Scotia Momentum Visa - 2 %, Gas, Groceries, Pre-Auth; 1 % Other. Not Tiered !, $39/yr

[G-Yo]

New Visa from Scotiabank, 2 % rebate for gas, groceries, drugstore and preauthorized payments, 1 % rebate for all other purchases (not cash advance obviously)

Annual fee of $39 dollars, maybe you can get this waived.

Promotional offer for the 1st 3 Months, of 2 % rebate on EVERYTHING.

There is a link to a rebate calculator on the site.

http://scotiabank.com/cda/content/0,1608,CID12667_LIDen,00.htm

Discuss !

[moopoo]

1 You will earn 2% cash back on the first $25,000 you spend annually at merchants classified by VISA as Grocery Stores & Supermarkets, Drug Stores & Pharmacies, Service Stations, Automated Fuel Dispensers and Recurring Payments (Merchant Codes: 5912, 5411, 5541 & 5542). Sometimes there are separate merchants located on the premises of these merchants but are classified by VISA in another manner, in which case this added benefit will not apply. Recurring payments are defined as payments made on a monthly or regular basis automatically billed by a merchant. Earn 1% cash back on purchases made after you have reached the 2% $25,000 annual maximum, and on all other purchases.

It's somewhat tiered according to the web page, 1% after $25,000. Spending that much might be kind of difficult in a year though.

[tacticnf]

There are specific stores/gas stations etc that the 2% cash back reward applies to, dependant on the province that you live in, ie. for Ontario Petro Gas counts but not Sunoco Gas, etc..if you need a full list I could probably find it.

[darkdude]

There are specific stores/gas stations etc that the 2% cash back reward applies to, dependant on the province that you live in, ie. for Ontario Petro Gas counts but not Sunoco Gas, etc..if you need a full list I could probably find it.

http://www.scotiabank.com/images/en/filespersonal/19993.pdf

[quanta]

Not bad for a VISA, but it looks like you're still better off with the 2% tiered Amex Gold, or any of the variety of 1% non-tiered Mastercards out there (PCF, Starwood, etc.).

There are many reward cards with no fees, so this one is hard to recommend.

[insanity]

I currently like the 1% Cashback TD Gold Visa with free auto club membership. If you maintain $5K in your account the yearly fee is waived.

Thanks for posting though OP.

[keljai]

l hope employee gets no yearly fee for this

[jacobos]

It's somewhat tiered according to the web page, 1% after $25,000. Spending that much might be kind of difficult in a year though.

Is that $25000 only on gas and groceries? Or is that $25000 at those particular retailers (like Loblaws, where you can buy many other things)? I agree that it would be hard to buy that much gas and groceries in a year. Maybe if you drove an SUV:D

I currently like the 1% Cashback TD Gold Visa with free auto club membership. If you maintain $5K in your account the yearly fee is waived.

Thanks for posting though OP.

I've been using that TD Gold Elite Visa for a few years now. Because of the deluxe auto club membership (similar to a CAA family membership), even the $99 annual fee is not too bad. And the 1% cashback cheque that you get at the end of the year is always larger than you expect (damn you, RFD).

[Hellfire]

The website calculator doesn't take into account the $25K limit on 2% cash back.

[3ntreri]

19.99% interest minus 2% cash back still isn't that great if you plan on maintaining any sort of balance... I think I'll keep my 8.99% VISA!

[mech9t5]

Not bad for a VISA, but it looks like you're still better off with the 2% tiered Amex Gold, or any of the variety of 1% non-tiered Mastercards out there (PCF, Starwood, etc.).

There are many reward cards with no fees, so this one is hard to recommend.

this depends on the user...

if the annual fee is only $39, this can almost be recovered from gas alone. I average $250 in gas a month. On a 1% card, I get $2.50 a month back. With this card, I get an extra $2.50 or $30 a year.

add groceries of about $200 a month and you are talking an extra $24 a year.

Total is $54 - you are making an extra $15 a year... not a lot... but still more.

some people have expensive drugs that are covered by the company drug plan... 2% on drugs can be a lot of money too... I know a guy who spends about 3k on (legal) drugs a month... (he is really messed up...)

[nuberific]

I got excited reading the thread title until the $39/year.

[simms]

I still like my AMEX Gold 2% no annual fee. (Yes, tiered).

[Halifax55]

I still like my AMEX Gold 2% no annual fee. (Yes, tiered).

I'm glad for you...the rest of us do not have access to this card? Do they?

[a_1_a]

Not bad for a VISA, but it looks like you're still better off with the 2% tiered Amex Gold, or any of the variety of 1% non-tiered Mastercards out there (PCF, Starwood, etc.).

There are many reward cards with no fees, so this one is hard to recommend.

