For the most part, 2022 was a relatively quiet year in terms of changes to the credit card industry (in terms of permanent offers). There was a significant amount of all-time high sign up bonuses, which do not factor into our ranking system. Our rankings are based on the intention of retaining credit cards for the long term, not based on churning.
Costco and Capital One ended their relationship, but when one door closes, another door opens. Just for reference, here are the highlights of each card for comparison’s sake.
It has been just over a year since our last update (December 1, 2020) of the rankings list. The timing works well to update again this month, since we are coming to the end of the year. Now we get a snapshot of 2021, as we head into 2022.
Back in 2016, I began a tradition of trying to predict the travel / rewards market in Canada. The first year was rough, but it got better over the years. How did it go in 2020?
Below are my previous scores:
It has been 8 months since our last update. Can you believe it, 8 months ago we were already dealing with lockdowns.
Suffice to say, there has been some major changes to the industry since then, namely, Capital One slowly shutting things down, along with Aeroplan’s launch of new co-branded cards. Even so, you will notice most of the ranking changes from the middle to the end of the list.
Did I jinx it? Yahoo News is reporting that Capital One is ending its relationship with Costco Canada and Hudson’s Bay in 2021.
Are you kidding me? Right after our previous post where I said:
At this point, I just hope that Capital One finds a way to continue to operate in Canada. Part of me feels like they are closer to shutting down rather than introducing new products.
This is a continuation of a previous post that I wrote about: End of an Era: Capital One World Elite Aspire Travel MasterCard.
Fair Warning: Bloggers often have to balance between sharing secrets for the benefit of everyone, versus keeping secrets, for the benefit of those who know about it (so that the benefit does not get shut down). For today’s post, I will be sharing my experience with the credit card (mentioned above) that really worked in my favour, which is why I kept it so long.
I’ve held off writing this post for a while now because I am still a little shocked and sadden by the changes.
You may have read about the Capital One World Elite Aspire Travel MasterCard that was discontinued almost 3 years ago to new applicants. However, existing cardholders were allowed to keep their cards with the same features and benefits. At the time, I found that to be a very generous move by Capital One. I am proud to say that I kept the card all this time.
It has been almost a year since we last updated this post, so no question this was due for an update. The reason why I waited so long is because there are very few changes to the rankings since then. However, there was a sufficient amount of changes to the industry to warrant an update. Most of the ranking movement occurred in the bottom third of the list. Furthermore, another common theme on this list is that the gap widen between some of the positions.
Every time I update the rankings, I have an overall theme throughout the post. For today’s post, the focus was on internal changes made by each financial institution which justify their position in the rankings.
This post was inspired by the upcoming devaluation of the Rogers World Elite credit card, which I will further elaborate on below.
What is the concept of “grandfathered credit cards”? This is a concept that is thrown around a lot, but let’s further clarify what it entails. Most people who are highly active in the miles and points industry are quite familiar with this topic, so this post may not be relevant to you. But if you want to learn about the different variations of grandfathering a card, then keep reading!
This post breaks down the various ways that a credit card company can grandfather a card.