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[BMO] Credit card 4% introductory cashback, $0 annual fee

  • Last Updated:
  • May 20th, 2017 11:52 am
Sr. Member
User avatar
Jan 5, 2006
781 posts
121 upvotes
Markham
psommerfeld wrote:
May 18th, 2017 7:47 pm
I didn't know there were RFD rules for credit card incentive. Where do I find those?
The base case has a $125 incentive, if you purchase $3,125 within first 4 months, which is not hard if you run a business as I do.
you run your business for 4 months only?
1% is quite bad

Rogers MC 1.75% everything
Tangerine MC 2% at 3 choices
Amex cashback 1.25% everything, 5% first 6 months
etc etc etc
100% ebay rating since 02 ebay :razz:
Heat
Deal Addict
Feb 12, 2004
1383 posts
92 upvotes
Mbna world elite 2% cash back in everything is still the best
Sr. Member
Jan 9, 2011
610 posts
289 upvotes
Vancouver
bigbug wrote:
May 19th, 2017 8:53 am
Mbna world elite 2% cash back in everything is still the best
MBNA recently upped their RWE minimum income requirement to $80k from $70k. I'm glad I got it when I could, because I couldn't get it now.
[OP]
Newbie
Jan 28, 2008
21 posts
9 upvotes
Kitchener
gqbluez wrote:
May 18th, 2017 10:25 pm
Very misleading title. Needs to be changed to reflect that 4% is introductory cashback rate only.
Done
Deal Addict
Dec 21, 2006
1323 posts
164 upvotes
Halifax
OP (and everyone really), depending on how much you spend a year, and your priorities, you will end up with a combination of credit cards in your wallet where you use each for specific purpose.

for no annual fee cards:
- If you shop superstor/fortinos/shoppers drug mart, then their PC WORLD MC - no annual fee - 3% CB in PC points when shopping from their stores/gas station is great.
- general gas/groceries/recurring bills/restaurants, then TANGERINE MC - no annual fee - 2% CB on 2 categories (or 3 categories if you have their savings account) is another good to have in your wallet

for annual fee cards:
each card offers different benefits and you need to evaluate how much you spend and get back and justify the annual fee and benefits
[OP]
Newbie
Jan 28, 2008
21 posts
9 upvotes
Kitchener
For gas I used the Cdn Tire Gas card. No annual fee and I save about 8% on gas (8 cents off per litre, so at $1.00/L, it's 8%), as long as I put $1000 on the card each month. Depending on how much gas you use, it's better or worse than a 2% CB card.
sumguy12004 wrote:
May 19th, 2017 9:23 am
OP (and everyone really), depending on how much you spend a year, and your priorities, you will end up with a combination of credit cards in your wallet where you use each for specific purpose.

for no annual fee cards:
- If you shop superstor/fortinos/shoppers drug mart, then their PC WORLD MC - no annual fee - 3% CB in PC points when shopping from their stores/gas station is great.
- general gas/groceries/recurring bills/restaurants, then TANGERINE MC - no annual fee - 2% CB on 2 categories (or 3 categories if you have their savings account) is another good to have in your wallet

for annual fee cards:
each card offers different benefits and you need to evaluate how much you spend and get back and justify the annual fee and benefits
[OP]
Newbie
Jan 28, 2008
21 posts
9 upvotes
Kitchener
I've been getting credit cards for their introductory offers and then cancel or stop using them.
I guess that's why the deal excited me. I see it as a $125 gift.
crxmugen wrote:
May 19th, 2017 12:14 am
you run your business for 4 months only?
...
Deal Addict
Dec 21, 2006
1323 posts
164 upvotes
Halifax
psommerfeld wrote:
May 19th, 2017 9:35 am
For gas I used the Cdn Tire Gas card. No annual fee and I save about 8% on gas (8 cents off per litre, so at $1.00/L, it's 8%), as long as I put $1000 on the card each month. Depending on how much gas you use, it's better or worse than a 2% CB card.
and what do you spend the $1000 a month on? if it is anything else other than gas, then you are not getting their 2% or 3% that you could have received from other cards.
for gas it also depends on where you live, some gas stations compete on gas price itself before any rewards .. other give you money off if you pay cash/debit much better than 2% .. etc..
Jr. Member
Oct 28, 2016
134 posts
175 upvotes
Although mbna has a annual fee, I agree that it is the best cash back card out there. 2% return across the board, no restrictions, is a pretty good deal. You have to average it out and see which one works out best for you. If you spend a lot of money on you cc, then the annual fee is easily offset. Also this card gives you a actual "cash" back option where as the rogers I believe is good for rogers bills, etc..
[OP]
Newbie
Jan 28, 2008
21 posts
9 upvotes
Kitchener
sumguy12004 wrote:
May 19th, 2017 9:46 am
and what do you spend the $1000 a month on? if it is anything else other than gas, then you are not getting their 2% or 3% that you could have received from other cards.
for gas it also depends on where you live, some gas stations compete on gas price itself before any rewards .. other give you money off if you pay cash/debit much better than 2% .. etc..
Yes I went through that math.
I spend about $700 on non-gas, $300 on gas.
For easy figuring, that's 300 L of fuel. That gives me equivalent of $24 CB/month. That's 2.4% on $1000, and that doesn't count the 8% savings already priced in.
I just learned that here in ON at least, there are strict rules on gas price competition. Gas stations have less price autonomy than I thought.
I didn't know I can save 2%+ by paying cash/debit at some stations. Where are those?
Jr. Member
User avatar
Sep 7, 2014
118 posts
102 upvotes
Gud Ol' Ontariuh Boy
qaz393 wrote:
May 18th, 2017 7:02 pm
boo. i has capital one 1.5% thanks..................
If you're referring to the Capital One Aspire Cash World MC, I'm in the same boat...been looking for something that can beat it since like 2013 but have yet to find anything as good!
Sr. Member
User avatar
Aug 8, 2015
685 posts
535 upvotes
Toronto
psommerfeld wrote:
May 19th, 2017 9:36 am
I've been getting credit cards for their introductory offers and then cancel or stop using them.
I don't want to see your credit score Face Screaming In Fear
Sr. Member
User avatar
Sep 9, 2003
748 posts
58 upvotes
Calgary
martbob wrote:
May 18th, 2017 8:17 pm
Find the best credit card for you.

http://www.greedyrates.ca/

This site help me a lot.
Weird they don't seem to mention that Capital One Aspire card on the site, arguably the most popular card on RFD..
Signs you're a postwhore:
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Deal Addict
Oct 1, 2004
3617 posts
202 upvotes
Toronto
BMO is the only online bank site that doesn't allow special characters or numbers wtf

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