Referral links to all these cards are in the Description box below the video, I'll pin the top ones here 😊 SCOTIABANK Momentum Visa Infinite - 10% signup bonus 👇 api.fintelconnect.com/t/l/65412c04968f0c001bb64de6 CHEXY - Cash Back on Your RENT! 🏠 www.chexy.co/? Discount Code: CANADIANTSHIRT SIMPLII Financial Cash Back Visa 👇 api.fintelconnect.com/t/l/65d43b40a45243001baffc0b ROGERS Red World Elite Mastercard 👇 api.fintelconnect.com/t/l/65412da5968f0c001bb66302 AMERICAN EXPRESS SimplyCash Preferred - $400 signup bonus 👇 americanexpress.com/en-ca/referral/simplycash-preferred?ref=dORIABKJNk&CPID=100373056 Borrowell - Free Credit Check 👇 api.fintelconnect.com/t/l/5efe2e9329f27a001e5a5870
Credit cards are very powerful if you use them right! But you must ALWAYS pay your monthly statement in FULL! If you can't control your spending or can't promise yourself to pay it off every month, then don't use a credit card! No cash back is worth a 20% interest penalty working against you!
I just applied for the World Elite Canadian tire card and got approved instantly, the utilities and property tax option is insane! They also have a $150 sign up bonus carried over from the base CT card included until the end of May 2024 with any qualifying purchase at Canadian Tire retailers. Thank you!
That's fantastic! I wish more Canadians knew about this card and it's powerful and unique benefits! Especially for homeowners! I feel like it's still a hidden gem! 💎
@@CanadianTShirt What method do you use to pay for the property tax? I have a brampton property and according to the city of brampton, i can only use a third party to pay property tax by credit card.
Another great video! Rogers WE is my main CC because of Costco. I guess it’s time to move to Fido for the 2%. Still trying to get use to Adrian without Glasses 🤓
I am SO HAPPY that Rogers WE is back.... it's been a rough past few years seeing how far the mighty had fallen but now this is an AMAZING card once again!
And a really smart move on the part of Rogers! People LOVE Costco and this card alone will convince a TON of people to switch over to their mobile network 😎
It will sometimes depend on different jurisdictions. I don't go to No Frills but I know that for Walmart (in my area) only Mastercard is ever classified as grocery, Visa isn't
If you are a Rogers customer and you are strategic with your cashback, using it ONLY for your phone and internet bill to lock in that 1.5x redemption bonus, this card is a BEAST! =)
Very informative. I had no idea there were so many great credit cards. Paying rent with a credit card? Paying property taxes with a credit card? Wow, those are huge game changers! 💯💯💯💯💯💯💯💯
You got it! Chexy is very new, only been around for a year so I'm very happy that I was able to invest in them early and I can use my platform to help draw attention to these powerful benefits of paying rent with a credit card! 🙌
And you bet! The Triangle World Elite Mastercard still doesn't seem to be super well known. I've been singing their praises for 5 years now but I feel like they're still a hidden gem
9:48 another cool thing about PC points is that there is a period like on black Friday that your points double if you have more than 200k points ($200). You will be able to spend $400 at shoppers or loblaws with it ❤
You got it! I usually hoard my points until I see those awesome Shoppers deals like spend $200 worth of points and earn $300! That way you get a $100 boost! =)
@@CanadianTShirt most of us have the same expenditure habits that you already covered with a really good chart of which card is used for what expenditures.
@@CanadianTShirt if you could shed some light on top credit cards from each bank and what they could.be used for that would be highly appreciated . Thank you 🙏🏼
You got it! I've already made several videos on the best credit cards from the big banks including Scotia, TD and BMO. Such as this one here, the best GROCERY credit cards =) ua-cam.com/video/NrjMN1BuoD8/v-deo.html
I've been using the Visa Infinite for 2 years since seeing your last credit card video. For me it replaces a couple of the other cards on this list because I use the gift card hack for some restaurants, gas stations and shops like Canadian Tire (and their gas stations; using my triangle card for more points and discounts), Marks, London Drugs, Cineplex, Red Robins, etc., etc.. I've saved hundreds of dollars because of you, thanks!
It might be a bit of a pain getting gift cards for restaurants unless you go to the same ones every time. That's why a free card like Simplii is awesome, no fees and you get that amazing 4% cash back at all restaurants =)
I started building my credit card portfolio for optimizing my spend and collecting cashback after watching your credit card playlist, and have been able to save hundreds of dollars. Like always, great content Adrian! Best finance related channel in Canada. You should expand more into financial literacy, or maybe consider starting a newsletter for more frequent updates. I'll be the first to sign up :D
I'm still just a one-man show and it takes a lot of time to produce these videos and Instagram and Blossom content so I'm not sure about a newsletter but I'll keep you posted! =)
Personally I'm not a huge fan of rewards cards. I prefer cash back for the simplicity, the money goes into my pocket, no questions asked. I don't want to be "forced" to spend money on a vacation just to redeem my points. Then again, some rewards cards do have some very powerful signup bonuses, especially if you travel a lot so it's a personal preference =)
My spending is mostly on groceries/gas and utilities. Personally use this combination: 1. CIBC Visa Infinite ( 4% on Gas, Groceries, 2% on recurring) 2. WeathSimple Card (For foreign transactions. No conversion fee, 1% cash back, 5% interest on cash account throughout) 3. Costco Mastercard (3% on Costco Shopping, Including already cheaper Costco Gas) Both cards are free as I have a CIBC account. I used to use Scotia Momentum, the issue is that you can redeem your cashback only once a year. What is the downside of Costco Mastercard??
Yes the CIBC Dividend Visa Infinite is a GREAT card! Very similar to the AmEx with 4% on gas and groceries, I talk about it in detail here on the Best GROCERY credit cards =) ua-cam.com/video/NrjMN1BuoD8/v-deo.html
The WS is fantastic for foreign purchases! But keep in mind it is a debit card so that money leaves your account instantly! And I hate to break it to you but the Costco mastercard is nowhere near that good... honestly I am incredibly disappointed in the Costcs CIBC mastercard and their frankly misleading advertising...
You are NOT getting 3% at costco.... only 3% at GAS stations in costco and restaurants. Shopping at costco only gets you the 1% standard rate which is pitiful (literally any mastercard on this list already offers 1% at costo on top of the extra benefits) The Rogers mastercard is easily the best at costco with 2% cashback =)
Ya most cards only allow you to redeem once a year. In the past few years, some cards now offer redeem when you want which is nice like the Rogers, Triangle and PC world elite on this list =)
Watching your 2022 video got me convinced to switch to cashback credit cards and I grabbed the Scotia Infinite and the Amex Preferred cards (and signed up for Chexy!!). I'm tempted to pick up the Simplii Visa and when I start traveling, I'll grab the Home Trust Visa thanks to this update video! I kinda wish I were a Rogers customer for their card but my phone bill is way cheaper with Public Mobile so oh well.
