The Capital One Aspire Cash Mastercard sets the minimum standard for all credit cards in Canada. If you are looking for a simple, above average earning rate and no annual fee, this is a great card.
There is no annual fee and you earn 1.5% cashback on all your spending with no restrictions and with your rewards coming back in the form of a statement credit of cheque.
|Capital One Aspire Cash Mastercard|
1% cash back as statement credit each month
.5% cash back as statement credit at the end of each year
The Capital One Aspire Cash Mastercard is my favorite no annual fee card for non-category spending in Canada. It sets the standard for the amount of rewards you should be getting, as everyone is eligible for this card and there is no annual fee. It is a Mastercard so there is wide acceptance.
Since there is no fee for this card, I think this is a great card for people to carry in their wallet if a decent amount of spending is done in categories that don’t earn bonuses (ie gas, grocery drugs, restaurants)
This is a very simple credit card rewards program in the marketplace. Every purchase earns the same return and rewards are deposited to your account in the form of a statement credit at the end of each month or year. You just have to request when you want your rewards to be sent to you, either as a cheque or a statement credit.
Every purchase earns the same return. You make a purchase of (for example) $100, and 1% of that, or $1 is put into your rewards account. At the end of your membership year, you earn an additional .5% in your rewards account, or $0.50, making your overall return 1.5% cashback.
Rewards points will be earned at the end of the month in which they are earned, upon the closing of the statement cycle.
Redeeming rewards is simple. You simply go online or call Capital One at 1-800-481-3239 and tell them you want to redeem your rewards. You can redeem any amount of your rewards, with no minimum or maximum. These rewards can be returned to you in the form of a statement credit or as a cheque.
If you close your account before you redeem your rewards, you will lose those rewards. If you are interested in closing this account, simply redeem your rewards for a cheque, then close your account.
Whenever I do rewards comparisons, I use this card as my basis for comparison. In this case, there are 2 other card that might be comparable to this one.
MBNA Smart Cash
The MBNA Smart Cash card, which earns 1% cashback on all purchases and 2% cashback on gas and groceries. Between the Aspire Cash and the (no annual fee) MBNA Smart Cash, it would really depend on your spending patterns. If you spend more on gas and groceries then the MBNA is a better card. If you spend more on other things then the Apsire Cash is the best card. However, there is nothing to say that you can’t use the MBNA card for your gas and groceries and the Aspire Cash for everything else. In fact, that is a strategy I would suggest for many people.
Capital One Aspire World
The other comparable card would be the Capital One Aspire World Mastercard. This card CAN get you 2% cash back in the form of travel, if you are willing to put in some effort when structuring your travel purchases. However, there is an annual fee on this card and if you are not willing to make the effort to maximize your return, the Aspire Cash has the ability to get you a better return with less headaches.
Scotiabank Gold American Express
The Scotiabank Gold American Express card is one of my favorites. This card gets you a high return in gas, groceries and restaurant categories. I don’t put these against each other, and actually would say these 2 cards complement each other very well. In my suggested 2 card wallet, I would put these 2 cards as my preferred cards for most people. Put category spending (gas, groceries and restaurant) on the Scotiabank American Express, and everything else on the Capital One Aspire Cash card to maximize your return.
There is no annual fee on this card.
This card is a World Mastercard. It comes with the same benefits as all of Capital One’s World Mastercards, including:
The Capital One Aspire World Mastercard comes with the following insurance coverages:
- Travel Emergency Medical
- Flight Delay
- Travel Accident Insurance
- Trip Cancellation
- Baggage Loss
- Car Rental Collision / Loss Damage Waiver
- Trip Interruption
- Baggage Delay
- Travel Assistance
- Price Protection
- Extended Warranty
- Purchase Assurance
- Concierge Service
- Zero Liability
If you are interested in getting a credit card that has a high earning on all purchases, not just in specific categories, then the Capital One Aspire Cash is one that is certainly worth considering. On top of it all, there is no fee, so there is very little risk or cost to holding this card as an alternate.
You can earn exactly 1.5% cash back on all your purchases, with no restrictions and no jumping through hoops to get your rewards back to you.
- Great earning rate for all purchases at 1.5%
- Mastercard has wide acceptance
- Insurance coverage in line with higher level cards
- Rewards in certain categories can be beat by other cards.
- A portion of your rewards are not earned until the end of the year