DiscoveryFinance.Com » Credit Cards http://www.discoveryfinance.com Discovering Financial Strategies to Build Million Dollar Wealth Mon, 12 Jul 2010 23:07:39 +0000 http://wordpress.org/?v=2.8.1 en hourly 1 RBC VISA TFSA Reward – is this cashback feature worth your points? http://www.discoveryfinance.com/rbc-visa-tfsa-reward-is-this-cashback-feature-worth-your-points.html http://www.discoveryfinance.com/rbc-visa-tfsa-reward-is-this-cashback-feature-worth-your-points.html#comments Sun, 05 Jul 2009 07:36:32 +0000 Ryan A. Smith http://www.discoveryfinance.com/?p=387 Last month, when I received my RBC VISA card monthly statement, I saw an advertisement about redemption of RBC Rewards points toward TFSA. Seems very interesting, but is it worth a try? I decide to take a close look.

Here is the advertisement:

RBC Rewards points can now be redeemed toward your Tax-Free Savings Account (TFSA). Redemptions start with a minimum of 12,000 points for a $100 RBC Registered Rewards voucher. For each additional 3,000 points you redeem, you will receive an extra $25 in vouchers. Not only do investment earnings grow within the TFSA tax-free, there are multiple investment options and no tax when you withdraw your funds. Visit www.rbcrewards.com/tfsa to redeem and start saving today.

Now let’s consider each of the RBC VISA cards that offer RBC Rewards points.

RBC VISA cards with annual fees

  • Earn 1 RBC Rewards point for every $1 spent.
  • Annual fee ranges from $15 to $120: Visa Classic II Student $15, Visa Classic II $35, Visa Gold Preferred $110, and Visa Platinum Avion $120.
  • Cashback Analysis: To receive $100 TFSA, you have to spend $12,000 on your VISA card. This gives you a cashback rate of 0.83%. This cashback rate will be even lower if you consider the annual fee you have to pay; eg, 0.71% cashback rate for Visa Classic II Student, and -0.17% cashback rate for Visa Platinum Avion (please note it’s minus! :shock: ).

RBC VISA cards with no annual fees

  • Earn 1 RBC Rewards point for every $2 spent.
  • Annual fee $0: RBC Rewards Visa Gold and RBC Rewards Visa Classic.
  • Cashback Analysis: To receive $100 TFSA, you have to spend $24,000 on your VISA card. This gives you a cashback rate of 0.42%.

Conclusion

Whether RBC cards have annual fees or not, the cashback rate of return is very low, compared to other Top Cash Back Credit Cards. Therefore, you might consider using the points for other things.



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]]> http://www.discoveryfinance.com/rbc-visa-tfsa-reward-is-this-cashback-feature-worth-your-points.html/feed 0 A Simple Debt Management Strategy http://www.discoveryfinance.com/a-simple-debt-management-strategy.html http://www.discoveryfinance.com/a-simple-debt-management-strategy.html#comments Sun, 31 May 2009 15:57:09 +0000 Ryan A. Smith http://www.discoveryfinance.com/?p=107 I discover this Debt Management video while browsing internet. In my opinion, the advice presented in the video is pretty simple and yet is probably very HARD to do for many people. It will definitely requires some sort of self-discipline or at least delayed timing for purchases.

However, if you’re a proactive person, you’ll probably come up with a solution to overcome the issue of affordability. Instead of not buying stuff altogether, think about how to make them affordable! :)

Click here to view the Debt Management video.

Click here to view the embedded video.




Actors

Amy Poehler (wife)
Steve Martin (husband)
Chris Parnell (CP)

Caption / Script: Don’t Buy Stuff You CANNOT Afford

[ open on couple trying to balance their checkbook ]

Wife: (sighs) I just can’t get these numbers to add up.

Husband: Like we’re never going to get out of this hole.

Wife: Credit card debt, does it ever end?

CP: [walks in] Maybe I can help.

Husband: We sure could use it.

Wife: We’ve tried debt consolidation companies.

Husband: We’ve even taken out loans to help make payments.

CP: Well, you’re not the only ones. Did you know that millions of Americans live with debt they cannot control? That’s why I developed this unique new program for managing your debt. It’s called [presents book] “Don’t Buy Stuff You Cannot Afford.”