I recommend the Simplii card to EVERYONE I know! It's a no-fee card and it offers amazing 4% at restaurants. It's definitely a hidden gem that I wish more people knew about! =)
I hear you and I think it's a smart move by Rogers, these new changes to their mastercard will convince a TON of people to switch over to their network, especially the Costco shoppers!
Hi! Thanks for all the info. I always follow you. I just found out that simplii doesn’t work in Quebec. You should do one like this very complete with all credit cards for people who work in Quebec.😊
I buy mainly at Walmart and Costco so Amex wont gets u 4% there... Rogers will gets u 3% there! I have both Rogers home internet and Fido for mobile so 3% all the way! I also have a mortgage and not rent so no card can help me there... great video Adrian! Btw- my grandparents were born in Romania too! Cheers!!
You're right! Walmart and Costco are NEVER classified as grocery stores so the best you can get is 2% with the AmEx and Rogers. And with the Rogers, it's not technically 3%, it's a 2% cashback but if you redeem your cashback ENTIRELY for your phone bill, then in effect it is worth 3% which is amazing! 😊
I know that the Chexy team is working towards mortgage payments as well! If they do, that will be an even BIGGER game changer! I'll keep you posted! =)
CIBC Dividend Infinite Visa is still great too. 4% on gas and groceries, 2% dining, transportation and recurring 1% on everything else. I’m surprised it didn’t make your list. This is the paid version of the free one I got from your “free” cards video a few years ago and they upgraded me to this one.
Oh the CIBC Dividend Visa is GREAT! I've talked about it many times including this video here, the Best GROCERY Credit Cards =) ua-cam.com/video/NrjMN1BuoD8/v-deo.html
But I don't have it personally, at least not anymore. I get the same main benefits with the AmEx (4% on groceries and gasoline) so it wouldn't be worth it for me =)
Great list. I have Rogers WE for flat 3% on everything (I redeem against internet and phone bill). I have Scotiabank Visa Momentum to pay the rent and in places coded as grocery store. I use WS cash card for the no foreign currency conversion fee + 1% cashback. I have just got the Triangle WE with the 150 CT money WB. I don't shop at CT regularly and I have only one bill to pay with it but the free roadside assistance worth it.
You're able to collect great cashback with only ONE annual fee card! The next one I suggest would be the Simplii visa just to get that 4% at restaurants. It's totally free and really comes in handy =)
Thanks for this amazing video, I don't know why I was paying $250 for Amex gold but I am going to cancel it now and I just got approved for Scotia Infinite Momentum Card. Thanks a lot again!
Loved the video, but there are some changes to the PC credit cards that you didn't note in your video. I checked the PC financial website and I believe the World Elite credit card has a minimum spend of 15K per year or else they'll bump you down to the lower tier the following year, depends on what you use it for, but definitely something to consider.
That is true! This video wasn't a full breakdown of each card, since I'm talking about 8 cards, I'm doing a quick overview of the main benefits and what I use each card for. Check my other credit card videos for full breakdowns =)
But yes, many of the world elite mastercards implemented a minimum spend but in my experience, it was never enforced. I have never been bumped down even though my spending is far below that threshold =)
Thanks for the video Adrian! I’m glad you talked about the new Roger’s Mastercard. It’s definitely a card I’ll be getting once my phone contract is over. Can’t trust Roger’s with my internet so I guess I’ll give them business through my phone plan instead 😂
Why you dont have any travel rewards card? How you manage travelling with these cards? Everybody screaming about CC churning and here you are never talks or suggests those tricks or ways of point reward system! Thanks for these videos brother! it means a lot to me!
Personally I'm not a huge fan of rewards cards. I prefer cash back for the simplicity, the money goes into my pocket, no questions asked. I don't want to be "forced" to spend money on a vacation just to redeem my points. Then again, some rewards cards do have some very powerful signup bonuses, especially if you travel a lot so it's a personal preference =)
But it's not worth it anymore... sure you can get some one-time cash bonuses but it will hurt your credit score... Now with my real estate priorities, I can't take any risk to my credit score. But there are certainly some options worth taking advantage of! =)
I had the Scotia card before. Only allow me to use cash back in Nov. my fee due on Oct. So I had to renew every year on Oct to get cash back on Nov. I canceled it, got the cibc dividend card also has 4% back on grocery and gas. The best part is I can redeem anytime when it reach $25. But the Rogers card has 2% everything. With my spending seems the 2% everything and Simplii card able to replace the fee card I have
Enjoying your videos: Would like to ask you please to make 2 videos, one for Best Canadian Travel credit cards and one with Best chequing accounts in Canada. Thank you again for the great content
I will definitely make a video on the best chequing accounts! Some of my favourite and FREE chequing accounts include Simplii Financial (which I mentioned in this video) as well as Tangerine =)
For travel points however, I don't use travel cards so I wouldn't want to make a video on something I have no personal experience with. I prefer the simplicity of cash back =)
You got it Jason! I've had this card for 10 years and it was always #2 right below the AmEx but now that I can pay my rent with it too, it takes the top spot! 🙌
Hi Jason, do you mind if I ask which grocery stores this cashback works for you? I have Walmart right next to me and want to see if it will be good to switch over. Scotia website says it's only for specific stores and walmart doesn't necessarily fall under the "grocery" merchant code.
Jason is right. Walmart isn't classified as a grocery store, only mastercard will consider them as such and only sometimes (depending on the area and they must be a Walmart Supercenter) I talk about this in detail in my video here on the best GROCERY credit cards =) ua-cam.com/video/NrjMN1BuoD8/v-deo.html
Great video as always! I find the Wealthsimple cash card is the best travel card for foreign purchases as you save 2.5% foreign exchange fee AND get 1% cash back so really a 3.5% cashback savings vs the HomeTrust visa (based on my own analysis) - plus it’s also free Also love my no-fee tangerine card as you get 2% cashback on 3 categories of choice (great to use on categories that you don’t get cashback on with other cards)
It's true! The WS cash card (and EQ similar) is a game changer! I'm very happy that they're moving in this direction but it's not a credit card, it's a debit card. So all those expenses come out of your account INSTANTLY. This can be annoying especially when it comes to security deposits at a hotel
And you got it! The Tangerine mastercard is FANTASTIC! Honestly one of the best no-fee credit cards, especially with a lower income requirement. I talk about it in detail in this video here, the best NO-FEE lower income credit cards =) ua-cam.com/video/oF2sahCSTII/v-deo.html
For me personally, I already get 2% on everything with the AmEx and now the Rogers so the Tangerine doesn't offer me any value. But it's still a fantastic choice =)
What do you do when you stop using a credit card? Do you store it or cancel it? I know cancelling long held cards can hurt your credit score, but so can credit to average income ratio, no? So approximately how much credit would you suggest to keep open on any/each card?
