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Yeah, I have a couple credit cards I've had since 2006 or so that I use regularly and never close, I usually apply for 1-2 cards every 3-6 months, and so far it's never affected my credit so badly that I've been denied. I'm also not looking to buy property in the next couple years either, when I get to that point I'll slow down on the churning and go a year without doing it or something, but I really doubt it has any real long term effect on my credit score, especially since I close the accounts within a year anyway.
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Jan 28, 2014 19:54
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HookShot posted:I usually apply for 1-2 cards every 3-6 months Good lord! Gaming the signup bonuses I presume?! 
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Jan 28, 2014 20:40
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FrozenVent posted:Your credit score is not a video game high score, there's no sense in min / maxing it. Close the cards. That said the point is taken and I will cancel them. It's not like I should keep them for perpetuity if I never plan to use them. For interests sakes, I will see if I can get my credit score now and check again in 6 months to see what the difference is. Anyone know of any deals/codes for FICO score power?
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Jan 28, 2014 20:52
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FrozenVent posted:Your credit score is not a video game high score, there's no sense in min / maxing it. Close the cards. melon cat fucked around with this message at 22:02 on Feb 4, 2024 |
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Jan 28, 2014 21:15
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Lexicon posted:Good lord! Gaming the signup bonuses I presume?! Yeah, exactly. As I said, in the last seven months I've gotten enough for a free round trip ticket to Europe.
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Jan 29, 2014 01:20
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HookShot posted:Yeah, exactly. As I said, in the last seven months I've gotten enough for a free round trip ticket to Europe. Teach me, please.
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Jan 29, 2014 01:39
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tuyop posted:Teach me, please. Easiest first step is to cycle through the two Amex Aeroplan or Aeroplan equivalent cards -- the Amex Gold Rewards and the Amex Aeroplan Plus Gold to get 25k+30k = 55k Aeroplan points. You need a referral to max out the points, otherwise you get 45k -- PM me if you want one. Both cards require $500 of spending in 3 months (trivial) and have no annual fee for the first year. Then I guess you could get the new TD Aeroplan Visa Infinite with the first year fee waived (might have to ask for this at a branch or on the phone) for 15k points (mediocre). That gets you up to 70k Aeroplan without any fees in the first year (you can always cancel later) and the Amex cards also have pretty great rewards in general. Then get your partner to do the same for 90k more points (by referring her).
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Jan 29, 2014 02:16
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If it's not status points, they're worthless.
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Jan 29, 2014 04:06
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blah_blah posted:Easiest first step is to cycle through the two Amex Aeroplan or Aeroplan equivalent cards -- the Amex Gold Rewards and the Amex Aeroplan Plus Gold to get 25k+30k = 55k Aeroplan points. You need a referral to max out the points, otherwise you get 45k -- PM me if you want one. Both cards require $500 of spending in 3 months (trivial) and have no annual fee for the first year. Then I guess you could get the new TD Aeroplan Visa Infinite with the first year fee waived (might have to ask for this at a branch or on the phone) for 15k points (mediocre). That gets you up to 70k Aeroplan without any fees in the first year (you can always cancel later) and the Amex cards also have pretty great rewards in general. Then get your partner to do the same for 90k more points (by referring her). Some other points: - Amex has a policy that a person can have two charge cards and two credit cards at the same time, so you can have as many as four Amex cards at any given point. CIBC will only let you have one of each of their cards at once. TD is new to the Aeroplan stuff, I don't know what their policies are yet. - I always apply for cards in pairs. Apply for one, wait a couple days, apply for another. Then I wait at least three, but not more than six months before I start applying for new ones. - Use a calendar that you will check regularly and make sure you put an appointment to cancel the card after nine or ten months. - Sometimes referrals to yourself work, but not always. Referrals to/from your spouse will always work. However, you have to have an Amex first before you can get in on that sweet, sweet spouse referral action. - The business cards often give better bonuses than the personal cards. Since I have a business, I definitely take advantage of it. With the Amex cards, sometimes they offer bonuses for transferring to BA Avios. I think it's about twice a year, you get a 25% bonus. Aeroplan also offer bonuses for transferring to their program from time to time. The last one was in December, the bonuses sucked, but it was still something. I usually wait for the bonus offers before I transfer my Amex points to Aeroplan. I don't do Avios so I don't know how that program works/whether it's worth it. The main thing to consider with Aeroplan is that you want to use it for overseas travel only. This is because Air Canada and a number of other airlines charge "fuel surcharges" that are usually around 50% of the price of the regular ticket and makes it completely pointless to use the points. It's easy to find a list of airlines that are part of the Star Alliance that don't charge a fuel surcharge, and so I recommend sticking with those exclusively. One of the big ADVANTAGES is you can use Aeoplan points to do a "mini RTW" as they're called. I'm basically stealing this from FlyerTalk, since I'm too lazy to write it out myself: quote:The Mini-RTW is a name given to a type of reward booking using Air Canada's Aeroplan miles. It is actually not a "round-the-world" ticket at all - it is a regular award redemption. Just as you would use 75K frequent flyer miles to go to Japan on another airline, you can use 75K to do so using Aeroplan miles. The difference is that Aeroplan allows you to "stopover" in multiple cities at no extra mileage cost, making it very attractive compared to other reward travel. It should be noted that this isn't really that much better than some other airlines. For example, Delta offers one stopover + open jaw, which is only one stopover worse than Aeroplan's deal. But many of the airlines only offer one stopover and no open jaw. So there is definitely value here. Cultural Imperial posted:If it's not status points, they're worthless.
