To keep or not to keep?
Last year, I thought that I needed to be a grown up and signed up for the CIBC VISA Aeroplan Gold credit card. There was a introductory bonus of 15,000 Aeroplan points for new members. There is 1 Aeroplan point earned for every dollar spent and 1.5 Aeroplan points earned for shopping at certain grocery stores and gas stations. There was also an annual fee of $120.
My renewal date is the end of February, and I’m on the fence about a renewal.
Last year, I put about $13,000 on my credit card. I charged everything on this card, from groceries to cell phone bills. I thought that I was being “rewarded” for using my credit card, but now I’m not so sure. Right now I have about 28,000 Aeroplan points, which is enough for a long haul Canadian or US flight in Economy class (25,000 points).
Assuming I spend the same next year, I’ll have enough for the next “bracket” of flights (41,000), since I don’t get that extra 15,000 points I had this year. I’m not sure if this is worth it since I still have to pay for taxes for the flight, anyway.
I’ve been debating to switch back to my PC Financial Mastercard. There is no annual fee, and a 1% rebate on all purchases. I like to put all my purchases on one credit card for ease.
The only downside of using my Mastercard as my main credit card is that I love using my VISA when I travel, since Mastercard is not accepted everywhere (read: overseas). This can easily be fixed, of course. I still have my TD Visa Rebate card that I’ve hidden under my mattress and not used. I can use the VISA when I travel, and my Mastercard the rest of the time.
I pay off my credit card balances every month, so even though in principle a lower APR is nice (I am currently at the 19% rate), that doesn’t really come into play.
Readers, what do you think? What credit card do you recommend?