Thursday, November 24, 2022

Which Is The Best Visa Credit Card

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Mbna Rewards World Elite Mastercard*

Best Visa Credit Cards

For those who want reliable, flexible rewards from their travel card, but crave simplicity, too, the MBNA Rewards World Elite is worth a look. Youll earn 2 points per $1 on everythingno need to be strategic with your spending or think about bonus categories. And because its a Mastercard that earns twice the reward points of most other travel cards and earns them across the board, its arguably one of the best options for Costco shoppers. New cardholders get a kickstart to the tune of 20,000 bonus points if you spend at least $2,000 within the first 90 days thats a value of up to $200, depending on how you choose to redeem, and if youre saving up for something big, you can relax knowing that points dont expire.

Redemption is flexible, too: 100 points equals $1 in travel rewards . You can also choose to trade your reward points for a wide variety of gift card options . Here, too, the rate of return is impressive at 0.9 cents per point most other travel cards dont offer such great value on gift-card redemptions.

So, whats not to like? Compared to competitors offerings, this card under-delivers on its provided travel insurance. Youll get lost document and ticket replacement, lost luggage and legal assistance, but theres no travel medical insurance included.

Hotel Benefits: Marriott Bonvoy American Express

Annual fee: $120Cash advance interest: 21.99%Balance transfer interest: N/A

Cardholders who regularly stay in hotels benefit from these offerings:

  • Be a visitor of the world’s most extensive hotel program covering 7,000 locations around the globe
  • A welcome bonus of 50,000 points after making $1,500 in purchases during the first three months
  • One complimentary hotel stay a year

This card also provides up to $500,000 in travel accident and hotel burglary insurance. It is no wonder why so many Canadians rely on this card to cushion them from surprise expenses and losses during travel.

Members earn an impressive 5 points for every $1 they spend on Marriott properties, making this solution ideal for loyal customers.

Scotiabank Gold American Express*

An exceptional earn rate and welcome bonus paired with useful perks like no foreign transaction fees and included travel insurance make the Scotiabank Gold American Express one of our top two picks for best rewards card for everyday spending. With this card, members get 5 points for every $1 spent in the groceries, entertainment and dining categories, and 3 points per $1 on gas, public transit and eligible streaming services. These categories are attractively broad, but rest assured that any other purchases earn at 1 point per $1.

Scotia Rewards are extremely flexible and can be redeemed for a variety of travel rewards as well as merchandise or a credit against your statement. Book travel through the Scotia Rewards Travel portal at a rate of 100 points for $1 in travel. . The Scotiabank Gold American Express also has very tempting perks like the foreign transaction fee waiver, which will save you 2.5% on purchases in another currency , and an included package of travel insurance that is worth the $120 annual fee all on its own.

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Best For Frequent Travelers

  • Pros and cons

    Pros

  • Annual travel credit. Get $300 in statement credit as reimbursement for your travel purchases every year on your card account anniversary.
  • Signup bonus. Earn 60,000 bonus points when you spend $4,000 in your first 3 months when you open your account. This is worth $900 if you redeem through the Chase Ultimate Rewards travel portal.
  • Rewards points. Earn 5x points on flights booked through Chase, 10x points on hotels and car rentals booked through Chase, 3x points on Chase Dining, 3x points on all other travel and dining and 1x points on all other purchases. These points are worth 50% more when redeemed through the Chase travel portal.

