Personal Finance

Best Visa Credit Card

  • Last Updated:
  • Nov 11th, 2011 10:15 am
Tags:
None
Deal Guru
Dec 11, 2008
13067 posts
3756 upvotes

Best Visa Credit Card

Apologies if there is another thread here.

Situation: I only have 1 credit card, the PC Mastercard. It's my oldest card and I use it for everything. Bad thing is, it's my only card and I feel like I need back up card in case something happens.

I pay off the balance every month.

I would like to get a VISA and am looking for no fees and no real strings attached. What is the best card out there for someone who might use it for emergencies (if Mastercard is not accepted or if somehow security is compromised and I have to wait to get a new card)??

Thanks!
22 replies
Deal Fanatic
Aug 25, 2005
5485 posts
2762 upvotes
TD Rebate Rewards

no annual fee
cash back: 0.5% on first $3000, 1% after $3000

CIBC Platnium

no annual fee
car rental insurance
Deal Guru
Dec 11, 2008
13067 posts
3756 upvotes
BenK wrote: TD Rebate Rewards

no annual fee
cash back: 0.5% on first $3000, 1% after $3000

CIBC Platnium

no annual fee
car rental insurance

Cashback is very attractive to me. But doesnt TD Rebate Rewards card only deposit cash back into your TD account?
Deal Fanatic
Aug 25, 2005
5485 posts
2762 upvotes
speedyforme wrote: Cashback is very attractive to me. But doesnt TD Rebate Rewards card only deposit cash back into your TD account?

Deposits into your VISA account, so it shows up as a credit balance in your statement and counts like a payment the next time you charge anything to your card. I believe it expires after 1 year if you don't use the visa at all.
Newbie
Nov 9, 2010
60 posts
10 upvotes
Richmond
If the cash back for TD Visa is the same as the scotia cash back visa, the "cash back" is credited to the credit card. so you can either use it for future uses, or if you have a balance at that point, it is credited against it.
Deal Guru
Dec 11, 2008
13067 posts
3756 upvotes
BenK wrote: Deposits into your VISA account, so it shows up as a credit balance in your statement and counts like a payment the next time you charge anything to your card. I believe it expires after 1 year if you don't use the visa at all.

Oh that sounds really good. Thanks, I'll look into it further! :D
Deal Fanatic
User avatar
Aug 16, 2007
6814 posts
581 upvotes
The Drivers Rewards from TD (Free) isn't a terrible choice - For low spending you can redeem for any car repairs or maintenance (i.e. oil changes). It is 1% on regular purchases and 2% on gas.
Member
Mar 21, 2008
312 posts
36 upvotes
Calgary
There aren't many decent no-fee Visa cards in Canada.

In addition to the TD Rebate Rewards that was mentioned above, there are two other cards that you should consider:

Scotiabank SCENE Visa
1000 pts = movie ($13-$17)
EARN:
1 pt / $1 on purchases
5 pt / $1 on purchases at Ciniplex
4,000 bonus points on first purchase
This works out to a 1.3% rate of return on everyday purchases and 6.5% rate of return on purchases at Ciniplex
If you are somebody who goes to the movies often, then this is a great credit card to have! However, if you never go to the movies, this card is useless.

Best Buy Reward Zone Visa by Chase
400 pts = $5
EARN:
1 pt / $1 on purchases
2 pt / $1 on purchases at Best Buy
800 bonus points on first purchase
This works out to a 1.25% rate of return on everyday purchases and 2.5% rate of return on purchases at Best Buy
Everybody will get something from Best Buy every now and then and you need to spend only $400 on the card to start redeeming
Deal Fanatic
User avatar
Aug 25, 2004
5791 posts
52 upvotes
Great thread! I was looking at getting a VISA card too (to go along with my Mastercard).


To add to the list of possible VISA cards w/ no fees....

ScotiaBank Momentum came out with a no-annual fees card.
- Earn 1% on all eligible gas station, grocery store, drug store purchases and recurring bill payments
- Earn 0.5% on all other eligible purchases

http://www.scotiabank.com/cda/content/0 ... en,00.html

I'm deciding between this - the TD drivers one - and the Scotia Scene card..... Damn too many choices (but none of them are "amazing" a the same time lol)
rems wrote: yes...for those that say it doesn't are lying. There has to be some sort of physical attraction (unless you're visually impaired obviously). Looks get you there and personality keeps you there.
Deal Guru
Dec 11, 2008
13067 posts
3756 upvotes
7jai wrote: Great thread! I was looking at getting a VISA card too (to go along with my Mastercard).


To add to the list of possible VISA cards w/ no fees....

ScotiaBank Momentum came out with a no-annual fees card.
- Earn 1% on all eligible gas station, grocery store, drug store purchases and recurring bill payments
- Earn 0.5% on all other eligible purchases

http://www.scotiabank.com/cda/content/0 ... en,00.html

I'm deciding between this - the TD drivers one - and the Scotia Scene card..... Damn too many choices (but none of them are "amazing" a the same time lol)


Oh that one looks good too! So much to review.
Deal Addict
Dec 26, 2009
3155 posts
1869 upvotes
Why not just get another Mastercard? I can't think of any stores that take Visa but not MC. Even purchases through visaperks.ca can be bought on MC (as reported by RFD users!).

I got a Visa for a trip to Europe a few years ago since I heard it was more common. In my experience - much like in Canada - if a retailer takes one, they take the other too!

