Personal Finance

Best Free Canadian Rewards Credit Card Award Goes to…MNBA

A while ago I wrote how I used to have a Visa Aerogold credit card which might just be the worst Canadian rewards credit card ever.  I finally made the switch to a no-fee rewards card called the CIBC Dividend Visa which is ok – but it’s not as good as the MNBA Premier Rewards Platinum Plus Mastercard.

1% cash back reward

The main thing I like about this card is the fact that it pays 1% cash back on all purchases from the first dollar.  The Dividend card that I currently own has a sliding scale so I only earn 1% cash back after spending $3,000 annually.

No annual fee

After paying $170/year for the Aerogold – I will never pay annual fees again.  This card has no fees of any sort.

Car insurance and extended warranty

Another great benefit of this card is that it provides extra insurance for car rentals so you don’t have to pay extra for collision when renting.  It also provides extra warranty for most purchases.

I’m signing up

This card looks good to me so I’m going for it.  If you want to sign up for the card then feel free to sign up through one of the affiliate links on this post.

Personal Finance

I Got Rid of My Visa Aerogold Card

After thirteen years a long and bitter friendship came to an end recently when I finally cancelled my Visa Aerogold credit card. For those who aren’t familiar with this card, it is a rewards card that gets Aeroplan points which can be used to buy airplane flights.

Why cancel?

Mainly because it’s just not worth it anymore. The annual fee for this card is $120 and when I added my wife to the account (so she could get a card too) the fee went up to $170 which broke this camel’s back! I have redeemed a number of flights using points in the past but when I look at the annual fees, the charges for booking flights and the amount that I charge each year on the card, it doesn’t seem to be worth it. The other big aggravation with Aeroplan is that you have to book a long time in advance if you want a reasonable flight. I can remember trying to book a flight from Toronto to Calgary a few years ago and my only options involved a two day flight with two stops which is ridiculous for a four hour journey.

A new card?

When I called Visa to cancel the card, the customer service rep told me about their “Dividend” card which has a cash back reward and no fees. At the end of each year you get 0.25% on the first $1500 charged, 0.5% on the next $1500 and then 1% on everything over $3000 which seemed like a reasonable reward system. And there are no fees! The interest rate on the card is 19.5% but since I haven’t paid credit card interest in over ten years, that is of no concern to me.