Why would it better to use any of the variety of 1% non-tiered Mastercards out there (PCF, Starwood, etc.).? The break even point for this Visa is $3900/yr because $3900 x 2% = $78, less $39 yearly fee = $39 net rebate, which is = 1% on $3900/yr spending.

[jacobos]

19.99% interest minus 2% cash back still isn't that great if you plan on maintaining any sort of balance... I think I'll keep my 8.99% VISA!

The idea is to purchase with the 2% cash back card, then pay off the card from your low interest line of credit. Since you get the entire 2% cash back (for your total purchases), but your 5-6% line of credit interest is annual, if you churn through $25k/yr in spending and carry a revolving balance of $5k, you're paying $250-300/yr interest and getting a $500 cheque every year. At the very least, you're knocking 2% off your line of credit interest (assuming you can pay off each purchase within a year).

[nuberific]

Why would it better to use any of the variety of 1% non-tiered Mastercards out there (PCF, Starwood, etc.).? The break even point for this Visa is $3900/yr because $3900 x 2% = $78, less $39 yearly fee = $39 net rebate, which is = 1% on $3900/yr spending.

But it's not 2% on everything, only select purchases.

[cky312]

But it's not 2% on everything, only select purchases.

Thats why he mentioned the 1% at the very end

[jacobos]

this depends on the user...

if the annual fee is only $39, this can almost be recovered from gas alone. I average $250 in gas a month. On a 1% card, I get $2.50 a month back. With this card, I get an extra $2.50 or $30 a year.


As long as you don't mind using Petro-Canada gasoline, their associated no-fee Citi Mastercard gives you 2 cents per litre. While gas is under a dollar/litre, this will save you more money. It doesn't give you the nice annual surprise of a rebate cheque, though.

But, this might be a good candidate for use as your grocery card. A family of four, that buys a lot of organic food from Loblaws, can easily spend $1000/month in groceries. This puts you well past the break-even point with the 1% cashback cards.

Thanks OP.

[thatguy911]

Definitely not as hot as the Capital One Cashback plus platinum card, if you spend any real money....

$59 annual fee,

1% on 0-10K
1.5% on 10-20K
2% on 20K plus

So if you and your spouse spend 45K a year on your CC combined, it pays you almost $700 after the card fee.

http://www.capitalone.ca/canada/cards/cashback-plus-platinum-mastercard/index.php?


Even on 30K of spending, its still $100 more than most 1% cards..

[bonzo]

This card sounds like some of the cards offered in the states although not as great.

My parents just got a Chase Freedom Cash back card

No annual fee.

3% rebate at your top 3 categories.

grocery stores (no superstores or warehouse clubs)
gas & convenience stores
quick service payment/fast food restaurants
telecommunications
cable/satellite TV/Internet service providers
video rentals
department stores
dry cleaners
drugstores
movie theatres
commuting costs (including ferries, bridges, tolls, parking garages, taxis/limos)
pet supply stores and veterinary services
utilities
beauty shops (salons and spas)
gym/recreation memberships

and 1% everywhere else.

You can cash out anytime your rebate.

Plus if you wait until your cash rebate balance is $200 you get it bumped to $250...so really 1.25% and its not tired spending.

Chase should come to Canada even if it was 2% in the categories and 1% everywhere else...no tier and no annual fee, it would be the best "available" credit card in Canada.

[ToniCipriani]

Anyone care to share some experience talking the guys into waiving the annual fee?

Wishful thinking, but I kinda want to get them to switch my Moneyback card to this one, while keeping the no annual fee. :P

[LonesomeDove]

Definitely not as hot as the Capital One Cashback plus platinum card, if you spend any real money....

$59 annual fee,

1% on 0-10K
1.5% on 10-20K
2% on 20K plus

So if you and your spouse spend 45K a year on your CC combined, it pays you almost $700 after the card fee.

http://www.capitalone.ca/canada/cards/cashback-plus-platinum-mastercard/index.php?


Even on 30K of spending, its still $100 more than most 1% cards..


Is everyone living off their credit cards? Spending $25,000 to $45,000 on credit cards? My credit card bills for my 4 cards total less than $10,000 a year.

[a lot to copy]

When I rec'd notice from Scotiabank that the annual fee would be $39.00, I made an appt. with them. I refuse to pay a fee for the use of a credit card. I simply switched to the Scotiabank Cashback Visa that has NO annual fee. It still rewards with a tiered 1% cash back (applied every June to credit statement). Nice try Bank of Nova Scotia.....sounded so well, until the $39.00 fee.

[angel_wing0]

I got excited reading the thread title until the $39/year.

Same...too bad i dont bank with them at all else i will try to get them to waive it :D

[Madwand]

I currently like the 1% Cashback TD Gold Visa with free auto club membership. If you maintain $5K in your account the yearly fee is waived.

