The 'BEST' credit card....

[Badhobz]

I spend around 80-120k a year on my CC since thats usually how much my cash rebate is.

Costco MC. Cashback

HSBC world elite MC. Foreign x fee nill (but this is dead or soon to be dead when rbc takes over)

AMEX Aeroplan reserve. For Aeroplan points and travel perks.

I try and spend as much as possible on the Amex, rest goes to Costco MC

[Hondaracer]

We just got $850 back through Costco the other night and then usually get between 300-500 from the CC

When we were doing renovations etc. I think we ended up getting $1500 back from Costco one year

[meme405]

Originally Posted by RiceIntegraRS

So i read this in the morning and decided to msg my mortgage broker who just did my renewal a few weeks ago and another friend who is also a broker. They both said your credit limit doesnt affect your ability to get a loan. In those rare cases where the borrower is basically on the edge of getting approved or not, they will be asked to decrease their credit limit.

You can believe me or not, i think everyone knows a broker or someone that works with a lender that can answer this question for u

It doesnt affect your ability to get a loan, it can affect the amount you can be pre-approved for.

Your amount of current credit (including CC) is used as a part of the calculation on your stress test. Yes you can easily just reduce that amount by telling your CC to reduce the credit when you are getting a mortgage, or cancel some cards. But that begs the question, why the fuck would you want a CC with a $100k limit anyway?

[Badhobz]

Originally Posted by meme405

why the fuck would you want a CC with a $100k limit anyway?

Take my wife, please.

[RiceIntegraRS]

Im not gonna try and multi quote this but ill just copy paste for u Meme405

Hud 91gt "Taking note that any amount approved will take away from your ability for a loan"

Me "Im gonna say that your credit limit amount doesnt affect your ability to get a loan. If u have money oweing then of course."

U "This is absolutely incorrect, and dangerous advice to give to someone who doesnt know any better."

Me - i ask 2 brokers than comfirm it does not affect ur ability to get a loan

U "It doesnt affect your ability to get a loan, it can affect the amount you can be pre-approved for"

So now its amount u can be approved for. When was the last time ur broker has asked u about how much ur credit limit was on ur CC? Has anyone been asked this question? I have never been asked.

[meme405]

Originally Posted by RiceIntegraRS

Im not gonna try and multi quote this but ill just copy paste for u Meme405

Hud 91gt "Taking note that any amount approved will take away from your ability for a loan"

Me "Im gonna say that your credit limit amount doesnt affect your ability to get a loan. If u have money oweing then of course."

U "This is absolutely incorrect, and dangerous advice to give to someone who doesnt know any better."

Me - i ask 2 brokers than comfirm it does not affect ur ability to get a loan

U "It doesnt affect your ability to get a loan, it can affect the amount you can be pre-approved for"

So now its amount u can be approved for. When was the last time ur broker has asked u about how much ur credit limit was on ur CC? Has anyone been asked this question? I have never been asked.

I did state, in my original post:

If you have a 100k worth of credit on multiple cards, this can absolutely lower how much of a mortgage you can get

So this was always about how much you will be approved for.

Literally when I got my mortgage, I had to tell them my open lines of credit and my credit card limits. It also asked me for the monthly payments on them, and the balances owing. But I definitely had to fill in my LOC information even though I had no money pulled from that LOC.

I tried a broker for my mortgage, but ended up being easier just going straight through my bank mortgage advisor. If I recall correctly I dont think the bank asked me for the same information, but at the time I assumed it was just because they had all my banking information and could see what I had going on asset/liability wise.

The question still stands if you are spending 5-10k on your CC's a month, why would you be so horny to get 100k limit? Do you walk around with a printed copy of your statement and your world elite mastercard to show girls or something? Nobody cares big boy.

Originally Posted by Badhobz

Take my wife, please.

Woah woah. Dont try to put your mistakes on me... jkjk.

[Badhobz]

ya dont buy any watches or handbags do ya? if so, then you'll know why you need a 100k limit.

[donk.]

