Unsure what to do with maximizing credit card benefits - advice needed
I'm hoping to get some advice on how to better make use of various cash back/rewards/points/etc credit card products. I have a THREE PART QUESTION below:
I currently have a CIBC Platinum Dividend card ($79 Annual Fee). I really don't think I use this card to it's full potential because I only received about $60 in cash back for 2014 on my November statement (annual pay out) and has been around that amount for the past several years. I've had this card for about 8 years now. I guess my biggest mistake was not realizing that it is a tiered divdend system and only pays 2% when you've spent >$35,000 on the card (LOL, not happening)
Admittedly, I usually pay cash/debit for everything (gas, restaurants, groceries, entertainment) and only have used my credit card for online transactions where paypal is not accepted. I'm willing to change my spending habits to use a credit card for on things I spend most frequently: gas, restaurants, public transit and larger purchases to take advantage of some of the various rewards.
For instance, I recently applied and got approved for the Chase Amazon.ca VISA which is no-fee card and actually works very well for what I would consider to be a "second card" for all my online purchases (which I do quite a bit of), especially with stuff purchased in USD or from amazon.
QUESTION 1:
So, I'm looking to replace my CIBC Platinum Dividend "primary card", with something that will better suit my spending habits (at most $20,000 per year on a credit card) for gas, restaurants, public transit, etc. I'm not opposed to a card with an annual fee but a no-fee is obviously preferred (however the features/benefits of these seem rather limited). I don't do much traveling right now so airmiles/aeroplan/travel insurance don't mean much to me. My banking institution is with CIBC, but don't feel like I need to keep my credit card with them either and would consider other institutions.
QUESTION 2:
What's the best way of getting rid of my current CIBC platinum dividend card? I know for sure that I no longer want this card and there must be a better solution/product for me. Can I cancel any time (as long as the balance is paid off) or do I have to wait until the expiry (this year) to cancel before the expiry date? I've seen others look into "downgrading" their cards to a no-fee card... however, I've looked over what CIBC has to offer, and none of their no-fee cards appeal to me. I guess, basically, how best/easy can I get rid of this card without affecting my credit score.
QUESTION 3:
Based on question 2 above, if I were to cancel my CIBC platinum dividend card... should this be done BEFORE or AFTER I get a new "primary card" and how far apart should these actions be done (application for new card and cancellation of current card)?
Sincere thanks for your help... there appears to be quite a bit of knowledge in the sub-forum about different credit card products.
I currently have a CIBC Platinum Dividend card ($79 Annual Fee). I really don't think I use this card to it's full potential because I only received about $60 in cash back for 2014 on my November statement (annual pay out) and has been around that amount for the past several years. I've had this card for about 8 years now. I guess my biggest mistake was not realizing that it is a tiered divdend system and only pays 2% when you've spent >$35,000 on the card (LOL, not happening)
Admittedly, I usually pay cash/debit for everything (gas, restaurants, groceries, entertainment) and only have used my credit card for online transactions where paypal is not accepted. I'm willing to change my spending habits to use a credit card for on things I spend most frequently: gas, restaurants, public transit and larger purchases to take advantage of some of the various rewards.
For instance, I recently applied and got approved for the Chase Amazon.ca VISA which is no-fee card and actually works very well for what I would consider to be a "second card" for all my online purchases (which I do quite a bit of), especially with stuff purchased in USD or from amazon.
QUESTION 1:
So, I'm looking to replace my CIBC Platinum Dividend "primary card", with something that will better suit my spending habits (at most $20,000 per year on a credit card) for gas, restaurants, public transit, etc. I'm not opposed to a card with an annual fee but a no-fee is obviously preferred (however the features/benefits of these seem rather limited). I don't do much traveling right now so airmiles/aeroplan/travel insurance don't mean much to me. My banking institution is with CIBC, but don't feel like I need to keep my credit card with them either and would consider other institutions.
QUESTION 2:
What's the best way of getting rid of my current CIBC platinum dividend card? I know for sure that I no longer want this card and there must be a better solution/product for me. Can I cancel any time (as long as the balance is paid off) or do I have to wait until the expiry (this year) to cancel before the expiry date? I've seen others look into "downgrading" their cards to a no-fee card... however, I've looked over what CIBC has to offer, and none of their no-fee cards appeal to me. I guess, basically, how best/easy can I get rid of this card without affecting my credit score.
QUESTION 3:
Based on question 2 above, if I were to cancel my CIBC platinum dividend card... should this be done BEFORE or AFTER I get a new "primary card" and how far apart should these actions be done (application for new card and cancellation of current card)?
Sincere thanks for your help... there appears to be quite a bit of knowledge in the sub-forum about different credit card products.