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June 09, 2011

  • Shift In Canadian Credit Card Use, Pt.2
       Best of the best.

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    So if extra rewards are the draw, which credit card has a good deal? It depends on what attracts the customer. CIBC Aerogold Visa pays 1.5 points for every dollar spent on groceries, gas and drugstore items, compared to 1 point on other purchases. Bank of Nova Scotia Momentum Visa pays 2 percent cash back on those purchases compared to 1 percent on other purchases. MBNA Smart Cash Platinum Plus is a no-fee credit card and pays 3-5 percent cash back on qualifying gas and grocery purchases. According to the MarketSense survey, customers who are racking up points are likely looking to use them on travel but the cash back is alternative is on the rise. Another category of credit card that is up and coming is a card with rewards that lower the price of gasoline. The study found more and more people are carrying these types of cards in addition to their primary card.

    In the midst of the recession, in 2008-2009, people were carrying fewer credit cards around. But that trend seems to be over. The survey found people had an average of 2.6 cards in 2010, up from 2.4 in 2009. Additionally, spending on credit cards rose to $912 a month, up from $797.

    With spending up, which credit card has the right incentive? BMO Gold Air Miles MasterCard, TD, CIBC and RBC Visa Infinite and AmEx Platinum Air Mile earn the "best in class" travel rewards title. The PC Financial MasterCard is described as having a compelling value proposition, exceptional loyalty scores. For a low rate, ScotiaLine Visa wins. Cards with good gas rewards that result in immediate value at the pump include Citi Petro-Points MasterCard and Canadian Tire Gas Advantage MasterCard. Cash back offers are attractive because they have a tangible incentive. TD Rebate Rewards Visa and AmEx Costco Cash Rebate lead in this category. Citi Driver's Edge MasterCard offers a generous and flexible plan when purchasing a car.

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