Credit Card Rewards Points

Nu Couche Modigliani

Not too long ago, I heard something about a billionaire paying for a $170 million dollar painting with an Amex Card.

“Those points!”

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
Annual Fee 0 $39 0
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.