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Jan 29, 2014 04:35
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HookShot posted:The main thing to consider with Aeroplan is that you want to use it for overseas travel only. This is because Air Canada and a number of other airlines charge "fuel surcharges" that are usually around 50% of the price of the regular ticket and makes it completely pointless to use the points. It's easy to find a list of airlines that are part of the Star Alliance that don't charge a fuel surcharge, and so I recommend sticking with those exclusively. It's definitely not the most efficient redemption in existence but North American flights aren't that bad, YVR - SFO on AC/United (which is something I fly several times a year) is usually around $550 for round-trip direct flights in the best case scenario, or 25k Aeroplan points + $170 in ridiculous fees. So the miles still save me around $400 per flight.
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Jan 29, 2014 10:12
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When we used to fly Air Canada to northern BC Aeroplan points were a great deal. 15000 points would knock $500 off the price of the ticket. Since Westjet started flying into the region the competition has pushed prices down, so the value isn't as good anymore, saves about $300 on the same points cost. I also flew business class to Europe a couple years back, but this was before Star Alliance partners started passing on the full taxes through Aeroplan. The value of redeeming Aeroplan is certainly lower than it was in the past.
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Jan 29, 2014 10:30
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HookShot posted:Free air travel Oh man, this is so much better than maybe having a good credit score.
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Jan 29, 2014 13:58
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Okay, so I just finished test running 3 different foreign exchange options, since I need to move a larger amount of funds into Canada next month. I'm moving Euros to CDN, so Norbert's Gambit isn't an option. Previously I had been using wire transfers from my bank in Europe, but the fees & exchange rate were just stupid. I tested converting a small transfer with each of them, because I'm paranoid about a five-figure number disappearing into the ether. https://www.xe.com: I can not recommend them. Getting my money to them was easy enough, but they choked hard on transferring my funds to Canada. It took a week to resolve, and when the money arrived 7% of it was missing. The exchange rate was also the worst of the options I tried. Will contact them to find out what happened to the funds. All told they were 2.5% over mid-market, and the transfer to Canada was hit with a total of $12 in fees. Vancouver Bullion & Currency Exchange Online (http://online.vbce.ca): I've been using their retail service in Vancouver for years, so I was already a fan. They always had the best retail rates on foreign currency, and before I moved to Europe they were quite convenient. In the last year or so they started offering an online service, which I finally set up. They scale the rate based on the volume, so a 100€ transaction would be 2% over mid-market, getting smaller with larger transactions. Best part was they did not charge any transfer fees on top of this. The cons are their website sucks once you create an account, it looks like an internal tool that's been released to the wild. http://currencyfair.com: Probably the best option for large transfers available so far. Their prices vary based on what's being offered, but right now they are 0.9% over mid-market, and given the way their shop works (peer-to-peer trading) it can go lower than that. They charge $4 CDN for transferring the funds to Canada. Given the fees and the differences in exchange rates, for small transactions (<$400) VBCE is probably the best bet. XE.com has a worse exchange rate and charges fees on the transfer, so they lose against everyone but my bank's wire transfer. For transactions above $400, the exchange rate difference from CurrencyFair cancels out their $4 charge. Looking at all of the sites, the spread on USD to Canadian is lower. Fees might vary with different banks & currencies as well, like I said, this is all about moving Euros to Canadian dollars.
