You’ll earn $240 in the 1st year when you spend $1,000 a month on your card, including spending $400 a month on groceries and gas (you’ll get 1% cash back on all your other purchases).  That handily beats all the other no-fee cash back cards on the market, including Capital One’s Aspire Cash World MasterCard where the same spending will get you $180.

MBNA Smart Cash Promo:

So when I saw that Great Canadian Rebates was offering $100 cash back just for signing up for the Smart Cash card, I just had to share that promotion here.

Here’s what you’ll get with the MBNA Smart Cash promo:

• $100 cash credit when you sign up and apply for the card through Great Canadian Rebates
• 5% cash back on all of your eligible gas and grocery purchases for the first 6 months (up to $400 per month)
• 2% cash back on eligible gas and grocery purchases thereafter (up to $400 per month)
• 1% cash back on all of your other eligible purchases (up to $1,250 per month)
• 1.99% annual interest rate on balance transfers and deposits for the first 10 full months
• No annual fee and free supplementary cards

Using the same example of spending $1,000 per month on your card, now you’ll earn $340 cash back in the 1st year with the Smart Cash card.  That’s an incredible 2.83% cash back return on your total spending!

So if you’re still using debit for your everyday spending, or you have a rewards card that only pays you 1% back (or less), what are you waiting for?

Sign up for the Smart Cash card and start putting some cash back in your wallet.

Hurry, this cash back bonus offer is only valid until the end of June.

The post MBNA Smart Cash Promo: Get $100 Cash Back appeared first on Rewards Cards Canada.

Back in March, 2012, Air Miles introduced its Air Miles Cash feature along with Dream Rewards, where you could still redeem your miles for things like travel, merchandise and gift cards.

Related: How To Earn More Air Miles Rewards

By default, collectors only earned miles in their Dream Rewards account unless they went to the website and manually changed their allocation preferences.  You had the option to allocate any new Air Miles earned toward your Cash balance or your Dream balance.

Using Air Miles Cash

When the Air Miles program changed last year, they made it clear that their gift card options would disappear over time as they wanted collectors to use the Air Miles Cash feature.

Although the gas gift certificate option were no longer available, I continued to allocate 100% of my Air Miles toward the Dream Rewards balance while I contemplated redeeming them for a flight or other merchandise.

Related: Air Miles New Expiry Policy

Recently, a PR firm contacted me to see if I wanted to give Air Miles Cash a try.  They offered to send me $250 worth of Air Miles so I could test out the program and blog about my experience.

So I went to the Air Miles website and reset my preferences to 100% Air Miles Cash.  Note – you can change your preferences at anytime by clicking on the Cash Rewards home.

Once I had the balance deposited into my account, it was time to go shopping!

Redeeming Air Miles Cash

When your Cash balance reaches 95 Air Miles, you can redeem them for $10 off your bill at participating sponsors when you swipe your Air Miles card at check-out.

Folks in Central and Eastern Canada have better options than those of us located out West.  The only locations where you can use Air Miles Cash in BC, Alberta, Saskatchewan, and Manitoba are at Shell gas stations and Rona stores.

Here in Lethbridge, Alberta, most of the Shell locations have yet to install the Air Miles Cash redemption terminals, which was disappointing.

Air Miles Cash sponsors:

So off I went to Rona Lethbridge to try out the Air Miles Cash feature.  I’ve been doing a lot of work in the yard lately and I needed a lawn trimmer/edger, so I picked up this awesome lithium battery powered edge trimmer for $120.

I went to the cash register and saw each checkout was clearly marked with Air Miles Cash signage.  I asked the cashier how it works and so she scanned my Air Miles card and told me I had $120 worth of Air Miles that I could put toward the purchase, leaving me with just a few bucks to pay in taxes.

And that was it; no fuss!  She just scanned the item, scanned the card, punched in the amount I wanted to redeem (remember, you can only redeem your points in $10 increments), and it was done.

Pros and Cons of Air Miles Cash

What I don’t like about Air Miles Cash is the lack of sponsors.  In a perfect world, every retailer who offers the chance to earn Air Miles would also give you the chance to redeem them in-store through Air Miles Cash.

