Are you like me whereby, when you are lining up to pay for something, you scope out what type of credit card the person in front of you is using to pay? I do that all the time. Of course I cringe when they do not have the loyalty card or pay with cash.
There are a handful of credit card companies that are really upping their game when it comes to cash back credit cards. Some promotions are permanent or indefinite, others are temporary.
For the past 2 years, I really felt that the Canadian credit card companies are putting more and more emphasis on cash back credit cards. Maybe they are capitalizing on people’s frustration with mile and points programs. Maybe it is more profitable, considering that there is no real lucrative sign up bonuses that are offered. Whatever the reason is, I really do believe that the current competitive in the cash back market is the best I’ve ever seen.
First year fee waived promotions are extremely valuable. One of the biggest deterrence of signing up for a credit card is a hefty annual fee. By waiving the first year annual fee, customers can get a free trial before deciding whether they want to keep it going.
I have written posts ranking each financial institution, but I thought it would be fun to write a post listing the top credit card of each financial institution. I have listed the credit cards based on the most recent financial institution rankings….
A few changes to the credit card industry, as well as a new addition warrants an update to this list. Below is the explanation of each grouping:
A reader asked me last time, what the purpose was of this ranking. Basically, you do what you want with the list, take it for what it is. As a consumer, this list can give you an idea on where to shift your business. For example, if you want to see some of the smaller companies survive and thrive, you will know where to move your business.
It has been a few months since I last updated this list. The reason is because there was no significant shift in the industry until now.
I decided to change up my classifications a little bit. I’ve split up the credit card companies into 4 groupings:
As we explained in our page called “Understanding Credit Cards, credit cards that offered a fixed reward is when you know exactly how much you are going to earn and you know exactly what you are getting in return when you redeem your points.
I made a small tweak to the title to avoid confusion. This list that I put together on a monthly basis is to capture all the higher than normal sign up bonuses. For all the top current credit card sign up bonus offers, you can hover over the “Top Credit Cards” in the menu bar. There you will find a drop down menu of the credit cards sorted by categories.
Signing up for credit cards always have requirements to fulfil. The two most common ones are credit scores and meeting minimum income requirements. Today, we will focus on minimum income requirements. Usually, the common ones are $15,000, $30,000 or $60,000 personal income minimum. But there are other credit cards that are even higher and they are generally considered the “premium” credit cards, which offer a lot more perks and benefits.