Credit Card Reviews

Tangerine Credit Card Review: No Longer On Top

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Canadian cash back credit cards with no annual fee have been struggling in recent years. Many of the better ones have had their rewards slashed and the features downgraded...

That's why when Tangerine launched their new credit card in 2016, people were tripping over themselves to apply for it. No other card was giving unlimited 2% cash back on bonus categories at all anymore, let alone categories you could choose and change yourself. Back then, spending outside your bonus categories would still net you a pretty decent 1% cash back as well.

It was an amazing deal and, as it turns out, a little too good to stay true.

Exactly 13 months after its initial launch, Tangerine has dropped the 1% cash back rate on non-bonus spending to 0.5%. That's a major reduction in rewards. They've also increased their great 1.5% foreign currency exchange rate to the usual 2.5%, and increased some balance transfer and other fees on top of that.

The real question here is: is the Tangerine Money-Back Credit Card still good?

The short answer - Yes.

The flexible unlimited 2% cash back categories still exist as they were, and that by itself makes the card worth having. You just now have to get creative with how you use it and combine it with another card to maximize your rewards. Check out the How To Maximize Your Rewards section below for more on that.

That said, the card will be dropping from the #1 spot in our no fee cash back credit card rankings all the way down to the #7 spot.

Quick Facts

Annual fee $0
Interest rate 19.95%
Min. income No set minimum
Reward type Cash Back
Reward 0.5% unlimited cash back on regular purchases
2% unlimited cash back on up to 3 bonus categories you choose
HTS reward return 1.1% of spending for a typical person
Sign-up bonus None
Apply Click here

Positives:

Keep reading » about Tangerine Credit Card Review: No Longer On Top

Which Aeroplan Credit Card is REALLY Best?

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Aeroplan is the most popular airline rewards program in Canada and any serious collector should have a matching credit card to earn the most miles. Figuring out which Aeroplan credit card is best though isn't an easy task.

I've done all the work for you by comparing each card across 40+ different ranking factors including Aeroplan mile earning rates, sign up bonuses, annual fees, bonus spending categories, 15 types of insurance coverage, exclusive Air Canada benefits, and a long list of other perks that these cards offer.

After the dust settles, each card is left with a single unbiased score out of 5 proving which card really is top dog. A single easy number to help you make the right decision.

Aeroplan Credit Cards Compared and Ranked for 2016

You might think this is just a comparison between Aeroplan branded American Express and CIBC cards. You'd be wrong. TD recently launched 3 brand new Aeroplan branded choices into the fray and cards that earn points that can be easily converted to Aeroplan miles shouldn't be left out either. In all 14 different Aeroplan credit cards have been compared and ranked in the table below from best to worst. Keep reading » about Which Aeroplan Credit Card is REALLY Best?

The Simply Cash Card From American Express Is Very Underrated!

simplycashcardfromamericanexpress.jpgCanadians love their cash back credit cards, be it the Smart Cash, the Momentum, the Aspire, or one of the other cash back offerings from The Big Five Banks. However, there is one card that often gets overlooked when it comes to cash back credit cards, and it is the Simply Cash Card from American Express.

It might be flying under the radar because Amex isn’t known for cash back - most of their cards offer travel rewards. Or, it could be that the market leading 1.25% cash back on ALL purchases is just too simple for most people... it isn’t a round number after all, and that could also be a put off. More realistically, it could be because one particular store they shop at doesn’t accept Amex cards, but my experience has been that most stores will gladly take it. Even Tim Hortons, the last big cash-only hold out in Canada, now takes American Express.

Ultimately, I don’t know why more people aren’t choosing this card, but I hope to help change that with this review because it is definitely a card worth considering. It is especially good if you make a lot of everyday purchases that don’t fall into the bonus spending categories of other cards (which are often very limited anyway, as is the case with the Smart Cash).

Heck, since the card has no annual fee, I’m not sure why more people don’t just apply for it to get the massive 5% cash back on gas and grocery purchases for 6 months. If you spend $800 per month on those, that’s a cool $240 you just earned!

Quick Facts

Annual fee $0
Interest rate 19.75%
Min. income $15,000
Reward type Cash Back
Reward 1.25% on ALL purchases with no limits
HTS reward return 1.25% of spending for a typical person after annual fee deducted
Sign-up bonus 5% cash back on gas & groceries for 6 months - $250 maximum.
Apply Click here

Positives:

Keep reading » about The Simply Cash Card From American Express Is Very Underrated!

Scotia Momentum Visa Infinite Review

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Right now this card is considered the top cash-back card in the country – and for good reason. With 4% cash back on gas and groceries, the rewards can really add up quickly. A typical family that spends $25,000 annually ($2,083 per month) on the card would earn in the vicinity of $506 in cash back during the first year alone!