Related: Should You Take Bonus Air Miles Or A Percentage Off Your Grocery Bill?

Sadly, the options in Western Canada are very limited at this time.  At least, east of Manitoba, you can use Air Miles Cash at a grocery store, drug store, gas station and home renovation store.  I’d love the opportunity to use Air Miles Cash for groceries at Safeway or Sobeys.

I also don’t like the fact that Air Miles increased the number of reward miles you need to redeem for gas and groceries.  Used to be, I could redeem 175 Air Miles for a $20 gas gift certificate.  Now, it takes 190 Air Miles to get $20 off at the pump.

What I liked the most about Air Miles Cash is that it’s instantaneous.  No more waiting 4-6 weeks for a gift certificate to arrive in the mail.  Once your account hits the 95 Air Miles threshold, you’re good to redeem them for $10 savings.

I also liked that there’s no hassle to redeem them at the checkout.  I was expecting the cashier to give me that deer in the headlights stare, but it was clear that the sponsor (at least Rona), takes the program seriously.  I also asked the cashier if she gets many customers coming in and using Air Miles Cash and she said it’s starting to pick up steam.

Have you activated your Air Miles Cash feature?  What’s holding you back?

The post Using Air Miles Cash appeared first on Rewards Cards Canada.

So that’s why I can’t understand when some people scoff at the idea of using a credit card for their everyday spending.

Here are 4 dumb reasons people use for not getting a rewards credit card:

Rewards Credit Cards Have Higher Interest Rates

Indeed, most of the top rewards cards charge interest of 19% or more (as do many standard, non-rewards credit cards).  But if you carry a balance from month-to-month then a rewards credit card just isn’t a good idea.

The interest rate only matters when you don’t pay off your balance in full every month.  Who cares about the interest rate?  You’ll never pay a dime of interest when you diligently pay off your balance each month.

Once you receive your credit card statement, just set-up an automatic withdrawal from your bank account each month and you’ll never miss a payment.

You Need Too Many Points To Make It Worthwhile

Travel and loyalty programs have been getting a lot of backlash from consumers lately as they devalue points, set expiry dates for your points and impose restrictions on how you redeem your points.

I understand the frustration, which is why I started using a cash back credit card.  With a cash back card, you know exactly what you’ll get from your rewards program.

I use a combination of the Scotia Momentum Visa Infinite and the Capital One Aspire Cash World MasterCard.  Capital One let’s you redeem your points anytime for a statement credit or a cheque.  With the Scotia card, your cash back builds up until November and then gets applied to your account as a statement credit.

This combination can give you $625 cash back per year when you spend $2,000 per month.  That’s a 2.6% return on your spending.

How much do you get back when you use debit or cash?  I thought so.

Rewards Cards Encourage You To Spend More

The theory goes that when you use cash, once it’s gone there’s nothing left for you to spend.  Some say this approach forces you to budget and control your spending – that you’ll feel a twinge of pain whenever you remove cash from your wallet.

When you use a credit card, you’ll go crazy spending because you don’t actually see the money come out of your wallet (or your bank account, like with a debit card).

Related: Do You Use Your Rewards Card To Buy Groceries?

That’s fine, I get it.  But that approach doesn’t work for me.  Whenever I carry cash, it disappears faster than the Leafs three-goal lead in the 3rd period.

I’ll buy a magazine or a chocolate bar, a coffee or a beer.  Once that $20 bill is broken, the toonies and loonies end up in my daughter’s piggy bank, or paying for parking.

The truth is that a credit card is great for budgeting because you’ll get an itemized (and sometimes categorized) list of all your spending every month.  Go back regularly and compare your spending to your budget to keep yourself accountable.

As far as I’m concerned, proper spending habits begin with setting and sticking to a budget.

Cash, debit and credit are just methods of payment.  Which one of these payment methods actually gives you money back?

Premium Rewards Cards Cost Retailers More

The Canadian Federation of Independent Business wants consumers to pay with cash or debit to helps keep prices low.  That’s because Visa and MasterCard ding retailers with an interchange fee every time you pay with a credit card.

