Credit card aftermath
After the demise of the Starbucks Duetto card, I wrote the following:
I have since start shopping around for another credit card, and have attempted to apply for MBNA’s card which gives you 3% off on gasoline and groceries, and 1% off on everything else, in $50 increments. Assuming this is approved, I am guessing that it will amount to a substantially higher cash savings than with the Starbucks card.
About two weeks after I used the online application, MBNA sent me a functioning card with a ridiculously high credit limit. It offers the same fringe benefits as the previous VISA card (mainly the 1 year warranty extension and the “if your rental car gets ripped off you can claim up to $1,000 in expenses” protection), but the cashback bonus on groceries, gasoline and everything else will amount to a few pizzas over the course of a year.
On gasoline alone, I spent about $2,000 in 2009, so getting a 3% refund on the amount would be a $60 rebate. $60 buys a lot at the grocery store!
Once Royal Bank sends me their new card with some RBC points loaded onto it, I will be cashing those out immediately and putting the card away and likely never using it ever again.