Personal Finance

Scotia or TD when you want to have 3 CC

  • Last Updated:
  • Dec 21st, 2012 6:20 am
[OP]
Newbie
Dec 19, 2012
5 posts

Scotia or TD when you want to have 3 CC

Well, I am new to Canada and this forum helped me to find out several things about CCs.

Some Background: When we came here (1 year ago and as a graduate student with total income of 39k/yr) TD gave us a 2k-secured green visa card (we prefered $500 unsecured but the adviser said it is better for your history to have a secure card). After 6 month, I asked if I can change my card so that the auto rental collision fee would be insured. By her suggestion, I have applied for their first class visa (fee waived by select account) and now after 7 month, I can see that their reward system is useless comparing to Scotia and other banks. Scotia gives Scene point per transactions, so just by paying our rent and CCs invoice, we could get 1 free move every other month.

Thinking that 3 credit cards (1Visa,1MC,1Amex) could be useful and enough, I was wondering if it is a good idea to apply for Scotia Amex card and maybe transfer my whole money to their bank. The reason that I am pissed of from TD is that recently, RBC pre-approved me to have 5k gold visa unsecured and I wanted to use this offer to unsecure my visa at TD. Asked them, and they said no! you have to wait for the whole 2 years... So, I think they are a bit tough on me even though I have about 35K in my saving accounts.

What would be your suggestions:
1-If I close my First class visa and apply for another TD visa, my history changes? (every one keeps saying that you have to retain your first CC, the card is important or the issuer)
2-Should I use scotia banking accounts for my payments just because of the Scence points? or the history I built in TD is more important?
3-My main goal is to buy a house 4-5 years from now. So, I want to have high score, 3 cc is better or worse?

Thanks in advanced guys ;)
2 replies
Banned
Nov 27, 2006
2200 posts
444 upvotes
Toronto
no you cant get scene points for balance transfer or recurring billing payments
Deal Expert
Nov 2, 2003
15837 posts
2097 upvotes
GTA
your entire adventure seems predicated on TD Visa sucks compared to Scotia Scene card. i'm not sure what you're comparing when you talk about getting scene points for your chequing account activity. The poster above says you don't get scene points for balance transfer or recurring bill payments so it seems to me like that just destroyed the motive for this change.

in my opinion, having three credit cards is fine, i probably have more than that. my advice is to get as many (or few) credit cards as you need. some people think having a lot of credit cards is good cuz it builds credit. but it's not the whole truth. having too many credit cards means you have access to a lot of credit and that can be bad as well for applying for mortgage. the lender may be afraid that you have access to too much credit.

in your case 1 visa 1 mc and 1amex is fine if that's what you really need. but in my experience for reward programs to be worthwhile, you should consolidate onto one card instead of trying to spread them out and dilute over many cards. that is unless your monthly spending is so high that it makes it worthwhile to split... but at your income level i suspect that is not true.

the other thing you need to figure out is keep your decision making separate. compare chequing account with chequing and credit card with credit card. TD select service is probably the best on the market from a real bank. on the other hand the TD first travel rewards card is not as good as the capital one rewards or the cibc aerogold in terms of return, when considering the amount of points you earn and the value of reward you can redeem for those points.

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