Great question! I ONLY cancel a card if it has an annual fee! If it's a free card, then keep it! It doesn't cost you anything and you don't want to risk dropping your score by cancelling it
I like your videos! Just wondering, would it not be better to use your high cash back cards that earn more than 2.5% in certain categories than the Home Trust card in foreign exchange situations? For example you go to a restaurant in Europe you would get back 4% with the momentum card? As a Rogers customer and Costco shopper, I will definitely be getting a Rogers Card. thanks for the video!
I wish that were the case but generally speaking, those cash back rates only apply in Canada! Most of the time they don't classify that foreign purchase as a grocery or restaurant so you just get the base 1% cashback which is much less than the 2.5% conversion fee
Hi Adrian, thanks for the great video, as always! I have been using the Rogers card as well, and figured out all on my own but based on your suggestions that this was the best card for Costco, so I was really chuffed when I saw you mention it! I have a question, or maybe a suggestion for another video? I was wondering about any cards with specific travel benefits? Is there a reason why you don't mention them? I go on at least one international trip a year, to visit my family back home, spend a lot of time on a plane, and was wondering if there was a way to make the trip more comfortable and rewarding with a travel card.
Love these credit card videos. I will say, if you are a Rogers/Fido customer, the combo of the Rogers Elite MC with a CIBC visa infinite Dividend may be better than the AMEX, simply for being accepted by more merchants. They both have a $120 yearly fee
The CIBC Dividend Infinite is also a FANTASTIC card! I break down the details in my video here on the Best GROCERY credit cards =) ua-cam.com/video/NrjMN1BuoD8/v-deo.html
And that's also a great combination which addresses the biggest downside of the AmEx, that it isn't accepted everywhere. For me, the AmEx still wins, especially when you factor in all the benefits, the Ticketmaster one is SO helpful for me (especially when I was younger and had more time for concerts) And I LOVE the referral program, I was always able to save a few hundred even before I started this UA-cam channel =)
Hi Adrian, great videos. With respect to purchases made in the US, for example if I fill up with gasoline there, should I use the American Express Simply Preferred Cash card (get 4% cash back but pay the exchange rate fee), or should I use the Home Trust Visa and save the exchange rate fee only? Same thing for restaurants in the US, would I use the Simplii Visa for the 4% cash back or the Home Trust Visa for the exchange rate fee savings? I didn’t see anything in the fine print of their documents.
It's fantastic yet again and I'm happy to see it! I just hope they keep these awesome benefits this time around. I don't want to see them nerf the card again like they did 4 years ago 🤞
Hi Adrian, I know you recommended the Home Trust Visa but I’ve heard some bad things about the online banking being very old, card not working properly in Europe where vendors say transaction doesn’t go through and other issues where they’ll block the card and you have to call to unlock it. I also heard there’s a fee for not using it. I am looking for a card for the sole purpose of purchasing things in Europe and I wanted you advice on how the card has been for you when you’ve used it. Amazing video btw! Used your link for Rogers and Simplii!
I've had the Home Trust visa for almost 10 years and I've never had any problems with it! In many countries in Europe, Mexico and the US, no issues at all
@@CanadianTShirt Adrian I really appreciate the response! And yes that’s exactly where I’d be using it most. Okay I will give it a shot and hopefully have a similar experience to yourself thanks again! Love the videos👍🏼
I have a bunch of these cards and had no idea about some of the benefits! The property tax and utilities is so awesome with the triangle world elite! I have a triangle world elite, pc mastercard, and rogers mastercard. I think I'm going to scrap my Aeroplan visa and get the Amex instead. Can't believe I've been leaving valuable points on the table from not taking advantage of some of the perks I get from the cards I have. Thanks for the video!
I'm glad that you found this video so helpful and from now on, make the most of your credit card. You never want to leave that money on the table! Best of luck! 😊
I’m surprised the Amex Cobalt didn’t make the list. 5% cash back on dining and grocery if you redeem the MR points for statement credits, or over 10% if you strategically transfer to Aeroplan and redeem for certain flights.
The Cobalt is a fantastic card! But I only wanted to cover cash back cards here. I prefer cash back since you get the money in your pocket. I don't have to be "forced' or "encouraged" to take a trip just to redeem those points. But the cobalt has some powerful benefits if you travel a lot and those signup bonuses are awesome! =)
Great video! I have 3 cards only. Scotia Infinite for groceries, rent, gas, transit and bills. Simplii 4% for restaurants and UberEats. Wealthsimple for Costco (1% cashback only) and no foreign transaction fees while travelling.
If you own a house, I would probably suggest the Triangle WE next for the property tax and utilities. And if you shop a lot at Costco, the Rogers WE will probably be worth it. Again both these cards are totally free, so just depends on your credit score =)
Thank you for this insightful video. Is the 4% Cash Back (SCOTIA Momentum Visa Infinite) on the first $25,000 you spend annually calculated from January to December, or from the opening of your account?
I haven't reached that threshold just yet so I don't know for sure. In my case, my cashback is paid out every year in November so my guess is that it resets in November
Thanks! I Just applied for the Home Trust card as I travel a lot and just checked and my bank (RBC) does charge the 2.5% fx fees! You didn't however mention that your annual income must be over 80K for the PC World Elite card, might have been worth mentioning. However I do love my regular PC MC and i use it for much more than just Shoppers. I use it at all the Loblaws stores, especially at No Frills and Costco where they only accept MC, and Esso. Free groceries rack up fast! Working on the Chexy next...
