I generally do not like spam but I was pleasantly surprised last week to be spammed by RBC. If you are a holder of a RBC issued credit card, you can redeem your points for vouchers to contribute to your RRSP, RESP, TFSA or to pay down a mortgage. There are two downsides to this program: (a) the card holder has to be holding a RRSP, TFSA, RESP or mortgage with RBC; in other words, they are not giving you cash but a voucher usable only at RBC; and (b) the exchange rate is not great- a $100 voucher costs you 12,000 points (which appears to be the going rate for points to cash exchange at RBC given most $100 gift cards cost the holder 12,000 points).
National Bank issued credit cards have a similar program without a RESP option but a GIC alternative. Their exchange rate is better with a $100 RRSP contribution costing the card holder 11,000 points.
Of course, the third alternative is to use a cash back credit card (please note that the link is a little dated- time for an updated post MDJ?) and use the cash to contribute to your RRSP, RESP, TFSA or pay down debt. Regardless, these may be found money alternatives to top up your savings. Best of luck.
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