If you want to upgrade your credit card for free, you will likely do it by contacting companies to see what perks they offer.
Other times, they contact you, whether over the phone, through email, or in your post box.
I’ve always said there are some great credit cards with perks, but you must shop to find what’s best for you.
Cold-Call Credit Card Marketing
Like many Canadians, we have a call display, and conveniently, with a Rogers TV package perk, it also shows up on our television when the phone rings the number dialing in.
I’m sure many of you will say that you do the same as us and say, “Let the answering machine get it.”
Especially if you don’t know the number or it’s that dreaded Air Duct Cleaning company, you have the number burned in your mind because they call so many times.
We’ve put our number on the Canada Do Not Call List, and it works until they decide to switch phone numbers, and the calls start all over again.
We will never win this telemarketing game unless we eliminate the technology.
The other day, the phone rang while I quietly read a blog post and enjoyed tea.
As I looked up to see who it was, I didn’t recognize the number but thought, what the heck?
I wanted to hear what they had to say, and it’s not often I get in this type of mood.
This is not normal for me, as I ignore the phone.
I wouldn’t say I like talking on the phone and will avoid it unless it’s someone I want to talk to.
Credit Card Update
When the calm female voice on the other end of the phone said hello to me, I thought, ‘Here we go,’ I was right; she wanted to offer me something, but it wasn’t what I expected.
I don’t get many calls from credit card companies, but when I do, it’s typically from stores or banks where I already hold a credit card.
The last phone call I told you all about was from Canadian Tire.
They wanted to raise my spending limit to some ridiculous amount right after I had made a large purchase on my credit card.
It’s brilliant if you ask me, but that shows me how these organizations are on top of Canadians’ credit card spending habits.
They know when we move and will jump us if we let them.
This lovely lady, though, was from President’s Choice Financial, one institution we deal with and hold a credit card with.
She wanted to offer me the new World MasterCard from Presidents Choice.
I was intrigued to listen after she told me about the current perks we get with our PC MasterCard (which the wife uses mainly), what they were removing, and why.
Initially, we got double the PC points when we used our PC MasterCard, but that would no longer be the case. Bummer.
We picked up loads of free groceries using the PC Points but have recently been loading up on points when possible with the new PC Optimum program they introduced.
PC World Elite MasterCard
The new PC World Elite MasterCard, black compared to the original dull grey, offers double the PC Points when you use the credit card.
The card also offers a host of other perks, such as doubling the manufacturer’s warranty on a new purchase.
Plus, free personalized convenience cheques and purchase assurance protect our purchases from loss and theft for up to 90 days if paid in full.
I usually hear bla bla bla bla when I hear or read this, but who knows, maybe one day it may come in handy.
We always pay everything in full each month, so I thought this card would be great.
If you want to complete a balance transfer (we’ve never done this), they offer a 0.97% introductory offer to transfer funds if needed for six months.
As I mentioned, this meant nothing to us as we never hold a balance on a credit card, but it may be to someone else.
Read The Fine Print
Although this credit card has no annual fee, read about the other costs that will get piled on.
For example, you’re outside of Canada and need a cash advance. This service will cost you a whopping $5.00 fee.
The interest rate on our pretty black credit card is ONLY 19.97% on purchases and cash advances at 21.97%.
I know, don’t lose your lunch. It’s ridiculously high, but many credit cards are all the same.
Remember what I said about reading the fine print in its entirety if you don’t want to get screwed later.
The following line after the rates read that without notice, they could up the interest rate to 24.95% upon review of your account. Puke!
If you think that’s bad, don’t pay your minimum payments, which gets hiked to 24.97%.
Read all regulations thoroughly, but as I stated earlier, nothing is for free, and, honestly, many credit cards are just the same.
Credit Card Companies Are A Business
The point of a credit card is for the company to make money and for you to hold off on paying in full, pay in segments, or pay in full and reap the free rewards they offer.
It’s the only reason we hold credit cards, plus to build our credit rating and have it in good standing.
With the new credit card, we will get 20 PC Points for every $1 spent in participating stores and 10 points for every $1 spent everywhere we shop.
Not too bad since that was originally what we had but was now being taken away.
Odds were good that we would make the switch based on our spending and payment habits, and they knew it, hence the call.
You have to pay for other perks in case you lose your job or wallet, and they pay the minimum monthly balance for you.
I have no interest in this.
Checking Your Credit History
I wanted to make sure they wouldn’t go in and do another credit check.
It would not be a problem, but I wouldn’t say I like it when these companies check when they don’t need to.
They know we have a good standing with the PC MasterCard already, which is essentially what she said, so they did not do a second credit check.
Making The Switch
I was all up for the switch to the new PC World Elite MasterCard that also offered inside deals that the regular MasterCard holder won’t be privy to, so why not?
I like a good deal so show me the savings.
