With Tangerine blowing it by taking away lucrative benefits beginning April 29th (see that post here), it got me thinking what it would take to make for a great credit card. Speaking to an agent for a while at Tangerine this afternoon, I gave him several suggestions. The Canadian credit card market is awash in mediocre offerings. Whether it requires you to use the bank's travel agency to book a flight rather than a great deal that you can find online, cashback cards that don't give back enough, or aren't accepted everywhere, THIS is what should be part of the "perfect" credit card:
The perfect no annual fee credit card:
No annual fee--ever
A choice of points for travel that you can book yourself based on a dollar per point value (1%) or as 1% cashback.
A 9.99% rate on balances not paid in full
NO foreign exchange fee (if Chase Canada cards can offer it, anyone can)
A rotating spending threshold--that means you get a bonus for every time you spend a certain amount on the card. For every $10K you spend on the card in a year, you get a bonus $25 or the equivalent in points.
A welcome bonus that is only available once every 24 months to reduce (not totally kill) churners (people who cancel and reapply for credit cards).
90 day coverage in case of lost, damaged or stolen purchases
Double the warranty up to a year
The perfect premium credit card
Everything offered above, but for $120 annual fee, waived the first year (and then you can downgrade if you REALLY want to)
1.5% cashback or for travel
2% cashback for travel related expenses--restaurants, gas, transportation, hotels/motels
A $50 bonus for every $10K spent on the card (equivalent to 0.5% more for a total of 1.5%)
An increase to 1.25% for every dollar spent over $10K in a calendar year
A concierge service such as that offered to AMEX platinum business/personal card holders that allows them to call and get assistance finding a hard to find item or service or just booking travel for them.
Let's see if any banks bite at my suggestions!