Badhobz just KOd meme405 with a handbag

[Hehe]

Originally Posted by meme405

I did state, in my original post:

If you have a 100k worth of credit on multiple cards, this can absolutely lower how much of a mortgage you can get

So this was always about how much you will be approved for.

Literally when I got my mortgage, I had to tell them my open lines of credit and my credit card limits. It also asked me for the monthly payments on them, and the balances owing. But I definitely had to fill in my LOC information even though I had no money pulled from that LOC.

I tried a broker for my mortgage, but ended up being easier just going straight through my bank mortgage advisor. If I recall correctly I dont think the bank asked me for the same information, but at the time I assumed it was just because they had all my banking information and could see what I had going on asset/liability wise.

The question still stands if you are spending 5-10k on your CC's a month, why would you be so horny to get 100k limit? Do you walk around with a printed copy of your statement and your world elite mastercard to show girls or something? Nobody cares big boy.



Woah woah. Dont try to put your mistakes on me... jkjk.

I'm just going to say that this is not entirely true. Not for the usual people who can amass a 100k credit limit anyway.

And if you want to know how to break that limit, keyword: private banking.

Many rich folks I know have very little declared personal income as most of their wealth are in C-structure. And yet they have no problem obtaining 8 figure mortgages and high 6 figures CC limit

[AzNightmare]

I only have 2 main CC's I carry, and my wife is also joint with them.
One's a visa, ones a mc, with different perks.

I have another one that's basically a drawer one that I opened when I was 19 or 20. It's my longest active cc that I barely ever use now cause the perks aren't that great.

My wife also similarly has her own drawer one that she opened in her early 20s.

We also have another joint CC but we stopped using that one a couple years ago that's just a drawer one. I don't really cancel cc's I just downgrade to a free one and let them sit.

[PeanutButter]

Originally Posted by Hondaracer

We just got $850 back through Costco the other night and then usually get between 300-500 from the CC

When we were doing renovations etc. I think we ended up getting $1500 back from Costco one year

Isn't the limit for costco cashback capped at $1,000?

[Gerbs]

Correct $1,000 for the membership. Hit cap this year from a loophole lol

[Hondaracer]

Originally Posted by PeanutButter

Isn't the limit for costco cashback capped at $1,000?

Not sure, did that just recently happen?

A guy in customer service at the Willingdon one said he’s given 10k cash back on two separate occasions a couple years ago when we redeemed ours

[Badhobz]

^arrghh that avatar sucks hondaracer !!!! Pandemic ain’t over yet

[Hondaracer]

So bumping this thread because all the cards I have seem to have gotten increasingly worthless over the last couple years. Currently use infinite Avion Visa (completely worthless for me) Costco CIBC MC, and Scotia Infinite Passport.

I’m going to dump the avion, it’s completely useless now.

So I’m looking for a new CC, have been leaning towards the Amex aeroplan reserve as a second card… but even they seem to be changing their terms to become less effective.

I’m basically at the point where I want to travel more, and I want the luxury perks of potential upgrades, companion flights, priority boarding, and lounges, etc.

I don’t mind losing out on the cash back + paying for a premium card, but I also want it to make sense that I at least get some value out of the card. Ie. lounge access alone is 60-70 a pop, for 2 people travelling a couple times a year, the Amex kinda pays itself off pretty quickly.

Any thoughts?

[TOS'd]

There is actually an offer right now for the CIBC Aventura Visa

Get a total of up to 40,000 Aventura Points (up to $850 in travel value‡) during your first year:
15,000 Aventura Points when you make your first purchase†
5,000 Aventura Points on first purchase within the first 4 monthly statement periods†
20,000 Aventura Points when you spend $3,000 or more in the first 4 monthly statement periods†
Get 2 annual fee rebates ($278) for you (the primary cardholder) and up to three authorized users ($50 each): over $378 value†.
Elevate your airport experience with 4 complimentary visits at 1,200+ lounges globally through Visa Airport Companion Program2: over $190 value2
Plus, get a NEXUS™ Application Fee rebate♢: a $50 value†

Originally Posted by Links

Spoiler!

https://forums.redflagdeals.com/cibc...bates-2660627/

https://www.cibc.com/en/personal-ban...E&gclsrc=aw.ds

You can even redeem Aventura Points for 1.25x the usual rate on travel purchaes. Ie. 40,000 Aventura points = $400 statement credit, but its now $500 statement credit until end of March 2024.

