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Email this6:52 am
December 12, 2008
Offline
We are finally starting to see the Big 5 banks try to compete.
http://www.rbcroyalbank.com/cr.....astercard/
- Earn 2% Cash Back on Groceries (up to a $6,000 annual spending, 1% after)
- Earn "up to" 1% Cash Back on everything else (0.5% up to $6,000 annual spending, 1% after)
- No Annual Fee
- Cash Back posted as credit to account when $25 is accumulated
- Pay pass included
- Purchase Security
- Extended Warranty Protection
djino
"Not as good as MBNA's smart cash, but I will probably use it in combination since I always exceed MBNA's $600/month maximum"
10:55 pm
December 12, 2009
Offline
hey djino,
I really don't think it's worth promoting sub-par credit card products. These days, if banks can't offer at least 1% cash back rewards (no tiers) with no annual fee, it's not worth the promotion. Scotiabank's old Moneyback Visa offered something very similar, with the rewards tiered and you didn't get 1% until amount in spending. I'd like to see RBC make the Visa and MasterCard cash back products equal, a full 1% (ideally 1.5%, to match Wal-Mart MasterCard) both with no annual fee.
Cheers,
Doug
10:05 am
Hey djino,
Thanks for posting this cc offer. This is one of the better no fee offers I've seen from the Big 5. For example, Scotia's new no fee Momentum offer is really a sub par offer - 1% on gas, grocery, drug and reoccuring payments and 0.5% on other. People would be better off with the old Scotia Moneyback at 1% with tiers. To me, it looks like RBC standouts from other no fee offers - except maybe MBNA Smart Cash but looks like this may be going away soon with TD.
Either way, 2% Cash Back on grocery, up to 1% on other and no fee is a solid offer. If you do the math this works out better then a 1% no tier offer. For example, $500 spend per month grocery at 2% = $120 and $500 other per month at 0.5% = $30. That's 1.25% cash back ($150/$12000 annual spend). Plus, you can cash out at $25 (don't have to wait till end of year). This is better then SC which has $50 cash out and they send a cheque. Looks like a good alternative to SC and probably the best offer from the big 5 banks.
Cheers,
Brick
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