The fees range from 1.65% of the transaction cost with a standard credit card, up to 2.71% of the transaction cost with a premium “high-spend” card like the World or World Elite MasterCard.

Here’s a chart that shows the merchant fees for each credit card issued in Canada.

The CFIB says retailers should be able to pass along those charges directly to consumers.  While that may happen sometime down the road, there’s no evidence to suggest that retailers will pass along the savings by lowering prices.

Australia was successful in implementing a credit card surcharge back in 2003, but many retailers treat it as another profit centre as opposed to lowering prices for consumers.

The bottom line is that retailers will always find a way to pass on their costs to consumers in the form of higher prices.

Can you honestly see any retailers discriminating against you because of your chosen method of payment?  Who would refuse a sale in this tough, competitive economic climate because they’ll get charged an extra 0.5%?  Talk about business suicide!

When I go to the grocery store and pay with my Scotia Momentum Visa Infinite card, I’ll get 4% cash back while the store pays 2.15% on the transaction.  A $200 purchase gives me $8 back.  If I used debit or cash, the retailer saves a few bucks, but I’ll get nothing back.

Why not play the game and, as a consumer, come out on the winning side for once?

Final thoughts

It took me a while to ‘get’ what rewards credit cards were all about.  But once I started using them to my advantage I started maximizing my cash back and loyalty points.

Rather than spending $14 per month for unlimited debits, I’ve been earning $50 per month or more with my cash back credit cards.

Related: Which No-Fee Cash Back Credit Cards Offer The Most Value?

For those who say it isn’t worthwhile, think about how much time and effort you spend looking for the best interest rate on a savings account and how much interest you’ll actually earn in a year.

Put $10,000 in a savings account at 2% interest and you’ll earn just $200 per year.

So forget all those dumb reasons you’ve heard for not getting a rewards credit card and start putting some cash back in your pocket.

The post 4 Dumb Reasons For Not Getting A Rewards Credit Card appeared first on Rewards Cards Canada.

I just read your article “8 more no-fee cash back credit cards compared“, and would like to ask you two questions concerning the MBNA Smart Cash card (which is the card I currently use):

But first – before TD purchased MBNA, the cash back awards were higher and fairer.  Since they took over they’ve reduced the true amount a customer will now receive.

BEFORE

after the first 6 months: 3% back on ALL grocery and gas purchases and 1% back on all other purchases – with purchase totals being carried forward from one month to another

AFTER

following the first 6 months: 2% back on grocery and gas purchases provided a minimum amount is spent each month (with a ceiling imposed on how much you will be given cash back on/per month).  All other items provide 1% cash back with a ceiling on spending – and no balance carry-overs permitted.

Related: Changes To MBNA Smart Cash Rewards Explained

QUESTIONS

1) When you did your research on these 8 cash back credit cards, did you take into account the new limitations TD put into place before you concluded that it provided more cash back than the other cards?

2) Did your research show any restrictions/limitations with the other cards you’ve mentioned in your article and if so what are they??

As a Canadian, and a Senior Citizen, I’m offended that the TD would take away the benefits I enjoyed/needed when MBNA was owned by The Bank of America, who, by the way, still offer the same cash back values they offered with their MBNA card – but now they offer it, in the U.S. of A, via their Visa card.

If I can find a card that would provide me with as much true value (or more), than my MBNA card currently offers, I’d switch in a heart-beat.

Thank you for your time and input.

Cash Back Credit Cards: Which One Should You Use?

Hi Ted, thanks for your email.  I used the Smart Cash card for two years before TD decided to reduce the amount of cash back you could earn (last December).

From there I researched the top cash back credit cards and decided to use two cards to maximize the amount of cash back I could earn.  So now I use the Scotia Momentum Visa Infinite for groceries and gas (4% cash back), and for pharmacy and recurring bill payments (2% cash back).

I also use the Capital One Aspire Cash World MasterCard for everything else (because you get 1.5% back on all your spending, instead of the 1% back that Scotia pays on the ‘other’ categories).

I’ve written about this in more detail here – Top Cash Back Credit Cards In Canada

The article you’re referring to in The Star stemmed from some readers complaining that they couldn’t get the Visa Infinite or the World MasterCard due to the higher income requirements ($60k personal, $100k household).

