Credit Cards

Alterna Visa Infinite Card

  • Last Updated:
  • Aug 4th, 2018 12:20 pm
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Member
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Jan 16, 2007
462 posts
274 upvotes
I applied. It went to a credit analyst. I've applied for a few cards recently, so they may not like that but shrug if approved this is almost the perfect card for me! (If it had flight delay insurance that would be the icing on the cake)
Member
Jul 1, 2006
319 posts
136 upvotes
I feel blind - Where does it say there are 4% rewards on foreign transactions?

This looks like a great card overall. The only downside I really see relative to MBNA RWE is Costco.
Member
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Jan 16, 2007
462 posts
274 upvotes
On the main page for it:

Get 2 points for every $1 spent and DOUBLE points for purchases in foreign currencies
Deal Addict
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Feb 1, 2006
1872 posts
408 upvotes
EdisonL299 wrote:
Dec 21st, 2017 11:50 pm
This card is the top card in Canada. First Visa to have 2% flat rate (4% foreign).
Yeah, this is an amazing card!

It's the only card I've found that has all 3 of the requirements that I need in a card:

1. Travel medical insurance of at least 21 days. 48 days is fabulous and class leading.
2. A class leading all category reward rate of 2% flat.
3. Effectively FX free with a 1.5% foreign spend. (Same as Rogers/Fido MC)

It's a bonus for me that it's a Visa and not an Amex. I personally find Amex is not accepted at many places I spend. It's a very interesting card indeed and I never thought I'd find one card to meet these 3 needs. I'm currently using BMO WE and Rogers MC to meet these 3 needs but I'm seriously thinking of ditching the BMO card with their pathetic devaluation. The lounge passes are just not worth paying that much extra for.

Now I just have to get qualified....I've got recent hard hits from Amex and Simplii. Maybe I should wait 6 months or so.

Here's my interpretation of their Visa Infinite qualification criteria:

1. You don't appear to have to be a customer of Alterna Credit Union. (I have an Alterna Bank account but they are a separate but related entity-Alterna CU owns Alterna Bank).

2. Quebec seems to be OK. Haven't found any language to say otherwise.

3. Min. income of either 60K personal or 100K household qualifies.

4. Or, "Applicant has demonstrated minimum annual spending of $25,000 on the (sic) a current credit card" this language is found on their application under "Meets minimum requirements?" "By checking yes to application Meets minimum Visa Infinite requirements, one the following must be true." (See link) I'm not sure how or if they check if you have spent at least 25K on another credit card. Do they take your word for it or do you have to give them statements? Can it be on all your cards combined or must it only be on one card?

https://www.collabriacreditcards.ca/aff ... plication/

5. Or, "Applicant has declared assets under management of $250,000 CAD". Although this may sound like you need assets of at least 250K with Alterna Savings I think it means that you need 250K in financial assets with ANY financial institution in Canada. Let me explain why. If you take a look at the link for a Meridian Visa Cash Back Infinite that is also issued by Collabria Financial Services (same issuer as the Alterna Visa) it says: "Declared total market value of all investments of at least CAD $250,000 (not including real estate or material goods)". So since these 4 criteria are set by Visa Infinite and not the individual card issuers it sounds to me that if the Meridian application says assets of 250K anywhere is OK that this also applies to Alterna Visa. Any thoughts?

https://www.collabriacreditcards.ca/aff ... 1513927323
Alterna Savings Visa Infinite
2% cold hard cash on everything, no caps, VISA acceptance
48 day medical insurance, trip cxl, trip interrupt
Discuss here
Member
User avatar
Jan 16, 2007
462 posts
274 upvotes
@minimalist I'll let you know how it goes since I'm in the same boat. The email said 7-10 days business days.
Member
Jul 1, 2006
319 posts
136 upvotes
joshnet wrote:
Dec 22nd, 2017 2:49 pm
On the main page for it:

Get 2 points for every $1 spent and DOUBLE points for purchases in foreign currencies
Thanks!

I was looking for 4x and didn't equate the DOUBLE x 2points == 4.

:facepalm:
Member
Jul 1, 2006
319 posts
136 upvotes
So what MasterCard would you pair this with for spend at Costco? Rogers?

I think I could replace my ScotiaGold AMEX + MBNA RWE with this. The Scotia gets more points in some categories, but most of the restaurants I go to don't take Amex, my gas spend isn't that high and since about 50% of my grocery spend is at Loblaws that also reduces potential the 3-4x benefit.
[OP]
Jr. Member
Dec 12, 2016
194 posts
85 upvotes
sckor wrote:
Dec 22nd, 2017 3:44 pm
So what MasterCard would you pair this with for spend at Costco? Rogers?

I think I could replace my ScotiaGold AMEX + MBNA RWE with this. The Scotia gets more points in some categories, but most of the restaurants I go to don't take Amex, my gas spend isn't that high and since about 50% of my grocery spend is at Loblaws that also reduces potential the 3-4x benefit.
You could buy Costco cash cards online and pay by Visa if you’re willing to do the extra work.
[OP]
Jr. Member
Dec 12, 2016
194 posts
85 upvotes
joshnet wrote:
Dec 22nd, 2017 3:28 pm
@minimalist I'll let you know how it goes since I'm in the same boat. The email said 7-10 days business days.
Also, many credit unions are coming online January 1 with Collabria offerings, curious to see what they’ll have
Deal Addict
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Apr 24, 2017
3163 posts
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This card is very similar to MBNA RWE. Which one is better?
I have Rogers MC and Amazon Visa, so 0 FX is not the main factor.

This Visa has better insurance, but much higher annual fee for a couple ($170).
MBNA RWE's annual fee is only $89 no matter how many users I have, but much weaker insurance.
😎 "How do you like to pay?" "American Express!" 😄
Member
User avatar
Jan 16, 2007
462 posts
274 upvotes
As is many things - better is relative. All depends on what you need. If you don't need the insurance and don't need the FX bonus then the RWE is better.
Member
Dec 26, 2015
266 posts
79 upvotes
Manitoba
I'm guessing this is a newer card? I've never seen/heard of it before, and it looks wicked good.
Member
User avatar
Jan 16, 2007
462 posts
274 upvotes
Alterna Savings signed on with Collabria in October, so it came into existence very recently.

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