Credit Card Crazy: Trying to pick my new rewards card
Oh Internet, I’m currently in a credit card CONUNDRUM. I’m using the same MBNA MasterCard that I received in first year, it’s a decent little card and I’ve had no problems. They’ve even saved me from a lot of grief when I had my PayPal account compromised and had a few fraudulent charges. It has a 10.99% interest rate which is great but offers minimal insurance coverage. Since securing a full time position I’ve been paying off my balance in full every month and decided that now was the time to get a new credit card. Why? For all the REWAAAAARDS!
What I’m looking for? A rewards program card that offers Extended Warranty and some Travel Accident Coverage. Unfortunately anything with Travel Medical automatically bumps up the annual rate to at least $120 and since my travel is minimal, I usually get travel insurance from my bank as it is, so it’s not necessary. I have no problem paying a reasonable annual fee however if the subsequent rewards are worth it.
I had recently read Bridget’s excellent post about her new American Express Platinum credit card but unfortunately nothing in that range applied for me. I don’t use my card for business purposes, I don’t travel that much and I don’t make enough money for cards in that range. I highly recommend that post however for anybody looking to truly maximize their benefits.
How To Save Money has a great guide available and Give Me My Five Bucks Back recommends the MBNA Smart Cash Card but I know the recent change with the TD acquisition makes MBNA Smart Cash card less useful now.
I considered rewards card options like the RBC Shoppers Drug Mart MasterCard or the Scotiabank Scene Visa card. Unfortunately neither of these offered complex enough coverage. The RBC Shoppers Optimum MasterCard has Extended Warranty but only optional (read: additional cost) travel coverage while the Scotiabank Scene Visa offered basically nothing beyond PayPass. I know I see a lot of movies but not enough to go with a card that doesn’t even offer Extended Warranty, it’s basically a card that parents get for teenagers.
I think I have my eye on the American Express Air Miles Platinum Credit Card but I just need to do my math a little more instead. The BMO Air Miles MasterCard also looks interesting with a bonus offer right now, but with no Travel Accident coverage it comes up short to all the others.
Anybody else have any suggestions? What card do you use, how do your rewards stack up?