Posted on: 31-10-04 10:20:54
(1) Recently, I got an offer for pre-approved card from CIBC. Remind you, it is not that blank envelopes you get in mail everyday. It was specially addressed to me. It has some aeroplan miles
I wonder, if I should go for it, or is there any fine print I should read. I plan to cancel my other card, in lieu of this card.
(2) Is there any catch in petro-points mastercard? Saving two cents per litre is something attractive during these days, but better to take any precautionary measures before finding yourself falling into a trap
Meghal
Quote:
Orginally posted by meghal
(1) Recently, I got an offer for pre-approved card from CIBC. Remind you, it is not that blank envelopes you get in mail everyday. It was specially addressed to me. It has some aeroplan miles
I wonder, if I should go for it, or is there any fine print I should read. I plan to cancel my other card, in lieu of this card.
(2) Is there any catch in petro-points mastercard? Saving two cents per litre is something attractive during these days, but better to take any precautionary measures before finding yourself falling into a trap
Meghal
Hi Meghal,
Receiving personal offers is nothing new and you would receive these types of credit card offers average once a month. The only catch with CIBC card is that it has an yearly fee of app. $120 (or have they changed it). It depends on your usage if it makes sense to you for paying this fee in terms of earning Aeroplan miles. I personally would not take any card with any type of annual fee. The MC I like is issued by President's Choice which does not have any fee and rewards you with their PC points which can be used for buying groceries and other stuff.
One generally should not have more than 2-3 cards and it is good to have one master card and one visa card and both should be without any annual fee.
And of course, the rule is to read any type of 'finer prints' first before signing on dotted lines.
-----------------------------------------------------------------
Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
I always prefer cards that have cash back, rather than any other kind of reward(s).
Cash is always King !
Whereas Airmiles, etc. always have catches, restrictions, blackout dates and so many other gotchas that you can rarely take advantage of it.
How often do you travel in a year anyway?
Most of us travel only a handful of times in a year, and one of those trips is usually to India.
For other travel (local within Canada or to the US/Mexico/Caribbean), you can almost always find better deals online if you do your research well.
One of my colleagues was recently planning a trip to LAX during the December hols by using his CIBC aeroplan miles.
The best he was able to get was going to use-up most of the points on his card.
His round trip was costing him almost $600.
I had him shopping the Internet for deals and he ended up finding a round-trip deal for about $200 !
My suggestion - get a card that gives you honest cash back.
If you like to travel, learn to find shop the Internet for travel deals.
