How Many Credit Card's do you own? What benefits do they come with? - Canadian TV, Computing and Home Theatre Forums
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post #1 of 18 (permalink) Old 2019-02-03, 01:00 AM Thread Starter
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How Many Credit Card's do you own? What benefits do they come with?

As the topic states, How many credit cards do you have and what benefits do they include? If they have an annual fee please list it and any special interest rates please explain below.

I have 3 credit cards.
  1. RBC Rewards Visa - Primary
  2. RBC Cashback MC - Primary
  3. CIBC - Dividend (Cashback) - Backup/Spare


I normally bank with RBC for my other banking needs so I like the fact I can use the same app to manage my cards and make payments etc. I can not quite do that with CIBC since I do not have any other accounts with them and I find they are slower to post transactions to the account. RBC is much faster.

All my cards do not have any annual fees, I pay off my bills right always on time and immediately. I am a very financially sound guy and was always taught its good to have credit card with the same bank u normally bank with, I was always taught to have 1 master card, 1 Visa and possibly 1 American Express card and that is all you should have. I did have american express card once but it was provided by my employer because I was a manager and used it for company purchases.


I do not care so much for the cashback and points and stuff, those are all tactics to get people to sign up and there's a lot of fine print that you do not get the full cashback on different types of purchases or locations. so I said to hell with that and just use it normally.

I am also in the process of ordering 2 joint cards for my wife both visa and MC, both the same as mine. She is not as financially knowledged as me and pays annual fees on her emergency card so I am trying to get her to stop the wasteful spending.

How about you guys?
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post #2 of 18 (permalink) Old 2019-02-03, 11:02 AM
 
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I have 5 credit cards, Rb MC, Costco MC, BMO MC, TD Visa, Amex. Most of the time I use RB Costco cards due to their cash back. MBO MC is used for Apple Pay, The others are just for backup. All of them are no fee. In the past, I have cards to collect Aeroplan miles, but I find that cash back cards are better deal. I still collect Airmiles cash miles.

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post #3 of 18 (permalink) Old 2019-02-03, 01:23 PM
 
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I know your a veteran here but isnt it kind of personal to be asking people about their CC or what bank they do their business with? In all do respect, it's really none of your business. Not trying to be rude, just find it inappropriate.
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post #4 of 18 (permalink) Old 2019-02-03, 01:27 PM
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Two Cards:

Rogers World Elite MasterCard. No Fee, Get 1.75% back on Canadian purchases and 4% back on Foreign purchases. This card also has some insurance coverage like CDW, etc. See link below for more details.

Last year I got over $1200 back. We charge everything to this card and travel a fair bit. The rebate is either credited to my Rogers bills monthly, which I use anyway, or once a year you can request cash/credit instead.

https://www.rogersbank.com/en/

I also have a TD Cash Back Visa Card - No fee and it's only a backup card that I rarely use if MC is down or not available at that store. I obviously don't get much cash back since I don't use it much and the cash back percentage is quite small. I have the Visa card in case MasterCard has a system failure (like Visa did a few years back). It also serves as my TD bank card. I always pay off my balance(s) in full.

I have my investments spread over a number of financial institutions.

I think these sorts of discussions can be valuable to compare cards, etc. People who are comfortable providing this information may do so, and people who don't, can keep the information to themselves.

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post #5 of 18 (permalink) Old 2019-02-03, 02:19 PM
 
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@folcan99 No personal banking info was asked for, there is no issue, just a comparison.
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post #6 of 18 (permalink) Old 2019-02-03, 02:21 PM
 
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Main card for me is RBC Westjet World Elite, $150 per year for the 2 cards.. love it for the travel and I do it a lot for Biz. Gives me a family vacation every couple of years somewhere warm. Stupid interest rate-- 19.99% but keep it paid off.

Have a few others but don't use them.
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post #7 of 18 (permalink) Old 2019-02-03, 02:47 PM Thread Starter
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Yeah what he said. Its just a comparisson of cards and benefits. Over the last decade ive had a lot more financial literacy and have learned that having SO MANY different cards is not always a good thing and signing up for a new card just because of the flashy bonus prize is not always a good thing.

The best advice ive had was to have 2 to 3 cards max. possibly from your current bank and try to stay away from cards from stores like walmart or hbc or canadian tire triangle they likely dont have an online portal snd if they do its not the greatest and 4 percent cashback has a lot of fine print and restrictions and u usually will get 2 percent on average.

