Give Me Back My Five Bucks

Time to find a new credit card

Recently at an event in Toronto, I found out that my credit card (Capital One Aspire Travel World Mastercard) is being discontinued. I’m pretty heartbroken because it was the best travel rewards card available to Canadians, and I’ve only had it for 2 years. :| But it has served me well in that time, getting me free hotel stays and free flights to Toronto and Hawaii.

So I’m on the hunt for another rewards card. The only problem is, based on my spending, the best ones for me are American Express. And while I’m not opposed to an American Express card (even though I’ve had some problems with them in the past), so many places don’t take American Express (especially when traveling), so I’d have to get a secondary credit card as a back-up.

Here are my results, using the RateHub.ca credit card tool:

ratehub

I’m leaning towards getting the ScotiaBank Gold American Express Card, and then getting a no-fee Mastercard or Visa as a back-up.

For those that are wondering, I put every purchase I can on my credit cards, but never carry a balance. I like using credit cards because I can earn points for my spending, and track every purchase I make. But they’re only valuable tools if you can pay off the balance every month. Points don’t mean anything if you’re paying more in interest every month than what the rewards are worth!

For those who also have the Capital One Aspire Travel World Mastercard, have you come up with a replacement card yet?

P.S. if you haven’t used the RateHub credit card tool, it’s really good. There’s so much information there, that it makes comparing cards really easy. :)

Author: Krystal Yee

I’m a personal finance blogger and marketing professional based in Vancouver. I’m a former Toronto Star (Moneyville) columnist, author of The Beginner’s Guide to Saving and Investing, and co-founder of the Canadian Personal Finance Conference. When I’m not working, you can usually find me running, climbing, playing field hockey, or plotting my next adventure.


Comments

  1. Jer says:

    Any official/otherwise source with more info you can point to for that? I have a lot of points to burn and want to know my deadline.

    RFD is oblivious and they’re still issuing new cards.

    • Krystal Yee says:

      I heard it from the people working at RateHub – they weren’t able to add that specific rewards card into their credit card search tool, and my own affiliate advertising network has pulled all links for that specific card. I don’t think an official announcement has come yet.

  2. Tawcan says:

    Hmm this is the first time that I heard about the card being discontinued, would like to find out more information…

  3. Michelle says:

    Discontinued cards don’t necessarily mean cancelled. It’s possible the card may be grandfathered, and no new ones issued, but you would still be able to use your existing cards. Let’s wait until details are announced before panicking and signing up for new cards.

    • Krystal Yee says:

      Yep, I’m definitely going to wait and see what happens with the card. Won’t be applying for anything new until I know exactly when the card will be discontinued (especially since I still have points to use)! Just wanted to do some extra research to see what was out there. Fingers crossed about getting grandfathered in. :)

      • Michelle says:

        1 more point! Last resort if you can’t redeem for travel (obviously best rate @ 2%), you could still for the 1.5% cash account credit.

  4. Strandedrocks says:

    Hi Krystal,

    I have the ScotiaBank Gold American Express Card and I do run into some retailers who don’t accept it I was (may still) on the verge of cancelling but then I got an offer from Scotia for the Rewards Visa, which has no annual fee. The Visa can be combined with points earned using the American Express Card. I haven’t used the Visa yet and I would only get 1 point for every $2 spent. Not stellar. Just an option, I guess.

  5. Jane says:

    According to Robb Engen it’s the Aspire Cash card and not the Aspire Travel card that’s being discontinued: http://www.rewardscardscanada.com/capital-one-aspire-cash-world-mastercard-has-been-discontinued/

    • Robb Engen says:

      Hi Jane, that article is a few years old – the Aspire Cash card was discontinued back in August 2013.

      I’ve heard the same rumours about the Aspire Travel card, but when I asked someone at Cap One last week she said there was “nothing to share at this time.”

