Many credit cards offer juicy signup bonuses to get people to join their club. When the promotional period runs out, however, some cards aren’t worth the plastic they’re manufactured on.
One year is a common cutoff point for good deals, and after that, many cardholders are hit with major fees, disappearing benefits, and policy changes that amount to big losses at the end of the day. So which credit cards are still worth holding onto after their initial buzz wears off?
Cash Back Category: New SimplyCash Preferred American Express Card
American Express has a lot of great cards, and their SimplyCash Preferred card has been voted the best cash back credit card available. That’s because of fabulous details like:
- Their 2% cash back on *everything* policy. That means ALL purchases made using the SimplyCash card automatically earn Canadian cardholders 2% back. In addition to this being a generous amount for cash back rewards, the blanket inclusion of all purchases makes this card stand a head above the rest.
- No limit to the amount of cash back earned. Too many cards have a cap on how much cash back you can earn, which hardly seems fair. After all, they aren’t capping how much you can spend! The SimplyCash Preferred card gets that and gives you unlimited cash back rewards, which is possibly its most attractive feature. It’s free money each and every time you shop.
Balance Transfer Category: MBNA Platinum Plus MasterCard
When a credit card interest rate or balance gets too high, many opt to transfer the entire balance to another, lower interest rate card. The trick here is to find one that won’t charge you an arm and a leg for the transaction of transferring the debt. The MBNA Platinum Plus MasterCard is a perfect candidate for this transfer, and here’s why:
- This is the only card with a 0% interest rate on balance transfers (for the first year). Even generous cards will charge a small percentage for transferring the balance, which is what makes a 0% offer so unusual and appealing. It essentially means that 100% of your payments go toward paying off your debt rather than cutting off a chunk to pay the interest tagged on. That can amount to quite a bit of savings over the first year.
- The same attractive 0% rate applies to cash advances that can be deposited directly into your checking account.
- Absolutely no annual fee ever. That means you permanently enjoy a perk that most credit cards reserve as a first-year signup bonus.
- You’ll also retain all the Platinum benefits such as auto insurance, carrier accident insurance, and more.
No Annual Fee Category: Tangerine Money-Back
Another great card for annual fee-phobics is the Tangerine Money-Back card. This card also boasts the impressive and almost unheard of no annual fee benefit, and has other perks like:
- 2% cash back on three categories that you can choose and change at will
- Like the SimplyCash card, Tangerine offers unlimited cash back
Low Interest Category: American Express Essential Credit Card
- 8.99% fixed interest rate
- 8.99% cash advance interest rate (very low compared to competitors!)
- No annual fee
Travel Category: Chase Marriott Rewards Premier Visa Card
The Chase Marriott Rewards Premier Visa card is possibly the best travel credit card a Canadian can own. That’s because this card doesn’t believe in one-night stands; it’s in it for the long haul. Even after the initial benefits run out, cardholders still enjoy loads of perks including:
- A yearly anniversary bonus of a free night’s hotel stay for all cardholders
- Absolutely no Foreign Currency Transaction Charges on international purchases. This is a big perk for travelers because foreign transaction fees can amount to gargantuan expenses by the end of a vacation abroad.
- Additionally, reward points are constantly accumulating after the first year, so cardholders can cash in on some great rewards as they reach new tiers in the points scheme
This Visa Card has a $120 annual fee that’s a bit higher than other cards, but there’s no annual fee for additional cards, making it more attractive for couples, businesses, or anyone who intends to share the account with someone else.
These cards are the ones that keep giving even after the initial sizzle wears off. So, invest in the right credit cards and reap the rewards.
For all the best cards that offer fantastic signup bonuses, we suggest you visit our Best Credit Cards in Canada page.