What credit card do you have?

[hchang]

Originally Posted by Gachinto

How do you declare reward points from retailers?

Originally Posted by jackmeister

It's not illegal. Just that if you start getting cash rebates and not declaring that, it would be tax fraud/evasion if they ever catch you.

[Gachinto]

Well theoretically if the retailer show it in their account, then I bet CRA would prefer if you report your portion in your account. Anyhow I'm not complaining, just making sure.

Originally Posted by AME_VIP

5% on gas and groceries for the first 6 months
3% on gas and groceries thereafter
1% on everything else from day one

Sign up through greatcanadianrebates.com (you have to sign up and it's free) and get an extra $40-50 back. Be patient as it can take a month or more for them to process your application.

No annual fee. When your points reach enough for $50 they automatically mail you a cheque. Be sure to call and ask them not to send advertisments or sell your information to 3rd parties. I have not had a single piece of advertising from them or a 3rd party since I did this.

This is a no brainer guys. Everyone should have this card.

I was seriously considering the card, so I was reading the fine prints which you guys may wanna see:

‡ These are the highlights of the MBNA Smart Cash Program (the "Program") as they pertain to this credit card. Complete terms and conditions describing eligibility of the Program, MBNA Dollar Points accrual, redemption of MBNA Dollar Points, and other important conditions, limitations and restrictions will be sent with your card. Cheques will only be issued in $50 increments. Some restrictions apply. Please read the Terms and Conditions of the Program carefully upon receipt. †† This is a one-time bonus offer for new MBNA Smart Cash cardholders ("Bonus Offer"). Bonus Offer applicable to Net Purchases (as defined in the Terms and Conditions applicable to the MBNA Smart Cash Program) of gas and groceries (MasterCard merchant category codes 5541, 5542 and 5411, respectively) (each, an "Eligible Transaction") and valid for a period of 6 months starting from the date of Account opening. Bonus Offer earn rate for Eligible Transactions calculated as follows: every one dollar ($1.00) of Eligible Transactions shall earn five (5) MBNA Dollar Points for the first six months starting from the date of Account opening [a five percent (5%) earn rate]. Maximum accumulation of MBNA Dollar Points under the Bonus Offer is 3000 per calendar month (the "Threshold"). In other words, you can earn the 5% earn rate on the first $600 of Eligible Transactions per month for the duration of the Bonus Offer. Upon reaching the Threshold in any given calendar month, every one dollar ($1.00) of Eligible Transactions shall earn 1 MBNA Dollar Point in that month. See Terms and Conditions of the Program for applicable earn rates upon the expiry of this Bonus Offer. This Bonus Offer is offered by MBNA Canada Bank and may be amended or cancelled at any time without notice.

So if you spend $3000 in a month (first 6 months), you get 3000pts for first $600, and 2400pts for the other $2400. Total of 5400pts, equivalent to $54 before tax.

If you spend $3000 in a month (after 6 months), you get 3000pts for first $1000, and 2000pts for the other $2000. Total of 5000pts, equivalent to $50 before tax.

Not a true 3% for gas and grocery, but still better pretty nice! Around 1.67% and 1.54% after tax (of 7.70% income tax).

Thanks AME_VIP I'm signing up first thing tomorrow! My PC MasterCard just got stolen or something and used in Ontario during Christmas. I hope this is gonna resolve without too much problems.

[Marioo1991]

Originally Posted by Gachinto

Well theoretically if the retailer show it in their account, then I bet CRA would prefer if you report your portion in your account. Anyhow I'm not complaining, just making sure.



I was seriously considering the card, so I was reading the fine prints which you guys may wanna see:

