BMO World Elite Mastercard now 40% worse | Credit card reward programs | Discussion forum

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BMO World Elite Mastercard now 40% worse
November 18, 2017
3:08 pm
dentgal
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Just received notification that the BMO World Elite Mastercard is increasing the reward miles needed for travel. Previously 100 points = $1 travel. As of January 15, 2018, you will need 140 points for $1 travel. (you have to spend $140 to get $1 of travel). That's a 40% decrease in rewards. Time to leave BMO!
TD Infinite Visa did the same thing about a year ago.

Where to go now?? Any suggestions?? RBC Avion??

November 18, 2017
5:26 pm
Saver-Mom
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Why not just get a straight cash back paying around 2%? Scotia Momentum Visa Infinite or the MBNA Rewards World Elite MasterCard are worth the fee for big spenders. Smaller spenders may still like Tangerine for no fee.

https://www.ratehub.ca/blog/credit-card-battle-mbna-rewards-world-elite-mastercard-vs-scotia-momentum-visa-infinite/

November 18, 2017
5:31 pm
dentgal
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Thank you, Saver Mom, but I prefer a travel rewards card. I like feeling like I'm travelling for free!

November 18, 2017
6:24 pm
AltaRed
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But you are not. You just gave up 1% or 2% cash back you could have put to anything you wanted or needed.

November 18, 2017
7:31 pm
dentgal
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It's a business card. I don't want CRA telling me it give back the cash.
There are lots of travel rewards cards. Not everyone wants cash back!
Like I said, I feel like having travel rewards FORCES me to take a holiday--which is a good thing!

November 18, 2017
8:53 pm
Peter
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If you're willing to get an Amex, consider the Amex Cobalt, SPG Amex, or Scotiabank Gold American Express.

November 18, 2017
9:09 pm
Loonie
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Cashback is increasingly a better deal than travel rewards, if for no other reason than that you get the cash in your hot little hands on a regular basis. If you want, you can invest it. when you receive it.

With travel rewards, you never really know how much you're getting because they can always change the redemption ratio at a time when you are not ready to redeem all your points. Even worse if you are forced to deal with the travel agency which the CC company is affiliated with or owns.
Better to "take the money and run!" put it aside in a separate account if you want, let it earn some interest, then, when you are ready to travel, there's your "free" money with which to pay the bill. This may help with the psychological perception of getting "free" travel.

If you must have a travel rewards card, my preference is for the ones which will reimburse your travel costs. That way, you can take advantage of any travel deals and use your points to pay off the balance on your CC. I would also take a very close look at their insurance policies. Sometimes the policies alone can be worth the cost of the card.

Something else to consider is the Rogers Bank cards which return 4% on foreign currency transactions. This covers the 2.5% that you would lose on the transaction fees alone, and still returns 1.5% to you. If you travel or shop outside Canada, this is a great card for paying those bills, even though it isn't, strictly speaking, a travel rewards card. Put those savings aside for the next trip.

November 19, 2017
5:22 pm
dentgal
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Thank you, Loonie and Peter!

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