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What does the gold card cover?

Should I have a gold card?

  • My bank offers both a standard and a gold Visa card with the same 19% interest rate and no annual fee. The gold card's features are: Higher minimum family income and credit limit requirements, which I meet$5000 instead of $500 emergency cash advance$500,000 travel accident insurance instead of $250,000Emergency travel assistance serviceshttps://www.tdcanadatrust.com/tdvisa/features_inc.html#3No-fee travelers' chequesAuto rental collision/loss damage insuranceThe bank also offers cards with an annual fee and much lower interest rates, but I never run a balance so no-fee is a better deal. (I basically just use the card to avoid carrying cash or incurring bank card charges. Note that I'm in Canada, so bank cards are a different "debit card" system separate from credit cards up here.) I currently hold the standard card. It seems to me that since I meet the minimums, moving to the gold card is a no-brainer. But I want to make sure I'm not missing anything. Is there any reason why I shouldn't upgrade?

  • Answer:

    Without reading the terms and agreements of both cards, how can anyone knowledgably answer this question?

mendel at Ask.Metafilter.Com Visit the source

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Not that I know of. Take the deal.

matkline

Er, 19% of 0 is 0. I haven't paid a cent of interest in the decade I've had the card. I have a credit card as a cash alternative, not as a debt instrument. (Which is to say: That isn't my question. I understand interest rates. I don't understand if there are specific gold-card gotchas when fees and interest rates are equal. If it helps, compare two zero-interest, zero-fee cards that otherwise meet the description above.)

mendel

The whole point of the gold card having a higher income requirement is to make it a "perk" for those with more disposable income, so that you stay with this bank's card. At a certain income level, you can essentially get whatever card you want, so the issuers have to offer you something for your business. There is absolutely no reason not to go for the gold card. In fact, if you look around, you might even find a better card for your needs/wants (i.e. more rewards etc.)

birdsquared

bird^2 has it. I was just in the same situation as you -- Royal Bank, fwiw. There are about a dozen different cards to apply for, no-fee gold seemed the way to go. There is no "catch": you have extra perks for being a low credit risk.

bumpkin

Ask if they have a platinum card, and apply for that. The only real benefit to a gold card is the rental car insurance -- the rest is stuff you're probably never going to use. A platinum card, however, typically doubles the warranty on anything you buy for as long as you keep the card. That's well worth having. You probably qualify; they really aren't that special anymore. If your bank doesn't have one, shop around for another bank.

kindall

(I don't mean to move all your banking -- just get a credit card from another bank.)

kindall

Depending on whether you do a lot of travel (or would like to), you'd probably be better going with one of the upper-echelon Mosaik cards from BMO (earn Air Miles w/every purchase), or Aerogold from CIBC (ditto, but aeroplan).

dirtynumbangelboy

Rewards Canada has a good comparison of the various travel rewards credit cards http://rewardscanada.ca/cccompare.html. The best rewards card right now seems to be the MBNA Starwood Platinum Mastercard. It's free, and the program offers an amazing array of choices for redeeming points, including hotels and transfers to frequent flyer programs (http://www.flyertalk.com/forum/showpost.php?p=3806742&postcount=206).

RibaldOne

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