‡ These are the highlights of the MBNA Smart Cash Program (the "Program") as they pertain to this credit card. Complete terms and conditions describing eligibility of the Program, MBNA Dollar Points accrual, redemption of MBNA Dollar Points, and other important conditions, limitations and restrictions will be sent with your card. Cheques will only be issued in $50 increments. Some restrictions apply. Please read the Terms and Conditions of the Program carefully upon receipt. †† This is a one-time bonus offer for new MBNA Smart Cash cardholders ("Bonus Offer"). Bonus Offer applicable to Net Purchases (as defined in the Terms and Conditions applicable to the MBNA Smart Cash Program) of gas and groceries (MasterCard merchant category codes 5541, 5542 and 5411, respectively) (each, an "Eligible Transaction") and valid for a period of 6 months starting from the date of Account opening. Bonus Offer earn rate for Eligible Transactions calculated as follows: every one dollar ($1.00) of Eligible Transactions shall earn five (5) MBNA Dollar Points for the first six months starting from the date of Account opening [a five percent (5%) earn rate]. Maximum accumulation of MBNA Dollar Points under the Bonus Offer is 3000 per calendar month (the "Threshold"). In other words, you can earn the 5% earn rate on the first $600 of Eligible Transactions per month for the duration of the Bonus Offer. Upon reaching the Threshold in any given calendar month, every one dollar ($1.00) of Eligible Transactions shall earn 1 MBNA Dollar Point in that month. See Terms and Conditions of the Program for applicable earn rates upon the expiry of this Bonus Offer. This Bonus Offer is offered by MBNA Canada Bank and may be amended or cancelled at any time without notice.

So if you spend $3000 in a month (first 6 months), you get 3000pts for first $600, and 2400pts for the other $2400. Total of 5400pts, equivalent to $54 before tax.

If you spend $3000 in a month (after 6 months), you get 3000pts for first $1000, and 2000pts for the other $2000. Total of 5000pts, equivalent to $50 before tax.

Not a true 3% for gas and grocery, but still better pretty nice! Around 1.67% and 1.54% after tax (of 7.70% income tax).

Thanks AME_VIP I'm signing up first thing tomorrow! My PC MasterCard just got stolen or something and used in Ontario during Christmas. I hope this is gonna resolve without too much problems.

do you know many people that spend $3,000 a month on groceries/gas? in a 40% tax bracket that would be $60,000 a year. I suppose if you have a big family...

I find a $600 limit plenty - me and my wife have only hit the limit once.

on a side note, if u take transit, one way to get more points is to buy your bus pass from save on foods.

[TouringTeg]

Your welcome Gachinto! Yep I don't get close to $600 by myself for gas/groceries. You can top it off by purchasing Petro Can gift cards etc. at Safeway or another grocery store. I always buy my gift cards at Safeway now for the 5% (soon will be 3%).

I use the card whenever possible and it adds up. I received my first $50 cheque a couple weeks ago

[Gachinto]

I think I put a little over the Threshold, which is perfect! I was considering the Citi card to get 2¢ per liter, which is over 1% until gas goes above 200.0, but reputation seem bad!

[shenmecar]

oh, good find! although i find $600 quite a bit already on gas and groceries. Not sure if I can meet that threshold. So it doesnt matter too much for me.

[jasonturbo]

Hmmm surprised this card hasnt been mentioned... I haz one, capitalone is certainly not the most ballin card to have lol But all I care about is the rewards, I spend probably 60-80k a year on CC (Much of it work related expenses, I try to pay for everything with CC.. 2% back is better than 0% back) I should also mention I never carry a balance month to month.

CapiltalOne Aspire World Mastercard

http://www.capitalone.ca/credit-card..._01_G_PRASWOVW

Not going to get into the perks of the "world" designation but here is the basics...

2% of ALL PURCHASES accumulate and can be used towards any outstanding "travel" expenses on your card (could be hotels, rental cars, possibly gas/food, flights, etc)

1.5% Cash back is also available on ALL PURCHASES.. not just gas or groceries.

So you can decide to take 1.5% cash back, or use 2% towards "travel expenses"

There is a 120$ annual fee, but you get 350$ for signing up, and every year after that you recieve 100$ for first eligible purchase of that year.. which is any purchase.

So the real cost is +230$ the first year, the -20$ for every year after that.

Capitalone takes 1.8% from retailers, so if you max out your rewards on travel at 2% and dont carry a balance... it actually costs capitalone money to have you as a card holder lol.

The world perks are good if you travle a lot.

Look into it, sure you dont get fancy baller card status, but you save money.

MBNA card is a good deal if all you spend money on is gas and groceries.

[TouringTeg]

That is a good card if you spend a lot during the year (business, major renovations etc.)

Depends if you come out ahead with: (Personally I like cash back)

MBNA Smart Card - 3% on gas and groceries and 1% everything else with no annual fee
Capital One Aspire - 1.5% cash back on everything minus a $20 fee

I had a Capital One card for ages with 5.65% interest rate. No fee and no rewards though.