Hey folks,
I’ve become a little unhappy with my current BMO Mosaik MasterCard lately. Right now I have the freebie option where I get 0.5% of my spending in cash back. The only problem is that I’m spending loads on this card, but only got around $30 back for 2008.
I’ve been shopping around for a new MasterCard to see if there’s anything better for me out there. I liked the idea of cash back so I wouldn’t be tied up with points programs and redemption problems and stuff, but the reward is just not enough.
If I have to be part of a points program, I want something that is easy to redeem, and definitely something I will use within a reasonable amount of time.
I’ve applied for the President’s Choice MC since I have a No Frills & Loblaws near me and use PC points on my debit card already. I figure at least this way I’ll get free groceries out of the deal, right? I think the math works out to something like for every $2000 I spend on the card I get the equivalent of $20 in free groceries.
I’m going to keep my old MC account open since I’ve had it for a long time (Would it hurt my credit to close this down?), but I’ll start using the new PC card as my main one once I get it.
Just wondering if any other bloggers use this card and what they think of it? Is it worth it to you, or would I be better with my Airmiles one? Any other tips or tricks? And yes, I already have a Visa. 🙂
Thanks!
5 responses to “President’s Choice MasterCard?”
I love love love love love my PC Mastercard because of the free groceries. It also makes me shop at Superstore more, which is better because the prices are so much cheaper than Safeway.
I also have a Visa and an Amex, and lately I’ve been pouring everything onto my Amex because I get 1.25% back for traveling (with no annual fee).
A few years ago when I was shopping around for a Mastercard, when you break it down, I think the PC Financial one is the best one without an annual fee.
DO NOT close down your BMO card. It WILL hurt your credit score because it was your longest credit card open and you probably don’t have 20 years of credit history unless you started a card when you were young 😛
The score will then reset itself to your second oldest card, which may not be as long a history as your BMO, and your score will drop because you haven’t “proven” yourself with credit. *rolls eyes*
Just keep it open and spend a little bit on it once every year (like something small).
I second kyrstal’s opinion.
I spent a LOT of money in the past couple of months and put whatever I can on the credit card (paying it off immediately of course), and I wound up with $200 of free groceries at one point which I splurged
I haven’t used it much since then, but I’ve been racking up the points apparently! Got another $40 just the other day.
PC is THE BEST card and most practical to use with their PC points program (You can also order things online via the PC points program like a free toaster or something) but the groceries are a better deal than the things.
To expand on what FB said… if you close down your BMO card, your debt percentages will be weird. My understanding is that your debt load is calculated by all your available credit vs what your amount owing is. So, the more credit you have available to you (within reason) the better off your score looks.
I personally love my BMO card… but I use the Airmiles option and redeem them for free gas. I don’t pay for gas for my car too often because of this, so it works out really well for me. If I got the cashback option I think I’d just blow it somewhere else on stuff I really don’t need. But it all depends on your situation. I’m also a little anti-PC because I hate giant superstores that impact small businesses and import everything they sell from China. But thats just me. Of course, this does mean that I pay more for stuff than I would at PC stores, but I’m ok with that.
I am like you & want cash back as opposed to points or hotel stay.
I love my amex card (2% cash back once you reach a certain level) but it's not available anymore I don't think.
The second best card I found for cash back & use as my backup card when Amex is not accepted is the citi enrich mastercard (1% cashback). Check it out if you're not set on PC. For me I shop @ FoodBasics almost all the time for groceries so it wouldn't be a good deal.
The PC mastercard is wonderful – we get loads of free groceries. Our last trip we saved $90 off the bill. While I understand wanting the freedom in terms of “cash back” you will get way more free grocery points from PC. And unlike travel points, you will always need to buy groceries. And you can use your points at Loblaws, Zehrs, No Frills etc.