Credit Cards

Laurentian Bank has a couple decent Visa cards. These must be new.

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  • Jul 28th, 2014 8:52 pm
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Paulfistinyourface wrote: Ah, a Capital One fanboy! Who would have guessed they'd show up here!
Of course, why would you think otherwise?
Paulfistinyourface wrote: Yeah, it is stupid nonsense to have to split up stuff. Why bother? Seriously, why does Capital One do it that way? Think about it. Why do they do it that way? Could it be....that it benefits them? Yeah. That's why. But mostly because they're are a company full of "stupid nonsense". That's what they do best.
Who cares. One click and I'm done! 2% all the way!
Paulfistinyourface wrote: And...you get your first year fee back + $30. I know Cap1 fanboys have reading comprehension issues, so you're excused. The annual fee rebate from Cap1 won't go on forever, you realize that right? Do you honestly think that's going to continue forever and ever? If so, why doesn't Cap1 just reduce the annual fee to $20? Gee. I wonder. Hmmmmm.
Actually it's your first year +$230 not $30. That plus the 10,000 free points gives you 12.5 years free. No surprise your criticism of the card is misplaced. You don't know much about it.

As for the annual bonus not continuing forever, I don't worry like you about things until they happen. And if it happens nothing stops me from cancelling and getting another similar awesome card. Until then, 2% all the way!
Paulfistinyourface wrote: Also, you need to spend it to get it back and that's a bad thing. Right? You actually said that, didn't you. Did you realize that to get your precious annual fee rebated from Cap1, you need to spend the $100 first? You did know that, right? Ahhhh, in typical Cap1 fanboy manner, when somebody else does it "it's a rip off", but when Cap1 does it, the fanboys pretend it doesn't exist.
Um, it's like one click and I get my 2%. Couldn't be easier. Also, I don't know of any cards that give you cashback if you don't spend, do you?
Paulfistinyourface wrote: This RFD finance forum is really terrible lately. There's too many close-minded people walking around with blinders on who can't see more than 5 minutes into the future.
You are right. Time for you to look in the mirror.
Paulfistinyourface wrote: (did you really say FAIL? Come on, what are you, 12?)
Didn't you say 'GEE'? You must be 11.
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Aug 29, 2012
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Beware about purchases being categorized as billing, it's well possible especially if you use an independent ISP that it won't be recognized as such.

I don't trust Laurentian, small Quebec bank. Institutions here are small and their products are morose and unappealing.

Is it really straight cashback, or a stupid "points" system where you lose out a ton on conversion? They and Desjardins are huge on things like these.
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brunes wrote: Consider this. If you have Aspire, you only get 1.5% on your auto bill payments (I am assuming 1.5% not 2% for Aspire because of the tiering hassle, apples to apples). With this card, you get 3%. Also with Aspire you pay $20 in annual fees minimum even with the 10K bonus points (If you assume 1.5 return % you actually pay even more than that but for the benefit of the doubt I will leave it at $20). So the fee diff to make up is $90, at 1.5% return you need to spend $6000 to earn $90.

Therefore, if you have more than $500 ($6000/12) in monthly bills auto charged to this card, it pays for itself in that alone. If I add all my monthly bills (~ $300 for cable internet cell phones home phone, $220 for hydro and heat, $40 for home alarm, some others...), it comes to much more than that.

So by the math, this card beats Cap. one Aspire, even with the fee, if you meet that criterion.
First of all, check your math. Your breakeven is totally wrong.

Aspire gives you are $350 bonus in points on sign up. After the $120 fee that leaves $230 which, after the $100 worth of 10k bonus point every year pays for 12.5 years of the card, $20 thereafter. Essentially a totally free card for quite a while.

Depending on your spending level on the card, if you just make one flight over $600 you instantly get your 2% back. How is that a hassle. The ticket splitting ability makes it a total no brainer. I fly a number of times a year and at least 2 or more of those flights are over $600 so I get 2% back easily. Then there is hotel bills and on and on. So it's no 'tiering hassle' at all.

I have everything possible auto-charged to the card and still that only comes to $390/mos for me. But lets say it is $500. At $6,000 per year that's a bonus of $60, but the Laurentian card costs you $110, so you are down $50 compared to the Aspire, and I haven't even counted the fact you only get 1% instead of Aspire's 2% on everything else you charge with the card.

You cannot make up already being $50 behind the Aspire card if you only get 1% on all your other expenditures vs 2% LOL.

But, if you can't do math, yeah, get the massive fail Laurentian card.
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Mar 25, 2010
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Poutinesauce wrote: Beware about purchases being categorized as billing, it's well possible especially if you use an independent ISP that it won't be recognized as such.

I don't trust Laurentian, small Quebec bank. Institutions here are small and their products are morose and unappealing.

Is it really straight cashback, or a stupid "points" system where you lose out a ton on conversion? They and Desjardins are huge on things like these.
Desjardins' cards aren't that bad. The modulo is actually a pretty legit card if you carry a balance. 9.9% interest and 1% points that you can use also use to reimburse loans with desjardins or place in a savings. Not that bad. Annual fee of 50$ though.
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If you don't carry one though, all their credit cards are sorely uncompetitive, they basically profit from their ubiquity in Quebec where a few million people can't fathom using anything else than Desjardins for their financial needs to give them uncompetitive products. Also I don't like how they've become very active and present in the usury store credit card sector. It's now just as evil as any big 5 bank if not more so.
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eonibm wrote: First of all, check your math. Your breakeven is totally wrong.

Aspire gives you are $350 bonus in points on sign up.
My comparison has nothing at all to do with sign up bonuses. If you are going to include a sign up bonus then first of all you need to count capital one's at 1.5% not 2%, which gives it a value of $233. Secondly, you need to include the Laurentian one as well which is worth $150. So the difference in sign up bonuses is only $80. You will make this difference back very quickly with the $49 card with monthly billing.