Wife: Let me see that… [grabs book, reads] “If you don’t have any money, you should not buy anything.” Hmm, sounds interesting

Husband: Sounds confusing.

Wife: I don’t know honey, this makes a lot of sense. There’s a whole section here on how to buy expensive things using money you save.

Husband: Give me that… [grabs book, looks at it] And where would you get this saved money?

CP: I tell you where and how in Chapter 3.

Wife: Ok, so what if I want something but I dont’ have any money CP: You don’t buy it.

Husband: Well let’s say I don’t have enough money to buy something. Should I buy it anyways?


CP: No-o-o-o.

Husband: Now I’m really confused!

CP: It’s a little confusing at first.

Wife: Well what if you have the money, can you buy something?

CP: Yes.

Wife: Now take the money away. Same story?

CP: Nope. You shouldn’t buy stuff when you don’t have the money.

Husband: I think I got it. I buy something I want, and then hope that I can pay for it right?

CP: No. You make sure you have money, then you buy it.

Husband: Oh, THEN you buy it. But shouldn’t you buy it before you have the money?

CP: No-o-o-o.

Wife: Why not?

CP: It’s in the book. It’s only one page long. The advice is priceless and the book is free.

Wife: Well, I like the sound of that.

Husband: Yeah, we can put it on our credit card.

CP: [shakes head]

Announcer: So get out of debt now, write for your free copy of “Don’t Buy Stuff You Cannot Afford.” If you buy now you’ll also receive, “Seriously, If You Don’t Have the Money, Don’t Buy It!” Along with a 12-month subscription to “Stop Buying Stuff Magazine.” So order today!



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]]> http://www.discoveryfinance.com/a-simple-debt-management-strategy.html/feed 2 Top Cash Back Credit Cards http://www.discoveryfinance.com/top-cash-back-credit-cards.html http://www.discoveryfinance.com/top-cash-back-credit-cards.html#comments Thu, 21 May 2009 01:02:29 +0000 Ryan A. Smith http://www.discoveryfinance.com/?p=21 Below is a list of Canadian banks and credit unions that offer cashback credit cards. I’ll update this list on an onging basis.

CIBC Dividend VISA Card

  • $0 annual fee; interest rate 19.5%
  • Tier one – 0.25% rebate for net annual purchases up to $1,500
  • Tier two – 0.50% rebate for net annual purchases from $1,500.01 to $3,000
  • Tier three – 1% rebate for net annual purchases over $3,000
  • No limit on how much cashback you can receive per year

CIBC Dividend Platinum VISA Card

  • $79 annual fee; interest rate 19.5%
  • Tier one – 0.5% rebate on your first $3,000 in annual net purchases
  • Tier two – 1% rebate on your next $12,000 in annual net purchases (Between $3,000 and $15,000)
  • Tier three – 1.5% rebate on your next $20,000 in annual net purchases (Between $15,000 and $35,000)
  • Tier four – 2% rebate on your next $15,000 in annual net purchases (Between $35,000 and $50,000)
  • Maximum cashback is $735 per year; ie, no cashback rebate on net purchases over $50,000 per year

BMO Premium CashBack MasterCard

  • $49 annual fee; interest rate 19.5%
  • 1% CashBack on card purchases
  • 3% CashBack at Shell locations in Canada
  • No limit on how much cashback you can receive per year

BMO No-fee CashBack MasterCard

  • $0 annual fee; interest rate 19.5%
  • 0.5% CashBack on card purchases
  • 1.5% CashBack at Shell locations in Canada
  • No limit on how much cashback you can receive per year



Scotia Momentum VISA Card

  • $39 annual fee; interest rate 19.99%
  • 2% cash back on the first $25,000 you spend annually on eligible gas, groceries, recurring payments and drug store purchases
  • 1% cash back on purchases made after you have reached the 2% $25,000 annual spend maximum and on all other purchases made with the card
  • Cashback limit: see above two points

MBNA Smart Cash Card

  • $0 annual fee; interest rate 13.99%
  • 3% cash back on the first $600 you spend monthly on eligible gas and groceries
  • 1% cash back on purchases made after you have reached the 3% $600 monthly spend maximum and on all other purchases made with the card
  • Cashback limit: see above two points




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