Thanks for posting though OP.

Please note that is the "TD Gold Elite" card, not the plain no-fee TD Gold Select.

[Singh_21]

$39 annual fee kills the deal...I switched back to no fee tiered 1% card when I got the notice.........

[keljai]

l work so scotiabank so l know, but we're cheap and only stick with the guidelines. So unless you see an ad that says a promo of it being free, you most likely wont get it. This is experience from working at 4 different location but maybe you'll find an exception where they are willing to give it to you

[Trooper8111]

Is everyone living off their credit cards? Spending $25,000 to $45,000 on credit cards? My credit card bills for my 4 cards total less than $10,000 a year.

To truly take advantage of the deals, you need to pay everything (food, gas, clothing, bills) with your credit cards. You're spending the money anyway but instead of using your cash or debit card, you're using credit cards to take advantage of their rewards.

When the bill comes, you pay it off from your account. The idea is not to carry a balance and just do what you would normally do. But instead of using your cash you use your credit card. This way you take advantage of having the cash in your account hopefully accumulating interest or a waive of the fees and you get rewards by using the credit card. And you get to track your expenditures.

[dpolites]

CIBC Dividend Visa, no annual fee, 1% cashback when $3000 or more. Tiered below. Most people reach $3,000 no problem quickly.

I have been using it for years, and has been great, each December nice big bonus when the credit hits.

[M@rk]

This is a GREAT deal!

Is everyone living off their credit cards? Spending $25,000 to $45,000 on credit cards? My credit card bills for my 4 cards total less than $10,000 a year.

Yes. I know I have cashback, so every possible transaction goes on the ONE single credit card, even stuff like McDonalds or coffee. All the utilities, phone, cable bills etc. all go on the card as well.

$39 annual fee kills the deal...I switched back to no fee tiered 1% card when I got the notice.........

The $39 annual fee is nothing, because you'll still end up on top. I get about $250 every year on my 1% cash back Visa... with the 2% card, it'd be another $250 extra, so even with the fee I'm still up $210 for doing nothing differently. I realize that the 2% is only for select stores, but that list comprises about 90% of all my credit card expenses.

Yeah, the interest on these cards is higher, but it doesn't matter if you don't plan to carry a balance.

CIBC Dividend Visa, no annual fee, 1% cashback when $3000 or more. Tiered below. Most people reach $3,000 no problem quickly.

I have been using it for years, and has been great, each December nice big bonus when the credit hits.

That's the one I'm using. But again, 2% far outweighs the $39 fee.

[ToniCipriani]

l work so scotiabank so l know, but we're cheap and only stick with the guidelines. So unless you see an ad that says a promo of it being free, you most likely wont get it. This is experience from working at 4 different location but maybe you'll find an exception where they are willing to give it to you

Are you in a branch or at the card centre?

[setell]

I'm thinking, since SDM sells so many gift cards I'm going to see if there is a way to getting around this visa thing at No Frills but still get the 2%. I had thought Loblaws accept all credit cards including visa’s? I know Superstore take everything but Diners Club. Time to make a trip to SDM and see what sort of gift cards I can get there so that I can maximize the potential of this new card!

[BinaryJay]

I'm okay with my BMO MC. 1% non-tiered on all purchases, except for Shell, where it's 3% - and shell is the closest gas station and pretty much the only one I ever go to. I think the yearly fee is a bit higher than this (for now, $59 I think?), but last year I came out on top by far.

[marcXcore]

When I rec'd notice from Scotiabank that the annual fee would be $39.00, I made an appt. with them. I refuse to pay a fee for the use of a credit card. I simply switched to the Scotiabank Cashback Visa that has NO annual fee. It still rewards with a tiered 1% cash back (applied every June to credit statement). Nice try Bank of Nova Scotia.....sounded so well, until the $39.00 fee.

Don't forget the $15.00 additional cardholder fee for secondary and supplementary cardholders!

[jacobos]

I'm thinking, since SDM sells so many gift cards I'm going to see if there is a way to getting around this visa thing at No Frills but still get the 2%. I had thought Loblaws accept all credit cards including visa’s? I know Superstore take everything but Diners Club. Time to make a trip to SDM and see what sort of gift cards I can get there so that I can maximize the potential of this new card!

If you find a gift card for No Frills at SDM, please post it back here. I'm looking for suggestions of just the right Mastercard to use at No Frills. As Trooper mentioned, you really want to lump all your bills and purchases onto the most rewarding card (especially with that Capital One card where you need to get past the $25k hump).

Carrying additional cards is ok, as long as they:
1) have no fee and provide some benefit (visa/no frills issue)
or
2) have a fee, but provide some feature that you would have been paying for anyways (auto club, travel medical, etc.)

So, if you do get this Scotiabank Visa, the Capital One Mastercard would not be a useful complementary card (if you spend enough, you might as well just get the Capital One).