I go over the FULL details including the additional benefits, smaller cash back rates and eligibility requirements in other videos. In this one, I'm going over 8 credit cards so I'm doing a quicker summary and only mentioning the benefits that apply to ME. That's why I don't mention the 3% cashback at grocery stores with PC because I don't use it for grocery stores. I use the Scotia or AmEx for 4% at groceries. And yes, all world elite mastercards have a high $80K requirement. That's the price you pay for the world elites. Hope that helps! =)
Hey Adrian! Do you think you could do a video on dividend taxation in Canada? Maybe its less complicated than I think it is...but it seems like a lot! I like the video where you explained about investing money into an RRSP when purchasing US stocks (such as VOO) to avoid the 15% US withholding tax. I often hear about people going into their retirement with two pension plans such as LAPP plus their CPP, and not being able to withdraw money from their RRSP because the government would essentially say they are making too much in their retirement and increase taxes significantly. What are your thoughts on this? It makes me concerned about putting a lot of money into my RRSP now as my current job has LAPP and then I will qualify for CPP as well. PS - Love your channel, thank you for doing all this teaching! It's helped me so much. - Holly
You bet! I am working on multiple tax videos including going over dividend taxation in a non-registered account (both Canadian dividends and foreign dividends which have different rules)
Thanks for coming up with this awesome video! Do you know what would be the best way to close a credit card without impacting the credit score ? I have a visa aventura gold(annual fees) and realizing now that the benefits are not great . Also, is there a way where mortgage payments can also give a net positive cash back through credit cards ?
In your case, you don't want to pay those annual fees anymore so yes you can close it but that will hurt your score. So instead, call up TD and try to transfer over to a weaker, FREE card! That way you keep that credit history and avoid those annual fees!
Unfortunately, most mortgage lenders do NOT accept credit cards and if they do, they charge high fees on it. But Chexy is currently working on mortgage payments, I will keep you updated! 😁
This is like a tour of my wallet. I have every card except Rogers. I also have the Costco although I agree it's brutal. The only other card I have is the AmEx Marriott Bonvoy because I spend a lot of employer-paid nights in hotels and it has an amazing earn rate at its own properties. Thanks for the confirmation that I've made some good choices Adrian!
Ya I am incredibly disappointed with the CIBC Costco card and frankly their marketing is borderline misleading... you ONLY get 1% cashback at costco stores... that's pitiful. Definitely look into the Rogers WE to get that juicy 2% cashback everywhere including Costco! Here's the link to signup! (no signup bonus just yet sadly but I get a little bonus) 😊 api.fintelconnect.com/t/l/65412da5968f0c001bb66302
@CanadianTShirt I have three questions: - Scotia momentum visa infinite offers 4% on bills, so isn't that better than redeeming the 1.5x the 2% cash back assuming you have a rogers/fido account (which equated to 3%) from the Rogers Mastercard cash back when paying the rogers/fido bill? - AMEX preferred cash back credit card offers 4% on gas, although not every gas station accepts AMEX, which cards would be the next best choice for gas? - AMEX preferred cash back credit card offers 2% on everything else, but if assuming you have a rogers/fido account and are able to get 2% from the Rogers Mastercard, isn't this better than paying the annual fees of $119.88 for the AMEX, and instead use the no fee Rogers Mastercard? Looking forward to hearing your thoughts and any one else's thoughts on these 3 questions :)
I choose not to mess aroujd with credit cards as I want a simple life and I don't want the option of getting into debt. You are super disciplined. I am.....busy...lol! That said I have the EQ bank card and it is amazing as a mastercard that isn't credit and has cash back ans no fees. Can you do a video on non credit sign up bonuses, such as with banks? Thanks!!!
Hi Adrian! Love your channel. What's your opinion on the MBNA Rewards World Elite Mastercard? It appears to have very good cash back on groceries, restaurants, and recurring bills.
It's a pretty great card, especially if you'll be traveling a lot. And it has a really nice signup bonus but for me and my spending, I get better value with other cards. Especially for that annual fee but it's a solid card =)
Do you remember if you had to set up reoccuring bill payments from the scotiabank app/website or can you just set it up in something like the netflix acct and make the scotiabank momentum the auto-payment?
The second one! I never had to setup anything special from the Scotia side. Just select your method of payment as the Scotia Visa and you will qualify for that 4% cash back each month =)
@@CanadianTShirt this is just for month reoccuring, not annual reocurring like car insurance or quarterly utilities like garbage/sewage or bi-monthly hydro and gas bills?
@@CanadianTShirt awesome thanks! for government utilities you recommend just using the Triangle MC? I know here in RIchmond, BC the city charges 2% for things like water, garbage/sewage, etc. also 2% for property tax too. I wonder how the credit cards determine whether something is considered a re-ocurring charge? because if they did, wouldn't property tax qualify as a re-occuring annual charge? if it does... then I'll eat the 2% the city charges me to pay via credit card and still get 2% back (4% CB minus the 2% process fee from the city).
Great info :) Did you know that now you can pay you rent trough all Canadian tire financial credit cards if your landlord is in their list? I just set up my landlord as a payee on the website and payed. No need to wait on waiting list at Chexy, no need to upload lease agreement.
I'm guessing this only works if you have a corporate landlord? Like a big REIT? Because then yes they would show up as a payee, kind of like paying your utility bill. But the majority of landlords are still regular people and so the etransfer approach with Chexy is perfect! =)
@@CanadianTShirt It is a private investment company. I use to pay them trough my bank -set up as a payee. Its a good move from Canadian Tire bank, but what I really need was to use my Aeroplan visa to get the bonus miles Waiting on Chexy waiting list .
I got the Amex Simpli Preferred based of your previous video, love it! I was just curious if you have any thoughts on the more expensive Amex cards that offer Aeroplan rewards? Which ones are the best for Canadians, and what should be the minimum amount you spend in order to make them worth the annual fess? Thanks!!
There are some great AmEx travel cards but they do come with a hefty annual fee so make sure you are actually earning a profit with those! Personally I prefer the simplicity of cash back vs travel points. But it's a personal preference =)
It's true! That extra 1.5x redemption bonus is AMAZING, especially if you plan it right and redeem that cashback exclusively for your phone and internet bill!
Absolutely I would! I've been using the Scotia Momentum for over 10 years and it generates me HUNDREDS in cashback every year because of the groceries and recurring bills!
@@stephenn88 why do you say that? They just finished a new round of investor funding a few weeks ago and they are growing in double digits every quarter! 😊
It's a fantastic rewards card! With some powerful signup bonuses and I love the no forex fee (like the Home Trust) For me personally, I prefer the simplicity of cashback
I get that money in my pocket, no hoops to jump through. I don't want to be "forced" to spend extra money on a vacation just to redeem my points. But if you travel a lot, I think it's a great card! Just a personal preference for me =)
This is a great video, thank you for sharing this information, I'm just wondering how does owing so many credit cards affect your credit score? Are there any drawbacks?
It actually HELPS my credit score in several ways! One, it increases my credit history and credit activity. And two, it allows me to spread out my expenses across multiple cards. So that LOWERS my credit utilization which actually boosts my score!
