RFD Credit Card, Chequing, & Investment Savings Account Articles

[Ryan]

The articles written by canrocks on No Fee Credit Card Reward Programs and Investment Savings Accounts can be found here:
http://www.redflagdeals.com/deals/main.php/articles/credit1/

The No Fee Chequing Accounts Comparison can be found here:
http://www.redflagdeals.com/deals/main.php/articles/chequing1/

And the High Interest Savings Account Comparison can be found here:
http://www.redflagdeals.com/deals/main.php/articles/savings1/

[Alexo]

Do any of the Canadian no-fee credit cards offer single-use "virtual" numbers for internet purchases, etc. ?

My card got compromised and although there was no monetary loss (the CC company tool care of everything) it was still a bit of a hassle to switch everything to the new number.

[emz]

Thank you Ryan for stickying this. I was afraid I would need to perform a search for it and not necessarily find it. :)

[halflife150]

For the starwood cc i wasn't finding the high returns that were reported for the hotels. I was only getting 1.5%-2.5% and that's with hitting the increments. I even looked up the hotels provided in the examples. The hotel prices were much lower and they were in higher categories. That having said, it is still one of the best cc out there due to the 5000 bonus points awarded on airmile trades. It makes it one of the best airmiles cards as long as you hit the increments.

[Porcina]

In my last bill there was a notice that the National Bank Ultramar reward for the year is now capped at $250.

Disappointing as I received a $458 reward last year. So about June I will stop using the card as my reward will be maxed out.

Also the minimum monthly gas usage was increased to 100 liters from 80 liters to get the 2% refund.

I guess too many people from RFD have lowered their profits.

[Sandokan]

There's new Cash rebate Credit card:

NEW TD Canada Trust Rebate Rewards
Visa Card

Earn a 0.5% cash reward on the first $3,000 in net annual purchases charged to your Card
Earn a 1% cash reward on your net annual purchases over $3,000 (to a maximum annual purchase limit of $25,000)

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

[Jero]

There's new Cash rebate Credit card:

NEW TD Canada Trust Rebate Rewards
Visa Card

Earn a 0.5% cash reward on the first $3,000 in net annual purchases charged to your Card
Earn a 1% cash reward on your net annual purchases over $3,000 (to a maximum annual purchase limit of $25,000)

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


That's not too bad. CIBC Dividend has been doing it for years
(on the first $1,500 in net annual purchases your rebate is 0.25%; on your next $1,500 in net annual purchases your rebate would be 0.50%; on amounts greater than $3,000 in net annual purchases your rebate would be 1.0%.)

I think the PC has a better deal with a $25 signing bonus, 1.97% balance transfer and 1% starting at $2000 purchases.

[rl7greg]

I'd be curious to know what no fee chequing accounts are out there that are free with a higher minimum balance than $1000 or $2000. I personally have the Select Service account from TD that has a $5000 minimum balance, but with that it is truly no-fee. Yes, you lose out on getting higher interest on $5000 (~$200/year), but you get a lot more services free in addition to unlimited withdrawls, debits, payments, transfers, etc:
- free safe deposit box
- free cdn/us bank drafts
- no atm fees anywhere
- free 1% cash rebate visa w/roadside assistance & towing - better than a $150 BCAA Plus membership (TD Gold Elite)
- free cheques, and cheque images online or cheque return
- no holds on deposits (with good credit I guess)
- real bank branches that are open late ;-)

http://www.tdcanadatrust.com/accounts/select.jsp

If I had a PCF free chequing account then I'd need a safe deposit box, a BCAA membership, and I'd probably be paying $5-7 for US bank drafts, which I need one per month. And there is never the right ATM nearby if you have to use certain ones only, so I don't think any of the free chequing account listed are better for me, or for lots of people out there...

Does anyone have or know of a good chequing account with similar/better free stuff?

[cipra]

On Page 6 of the RFD article on Credit Card, it states: http://www.redflagdeals.com/deals/main.php/articles/credit6/

MBNA CAA Mastercard

Percentage Equivalent 1 everywhere. 2-4 at Sunoco, UPI, or FS

but on http://www.caasco.com/savings/caadollars/index.jsp, it states:

Effective December 31, 2007 Sunoco, UPI and FS will no longer be participants in the CAA Dollar program. Click here for details.