[Aske001]

When I rec'd notice from Scotiabank that the annual fee would be $39.00, I made an appt. with them. I refuse to pay a fee for the use of a credit card. I simply switched to the Scotiabank Cashback Visa that has NO annual fee. It still rewards with a tiered 1% cash back (applied every June to credit statement). Nice try Bank of Nova Scotia.....sounded so well, until the $39.00 fee.

Same here (on the phone, not in person).

A couple of additional bits of information:

The letter that Scotiabank sent out saying that the new fee would apply on your next Visa renewal date was wrong. It will apply right away, and they will pro-rate it for the number of months on the new fee vs. old fee.

They also increased interest rates by about 1% on purchases and about 3% on cash advances, and introduced a new "no activity" fee.

[stormsong]

correct me if i'm wrong, but since you still get 1% on all purchase no tier, would you get more compare to moneyback visa already, where you can only get 1% after you spent 3k (0.25% on first 1500, 0.50% on next 1500)

so spent 3000 with momentum gives you $30
while with money back you only get $11.25 -- $3.75 on first 1500 and $7.50 on next 1500, and THEN i have to spend ANOTHER $1875

if i spend 10k a yr on my visa, then i'd get atleast 100 - 150 (cause not everything you buy will get you 2%), but with moneyback i'd only get $81.25 (11.25 + 70)

and then on the calculator it also shows "recurring bills" under 2%, so does that mean i can pay all phone/net/etc bills and get 2% back too

it seems like the 2% would almost get my fees back anyway, but with a higher "chance" of more return

[clydegui]

correct me if i'm wrong, but since you still get 1% on all purchase no tier, would you get more compare to moneyback visa already, where you can only get 1% after you spent 3k (0.25% on first 1500, 0.50% on next 1500)

so spent 3000 with momentum gives you $30
while with money back you only get $11.25 -- $3.75 on first 1500 and $7.50 on next 1500, and THEN i have to spend ANOTHER $1875

if i spend 10k a yr on my visa, then i'd get atleast 100 - 150 (cause not everything you buy will get you 2%), but with moneyback i'd only get $81.25 (11.25 + 70)

and then on the calculator it also shows "recurring bills" under 2%, so does that mean i can pay all phone/net/etc bills and get 2% back too

it seems like the 2% would almost get my fees back anyway, but with a higher "chance" of more return

Then what's the comparison will be like if it's Citi's Enrich and Scotia's momentum ?

[stormsong]

sorry i only have scotia moneyback, so i know nothing about the citi's card ;p

but to me it sounds like a good deal switching to momentum

after another quick look, if i get $81 back with moneyback with 10k, i still have to spend like 12k on momentum to guarantee $40 more cashback to cancel out the fee, but seeing that maybe 1/4 or 1/3 of my spending is on grocery and gas, it doesn't seem that hard

and then it looks like you're just earning 2x more cashback on anything after 12k

[Trooper8111]

Use this calculator for the best cash back credit cards. The annual fee really eats into the cash backs.

http://www3.telus.net/CalgaryBen/

Just plug in your estimated annual spending and it will spit out the results.

[awworld]

Definitely not as hot as the Capital One Cashback plus platinum card, if you spend any real money....

$59 annual fee,

1% on 0-10K
1.5% on 10-20K
2% on 20K plus

So if you and your spouse spend 45K a year on your CC combined, it pays you almost $700 after the card fee.

http://www.capitalone.ca/canada/cards/cashback-plus-platinum-mastercard/index.php?

Even on 30K of spending, its still $100 more than most 1% cards..

I had horrible experience with CapitalOne and will never deal with them. To make a long story short. I was a victim of identify fraud when I live in an apartment. Someone apply on two credit cards with my name; one from CIBC and one from CapitalOne. When I noticed it, I immediately contacted both. CIBC ask me to sign an affadavidt and that was that but CapitalOne wanted photocopies of my IDs and even passport. I thought this was strange so I went to the RCMP and they told me not to send anything. After a few months of harrassments and back and forth, I finally was able to speak to someone higher up the food chain at CapitalOne who appologize for their behaviour. I am warning you all to be careful when dealing with CapitalOne. :mad::mad:

[Sephora]

Use this calculator for the best cash back credit cards. The annual fee really eats into the cash backs.

http://www3.telus.net/CalgaryBen/

Just plug in your estimated annual spending and it will spit out the results.

muhaha, Amex Gold right at the top!

[ToniCipriani]

Just gave them a call, they said they can't waive it at the call centre level, and asked me to talk to my branch.

I guess I'll have to pay them a visit.

[superdave]

muhaha, Amex Gold right at the top!

Wow I didn't realize that the Amex Gold was no longer available??? I'm glad I have it but it sucks for others!