Cons

  • Annual fee. You’ll pay $550 annual fee for the card.
  • No intro APR period. Like many other travel cards, you won’t get a 0% intro APR period on purchases, balance transfers or both.
  • Excellent credit score required. Being a premium card, your chances of approval greatly increase with a credit score of 740 or higher.
  • More details
    17.74% to 24.74% variable
    Welcome Offer New Offer: Earn 60,000 points after spending $4,000 in the first 3 months, from account opening. That’s $900 toward travel when you redeem through Chase Ultimate Rewards®
    Estimated welcome offer value $900 based on Finder’s valuation
    Rewards 10x points
  • ProsCons

    Bmo World Elite Mastercard*

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    The BMO World Elite Mastercard is a strong contender in the travel rewards category, offering and an earn rate of 3 BMO points per $1 on travel, dining and entertainment, and 2 points per $1 on everything else. These points can be redeemed for a variety of products and services, including travel, merchandise and gift cards. BMO Rewards can be used towards any flight, hotel, rental car or cruise, including taxes and fees. The BMO World Elite also lets you travel in comfort with four annual Mastercard Airport Experiences provided by LoungeKey, and rest assured youll be covered while youre away with a comprehensive insurance package.

    • Annual fee: $150, waived for the first year
    • Welcome offer: Earn up to 30,000 points when you spend $3,000 in the first 3 months, plus another 10,000 points on your first anniversary
    • Earn rate: 3 BMO points per $1 on travel, dining and entertainment 2 points per $1 on all other purchases
    • Income requirement: $80,000 per individual or $150,000 per household
    • Additional perks: Free membership in Mastercard Airport Experiences provided by LoungeKey, with exclusive VIP access, plus 4 annual passes insurance coverage including out-of-province/out-of-country emergency medical up to $2 million, trip cancellation or interruption, car rental collision or damage and baggage and personal effects benefits purchase protection and extended warranty

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    Best Visa Credit Cards

    The World of Hyatt Credit Card is one of the strongest loyalty programs today, but earning Hyatts points by stays only isnt easy. Although its growing, it has relatively few properties compared with larger chains such as Hilton, IHG, or Marriott.

    However, The World of Hyatt Credit Card from Chase offers you another way to earn valuable reward points. Earn 30,000 bonus points after spending $3,000 on purchases in the first 3 months from account opening. Plus, up to 30,000 more bonus points by earning 2 bonus points total per dollar spent in the first 6 months from account opening on purchases that normally earn 1 bonus point, on up to $15,000 spent. This may sound like a lot, but you can earn both bonuses by putting just $1,000 a month on average on a credit card.

    Members earn 9 points total per dollar spent at Hyatt – 4 bonus points per dollar spent at Hyatt hotels and 5 base points per dollar from Hyatt as a World of Hyatt member. Earn 2 bonus points per dollar spent at restaurants, on airline tickets purchased directly from the airlines, on local transit and commuting and on fitness club and gym memberships and 1 point per dollar on all other eligible purchases. While 4x points for hotel stays might not sound like a lot, they are bonus points in addition to the points youll earn as a World of Hyatt member.

    Best Store Credit Card

    While PC Financial offers three credit cards for users , the no-fee PC Financial World Elite Mastercard lands top spot for its extensive insurance coverage, and supreme point value.

    Using this card, customers can earn:

    • 45 points per dollar at Shoppers Drug Mart
    • 30 points per dollar at Loblaws banner stores
    • 30 points per litre Esso and Mobil gas stations
    • 30 points per dollar at PC Travel
    • 10 points per dollar on all other purchases

    Why we like it:

    For loyal customers, the PC Financial World Elite Mastercard offers better point value than any other store credit card on the market. Plus, at 10 points per dollar on all other purchases, youâll still earn rewards even when youâre not shopping at a PC-affiliated business. The card also comes with an impressive amount of insurance and security benefits, including Travel Emergency Medical Insurance, car rental collision/loss damage waiver insurance, identity theft assistance, and 24/7 concierge service. And while the cardâs $80,000 minimum income requirement may seem slightly steep, cardowners who spend at least $25,000 per year on any other PC Financial card may get the opportunity to upgrade to the World Elite.

    Additional perks:

    The card offers an interest-free grace period for the first 21 days of ownership, as well as the option of adding account balance protection.

