Tag Archives: Credit Cards

Spreading the good word!

7 Jun

There’s no benefit for me when it comes to spreading the good word around.  It’s not like I get any commissions out of it, I just like to see others benefit from certain financial products or deals of the day.  Yet, some people are resistant to my cost effective methods.

Some people just don’t like change.  Me either, but I will change for a better financial product if I deem it the right move.  Never am I loyal to a brokerage, credit card, or financial institution.

Brokerage History:
TD Waterhouse -> BMO Investorline -> Scotia Itrade -> Questrade  -> Virtual Brokers
Disclosure:  I still have Scotia Itrade/Questrade as my brokerages.

Commission History:

  1. TD- $29
  2. BMO- $29
  3. Scotia- $19.99, but increased to $24.99
  4. Questrade- $4.95 to $9.95
  5. Virtual Brokers- $0.99 to $9.99

As for credit cards, I have over 10 cards at one point.  I’ve always signed up for the next best thing.  The only two credit cards that I use and recommend now is MBNA Smart Cash Mastecard and Capital One World Aspire Cash Mastercard.  They have great cash back rewards and all the perks that a card will cover.  Plus there is NO annual fee.

I used to bank with BMO, Royal Bank, and TD… but those are a distant memory.  Basically, I bank for FREE with unlimited transactions at  PC Financial (ABM at CIBC/Superstore) and ING Direct (ABM at HSBC/Any credit unions that are part of the Exchange Network).  My chequing accounts even pays me a small interest for any balance!  My banking needs are simple:  pay my bills online, deposit money & withdraw cash from the ABM machine, debit purchases, write cheques from time to time.  My work pays me once a month by cheque, super old school.  But I have a credit union right across my work, so it’s super convenient now 🙂

Why do I need to wait in line for a teller?  Why do I need to waste that much time out of my day to do simple banking?  Maybe some customers feel tellers will get the job done right, but sometimes, tellers do make mistakes.  They like the face to face interaction, but some tellers aren’t all that nice and friendly.  Look you up and down, and judge you by your bank balance.

Banks make billions year after year at your expense.  They are always finding ways to nickle and dime you at every given opportunity.  Financial advisors are the worst of all, they make it known that they “know” everything about money… and you should trust them with your money.  Their tactic is to instill fear in you about money.  So they can make a nice cushy commission based salary at their pristine office.

People who are slow to act will lose out over time.  Quick minded people like me will always benefit by jumping the gun and getting the best deal from the get go.


Getting Rid of my Old Credit Cards

17 Nov

On Friday, I called Capital One to increase my credit limit of $3000.  I’ve been a customer of theirs since May 2012, so it’s been over 6 months.  There were certain times where I needed to charge large amounts of money onto this particular card where I can earn 1.5% cash back.  But I just did not have enough credit to do so, so I turned to else where instead.

The Cap One Representative that I talk to did not budge as I wasn’t qualified for a credit increase.  He mentioned that this Capital One Aspire World Cash Mastercard usually gives out a higher credit limit up to $30,000!  Even though my credit history is impeccable and nothing to do with your annual gross, there is one hindrance:  I have way too much open current credit cards.  In order for me to get an increase, I must close down some of my other credit cards that I have collected over the years.

So far, I managed to close down my HBC Mastercard and RBC Gold Visa.  I tried to close down my line of credit at BMO over the phone, but was told that I have to go to the branch to do the deed.  For my Sears card, there’s no number on the back of the card!  So I can’t even call in to cancel my card.  Last, but not least… I called PCF Mastercard, only to be told that I have over 30,000 points that can be redeemed for $30 at Superstore.  I haven’t used that card in over 3 years I believe.  Now, I have to go through my desk to find the new card and activate it so I can get $30 worth of groceries before I close it down for good!

All of the agents I talked was “sorry” that I was leaving them and they value my business.  They asked, “Is there a reason why you want to close down your account?”  I simply told them that I need to lower my credit and that I was applying for a mortgage in the near future.  After that, they were all quite understanding and didn’t try their sales pitch to convince me to keep my credit card instead.

I decided to keep my CIBC Dividend Visa, since it’s always better to have at least one Visa in the wallet.  I am also keeping my BMO Mosiak Mastercard since that is one of my oldest card.

In the end, I still have the following credit cards:

  1. Capital One Aspire World Cash Mastercard
  2. MBNA Platinum Smart Cash Mastercard
  3. BMO Mosaik Mastercard
  4. CIBC Dividend Visa
  5. PCF Mastercard (Once I redeem my $30, I’ll be cancelling this card)
  6. BMO Mastercard (Line of Credit) <– Will have to go to Branch to cancel this card)
  7. Sears Credit card

My cancelled and old credit cards:

  1. RBC Classic II Student Visa (My very first card!)
  2. TD Visa
  3. MBNA Gold Mastercard
  4. HBC Mastercard
  5. RBC Gold Visa

In summary, I still have a lot of current credit cards compared to the average person.  There’s only two main cards that I use these days:

1) Capital One Aspire Cash
2) MBNA Smart Cash



Plastic Money

15 Jan

Who is afraid of using their credit card?  I’m certainly not!

The power of credit can either be used to your advantage or break you.  Once you use credit, it’ll stick with you forever in your credit history.  Use it wisely or you’ll have troubles later on getting that big mortgage.  I advice you only to spend what you can afford.  Don’t ever max out your credit card unless you know you can pay it all off the next due date.

As for me, I use credit to my advantage.  I pay all my bills on time thus giving me a great credit history so I’m able to take out loans whenever I want to.  I love using my MBNA Mastercard, it’s called smart cash.  The cashback rewards I get on it is awesome.  So far, I’ve raked up $100 bucks since June 2009 thanks to my deal seeking boyfriend who frequents http://www.redflagdeals.com/ quite often.

Background on my MBNA Smart Cash Platinum Plus:

– First six months, you get 5% on purchases from gas and groceries.  (sniff sniff goodbye 5%)  After the promotion period, it’s reduced to 3%.  All other purchases are at 1%. No annual fees. No tier amounts that you have to surpass to get these cashback rewards!  So you get these fantastic rewards right off the bat.

NOTE:  I noticed mbna.ca doesn’t offer this particular Smart Cash Platinum Plus on their website anymore.  Card can be applied online via www.creditrsvp.com with code CHSS.  You can try to apply for it by phone: 1.877.862.7759