The Bank of Montreal (BMO) is offering some higher than normal sign up bonuses on several credit cards. Below is a list of some if the promotions to look out for. If you have been contemplating some of the credit cards, now may be the right time to sign up.
Outside of the top 5 big banks (TD, Royal Bank, CIBC, Bank of Montreal, Scotiabank), which control much of the financial industry in Canada, it is slim pickings thereafter. American Express has a decent foothold in the Canadian credit card market, but there are a few companies that can breakthrough if they made some bolder moves.
American Express Canada is continuing to make negative changes to its sign up bonus and referral program. First, we saw the change to only one lifetime sign-up bonus per credit card. The only except is if you are referred by a friend, but that policy also took a negative hit where you need to wait at least 6 months in between sign ups.
Another new month, another new list of top current higher than normal credit card sign up bonus offers. I was hoping to start the year with a bang, but instead, we have some slim pickings. I already decided to wait a few extra days to see if anything else was going to be released.
The Bank of Montreal is offering a $150 bonus credit on its CashBack World Elite MasterCard. The way the credit card works is that you earn 175 points for every $100 that you spend. Each point is worth 1 cent, so you are essentially getting 1.75% return on all purchases. The bonus promotion gives you up to 15,000 bonus points, which is the equivalent to $150.
Whenever miles and points take a beating, there is a lot of talk about signing up for the top cash back credit cards instead. Below, I have classified the top cash back credit cards according to the credit card company and then by annual fees (starting with lowest to highest).
Elite status with airlines and hotels can be very valuable to some. Usually to qualify for elite status you will see minimum requirements. For hotels, you usually have to reach a minimum number of stays, nights and/or points. For airlines, you usually need a minimum number of segments and qualifying miles.
The CIBC Telus Rewards Visa Card is offering a 2x the points promotion of certain category spending, just in time for the holidays.
The credit card cash back market is actually starting to heat up in Canada. Could we be seeing a shift in the industry from miles and points to cash back?
CIBC has made some significant changes to its earning ratios on its Dividend Visa Infinite Card, which increases the value of this credit card. This is definitely a welcome addition to the competition within the credit card cash back market