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ArticlesCredit Card Rewards: Head to Head
First Posted: December 15, 2004 Credit Card Evaluations Part 1Air Miles are great in Canada because they are so ubiquitous. You can earn them for doing practically anything. Remember the rule about points? Consolidate? Well, chances are you've already been collecting Air Miles for a while. With this credit card, you can earn on all of your everyday purchases as well. And when you shop at places like A&P or Shell, you can double up on your points. All in all, this card offers few extras, but the Air Miles make it well worth it, especially if you Already have Air Miles collected. Air Miles Redemption Examples
American Express Blue Sky Credit Card Pretty great little travel card. You earn 1.25 points per dollar spent, which is slightly above average, and you can spend them on any travel that you can charge to a credit card. Not the best travel card in here, but if flexibility and simplicity are what you're looking for, this is unparalleled. American Express Costco Platinum Cash Rebate Card This card offers a pretty basic cash rebate that grows according to how much you spend. Otherwise, the card doesn't really offer anything special. The return comes in the form of a straight cash rebate. This card beats Ultramar & the 1% return cards on annual spending of more than $20,000. Take a look at the graph at the bottom of Page 6 for more detailed info. American Express Holt Renfrew Card Keeping in mind I've never set foot in a Holt Renfrew (Value Village is more in my price range), I like this card. Well, I would if I spent a lot at Holt Renfrew. The 1% return is middling, and the extended warranty is a nice bonus. What really puts this card over the top is the free hem and cuff alterations. I don't know if that has much value, but it could give this card the edge for a die hard suit fan. Canadian Tire Options MasterCard This card offers nothing but a 1% return. You do however get a Canadian Tire Money bonus that varies depending on how much you fill up and what the Canadian Tire Money multiple is at the time. Keep in mind that the Canadian Tire Money can only be used at Canadian Tire Stores and not at the gas bar. Thus it's good for people who shop at CT. Otherwise, you can get 1% with Enrich or MBNA PremierRewards. Capital One® No Hassle Rewards™ Platinum MasterCard Capital One entered the rewards market with an outstanding cash rebate card. But, for whatever reason, that's gone. In its stead, we've got The No Hassle Rewards card. The value of your rewards waver irrationally with this card, between 1% and 1.4%. Travelers should compare this card with the Starwood MBNA and the Amex Blue Sky and see which one best suits their needs. Citibank Driver's Edge Mastercard Hot Deal! If you're buying a car in the next 5 years, look no further. Driver's Edge offers you a full 2% rebate on all your purchases to be redeemed at any time to use against the price of ANY car. You have to redeem them within 5 years, and there are caps ($2500 or $5000 for Platinum) but that can take a sizeable chunk off your bill. And I haven't even mentioned the best part: you can use the rewards on Used cars! You can also use it towards ATVs and dunebuggies. Driver's Edge also offers great extras like car rental insurance, extended warranty (assuming your credit rating is good enough to get platinum), Price Protection, and you can even get a picture of yourself printed onto the card. Citibank Enrich Mastercard You don't have to spend it in a certain place, you don't have to spend a minimum amount. No strings attatched. This card might be worth it if you get accepted for platinum with features like car rental insurance and a high yearly rebate maximum. As far as rewards go, though, MBNA PremierRewards is better because the rewards aren't capped. Citibank Petro-Points Mastercard Right off the bat, this card offers two cents off every litre of gasoline at Petro Canada stations . And then there are the Petro Points, which you can redeem for a surprisingly diverse array of rewards. Petro-Points Redemption Examples
Citibank Staples Easyrewards Mastercard A surprising new entry with a fantastic reward rate of 2% but only for big spenders, and includes all the benefits of a Platinum Citibank card. Another rare feature is that the rewards cap out at $50,000 making this card very well suited for big spenders. Citizens Bank Amnesty VISA, Oxfam VISA, Shared Interest VISA Feeling generous? Why not sign up for a credit card that earns money for charity. The rate of return doesn't work out to be that great unless you make a lot of small purchases, but it's the thought that counts. A better option might be to get Enrich or Ultramar and donate the proceeds from that to the charity of your choice. Whereas the donations from the Citizens card aren't tax deductible, your donations from any cash back card would be. One note about the Shared Interest VISA: This particular card offers one My Visa Rewards Plus point per two dollars you spend. Which doesn't really work out to much. So you'd be doing it for the charity, really. |
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