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ManulifeMONEY+TM Visa* Platinum Card worth it?

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  • Dec 19th, 2019 11:17 pm
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[OP]
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Jan 18, 2015
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Cornwall, ON

ManulifeMONEY+TM Visa* Platinum Card worth it?

Hello,
I just received an email as follows (cropped and edited for privacy):
Dear **********,
Thank you for choosing Manulife Bank. By recently applying for an Advantage Account, you’ve chosen to put more money in your pocket. We would like to welcome you by offering you a pre-approved ManulifeMONEY+TM Visa* Platinum Card1. Turn everyday purchases into big cash back rewards - like 5% cash back at the grocery store for your first 3 statements.2


• 5% cash back at grocery stores for first 3 statements2
• 2% cash back at grocery stores after first 3 statements3
• 1% unlimited cash back on everything else3


No annual fee. Ever.

Plus with the ManulifeMONEY+ Visa Platinum Card, you get the simplicity of a cash back card with no annual fee.

Peace of mind. Included.



You’ll also get Visa benefits including Zero Liability4, plus Purchase Protection and Extended Warranty Insurance.5 In addition, transfer balances from other credit cards and pay only 1.99% interest for 6 months.6

Reply by ********* to request your card and get 5% cash back on groceries2
At the bottom it shows...

* Trademark of Visa Int., used under license.
1 We will obtain a credit bureau report concerning you in connection with this application for credit. Your pre-approval is also subject to meeting the minimum income requirements for the card. We reserve the right to withdraw this offer, even if you have already accepted, if we become aware of any unfavourable information or any adverse change in your financial position.
2 You will earn a bonus of an additional 3% cash back, for a total of 5% cash back on the first $2,000 in purchases at merchants classified in the Visa network as Grocery Stores & Supermarkets (Merchant Code: 5411) when those purchases are posted to your account beginning on your account opening date and ending three statements after your account opening date. Purchases may take a few days or more to post to your account depending on the merchant. Purchases made but not yet posted within the three-statement promotional period are not eligible for the bonus. You will earn regular cash back of 2% on purchases at merchants classified as Grocery Stores & Supermarkets after the three-statement promotional period. All other terms of the Manulife Bank Rewards Terms and Conditions that apply to your account continue to apply during this promotional offer. Offer may be changed or extended and cannot be combined with any other offer.
3 You will earn 2% cash back on the first $15,000 you spend annually at merchants classified in the Visa network as Grocery Stores & Supermarkets (Merchant Code: 5411). All other purchases earn 1% cash back. The $15,000 annual spending limit will reset to zero on each anniversary of the date you opened your credit card account. Terms, conditions and eligible merchant/merchant categories may change without notice. Cash back is earned on card purchases less returns and not on cash advances, interest, fees, service/transaction charges, balance transfers and payments.
4 Please visit Visa.ca for more information on the Visa Zero Liability Policy.
5 Insurance is underwritten by The Manufacturers Life Insurance Company (Manulife) and First North American Insurance Company, a wholly owned subsidiary of Manulife. Manulife, PO Box 670, Stn Waterloo, Waterloo, ON N2J 4B8.
How "pre-approved" is this? What are the income requirements? I can't find anything on their site. Which credit bureau do they use? If I am pre-approved, why do a hard inquiry on me? Is this really a pre-approval then, or is it just an offer to apply? Or have I got that part wrong? Any opinions? Side consideration, I've almost got my perfect mix, but I'm not eager to apply for another one quite yet.

I currently have 2 cards covering this slot technically...It would be nice to consolidate, but much of my groceries come from Walmart so I don't know if this is totally useful too. The WB is nice though. (I'm doing the Simplii/RBC/Amex combo right now)
Max Low Income NoAF CB:
SLOT1: Simplii 4%/1.5%
SLOT2 3% Grocery: BMO CB MC ** MC for WM Supercentre+NoFrills
SLOT3 (1.25% OTHER): Amex SC/AmexBlueSky
18 replies
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Aug 24, 2016
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The WB is only $100, and only if you spend 2k at grocery stores, which Walmart is not categorized with Visa.
Not a good card IMO, especially when you can get a better offer with CIBC Dividend Platinum and Infinite.
[OP]
Sr. Member
Jan 18, 2015
787 posts
512 upvotes
Cornwall, ON
coolintheshade wrote: The WB is only $100, and only if you spend 2k at grocery stores, which Walmart is not categorized with Visa.
Not a good card IMO, especially when you can get a better offer with CIBC Dividend Platinum and Infinite.
Infinite is indefinitely off the table for me friend. Confused Face I consider $100 acceptable enough to roll over, but my major concerns are with everything else.
Max Low Income NoAF CB:
SLOT1: Simplii 4%/1.5%
SLOT2 3% Grocery: BMO CB MC ** MC for WM Supercentre+NoFrills
SLOT3 (1.25% OTHER): Amex SC/AmexBlueSky
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CouponBaron wrote: Infinite is indefinitely off the table for me friend. Confused Face I consider $100 acceptable enough to roll over, but my major concerns are with everything else.
You can call them and ask. If pre-approved they may still do a softie. No big deal.
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CouponBaron wrote: Infinite is indefinitely off the table for me friend. Confused Face I consider $100 acceptable enough to roll over, but my major concerns are with everything else.
Consider the CIBC Dividend Visa Platinum card, lower income requirements, just $99/year annual fee, much better cashback and perks than the Manulife card.
[OP]
Sr. Member
Jan 18, 2015
787 posts
512 upvotes
Cornwall, ON
deltatux wrote: Consider the CIBC Dividend Visa Platinum card, lower income requirements, just $99/year annual fee, much better cashback and perks than the Manulife card.
I'm aware of that one, but my income/spend level is negative EV if I go for an annual fee >$50/year unless it becomes my only card (or somehow I get them to repeatedly waive/discount the fee lol). I was only considering this card because they directly sent me a preapproval email and most likely considering to churn it, I dunno... If it was a MC I'd unquestionably do this, but as it's a VISA I have other concerns.