Switching cards meant I’d keep my double the points and get a few other perks, which didn’t get me too fired up, but points are points.
Some people get nutty over cash back, or Air Miles points, and these points are no different.
Why throw money away if you don’t have to?
So, you must be asking me now, what is the catch?
There is always a catch, and it’s true; nothing is free these days unless you’re lucky or it’s a gift.
This particular credit card is designed for those with an annual household income of $100,000 or more or a single payment of $60,000 or more.
That’s right, you have to be making a fair amount of cash to hold this credit card, and although some may think it’s just chump change to others, that’s lots of money.
We are now surpassing that threshold.
I went ahead and signed up for the new credit card, and it’s only for free groceries with double the points and no annual fee at this time.
Canadian Spending Habits
The credit card companies want the spenders to get these perks, hoping they spend more money using the credit cards and holding a balance.
That interest makes them richer, although just because you earn a higher income, it doesn’t necessarily mean you are a spender.
You could be a saver, yet the perks are great if you fully pay your card.
It may be the people who earn less money who are spenders or vice versa.
The people who earn less save their money like we did when we were making less (and still do).
I don’t think there is any real math to spending habits and income.
They follow patterns and surveys and know what Canadians are spending and how much they earn based on using a credit card.
It’s incredible how much of our life we allow people to follow by the simplicity of a tap, swipe, or insert of a credit card.
Discussion: Would you upgrade your credit card to get more perks for free?
Top Recipe
Every day, Food Bloggers from around the world pass by my other love on the Free Recipe Depot Facebook page to share a daily recipe that I share with my fans.
This week’s Top Recipe comes from a blog called “Love Bakes Good Cakes,” run by a homeschooling mom named Jamie, who has five kids.
Her recipe came out on top because chocolate was the main ingredient.
This recipe is for you if you are a fan of Oreo cookies and chocolate cake donuts.
Enjoy. Chocolate Oreo Sprinkle Donuts.
Weekly CBB Posts
If you missed any CBB posts from the week, here is the list of posts you can catch up on reading!
- How to handle when your spouse spends too much money
- How to save money while doing your hobbies
- Are you Supermarket loyal? The Grocery Game Challenge Jan 20-26,2014
- Cherry Cheesecake
- Are skilled trades the better choice for Canadians?
Well, that’s a wrap for this Friday’s grab a brew, so happy budgeting, and I’ll see you here again next week when I do it all over again.
-Mr. CBB
Related articles
- PF Weekly Grab a Brew #47: How important is family time to you?
- PF Weekly Grab a brew #48: How to ask for help when it comes to money success
- PF Weekly Grab a brew #49: Are all online reviews telling consumers the truth?
Thanks for sharing my donuts, Mr. CBB! Have a fantastic weekend!
Thanks for the mention. Always great to be top pick of Mr. CBB 🙂
As for upgrading the CC, we have a good one that offers 1.5% cash back on everything and some travel coverage as well.
No annual fee either.
If the CC companies want to upgrade you, and you still intend to pay off your CC balance in full, heck, why not take the perks because the joke is on them.
Have a great weekend,
Mark
Funny, we had gone into the Zehrs store in town just before Christmas and hubby picked up the ads for that card among the others they have right by the checkouts and I was looking at them a couple of nights ago. He grabbed the ones on a PC chequing account, PC mortgages and the PC Master cards… He’s never looked at them but I did out of curiosity….. Looks like I might have to give them a closer read…
Currently we have the BMO Airmiles M/C as back when you could get a nice number of gift cards. They have cut back on the selection available recently and I’m not a happy camper over that. The HBC and Chapters cards were so nice for Christmas shopping!!!! I haven’t figured out what I will do with it but I think of some way to use those miles. The cash what ever program they have now hasn’t impressed me either. I may not be understanding it right but it does seem to be rather restrictive.
Should we change our bank I will be looking a lot harder into the PC offerings as I will want to get a better deal than we get now from BMO. That won’t take much to be honest.
Those donuts do look inviting!!!!! I must have a closer look there!!!!! I will have to have a closer look too, at those sites you listed, a couple look very interesting!!!! Have a good weekend Mr CBB!!!!
Thanks for the mention, Mr. CBB! I appreciate it! 🙂 I always find it fascinating how credit cards raise limits after a large purchase too. It’s like woo-boo – they’re spending money, let’s keep it going. Understandably from their perspective as long as we make payments, it is good FOR their business. 🙂 And those doughnuts … OMG! You had me at chocolate! Have a wonderful weekend!
I know the doughnuts are pretty spectacular looking. I do love Oreos.. shhhh….
I would absolutely increase the credit limit on my card for more perks–you need not change your spending habits at all even though you have the ability to advance more on credit. A large part of getting and staying out of debt is the discipline to avoid unnecessary purchases.