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Looking for a new Visa card September 1, 2010

Posted by gmbmfb in : credit card , 17comments

I currently have a CIBC Dividends Visa card, and am looking to replace it with another Visa. Preferrably a travel rewards card, but am happy with cash back too.

I am happy with my Amex and my Mastercard, and feel like they are on-par with the top no-fee rewards cards (Amex gets 1.25% back on travel and Mastercard gets 1% back on groceries, both with no annual fee). And I could just get rid of the Visa altogether, but I like having 1 of each card.

But the CIBC Dividends Visa card is lacking because it’s on a tiered system of up to 1% cash back.

Boo-urns to that.

So I’ve been searching the internet, using www.rewardscanada.ca and www.creditcardsearch.ca (although it hasn’t been updated since 2008) as resources, and trying to pick the best card for my needs. Red Flag Deals is also a good resource. I’m taking the search very seriously, maybe too seriously. But a good rewards credit card is important! I’d even consider paying an annual fee if the rewards were good enough – since I use my credit cards for 99% of my purchases anyway, I might as well get as much as I can for it. But I would definitely prefer not paying an annual fee, even if it means the rewards are less. I’m looking for a Visa that will give me at least 1% back in either cash or travel rewards.

Paying everything by credit card takes a lot of discipline, especially for someone like me who used to be in credit card debt and lived maxed out for a few years. I wouldn’t recommend paying everything by CC unless you’re confident in your ability to pay the card off without fail, every month. I pay mine off at the end of every week.

How many credit cards do you have?
Also, any Visa card recommendations?


CIBC Visa dividends rewards December 11, 2009

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My awards dividends from my CIBC Visa card just posted to my account today. This year I earned $95.21 for using my credit card. About half of what I earned last year, but that’s because my Amex became my primary card this year. That brings the balance of my Visa down to $2.70, which I paid right away. What a nice surprise! :)


Earned over $200 so far just from using my Amex May 5, 2009

Posted by gmbmfb in : credit card , 2comments

Well, since I got my American Express card back in October, I’ve already earned over $200 towards our plane tickets for our trip next summer – thanks to bonus points if I spent $3k in the first 6 months! :) That makes me very, very happy.

I use my Amex card for everything I can, and I’m surprised at how many places take it. So I always ask if they take Amex before using my MC/Visa or debit.

In case you’re wondering, I have that American Express Blue Sky credit card. There is no annual fee, and zero travel restrictions.

Just by carefully managing the way I use my credit cards, I’ve been able to help us save on our travel expenses. For free!


Dear Self: don’t panic November 21, 2008

Posted by gmbmfb in : credit card, investing , 2comments

I called the credit card company that I accidentally made a payment to, and they’re just going to issue me a cheque. :) I should get it in the mail in about 2 weeks.

While I was looking up my credit card number on the internet, I also couldn’t help but sneak a peek at my RRSP portfolio. OUCH! OMG. I have put in $1,500 this month, but I can see my balance is $400 lower than it was at the end of last month … so that means almost $2,000 has disappeared in 3 weeks. Not that I’m panicking. I’m young, blah blah blah. But still.


Whoops! November 20, 2008

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Damnit. I accidentally made a $100 online payment to a credit card that I don’t even have activated.

I think the only way to get that money back is to activate the card and use it for the next $100 worth of purchases I need to do.

Although now that I think about it, I don’t even know where the card is. I might have cut it up.

Hmm.


I got an American Express card October 21, 2008

Posted by gmbmfb in : credit card, travel , 2comments

I’ve been thinking about it for a while, and I decided to get an American Express card. Actually, I decided to use it mostly for Costco shopping, since they don’t accept any other card, and I don’t carry money in my chequing account – or carry cash with me. After doing my research, I decided to get the Blue Sky card.

The Blue Sky card is a travel points card with no annual fee. Basically, you earn 1.25 points for every $1 spent, which means I’m really getting 1.25% back on every purchase. My CIBC Visa gives me 1% cash back, so that means the Blue Sky card is going to be a better deal for me. And if I spend $3,000 in the first 6 months, I’ll get 12,000 bonus points.

And yes, I know that with the Visa I have, I get the 1% cash back every year, whereas with this Amex, I have to use it for travel – but if I’m going to be traveling, I might as well earn the extra 0.25%. Plus, there are no blackout dates, no travel restrictions, and I can use it for flights, hotels, car rentals, and vacation packages. I can even use it for seat sales and last-minute getaway deals. I love the flexibility that gives me.

So instead of just using the card occasionally, I’m going to use it as my main card (wherever Amex is accepted) until we go traveling. If I can take even just a few hundred dollars off of our plane tickets, that’s worth it to me.


Where did I put my credit card!? May 29, 2008

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Ugg. I can’t find my Visa card. I know it’s here somewhere. I remember throwing it in my purse or in a pocket or something, and thinking to myself that I must remember that I put it there, and not in my wallet! And now I can’t find it. It’s been about 3 days.

Damnit! Nevermind, I found it in the pocket of my hoodie. The hoodie that I’ve worn every single day since I misplaced my Visa. I’m a dork. :)

On another note, I grabbed a tea, and then went out for dinner with my old high school friend tonight. I spent $20, but it was worth it. I haven’t seen or talked to her in about 5 years, and it was like nothing had changed. We are totally on the same page with everything. She also finds it difficult to live in Vancouver, and even though she’s been here for about 1.5 years, she hasn’t made many friends. So needless to say, we’re happy to have reconnected. In fact, we’re going to see the Sex and the City movie next Tuesday night. Which is good, because BF refused to take me to see it. :)

I’m really, really happy that I saw her again. I feel a lot less lonely now that I have 2 friends here in Vancouver (besides BF), and this is the second day that I haven’t cried over missing him (out of the 6 days he’s been gone). It’s not a nice feeling, being pseudo-single … but keeping myself busy with friends doesn’t make it seem so bad.


How much available credit do you have? February 12, 2008

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I got to thinking late last night while I was in bed about available credit. A sexy topic, I know. I didn’t do any research into it, but how much available credit do most people have? Am I on average with everyone else?

And is it better to have more available credit to your name? I always thought that having too much available credit would make your credit score go down, because there was a greater chance that you could go into debt. But now that I think about it, I might be wrong. I don’t really know. Because if I’m wrong, and it’s better to have more available credit, then I might think about doing something. But I’m pretty sure that I’m right.

My available credit breaks down like this:

Luckily, through hard work over the past 1.5 years, my credit-to-debt ratio is zero … but I remember a time where I was basically 100% maxed out. It makes me cringe that I could have ever lived like that.

And that $16,800 of available credit could be so much more. But I’ve made a conscious effort to never apply for store credit, and I’m really pleased with my 2 main credit cards. This year, I got just under $200 back with my Visa card, and I’ve gotten free groceries from the Real Canadian Superstore (PC Financial) at least 3 times. Not bad, just for using their stupid cards, and then paying them off every 2 weeks.

I have been thinking of getting an air miles credit card though, because if I put all my purchases on my credit card anyway, it just makes sense. I’d much rather get airfare paid for, than $150-200 cash back from my Visa card every year. I’ll have to do some research into it. I don’t really want to get a card with an annual fee, but if the air miles rewards are good enough, maybe I should look into it.