[clydegui]

Just gave them a call, they said they can't waive it at the call centre level, and asked me to talk to my branch.

I guess I'll have to pay them a visit.

any update about the fee waiving?:?:

[Deans21]

Yeah I just saw a commercial for this. I guess it all depends on how much you plan on using it. I mean... $39/year. At 2% cashback that would mean $2000 just to cover that annual fee. Doesn't seem worth it.

[Kaitlyn]

Hmm... tempting.

I have the 1% Gold Elite from Visa. It has a lot of other nice perks though...

Anyone here w/ the same card thinking of switching/not switching and why?

[angel_wing0]

Hmm... tempting.

I have the 1% Gold Elite from Visa. It has a lot of other nice perks though...

Anyone here w/ the same card thinking of switching/not switching and why?

well it has the deluxe auto club, that alone is very good. I m planning whether to get that or the infinite since i have select service @ td.

[LonesomeDove]

You have to calculate whether you can spend enough to recover the $39 annual fee.

I have the CIBC dividend card which pays 1% after $3000 and I receive about $50 back at year's end. No annual fee.

[RFD_Paul]

Beware that the terms of the card are changeable by the issuer on very little notice. As such, you may not get the benefits that you thought you paid for with the annual fee.

Ironically, it was Scotiabank cashback that taught me this lesson recently. I applied for the Scotia Cashback and chose the $8 annual fee option for better rewards at a small annual fee. On my very first statement I was informed that this card was being discontinued and would be converted to the Momentum card of this thread at an additional annual fee of $39. I called to complain that I had applied for, received, and had been charged an annual $8 fee for a card that was discontinued during my application approval process.

I asked:

1. Why no one during multiple contacts had informed me that I was applying for a card that no longer existed?

2. Why I had been charged an $8 annual fee for a card that was being discontinued shortly after, and if the $8 would be refunded?

The CSR acted as if these were very confusing questions to be asking which they could not understand. On pushing further, they advised that I would have to escalate this to my local bank to get the fee back and I declined the bother.

I paid $8 for a card that doesn't exist and only got the benefits of the no-fee version of the card.

Will anyone in this thread get the benefits that their $39 supposedly buys? Maybe. But maybe not.

[wally_walrus]

I applied and got the Momentum. My calculation was that 1% more in cash back (compared to my previous No Fee Moneyback which only paid 1%) means if I spend $5500 in groceries + gas per year (which I surely do) will make up for the $55 fee (for 2 cards). Plus this comes with warranty doubling, which the other one did not have. I don't intend to hunt for the BEST CC out there, just a card that's easy to get and use.

Oh yes... I bank with Scotia, and they waived the fee for the first year

[wally_walrus]

Anyone care to share some experience talking the guys into waiving the annual fee?

Wishful thinking, but I kinda want to get them to switch my Moneyback card to this one, while keeping the no annual fee. :P


I did for the first year, and I too was coming from a No Fee Moneyback

[right4you]

Do you have to pay tax on the cash back money you earned?

[Kaitlyn]

I wonder if this will pressure any of the other 1% cashback cards to step it up to 2%, even if just to match on the groceries/gas/etc. thing...

[FerrisB]

What is the best card if you're currently carrying a balance?

[Gellar]

What is the best card if you're currently carrying a balance?

- A line of Credit

- balance transfer card

- ANYTHING BUT A CASH BACK CARD

[Synic_deals]

Long live the CIBC Dividend Visa.

I just hate fees and bank scams.

[ToniCipriani]

any update about the fee waiving?:?:

Didn't work out. Went to the branch, asked them about the Visa at the counter, the counter said they had to ask their supervisor. Supervisor says they can't give it to me.

Oh well, guess I'm too small of a customer for them to care. I'll probably shop around for another bank after my student account is over. That'll show them. :lol:

[ToniCipriani]

I did for the first year, and I too was coming from a No Fee Moneyback

What did you tell them? Just go up to them and ask?

[bigjee]

Just renewed my CIBC dividend card.
Was reaching the expiry date and the card itself had a big crack in it.
I used to cross $3000 with ease given my residence and tuition fees at university.

Pretty happy with the choice I made. :-0

[evoviii]

Long live the CIBC Dividend Visa.

I just hate fees and bank scams.



Just renewed my CIBC dividend card.
Was reaching the expiry date and the card itself had a big crack in it.
I used to cross $3000 with ease given my residence and tuition fees at university.

Pretty happy with the choice I made. :-0

Uneducated choice. All the big bank no fee cash back cards suck. Spend $3000 before you even get 1%...

Plenty of cards out there that give you 1% off the bat.

http://www.redflagdeals.com/deals/main.php/articles/credit1/

[wally_walrus]

What did you tell them? Just go up to them and ask?

