bizee-bee wrote: ↑ Sorry, but my inbox is full, and I don't know how to archive my messages. I can't receive new PM's unless I delete some older ones. I'm rather fond of my past banters with several NOFs that I've developed a rapport with over the years.
It appears you're seeing how this card works. Let me try to explain. Apologies if I didn't read you correctly. Here goes.
You don't use a CT MC to pay at the UofT payment portal page. You login to http://www.ctfs.com/ with your MC info and then you search for payees, much like you would do with a regular bank with its bill payment options, and then you look for payees to add to your profile. Then you submit a payment to that payee, in your case it'd be "U OF T", and then probably your student ID as your account number. You make a payment, and as far as UofT is concerned, it's like a payment from your bank as a direct debit payment (sorry if I'm incorrect with the terminology). So it's not a regular merchant purchase, with associated merchant fees.
You can't pay more than whatever credit limit you have available though, so don't go bananas with the card, and don't be surprised if they start you with a small limit to begin with. There are ways to get around this issue, if you just go back a page or 2 or 3, it was discussed.
The cool thing is that after Big Brother CTFS pays your payee, with 0% fee to you, they then turn around to ask you for the money, and since you have a CT MC, they add it to your MC's online balance, as if you made a purchase....and these amounts earn whatever rewards (points, cash back) that your card product reels in. I've got the Cash Advantage version, so I earn Cash Back. Most people would likely find it more worthwhile to open a Triangle MC instead, and if possible the World Elite version, to get free roadside assistance baked in.
In addition to TD's CBVI, there's also the CIBC Dividend Platinum Visa with FYF and 10% on first $2,000 on everything-spending, but you have to use a special link to crack open that offer. Someone posted it at the CIBC thread.
There's also the BMO World Elite Cash Back MC, which requires $80K personal income. Also FYF and 10% for first $2K on anything.
More zany ideas would be to open multiple concurrent cards, but I'm not going to push you into that rabbit hole.
Bee, who took the red pill many years ago, and is still in the recovery ward.
Ha ha. Thanks! I can't afford to go down that rabbit hole just yet. I need to keep my credit strong until I apply for a student loan next September.
I did some research and in terms of cashback cards without limits/churns, it seems like there isn't anything better than Amex Simply Cash's flat 2% (https://www.ratehub.ca/credit-cards/cash-back) at which point Canadian Tire MasterCard is the better option.
Unless I churn, I may just have to settle for getting $40 back on 8K of tuition