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Jan 29, 2014 15:07
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tuyop posted:Oh man, this is so much better than maybe having a good credit score. And yeah, I should correct that somehow flying north in Canada is still a great, great deal with Air Canada. I looked at flights to the Yukon and it was something like $150 in fees round trip, and those flights usually go for ridiculous amounts of money. blah_blah posted:It's definitely not the most efficient redemption in existence but North American flights aren't that bad, YVR - SFO on AC/United (which is something I fly several times a year) is usually around $550 for round-trip direct flights in the best case scenario, or 25k Aeroplan points + $170 in ridiculous fees. So the miles still save me around $400 per flight. Oh nice, maybe it's not so bad domestically then. I've never actually used them for flights within North America, but I've looked up flights to Europe where the fuel surcharge was over $600, on top of the 60,000 point redemption.
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Jan 29, 2014 16:48
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EgonSpengler posted:
I have no idea if this will benefit you, but have you considered wiring it over as Euros? I think Scotiabank has the possibility for an EUR-denominated account. It might be more useful once it's over here to try and get a good rate. Also, there's a possibility that you might be able to go EUR => USD, then USD => CAD (via Norbert) cheaper than the straight EUR => CAD transfer. Good luck!
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Jan 29, 2014 17:24
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Lexicon posted:Does anyone here use the BMO World Elite Mastercard? I'm typically philosophically opposed to annual credit card fees, but the benefits for this seem actually well worth the $150 (after 2nd year) annual cost (rental car coverage, extended travel insurance, 2% of purchases for travel, airport lounge access). I have one of these, it's unequivocally great, as long as you expect to spend >$7,500 per year on the card. We basically put everything on cards and then just pay it off every month so this is easy for our spending patterns. You do need to use their custom travel booking website (unless it's changed recently), but the service is subcontracted to Carlson Wagonlit who does all sorts of corporate / reward travel booking. They have access to the same prices and flights that anyone else does, and has a system for travel packages as well as individually booking flights and hotels, etc. I also have a TD First Class Travel Visa Infinite. On that one you get 1.5% on all purchases in points, and 4.5% on any travel purchases. The points are redeemable on expediafortd.com (so basically expedia), which again gets pretty much the same pricing as any other major online booking site. I like both because once in a while you get a little better pricing on one or the other, and the BMO service is actually better at getting the flight ticket level you want (assuming you ever want something other than the absolute cheapest economy fare). For example, we just booked a trip to Hawaii. I used the BMO points that I had banked for about half off the flight as we wanted Tango Plus fares for the status, and used my TD points on the hotel. 3 days later, I already had 4.5% of my hotel booking back in points, so used those to book a dirt cheap flight to a goonp in the US next month. I tend to use the TD card a bit more, but they're both good programs. e: both cards also have things like extended warranty and product loss insurance, as well as collision damage coverage on rentals. For example, I had a $400 camera replaced 5 days after I bought it when I dropped it in a lake. A different time, some shithead knocked the mirror off a rental car in a parking lot. I wasn't there, so didn't have anyone to make a claim against, but I just called Visa and they spoke to the rental company and it just went away - never even saw a damage bill. Kalenn Istarion fucked around with this message at 19:40 on Jan 29, 2014 |
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Jan 29, 2014 19:36
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Lexicon posted:I have no idea if this will benefit you, but have you considered wiring it over as Euros? I think Scotiabank has the possibility for an EUR-denominated account. It might be more useful once it's over here to try and get a good rate. International wire transfers hit me with some pretty steep fees. I sent 2000€ through my bank last month and I paid 35€ just in wire charges alone, which is what prompted me to find a better solution. Sending money within the EU is free, and the online services I mentioned all have European accounts set up to receive funds. The Scotiabank account isn't terrible as a place to hold Euros, but it doesn't offer me much more once the funds are in there. I still need to transfer them to Canadian dollars, and the banks aren't going to give a better rate. I see where you are going with the second suggestion. I would need to set up a US dollar account to receive the funds, as well as set up a non-registered trading account. CurrencyFair has a better exchange on Euro -> US than Euro to CDN, so in theory it could be better, but given the $19.90 fee on a single Norbert's Gambit it's probably not worth the hassle. That said, I'll price it out once I actually have the funds, I'll be in Canada in two months and I can set up new accounts if I need to.
