FABS Posted June 25, 2009 Report Share Posted June 25, 2009 Does anyone out there know if banks will offer you a rewards credit card (airmiles, aeroplan, travel points, etc) as the main card for your line of credit? So far, Scotia and Md management have thrown in a rewards credit card but as a side perk, and not as the main card for my line of credit.... TD offers a VISA gold credit card (but again no big rewards)... Link to comment Share on other sites More sharing options...
MoSquared Posted June 25, 2009 Report Share Posted June 25, 2009 Does anyone out there know if banks will offer you a rewards credit card (airmiles, aeroplan, travel points, etc) as the main card for your line of credit? So far, Scotia and Md management have thrown in a rewards credit card but as a side perk, and not as the main card for my line of credit.... TD offers a VISA gold credit card (but again no big rewards)... Not sure why you want a credit card that is linked directly to your line of credit? If you have one linked to your LOC, you start paying interest as soon as you use it, with a regular credit card you have 21 days of no interest accumulating. At RBC I got a gold rewards card with my LOC, it gives me 1 RBC point for every 2 dollars spent. Also includes 1-year extended warranty on all purchases, car rental insurance, and flight cancellation insurance. RBC offers this to any Medical student who opens a line of credit, and it is free. Maybe I didn't understand what you were asking but RBC's card, their rate, the professionalism of my representative, and the everyday services are way better than other banks so take a look at them. Link to comment Share on other sites More sharing options...
golf_squared Posted June 25, 2009 Report Share Posted June 25, 2009 what is an RBC point? Anyone have the contacts of RBC and Scotia to talk to in the downtown T.O area? Thanks. Link to comment Share on other sites More sharing options...
MoSquared Posted June 25, 2009 Report Share Posted June 25, 2009 what is an RBC point? Anyone have the contacts of RBC and Scotia to talk to in the downtown T.O area? Thanks. Well you collect them and then redeem them for flights, products, donations, etc. To give you an idea, right now 6000 RBC points will get you a Phillips electric shaver haha. Contact information for all the reps are on their website under professional program line of credits...there is a link somewhere in the forum... Link to comment Share on other sites More sharing options...
golf_squared Posted June 25, 2009 Report Share Posted June 25, 2009 back to the OP original question. I am wondering if any of the banks give you an aeroplan (air miles) visa card (with no yearly fee). I do not mean one that is directly linked to the LOC. And along those lines, will any of them increase the limit on the card to let you pay tuition with it. It would be great to get the aeroplan miles from 4 years of tuition payments. Link to comment Share on other sites More sharing options...
xi88 Posted June 25, 2009 Report Share Posted June 25, 2009 I think BMO gives airmiles with the LOC. I remember the specialist mention it, but I'm not big on airmiles so i didnt really pay attention to it. Link to comment Share on other sites More sharing options...
Kuantum Posted August 31, 2009 Report Share Posted August 31, 2009 Just to clarify a few things. The way I understand it, a credit card linked to your LOC does not mean that when you use your LOC it is being taken from your credit card like a cash-advance (meaning you get hit with the high interest rate right away on your purchase). To me, it means it was a package deal with my LOC of credit that I can very easily transfer money to in order to make payments. Reward cards. It depends on your needs. Mine are primarily travel since I live away from home so I end up heading home usually 3-4 times per year. Scotiabank gave me the Scotia Gold Passport (http://scotiabank.com/cda/content/0,,CID10405_LIDen,00.html#save). In my opinion, the only card that comes close to this for travel rewards is the Infinite Avion http://www.rbcroyalbank.com/visainfiniteavion/index.html (RBCs best card). I met with a RBC rep and this card is still not as good as Scotiabank's card. To get top of the line credit cards, you need to be able to say to your reps 'I am going to go see what other banks have and see if they will give me something better than you will'. However, you actually have to do it, come back with a heads-up comparison and tell them to give you what you want or you will happily take your business else where. It's just negotiating. To the person who got the RBC Gold card - I think you could have held out for more. A lot of RBC people I know got the Platinum or Infinite Avion. You should be able to easily negotiate the top of the line credit card without any fees. It may take a few days of back and forth, but if you are persistent and willing to walk out, you'll get what you want. Best. PS: You can switch your LOC at any point - it is very easy to do especially if you find a better deal. Disclaimer: I got my LOC when prime was at 6% and the financial markets hadn't taken such a beating yet. Things have changed and this may be reflected in a banks willingness to give top credit cards to those without any credit rating. Link to comment Share on other sites More sharing options...
BlackJack Posted August 31, 2009 Report Share Posted August 31, 2009 I have a BMO Mastercard with no annual fee, 1 airmile/$20 purchase and an 11.9% rate. Do you think I can do better than that? Link to comment Share on other sites More sharing options...
Kuantum Posted September 1, 2009 Report Share Posted September 1, 2009 I have a BMO Mastercard with no annual fee, 1 airmile/$20 purchase and an 11.9% rate. Do you think I can do better than that? 11.9% is good...but you shouldn't really have any excuse to be getting hit with the credit card interest rates with a line of credit. Just make sure you pay off your purchases as soon as you buy them. No annual fee is good. I don't know how airmiles works...so I can't tell you if that's a good deal. However, I just went onto the airmiles website and calculated how many I would need for a Vancouver-Toronto flight. In Low-season, it's 2850 airmiles which translates to $57,000 you'd need to spend on your credit card. Now, if I book for around the same time period through AirCanada website, it comes to $707. Through Scotiabank, I'd have to spend $70,700. However, I'd get a 5% cash discount so it'd actually only be $67,165. So, for this flight your card would be better. With Scotiabank there are ways to earn more than 1 point to the dollar and I try to take advantage of these when I can. Also, not many people are spending that kind of money on their credit cards (I usually end up accumulating enough to make my flights cheaper, not the whole flight). Those of you who still attend schools where you can pay your tuition by credit card will benefit from these reward cards the most because then you can accumulate even more points that way. All in all, I don't know what your card is providing, but all the additional features of Scotiabank (rentals/hotel discounts/insurance on purchases/scotia rewards program for more than just flights - I currently have enough points to purchase a nice knife set or an ipod) I think make it the best card since the BMO cards didn't have as good combination of travel + additional feature rewards. If you like the treatment your bank is giving you and your card works for your situation, I'd stick with it. The Scotiabank was the best for what I would be needing from a rewards card. Link to comment Share on other sites More sharing options...
Jochi1543 Posted September 2, 2009 Report Share Posted September 2, 2009 I have a BMO Mastercard with no annual fee, 1 airmile/$20 purchase and an 11.9% rate. Do you think I can do better than that? How did you do that? I have 11.9% and basic cashback, but the 11.9% required an annual fee (used to have 18.9%). Link to comment Share on other sites More sharing options...
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