But keep in mind, I accumulated these 7 cards over the course of YEARS! You don't want to apply to more than 2 cards in a year. If you make too many applications and hard inquiries in a short timeframe, that's a red flag and that WILL hurt your score. So it's a balancing act =)
Awesome video Adrian! Nice to see an alternate option to the CIBC Costco Mastercard. That one is pretty meh, I've had it for about 2 years now, and was looking for a Mastercard with better cash back options. Will definitely take a look at the Rogers World Elite MC!
I hear you! Frankly I have been very disappointed with the CIBC Costco Mastercard, especially since they promote it as the "flagship Costco card" But you only get 1% cashback at Costco which is pitiful...
The Rogers World Elite is easily the best Costco card right now with 2% cashback and you can bump this up to effectively 3% if you claim that 1.5x redemption bonus to pay your phone and internet bill!
Hi Adrian, question not related to the video. Just curious about your thoughts on the recent TD Bank stock drop after they got hit with penalties related to drug money laundering? Would you buy the dip, or sit tight? Thanks!
Yes it is disappointing to see these hefty potential fines but this is a one time drag on their profits. It's rare to see a big Canadian bank take such a sharp dive and it's just a matter of months before they recover so I will definitely be taking advantage of this rare discount =)
The AmEx Preferred card is the one I have and it is cashback. I get paid hundreds or thousands in cash at the end of the year. The Cobalt is also great but it's a points card, you don't get cash
Do you know if the gift card trick can be used with any credit card? For example, I have a BMO eclipse card (yes i know its not the best card for groceries), would I be able to buy a bunch of Amazon cards at a grocery store and make it count as 5x the points? great video btw, looking forward to add a lot of these cards!
I've only done this with the AmEx and Scotia Infinite but it should work for any card. The credit cad company doesn't know or care WHAT you are buying, they just care about how much you bought and from what store, ie a grocery store =)
It depends! Sometimes it can be instant, sometimes will take a manual approval. Give a few days, if you don't hear back from them, then give them a call =)
For the home trust card if I'm purchasing something from a US or EU site and shipping to Canada will I avoid conversion fees or is it only if I'm traveling to a country and I use this card?
Thank you for your video! a quick question, why only Triangle Mastercard can be used to pay the property tax? other credit cards, like PC, also have 1% cash back, on everything you spent with it.
With the Triangle card, you can add a payee and pay your utility bill, property tax bill, phone bill whatever just like a chequing account. The difference is you get 1% cash back! No other card in Canada has this feature =)
One of the best videos! Thank you. Do you mind commenting on the CIBC Dividend Visa Infinite card? And really curious to know how many cards one can hold?
The CIBC Dividend Infinite is another fantastic card! Very similar to the AmEx, you get 4% cashback on groceries and gasoline! I talk about it in detail in this video here, Best GROCERY Credit Cards =) ua-cam.com/video/NrjMN1BuoD8/v-deo.html
There is no limit to how many cards you can hold! But I don't recommend applying to more than 2 cards in a year. If you apply to too many in a short time frame, that's a red flag and those hard inquiries will hurt your credit score! I cover important CREDIT SCORE tips here =) ua-cam.com/video/AqfZsHf1bwk/v-deo.html
Also consider the annual fee of cards. For free cards, there's no downside to owning and holding them but for annual fee cards, it's probably not worth owning more than 2 of them. So pick the ones that work the best based on your spending! For me, the AmEx and Scotia cover my biggest expenses: groceries, gasoline and monthly bills + rent =)
It will depend on your insurance provider but all of my car and home insurance is with TD insurance. And these DO count as recurring payments (monthly or annually) so I get 4% cash back on all my insurance with the Scotia Infinite Visa! =)
Well it's time to catch up on that cashback! For me, insurance and monthly bills are my BIGGEST expense so the Scotia Infinite with 4% cash back will give me over a THOUSAND this year! I'm already at $800 since November 😊
Here's my referral link to signup withe the Scotia Infinite, to get that 10% signup bonus plus waiving the annual fee for the first year =) api.fintelconnect.com/t/l/65412c04968f0c001bb64de6
Great list, although you missed out on the 'BMO World Elite Mastercard', 5% CB on groceries, 4% transit, pretty decent card. Especially with the intro offers.
Be careful though... the BMO offers the BEST cash back on groceries of 5% which is amazing BUT read the fine print!!! It ONLY works on $500 a month in groceries....
Especially with these high grocery prices, $500 a month in groceries is very tough especially for a couple or a family. That's why I prefer the AmEx or Scotia Infinite, the cashback is still amazing at 4% and a MUCH higher annual spending limit so you wont' get cut off =)
Great video and awesome job like always with all the information. I'm rethinking my cards and arrangement already. Didn't know cards existed for property tax lol. Just a question though for the cash back on groceries. Does this apply to any grocery store with any designated MCC code? Does the cash back you mention for groceries work in different stores? Scotia and Amex page says it only applies the cash back to merchants with a unique designated code. would this work at Walmart which usually doesn't have that code?
Unfortunately Walmart is not classified as a grocery store for AmEx and Visa, sometimes Mastercard will though but only in certain regions and only if it is a Walmart Supercenter
EQ is also a fantastic option for foreign purchases! The difference is that Home Trust is a credit card, EQ is a debit card. So with EQ, that money comes out of your account immediately!
Hello, i have a question unrelated form this video. I only invest in ETF an stocks from my TFSA. If i don't enable DRIP, where does the Dividend money go. Is it going back to my TFSA account? I am not able to control that for which Stocks i want DRIP enabled and for which i can restrict, i am using Wealthsimple. If there is a way on controlling this then it will be great and i can leave the DRIP enabled, otherwise will have to disable it.
That's one of the downsides of WealthSimple. Yes they finally offer a DRIP (took them years lol) but it's not customizable at all. It all or nothing and it forces you to do fractional shares which I do not like
With Questrade, you have total control. You can choose which accounts to have a DRIP and even choose which stocks or ETFs you want (or you can select all) Hopefully WealthSimple changes this in the future but for now, you have no control
Can you advise whether it's wise to ask to increase the cc limit or to apply for another cc? Does either option have any negative or positive effect to the credit score?
