Personal Finance

Where to go from here - Credit cards

  • Last Updated:
  • May 23rd, 2021 4:59 pm
[OP]
Member
Aug 22, 2012
401 posts
378 upvotes

Where to go from here - Credit cards

Hello,
This seemed like the best place to post for general discussions, the credit card sub forum looks to be dealing with specific credit cards

I'm looking for advice on my next credit card move. I'll say it outright, I churn and it has been extremely lucrative

I currently hold:

Rogers WE
Canadian Tire WE
Tangerine World
RBC Avion
Amex Simplycash Preferred
Amex Airmiles Plat
TD Cashback Visa (downgraded from Infinite 4 months ago after 10% welcome bonus)
BMO Cashback (downgrade from WE after 10% cashback)
Scotiabank Momentum Visa Infinite (10% cashback is almost done)
CIBC Dividend Visa Infinite (10% Cashback completed, annual fee coming in July)

I'm not sure where to go from here, looking at TD and BMO terms and condition it doesn't look like I can product switch to receive another welcome bonus.

I don't know if I should downgrade or cancel the CIBC card before the July annual fee comes

I won't open another Amex for fear of shutdowns, I did hear I'm allowed to have 2

Any advice would be greatly appreciated!
4 replies
Member
Jan 24, 2004
491 posts
80 upvotes
How often do you use the AE Simply cash Preferred? I know it has an annual fee and there's another card that doesn't but offers a lower % cashback.

Me and a friend had a discussion about this and we agreed it's not justified with annual fee versus cashback percentage difference
Deal Fanatic
Jan 19, 2017
5588 posts
3130 upvotes
Enforcer22 wrote: Hello,
This seemed like the best place to post for general discussions, the credit card sub forum looks to be dealing with specific credit cards

I'm looking for advice on my next credit card move. I'll say it outright, I churn and it has been extremely lucrative

I currently hold:

Rogers WE
Canadian Tire WE
Tangerine World
RBC Avion
Amex Simplycash Preferred
Amex Airmiles Plat
TD Cashback Visa (downgraded from Infinite 4 months ago after 10% welcome bonus)
BMO Cashback (downgrade from WE after 10% cashback)
Scotiabank Momentum Visa Infinite (10% cashback is almost done)
CIBC Dividend Visa Infinite (10% Cashback completed, annual fee coming in July)

I'm not sure where to go from here, looking at TD and BMO terms and condition it doesn't look like I can product switch to receive another welcome bonus.

I don't know if I should downgrade or cancel the CIBC card before the July annual fee comes

I won't open another Amex for fear of shutdowns, I did hear I'm allowed to have 2

Any advice would be greatly appreciated!
Meridian Visa Infinite. The only bonus is FYF.
[OP]
Member
Aug 22, 2012
401 posts
378 upvotes
zeroace wrote: How often do you use the AE Simply cash Preferred? I know it has an annual fee and there's another card that doesn't but offers a lower % cashback.

Me and a friend had a discussion about this and we agreed it's not justified with annual fee versus cashback percentage difference
Yeah, I won't be paying an annual fee unless there's a sign up bonus that makes it worth it. I was using the Simplycash until the Scotia card came, and will use it again when I receive my cashback in November I believe
ml88888888 wrote: Meridian Visa Infinite. The only bonus is FYF.
Thanks for that! I'll probably get that one in December

I'm mainly asking how I can continue getting sign up bonuses from CIBC, TD, BMO and the like. I was hoping product switching would work, but it's looking like I'll have to cancel those cards and wait between 3 - 12 months depending on terms to sign up for another.
Deal Fanatic
Jan 19, 2017
5588 posts
3130 upvotes
Enforcer22 wrote: Yeah, I won't be paying an annual fee unless there's a sign up bonus that makes it worth it. I was using the Simplycash until the Scotia card came, and will use it again when I receive my cashback in November I believe



Thanks for that! I'll probably get that one in December

I'm mainly asking how I can continue getting sign up bonuses from CIBC, TD, BMO and the like. I was hoping product switching would work, but it's looking like I'll have to cancel those cards and wait between 3 - 12 months depending on terms to sign up for another.
You didn't include Scotia. You can only get the sign up bonus if you were not a card holder for at least 2 years.

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