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 Posté le: Dim Sep 08, 2013 9:01 am Sujet du message: Roseman: 3 things to know about loyalty cards |
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{Roseman: 3 things to know about loyalty cards}
Featured VideoClose More Video Original Apple 1 Computer Sold for Nearly $700K Oil Prices Dip on Dollar Rise You have a credit card that gives you reward points for travel and merchandise. You hope to collect enough to fly to Australia and Fiji, buy a new car and equip your home with high-end luxury goods.But sometimes,[url=http://www.michael-korshandbags-outlet.org]Michael Kors Handbags Outlet[/url], you start to question your strategy: •Is it worth paying annual credit card fees to collect reward points? •How long can I wait to redeem my points? What if the rules change? •What can I do with my unused points?As a columnist who has followed credit card loyalty plans for years, I think these are legitimate questions that deserve some scrutiny.Here’s my advice for credit card shoppers.You don’t have to pay annual fees.Big spenders don’t mind paying annual fees of $120 to $180 a year to collect reward points. But there are many choices for budget-minded cardholders who don’t want to fork out. Using the credit card selection tool at Redflagdeals.com,[url=http://www.michael-korshandbags-outlet.org]Michael Kors Handbags[/url],[url=http://www.michael-korshandbags-outlet.org]Michael Kors Handbags[/url], I found information on 35 no-fee reward cards. There’s a similar tool at the Financial Consumer Agency of Canada’s website, www.fcac.gc.ca.How do you narrow down the choices? I like to check online reviews by personal finance bloggers,[url=http://www.michael-korshandbags-outlet.org]michael kors canada[/url], along with comments from readers.The Million Dollar Journey blog lists its top no-fee credit cards for travel: Capital One Aspire Gold MasterCard, BMO Air Miles MasterCard, American Express Air Miles and American Express Blue Sky.For merchandise rewards, its favourites are: MBNA Shoppers Optimum, President’s Choice Financial MasterCard and Citi Staples easyRewards MasterCard.The Credit Card Tune-up Calculator,[url=http://www.michael-korshandbags-outlet.org]Michael Kors Outlet[/url], www.creditcardtuneup.com, is an easy-to-use tool that lets you compare Canadian reward programs.When you plug in how much you spend each month, you’re given a list of recommended cards, sorted from best to worst by your expected first-year annual reward. All reward currencies (miles, points, cashback) are translated into dollars for an easy apples-to-apples comparison.You may have less time than you think to redeem your rewards. The rules often change. So, read your credit card agreement’s fine print. (You can find it online if you can’t find a hard copy.)Air Miles adopted a zone system for free flights, starting in January 2000. Some members needed more miles to take short-haul flights.On Jan.1, 2001, Air Miles made another change to the system for redeeming flight rewards, blaming airline industry restructuring.Aeroplan, too, has made frequent rule changes. You have to collect or cash in points during a one-year period or risk losing everything in your account. That’s down from a three-year inactivity period before.You also have to factor in a new seven-year expiry date for Aeroplan points. The deadline for members who joined before the rule change is Jan. 1, 2014.General Motors of Canada’s reward card changed in 2001, making rebates smaller. Now the card has been discontinued and unredeemed earnings will expire on Jan. 1, 2018. Many people find out their points are gone only when they try to use them. So, don’t wait forever to cash in. Find out if your reward points are subject to inactivity rules or expiry dates. Call the issuer and ask questions. You can swap unused points or give them to charity.Points.com is an online marketplace, where you can trade, exchange or buy reward points. It’s linked up with some Canadian loyalty programs,[url=http://www.michael-korshandbags-outlet.org]Michael Kors Outlet[/url], such as Aeroplan,[url=http://www.michael-korshandbags-outlet.org]michael kors canada[/url], Sears Club and Futura Rewards.Aeroplan also lets you donate miles to nine Canadian charities, although you won’t get a charitable tax credit. At the website,[url=http://www.michael-korshandbags-outlet.org]Michael Kors Handbags Outlet[/url], you can choose a lump sum or two per cent of the future miles you earn.Donating points is better than letting them go to waste, which can happen if you don’t pay attention to the redemption rules.In my view, a credit card with a cash-back rebate is the no-hassle choice.About a third of the reward points collected by U.S. consumers go unused, according to a new study from Colloquy, a marketing firm in Cincinnati.“Put in perspective, the average household that is active in loyalty programs earns $622 a year, but doesn’t redeem $205 of those rewards,” it said.“That’s enough to buy an airline ticket, purchase a week’s worth of groceries or even a smart phone.”Many people find the rules hard to decipher, another reason why they leave significant dollars on the table every year. So, choose your credit cards carefully. Don’t collect points you can’t use unless you spend time monitoring them.Also read: Are gas loyalty program worth it? Ellen Roseman writes about personal finance and consumer issues. You can reach her at eroseman@thestar.ca.
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