admin
Petro MasterCard
Rewards
Petro offers 2 cents off gas purchases at any Petro Gas station. That’s one of the higher discounts I have seen for credit cards. They also offer Petro Points for any purchases using they credit card. Well, although the gas discount is good, the Petro Points aren’t. You are better getting the cash back credit cards. Also, Petro will often sent you e-mails about surveys you can conduct for more Points. Petro-Canada also has reputation of delivering quality gas.
Recommendation:
Use the Petro MasterCard at gas stations only. For all other purchases, use the cash back credit cards that I will recommend on this forum. (Ultramar Card)
| 9/10/2008 7:08:48 AM |
admin
CitiBank Enriched
Rewards
The main Reward for using this credit card is getting the full cash back of a 1% each year. There are no tiers like other banks and so, every dime you spend up to $20 000 a year, you get the full 1% cash back. This is the main reason for using this credit card.
Insurance
Offers basic protection that is difficult to take advantage of.
Borrowing
You obviously won’t use this credit card to borrow money on a regular basis. However, every now and then, they promote a low interest rate cash advance that is much better than prime rate and if use correctly, it will save you money. However, be careful, be very, very careful. With this credit card, if you are one day late in payments, they will charge you interest rate for the whole billing cycle! I consider criminal, but they seem to get away with it. They are also very vague in communicating when the actual promotion ends. This way, if you don’t know when the promotion ends, they can charge you the standard high interest rate fee when you are one day late of missing the payment deadline. Secondly, the day you take a cash advance, everything that you had paid for through credit card is officially being charged interest.
Recommendation:
The NBC Ultramar offers better cash back if you spend less then $20 000, but more than $9000. If you spend less then $9000 and you know you can remember to ALWAYS pay on time, then this credit card is for you. If you spend more than $20 000, then you should first spend the first $20 000 using the Enriched Ultramar card and then, then use the this Enriched card there after.
NBC Ultramar
Rewards
This card seems to be advertising as a gas card. It does offer good rewards for those who use the Ultramar gas station, but this gas station isn’t everywhere in Canada. Hence, I never take
Insurance
Basic protection
Borrowing:
I have yet to see this card offer promotional low interest borrowing rates
Recommendation:
If you know you spend more than $9000, then use this card. Once when you pass $20 000, use another card.
| 9/4/2008 6:51:11 AM |
admin
Chances are, you have a credit card, probably 2 or 3 or more! But how do you decide of all the credit cards out there, which ones are the best to use and which ones you should throw away?
In an attempt to attract clients, credit card companies offer three main benefits, Rewards, Insurance and Borrowing. Taking these three benefits into consideration, we can now discuss each card.
| 9/4/2008 6:50:49 AM |
