My parents were recently shopping around for a new credit card. They charge an average of $2,000 a month and are mainly interested in reward travel.

I was set to recommend the CIBC Aerogold card, since they mainly fly Air Canada. After perusing the big bank websites, however, I concluded that the CIBC Dividend Platium card was a better deal for them.

It has most of the same benefits as Aerogold, plus extended warranty protection and out-of-province health insurance for trips under 15 days. And it costs only $79 a year, compared to $120 for Aerogold.

The card gives no frequent flyer miles. Instead, one earns a 2% cash rebate on the total annual spending over $5,000. The first first $5,000 charged earns a reduced amount, between 0.5% and 1%.

My parents have more frequent flyer miles than could ever hope to use in the next few years, so I think the over $400 cash rebate they'll receive will be much more useful to them.

Anyway, this is just and another option those who already have lots of ff miles might want to consider.

Cheers,

freeflyer