I bank with them, and asked my account rep to do the application. I simply told her I'd like them to waive the fees, since I'll be spending about $15,000 per year on the card, she said "oh, but then you'll definitely recover the fee", then I said "sure, but it would still be nice if you could waive it". In the end she managed to waive them for the first year.

[Buy Low]

TD Gold Elite Visa has other valuable features including, particularly, car rental insurance.

And there's a lot to be said for NOT thinking about where you must use your credit card. (Scotia Momentum can eat dung.) If you shorten your supplier list you are likely to pay more than you would otherwise and the MINDSHARE is not worth it. (Don't let no stinkin' credit card issuer mess with your shopping. You have better things to think about.)

PCF gives 1% back on Superstore purchases, redeemable throughout the year. No waiting 'til a year goes by (and you've been hit by a bus - kidding.) Yes, you will need to shop there but for many this is a given.

Use the TD Visa for a few months just prior to your year-end to maximize it's value. Use the Visa for most travel-related purchases (see perks).

And this fed service can be useful:

http://www.fcac-acfc.gc.ca/eng/consumers/itools/creditcards/default.asp

Consumers Unite & get some satisfaction out there.

PS. "Insanity" could you elaborate on how you got the TD fee waived by "keeping $5000 in your account"?

[expergo]

PS. "Insanity" could you elaborate on how you got the TD fee waived by "keeping $5000 in your account"?

A select service chequing a/c waives the VISA annual fee.

You need to maintain at least $5k in the a/c to waive the monthly a/c fee of $24.95.

[ToniCipriani]

I bank with them, and asked my account rep to do the application. I simply told her I'd like them to waive the fees, since I'll be spending about $15,000 per year on the card, she said "oh, but then you'll definitely recover the fee", then I said "sure, but it would still be nice if you could waive it". In the end she managed to waive them for the first year.

Hmm... I guess I just don't have enough money with them, since I don't have a specific account rep. I avoided paying them a cent since I used to be a staff. :D

[mgbdragon]

I bank with them, and asked my account rep to do the application. I simply told her I'd like them to waive the fees, since I'll be spending about $15,000 per year on the card, she said "oh, but then you'll definitely recover the fee", then I said "sure, but it would still be nice if you could waive it". In the end she managed to waive them for the first year.

Thanks, I asked by PBO to waive fee by e-mail, we'll see if she lets us.

We're probably going to try putting everything on momentum card and use gold card for car rental and travelling.

[Frugal_in_Halifax]

A select service chequing a/c waives the VISA annual fee.

You need to maintain at least $5k in the a/c to waive the monthly a/c fee of $24.95.

You're tying up $5000 in a chq acct. earning 0% interest just to get a bank to waive an insane $25 monthly fee for everyday banking, and waive an annual fee on a mediocre the credit card.

Presidents Choice Financial gives you FREE everyday banking just like Select Service gives you without any minimum balance. You could put your $5000 in an ICICI Bank savings acct after the first year your balance would be $5108.56, that's $108.56 of interest and compounding. Then get yourself a no fee cash back credit card and get paid to shop!

[GSD]

You're tying up $5000 in a chq acct. earning 0% interest just to get a bank to waive an insane $25 monthly fee for everyday banking, and waive an annual fee on a mediocre the credit card.

Presidents Choice Financial gives you FREE everyday banking just like Select Service gives you without any minimum balance. You could put your $5000 in an ICICI Bank savings acct after the first year your balance would be $5108.56, that's $108.56 of interest and compounding. Then get yourself a no fee cash back credit card and get paid to shop!

TD Select Benefits:
deluxe Auto Club $100 value approx
Safety Deposit box $40 value approx
2xwarranty on purchases $75 value approx
1% cash back

[expergo]

You're tying up $5000 in a chq acct. earning 0% interest just to get a bank to waive an insane $25 monthly fee for everyday banking, and waive an annual fee on a mediocre the credit card.

Presidents Choice Financial gives you FREE everyday banking just like Select Service gives you without any minimum balance. You could put your $5000 in an ICICI Bank savings acct after the first year your balance would be $5108.56, that's $108.56 of interest and compounding. Then get yourself a no fee cash back credit card and get paid to shop!