Quick Facts

Annual Fee $99
Interest Rate 19.99%
Min. Income $60,000 personal, $100,000 household
Reward Type Cash Back
Reward 4% gas and groceries, 2% drugstore and recurring bills, 1% everything else
Reward Return 1-4% of spending
Sign Up Bonus First year free (limited time)
Apply Click here

Positives:

  • Highest percentage cash back for gas and groceries of all cash back cards.
  • 2% cash back for recurring bills – the opportunity to move all monthly payments onto the card to maximize the cash back.
  • High annual limits in the gas and groceries cash back category (maximum spend of $25,000 per year).
  • 5% cash back on first $3,000 in purchases (limited time).
  • A very good insurance package for a cash back credit card, including travel insurance.
  • 20% discount on Avis car rentals.

Negatives:

  • High annual fee of $99 compared to some other cards along with a $30 fee for each additional card.
  • High minimum personal or household incomes needed to qualify. They may be somewhat flexible on this depending on your credit history.

Insurance Package:

  • Extended warranty - up to one year.
  • Purchase protection - 90 days.
  • Travel accident - $500,000.
  • Emergency medical - 15 days.
  • Trip interruption - $2,000.
  • Flight delay - $500.
  • Baggage delay - $500.
  • Lost or stolen baggage - $500.
  • Rental car collision insurance.

Cash Back Analysis

Keep reading » about Scotia Momentum Visa Infinite Review

BMO Air Miles World MasterCard Review

bmoairmilesworldmastercardreview.jpgThis card is a good choice for anyone with a high annual spend that wants to collect Air Miles at a faster rate than the regular BMO Air Miles MasterCard, and also flies often to take advantage of the 25% discount on the number of required Air Miles for each flight.

Quick Facts

Annual Fee $99
Interest Rate 19.90%
Min. Income $60,000 personal, $100,000 household
Reward Type Travel Points
Reward 1 mile per $15 spent, 25% bonus at Shell, 100% bonus at Avis and National car rental
Reward Return 0.7-1.25% of spending (depending on how you value Air Miles)
Sign Up Bonus None
Apply Click here

Positives:

  • Exclusive 25% discount when redeeming Air Miles for flights.
  • The highest earning rate of all BMO Air Miles cards.
  • 25% bonus (Air Miles) at Shell locations, 100% bonus (Air Miles) at National and Alamo Car Rental and 25% off regular rental rates.
  • No limit to the amount of Air Miles rewarded.
  • Easy to use, straight forward online account access through BMO.
  • Some extended warranty and travel benefits available.

Negatives:

  • $99 annual fee is high for the accrual rate you get.
  • High minimum personal ($60,000) or household ($100,000) incomes needed to qualify. They may be somewhat flexible on this depending on your credit history.
  • Few good opportunities to earn bonus miles above and beyond the regular rate.
  • The platinum Air Miles card from American Express has similar earning rates and perks for a lower annual fee.
  • No sign up bonus except during promotions.

Insurance Package:

  • Extended warranty - up to one year
  • Purchase protection - 90 days
  • Travel & car insurance coverage

Air Miles Rewards Analysis

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Capital One Costco Platinum MasterCard Review

capitalonecostcoplatinummastercardreview.jpgThe Capital One Costco Platinum MasterCard is a strong no annual fee cash back credit card that is geared towards Costco members who eat at restaurants regularly and spend a significant amount each month on fuel.

Its main strengths are that it is one of the few credit cards that gives significantly higher rewards on restaurant purchases and that it integrates your Costco membership and credit card into a single card so you can lighten your wallet. It’s also among the few cards that offers price protection/matching if you find a lower price on any product you’ve purchased using the card.

Quick Facts

Annual Fee $0
Interest Rate 19.75%
Min. Income No minimum
Reward Type Cash Back
Reward 3% restaurants, 2% gas, 1% everything else
Reward Return 0.5%-3% of spending
Sign Up Bonus Double cash back for the first 3 months
Apply Click here

Positives:

  • No annual fee for both primary and secondary cards.
  • 3% cash back on restaurants, 2% on gas, and up to 1% on everything else.
  • No limit to the amount of cash back you can earn.
  • Doubles as your Costco card with your picture on the back.
  • Price protection for items purchased using the card that decrease in price within 60 days (up to $100 per item and $500 per year).
  • Extended warranty coverage on purchases (up to two years) and purchase protection against theft or damage (up to 120 days).

Negatives:

  • Have to be a Costco member to qualify for this card, which costs $55 annually.
  • Although this is a Costco-branded card, there is no additional incentive to shop at Costco.
  • The ‘everything else’ spending category is tiered – you receive 0.50% on the first $3,000 and 1% on everything beyond that. This essentially works out to a hidden annual fee of $15 when compared to other no-fee 1% cash back cards.
  • The ‘cash back’ comes once per year by snail mail as a rebate. The rebate must be redeemed at a Costco store where it can be converted to either actual cash or Costco store credit.
  • There are much better no fee cash back credit cards out there.