[GNUH NAEJ]

Hi guys i have around 10k in RBC's esaving high interest account. I was reading the comparison btw which bank has the highest hi-interest account and it says with cash amound greater tahn 2k one shouldnt be investing in high interest accounts but accounts call "GICs" can som1 explain how GIC's work? and which is the best for my situation.

I have about 10k, do not need the money, able to invest in long term about 3-5 years. THANKS!

[cuto]

if possible... i'd like to see an updated version on the no fee credit cards out there. i've applied for the Enrich card thinking it has car rental collision waiver but it doesn't. d'oh! so maybe that should at least be changed in the comparison chart.

[Octavius]

if possible... i'd like to see an updated version on the no fee credit cards out there. i've applied for the Enrich card thinking it has car rental collision waiver but it doesn't. d'oh! so maybe that should at least be changed in the comparison chart.

Doesn't the platinum have it?

You need to ASK them for the platinum Enrich...otherwise you'll get the plain jane one that has less features.

[cuto]

Doesn't the platinum have it?

You need to ASK them for the platinum Enrich...otherwise you'll get the plain jane one that has less features.ohh!!! geez, i hope i don't have to re-apply for it. thanks for the heads up :)

[Octavius]

ohh!!! geez, i hope i don't have to re-apply for it. thanks for the heads up :)

NP - when you get your plain Enrich, call up Citibank and ask them to upgrade you to the platinum version. It's instantaneous and there's no hit on your record.

Confirm with them what it does and doesn't have. I honestly can't remember for the life of me what the Citi Enrich Platinum has aside from 1% cash back and price protection...but I'm fairly certain it offers rental car insurance (but don't take my word for it =P )

[cuto]

NP - when you get your plain Enrich, call up Citibank and ask them to upgrade you to the platinum version. It's instantaneous and there's no hit on your record.

Confirm with them what it does and doesn't have. I honestly can't remember for the life of me what the Citi Enrich Platinum has aside from 1% cash back and price protection...but I'm fairly certain it offers rental car insurance (but don't take my word for it =P )that's good that there won't be a hit on my record. when is there a chance that i would get hit with some record? i'm guessing it's a bad thing?!

[Octavius]

that's good that there won't be a hit on my record. when is there a chance that i would get hit with some record? i'm guessing it's a bad thing?!

When you apply for credit, there is almost always a hit against your CREDIT record.

So depending on your score, how much debt you have, how often you pay off your card in full, etc, applying for a credit card may drop your overall score 5-10 points temporarily for 6 months.

Anyway, that's what I was getting at - sorry I didn't clear that up earlier

[cuto]

When you apply for credit, there is almost always a hit against your CREDIT record.

So depending on your score, how much debt you have, how often you pay off your card in full, etc, applying for a credit card may drop your overall score 5-10 points temporarily for 6 months.

Anyway, that's what I was getting at - sorry I didn't clear that up earlierah d'oh! i just applied for the mbna spg card too! ugh...so stupid of me. sigh... i just got the enrich card too!

but if i have good credit, don't carry debt... it won't hurt that much eh?

[Octavius]

ah d'oh! i just applied for the mbna spg card too! ugh...so stupid of me. sigh... i just got the enrich card too!

but if i have good credit, don't carry debt... it won't hurt that much eh?

It'll be fine. Like I said, applying for a credit card usually drops your score for like 6-8 months. How much it drops depends on your overall file.

Not carrying debt is a good thing - frankly anyone that carries debt on a credit card at more then 5% interest is a fool.

Remember: Good credit is a privilege, it can help you out in many circumstances - don't go ruining it by applying for new credit cards that don't need/want/use.

Every hard hit on your credit score lasts 6-7 years on your record. Hellfire has a HUGE thread on this in the Personal Finance section. I highly recommend you read it.

[J-Wo]

The rates for investment savings accounts have changed since the thread was last updated. Did some searching and here are the latest rates I found:

Bank Interest Rate (as of February 15, 2008)
E*Trade 4.15%
ICICI 4.10%
Citizens Ultimate 4.00%
Canadian Tire 3.85% (5.50% for first 90 days)
Achieva 3.85%
Outlook 3.85%
President's Choice Interest Plus 3.85%
HSBC 3.70%
ING Direct 3.65%
Altamira 3.60%
Manulife 3.55%
Royal Bank 3.50%
Scotiabank 3.25%
President's Choice Interest First 2.80%
Citizens Investment 2.40%

[canrocks]

Hey, J-Wo, thanks man! I just came on RFD today to update the article, and what do I see, someone's already done all the legwork!

