BMO SPC Mastercard - Cashback or Airmiles?

[xox2010]

http://www.spccard.ca/bmo-spc-mastercard.aspx?

Hi! I'm looking at getting the SPC mastercard and they have to options. You can either get the one that will give you 1 Airmile for every $20 you spend, or you can get .5% cashback (which apparently gives you back $1 for every $200 spent).

Which deal do you think is better? I'm thinking the Airmiles is, but I need SC'ers expert advice

Also, can you rec. any other Student type cards that are available with rewards? Thanks!

[ginger150]

Here's one example:

A $20 Metro gift certificate is 160 Airmiles, and to get 160 Airmiles you would have to spend $3200.

If you had the cash back, on a $3200 purchase you would get back $16.

So, the Airmiles might be a slightly better deal. But with the cash back, you can use that cash on anything you like - you aren't limited to a rewards catalogue.

[travelgeek]

if cashback is what you want, I'd get the citi enrich which pays a full 1% in cash, or if you want to deal with mbna, the smart cash card would provide a slightly better return.

BMO credit cards are very lackluster in rewards. they are my main bank for everything, but I do not have a single mastercard from them.

[Chocolatehazelnut]

One Airmile = $0.10, and so spending $200 would get you 10 Airmiles which equals $1.00.

The two options are the same. The only benefit to signing up for the Airmiles option is that Airmiles often discounts things (with gift cards for example you could be paying less than $0.10 per airmile spent, depending on the retailer). But then again, if you're not interested in their catalogue of items, the cashback option would be better.

[lekate]

I have the credit card (Carleton U), I have the AM option, and haven't used my AM points since I got it, I really need to look into that. Does anyone know how to check MC AM points online?

P.S. I got it because I was 18 and possibly killing time on campus *looks around*

[Gorefest]

There is also a 1% cash back option. It costs $49 per year but it also includes a year of free basic roadside assistance. I chose the cash back myself even though they pushed to give me the airmiles. I was pleased when I logged on to BMO this month to find a surplus on my MC. It pays yearly in January.

[freebies258]

cash back is always good...
it takes forever to collect all those airmiles...

[wilson11]

I have the credit card (Carleton U), I have the AM option, and haven't used my AM points since I got it, I really need to look into that. Does anyone know how to check MC AM points online?

P.S. I got it because I was 18 and possibly killing time on campus *looks around*

You need to have the air miles number and then check it at airmiles.ca you need to login though and I am not too sure how I got mine again, call Bmo when you have time.

[xox2010]

Thanks for everyone suggestions! I ended up going to scotiabank and getting their Student L'earn Visa card with 1% cashback

[Ciel]

Question-isn't there a Visa card offering 2% cashback? 1% cashback seems low.

CIBC has a 2% card but the annual fee is $79. http://cibc.ca/ca/credit-cards/cash-...LRDMSTRCRD-E11

[xox2010]

^ Yeah, but the Scotiabank card has a $0 fee - and most student cards don't even offer a reward... i could have also gone for the Scene card but you can only redeem the points to see movies etc and I'm not that into movies

[jonathanpaul]

Question-isn't there a Visa card offering 2% cashback? 1% cashback seems low.

CIBC has a 2% card but the annual fee is $79. http://cibc.ca/ca/credit-cards/cash-...LRDMSTRCRD-E11

So, you are saying that CIBC is not a good cash back card because it does have annual fee that a card holder needs to pay?

Is the annual fee for the first month waived for this card?