Hey guys, as the title states, my dad is looking for a new CC and asked me to find him the best deal. I've done a little digging and will show what I've come up with. A little background info first:
While we don't know his exact credit score, it is absolutely very high. He's never had a loan, never missed any payments, never been bankrupt and lives within his means. He's got 2 CC currently: WM and CT, both of which are OK, but he can get better. The only reason he has them is because they're free (no annual fees). He doesn't care about % rates because he pays off his payments. His only criteria: must be free. No annual fees, no hidden costs, no paying for having the card, except just the balance owing every month.
Annual Income: <$50,000
Family Income: <$80,000
What I've found:
AMEX Gold Rewards Card
AMEX Air Miles Platinum Card
AMEX Aeroplan Plus Card
AMEX True Earnings Card
AMEX Business Gold Card (no business, can he still sign up?)
MBNA Smart Cash Platinum Plus
MBNA Best Western
PC Financial MasterCard
Aspire Cash Platinum MasterCard
Scotiabank Momentum No Fee Visa
RBC Shoppers Optimum MasterCard
RBC Cash Back MasterCard
CIBC Dividend VISA Card
1) The cards that have annual fees but get the 1st year free would be used to just get the points and then cancel. How much would that hurt his credit?
2) First year free cards - can my dad register for this card, use it for 11 months and 29 days and then cancel? If not, when does he have to cancel the card to avoid paying any annual fees? Any fees for cancelling?
3) Would the welcome points and points he earned for everyday purchases get depleted if he cancels?
The types of rewards don't matter per se. The money from cash back can be used to buy travel tickets, the travel points can be used to get travel tickets.
While we don't know his exact credit score, it is absolutely very high. He's never had a loan, never missed any payments, never been bankrupt and lives within his means. He's got 2 CC currently: WM and CT, both of which are OK, but he can get better. The only reason he has them is because they're free (no annual fees). He doesn't care about % rates because he pays off his payments. His only criteria: must be free. No annual fees, no hidden costs, no paying for having the card, except just the balance owing every month.
Annual Income: <$50,000
Family Income: <$80,000
What I've found:
AMEX Gold Rewards Card
AMEX Air Miles Platinum Card
AMEX Aeroplan Plus Card
AMEX True Earnings Card
AMEX Business Gold Card (no business, can he still sign up?)
MBNA Smart Cash Platinum Plus
MBNA Best Western
PC Financial MasterCard
Aspire Cash Platinum MasterCard
Scotiabank Momentum No Fee Visa
RBC Shoppers Optimum MasterCard
RBC Cash Back MasterCard
CIBC Dividend VISA Card
1) The cards that have annual fees but get the 1st year free would be used to just get the points and then cancel. How much would that hurt his credit?
2) First year free cards - can my dad register for this card, use it for 11 months and 29 days and then cancel? If not, when does he have to cancel the card to avoid paying any annual fees? Any fees for cancelling?
3) Would the welcome points and points he earned for everyday purchases get depleted if he cancels?
The types of rewards don't matter per se. The money from cash back can be used to buy travel tickets, the travel points can be used to get travel tickets.