[vanhalen26]

Thanks for all the work. Is the CIBC Platinum Dividend Card worthwhile if we are spending alot a year on our cards? We have the Amex 2% and try to use that, but many places we shop do not accept it.

[J-Wo]

PC Financial Interest Plus™ Savings Account just dropped to %3.75 >:(

[cuto]

PC Financial Interest Plus™ Savings Account just dropped to %3.75 >:(d'oh!!! GRRR

[lisdoncca]

Bank Interest Rate (as of March 11, 2008)
ICICI 4.10%
Achieva 3.85%
Outlook 3.85%
Citizens Ultimate 3.75%
Canadian Tire 3.75% (5.00% for first 90 days, 20$ bonus, not in Quebec)
President's Choice Interest Plus 3.75% (for amonts over $1,000)
Manulife 3.60%
E*Trade 3.55% (for $CA, confirmed by phone (1-888-872-3388) since March 7)
HSBC 3.30% (4.75% till May 2, 2008)
ING Direct 3.30%
Altamira 3.20%
Royal Bank 3.00%
Scotiabank Money Master High Interest Savings Account 2.75%
President's Choice Interest First 2.50%
Citizens Investment 2.40%

Here is an update on rates.
I did this update because I am currently looking for a new account (ING Direct is way too low now...)

You will notice some rates dropped more than others, so the order of the list changed a little bit.

[J-Wo]

Thanks lisdoncca. I'm thinking of making a shared Google documents spreadsheet with the interest rates that users can update themselves to share with others. Are there people out there who would be interested in helping maintain it? Is this idea okay with the author of this original thread?

edit: I've completed the Google spreadsheet which can be found at the link below. I've also removed the President's Choice Interest First Savings Account, because there is virtually no difference between it and the Interest Plus Savings Account except for a lower rate!
(okay that's not entirely true, the Interest Plus requires a $1000 min deposit while Interest First has no minimum, but if you don't have that much to save then what are you doing with an investment savings account anyway?)

Please PM me if you'd like to be a contributor to the spreadsheet so you can make changes. You must have a google (gmail) account

http://spreadsheets.google.com/pub?key=p0a-5_Mzy7WcYLYGy6g-cEA

[lisdoncca]

E*Trade 3.55% (for $CA, confirmed by phone (1-888-872-3388) since March 7)

Watch out for people that are at E*Trade or that are looking to open an account.

[jetz]

I'd love to see his analysis on charge cards. I use an Amex platinum. I do use the concierge quite often and the travel insurance and other coverages are very handy. But I am curious to see the value analysis on the membership rewards program.

[J-Wo]

Rates updated, and they are dropping like flies!

http://spreadsheets.google.com/pub?key=p0a-5_Mzy7WcYLYGy6g-cEA

[7jai]

So i heard that if you overspend on your set limit (say $1000), the card will continue to work, however, at month end they will calculate how much you spend over your $1000 limit, and charge you a penalty fee for doing so.

Is this true? I just heard these remarks from my friends, which is why they stay away from Citibank Enrich.

[lorenzolio]

E*Trade 3.55% (for $CA, confirmed by phone (1-888-872-3388) since March 7)

Watch out for people that are at E*Trade or that are looking to open an account.

Unfortunately the rates are dropping differently for different companies, so the original article is now a bit misleading. Here's my case: In the original article, ETrade used to be much higher on the list than ING Direct... so even though I've been with ING Direct for a few years I decide to try ETrade (hey a 0.5% difference is significant). After all the hassle of setting up the new account I find they've now slowly narrowed to 0.25% difference (April 1, ET is 3.55% and ING is 3.3%). For the amount of money I'm investing that is now only $30 difference a year. $30 is barely worth the effort of signing up! Plus their website is not as nice to look at as ING's. :)

Personally I think the high interest rate on ET was introductory and meant to garner lots of interest (and it worked!). However, they are now in the middle of the pack. Perhaps the article should be reviewed?

[lisdoncca]

Bank Interest Rate (as of May 3, 2008)

note: some banks changed their investment savings account rate in the last weeks, some did not.

