Last updated: April 22, 2014
Last month I received two pre-approved credits cards offers with some bonus features from two fabulous Canadian banks. The first is the Scotiabank Gold American Express and the second one is the TD Aeroplan Visa Infinite.
The Scotia American express reward card offered me the following special bonus if I accept their card before April 09, 2014:
- $300 travel purchase statement credit
- 15 000 bonus Scotia Rewards points (worth $150)
- No annual fee for first year (worth $99)
- 4 rewards points for every $1 spend at gas, grocery, dining and entertainment
- 1 rewards points for every $1 spend on all other purchases
- insurance coverage for trip cancellation travel emergency medical and rental car collision; and
- Some other features that not important for me
On the other hand, TD Aeroplan Visa Infinite credit card offered me the following special offers if I accept their card before April 11, 2014:
- 15 000 bonus Aeroplan Miles
- No annual fee for first year (worth $120)
- 2-for-1 short-haul flight reward offer in Economy class
- 1.5 miles for every $1 spend on gas, grocery and drugstore purchases
- 1 mile for every $1 spent on all other purchases
- insurance coverage for trip cancellation travel emergency medical and rental car collision; and
- Some other features that not important for me
Below is a quick comparison of the sign-up bonus, annual fee, point accumulation and insurance coverage offered by both cards.
| Amex | Aeroplan | |
|---|---|---|
| Annual Fee | $99 (no annual fee for first year) | $120 (no annual fee for first year) |
| Points for groceries, gas | 4 points for every $1 spend | 1.5 points for every $1 spend |
| Signing bonous | 45 000 points | 15 000 points |
| Points for other spending | 1 point for every $1 spend | 1 point for every $1 spend |
Now, let’s do some calculation with my monthly spending; American express point can be converted to Aeroplan (1 Amex point = 1 Aeroplan point).
| Monthly spend | Amex points | Aeroplan points | |
| Groceries | $400 | 1600 | 600 |
| Gas | $250 | 1000 | 375 |
| Drugstore purchases | $50 | 50 | 75 |
| Dining | $100 | 400 | 100 |
| Entertainment | $50 | 200 | 50 |
| Other (cable, phone, internet, etc) | 300 | 300 | 300 |
| Total | $1150 | 3550 | 1500 |
With the highest welcome bonus of 45,000 points as compared to TD Aeroplan, good rewards (4x faster) points for purchase, and insurance coverage for trip cancellation travel emergency medical and rental car collision, I would choose Scotia American Express gold Card has the best value and I could collect 325 000 points or save $325 per year ($426 – $99-annual fee) with my current spending. Is it amazing?
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