There seem to be much better options for MC.... Good luck in whatever you decide!
Sr. Member
User avatar
Jun 6, 2009
981 posts
607 upvotes
If you really only plan to use this card for emergencies, say a few times a year, at most, why do you even bother reviewing programs?
Sr. Member
User avatar
May 23, 2011
759 posts
233 upvotes
epiphano wrote: If you really only plan to use this card for emergencies, say a few times a year, at most, why do you even bother reviewing programs?

Agreed. If this is going to be your emergency backup card only, you're going to be spending very little on this card. Cash Back would be pointless, as you'll be making pennies back, assuming you even reach any tier requirements.

I'd say pick the no-fee card that has the best design and call it a day :lol:
Deal Guru
Dec 11, 2008
13067 posts
3756 upvotes
epiphano wrote: If you really only plan to use this card for emergencies, say a few times a year, at most, why do you even bother reviewing programs?
AnotherCanuck wrote: Agreed. If this is going to be your emergency backup card only, you're going to be spending very little on this card. Cash Back would be pointless, as you'll be making pennies back, assuming you even reach any tier requirements.

I'd say pick the no-fee card that has the best design and call it a day :lol:

True enough. Although if there was a Visa that had a better return than PC MC, I would not hesitate to switching to a newer card and use PC MC as a backup instead. But looks like there is no VISA that has a much greater return so far.
Member
Mar 27, 2009
264 posts
50 upvotes
speedyforme wrote: True enough. Although if there was a Visa that had a better return than PC MC, I would not hesitate to switching to a newer card and use PC MC as a backup instead. But looks like there is no VISA that has a much greater return so far.
There are lots of cards out there that are better than PC Mastercard, and plenty that are Visa. However, at the moment you are overanalysing the issue. If what you're looking for is simply a better card, all you have to do is look at some of the top threads in this forum. If you're willing to pay an annual fee, some of them are Visa and at least a couple of them American Express. If you're happy with your PC Mastercard and you're specifically looking for a back-up card as your original post suggests, then the standard no-fee card issued by one of the big banks will do just fine: they're all essentially the same. And you'll never use it, so the features of it don't matter. You are more likely to come across a business that wants Interac only before you come across one that doesn't take Mastercard.
Deal Guru
Dec 11, 2008
13067 posts
3756 upvotes
PaterFamilias wrote: There are lots of cards out there that are better than PC Mastercard, and plenty that are Visa. However, at the moment you are overanalysing the issue. If what you're looking for is simply a better card, all you have to do is look at some of the top threads in this forum. If you're willing to pay an annual fee, some of them are Visa and at least a couple of them American Express. If you're happy with your PC Mastercard and you're specifically looking for a back-up card as your original post suggests, then the standard no-fee card issued by one of the big banks will do just fine: they're all essentially the same. And you'll never use it, so the features of it don't matter. You are more likely to come across a business that wants Interac only before you come across one that doesn't take Mastercard.

OK so sounds like to me a VISA is not necessarily that important.

I guess it's now moreso, the best no annual fee credit card that can be used as a backup or primary card if the returns are better than PC MC.
Deal Addict
Feb 24, 2007
1371 posts
55 upvotes
speedyforme wrote: OK so sounds like to me a VISA is not necessarily that important.

I guess it's now moreso, the best no annual fee credit card that can be used as a backup or primary card if the returns are better than PC MC.

Probably should have both a MC/Visa in your wallet as well as a third backup at home just in case you ever lose your wallet. Well non-MC acceptance and lost wallets may be rare, still better to be safe than sorry, and it doesn't cost anything to do so.

+1 for the Visa Scene for backup Visa since it has no fee and low point redemption, yet still decent returns. If you never go to the theatres, then Best Buy or RBC Esso(car wash redemptions only) are probably the next best cards. Avoid the cash back, because as a back up, you'll rarely ever use the card, therefore probably never get past the .5% tier.

As for the people saying just pick any card because rewards earned will be so low, you also forget that pretty much all reward cards have a sign up bonus. So spending even 5 minutes on research to earn $10-$20+ free rewards is more then worth the effort, even if you never actually ever use the card. Always go rewards all things being equal, is stupid advice to suggest otherwise.
Deal Addict
User avatar
Mar 8, 2006
3593 posts
379 upvotes
Richmond
speedyforme wrote: True enough. Although if there was a Visa that had a better return than PC MC, I would not hesitate to switching to a newer card and use PC MC as a backup instead. But looks like there is no VISA that has a much greater return so far.

Do you do so little spending that the annual fee will never be made back? Otherwise cards like the CapitalOne Aspire (2% back to redeem on travel for an effective annual fee of $20) or Scotia Momentum Infinite (4% cashback on gas and groceries, 2% pharmacy, 1% others for an annual fee of $99) or even the MBNA Smart Cash which I'm sure you know about.
Deal Guru
Dec 11, 2008
13067 posts
3756 upvotes
M@rk wrote: Do you do so little spending that the annual fee will never be made back? Otherwise cards like the CapitalOne Aspire (2% back to redeem on travel for an effective annual fee of $20) or Scotia Momentum Infinite (4% cashback on gas and groceries, 2% pharmacy, 1% others for an annual fee of $99) or even the MBNA Smart Cash which I'm sure you know about.

I spend on average $1200 or less per month and trying to cut back.
Deal Addict
User avatar
Mar 8, 2006
3593 posts
379 upvotes
Richmond
speedyforme wrote: I spend on average $1200 or less per month and trying to cut back.

Even if you spent just $1000/month, I think you might be able to get ahead even with annual fee cards. I don't know how much you spend on gas/groceries/others, but I think you'll get the most benefit by using the MBNA Smart Cash for gas+groceries, then also get the CapitalOne Aspire for everything else.

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)