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10 Feb, 2017
Savvy Tips

Credit card incentives are ever developing to attract more customers

Year after year, we see credit card providers come up with new ways to make their cards even more appealing to consumers. As the market becomes increasingly competitive, these card companies offer better deals than ever. Similarly, during times of economic struggle, these companies need to encourage consumers to continue spending money. Currently, there are four main types of credit card rewards:

Fixed value

Fixed value cards remain popular with various consumers for a number of reasons. Whenever the cardholder swipes their card, they will earn points that can then be used towards travel expenses. When you choose this kind of card, make sure that your provider offers at least 2 points (usually the equivalent of 2 cents) per dollar. Some of the top cards that offer this benefit include Scotiabank Gold American Express Card, Scotiabank American Express Platinum Card, BMO World Elite MasterCard, and MBNA Rewards World Elite MasterCard. 

Transferable points

These cards allow the cardholder to accumulate points and these points can then be transferred to various partners. This type of card requires a lot of work by the provider, and this is why there aren't as many of them on the market as there are other types of cards. Some great options are made available by American Express Gold Rewards Card, American Express Platinum Card, RBC Visa Infinite Avion, and RBC Avion Visa Infinite Privilege, to name a few. 

Co-branded

These types of cards come in various forms. Airline co-branded credit cards allow you to earn flying miles. Some of the top providers of these kinds of cards are American Express, TD, and CIBC. Hotel co-branded cards are not quite as common as those that offer the benefit of flying miles. There are only a handful of cards that offer this kind of benefit, and these are American Express Starwood Preferred Guest Credit Card, MBNS Best Western MasterCard, and Chase Marriott Rewards Premier Visa Card.

There are also other co-branded cards that each focus on a particular loyalty program. They might not offer any immediate sign-up benefits, but they certainly pay off over time. These are ideal for regular use over a period of several years.

Cash back

There are a number of credit cards that offer the amazing benefit of cash back. Different credit cards offer different percentages on purchases. Some offer higher amounts of cash back during the initial period followed by slightly lower percentages. There are also those that offer different amounts of cash back depending on the kind of purchase you make. For example, one card might offer a set amount of cash back on all purchases whereas another will offer more cash back on gas and somewhat less cash back on groceries. When choosing your cash back card, it's important to understand your spending habits before choosing the card that will be the most beneficial. The main advantage of cash back is that cardholders can choose how they want to enjoy this money.

When shopping for a credit card with the best incentives, take a look at Wallet Savvy for full details on all the top rewards cards in Canada. Keep your spending needs in mind as well as your personal preferences when comparing these benefits. Don't forget about any and all charges such as annual fees since they will affect the financial feasibility of your choice.

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