Updated May 2015: The Capital One Aspire Travel World MasterCard has been discontinued and replaced with the Capital One Aspire Travel World Elite MasterCard. The biggest change is that the 35,000 point welcome bonus has been replaced with a 10,000 point welcome bonus. Also, the new card no longer offers the ongoing 10,000 point bonus on your card anniversary.
Read more here – Clarity emerges for existing Capital One Aspire Travel World MasterCard holders
The Capital One Aspire Travel World MasterCard was recently rated the best travel rewards credit card by MoneySense magazine. This card made its Canadian debut in June, 2010 and took the rewards card market by storm by offering a large sign-up bonus, a renewal bonus and a juicy redemption rate.
Capital One Aspire Travel World MasterCard
Other travel credit cards only offer single miles for your purchases, but the Capital One Aspire Travel World MasterCard earns you double miles on all purchases.
Not only that, the card comes with a generous 35,000 bonus reward miles on your first purchase and an additional 10,000 anniversary bonus reward miles every year. Capital One sets the bar very high and blows the competition away when it comes to travel rewards. Here’s an overview of this credit card:
- Double miles on all purchases
- 35,000 bonus reward miles on your first purchase
- 10,000 anniversary bonus reward miles every year
- Add an authorized user for $0 and their purchases will earn you even more reward miles
- World MasterCard benefits including Travel Emergency Medical Insurance and Trip Cancellation Insurance
- $120 annual fee
Earning Travel Miles
Earning travel miles is easy with the Capital One Aspire Travel World MasterCard. Cardholders earn 2 miles for every dollar spent on any purchase, from travel to gas and groceries, and everything in between.
There are no gimmicks and no restrictions on earning miles. When you factor in the introductory bonus miles and the anniversary bonus miles, the travel points can really add up quickly.
Redeeming Travel Miles
Capital One has taken the pain out of redeeming travel miles. With their No Hassle Rewards, you book your own trip and fly on any airline, stay in any hotel or choose your own car rental company. Then you simply redeem your reward miles to pay for your travel.
There are no hidden fees, and unlike other rewards programs such as Aeroplan, Capital One allows you to pay for the taxes on your travel with your rewards miles. How many miles do you need to travel?
- 15,000 miles = $150
- 35,000 miles = $350
- 60,000 miles = $600
- 60,001 and above = cost of travel x 100
The nice thing about this rewards program is the ability to redeem your points for gift cards, merchandise and even cash.
How Many Travel Miles Will I Earn?
In order to maximize my rewards, I use my credit card for every possible purchase.
I spend approximately $2,600 per month on my credit card, so let’s take a look at how many travel miles I can earn from the Capital One Aspire Travel World MasterCard in the first year:
2 miles for every $1 in purchases – 62,400 miles
35,000 bonus miles with first purchase – 35,000 miles
10,000 bonus anniversary miles – 10,000 miles
Total travel miles earned in first year = 107,400 miles
107,400 miles is the equivalent of $1,074 worth of travel. When you subtract the $120 annual fee, my first year total would equal $954 worth of travel points on $31,200 in annual spending. That’s a redemption rate of just over 3%, which is fantastic.
After the first year, my total travel miles earned each year would drop to 72,400. When you subtract the $120 annual fee, that leaves me with $604 worth of travel points on $31,200 in annual spending. That’s a redemption rate of 1.94%, which is still pretty decent.
Final Thoughts On Capital One Aspire Travel
The Capital One Aspire Travel World MasterCard is one of the top all-around reward credit cards in Canada. Even with the steep annual fee, the redemption rates are outstanding since you can earn double miles on every purchase and receive generous bonus miles every year.
Consider this credit card if you have a fairly high income with a good credit rating, pay off your balance in full, can spend over $2,500 per month on your credit card, and don’t mind paying an annual fee for the chance to earn rewards. With this card, rewards will add up quickly.
Cash back rewards credit cards are growing in popularity as consumers realize they can get money back by using a credit card instead of cash or debit on their every day purchases. The Scotia Momentum Visa and Scotia Momentum Visa Infinite are great options for people who want to earn cold-hard cash back on their daily spending.
Scotia Momentum Visa
The Scotia Momentum Visa was recently named one of the best cash back credit cards on the market. Cardholders receive 2% cash back for purchases at grocery stores, gas stations, drug stores, and recurring bill payments up to $25,000 annually. All other purchases are eligible for 1% cash back. This card has a $39 annual fee.
– 2% cash back on all eligible gas station, grocery store, drug store purchases and recurring bill payments.
– 1% cash back on all other eligible purchases
– annual fee of $39
The Scotia Momentum Visa also comes in the following options, depending on your level of spending:
Scotia Momentum Visa Infinite
– 4% on eligible gas station and grocery store purchases
– 2% on drug store purchases and recurring bills
– 1% cash back on all other eligible purchases
– annual fee of $99
How To Redeem Your Cash
The Scotia Momentum VISA cash back program is an annual program. Your rewards accumulate each month, beginning each year with your December statement, and are awarded at the end of each 12 month period as a credit on your November statement.
Your total cash back, year to date, will be shown on each monthly statement.
How Much Cash Back Will I Earn?
To maximize my rewards, I put every purchase that I can on my credit card (and then pay it off each month). I also set-up automatic bill payments with my credit card so that my cable, cell phone and utility bills are all helping me earn cash rebates.
I spend approximately $2,600 per month on my credit card, including $650 combined at the drug store, gas station and grocery store. Let’s take a look at what my potential cash rebate will be from the Scotia Momentum Visa in the first year:
2% rebate on drug store, gas and grocery purchases – $252
1% rebate on all additional purchases – $186
Total cash rebate in first year = $438 minus the $39 annual fee = $399
I was also curious to see what the cash back rebate would be if I used the Scotia Momentum Visa Infinite. Based on my level of spending I would receive $606 cash back per year, minus the $99 annual fee, for a total annual rebate of $507.
Final thoughts
I like that the Scotia Momentum Visa offers a 2% rebate on recurring bill payments and even on drug store purchases. That sets this card apart from its competitors, and is better than the Scotia Moneyback Account, the cash back debit card that does not allow cardholders to earn rebates on automatic bill payments.
Unfortunately the 2% cash back on groceries, gas, and prescriptions is not as lucrative as my current card, the MBNA Smart Cash MasterCard, which offers 2% cash back in those categories (and 5% for the first 6 months).
However, even after the large annual fee, the Scotia Momentum Visa Infinite gives me a better return after the first year by about $50. I’ll have to keep my eye on this card and look into switching after my first year is up with the Smart Cash card.
Sign up for the Scotia Momentum Visa Infinite here – (link)