Photo Credit: Tomasz Piwowarek
Reward programs are not as contemporary & hip as you may think. Loyalty or reward programs have been a part of our consumer culture for quite some time. For instance, Canadian Tire started a rewards program back in the 1950’s with their ‘Cash Bonus Coupons’ or Canadian Tire Money featuring “Sandy McTire.”
While reward programs are extremely popular, and have been for decades now, most program members are not maximizing the benefits. Many of us are working to pay off our credit cards, instead of letting them work for us. So, how are you supposed to get the most out of credit card rewards programs?
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Cash back cards are a great option for those financially-responsible, savvy-spender types. You know, the guy or gal who is never late with a payment, pays their credit card balance off each month, and uses their card for…well, everything.
Since cash back cards generally come with higher annual fees and interest rates, they’re better suited for those who consistently live within their means and pay on time. If you fall in this category you should consider switching to a premium cash back card. According to Moneysense, one of the top cash back cards in Canada is the Scotia Momentum Visa Infinite Card.
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Sometimes in a relationship you just want out, other times you’re willing to ‘see other people.’ The latest drama in the Credit Card Soap Opera shows CIBC is willing to let Aeroplan see other people, instead of calling it quits all together.
The Globe and Mail recently reported that TD Bank and CIBC agree to split current Aeroplan accounts and share the role of being Aeroplan providers for the next 10 years. Many Aeroplan cardmembers with TD Bank and CIBC are outraged and confused by the news, stating they have yet to hear directly from the banks about the upcoming switch. We’ve put together a quick breakdown for current confused cardholders…
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Get Double The Points, Earn Extra Miles or Receive Bonus Cash Back! It’s hard these days to come across a credit card offer that’s not promoting some sort of rewards program. Issuers are offering more and more rewards these days in an effort to get you to sign up for their special credit card. And, with many offering extra points, double miles and more cash back for certain purchases, why wouldn’t you want one?
While rewards cards might be extremely popular, they’re not always the best option…especially for students just starting out.
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‘Tis the season of wedding registries, Best Man speeches and First Dances. Yes, summertime is definitely the season for weddings. An estimated 165,297 weddings will take place this year in Canada, with almost half of those couples saying ‘I do’ between July and September. Not surprisingly, August comes in as the most popular month for those blessed nuptials. About 82,000 are getting married this month alone.
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With cash transactions only accounting for 20% of transactions in 2009, compared to 50% in 1990, many experts believe we are quickly moving towards a cashless society.
Not only are we using credit cards for almost everything, but we are also increasing our online shopping and banking – leaving our local ABMs sad & lonely. Think about it, when was the last time you had to wait in a long line for the ABM? In ten short years we have seen a dramatic decline in the use of cash. But, will this trend continue, leaving future generations completely cashless?
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