They will both affect your credit score in different ways, I break down this in detail in this video CREDIT SCORE Explained =) ua-cam.com/video/AqfZsHf1bwk/v-deo.html
But basically, increasing your limit and getting a new CC will both decrease your utilization rate and that boosts your credit score! Getting a new credit card will also give you a boost by increasing your credit history and activity. But you may face a short term drop when you apply since it's a hard credit check. You don't want too many hard inquiries in a short timeframe. Best of luck! =)
Are you asking about paying my rent or paying my property taxes? For rent, I use Chexy and the landlord just receives an etransfer, the same as if it came from me. I just get 4% cashback to cover that 1.75% fee that Chexy charges
For property taxes, I use the Triangle world elite and there are NO charges for that! This is unique to the Triangle card since it allows you to pay bills just like a normal bank account but it's a credit card so you get 1% cashback. You would just add the City of Toronto as a payee and pay that bill, no extra charge =)
Strictly speaking online purchases in USD do you know if there is a better one? The Rogers Red is 3% and 2.5% foreign exchange =0.5% if they allow points for online shopping(?), or the Home Trust with 0.0% foreign exchange but no points. Do you know if there are any other cards out there that could get a total of 1% or more? I can't seem to find any. Thanks for the vid! I'm posting this all over my Facebook haha!
In my experience, the Rogers card is the best for USD purchases. For me, I rarely shop in USD and I don't even travel much to the US so it's not a huge priority but if you find one better, let me know! 😊
Going to look into the Home Trust Visa. I have to Brim Mastercard that I got for the no forex fees but they've since scrapped that. I use my Wealthsimple or EQ Bank cards as they have no foreign transaction fees but I don't want to be purchases like hotels on a prepaid credit card.
Ya the Brim card was a great alternative but it sucks when they neuter their benefits... I've seen that happen many times, including with Rogers mastercard 4 years ago, let's hope they are able to maintain these amazing benefits this time around! =)
Ya the WS and EQ debit cards are fantastic, I love the new twist on their cash accounts but I still prefer credit. Like you said, especially for a security deposit at a hotel, it sucks having that money come out of your account instantly....
My personal issue with having so many credit cards is that sometimes my credit utilization goes down to 0% percent, which is an issue for the credit score growth.
In fact, that's one of the benefits of having multiple cards. You spread out your expenses to keep each utilization rate much lower. With only 1 or 2 cards, you run the risk of having a high utilization above 30% which will hurt your score
@@freshfreshfreshfresh that's good! The line of credit should ONLY be used when needed, for emergencies. Unless of course it's for business or investment purposes in which case, you could enjoy some nice tax benefits on it. Although it comes with extra risks, especially considering the high interest rate
All of these are Canadian credit cards in Canadian dollars. But if you spend a lot in USD, I recommend the Rogers to get that 3% cash back (net 0.25% after the 2.5% fee) or the Home Trust to avoid that 2.5% conversion fee =)
@@CanadianTShirt could you please give more specific details on how does this card beats Costco MC with 2%? Isn't it the same or even more cahsback with costco card when you pay it in coscto stores and their gas stations?
@@CanadianTShirt awesome! Thank you, I currently have PAP setup for both my triangle and pc financial, works well, but I’ve been snagged on CIBC’s dividend visa. This pretty much seals the deal on SB momentum.
That video is certainly coming! My all time favourite savings account is EQ Bank, they consistently have the highest flat-rates in Canada, right now you can get up to 4% interest, I'll include the link below =) click.linksynergy.com/fs-bin/click?id=G4zxVqAvD18&offerid=1115263.22&bids=1115263.22&type=1&subid=0
But there are some other fantastic ones like WealthSimple Cash and Neo Financial. Also look into the promotional rates like Simplii with their 5.9% signup rate, Tangerine also has great promos too! Stay tuned for an upcoming video on savings accounts! =)
👋 Hi Adrian! I would love your opinion on the MBNA Rewards World Elite Mastercard. You earn points, but you can redeem the points for cash through direct deposit, cheque, or statement credits. Using the card on groceries, restaurants, and recurring bills you would earn 4.6% cash back or 5.5% travel return. It has an annual fee of $120 and higher income requirements. I am simplifying my family's credit cards to earn decent cashback using 2-3 cards. I will likely keep my Triangle World Elite Mastercard, so I am looking for 1-2 more cards. Our largest spending categories are groceries (not Costco), restaurants, gas, recurring bills, and merchandise/other (Costco and Amazon). To me, this card makes a lot of sense. I would love to hear your thoughts! Thank you for the amazing financial information you provide to Canadians!
It's a very solid card with some great points-based rewards! It's not the best based on my personal spending especially with that annual fee but I like the signup bonus and the birthday bonus is fun too! It would be a great compliment to the Triangle Card. Good plan! =)
@CanadianTShirt Have you heard anything on their user experience? While the card appears to have good returns, a poor user experience and frustration can negatively affect that pretty quick.
If we don’t make the minimum 60 k for the visa infinite, then what’s the next best? Amex? Btw, if my credit score is 800 but I don’t make the minimum requirement can I still try to apply for the visa?
With such a strong credit score, you should be fine. They can't actually check your income. They don't have access to your tax returns or anything like that
Confession, when I first got this card (literally a decade ago) I was making less than the minimum. But I had a strong credit score and I "embellished" my salary in the form and I got it 😉
Can I ask you something else, if I’m more interested in travel points than cash, using the Cobalt in your opinion would be a bad move? Would I loose money with the fees? Thank you so much for your help!😊
It really depends on what you use it for! A line of credit is a more flexible kind of loan. Instead of getting a giant lump sum of money all at once, you have ACCESS to that money and you only get charged interest on the amount you withdraw!
If you take a $50K loan at 5% interest, you get $50K cash and you're charged interest on the full amount. If you take a $50K line of credit, say you only need $10K, now you only get charged interest on that $10K amount! The remaining $40K is sitting there in reserve
This can be a useful tool, especially for emergencies or for business and investing purposes, since the interest on that loan can be tax deductible which is a huge benefit! I talk about this more in this video, MORTGAGE vs INVESTING: ua-cam.com/video/AKYaqQQRBmI/v-deo.html
But if you use this money as "free spending money" and buy a boat with it, you get no tax benefits and you'll be charged interest on it. And if the interest rates go up, you end up paying even more! So be careful and strategic!
great info, however, with chexy: my rent is on PAD setup which doesn't work on their system (I just tried to sign up) ..any ETA on when this will be coming to chexy?
@@CanadianTShirt thanks..i've asked my bldg mgmt if they accept e-ransfer..but a questIon: in the video you switch to amex for the last 2 months..why is that vs just using the scotia 4% card...sounded like that first one covered most of the bases....i guess i missed something, sorry.
Sorry I went through it quick but go back and watch that section, right at the end of the Scotia Infinite chapter. Basically, the 4% cashback is capped at $25K annual spending
So since I'm paying about $2200 rent each month with this card, I will reach that $25K limit. So that's why I'm using the Scotia for 10 months and then switching to the AmEx once I pass that $25K limit =)
Hey, Adrian! Love your new look, No glasses! Just popped on to say hello! How many credit cards do you have in your wallet? Interest video, but I’m sticking with the 3 cc’s I have. Gilly
The only one I don't carry everyday is the Home Trust visa, I only carry that one when I'm outside of the country. If you've got a credit card strategy that works for you, stick with that!