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    Why Should I Compare Credit Cards

    Itâs important to compare credit cards so you can find the right card for your specific needs. The best credit card for you may not be the best credit card for someone else it all depends on how much you make, how much spending you do with your card, and what rewards and features are important to you. For example, if you spend $2,000/month on your card and pay it off each month, you may want to find a great rewards credit card. On the other hand, if you’re in a cash crunch and thereâs a chance you wonât be able to pay off your balance each month, you may want to look at no fee or low interest credit cards, instead. There are many different types of credit cards on Ratehub.ca, so input your credit card spending habits here and find the right one for you.

    How To Apply For A Credit Card

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    When you apply for a credit card, theres no guarantee youll be approved. The credit card provider needs to assess your financial profile to determine if youre creditworthy. The application process will typically look something like this:

  • Fill out an application. This can be done online or at your financial institution. The application will ask for some basic information, such as your name, date of birth, address, social insurance number, employer and income.
  • Your information is checked. The credit card issuer will check your credit history and verify the information that you provided.
  • A decision is made. If you apply online, instant approval is possible, but theres also a chance the credit card issuer will ask you to contact them to provide additional information.
  • Your card is mailed out. Your credit card will immediately be mailed out and will typically arrive within 14 business days.
  • Activate your card. Once your card arrives, youll need to activate it by logging into your account or calling the number on your card. Once activated, you can use your card to make purchases.
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    Best For Rotating Cash Back Bonuses: Chase Freedom Flex

    What to Know About This Card

    • Annual Fee: None
    • Rewards Program Highlights: You earn rotating 5% cash back on quarterly spending categories, 5% cash back on travel bought through Chase Ultimate Rewards and 3% cash back at restaurants and drug stores.
    • Introductory Offers: $200 welcome bonus on $500 in spending and 5% cash back on groceries for the first year of card membership, up to $12,000
    • Top Perks: 5% cash back on Lyft rides through March 2022 and no delivery fee charges for DoorDash
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    Why We Like It: This card checks a lot of boxes. Not only do you get the rotating 5% cash back categories, but you also get a steady 3% on restaurants and drug stores. It also has grocery, ride-sharing and food delivery perks. An easy welcome bonus is the cherry on top. This card is on our list for best credit cards with no annual fee.

    Best Cash Back Card For Groceries And Gas

    The biggest selling point of the CIBC Dividend® Visa Infinite* is its impressive rewards on everyday essentials. The card earns an industry-leading quadruple the cash back on both grocery and gas purchases â two of the most common spending categories for Canadian households.

    But bonus rewards on food and transit arenât restricted to the supermarket checkout and at the pump. The card also earns an accelerated 2% cash back on dining and public transit . Plus, youâll earn 2% on recurring bills . All other purchases net a 1% return.

    Thanks to CIBCâs new Cash back on demand feature, cardholders can choose to redeem rewards at any time as a statement credit starting in increments of $25. Otherwise, cash back will be credited to your account automatically as part of your January statement. Like all Visa Infinite Cards, youâll need to earn a personal income of at least $60,000 to get approved .

    Why we like it:

    The card earns between 4% and 2% in straight-up cash back across five bonus categories encompassing food, transit, and recurring bill payments â easily making it one of the highest-earning rewards cards in Canada for all spending personalities. For a limited time, cardholders can also get the cardâs annual fee rebated for the first year and earn a boosted 10% cash back rate on all purchases for the first four monthly statement periods .

    Additional perks:

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    Scotiabank Scene Visa Card

    If youre a student who wants to build up your credit history, earn rewards and not pay an annual fee, then consider the Scotiabank Scene Card. The big perk is that you can earn points on everyday purchases towards free movies, which require 1,250 Scene Points each. Plus youll get discounts at restaurants, and up to 25% off car rentals at participating Avis and Budget locations as well. Its also an easy card to qualify for, as it requires a modest annual income of $12,000.