Does anyone have experience with this credit card (or their other one)? How safe/reputable are they? I only did the bank account thing with them so far.
titaniumtux wrote: You can call them and ask. If pre-approved they may still do a softie. No big deal.
I will soon then. :)
Max Low Income NoAF CB:
SLOT1: Simplii 4%/1.5%
SLOT2 3% Grocery: BMO CB MC ** MC for WM Supercentre+NoFrills
SLOT3 (1.25% OTHER): Amex SC/AmexBlueSky
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CouponBaron wrote: Does anyone have experience with this credit card (or their other one)? How safe/reputable are they? I only did the bank account thing with them so far.
Kind of late to be concerned how reputable or safe they are, when you’ve already given them all your personal info when you opened the bank account.
If a decent card to have for WalMart is what you’d be interested in, why not look at MBNA Smart Cash?
It’s got a good promo, and is 2% on gas and groceries (max $500 month) after the promo.
[OP]
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Jan 18, 2015
787 posts
512 upvotes
Cornwall, ON
coolintheshade wrote: Kind of late to be concerned how reputable or safe they are, when you’ve already given them all your personal info when you opened the bank account.
If a decent card to have for WalMart is what you’d be interested in, why not look at MBNA Smart Cash?
It’s got a good promo, and is 2% on gas and groceries (max $500 month) after the promo.
Yes I know, lol. You're totally right. Face With Stuck-out Tongue And Tightly-closed Eyes I just want to know how "good" they are to deal with when it comes to their credit card. I don't exactly call my bank(s) very often, but I do call CC companies enough to appreciate good customer service and things that just "work" (IE Amex and CT have legendary Cx service, so they're keepers for good). As for MBNA, I've mulled it over, but I've got RBC already - personally I like their knockoff of Amex offers, and I've dealt with MBNA in the past and found them low-grade sketchy. (For example, you can't ever be permanently removed from their marketing list, only "removed" for 5 year blocks, and that's the only company I ever heard of do that!). So otherwise, to me the MBNA is almost a clone of the RBC I already have. (no I don't value the Gas portion) The difference being I would have to apply for it to maybe get the WB, but I am only interested in the manulife one because of the preapproval email - implying no HP. I feel I can get the same WB anywhere with a hard inquiry at this point. I just don't know how much I can use the card besides the WB is all... Trying to figure out where this fits.

The biggest concern is their wording "application for credit" when they "will obtain a credit bureau report"... I don't want a HP if it's just a ruse. If it's just a soft inquiry like tux suggested I'm not in the least bit worried then, but whether an associate says it's a soft pull, you can sometimes take their knowledge with a grain of salt (case in point literally any PCF rep, lol). I was really hoping to get some feedback from existing users and not feel like a total guinea pig lol. Wondering if anyone else received a pre-approved email from them? (I'm not surprised of the timing though, since my score just spiked)

Also, I still can't find any info on the income requirements.
Max Low Income NoAF CB:
SLOT1: Simplii 4%/1.5%
SLOT2 3% Grocery: BMO CB MC ** MC for WM Supercentre+NoFrills
SLOT3 (1.25% OTHER): Amex SC/AmexBlueSky
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CouponBaron wrote: Yes I know, lol. You're totally right. Face With Stuck-out Tongue And Tightly-closed Eyes I just want to know how "good" they are to deal with when it comes to their credit card. I don't exactly call my bank(s) very often, but I do call CC companies enough to appreciate good customer service and things that just "work" (IE Amex and CT have legendary Cx service, so they're keepers for good). As for MBNA, I've mulled it over, but I've got RBC already - personally I like their knockoff of Amex offers, and I've dealt with MBNA in the past and found them low-grade sketchy. (For example, you can't ever be permanently removed from their marketing list, only "removed" for 5 year blocks, and that's the only company I ever heard of do that!). So otherwise, to me the MBNA is almost a clone of the RBC I already have. (no I don't value the Gas portion) The difference being I would have to apply for it to maybe get the WB, but I am only interested in the manulife one because of the preapproval email - implying no HP. I feel I can get the same WB anywhere with a hard inquiry at this point. I just don't know how much I can use the card besides the WB is all... Trying to figure out where this fits.

