Tuesday, June 7, 2016

Rack up the Rewards: Canadians are loyal to Loyalty Rewards Programs

It seems that every few months we see surveys about the world of loyalty rewards in Canada. Each bank, credit card issuer and even loyalty programs themselves conduct interviews to get a feel of what are on Canadian's minds. One of the latest comes to us from TD and the survey confirms how entrenched Canadian's are with their loyalty programs. 72% of us have credit cards that offer some type of reward, which is great! Canada you're learning. If you are going to pay for something with a credit card why not be rewarded for it! 82% of you make it a priority when looking for a new credit card that it offers some type of reward. Good for you!

The survey results were compiled into an infographic which is featured below and we provided TD with the 5 tips on how to maximize your rewards on credit cards. Being big time Aeroplan mile and other loyalty program point earners, the Rewards Canada family definitely follows each of these steps.

The first, "Check under the hood" is just that, open it up and learn the mechanics of your reward program. Understand how the earning works and then how the redeeming works. The two go together and more often than not consumers only look at one or the other.
Related: Remember people it's all about the EARN and the BURN

The second, "Spring Forward"is making sure you maximize your earning. If you have a card that earns extra miles when buying groceries, use that card for your grocery purchases. At certain times of the year credit card companies may offer limited time bonuses on select purchases so keep an eye out for those. A good example are limited time bonuses offered by ExpediaForTD for any TD Rewards card holders. (First Class, Platinum, Classic)

The third tip, "Brush up on your goals" is for you to realize and make reward program goals. What do you want to do with your miles or points? Don't join a program or get a credit card blindly. While goals may change over time have an idea when you start with a program of where you want to get to. Want to be enthralled by the Lufthansa First Class experience? Check out how many Aeroplan Miles it takes to do so and then start planning on how you can reach that goal. Aeroplan will even help you out with their online goal setter tool (www.goals.aeroplan.com) which helps members set and track their progress.

Reaching that goal is our fourth step "Clear out the Clutter" and with Aeroplan one of the easiest ways to rack up those miles fast other than actual travelling is with credit card spend. Put all you spending on your credit card. It doesn’t matter what the amount is. Put it on the darn card. Then pay the card off so you are not paying interest. Scared that you may forget to pay it and use that cash elsewhere? It only takes a few minutes in the evening to log in to your online banking and make a payment to your card for all the purchases you made that day. There is no rule that you only have to pay the credit card company when your statement comes in. Personally I'm doing three to four payments to my credit cards each week.

The fifth tip is "Find Flexibility" and this plays more in hand with flexible point credit cards. Not stuck on travel but still want the option just in case. Some cards out there let you earn points that can be redeemed for travel like the TD First Class Infinite Visa. The points can be used toward travel redemptions via ExpediaForTD or for any travel purchase paid for with the card but can also be used for merchandise, education grants and more.

TD Aeroplan Visa Infinite Card

• Receive a Welcome Bonus of 15,000 Aeroplan Miles with your first Purchase • In addition, you could receive 5,000 Aeroplan Miles when you add an Authorized User to your Account by September 2nd (Authorized User must call and activate their Card by Feb. 28, 2017)
• Annual Fee Rebate for the first year (Primary Cardholder only) – that’s $120 in savings!
• Offer Valid until Sept. 2, 2016
• Earn 1.5 miles for every $1 spent on eligible gas, grocery, drugstore and aircanada.com Purchases made with your Card.
REWARDS CANADA EXCLUSIVE - For every $1 spent on eligible gas, grocery, drugstore and aircanada.com Purchases with your Card5, earn double Aeroplan Miles for the first 90 days after Account approval – that’s 3 miles instead of 1.5 miles for every $1 spent on eligible Purchases3.
• Earn 1 mile for every $1 you spend on all other Purchases on your Card.
• Earn miles twice when you pay with your TD Aeroplan Visa Infinite Card and present your Aeroplan Membership Card at over 150 Aeroplan partner brands and with 100 online retailers
• Your Aeroplan miles will not expire as long as you are a TD Aeroplan Credit Cardholder
• Enjoy an extensive suite of travel insurances for peace of mind on your next getaway.

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