Daily Archives: February 26, 2011

Aeroplan VISA Gold Credit Card

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?

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