Thanks for letting me know, I was just giving out the information. Anyways, the chequing account isn't just for waiving the annual Visa fee. Some people may value the other benefits of the account.

unlimited transactions each month, including:
Interac Direct Payment purchases
Cheques
Green Machine withdrawals, account transfers and bill payments.
Interac ABM and PLUS system withdrawals
EasyWeb Internet banking service bill payments and account transfers
EasyLine automated and specialist-assisted telephone account transfers and bill payments
In-branch withdrawals, account transfers, bill payments and history enquiries
free paperless, monthly statement or passbook1 recordkeeping
free optional monthly Cheque Image return2 (available with statement recordkeeping only)
Annual fee waived for TD First Class Travel Visa Infinite Card, TD Platinum Travel Visa Card or TD Gold Elite Visa Card and for one Authorized User Visa Card on each TD Visa Account3
free Borderless Plan with U.S. Dollar Daily Interest Chequing Account
any personal cheque style free of charge
free drafts and certified cheques
free small safety deposit box (subject to availability)
no commission fee for Canadian and U.S. dollar travellers cheques
1/4% interest bonus on 1 - 5 Year GICs4
$25 discount off annual fee on your TD Waterhouse5 Self-Directed RSP/RIF

But yes, PCF offers all that as well. :/

[Frugal_in_Halifax]

TD Select Benefits:
deluxe Auto Club $100 value approx
Safety Deposit box $40 value approx
2xwarranty on purchases $75 value approx
1% cash back

CIBC Dividend (no fee) gives 2xwarranty on purchases and 1% cash back.

Shop around on your auto insurance policy, mine (TD Insurance) covers the first $50 for all roadside assitance calls, so I don't bother with any Auto Club. If you drive a newer car then you probably have free roadside from the auto maker. It is also very easy to negiotiate an extra year or two when purchasing a new car... ie GM offers 3 years/60k roadside, but you can easily get them to extend to 5 years/unlimited km's for roadside to make the sale.

As for the safety deposit box. This one is easy to get for free. Our mortgage broker took care of this when we renegotiated our mortgage. They make plenty of interest to cover it!

[xsf]

I currently like the 1% Cashback TD Gold Visa with free auto club membership. If you maintain $5K in your account the yearly fee is waived.

Thanks for posting though OP.

Not sure if that's the case. Fine print reads like you only get fee waived for Supplementary card for the TD Gold Elite Visa Card, which is the one with free Deluxe TD Auto Club Membership. I've been looking at that card and I'd be interested if this your experience is otherwise.


10 Subject to credit approval. First year's annual fee waived for new TD Emerald Visa Card or $20 discount on first year's annual fee for new TD Platinum Travel Visa Card,TD First Class Travel Visa Infinite Card, or TD Gold Elite Visa Card applied for at time of account opening. Annual fee waived for Supplementary card for TD Platinum Travel Visa Card, TD First Class Travel Visa Infinite Card, and TD Gold Elite Visa Card (Select Service account only). All other applicable fees and charges apply. Not available on Value Plus Account for Students.

[steinberg]

Hmm... tempting.

I have the 1% Gold Elite from Visa. It has a lot of other nice perks though...

Anyone here w/ the same card thinking of switching/not switching and why?

Not switching. That's for CAA service, 1% is bonus.
In meanwhile, I have Citi DriverEdge Mastercard for several years. 2% points/money for purchasing a new car (new or old, dealership or private), can accumulate for up to five years. Redeemed $600 2 years before when buying one car.

[angel_wing0]

You're tying up $5000 in a chq acct. earning 0% interest just to get a bank to waive an insane $25 monthly fee for everyday banking, and waive an annual fee on a mediocre the credit card.

Presidents Choice Financial gives you FREE everyday banking just like Select Service gives you without any minimum balance. You could put your $5000 in an ICICI Bank savings acct after the first year your balance would be $5108.56, that's $108.56 of interest and compounding. Then get yourself a no fee cash back credit card and get paid to shop!

Think about how much interest 5k can give u nowadays. That's the reason why i finally decided to open a select service account. I also have the pcf no fee chequing and citizens global chequing accounts.

[Kaitlyn]

Think about how much interest 5k can give u nowadays. That's the reason why i finally decided to open a select service account. I also have the pcf no fee chequing and citizens global chequing accounts.

Ya interest in tanking... the $ in my account is rising, the monthly interest is falling... :(

[Frugal_in_Halifax]

Think about how much interest 5k can give u nowadays. That's the reason why i finally decided to open a select service account. I also have the pcf no fee chequing and citizens global chequing accounts.

I agree, Interest rates are rock bottom right now due to credit markets being frozen up. 2.15% does suck when I was getting close to 4% not long ago. How long do you plan to have a select service account? If you were to have a select service account for 5 years or longer, the effects of losing out on compounded interest are well over $500, or even higher if interest rates climb.

[angel_wing0]

Ya interest in tanking... the $ in my account is rising, the monthly interest is falling... :(

sad reality eh --*

How long do you plan to have a select service account? If you were to have a select service account for 5 years or longer, the effects of losing out on compounded interest are well over $500, or even higher if interest rates climb.

i donno yet, when i need the money, i will cancel i guess.

[expergo]

Not sure if that's the case. Fine print reads like you only get fee waived for Supplementary card for the TD Gold Elite Visa Card, which is the one with free Deluxe TD Auto Club Membership. I've been looking at that card and I'd be interested if this your experience is otherwise.


