Pointshogger reader, Danielle Lauzon, from Fintel Connect, sent us a very relevant question: “Is this the time for a new credit card?” We will respond to this with a short and long answer below. Thank you for taking the time to reach out to us Danielle!
Question
Is it the time for a new credit card?
Short Answer: No
Let’s get the elephant out of the room first, NO, it is not the time to get a new credit card if you cannot pay your balance in full.
You probably heard on the news, how Canadians are racking up more debt than ever before. So the question remains, are credit card rewards worth it? The short answer depends on a few factors. Are you paying off the balances…
When you have a portfolio of multiple credit cards to keep track of, the question I constantly ask myself, which credit cards should I keep and which ones should I cancel? Today, I will list the main factors that I give strong consideration to before deciding the fate of my credit card.
With the ever changing world of miles and points (for example, very little referral bonus opportunities left), I constantly feel like I need to change up my earning strategy. I previously wrote an article about my top ways to earn points. Today, I will talk about my favourite ways to earn and why.
People often ask how others are able to accrue so many miles and points so quickly without flying much. One of the ways to do it is by credit card churning.
Do you ever wonder why people who are eligible for a credit card do not own a credit card? Pointshogger decided to look a little more into this by speaking with a few people and doing a bit of research on our own.
1) Credit Cards are Not Safe. Most people believe that using a debit card or using cash is a better option than using a credit card as it is safer. Many credit cards actually protect you during travel and purchases. For example, price protection means that if you find a lower regular price of an item with 60 days from the day of purchase, you may get reimbursed for the price difference. This is something cash or debit card does not offer.
There have been rumours that American Express might no longer allow customers to churn their credit cards. We will see if there is any truth to this rumour in the coming months. Churning is the process of signing up for a credit card, then cancelling and signing up for the same credit card again later on. Some credit card companies only allow you to get one sign up bonus per lifetime.
There are so many reasons why people want to churn. Here are some of the possible reasons:
There is a current offer to earn 2,500 Air Miles points that expires on April 30, 2014 on the American Express AIR MILES Reserve Credit Card. The highlights of the credit card are as follows:
Last time, we wrote about the top credit card at one of the more low profile banks, HSBC Canada. This time around, we’re looking at another low profile bank, Laurentian bank, to see if there is a hidden gem. The Laurentian bank website is definitely not user-friendly at all, but I managed to rumble through the site to figure out what types of products they offer.
Another new year, another new semester for students. It can be stressful being a student at this time of the year. Waiting for exam results, applying for jobs in time for the summer, dreading going back to school after a restful holiday, etc. Having a solid credit card can alleviate some of the stress.