It is that time of the year again where I provide my mid-year report on my New Year’s wish list. So far, at the mid-point of every year, I look back at my wishes for the new year and compare what the industry has done against it. Let’s take a look on how things are fairing so far this year.
1) Strong Year for Credit Card Sign Up Bonuses
While I designated 2013 as the year of the credit card sign up bonuses, it also served as a benchmark for comparison. As I mentioned on New Year’s Day, I really believe that we are due for a big year. So far, the industry has delivered. I have provided monthly updates (January, February, March, April, May and June). From those lists, you will notice some nice higher than normal sign up bonuses.
Along with the American Express higher than normal sign up bonuses through the referral program, the first half of 2016 has turned out to be very strong. If the momentum continues, I think that it will easily top 2013!
2) Incentives to Retain Credit Cards
Nothing to see here. As I mentioned in my wish list, it has been a long shot for years anyway, but I won’t stop including this hope on the list. This is the current list of credit cards with the Top Credit Card Spending Bonuses, let’s hope this list continues to expand.
I think that we may only see this heat up when the sign up bonuses die down. Such incentives is more about retaining existing credit card holders. Seems like the industry is more interested in getting people to sign up for new credit cards instead.
3) More Co-Branded Airline and Hotel Loyalty Credit Cards
We haven’t seen any movement here. But there is still time before the end of the year, so I will remain hopeful and positive about it. The weak Canadian dollar is hurting this potential at the moment. Credit card companies need to buy miles and points based on USD prices, and when you factor in the conversion costs, it is currently expensive. Though I doubt this is the only factor at play.
I am going to remain hopeful that we are going to be seeing new partnerships in the near future!
4) More Cash Back Credit Cards
Since the Tangerine cash back credit card came into the scene, we haven’t seem too much action. As I mentioned before, I will primary focus on the top options in my posts and won’t talk much about less attractive credit cards that are introduced to the market.
5) Improved Safety and Security for Travellers
The industry saw a few unfortunate accidents so far this year, such as the Tara Air Flight 193, Flydubai Flight 981 and the EgyptAir Flight 804. There will never be a time when travelling is 100% safe, it is a continual work in progress.
That being said, we can’t always live in fear. Safe travels everyone!
Happy Canada Day!!