Now that I have allowed the recent shock to the discontinuation of the Capital One Aspire Travel World MasterCard to dissipate, I am trying slowly to move on. The blow is less severe because existing cardholders can continue to retain their credit card for the time being. But once you cancel it, it is done.
Capital One has instead introduced the new Capital One Aspire Travel World Elite MasterCard. Even though the names seem so similar, this is not to be confused with thinking that this is a re-branding. A re-branding would mean that all existing Capital One Aspire Travel World MasterCard holders would automatically be transferred to this new credit card. Instead, this is an entirely new credit card that we have to submit a whole new application for. Below are the highlights of the credit card:
- $120 annual fee
- Earn 10,000 sign up bonus points after your first purchase
- Earn 2 points for every $1 spent on all purchases
Here is a quick comparison to the Capital One Aspire Travel World MasterCard highlights:
- $120 annual fee
- Earn 35,000 sign up bonus points after your first purchase
- Earn 10,000 anniversary bonus points
- Earn 2 points per $1 spend on anything
Redeeming your points remains the same as before by redeeming your points as follows:
- Up to $150 = 15,000
- $150.01 to $350 = 35,000
- $350.01 to $600 = 60,000
- $600.01 and greater = Travel cost x100
The annual fees are the same, but the sign up bonuses are significantly different. Essentially a difference of up to $250. Though the worse difference to me is the anniversary bonus. Either the previous card’s benefits were too generous or Capital One Canada is making too much money and they no longer need to be customer friendly.
I am pretty unhappy about what has transpired. I am actually fine with a new credit card, even if it meant that the old one is discontinued, but I would have hoped that the new credit card would be even better for customers. For the past 12 months or so, we have seen a slew of credit card being discontinuing and not as many new credit cards being introduced. This year, 2015, has started off pretty tough for the points game. Aside from the TD Aeroplan Infinite Visa, we really haven’t seen very many competitive products being introduced or going on promotion.
I hope that things turn around in a hurry, otherwise with the way things are going, I am expecting to see more discontinuations of some of beloved products.