So I decided to list and compare other options for people who earn less than $60k but who still want to get a decent return from their cash back card.

Related:  How Do You Get Approved For The Best Rewards Cards?

To answer your questions:

1.  Yes, I used the current Smart Cash rewards structure.  Believe it or not, even with the recent changes it’s still superior to the other basic cash back credit cards on the market.

2.  There are limits/restrictions on some of the bank cards but they didn’t factor in when I compared them based on spending $1,000/month.  For example, RBC’s Cash Back MasterCard gives you 2% back on groceries up to a maximum of $6,000 per year.  So if you spend more than $500 a month on groceries you would reach that threshold.

The Bottom Line:

The Scotia Momentum Visa Infinite and Capital One Aspire Cash World MasterCard, when used together like I’ve described above, will give you the most cash back.

The caveat being that you’ll need to show proof of at least $60k annual income, or $100k in household income to qualify.

The Capital One Aspire Cash World MasterCard is a no-fee cash back card and you’ll also get $100 bonus with your first purchase.

It’s also worth noting that the Scotia card comes with an annual fee of $99.  That’s partially offset in the first year by a $50 statement credit after your first purchase.

Just keep that in mind because you’ll want to make sure your annual spending will give you enough cash back to justify the annual fee, and that you’ll actually net more cash back than you would using a no-fee card like MBNA’s Smart Cash Platinum.

Related: My Credit Card Fail With The TrueEarnings Card From Costco

All that said; if you don’t meet the minimum income threshold to qualify for the premium reward credit cards unfortunately you’re out of luck.

What I’d do in this case is continue to use the Smart Cash card for groceries and gas (up to $400 a month) and then apply for the Capital One Aspire Cash Platinum card (that I referred to in The Star article) and use it for all your other monthly purchases.

With the Capital One Aspire Cash Platinum card, you’ll get 1% back on all your spending with no caps and no restrictions.  Plus you’ll get a 25% cash back bonus at the end of the year, which means you’ll earn 1.25% back.

The post Reader Question: Which Cash Back Credit Cards Offer The Most Value? appeared first on Rewards Cards Canada.

While they are similar in nature, each type of credit card carries its own costs that could either help or hinder your accumulation of credit.

The most important questions to ask yourself before selecting a credit card is what your individual needs are, and what type of credit card is best suited to support those needs?

Depending on your financial situation, the costs or benefits of one type of credit card are likely better suited to fulfill your needs then others.  For example, if you have a small or non-existent savings account, a credit card with high interest penalties for missed payments will do more harm than good.

In this situation, a low interest credit card is a better fit.  A low interest credit card is an affordable way to pay for every day expenses, while at the same time helping you to build your credit score.  Low credit card interest rates mean the financial penalty for missing a monthly payment is miniscule in comparison to other credit cards.

However, if you have gone through a personal bankruptcy or have a tumultuous credit history, a guaranteed credit card might be your best option.  Guaranteed credit cards are made for people who experienced a difficult financial history, and need a second chance to rebuild credit.

Unfortunately, the road back to a good credit score is a long road to travel, which is made all the more evident in that guaranteed credit cards are somewhat limited compared to their counterparts.

On the other hand, if you have relatively strong credit and are less concerned about high interest payments, a rewards credit card can help you reap the benefits of sound financial footing.

Rewards cards provide you with points, cashback, or other types of benefits depending on the conditions attached to the credit card, and how much money you spend each month.  Some rewards cards even offer discounts on hotels or flights, which can help you save money to enjoy a relaxing vacation.

A credit card should fit your lifestyle, and strike the right balance between high perks and low interest rates.

The post Selecting The Right Credit Card To Fit Your Lifestyle appeared first on Rewards Cards Canada.

So what’s the best cash back credit card option for folks who make less than $60,000 a year or for those who don’t spend a lot on your credit card every month?

First let me share my own experience using cash back credit cards and how I switched and saved money on a number of occasions.

How I Switched Credit Cards And Saved

My first rewards credit card was the PC Financial MasterCard.  I shopped at Superstore enough to make earning and redeeming the points worthwhile, but I was only earning 1% back on my spending.  In one year I managed to get about $140 back based on spending $1,200 a month on the card.

