So I am an average Manitoban–I have credit cards, and I have some debt. But primarily I use one credit card, and pay it off every month using a line of credit as a buffer zone. But, I want to find the BEST credit card to do this with.
Right now, I use a PC Mastercard (see http://tinyurl.com/yd2m2pf). I get 1% back on all my purchases (specifically, 10 PC points for every dollar spent, and 20000 points equals $20, and therefore $20 for every 10*2000 PC points, or for every $2000 dollars spent). It’s nice because it is on ALL purchases, so even when I’m buying a new appliance, or paying for a night out with the guys, or going on a road trip with my wife, I’m getting 1% back in cash (OK, not cash, but PC points, redeemable at SuperStore, which we go to often anyway for groceries…it’s not like we will ever stop wanting groceries…)
So, I’m wondering what else there is in Manitoba–what the best deals and most “productive” credit cards are. If you know any, please leave a comment, and I will update this as I get comments.
EDIT: I also have been considering the COSTCO American Express card recently (see http://tinyurl.com/y87q2zz). I just crunched the numbers, and it seems if you spend more than 11000 a year on it, it is better than PC–if not, then it’s worse. It’s more complicated: 0.25% on the first 2000 you spend in a year, 0.5% on the next 3000 you spend, and then 1.5% on all purchases after that.
It works out that if you spend 11000 a year (or 916.67 a month) it will balance out to 1%. Every penny you spend more than that, you will do better. For example, if you spend 1500 a month (18000 a year), you will earn 1.19% on your purchases for a total of $215 in the year ($35 more in a year than the pc card would give you). If you spend 2000 a month, you earn a whopping $65 more a year. Maybe I’ll switch… any other suggestions?
EDIT: A couple more suggestions today, sounding awesome.
The first is: the Capital One Cash Back Plus Platinum MasterCard. Annual fee of $59, but cash back of 1% on first 10k, 1.5% on next 10k, and 2% on all spending over 20k. See http://tinyurl.com/yed5b22 for details.
Next, the MBNA Smart Cash Credit Card (quite possibly my next card). From what I can gather it boasts no annual fee, 1% on all purchases (although possibly not quite all–it’s not clear), but 3% cash back on the first $600 spent each month on gas and groceries, booted up to 5% on this $600 for the first 6 months! I’m gonna watch this card carefully…it is online but it is brand new. Check it out here: http://tinyurl.com/ybf5s6e.
Found reference to all these thanks to this site: http://tinyurl.com/ybwcx5j, http://tinyurl.com/y8uxf2o, and http://tinyurl.com/mbmksl.
Thanks
Rob
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+1 for Smart Cash. No annual fee and the you get the cash back not as credit but as CASH! (well, as a cheque, but that is easily converted into cash)
Hey Rob,
Stay with the one you have, tammy and I did all the searching you are doing when we went with PC MC. No fees, like anything PC Financial and free groceries, plus if you get gas at Superstore gas bar you get even more off your groceries in the form of a coupon. It’s a win win.
Did you ever get the details on the MBNA card? Is it 1% on all puchases? Is it as good as it sounds because I’m going to be getting a credit card coming this month, and I’m looking for one that will give some good cash back!
Never did–the link seems to be dead…don’t know if it is still around.
Any other comments on the best credit card to get in MB?