Most people don't need more than 3 cards in general. And remember, I built up to these 7 cards over 10 years! If you don't mind sharing, what 3 cards are you using? 😊
I love my BMO eclipse vids infinite, it has an anual fee of $120, but you get a $50/yr life style credit and you get $200 worth of bmo points if you spend 2k/month for 3 months. Earning 5 points/$1 on gas, groceries, take out, restaurants. Which equals about 3.3% cash. They also have a $0 annual fee option which earns about 1.6% back on those categories but gives bonus points a if you pay it off every month
Great video as always Adrian! Absolutely LOVE the PC World Elite card! 👍🏼 I saw Manulife offering a 4 month 5.75% savings account which I think is very good. Your thoughts?
That's a great promotional savings rate! Take advantage of these savings rates and then when they expire, move your money to another savings account =)
I started having a panic attack when you said the 1.5x redemption bonus for the Rogers Red Mastercard could be used to pay a phone bill (insinuating ONLY on phone bills), I had to double check to make sure it also included internet and other subscription products. Aside from that this was an incredible breakdown and I'll make sure to enhance my cash back strategy with the summary chart!
Hi Adrian, thanks for all the info! I have been using the Scotia infinite as our main credit card for years but after watching your video- Roger’s card I think I shld get that for the 2% everything + Costco? (I am a Fido customer ) Currently I also hv the simply cash Amex (which I don’t need…) bt if I get the Roger’s I don’t think I need the preferred simple cash? Since I have 4% grocery on the Scotia? (Don’t spend much on gas …) Also another problem is I live in Vancouver , a lot of Asian grocery stores don’t take Amex 😂😂😂 Would love your input Thank you so much🙏🏻❤
I'd like to hear your thoughts on the BMO Cashback World Elite MC as it has 5% cashback on groceries (highest % I believe), roadside assistance like the Triangle World Elite and gives you actual cash, rather than CTC money. Also, what do you think of the Scotiabank Passport Visa Infinite and Scene+ as a program? That's the card I use for foreign tsx.
The 5% cash back on groceries is INCREDIBLE BUT, and this is a big BUT, you MUST read the fine print.... you only get 5% on the first $500 a month spent on groceries....
With grocery prices as high as they are, it's tough to keep groceries below $500, especially for couples or a family. That's why I prefer the Scotia Infinite and AmEx. Still an awesome 4% cash back but a MUCH higher spending limit! =)
Referral links to all these cards are in the Description box below the video, I'll pin the top ones here 😊
SCOTIABANK Momentum Visa Infinite - 10% signup bonus 👇
api.fintelconnect.com/t/l/65412c04968f0c001bb64de6
CHEXY - Cash Back on Your RENT! 🏠
www.chexy.co/?
Discount Code: CANADIANTSHIRT
SIMPLII Financial Cash Back Visa 👇
api.fintelconnect.com/t/l/65d43b40a45243001baffc0b
ROGERS Red World Elite Mastercard 👇
api.fintelconnect.com/t/l/65412da5968f0c001bb66302
AMERICAN EXPRESS SimplyCash Preferred - $400 signup bonus 👇
americanexpress.com/en-ca/referral/simplycash-preferred?ref=dORIABKJNk&CPID=100373056
Borrowell - Free Credit Check 👇
api.fintelconnect.com/t/l/5efe2e9329f27a001e5a5870
Please post questions in a separate comment below! I like to keep the pinned comment clean 🙏
Credit cards are very powerful if you use them right! But you must ALWAYS pay your monthly statement in FULL! If you can't control your spending or can't promise yourself to pay it off every month, then don't use a credit card! No cash back is worth a 20% interest penalty working against you!
I just applied for the World Elite Canadian tire card and got approved instantly, the utilities and property tax option is insane! They also have a $150 sign up bonus carried over from the base CT card included until the end of May 2024 with any qualifying purchase at Canadian Tire retailers. Thank you!
That's fantastic! I wish more Canadians knew about this card and it's powerful and unique benefits! Especially for homeowners! I feel like it's still a hidden gem! 💎
@@CanadianTShirt What method do you use to pay for the property tax? I have a brampton property and according to the city of brampton, i can only use a third party to pay property tax by credit card.
Stop talking about it dude
@@honeyyeyesdid you find out how to use it properly in Brampton?
the "this is worth it as long as you spend $xxx" is so helpful cuz im too lazy to do the math
hahaha that's what I'm here for! 🙌
Huge shout out! Just applied for the 4% cash back with Scotia Momentum Visa! Thank you!
That's what I LOVE to hear! Enjoy that awesome cash back! 😎
Another great video! Rogers WE is my main CC because of Costco. I guess it’s time to move to Fido for the 2%. Still trying to get use to Adrian without Glasses 🤓
I am SO HAPPY that Rogers WE is back.... it's been a rough past few years seeing how far the mighty had fallen but now this is an AMAZING card once again!
And a really smart move on the part of Rogers! People LOVE Costco and this card alone will convince a TON of people to switch over to their mobile network 😎
And yes I'm still getting used to the no glasses too! I still touch my eyes to "adjust" my glasses every 10 minutes 😅
I'll still mix it up though and wear glasses occasionally. It's now a fashion accessory 😂
Pretty sure Scotia doesn’t consider Walmart and No Frills as “grocery store” unlike BMO (5%) and Tangerine (2% - no fee).
You're right! Walmart and No Frills have some annoying rules when it comes to grocery store classification with Visa vs Mastercard
I cover this in detail in my GROCERY Credit Card video here =)
ua-cam.com/video/NrjMN1BuoD8/v-deo.html
HEYY I use scotia and my local NO FRILLS is considered grocery store purchase. BRANDON & JOANNY'S NO FRILLS
Well. How I know if my local Nofrills consider as grocery store ???
It will sometimes depend on different jurisdictions. I don't go to No Frills but I know that for Walmart (in my area) only Mastercard is ever classified as grocery, Visa isn't
Rogers World Elite MC, no fees, 2% cash back on everything or 3% if used to pay Rogers/Fido + 5 days/year free roaming
If you are a Rogers customer and you are strategic with your cashback, using it ONLY for your phone and internet bill to lock in that 1.5x redemption bonus, this card is a BEAST! =)
I am SO HAPPY that it's finally back as the best no-fee card! It's been a rough ride the past 4 years!
I think fido customer won't get the 5 days roaming. I tried to setup, but it doesn't work for me since I don't have Rogers account.