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Jan 29, 2014 19:39
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EgonSpengler posted:International wire transfers hit me with some pretty steep fees. I sent 2000€ through my bank last month and I paid 35€ just in wire charges alone, which is what prompted me to find a better solution. Sending money within the EU is free, and the online services I mentioned all have European accounts set up to receive funds. The Scotiabank account isn't terrible as a place to hold Euros, but it doesn't offer me much more once the funds are in there. I still need to transfer them to Canadian dollars, and the banks aren't going to give a better rate. I wasn't too sure what volumes of cash you were talking. If it's 6 figures or so, it may be worth figuring out some sort of scheme along the lines I mentioned. Otherwise, you're probably better off with VCBE or similar. I will add that I used to use XE occasionally, and I always had good results with them over a usage period of quite a few years. That was always USD <=> CAD though, sometimes between Canadian banks and sometimes cross border. I've since gotten into NG, which of course is a far better option for that particular currency pair.
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Jan 29, 2014 19:45
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Kalenn Istarion posted:I have one of these, it's unequivocally great, as long as you expect to spend >$7,500 per year on the card. We basically put everything on cards and then just pay it off every month so this is easy for our spending patterns. You do need to use their custom travel booking website (unless it's changed recently), but the service is subcontracted to Carlson Wagonlit who does all sorts of corporate / reward travel booking. They have access to the same prices and flights that anyone else does, and has a system for travel packages as well as individually booking flights and hotels, etc. Thanks - I think I might switch over to this then. The free first year definitely helps as an incentive to try it out, and I will comfortably hit that spending limit as I also charge everything monthly and then pay it off.
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Jan 29, 2014 19:51
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Lexicon posted:Thanks - I think I might switch over to this then. The free first year definitely helps as an incentive to try it out, and I will comfortably hit that spending limit as I also charge everything monthly and then pay it off. I used to be able to put my business expenses on my personal card as well - the points I accrued were hilarious. I travel a lot for work so was getting 7.5% of every business trip back as travel funds (the TD card used to have an even better rate on travel). I ended up going to Turks, St. Lucia, and Barbados mostly on points over a few years. Since it sounds like you're self-employed, you might still be able to get away with that. Sadly, my current employer now requires using a corporate card.
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Jan 29, 2014 20:25
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Kalenn Istarion posted:I used to be able to put my business expenses on my personal card as well - the points I accrued were hilarious. I travel a lot for work so was getting 7.5% of every business trip back as travel funds (the TD card used to have an even better rate on travel). I ended up going to Turks, St. Lucia, and Barbados mostly on points over a few years. Since it sounds like you're self-employed, you might still be able to get away with that. Sadly, my current employer now requires using a corporate card. I totally could get away with this for my business expenses - I currently have a separate card for those. It's a bit of a pain to co-mingle business and personal expenses though - it's unfortunate you can't have separate 'ledgers' within a single credit card account.
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Jan 29, 2014 20:45
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Lexicon posted:I totally could get away with this for my business expenses - I currently have a separate card for those. It's a bit of a pain to co-mingle business and personal expenses though - it's unfortunate you can't have separate 'ledgers' within a single credit card account. Arguably you could just get a second (points) card for your business stuff, but the other option is to just keep receipts for your business stuff. I just had a folder next to my desk at home where I'd drop stuff at the end of the day and then take them into the office to file for cash reimbursement monthly or so. I made a short note on what each one was for. Not sure how picky Rev Canada is but see no reason that wouldn't be sufficient evidence for them as well.
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Jan 29, 2014 20:50
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Kalenn Istarion posted:Arguably you could just get a second (points) card for your business stuff, but the other option is to just keep receipts for your business stuff. I just had a folder next to my desk at home where I'd drop stuff at the end of the day and then take them into the office to file for cash reimbursement monthly or so. I made a short note on what each one was for. Not sure how picky Rev Canada is but see no reason that wouldn't be sufficient evidence for them as well. I do keep receipts (fully paperless in Evernote) but my accountant also insisted that I get a separate card for business expenses to eliminate the inevitable headache of working out what belongs to what on a unified card.
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Jan 29, 2014 21:08
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Kalenn Istarion posted:
I switched to this card about 6 months ago and it's been working out pretty well. It's worth mentioning that not only are the points redeemable on the TDrewards/Expedia Scheme, but you can just straight up apply them against any travel. I booked directly through British Airways to get to Dublin for a wedding earlier this month and applied my points to the Credit Card charge from British Airways. It took a couple of days, but it totally works and lets you use the points to do things like finding the absolute cheapest flight or spend more on business class, etc. One of the other things I like about it is I get an SMS every time it is used. I didn't have that service with my previous TD card (or maybe just wasn't aware of it), but it's a great feature, especially paired with zero liability guarantee if the card is used fraudulently. Saltin fucked around with this message at 23:53 on Jan 29, 2014 |
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Jan 29, 2014 23:51
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A Jupiter fucked around with this message at 02:33 on Apr 23, 2020 |
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Jan 30, 2014 02:41
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I have had a TD First Class Visa Infinite for at least 5 years now and it's been my main card until about 6 months ago. To be honest, it's a pretty mediocre card and definitely not a card worth paying an annual fee for (I always got the fee waived through my Select Service account). I guess it could be an okay card if you are booking lots of travel through the TD/Expedia website, but that's kind of an edge case. I did some quick math and each Aeroplan point is worth around 1.7c to me, and most of the midrange Aeroplan cards have bonus categories and hence probably generate closer to 1.25-1.5 points per dollar on average. Also, the signup bonus is just atrocious -- would you rather have 25000 Aeroplan points (worth around $400-450 to me) or $100 in Expedia credit? That being said, if you do have a TD Select Service account, it's an okay card for $0 and a Visa (as opposed to, say, an Amex) so by all means pick one up.
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Jan 30, 2014 07:16
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blah_blah posted:I have had a TD First Class Visa Infinite for at least 5 years now and it's been my main card until about 6 months ago. To be honest, it's a pretty mediocre card and definitely not a card worth paying an annual fee for (I always got the fee waived through my Select Service account). I guess it could be an okay card if you are booking lots of travel through the TD/Expedia website, but that's kind of an edge case. I did some quick math and each Aeroplan point is worth around 1.7c to me, and most of the midrange Aeroplan cards have bonus categories and hence probably generate closer to 1.25-1.5 points per dollar on average. Also, the signup bonus is just atrocious -- would you rather have 25000 Aeroplan points (worth around $400-450 to me) or $100 in Expedia credit? I agree with basically all of this, mine is my main recurring expense card since I've had it for years, and I don't pay the annual fee for it either with my select service account. But yeah, I wouldn't pay the annual fee for it at all. It's handy for booking hotels/car rentals, I will give it that.
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Jan 30, 2014 07:24
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Not sure if this keeps with the overall theme of the thread, but I just learned here that AC doesn't apply fuel surcharges for joint flights operated by their US-based partners. This means that if you're redeeming Aeroplan points for joint United/AC (for example) flights, you can save a ton of money by making sure you choose a United-operated flight instead of an AC-operated flight. For my SFO-YVR example the difference is $70.
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Jan 30, 2014 11:32
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Had a beer with a guy last night who's pretty convinced the Canadian housing market has already crashed, and it's smooth sailing from here on out as log as the rates stay low. Thank god he can't afford a house.
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Jan 30, 2014 13:46
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Are there any cards where you can use points to cover fuel/taxes surcharges? I have Air Miles (BMO MC & AMEX) and it seems it's best suited for Canada/US travel as the charges are usually in the $150-230 range, whereas going overseas (to Europe for example) you're looking at $450-700 and sometimes I can get a return flight for under $1k so you're not saving much but using a ton of Air Miles.
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Jan 30, 2014 14:23
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A Jupiter posted:After reading through this thread and getting some more insight, I've decided to open up a TD Direct Investing account and start putting money into the e-Series index funds. I'm essentially in the same spot, have all the paperwork to open an e-series account. I'm just curious, I have a tfsa with PC Financial already is there a way I can transfer funds from my PC to the e-series account without effecting my contribution room? Would it be easier to open a tfsa with TD? I also want to thank everybody in this thread, the knowledge here is priceless.