The biggest concern is their wording "application for credit" when they "will obtain a credit bureau report"... I don't want a HP if it's just a ruse. If it's just a soft inquiry like tux suggested I'm not in the least bit worried then, but whether an associate says it's a soft pull, you can sometimes take their knowledge with a grain of salt (case in point literally any PCF rep, lol). I was really hoping to get some feedback from existing users and not feel like a total guinea pig lol. Wondering if anyone else received a pre-approved email from them? (I'm not surprised of the timing though, since my score just spiked)

Also, I still can't find any info on the income requirements.
For VISA Platinum it's an unspoken $15k annual income minimum requirement. But...issuers don't have to ask about income if doing a product switch to a VISA Plat. @CouponBaron I think you exceed that threshold.
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[OP]
Sr. Member
Jan 18, 2015
787 posts
512 upvotes
Cornwall, ON
titaniumtux wrote: For VISA Platinum it's an unspoken $15k annual income minimum requirement. But...issuers don't have to ask about income if doing a product switch to a VISA Plat. @CouponBaron I think you exceed that threshold.
Yes, haha. I was worried it had a requirement closer to the Infinite. I have the feeling at some point you've known exactly how much I make, lol...Luckily every year it's ever-so-slightly more than the year before though. :)
Max Low Income NoAF CB:
SLOT1: Simplii 4%/1.5%
SLOT2 3% Grocery: BMO CB MC ** MC for WM Supercentre+NoFrills
SLOT3 (1.25% OTHER): Amex SC/AmexBlueSky
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CouponBaron wrote: Yes, haha. I was worried it had a requirement closer to the Infinite. I have the feeling at some point you've known exactly how much I make, lol...Luckily every year it's ever-so-slightly more than the year before though. :)
While the rest of us acquiring any MC WE card that we want just because issuers don't ask for proof of income...Thinking Face

:lol:
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[OP]
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Cornwall, ON
titaniumtux wrote: While the rest of us acquiring any MC WE card that we want just because issuers don't ask for proof of income...Thinking Face

:lol:
I've always thought of most RFDers "embellishment" as simply a "rounding error" for most of their incomes. As I am, I still feel it's just too much of a stretch, no matter what random side-occupation I choose to claim lol.
Max Low Income NoAF CB:
SLOT1: Simplii 4%/1.5%
SLOT2 3% Grocery: BMO CB MC ** MC for WM Supercentre+NoFrills
SLOT3 (1.25% OTHER): Amex SC/AmexBlueSky
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CouponBaron wrote: I've always thought of most RFDers "embellishment" as simply a "rounding error" for most of their incomes. As I am, I still feel it's just too much of a stretch, no matter what random side-occupation I choose to claim lol.
Claim all the random side-occupations?

Image
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[OP]
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Jan 18, 2015
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Cornwall, ON
So, after some scrutiny, I declined their invite since no matter how I slice it, I just can't find it useful for me as a VISA, and decided to just take another crack at Tangerine instead since it had a WB on as well...and lo and behold, I actually finally got approved! lol. A little anti-climactic, but noone seems to have this card here to provide experience, so I'd rather not be the guinea pig lol.
Max Low Income NoAF CB:
SLOT1: Simplii 4%/1.5%
SLOT2 3% Grocery: BMO CB MC ** MC for WM Supercentre+NoFrills
SLOT3 (1.25% OTHER): Amex SC/AmexBlueSky
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CouponBaron wrote: So, after some scrutiny, I declined their invite since no matter how I slice it, I just can't find it useful for me as a VISA, and decided to just take another crack at Tangerine instead since it had a WB on as well...and lo and behold, I actually finally got approved! lol. A little anti-climactic, but noone seems to have this card here to provide experience, so I'd rather not be the guinea pig lol.
Grats on your first "premium" card.

Now time to apply for those World Elite cards.
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titaniumtux wrote: Grats on your first "premium" card.
Tangerine is premium? How so?
titaniumtux wrote: Now time to apply for those World Elite cards.
Well, at least the free ones: Rogers, Canadian Tire, and PC Financial.
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someweirdo wrote: Tangerine is premium? How so?



Well, at least the free ones: Rogers, Canadian Tire, and PC Financial.
Their MC World card that just launched. Same lousy earn rates as their basic card, though.
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[OP]
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Jan 18, 2015
787 posts
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Cornwall, ON
someweirdo wrote: Tangerine is premium? How so?



Well, at least the free ones: Rogers, Canadian Tire, and PC Financial.
TBH, I don't think I'd ever deal with PCF again, no matter what they have, but I wouldn't mind a Rogers or CT one at some point.
Max Low Income NoAF CB:
SLOT1: Simplii 4%/1.5%
SLOT2 3% Grocery: BMO CB MC ** MC for WM Supercentre+NoFrills
SLOT3 (1.25% OTHER): Amex SC/AmexBlueSky
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CouponBaron wrote: TBH, I don't think I'd ever deal with PCF again, no matter what they have, but I wouldn't mind a Rogers or CT one at some point.
CTFS it up!
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