points.  Also, if you pay bills through your bank maching you get points for doing it through PC Financial.  There is never a service charge for transactions at the grocery stores, and you can do your banking through any CIBC bank machine as the two are linked.  I have my auto and home insurance through them as well, and they were significantly cheaper than any other place I checked, including the group rate my Association got.  
I don't have a PC Credit card, but I'm sure it has all kinds of keen crap too.  The points add up pretty fast and every now and again I get a free load of groceries.  Not bad when you couple that to the lack of service charges.  
I would give them a look if you are checking around.  
Good luck.

 

[TMM]

You say you need a "new" credit card - do you mean that you want to cancel an existing one, add one, or you're getting your first?

If you have a Costco membership you can get a no fee Amex which gives you cash back on the anniversary of your enrollment. That is my only personal card. VISA, MC, AmEx  all have some form of no fee card but you really need to read the fine print.

Rewards are great if they work for you. CIBC has the HBC rewards, some MC and AmEx have AirMiles but they tend to charge a fee.

Please don't be seduced by the low introductory interest or balance transfer rates; they sky rocket.

I'm going to suggets that before you apply for a card you get a copy of your credit report. You can get in for free in person or via mail, or online instantly for $15.00

 

[zipperhead_cop]

+1 on the Costco card.  I forgot about that one. 

 

[DSB]

Thanks for the tips so far guys.

I have good credit and have never carried a balance.  I thought I'd get a credit card that can give me something back.  The MC credit card I have offers me jack.

DSB

 

[211RadOp]

CIBC has the HBC rewards...

Actually CIBC cancelled this program this year. They now have thier own dividends card instead.

 

[Jaxson]

+1 on the Costco card.  I forgot about that one.   

+1 Love costco.

 

[Cliffy433]

Thanks for the tips so far guys.
I have good credit and have never carried a balance.  I thought I'd get a credit card that can give me something back.  The MC credit card I have offers me jack.
DSB

Then I suggest calling MC direct and talking to them.  Explain your credit history, that you rarely if ever carry a balance, express an interest in Airmiles, etc, etc, etc.

All CC's have caveats, options, fees, interest, but all their phone people are - at the heart of it all - sales personnel.  Their job is to keep you using the card, in the hope you WILL rack up a bill and owe them money.  Everytime you use that card, the stores pay them a fee, everytime you have a balance, you pay THEM.  They want you to have the card, they want you to use it.  Make them sell you a better deal.  If they don't - get a new one and call them back cancelling.  Explain why.  Shop around - in the long run, you are making a purchase, and potentially a costly one.

My expertise on this matter:
Some days it seems like I'm single-handedly putting their children through college.

Oh, and for added security, don't pay off your card.  Keep it racked up.  That way if someone steals it, they can't run it up on you.

tlm.

PS - Since some people don't always get my sense of humour... that last line was a joke.  Sort of. 

 

[Colin Parkinson]

I have a low interest card from my credit union that charges 9% I have to pay a $25 a year for it, no points or such.

Beware any promotional deal, they all have a catch. If you routinely carry a balance, your first priority is to ensure a low interest rate, because all the points in the world won’t make up the difference of a high interest card.

If you have the discipline to pay off the cards and mange your debt ratio well, then by all means look at the packages, but read the fine print carefully and most the young people selling the cards don’t seem to know the detail well, it’s up to you to read them.

 

[SupersonicMax]

RBC Gold Rewards is awesome if you need 5000$ or more (this is the minimum)

Max

 

[radop215]

where do you get the credit report from?  can you just walk into a bank and say i want my credit report?

 

[Danjanou]

CREDIT CHECK INFO

www.equifax.ca

 

[Yrys]

  can you just walk into a bank and say i want my credit report?

It's not the bank that are dealing with credit report, but company specialised in it...
I got mine from Equifax ( www.equifax.ca  ) .

Personally, I've got a Desjardins Visa for my every day shopping that give me points.
I also have the President choice MC, for when I am carrying a balance on my Visa.

My Visa has a 18% interest rate, but my MC usually have a 4,97% on transfert from others
credits card. I don't put ANYTHING on the MC, because then when I'm doing a transfert
from my VISA, the cost of the buy would be around 16%, I believe, because MC is putting
money that I give them first into the transfert.

So MC empty of anything, except some transfert from VISA, when I'm a bit short on money.
The interest rate on transfert is the same as long as you have paid it in total. I'm transferring a
balance over there only when the interest rate is 5%, but its happens a lot  .

And my Visa for everyday, with points .

(not sure if I'm clear with that)

 

[TMM]

You should check with both credit report agencies. The other one is Trans Canada  - www.tuc.ca