Next came the MBNA Smart Cash MasterCard.  The card offered an enticing 5% cash back on groceries and gas for the first 6 months.  I switched to the Smart Cash card and earned $400 in one year after spending about $1,600 a month.

When my income went above the $60,000 threshold I was offered the chance to upgrade to the Smart Cash World MasterCard, which gave me another round of 5% cash back on groceries and gas for 6 months.  My spending had increased to about $2,500 a month (kids!) and so I was able to earn about $500 in cash back in one year.

Then MBNA changed its rewards program and reduced the cash back you could earn with the Smart Cash card.  If I kept using the card my annual cash back rewards would fall to $350.

So I did some research and found that, with my income and spending level, I could earn much more cash back by using the Scotia Momentum Visa Infinite for groceries, gas and recurring bill payments and the using the Capital One Aspire Cash World MasterCard for everything else.

With this combination I’m on track to earn $550 in cash back rewards this year.

How Can You Switch And Save?

Okay, so that’s my cash back credit card journey, but how does that help you?  If you’re a big spender and you earn over $60,000 annually then you should definitely consider the combination of the Scotia Momentum Visa Infinite and the Capital One Aspire Cash World MasterCard to maximize your cash back rewards.

• Sign up for the Scotia Momentum Visa Infinite card here – (link)
• Sign up for the Capital One Aspire Cash card here – (link)

If you don’t qualify for those cards then there are still a few good options to consider.  Here are six cash back credit cards that are relatively easy to get approved for and can still earn you big rewards:

*based on spending $400 per month on groceries and $100 per month on gas

As you can see, even with changes to the Smart Cash card it’s still far and away the best cash back credit card for folks who don’t yet qualify for the premium rewards cards.

By switching from the PC MasterCard to the MBNA Smart Cash card you’ll save (or earn) an additional $115 per year.

Get A Free $100 Gift Card

Right now, for a limited time, Rate Supermarket is offering a free $100 gift card if you sign up for the MBNA Smart Cash card or the MBNA Platinum Plus MasterCard.  The $100 gift card increases your Smart Cash earnings to $340 in the first year, which means you’ll earn an incredible 2.83% back on your spending.

The promotion is called Switch and Save, and they’ve got a great comparison feature that will show you how much you’ll save by switching from your current credit card to the Smart Cash MasterCard, which offers 5% cash back on groceries and gas for the first 6 months.

• Sign up for the MBNA Smart Cash MasterCard and get a $100 gift card to Amazon.ca, Future Shop, Boston Pizza or Starbucks.

If you carry a balance, they’ll also show you how much interest you’ll save when you switch credit cards and apply for the Platinum Plus card, which offers 0% interest for 12 months on balance transfers.

• Sign up for the MBNA Platinum Plus MasterCard and get a $100 gift card to Amazon.ca, Future Shop, Boston Pizza or Starbucks.

This offer expires April 30th, 2013.

The post Switch Credit Cards, Save Money, And Get $100 appeared first on Rewards Cards Canada.

TrueEarnings Card from Costco

When I applied for the Costco Executive Membership last year, I also signed up for the TrueEarnings Card.  I wanted to use this card to get more rewards from shopping at Costco and to take advantage of some of the other perks.

Here are the features and benefits of the TrueEarnings Card:

• Earn a $20 Statement Credit with the TrueEarnings Card if you apply by March 24th, 2013
• Get 3% Cash Back on eligible restaurant purchases
• Get 2% Cash Back on eligible gas purchases
• Get up to 1% Cash Back on everyday purchases – including at Costco
• Add a FREE Supplementary Card – that person just needs to be a current member on your Costco account
• Enjoy 2.99% special low interest rate on purchases for the first 6 months, 19.75% thereafter
• Show your TrueEarnings Card for entry into any Costco warehouse and use it to pay for your purchases

You can sign up for the TrueEarnings Card here to take advantage of the $20 Statement Credit promotion – (link)

My Credit Card Fail

I filled out the credit card application at the membership desk, and included my new mailing address because we had recently moved.

