Credit Cards

Best credit card overall irrespective of annual fee

  • Last Updated:
  • Jan 20th, 2018 11:42 pm
Tags:
None
Deal Guru
User avatar
May 8, 2009
11003 posts
7530 upvotes
Leask
uber_shnitz wrote:
Jan 16th, 2018 5:20 pm
My go-to duo right now is Amex Cobalt for eating out and MBNA World Elite for everything else.

As others have echoed "best" is really relative. Some cards for example give better cash back than the 2% of the MBNA, but for example, I don't currently own a car, so gas 4% on say the Momentum is useless to me.
MBNA WE is boss, especially if you don't own a car. Since you don't own a car, roadside assistance and bonus CB at gas bars are no use to you. Their price guarantee feature seems exotic, have you ever used it? Also since you don't own a car, I'd imagine you wouldn't shop at Costco?

Flat 2% is amazing for spending on those "anything else" purchases such as electronics, jewellery, vehicles, etc.

Mostly curious about user feedback on their price guarantee feature.
eBay profile| Motorola phone. Linux on 2xcomputers. Brew beer & wine @home.
DUCA thread | Simplii Account Linking | Make CCTS Claim | Max on Koodo Referrals Thread
Deal Addict
Oct 7, 2011
1050 posts
336 upvotes
Toronto
Altera wrote:
Jan 16th, 2018 6:01 pm
Agreed that if this card is attainable it is very worth of being ‘the best’ and 1M in assets isn’t that hard to save for if you completed some STEM degree at school.
Just learned what STEM degree is. I have STEM degree. Let me look where my $1M is. And my lottery winnings. Then I'll go get that Jade MC.
Deal Addict
Jan 16, 2016
1359 posts
993 upvotes
Hamilton, ON
Cavegirl wrote:
Jan 17th, 2018 1:40 pm
Just learned what STEM degree is. I have STEM degree. Let me look where my $1M is. And my lottery winnings. Then I'll go get that Jade MC.
Between you and your spouse’s assets (assuming you have one, if you don’t then it might be more difficult), along with investments that appreciate at least 10% year on year for 10 or 15 years it’s certainly doable
Member
Jul 1, 2006
397 posts
186 upvotes
titaniumtux wrote:
Jan 16th, 2018 2:39 pm
G&G mostly? Then Scotia Momentum. Looks like they have extended warranty through VISA Infinite (but only 1% CB since gadgets would fall under "everything else" unless you buy 'em at the grocery store).
If one is considering the Scotia Momentum, then this seems like a no brainer:
https://www.meridiancu.ca/Personal/Cred ... ab-panel-3

Basically the same card as the momentum, but with a better insurance package.
Sr. Member
Apr 23, 2017
788 posts
1273 upvotes
If by "best" one means most prestigious and rare to impress one's friends/date/business colleagues, I'd say, imho:

1. Amex Centurion Card (one has to spend a tremendous amount to get an invitation, plus that $2,500 AF, ouch)
2. RBC Visa Infinite Privilege for Private Banking (one needs to have $1MM with RBC Private Banking to get it, $399 AF)
3. HSBC World Elite 'Jade' MasterCard (one needs $1MM with HSBC to get it, $299 AF is waived)
4. Amex Platinum Card (still has some post-Centurion cachet as a high roller (from 1984-2008 Amex's top card). $699 AF
5. Scotia Amex Platinum (black card). A nice looker, and somewhat rare to see. $399 AF
6. BMO Travel World Elite MasterCard. BMO's top card. A nice looker visually. Not rare, but nice. $150 AF
7. Amex Gold Card. A classic. Amex's top card from 1966-1984 - it still impresses with charge card cachet. $150 AF

Footnotes: 1. As regards Centurion, yes it launched in 1999 in the U.S./UK, but Amex Canada didn't start issuing it here until December of 2008, so first Canadian cards started appearing in early 2009. Thus Platinum Card in Canada had a 24 year run as Amex's top prestige card for high spenders. Due to global media hype Canadians knew about Centurion Card long before it was actually issued here in Canada. 2. As regards RBC, yes, they have a 'regular' Visa Avion Infinite Privilege card that has the same features and annual fee as the RBC Private Banking version, and does not require any assets at RBC to get (just the $200k household income). They look different visually though (Private Banking version looks much nicer imo). 3. Yes, HSBC issues a non-Jade World Elite MasterCard that requires $100k with HSBC to get, as opposed to Jade's $1MM. The Jade version is metal and the thus looks nicer imo. I do not think the 'Jade' card is well known in the market yet, being so new, so if both card versions were metal (as they are in the U.S.) I think they would both attract the same prestige from most people one would meet. Since only the Jade version is metal in Canada, it will attract the more prestige of the two, imo. HSBC 'Jade' is a stunning card visually, and rare, so the combination gives it a 'wow' effect.
Deal Guru
User avatar
May 8, 2009
11003 posts
7530 upvotes
Leask
sckor wrote:
Jan 19th, 2018 9:46 pm
If one is considering the Scotia Momentum, then this seems like a no brainer:
https://www.meridiancu.ca/Personal/Cred ... ab-panel-3