If you have the Select Service Account, the Visa Annual Fee is waived. This is directly from the website.

Annual fee waived for TD First Class Travel Visa Infinite Card, TD Platinum Travel Visa Card or TD Gold Elite Visa Card and for one Authorized User Visa Card on each TD Visa Account

[cincin128]

Do you have to pay tax on the cash back money you earned?

no, they just give you your cashback as a payment to your credit card. you never actually get the money... it all stays in the card.

[doberman_baby]

Anytime there is an annual fee, not a good deal. There are many non-tiered, no annual fee cards (e.g., PC, CITI).

[ak-47]

I was interested in signing up for this credit card since my TD visa expires in Aug, so I signed up for an application from a service rep at eaton centre when they have those touch screen booth promotions.

The service rep said I'd get a phone call in two weeks whether or not I still wanted the credit card.

few weeks later I get a call from a scotia bank branch saying my credit card is ready for pick up...I picked up my card and few days later I receive a bill for the $39.00 annual fee... the thing is I havn't even activated the card yet wtf...:mad:

[prufrock]

Do all purchases at grocery stores count for the 2% rebate?

I am thinking about prescriptions and gift certificates in particular. Both only show up as the store now currently, but could Visa monitor that and not credit you?

[laughing_budha]

Its kinda funny that they refused my credit card stating that I dont meet their credit criteria. I have a perfect credit, NEVER defaulted on a payment. Am a scotiabank customer, use their moneyback card. Isnt it stupid? Am i missing anything here?

[CSR]

MBNA Platinum Master Card, No annual fee.

3% Grocery/Gas (5% promo for 6 months)
1% Everything else

Not Tiered.

/THREAD

[mgbdragon]

MBNA Platinum Master Card, No annual fee.

3% Grocery/Gas (5% promo for 6 months)
1% Everything else

Not Tiered.

/THREAD

That's a great offer, but it MBNA. If you ever try to leave MBNA, they will hunt you down and harrass the heck out of you by phone and mail to sign you back up. Took me 2 years to finally get them off my back. They even managed to track me down to a new city, and I didn't even sign-up with them for anything.

[johndoe]

Do all purchases at grocery stores count for the 2% rebate?

I am thinking about prescriptions and gift certificates in particular. Both only show up as the store now currently, but could Visa monitor that and not credit you?

YMMV on the gift cards but I have been purchasing giftcards at Safeway with my visa and getting the 2%. I also noticed that London Drugs is considered RX for some reason and I am getting 2% too....Time for a new digital camera perhaps?

[prufrock]

YMMV on the gift cards but I have been purchasing giftcards at Safeway with my visa and getting the 2%. I also noticed that London Drugs is considered RX for some reason and I am getting 2% too....Time for a new digital camera perhaps?

Awesome. Thanks! If I can get 2% on prescriptions, that's huge for my family.

[nextstep]

just wonder what's recurring bill payments on that visa?
does it include water,eletric,gas,phone bill payments? :confused:

[Avatar]

I love my non-tiered and no annual fee Capital One Platinum Mastercard with 1% cash reward. And you don't have to wait to the end of the year to redeem your reward. You can get the cheque anytime. Sweet.

[IntrepidRT]

MBNA Platinum Master Card, No annual fee.

3% Grocery/Gas (5% promo for 6 months)
1% Everything else

Not Tiered.

/THREAD
3%? Link?

[hola2005]

3%? Link?

Same here, I need the linkoooo for this?

[Jon Lai]

3%? Link?

Check out the Personal Finance forum...

[lokyee]

just call MBNA up and ask for the Smart Cash Card, if they give you some BS answer about not having the card, just call back and speak to someone else.

even better, if you already have a MBNA card, just ask to switch...

3% back on groceries and gas
1% off all others, non tiered
full platinum benefits
no fee:D

[hotstartup]

CIBC currently has a promotion going on on their Dividend Platinum card 2% cash back (tierd), auto rental covered, purchase protection (doubles the warranty), 15 days medical insurance covered if travelling for NO FEE. first year annual fee is waived off!! (normally $79 i think)

[pchan83]

THANK YOU!!! Just got my MBNA Smart Cash, took 1 minute on the phone...switched my existing Premier Rewards (1% cashback) over and carried over all my points...

the rep on the phone was like 'we haven't even started to market it yet...'...thanks!!!

[Mei Yee]

i got approved for a 20K Scotiabank Visa. Still waiting for the card to come to my branch for pickup though. Its been like 2 weeks almost now!!!!!

[nextstep]

this visa card sucks..........
about recurring payment..........u hv to join pre-auth payment, and toronto gas,water,hydro, doesn't accept credit card to pay that..
wtf scotia..:evil: