This is all about getting a President's Choice MasterCard.
If you cannot pay off your credit card balance every month, stop reading this post now and move on. [Suggestion 1: Managing Your Finances Suggestion 2: Kittens]
I've been meaning to tell you that you should get a no-fee credit card that gives you points that can be directly turned into groceries at a major supermarket chain. Then when you have this card, you should use it for everything that you can use it for.
I'm telling you now because there is something in it for me besides your possible gratitude.
1) Why pay with a No-Fee Credit Card:
- Except for Canadian Tire and home repair guys, you rarely get a discount for paying with cash. When you withdraw cash from a bank machine you pay fees that may be as high as $3.00 on a $20 withdrawal. Even a $200 withdrawal from your own bank's machine likely has a $1 fee, or you're paying $5 to $10 for unlimited withdrawals.
- You stop receiving interest on cash when you withdraw it from your account. You stop receiving interest on debit payments when you make the payment. You stop receiving interest on the amount of a credit card purchase when you pay the credit card bill, often more than a month after the purchase.
- You credit card statements become a useful reference for tracking your spending patterns.
- Points cards give you something back from your purchase.
- You're paying off the bill every month so the higher interest rate doesn't matter to you.
- If the card is going to give 1% of your purchases to a charity, you could give that money to charity yourself and get a tax receipt.
- If the points are going towards eventually buying a particular type of car, you may find yourself not actually wanting that car when you've got the points.
- If the points let you buy things in a catalogue, you will find that the items in the catalogue are over-priced. (Say $1000 gets you 1 million points on the catalogue card. It will take 2 million points to buy a kettle that you could buy for $10.00 at Canadian Tire. $10.00 is 0.5% of $2000).
- If the points let you get air miles or frequent flyer points, you will discover translate to roughly 0.5% back on your purchases and you are more limited in flight times than if you bought discounted tickets outright.
You always need to buy food. Spend a $1000 on your credit card, you can apply $10 to your grocery bill. Even if the card is for a supermarket that you don't go to every time, you're going to go to a Loblaws or its equivalent a few times a year for basics. If you need your credit card bonus to feel like a reward, use it buy chocolate.
5) Which card to get?
The only one I know about is the President's Choice MasterCard. 1% of your purchases (on everything, not just groceries, and not just at Loblaws and its affiliates) comes back to you as money you can spend on your groceries.
6) What's in it for Dave?
PC Mastercard is having a promotion. If you sign up on the phone [1-866-745-6812] and use the code 336073, we'll each get 10,000 points ($10) to spend on our groceries. You'll have to earn another 10,000 points (by spending $1000 on the card or by other promotions) before you can use the bonus. (Disclaimer: I'm not aware of a way you can get a better benefit for yourself in signing up for the card that doesn't help me out, but there could be such a way.)
Call 1-866-745-6812 to apply for the PC MasterCard call by Aug 21, 2008 provide your referral code 157317 More Info: pcfinancial.ca/friend