At any rate, I don't appreciate the attack - I don't work for this company, or even have this card, I am not even the OP, I am just posting the math so people can make decisions based on real numbers instead of rushing to judgement. These cards beat out Aspire in many situations, math does not lie. There is no need to get so emotional.
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings
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Aug 14, 2013
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I found them very nice. Who has a deeper exploration of Laurentian Visa cards:
VISA™ DOLLARS card
VISA EXPLORE card
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Nov 15, 2013
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Unless you had a lot of recurring payments need to pay(10k per year), otherwise, is hard to cover the annual fee compare to cp1.
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brunes wrote: My comparison has nothing at all to do with sign up bonuses. If you are going to include a sign up bonus then first of all you need to count capital one's at 1.5% not 2%, which gives it a value of $233. Secondly, you need to include the Laurentian one as well which is worth $150. So the difference in sign up bonuses is only $80. You will make this difference back very quickly with the $49 card with monthly billing.
You don't get that it's a total no-brainer to get 2% on Aspire. I get that. But, for the majority of us we understand it's a $350 bonus and that makes the card free for 12.5 years with the annual bonuses. You get none of that with Laurentian. They just cream you for $150 every year after the first.

Most people's general purchases are the bulk of their total purchases and Laurentian only gives you 1% for that on both cards. Recurring payments are at most $500 for most people. The only things I have been able to pay on a recurring basis without penalty is internet, cable, house insurance (for car they want to charge me more and it would make no sense to pay an extra 5% to get an extra 1% on the Laurentian card), gym, netflix, cell phone, and a few other very small items. That hardly even adds up to $500 for me. So, one would have to be spending only $500 in general purchases on their card, other than gas & groceries for the card to be equal to the Aspire. How many people are in that position. Are you? And, that's not even counting the Aspire is free for $12.5 years and you have to pay for the Laurentian. Man I don't get how you don't see this basic math, but again, I accept you don't.
brunes wrote: At any rate, I don't appreciate the attack - I don't work for this company, or even have this card, I am not even the OP, I am just posting the math so people can make decisions based on real numbers instead of rushing to judgement. These cards beat out Aspire in many situations, math does not lie. There is no need to get so emotional.
Your math is wrong. If that's a personal attack so be it. I am here to point out the bad advice you are giving out. If you cannot deal with that then leave the thread.

I am not the only one on here who is pointing out to you how flawed your math is, btw.
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Feb 24, 2007
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It's not fair to compare Aspire to the $49 card since they have completely different insurance, that counts for something if you travel. Both Laurentian cards only worth doing if have lots of recurring payments, I can't see too many people getting these cards just for that, after covering fee, how much extra have you really earned. I saw these cards months ago and passed on them. Have the Scotia Momentum already and that gives 2% for recurring, so would need $4900 in recurring just to justify getting the $49 fee Laurentian card and putting all recurring on that card. Not worth it.
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May 31, 2006
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If I am living in BC Do you think I can apply this card. Also did they give you instant approval
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Paulfistinyourface wrote: I was just looking around at the smaller banks in the country, seeing if somebody had something new to offer, and I was somewhat surprised to see a couple Laurentian Visa cards that look pretty decent. This is just a FYI. I'm not really promoting this or anything. I don't have one myself. I just seen it and because it doesn't look too bad I figured I'd link to them because Laurentian Bank never seems to get mentioned around here.

The EXPLORE Visa (for travelers) - https://www.laurentianbank.ca/en/person ... plore.html
  • $110 annual fee (points can be redeemed to credit this back as it's considered a travel expense)
  • 15,000 bonus points ($150) for new accounts, you just have to spend $500 in the first 50 days.
  • 3x points for recurring payments
  • 2x points for purchases in a foreign currency AND any travel related purchases (any airline, train, cruise, hotel, taxi, etc, purchases)
  • 1x points for everything else
  • 25% bonus points for booking through their travel agency
  • points can be redeemed online or by phone for statement credit
  • $100 minimum to redeem + NO STUPID NONSENSE that requires you to juggle your travel purchases to maximize your points.
  • 31-day travel medical insurance for under 65 (15-days for 65-75 year olds), up to $5,000,000
  • $2000 trip cancellation coverage (per person), $5000 trip interruption (per person), $2500 delayed luggage (per family), $500,000 public transport insurance (per person)
  • purchase insurance, extended warranty, rental car, blah blah blah
The DOLLARS Visa (for those who want cashback instead) https://www.laurentianbank.ca/en/person ... llars.html
  • $49 annual fee
  • $50 bonus for new accounts, you just need to spend $500 in the first 50 days
  • 3% cashback for recurring payments
  • 2% gas and groceries
  • 1% everything else
  • purchase insurance and extended warranty
  • cashback can be redeemed online or by phone for statement credit. Minimum $25.
Well there you have it. They don't look too bad to me when you consider the sign-up bonus + ongoing bonus points/percentage for each card. There's much worse out there, that's for sure. I had a Laurentian Visa years ago (late 90's?) that I got rid off a couple years later because I didn't use it and I didn't know any better. They seemed really nice and helpful, much like a small bank would.
How is this anywhere near as good as Capital One Aspire World Travel? Your average will work out to be way less than the 2% cashback Aspire gives and even less when you deduct the annual fee while Aspire is free for first 12-1/2 years. As for having to 'juggle' travel purchases to maximize points I just use my Aspire points on travel over $600 and no need to juggle nuttin'. 2% cash back all day every day on my purchases.

The 31 days travel medical is more than Aspire's 22 days but most people hardly ever go on trips that long. I could easily by top up insurance for the less the annual extra cost of the card.

Massive FAIL.

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