After thirteen years a long and bitter friendship came to an end recently when I finally cancelled my Visa Aerogold credit card. For those who aren’t familiar with this card, it is a rewards card that gets Aeroplan points which can be used to buy airplane flights.
Mainly because it’s just not worth it anymore. The annual fee for this card is $120 and when I added my wife to the account (so she could get a card too) the fee went up to $170 which broke this camel’s back! I have redeemed a number of flights using points in the past but when I look at the annual fees, the charges for booking flights and the amount that I charge each year on the card, it doesn’t seem to be worth it. The other big aggravation with Aeroplan is that you have to book a long time in advance if you want a reasonable flight. I can remember trying to book a flight from Toronto to Calgary a few years ago and my only options involved a two day flight with two stops which is ridiculous for a four hour journey.
A new card?
When I called Visa to cancel the card, the customer service rep told me about their “Dividend” card which has a cash back reward and no fees. At the end of each year you get 0.25% on the first $1500 charged, 0.5% on the next $1500 and then 1% on everything over $3000 which seemed like a reasonable reward system. And there are no fees! The interest rate on the card is 19.5% but since I haven’t paid credit card interest in over ten years, that is of no concern to me.
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