I used 80,000 points recently for $1,000 off hotels booked on Expedia.

[G]

Personally I haven't used the Aventura point system enough to know if its really worth it or not. Contrarily, I have seen some redemptions off Aeroplan being pretty good recently (i.e. 35k one way or 55k business class on ANA to Tokyo).

I like the Amex Aeroplan Reserve but I would probably look into other Amex cards that offer better perks like the Amex Plat.

[Badhobz]

Amex reserve gives you more points on aeroplan than platinum. Only take platinum if you’re thinking of using other reward groups like Cathy or whatever. Or Marriott points as they convert 1:1.

Amex reserve also gives you Avis presidential club and companion pass.

Plus a metal card to cut up lines of coke

599 annual fee vs 799 for platinum.

Not accepted at t&t so if you’re a big China fuck who spends a lot of money cooking. This isn’t the card for you

[G]

Originally Posted by Badhobz

Amex reserve gives you more points on aeroplan than platinum. Only take platinum if you’re thinking of using other reward groups like Cathy or whatever. Or Marriott points as they convert 1:1.

Amex reserve also gives you Avis presidential club and companion pass.

Plus a metal card to cut up lines of coke

599 annual fee vs 799 for platinum.

Not accepted at t&t so if you’re a big China fuck who spends a lot of money cooking. This isn’t the card for you

I think they changed the sign up point structure for the reserve.

Based on the first year - 45k aeroplan vs 70k Mr on the plat

If you apply to plat early enough you can double dip the dining credit.

[Badhobz]

https://www.americanexpress.com/en-c...E&gclsrc=aw.ds

Nah still 90,000 aeroplan points if you spend 6k. Easy peasy

[G]

Originally Posted by Badhobz

https://www.americanexpress.com/en-c...E&gclsrc=aw.ds

Nah still 90,000 aeroplan points if you spend 6k. Easy peasy

45k first year, they make you stay and pay annual fee for 2nd year to get the other 35k.

[Badhobz]

Ah yes. But to be honest don’t sweat the annual fee. Most of us will have an existing Amex account due to the old Amex being the only card accepted at Costco. That means you’ll have membership loyalty and you can always tell them to lower to waive the annual fee. I’ve read this is a common thing to ask for on Reddit.

[G]

Originally Posted by Badhobz

Ah yes. But to be honest don’t sweat the annual fee. Most of us will have an existing Amex account due to the old Amex being the only card accepted at Costco. That means you’ll have membership loyalty and you can always tell them to lower to waive the annual fee. I’ve read this is a common thing to ask for on Reddit.

Very true, but from personal experience they don’t rebate or give any discounts on their higher tier cards. Usually they only give some Aeroplan points as retention unless you spend an insane amount on the card.

[EvoFire]

I still don't spend enough to justify the $600 annual fee. I am the poors. Most of my grocery shopping is done cash because I go to the real China places for the best deals. No amount of points will make up the savings.

The welcome points over two years equates to 1 round trip ticket to HKG during low season. So $1200 for a ticket which is a few hundo cheaper than paying with cash, but after that it's no longer worth it. With the reserve card being stuck with Air Canada is a bit of a turn off as well. AC old hag air stewardesses are no match for the cute Asian Cathay ones

Also I don't see the platinum card on the site.

[Hondaracer]

Unless you’re flying 3 times a year you probably don’t get value out of it

My buddy who flies 4-5 times a year for work fucking loves this Amex card, he says the priority boarding, luggage, etc. is worth it alone in busy airports.

Wish it wasn’t just stupid maple leaf lounges though, if this was all star alliance lounges like I originally thought it would be a slam dunk