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Jan 30, 2014 14:23
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Arabian Jesus posted:I'm just curious, I have a tfsa with PC Financial already is there a way I can transfer funds from my PC to the e-series account without effecting my contribution room? Would it be easier to open a tfsa with TD? You would ask PC to make a direct transfer to your new TD TFSA. As long as you don't withdraw the funds yourself, it's all good. If you withdraw them yourself and then deposit them to the new TFSA, that is considered a contribution, if they do a direct transfer for you, it's smooth sailing.
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Jan 30, 2014 15:39
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whatupdet posted:Are there any cards where you can use points to cover fuel/taxes surcharges? I have Air Miles (BMO MC & AMEX) and it seems it's best suited for Canada/US travel as the charges are usually in the $150-230 range, whereas going overseas (to Europe for example) you're looking at $450-700 and sometimes I can get a return flight for under $1k so you're not saving much but using a ton of Air Miles. Just get a card that allows you to claim credits for travel instead of having to book through their travel agents or use aeroplan/airmiles. I have the Capital One Aspire World MasterCard that has been mentioned in this thread a few times and it is great. You can redeem points for any travel at any time. The rewards you receive are worth 2%. For instance, if you spend 30K, you get 60K in points which allows you to redeem for $600 worth of travel. I've had this card for about 3 or 4 years and wouldn't even consider switching.
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Jan 30, 2014 17:16
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A Jupiter posted:After reading through this thread and getting some more insight, I've decided to open up a TD Direct Investing account and start putting money into the e-Series index funds. If you're not going to be buying ETFs etc quite yet (I'm making this assumption based on your yearly amounts) why don't you forget about Direct Investing for now and just convert your mutual funds account over to e-series? All you need to do is fill out this form: https://www.tdcanadatrust.com/products-services/investing/mutual-funds/td-eseries-funds.jsp#what-does-td-offer ("convert an existing") Once that's done, nothing will change in your account, login credentials, etc - except the low MER funds will now be available to you. Then you can sell the high MER ones and switch over to the low MER ones, and set up a purchase automation, etc. You won't need to worry about moving your TFSA either - it'll all stay in one place.
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Jan 30, 2014 18:10
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Just a heads up to people trading ETFs using Questrade - for some reason I was assuming you can buy AND SELL ETFs commission free. I think the wording "trade ETFs commission free" is what made me think that. Anyway, it's only buying that is free, you are still charged the commission on selling.
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Jan 30, 2014 18:49
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Keep in mind fees might be an issue, especially if he just recently bought them on low load.
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Jan 30, 2014 18:50
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slidebite posted:Keep in mind fees might be an issue, especially if he just recently bought them on low load. Good point!
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Jan 30, 2014 19:28
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whatupdet posted:Are there any cards where you can use points to cover fuel/taxes surcharges? I have Air Miles (BMO MC & AMEX) and it seems it's best suited for Canada/US travel as the charges are usually in the $150-230 range, whereas going overseas (to Europe for example) you're looking at $450-700 and sometimes I can get a return flight for under $1k so you're not saving much but using a ton of Air Miles. The TD First Class and BMO World Elite cards we discussed above both can pay surcharges with points. Think of your points as effectively cash that you can only apply to travel.
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Jan 30, 2014 19:35
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I'm the guarantor for my younger brother's inheritance from our aunt's estate. I'm looking to find an investment guy who knows about this specific type of investment, because there are a lot of rules around what does and doesn't constitute a "good" investment of the money (for example I can't put anything in RESPs even though my brother plans to go to post-secondary, because if he changes his mind before then he'd lose all the gains). How do I start searching for this magical person? I'm in Toronto.
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Jan 31, 2014 19:24
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The Berzerker posted:I'm the guarantor for my younger brother's inheritance from our aunt's estate. I'm looking to find an investment guy who knows about this specific type of investment, because there are a lot of rules around what does and doesn't constitute a "good" investment of the money (for example I can't put anything in RESPs even though my brother plans to go to post-secondary, because if he changes his mind before then he'd lose all the gains). How do I start searching for this magical person? I'm in Toronto. No specific advice other than: be careful. These be shark infested waters. Make sure you find someone to give you advice and pay for that advice, not just a glorified salesman who earns money off the particular products that get sold.
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Jan 31, 2014 19:34
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