Chris: you raise a key point, earning rewards at a store you don’t shop at is not a good deal. In finding a rewards program you have to find a program that would provide YOU with good value. However, the argument you make about why the Shoppers program is not good value, is the same argument that can be made of any retail reward programs – you are locked into redeeming rewards at one location, that may not give you the best value on every item. For example, consider if you have the Starbucks Visa, clearly buying coffee there is much pricier than many other retailers, however if you enjoy Starbucks coffee and would buy it anyway, then it’s good value. With travel rewards, you would also be locked into taking flights with one carrier, which may in fact not be the cheapest option.

Personally I found redeeming points at Shoppers a good deal, because most of the products I purchased could not be found other places at a cheaper price (cosmetics, skin care etc). The main reason the Shoppers Optimum offered good value however, was because of the multiplier/compounding effect of earning points, there are often times you can earn 10x/20x points, or bonus points, therefore meaning you are able to earn even more points (and thus redeem for more) without having to earn every point through a equivalent dollar spent.

Update to article: I have just received notice the Shoppers optimum Card is being discontinued by CIBC as of August 2008. I suspect this is further proof it was a good card – they were probably loosing too much money because it was such a good deal.

I am now again searching for a new card. I am leaning towards a dividend card, similar to the Citi one mentioned above. I recently saw an add for a “Citi CashReturns” card (cashreturns.citicards.com) – this seems ideal, no fee, straight 1% return, no limit, AND they pay out everytime you reach $50 instead of having to wait for a full year, AND you get a bonus 20% back on your first 12 months of purchases. However, this card only is available in the states. This very much irks me because I saw the ad in a ‘Canadian’ Magazine. Please do not advertise to me products I can not purchase!! It’s a shame Citi Canada does not have the same card.

At a recent trip to Shoppers as an example, Zest Body Wash was selling for $7.99. I stocked up and bought a couple of bottles last night at the Great Canadian Superstore on sale for $3.90.

Where is the good value in paying $4.00 nore for a product that was selling elsewhere for less than $4.00?

You would be better off planning your purchases more carefully by price. If you can save $4.00 on a single item, that can add up over a year to more than people seem to worry about in service charges of where you bank.

I am using a Royal Bank VISA card that gives me points that I then use in February to deposit into my RRSP giving me an income tax break as well. I can also transfer my ESSO Extra points to my RBC card so I am double dipping when getting gas.

Comparing reward cards:
http://www.sbytes.info/wp/?cat=6

Is this Starbucks Chick ad for real? Sexy starbucks credit card ad?

Here you go, enjoy 1% cash back !!!

I get 1% cash back from MBNA, but that’s a bit of a long story — I had an eBay credit card that got discontinued, and they switched the program over to the 1% card. I can’t refer friends and family to the MBNA card since it was a bit of a special case.

I never carry a balance and I’M a student so I only spend around 11,000$ per year and I have no car and don’t spend any dollard at the grocey or drug store. It’s all for sport competion subscription and scolarity fees and school textbooks with are really expansive in med school.

I’ve checked the Ultramar cash back card with the initial 0.25% on the first 2000
0.50% on the next 3000 (3000 to 6000)
1.25% over 6000

or the Costco American express
which gets to 1.5% after you reach a certain minimum
and they’re all for annual spending of over 15000$ for the Ultramar and 12000$ for the Costco compared to the Enrich. Moreover, I have no Costco membership card which is required to have the card.

All this said, I’ll stick with my Enrich becasue i’m satisfied with it and their customer service and it’s the card that respond to my needs.