The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
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The moment you redeem your credit card rewards can feel exhilarating. Maybe you’ve treated yourself to new merchandise, event tickets, or a free flight. But, when it is time to upgrade your credit card or cancel it altogether, the outcome may not be so joyous.
Depending on the type of rewards card you have, you may lose out on your hard-earned points. Luckily, many providers offer points conversion options or are associated with loyalty programs. And, if you are patient, you may be able to switch credit card companies without having to cut your losses.
Credit Card Rewards Programs
Standard credit card rewards plans fall under two main categories: in-house points and third-party loyalty programs.
In-house programs are those that offer rewards solely through the credit card company itself.
Here are some examples of in-house credit card rewards programs offered in Canada:
American Express Membership Rewards: Apart from cash back, Aeroplan, and Marriott rewards options, American Express features its own in-house rewards system on many of its cards, including the American Express CobaltTM Card…