No one is asking to post personal financial info and if u dont agree just dont reply.
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post #8 of 18 (permalink) Old 2019-02-03, 03:13 PM
 
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We've got two MBNA Mastercards with decent (not great) interest rates, one is a travel rewards card. Also an RBC Visa with a low rate, and an HBC Mastercard to get double points at The Bay.

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post #9 of 18 (permalink) Old 2019-02-03, 11:47 PM
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@pinto : Try this scenario. Someone hacks DH Canada and gets our real ID information. Once they have that they match it to the credit card info. some of you have given in this forum. Admittedly the crooks wouldn't have you actual card numbers but why help them at all? Anything today can be linked to anything if the hacker is smart enough.
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post #10 of 18 (permalink) Old 2019-02-04, 07:02 AM
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I have many cards although quite a few are inactive now. They were acquired for reward points/miles bonuses and once done have been filed. Also some which offered 1% on transfers for a certain time. In all of those cases you pay everything off an move on after the offers are done. Still have a Fido for the reasons stated above for Rogers. I get 4% back on US purchases which takes care of the currency charge plus. I deal with one bank, except have had other accounts for a short time due to bonus rewards etc. Manage my own investments because I worked in a related firm for a while and saw what went on and also had experience with one advisor. Got the "extra" funds we were "missing" in our returns after reporting him/them to a securities commission. Nothing criminal just not doing what the client had specified! Said advisor became a very active advisor on a business channel for certain investments which caused me to shy even further away. Some firms are great!
Retired almost 20 years ago and still going strong.

Anyway if you are willing to deal with the fine print and have control/discipline there are large benefits to specialized cards for some of us. No fees though is my motto.

I/we have had many airline trips with "points" but after the latest monkey business from Air Canada and Aeroplan I cashed the remaining in for cash like Costco cards and will ignore that trip type of reward from now on.
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post #11 of 18 (permalink) Old 2019-02-04, 08:37 AM Thread Starter
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Quote:
Originally Posted by reidw View Post
@pinto : Try this scenario. Someone hacks DH Canada and gets our real ID information. Once they have that they match it to the credit card info. some of you have given in this forum. Admittedly the crooks wouldn't have you actual card numbers but why help them at all? Anything today can be linked to anything if the hacker is smart enough.
Verticalscope which is the parent company of DHC was already hacked in the past. All the hackers really want is to get usernames and passwords of what ever sites they breach and sell it on the dark web for $$$ no one really has the time not even hackers to go thru the posts to identify what content the people post, that is not how hackers work, and besides no personal information was given, we are all adults here we all have financial responsibility, we all have credit cards, we are just having a discussion about the benefits of it. Myself nor others on here see this as posting vulnerable info, they can get all the details we talked about on the banks credit card web pages already, we are just really coping and pasting what the credit card companies have on their web sites
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post #12 of 18 (permalink) Old 2019-02-06, 05:43 PM
 
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I use Rogers World Elite Master card as well. Used to have Rogers Platinum MC before the World Elite was introduced. Same as 57, I also put everything on it and it's the best cash back card I ever had with no annual fee.

Canadian Tire option credit card is for my gas and Canadian tire store shopping. It's really good if you use it at either Canadian tire gas or Husky Stations.
Husky new app is amazing and it lets me collect both Canadian tire money and Husky points plus I dont have to get out of my car for payments.

My back ups are CIBC visa and TD infinite something card which I'll probably cancel it once I close my bank account with TD.
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post #13 of 18 (permalink) Old 2019-04-18, 10:07 AM
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I actually haev two. When it comes to a payday, I take advantage of splitting money in two parts for urgent purposes coming such as rent etc, and the second one stays for living. Super easy.
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post #14 of 18 (permalink) Old 2019-04-18, 03:15 PM
 
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We have two cards:

Both are no fee cards

Canadian Tire Gas Advantage Mastercard - gets us 10 cents per litre discount at Canadian Tire gas bars. With two vehicles in the lane and commute distances of 500 Kms weekly, this card is a big saving at the pumps. I tallied up the savings and it's around $800 annually.

TD Visa Gold - very seldom use this card. Only kept active for travel to other countries.

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post #15 of 18 (permalink) Old 2019-04-18, 03:33 PM
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Quote:
Originally Posted by Gentleman View Post
...10 cents per litre discount at Canadian Tire gas bars...commute distances of 500 Kms weekly...savings and it's around $800 annually.
Wow! 8000 litres of gas a year? (and that's only at CTC) I assume you actually drive more than a total of 25,000 km/year, otherwise you're using 32 l/100km or less than 10 mpg (old scale).

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