ICICI 3,60% http://www.icicibank.ca/personal/personalaccounts/hiSave.htm
Citizens Ultimate (not in Quebec) 3,50% https://www.citizensbank.ca/Personal/Products/BankAccounts/UltimateSavingsAccount/
Altamira 3,20% http://www.altamira.com/highinterest/index.html
Achieva 3,05% http://www.achieva.mb.ca/products/index.asp
Outlook 3,05% http://www.outlookfinancial.com/products_and_rates/rates_chart.aspx?ts=3592
Canadian Tire (not in Quebec) 3,05% https://www.myctfs.com/Rates/
President's Choice Interest Plus (over $1000) 3,05% http://www.banking.pcfinancial.ca/a/rates/savingsPlusAccountRate.page
E*Trade 3,05% https://www.canada.etrade.com/pages/accounts/accttypes.shtml
HSBC 3,00% http://www.hsbcdirect.ca/1/2/3/en/learn-more/direct-savings-account
ING Direct 3,00% http://www.ingdirect.ca/en/accounts-rates/ourrates/index.html
Manulife 2,60% http://www.manulife.ca/canada/mBank.nsf/Public/isa
Royal Bank 2,50% http://www.rbcroyalbank.com/products/deposits/e-savings.html
Scotiabank Money Master High Interest 2,25% http://www.scotiabank.com/rates/savings.html#dailyinterest
President's Choice Interest First 2,00% http://www.banking.pcfinancial.ca/a/rates/interestFirstSavingsAccountRate.page
Citizens Investment (not in Quebec) 1,50% https://www.citizensbank.ca/Personal/Products/BankAccounts/InvestmentAccount/

[angel_wing0]

someone should change the interest rates in the savings accounts article weekly...i volunteer! :)

+3% savings accounts' rates as of today (01/06/08):

ICICI 3.40% (Promo: referral free $20)
Altamira 3.20%
Citizens Ultimate 3.15%
PC Financial Interest Plus 3.05%
CTFS 3.05% (Promo: +1.25% for first 90 days and $20)
E*Trade 3.05%
Achieva Savings 3.05%
Outlook 3.05%
HSBC 3.00%
INGDirect 3.00%
Manulife Bank 3.00%

[canrocks]

someone should change the interest rates in the savings accounts article weekly...i volunteer! :)

+3% savings accounts' rates as of today (01/06/08):

ICICI 3.40% (Promo: referral free $20)
Altamira 3.20%
Citizens Ultimate 3.15%
PC Financial Interest Plus 3.05%
CTFS 3.05% (Promo: +1.25% for first 90 days and $20)
E*Trade 3.05%
Achieva Savings 3.05%
Outlook 3.05%
HSBC 3.00%
INGDirect 3.00%
Manulife Bank 3.00%

Hey Angel Wing, one of the reasons that doesn't get updated daily is because the analysis also changes when I change the interest rates. That and I'm in university :D. But thanks for volunteering. Actually, there's one thing that I've been thinking about more and more. Rates are flailing about on much more of a regular basis now than when I wrote the articles, and it's becoming harder and harder to trust banks based on their current rate. It would be incredibly useful if someone were to check the rates everyday (or every week), and put a daily (or weekly) entry into a spreadsheet for each account. Then we could graph the data, and watch the trends to see which banks are regularly on top. That would be incredibly useful. Feel like taking this on?

[angel_wing0]

Hey Angel Wing...
Feel like taking this on?

u bet, pm me the details and we will go from there :)

[zajacik99]

Before opening an account people should also read this:
http://www.redflagdeals.com/forums/archive/index.php/t-700094.html

[danyo]

I checked some of the cards out in the CC link... seems a lot of them have annual fees now and/or no longer exist. =S

[ACC-Major]

Someone might need to update these articles.

[canrocks]

Agreed! I just got back from 6 months in Europe and am in the process of moving back to Toronto but as soon as things quieten down, they will get a thorough updating.

[Danzinger]

Just a quick note, I've made my own chequing accounts comparison which categorizes accounts based on different customer groups (student, adult, senior, etc).

Posted it on this forum, thread can be found here (http://www.redflagdeals.com/forums/showthread.php?t=792373).

Or if you are lazy and just want to see the comparisons, the charts for each are as follows:

Youth (http://scwpg.com/content/BANK-CHART_under18sm.pdf)
Students/Young Adults (http://scwpg.com/content/BANK-CHART_over18sm.pdf)
Adults (http://scwpg.com/content/BANK-CHART_Adultsm.pdf) (that need an unlimited chequing account)
Seniors (http://scwpg.com/content/BANK-CHART_SENIORS_sm.pdf)
Premium Accounts (http://scwpg.com/content/BANK-CHART_travelersm.pdf) (with enhanced services & travel bonuses)