Not too long ago, I heard something about a billionaire paying for a $170 million dollar painting with an Amex Card.
Apparently, he and his family plan to use the points to travel for the rest of their lives, which is a definite perk, though probably not why they made the decision.
When I bought paint at Home Depot recently (is there is a big difference between a glorious Modigliani nude and 5 litres of discount primer?), I thought about the rewards points. Like many people, we have a couple of credit cards. When you’re making lots of purchases, and not planning to carry a balance, where can you get the most bang for your buck?
I drew up a quick comparison:
|Card||RBC Rewards Visa Gold||Signature RBC Rewards Visa||PC Financial World Mastercard|
|Points by Spend Charge||1 point for every $2 spent||1 point for ever $1 spent||10 pc points per $1|
|Points Redemption||14,000 points will get $100 gift card||14,000 points will get $100 gift card||20,000 PC points equals $20 in groceries|
|Flight Redemption||50,000 points = $500.00 in flights||50,000 points = $500.00 in flights|
|If I Spend $100, I will have||50 points||100 points||1000 points|
|For that $100, I will get||$0.35 towards certain vendors||$0.71 towards certain vendors||$1 in groceries|
|Or for travel||$0.50 towards travel||$1 towards travel|
My takeaway: wow, you have to spend a lot of money to get $500 in rewards points.
But also: PC Groceries for the win!
You can read more on Canadian credit card rewards points in Moneysense.