Basically the same card as the momentum, but with a better insurance package.
+1

I saw that. Meridian > Scotia for the better CB Visa card.
eBay profile| Motorola phone. Linux on 2xcomputers. Brew beer & wine @home.
DUCA thread | Simplii Account Linking | Make CCTS Claim | Max on Koodo Referrals Thread
Deal Fanatic
User avatar
Jan 9, 2011
5598 posts
5574 upvotes
Vancouver
sckor wrote:
Jan 19th, 2018 9:46 pm
If one is considering the Scotia Momentum, then this seems like a no brainer:
https://www.meridiancu.ca/Personal/Cred ... ab-panel-3

Basically the same card as the momentum, but with a better insurance package.
Better redemption too. Cash out any time in $50 increments. No waiting until November like with Scotia.
Member
Jul 1, 2006
397 posts
186 upvotes
Kiraly wrote:
Jan 20th, 2018 11:52 am
Better redemption too. Cash out any time in $50 increments. No waiting until November like with Scotia.
Thumbs Up Sign - Great point. Thanks for mentioning that too.
Newbie
Dec 27, 2017
97 posts
29 upvotes
Vancouver, BC
titaniumtux wrote:
Jan 16th, 2018 2:39 pm
G&G mostly? Then Scotia Momentum. Looks like they have extended warranty through VISA Infinite (but only 1% CB since gadgets would fall under "everything else" unless you buy 'em at the grocery store).
Do you happen to know if 711 is considered grocery for Scotia (Am a Scotia Momentum user and pretty happy with our annual credit but I never set foot in a 711, thanks to this thread I may change that to start buying cash gift cards to max out returns.

Costco Cash Card trick is a path around not being able to use the Visa at Costco.
Newbie
Dec 27, 2017
97 posts
29 upvotes
Vancouver, BC
Kiraly wrote:
Jan 20th, 2018 11:52 am
Better redemption too. Cash out any time in $50 increments. No waiting until November like with Scotia.
That is a very good plus.
Newbie
Dec 27, 2017
97 posts
29 upvotes
Vancouver, BC
sckor wrote:
Jan 19th, 2018 9:46 pm
If one is considering the Scotia Momentum, then this seems like a no brainer:
https://www.meridiancu.ca/Personal/Cred ... ab-panel-3

Basically the same card as the momentum, but with a better insurance package.
Edit: Details on the cap on 4% and 2% rewards...

From: https://www.meridiancu.ca/Personal/Cred ... ab-panel-1
Key benefits include:

Earn 4%^ cash back on gas and grocery store purchases
Earn 2%^ pharmacy purchases and utility bill payments
Earn 1% cash back on all other eligible purchases
Pay no annual fee for the first year
Visa Infinite Benefits6 for more details click here.
^Applies to first $25,000 in purchases then 1% for all other purchases.
Scotia does a better job of explaining their particular cap here: http://www.scotiabank.com/ca/en/0,,86,00.html - $25,000 in gas and groceries. Perhaps the Meridian card is the same but bears checking in to.
Deal Guru
User avatar
May 8, 2009
11003 posts
7530 upvotes
Leask
yvrmike wrote:
Jan 20th, 2018 9:36 pm
Do you happen to know if 711 is considered grocery for Scotia (Am a Scotia Momentum user and pretty happy with our annual credit but I never set foot in a 711, thanks to this thread I may change that to start buying cash gift cards to max out returns.

Costco Cash Card trick is a path around not being able to use the Visa at Costco.
711 definitely not grocery retailer. 50/50 chance of it being a gas bar merchant.
eBay profile| Motorola phone. Linux on 2xcomputers. Brew beer & wine @home.
DUCA thread | Simplii Account Linking | Make CCTS Claim | Max on Koodo Referrals Thread

Top