Credit Cards

MBNA Alaska Airlines MasterCard

Class Platinum
Type MasterCard
Issuer MBNA
Annual Fee $75
Interest Rate 18.99%
Min. Income $35,000
Reward Type Airline Miles
Reward 1 mile / $1 spent
Reward Return Up to 4% or more
Sign Up Bonus 20,000 25,000 miles
Grace Period 21+ days
Apply Sign Up!
 

The MBNA Alaska Airlines MasterCard is a great airline miles travel rewards credit card because it offers a comparatively low annual fee, a huge sign up bonus, cheap companion tickets, free lounge passes, and multiple partners to redeem with! When compared to any other miles based credit card like the CIBC Aerogold Infinite or the TD AAdvantage, it easily comes out on top. I actually used to recommend the MBNA Starwood Preferred Guest MasterCard over this card because it was no annual fee and higher rate of return for people spending less than $30,000 annually, but it has since been discontinued. Keep reading » about MBNA Alaska Airlines MasterCard

TD GM Visa

Class Standard
Type Visa
Issuer TD Bank
Annual Fee $0
Interest Rate 19.99%
Min. Income $12,000
Reward Type Pseudo Cash
Reward 3% of all purchases
Reward Return 3%
Sign Up Bonus None
Grace Period 21 days
Apply Sign Up!
 

The GM Visa offered by Toronto Dominion Bank pays one of the highest cash-like rewards of any currently available Canadian credit card and it does so without an annual fee! It allows you to earn 3% back on all spending towards the purchase of a new GM vehicle. This card has been around for quite some time now and when you consider that no fee cash back cards didn’t start offering returns higher than 0.5% until the last few years, you can easily see how a 3% return is very attractive. That said, the appeal of this card has dropped significantly as of late because the competition is getting much stiffer. Not only that but the TD GM Visa comes with some serious restrictions, including the obvious one of being locked in to buying a GM vehicle with your reward.

This card definitely has a place in the wallets of some Canadian consumers who are brand loyal to GM and know that they will be buying a brand new GM vehicle in the future. If that’s you, then you should investigate this card even further, ensure you completely understand all of the terms and conditions, and then go ahead and apply for it so you can start saving for your new GM vehicle! Keep reading » about TD GM Visa

Citi Enrich MasterCard

Class Standard, Platinum
Type MasterCard
Issuer Citi Canada
Annual Fee $0
Interest Rate 19.99%
Min. Income $15,000
Reward Type Cash Back
Reward Non-Tiered Cash
Reward Return 1%
Sign Up Bonus None
Grace Period 21 to 29 days
Apply Unavailable
 

Update: Citi is no longer accepting new applications for this card.

The Citi Enrich MasterCard is a very solid cash back card with many some good benefits (if you have the platinum version), including a few that are unique to cards offered by Citi. Although there is a limit to how much cash back you can earn yearly with this card and other cards exist with higher returns, it remained a very popular card amongst the credit card savvy in Canada for a long time. Since the introduction of the MBNA Smart Cash MasterCard in 2009, its popularity has decreased substantially, but it is still a good all around card. When the Amex Gold Cash Back card was still taking new sign ups, this was a popular choice as a secondary card for people who collected cash back and couldn’t use their Amex at those merchants that didn’t accept it or once their yearly maximum was reached. However, now that the platinum version of the card has been eliminated, it is hard to recommend this card above some of the other competing cash back credit cards. Keep reading » about Citi Enrich MasterCard

Citi Driver's Edge Platinum MasterCard

Class Platinum
Type MasterCard
Issuer Citi Canada
Annual Fee $0 $59
Interest Rate 19.99%
Min. Income $15,000
Reward Type Pseudo Cash
Reward Vehicle Discount
Reward Return 2%
Sign Up Bonus None
Grace Period 21 to 29 days
Apply Unavailable
 

Update: Citi is no longer accepting new applications for this card.

The Citi Driver's Edge Platinum MasterCard is a card that allows you to earn 2% of everything you spend on the purchase of a vehicle, new or used, with very few restrictions. All you have to do is go out, find the car of your dreams, purchase it, and then provide proof of purchase to Citi and they will issue you a cheque for the amount you have earned on the card up until that point, not exceeding $5000. Even with these great benefits, it doesn’t get a lot of attention these days, especially since they instituted the $59 annual fee, but it is still a very good card. Keep reading » about Citi Driver's Edge Platinum MasterCard

American Express Gold Cash Back Card

Class Platinum
Type American Express
Issuer American Express
Annual Fee $0
Interest Rate 16.99%
Min. Income $30,000
Reward Type Cash Back
Reward Tiered Cash
Reward Return 0.5-2%
Sign Up Bonus None
Grace Period ~30 days
Apply MBNA Smart Cash
 

This credit card is part of our Canadian credit card Hall Of Fame. This page contains historical information as it was when the credit card was either still available or when it was at its peak and is for reference purposes only. Please refer to The Best Credit Cards In Canada page for currently available Canadian credit cards.