That’s where my credit card fail began.  I didn’t receive the credit card and then I forgot that I’d even applied for it in the first place.

I continued to use my American Express Air Miles credit card at Costco until November, when I partnered with American Express to test drive their new ChoicePlus card.

Then a few weeks ago I went to the membership desk to renew my Executive Membership for the year.  The customer service rep said my membership had already been renewed; it was automatically billed to my TrueEarnings Card!

I thought that was strange, considering I hadn’t even received the card to activate it for purchases.  Apparently they had my old address on file since I’d been a member for years, and so they didn’t bother to look at the new address that I had filled out on my application.

Related: Getting Approved For A Credit Card – Some Are Easier Than Others

They had even sent my annual rebate cheque to my old address.

The next day I got a phone call from American Express saying my bill was two months past due.  The balance was $115.50 for the membership, plus another few dollars in interest charges.  If I let this go unpaid any longer it might affect my credit rating or even go to collections.

I’ve updated my address with Costco and American Express and should get my TrueEarnings Card, credit card statement, and rebate cheque in the mail next week.

I managed to get American Express to waive the interest charges (provided I pay the balance once I receive the card and statement) and they were very good about the whole situation.

Final Thoughts

If you want to maximize the rewards you get from everyday purchases then it’s important to carry the credit cards and loyalty cards that best match your spending habits.  For me, that means carrying three or four credit cards along with store loyalty cards from the places where I shop the most.

Related: Manage Your Rewards Cards With A Mobile App

Unfortunately, all of these cards can be difficult to track and manage sometimes, especially when you’re forgetful like me.  I know my wife can’t keep track of all the cards and she’s always asking which card she’s supposed to use when she’s out shopping.

Thankfully it all worked out and I’ve learned my lesson to keep better track of my credit cards.

The post My Credit Card Fail With The TrueEarnings Card From Costco appeared first on Rewards Cards Canada.

Most travel programs come loaded with fees and restrictions that make it frustrating and complicated to redeem your points.  It seems only the super elite get all the travel perks.

Related: How Many Air Miles Do You Need For A Free Flight?

But you don’t need to log thousands of miles in the air to get preferred treatment when you travel.  There’s a growing demand for premium travel credit cards which help you maximize the joy of travel while minimizing some of the pain.

American Express Air Miles Reserve card

With the American Express Air Miles Reserve card, you’ll get luxuries like airport lounge passes, concierge service and access to business class seats.  You’ll also get one free companion flight per year.

Show your card and you’ll breeze through the priority security lane at Pearson Airport.  You’ll also have access to priority limo and taxi lanes for a speedy departure.

You can use your miles to pay for fees and taxes, and the Reserve card is the only Air Miles credit card that will waive the flight administration fee when you book.

Related: Best Ways To Redeem Aeroplan Points

Blackouts are not an issue because if a flight isn’t available you can use the ‘FlexFly’ feature to access additional flights outside the Air Miles flight program for a set fee.

No matter how you look at it, $299 a year is a steep price to play the part of high-end traveler.  That’s two-and-a-half times more than most travel rewards credit cards charge.

But traveling is about the experience and more people are looking to add unique touches that really enhance the quality of their trip.

Norman Howe, President and CEO of well-known travel company, Butterfield & Robinson, says that premium cards like Air Miles Reserve help liberate traveler’s from the fees, restrictions and blackouts that befall most travel programs.

“Spend four hours in the airport between flights, or an hour waiting for a taxi to get to your hotel, and then tell me you wouldn’t pay a bit extra for a lounge pass or to jump the line,” said Howe.

Related: American Express Gold Rewards Card Review

Premium cards come with the type of perks that make you feel like you’re living an extravagant lifestyle. 

If you charge thousands of dollars on your card every month and fly a lot, a premium card like the American Express Air Miles Reserve card might be a good fit.  But if you don’t take advantage of the rewards and use them often, you’re wasting your money.

The post American Express And Air Miles Launch Premium Credit Card appeared first on Rewards Cards Canada.

Here is my experience with applying and getting approved for a credit card with four different issuers.

