Credit Report Score, Credit Card PURGE and Credit Card Decision

I haven’t checked my credit score since 2010.  I decided it’s time and look what I got:

Untitled

 

YAY! I was worried that my credit score was lower because I recently canceled all the credit cards that I no longer use.   I guess that didn’t impact on my credit score much.

One reason I did a credit check on myself is because the masters program I am “thinking” of applying for requires a financial check – to make sure I have a good financial record.

Another reason is that I want to switch up the credit cards I have been using.   Here are the credit cards that I have been using since:

2005 –  President’s Choice Mastercard

I use the President’s Choice Mastercard for expenses that I rack up myself and stuff I want buy for my husband to surprise him.  I earn 1% in rewards with PC Financial and I usually wait until Christmas time to use my points to buy a bunch of gift-cards as Christmas gifts.

2005 – Vancity Enviro Visa CANCELLED

2007 – CIBC DividendVisa CANCELLED

2008 – TD Rewards Visa (no longer offer at TD)

I really should cancel my TD Visa, but if I did, then I will have no Visa cards, besides I bank with TD Bank, so I should at least keep the credit card I have with them (even though I never use it).

2010 – MBNA Smart Cash Mastercard – CANCELLED

2013 Capital One Aspire Travel Mastercard

I use the Capital One Aspire Travel Mastercard with my husband.  We put all our travel, gas, groceries, eating out, gifts for friends, cable bill, phone bills,  insurance, household expenses onto this credit card and we just split the amount in half at the end of the month.   We actually put all our wedding expenses onto this credit card and was able to rack up enough points to pay for 1 plane ticket to Asia for our honeymoon.

I was contemplating on switching my President’s Choice Mastercard to:

PC Financial World Mastercard

OR

Scotia Momentum® VISA Infinite* card

I ended up choosing the PC Financial World Mastercard for the following reasons:

  • This is my personal credit card, so I only use it to pay for things that I don’t want my husband to pay for (such as gifts for him or things I just want to buy myself).
  • No yearly fees
  • 2% cash back on purchases at participating stores where PC products are sold
  • 1% cash back on all other purchases
  • I can use my points anytime I want, I don’t need to wait until a year is up before I get cash back .  I can use my points to buy gift cards at Superstore
  • I don’t need to cancel my current credit card, they will just cancel it automatically once I activate the PC Financial World Mastercard
  • I have been with them since 2005 and I haven’t complained about their services

I was very close to choosing the Scotia Momentum Visa Infinite because the fee for the first year is waived and I can get $55 bonus from Great Canadian Rebates if I sign up from there.  I didn’t end up choosing this because:

  • Since I will be choosing this as my personal credit card, I don’t think I can fully utilize the 4% cash back on gas and grocery purchase, the 2% cash back on recurring payments and drugstore purchase – my husband and I already use Capital One Aspire for all our gas and groceries (which is a major part of our expense) so I don’t need to use my own credit card these purchases.
  • I cannot justify the annual fees on this card (I like Capital One Aspire because the annual fee is $120 but we get $100 back in points every year).  I can use it for one year, reap the benefits and cancel it before they charge me the next annual fee, but I’d rather save the hassle.
  • I didn’t want to wait for an annual “cash back”

Though the Scotiabank Momentum Visa Infinite is a GREAT Rewards Visa with travel insurance, it isn’t something I need.   I couldn’t fully utilize the benefits of the Visa since I already have Capital One Aspire Mastercard to pay for my gas and groceries as well as  for my travel payments and trip insurance.

Therefore, when choosing a credit card, you’ll need to not only look into the rewards of the credit card, but also whether you are able to utilize the credit card fully for it to work in your benefit.  

As for me, the Scotiabank Visa is a really great rewards card, but the PC Financial World Mastercard suits my needs more.

How did you choose your credit card? Did you look at the rewards only? Or did you also look at how you can benefit from the rewards?  When was the last time you cancelled any of your credit cards?

~ The Money Pincher ~

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2 thoughts on “Credit Report Score, Credit Card PURGE and Credit Card Decision

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