The American Express Gold Cash Back Card appeared shortly after the Canadian Tire Cash Advantage MasterCard was discontinued and was considered by many to be its successor. It had a very reasonable tier structure that quickly escalated to the full 2% cash back and because cash is king many people thought it was the best credit card available in Canada. The roughly 2% returns could never compare to some of the top travel rewards credit cards like the MBNA Starwood Preferred Guest MasterCard that offered returns up to 6% or even more. But, the simple fact of the matter is that with cash your options are unlimited! Keep reading » about American Express Gold Cash Back Card

MBNA Starwood Preferred Guest MasterCard

Class Platinum
Type MasterCard
Issuer MBNA
Annual Fee $0
Interest Rate 19.99%
Min. Income $35,000
Reward Type Travel Points
Reward 1 point / $2 spent
Reward Return 2-6%
Sign Up Bonus 5,000 points
Grace Period ~30 days
Apply Alternative Card
 

This credit card is part of our Canadian credit card Hall Of Fame. This page contains historical information as it was when the credit card was either still available or when it was at its peak and is for reference purposes only. Please refer to The Best Credit Cards In Canada page for currently available Canadian credit cards.

The MBNA Starwood Preferred Guest MasterCard was the best travel rewards credit card in Canada for a very long time because it had no annual fee, offered conversions to airline miles in almost any airline rewards program, and had significant earning and transfer bonuses that made it even better than expensive annual fee cards like the CIBC Aerogold Infinite Visa. It was actually the card I personally recommended to friends and family until it was discontinued in 2009 and replaced by The Starwood Preferred Guest Credit Card from American Express. Keep reading » about MBNA Starwood Preferred Guest MasterCard

Credit Card Reward Types

Credit cards offer a large range of rewards that are often customized to each individual card, but they can all be grouped into one of four major reward categories that are explained in detail below: Cash Back, Pseudo Cash, Airline Miles, and Points. Choosing the type of reward that works for you can be confusing, but in the end it all comes back to the rate of return you will get on your credit card spending from the reward. When rate of returns are equal, you should always choose the card with the most flexible reward type, which is cash. Unfortunately, those cards that do offer cash back rarely offer anywhere near the rate of return that is obtainable using points, miles, or some other card-specific rewards programs.

Cash Back

This is the most basic and most desirable type of reward available, cash is king after all! With cash back credit cards, the credit card company agrees to refund a small percentage of your purchases back to you every so often either by a credit to your account or in the form of a cheque. There are several important things to consider for cash back credit cards such as percentage of cash back, payment schedule, tier systems, annual fees, and annual rewards cap. Keep reading » about Credit Card Reward Types

Saving Money Using Credit Cards

Credit cards are fast becoming the most common form of payment in North America and around the world. This is unfortunate for business owners who have to pay up to a 3% merchant fee on everything they sell via credit card, but at the same time it is becoming more lucrative for savvy consumers as creditors begin to share their profits with consumers to entice them to use their cards. This profit sharing comes in the form of non-taxable rewards that include points, air miles, cash back, travel insurance, extended warranties, and many other potential benefits. Unfortunately, all of this overhead inevitably translates into higher shelf prices for products to make up for the money lost to credit card companies in merchant fees. However, if you aren’t one of the people leveraging credit card rewards, or at least demanding a cash purchase price discount when shopping, then you are a victim of higher pricing without any rewards kickback.

Therefore, it might seem foolish not to sign up for a good credit card, right? Actually, that’s not always true. Credit cards are a very dangerous form of payment that can easily find the average consumer in mountains of debt by spending money that they never had. Once that happens, you are stuck paying ridiculous interest fees as high as 30% annually and you end up in an ever deepening hole that you can never get out of. Many personal finance advisors actually recommend that you never sign up for a credit card and pay for things using strictly cash. In some cases they will even advise against the use of debit cards because, similar to credit cards, they make money too easy to spend. Keep reading » about Saving Money Using Credit Cards

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