      The Aspire Cash card and its benefits were grandfathered for existing cardholders so we’d have to assume the same thing if the Aspire Travel card is discontinued.

      • My old Cap One Cash card, when discontinued, was grandfathered. I still get 1.5% cash back every year and a host of great travel benefits.

        RateHub might be right Krystal but I wouldn’t get rid of the card (just yet) if a) you like it and b) there has been no correspondence from the card company yet.

        Totally your call though.

        Cheers,
        Mark

        • Krystal Yee says:

          Definitely. It’ll be a wait and see situation. Fingers crossed the benefits get grandfathered when it (eventually) gets discontinued. :)

      • Jane says:

        My mistake – I should have looked at the date written! Thanks for letting me know.

  6. Anonymous says:

    I really think you’re jumping the gun here. There is no credible evidence that the card is being discontinued. And there is evidence that Capital One grandfathers its old card. I think you’re just plugging RateHub.

  7. Maddie says:

    I’m surprised that you are willing to pay an annual fee of $99 for a credit card :)

    • Krystal Yee says:

      LOL! Well my current card has an annual fee of $120 – but I get back $100 in travel rewards. So it was worth it to me. I don’t mind paying an annual fee if it is justified. :)

  8. Host says:

    I would recommend you to get the TD Aeroplan card, they have first year fee waived and offer 25000 aeroplan points.

  9. Ron says:

    I have come across one person (Ingride Mogensen) who states that Capital One canceled her Aspire Travel World Mastercard without warning:

    https://www.facebook.com/CapitalOneCanada/posts/897826523589466?comment_id=905466036158848&offset=0&total_comments=1

    “Capital One closed my account yesterday without any notice. I called the 800 number yesterday expecting Capital One to resolve the issue, and even spoke to a supervisor. They are blaming this on the Federal Government, and told me there was nothing they could do. I am really disappointed in Capital One Canada, as this is not the type of service I expect from a company I have been loyal to for several years.”

    I hold the same card and have not heard anything from Capital One.

  10. Robb Engen says:

    The rumour has been confirmed now – the card was pulled from Capital One’s website today and replaced with this – http://www.rewardscardscanada.com/capital-one-discontinues-popular-aspire-travel-world-mastercard/

    • Krystal Yee says:

      Yeah I figured it was coming, thanks for the update Robb. Fingers crossed about being grandfathered in, because the benefits are unreal. When I told my boyfriend that they were discontinuing the card, he said he wasn’t surprised, given the amazing rewards returns we were getting.

  11. AnnieSpeaks says:

    The interest rates offered on these cards is horrible. The highest amount I pay is 14% – the card I use most often is 7%. Do you know why the interest rates quoted for you are so high?

    • Krystal Yee says:

      You know, I’m not sure why the interest rates are so high. I don’t tend to look much at the interest rates of credit cards, because I don’t carry a balance.

  12. Nick Willson says:

    Great, good and interesting post

  13. Ron says:

    The Capital One Aspire Travel World Mastercard is closed to new applications. However, many people who already have the card (including me) have not had accounts canceled.

    It has been replaced, for new applicants, by the Capital One Aspire Travel World Elite Mastercard. It is similar to the card, except that it now comes with a far less generous sign up bonus, and does not have the annual renewal bonus.

  14. Chris says:

    I also still have my Aspire Travel World Mastercard and have not received any info from CapitalOne about it being canceled, I hope they allow us to keep it.

  15. Money Man says:

    Only just found out today about the change when I received a letter from MBNA. The good thing is, existing customers will keep their benefits and the anniversary bonus – that’s huge for me, as I would have had to start shopping for other options.

  16. Richard Hsu says:

    Krystal,

    Thank you for sharing this website. Ever since Costco stopped accepting Amex, I have been considering switching to a MasterCard. I finally applied for one today using information from ratehub.

    Enjoy reading your website. Thank you for taking the time to write it.

    Richard,
    Toronto.

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