ManulifeMONEY+TM Visa* Platinum Card worth it?
I just received an email as follows (cropped and edited for privacy):
At the bottom it shows...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
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.
* 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.
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)
SLOT1: Simplii 4%/1.5%
SLOT2 3% Grocery: BMO CB MC ** MC for WM Supercentre+NoFrills
SLOT3 (1.25% OTHER): Amex SC/AmexBlueSky