Getting Approved with MBNA

Last November, I took advantage of a promotion from Rate Supermarket and got a $100 gift card to Toys R Us when I applied for the MBNA Platinum Plus MasterCard.

Applying and getting approved for this credit card was easy.  That’s because MBNA’s eligibility requirements weren’t very strict.  I just needed to:

• Be a Canadian resident and have a Canadian credit file
• Be the age of majority in your province of residence
• Have a credit history clear of bankruptcies or seriously delinquent accounts
• Have a total household income of $35,000 or greater (NOT applicable to students)

My application was instantly approved online and I had the card in my hands within about 10 days.  The $100 gift card was emailed to me immediately upon approval.

Now I don’t need a balance transfer credit card because I don’t carry a balance, however I briefly considered using credit card arbitrage to earn some interest during the 10 month interest free period on the card.

In the end, I decided that would be too much of a pain and so I haven’t touched this card since receiving it in December.

Net result: +$100

Getting Approved with American Express

A few weeks later I was contacted by American Express to test drive a new rewards credit card called ChoicePlus.  It comes with a welcome bonus of 7,500 points, which is enough for a $50 gift card.  Amex waived the $65 annual fee for me in the first year.

The card sounded pretty unique because you get to choose 5 retailers where you’ll earn double points.  Plus, I need an American Express credit card to earn rewards when I shop at Costco.

Related: How To Use Your Non-Amex Rewards Credit Card At Costco

So I applied for the card and was instantly approved online.  Again, the application requirements were pretty straightforward:

• You are a Canadian resident and have a Canadian credit file
• You are of the age of majority in your province or territory of residence
• You have a personal annual income of $15,000 or more
• In the past 7 years you have not filed for bankruptcy and always made your monthly payments on time

I’ve used the ChoicePlus card for a few months and it’s proven to be a nice secondary card where I can earn additional points at retailers outside the core spending categories like groceries and gas.

Net result: +$50

Getting Approved with Capital One

My next credit card application was for the Capital One Aspire Cash World MasterCard.  I wanted a no-fee cash back credit card to replace the MBNA Smart Cash card, which had just reduced the amount of cash back you could earn.

Related: Changes To Smart Cash Rewards Explained

This card comes with a $100 bonus on your first purchase, and you can effectively earn 1.5% cash back on all your spending.

Getting approved with Capital One was a much more difficult than the previous two cards.  You’ll need a minimum personal income of $60,000 or household income of $100,000.  You’ll also need excellent credit to qualify.

During the online application process I had to indicate if I had applied for credit in the past few months.  Since I had just applied for two other credit cards within the last month I was warned that my application would likely be declined.

I finished the application anyway and, after waiting about two weeks, I received a letter saying my application was approved.  Then I received a proof of identity notification where I had to go to Canada Post and verify my ID.

Once I proved my identity I was told I’d receive the card in the next 10 to 12 business days.  I got my card 10 days later, but I still needed a PIN in order to activate the card.  It was mailed separately and I didn’t receive it for another seven days.

The whole application process took about five weeks.  The good news is that the $100 bonus was posted to my account a few days after my first purchase.  I like the fact that I can just apply it to my balance as a statement credit.

Net result: +$100 (plus ongoing 1.5% cash back on spending)

Getting Approved with Scotia

Finally, I’ve determined that the Scotia Momentum Visa Infinite is the top cash back credit card for my spending habits, particularly for groceries, gas, drug store and recurring bill payments.

That’s because you’ll get 4% cash back on groceries and gas, and 2% cash back on drug store purchases and recurring bill payments.

As luck would have it, Rate Supermarket has another promotion where you can earn a free $100 gift card when you apply for the Scotia Momentum Visa Infinite.

Like with Capital One, Scotia requires you to have an annual income of $60,000 or household income of $100,000.  Unlike Capital One, Scotia requires you to verify your income by faxing in a pay stub or your latest T4.

After applying online I got an email within 10 minutes telling me I was approved and that I needed to fax in my employment documents to verify income.

I didn’t hear anything from Scotia for about a week, but when I called to follow up the agent said my application was approved and I should receive the credit card in a few days.