Insurance Package:

  • Extended warranty - up to two years.
  • Purchase protection - 120 days.
  • Travel accident insurance - up to $250,000.
  • Car rental coverage - collision / loss damage waiver (LDW).
  • Baggage delay insurance - $300.

Cash Back Analysis

Keep reading » about Capital One Costco Platinum MasterCard Review

BMO Air Miles Mastercard Review

Class Standard
Type MasterCard
Issuer Bank of Montreal
Annual Fee $0
Interest Rate 19.90%
Min. Income N/A
Reward Type Points
Reward 1 mile / $20 spent
Reward Return 0.5% to 0.75% of spending
Sign Up Bonus 400 500 miles (limited time)
Grace Period 21 days
Apply Sign Up!
The BMO Air Miles Mastercard is a good choice for anyone with low to moderate annual spending on their credit card that wants to collect Air Miles without paying an annual fee.

Positives:

  • No annual fee (no fee for additional cards).
  • 25% bonus (Air Miles) at Shell locations, 50% bonus (Air Miles) at National and Alamo Car Rental.
  • No limit to the amount of Air Miles rewarded.
  • Easy to use, straight forward online account access through BMO.
  • No minimum annual income requirement, great way for those with low credit scores to build their credit history.
  • Extended warranty coverage on purchases (up to one year) and purchase protection against theft or damage (up to 90 days).

Negatives:

Keep reading » about BMO Air Miles Mastercard Review

Best Deal EVER On The Scotia Momentum Visa Infinite 4% Cash Back Credit Card

Scotia Momentum Visa Infinite Credit Card

The Scotia Momentum Visa Infinite has been one of the best cash back credit card available to Canadians for the past couple of years after the MBNA Smart Cash was slightly devalued, but there were two big things stopping many Canadians, including myself, from applying for one.

  1. The $99 annual fee.
  2. No sign up bonus for applying, so why switch?

Starting in 2014 Scotiabank has been having regular promotions that really make applying for this card worthwhile. At first it was the annual fee waived for the first year and a $100 gift card if you applied through RateSupermarket. The current 2017 offer is also worth a look:

  • $99 annual fee waived for the first year.
  • $75 gift card available through RateSupermarket.

To get the latest deal, use the link below.

Link: $75 gift card + First Year Free

Why It's One Of The Best Cash Back Cards In Canada

Keep reading » about Best Deal EVER On The Scotia Momentum Visa Infinite 4% Cash Back Credit Card

Capital One Aspire World MasterCard

Class World
Type MasterCard
Issuer Capital One
Annual Fee $120
Interest Rate 19.8%
Min. Income $70,000
Reward Type Travel Points
Reward 2 points / $1 spent
Reward Return 1.5-2%
Sign Up Bonus 35,000 points
Grace Period 25 days
Apply Sign Up!
 

In the recently stagnant Canadian credit card market, the Capital One Aspire World MasterCard is like a breath of fresh air and is garnering a lot of attention because it breaks the mould of typical travel rewards credit cards in several ways. First, it awards you two points per dollar spent, as opposed to the typical one. Second, it gives you a high sign up bonus of 35,000 points that is worth up to $350 in travel. Third, it has an annual renewal bonus of 10,000 points worth about $100 in travel that nearly pays for the cost of the annual fee before you do any spending on the card. Keep reading » about Capital One Aspire World MasterCard

MBNA Travel Rewards Platinum MasterCard

Class Platinum
Type MasterCard
Issuer MBNA
Annual Fee $89
Interest Rate 18.99%
Min. Income $35,000
Reward Type Travel Points
Reward 1 point / $1 spent
Reward Return Up to 4% or more
Sign Up Bonus 5000 points
Grace Period 21 days
Apply Sign Up!
 

The MBNA Travel Rewards Platinum MasterCard is a bit of a dark horse when it comes to travel rewards credit in Canada. Not many people have it and almost nobody talks about it! That is really a shame because this card has many benefits that make it as good or better than most airline reward miles credit cards like Aeroplan credit cards, and it has a whole lot more booking flexibility as well.

You get the same reward return on spending when redeeming for economy class flights of up to 4%, without having to worry about limited reward seat availability, blackouts, only being able to book with one carrier, booking 6 months to a year in advance, booking fees, points expiration, and paying taxes and fees out of your pocket! All these benefits, make this credit card one of the best and easiest to use travel rewards credit cards in Canada with an annual fee that is actually less than the competition and a yearly 2,500 point renewal bonus to boot! Keep reading » about MBNA Travel Rewards Platinum MasterCard

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