    • Annual fee: $0
    • Interest rates: purchases 19.99%, cash advances 22.99%, balance transfers 22.99%
    • Welcome bonus: Earn 5,000 Scene points when you spend $750 in the first 3 months of having the card. Apply before February 28 2022.
    • Earn rate: 1 Scene Point for every $1 spent 5 Scene Points for every $1 spent at Cineplex theatres or cineplex.com
    • Additional benefits: $10 off participating restaurants when you redeem 1,000 points 25% off base rates at participating Avis and Budget car rental locations
    • Minimum income requirement: $12,000

    What Are Common Visa Credit Card Benefits

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    Benefits vary depending on what kind of card you get, but there are three levels of cards: Visa Traditional, Visa Signature and Visa Infinite. Basic benefits include fraud protection among others, Signature benefits add Concierge service and travel benefits. Visa Infinite adds perks such as Global Entry reimbursement and Priority Pass airport lounge access.

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    American Express Aeroplan Reserve Card

    • 19.99% on purchases, 21.99% on cash advances.
    • Rewards Rate1.25x-3x Points3x on eligible purchases made directly with Air Canada and Air Canada Vacations, 2x on eligible Dining and Food Delivery purchases in Canada, and 1.25x on everything else.
    • Intro OfferUp to 85,000 PointsEarn 25,000 Aeroplan points after spending $3,000 in net purchases on your Card within the first 3 months of Cardmembership. You can also earn 5,000 Aeroplan points for each monthly billing period in which you spend $1,000 in purchases for the first twelve months .
    • Our TakeWhy we like itComprehensive travel insurance, Air Canada benefits, impressive earn rates and unlimited rewards make the American Express Aeroplan Reserve Card a strong choice for frequent travellers.Pros
    • Strong earn rates with unlimited rewards.
    • Air Canada airport benefits, like Maple Leaf Lounge access, a free checked bag, Priority Airport Check-In, Priority Boarding for you and up to eight travel companions.

    Cons

    • A high $599 annual fee.
    • The highest earn rate only applies to Air Canada travel purchases, so this card might not be a good fit if you prefer another airline.
  • Product Details
  • New American Express® Aeroplan®* Reserve Cardmembers can earn up to 85,000 Aeroplan points:
  • Earn 25,000 Aeroplan points after spending $3,000 in net purchases on your Card within the first 3 months of Cardmembership.
  • New Cardmembers: Earn up to $2,700 in value within your first year. Spend applies to bonus point offers valued at up to $1,700.
  • Travel Visa Credit Cards

    Travel Visa cards earn rewards you can redeem for travel purchases. Travel credit cards usually refer to rewards as points or miles. Although there can be more of a learning curve with these Visa cards, they can help you save lots of money on expensive travel bookings. A good travel rewards credit card won’t charge a foreign transaction fee. Most travel require applicants to have credit history and a good credit score.

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    Everyday Spending: Scotiabank Passport Visa Infinite Card

    Annual fee: $139Cash advance interest: 22.99%Balance transfer interest: 22.99%

    This is the best travel credit card in Canada for those who spend money regularly on groceries, entertainment, and retail while travelling. Travellers gain points faster spending with this card than other options that offer no annual fees.

    Like many travel cards with annual fees, Scotiabank Passport⢠Visa Infinite Card requires a minimum income for approval. Individuals who make at least $60k a year and a household income of $100k a year are eligible. You can qualify for this card with a credit score of at least 660.

    Everyday spending accumulates points while saving money for the cardholder. Members of this premium travel card enjoy benefits such as:

    • The only major bank credit card with no foreign transaction fees. This offer applies to online shopping as well
    • Six free airport lounge passes a year
    • Earn as much as 35,000 bonus points in 12 months, which equals $350 toward vacation
    • 25,000 points after spending $1000 on travel during the first 90 days

    Cardholders protect themselves with high-quality travel insurance perks as well. This card offers baggage insurance, rental car insurance, travel emergency medical insurance, accident insurance, and trip cancellation insurance.

    Collect points fast by earning two per $1 on groceries, entertainment, food and drink, and transit. You also earn one point per $1 on other categories.

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