Two days later I received a letter with my PIN and then the next day I got my card in the mail.  I quickly set up my recurring bill payments to get charged to this card and I’ve started using it for all of my grocery, gas and drug store spending.

One thing I’ve already noticed is that Walmart stores do not qualify as ‘grocery’ merchants and so you’ll only get 1% back when shopping there.  Here’s a handy list of merchants and how they’re categorized.

I have yet to receive my $100 gift card, but when I log in to Rate Supermarket I can see that my status is pending and that RSM needs to verify with Scotia that I’ve got the card.

Net result: +$100 (Plus ongoing cash back on my everyday spending)

Final thoughts

It’s interesting to see how each credit card issuer handles the approval process.  I can understand the need to balance ‘instant approvals’ with due diligence because they don’t want to have someone default on their payments down the road.

I found that Scotia Momentum Visa Infinite struck the right balance because they were able to approve me instantly online and then immediately send me an email asking for follow up information about my income.  The onus was then on me to send them the information back quickly if I wanted to speed up the process.

The whole process, from application to approval to receiving the card, took less than two weeks.

Getting approved with Capital One was a bit of a pain because they needed proof of identification through Canada Post and then the whole mailing process took a lot of time.

I’m done applying for credit cards for a while, but over the last few months I’ve earned $350 in sign-up bonuses and maximized the cash back that I’ll earn on my everyday spending going forward.

The post Getting Approved For A Credit Card: Some Are Easier Than Others appeared first on Rewards Cards Canada.

Hudson’s Bay Rewards members can now earn one point for every dollar spent on almost anything in store or thebay.com, and move to ‘Rewards Plus’ and ‘VIP’ status as they achieve spend and visit levels.

Hudson’s Bay Rewards Points

As you move up the tier levels, you’ll earn more points per spend.  Here’s how it works:

You can double your points when using the Hudson’s Bay MasterCard® or Hudson’s Bay Credit Card along with the Hudson’s Bay Rewards Card at Hudson’s Bay, thebay.com and Home Outfitters.  

Rewards points are also earned outside of the Hudson’s Bay family of stores; members using their Hudson’s Bay MasterCard earn two points for every $1 spent everywhere else MasterCard is accepted, and receive a 25% bonus, semi-annually, on those points.

You can now redeem points for Hudson’s Bay gift cards instantly at the register at the Hudson’s Bay family of stores.

Related: Redeem Air Miles For Gift Cards

“HBC has a very dedicated customer base. We wanted to make sure we were rewarding all our customers, and especially our most loyal, for shopping in our stores and online,” says Patrick Dickinson, a senior vice president at HBC.

HBC looked at the point system and listened to customer feedback to make the program better.  The new Hudson’s Bay Rewards Program is simple to understand and points are easier to accumulate.

Partnership with Capital One

The Hudson’s Bay Rewards program is one of the most well subscribed in Canada, and when Capital One acquired their credit card portfolio in 2011 they’ve been working with HBC to redesign both the rewards and credit card programs.

“We combined our deep understanding of customer preferences with years of research and data to develop a rewards program that offers the best possible value,” said Simon Maycock, a vice president at Capital One Canada. 

The new Hudson’s Bay Rewards program is now one of the best programs in the country.  When you use your Hudson’s Bay MasterCard you’ll double your points at Hudson’s Bay and Home Outfitters stores, and receive a 25% bonus everywhere else so you can earn rewards faster.

Converting Your Old HBC Rewards Points

Your new points balance is calculated by dividing the existing points total by 40.  The monetary value of the points remains the same even though the points’ total changes.

For example, 80,000 HBC Rewards becomes 2,000 Hudson’s Bay Rewards points, which can be redeemed for a $10 Hudson’s Bay Gift Card. Existing HBC Rewards points cards will remain valid for the accumulation and redemption of points.

Final Thoughts

It’s good to see such positive changes to a retail rewards program during a time when other loyalty programs like Air Miles and Aeroplan are devaluing their points.

Related: New Canadian Tire Money Advantage Rewards

The changes come just weeks before Target is set to open 125 stores across Canada and introduce its popular REDCard rewards program where customers can earn 5% rewards.

The post HBC Unveils New Rewards Program appeared first on Rewards Cards Canada.