After a bit of research into different reward cards, travel cards, cash back cards, cards with a fee and no-fee cards, I've settled on the MBNA SmartCash Platinum Plus Mastercard!
Why? Well, here's what I loved about the card:
- No Fees!!! While I would have LOVED an Aeroplan Aerogold Visa, I just couldn't financially justify paying $120/year based on how long it would take me to collect 60,000 points (flight to Europe/South America)
- Earn 5% on groceries/gas for the first 6 months
- Earn 3% on groceries/gas after 6 months
- Earn 1% on everything else (I automatically charge my $8 monthly magazines, $7.99 Netflix, and $165 Rogers bills to my credit card)
Knowing that each month I'll likely have on average another $50-100 worth of expenses (entertainment, car maintenance, gifts), that brings my year 1 cash back total to $228. Since I pay my balance in full each month, the cash back feels like a gift for the convenience of using my credit card instead of cash; these cheques will go right into the travel account. I LOVE free money!!
Based on the same monthly spending, I would earn 25,800 Aeroplan points within the first year of using the Aerogold Visa, and 10,800 points each year thereafter.....taking me just over 4 years to accumulate 60,000 points.....and more than $480 in yearly fees. I love Aeroplan miles (they've gotten me to Europe twice now!), but having the card just isn't worth the fees right now.