@@testlan7765 ya I tried it in New York, it's Rogers only...
Very informative. I had no idea there were so many great credit cards. Paying rent with a credit card? Paying property taxes with a credit card? Wow, those are huge game changers! 💯💯💯💯💯💯💯💯
Simplii Financial & Home Trust visa not available to Quebec residents😢..
Wonder if condo fees (instead of rent )can be paid with Scotia Momentum..Usually the condo management company asks for a void cheque, not credit card.
You got it! Chexy is very new, only been around for a year so I'm very happy that I was able to invest in them early and I can use my platform to help draw attention to these powerful benefits of paying rent with a credit card! 🙌
And you bet! The Triangle World Elite Mastercard still doesn't seem to be super well known. I've been singing their praises for 5 years now but I feel like they're still a hidden gem
@@SA-hy7ef It's true... it's frustrating how Quebec restricts so many financial services and products 😔
9:48 another cool thing about PC points is that there is a period like on black Friday that your points double if you have more than 200k points ($200). You will be able to spend $400 at shoppers or loblaws with it ❤
You got it! I usually hoard my points until I see those awesome Shoppers deals like spend $200 worth of points and earn $300! That way you get a $100 boost! =)
Congratulations on the lasik, brother!
Must be a huge difference people can't even comprehend.
It honestly feels like a superpower!!! 💪
I wake up now and I can see my neighbours across the street and birds in the sky! I don't think I'll ever get over how cool this is! 😎
@@CanadianTShirt the stuff people take for granted I'm everyday life.
Congratulations again.
@@tommclaren812 amen to that brother! 🙌
@@tommclaren812 like the saying goes "I used to complain about not having shoes until I met the man without feet"
Incredibly organized and straight forward. Youve earned yourself a new follower
Thank you so much! I appreciate that! 🙏
Do a video for travel cards pls. Also cibc dividend infinite and bmo cash back work elite are amazing as well
True! I talk about those cards here, the Best GROCERY cards =)
ua-cam.com/video/NrjMN1BuoD8/v-deo.html
This guy is FIRE... explained it real quick without any confusion. I was expecting Scotia Passport credit card as the top contender.
Thank you! I appreciate that! 🙏
That's a great card but it doesn't work for me and my spending habits. I get better value with these other cards but it's still a great option! =)
@@CanadianTShirt most of us have the same expenditure habits that you already covered with a really good chart of which card is used for what expenditures.
@@CanadianTShirt if you could shed some light on top credit cards from each bank and what they could.be used for that would be highly appreciated . Thank you 🙏🏼
You got it! I've already made several videos on the best credit cards from the big banks including Scotia, TD and BMO. Such as this one here, the best GROCERY credit cards =)
ua-cam.com/video/NrjMN1BuoD8/v-deo.html
I've been using the Visa Infinite for 2 years since seeing your last credit card video. For me it replaces a couple of the other cards on this list because I use the gift card hack for some restaurants, gas stations and shops like Canadian Tire (and their gas stations; using my triangle card for more points and discounts), Marks, London Drugs, Cineplex, Red Robins, etc., etc.. I've saved hundreds of dollars because of you, thanks!
I'm happy to hear that and congrats on using the gift card hack! It's an AWESOME tool, especially when planning for big purchases! 😊
It might be a bit of a pain getting gift cards for restaurants unless you go to the same ones every time. That's why a free card like Simplii is awesome, no fees and you get that amazing 4% cash back at all restaurants =)
I hope you are INVESTING that extra money you've saved up! 🙌
@@CanadianTShirt I certainly am! 🙏
That's what I LOVE to hear! 🙌
I started building my credit card portfolio for optimizing my spend and collecting cashback after watching your credit card playlist, and have been able to save hundreds of dollars. Like always, great content Adrian! Best finance related channel in Canada. You should expand more into financial literacy, or maybe consider starting a newsletter for more frequent updates. I'll be the first to sign up :D
Thank you for those kind words and I'm so happy to hear that my videos have saved you some money! 🙏
I'm still just a one-man show and it takes a lot of time to produce these videos and Instagram and Blossom content so I'm not sure about a newsletter but I'll keep you posted! =)
@@CanadianTShirt Guess it’s time to grow and hire a team 😄
My UA-camr friends have been telling me that for years 😅
Great video! But if I may ask, what's the best travel credit card? Specifically, earning miles?
Personally I'm not a huge fan of rewards cards. I prefer cash back for the simplicity, the money goes into my pocket, no questions asked. I don't want to be "forced" to spend money on a vacation just to redeem my points. Then again, some rewards cards do have some very powerful signup bonuses, especially if you travel a lot so it's a personal preference =)
My spending is mostly on groceries/gas and utilities. Personally use this combination:
1. CIBC Visa Infinite ( 4% on Gas, Groceries, 2% on recurring)
2. WeathSimple Card (For foreign transactions. No conversion fee, 1% cash back, 5% interest on cash account throughout)
3. Costco Mastercard (3% on Costco Shopping, Including already cheaper Costco Gas)
Both cards are free as I have a CIBC account. I used to use Scotia Momentum, the issue is that you can redeem your cashback only once a year. What is the downside of Costco Mastercard??
Yes the CIBC Dividend Visa Infinite is a GREAT card! Very similar to the AmEx with 4% on gas and groceries, I talk about it in detail here on the Best GROCERY credit cards =)
ua-cam.com/video/NrjMN1BuoD8/v-deo.html
The WS is fantastic for foreign purchases! But keep in mind it is a debit card so that money leaves your account instantly! And I hate to break it to you but the Costco mastercard is nowhere near that good... honestly I am incredibly disappointed in the Costcs CIBC mastercard and their frankly misleading advertising...
You are NOT getting 3% at costco.... only 3% at GAS stations in costco and restaurants. Shopping at costco only gets you the 1% standard rate which is pitiful (literally any mastercard on this list already offers 1% at costo on top of the extra benefits) The Rogers mastercard is easily the best at costco with 2% cashback =)
Ya most cards only allow you to redeem once a year. In the past few years, some cards now offer redeem when you want which is nice like the Rogers, Triangle and PC world elite on this list =)
Watching your 2022 video got me convinced to switch to cashback credit cards and I grabbed the Scotia Infinite and the Amex Preferred cards (and signed up for Chexy!!). I'm tempted to pick up the Simplii Visa and when I start traveling, I'll grab the Home Trust Visa thanks to this update video! I kinda wish I were a Rogers customer for their card but my phone bill is way cheaper with Public Mobile so oh well.
I recommend the Simplii card to EVERYONE I know! It's a no-fee card and it offers amazing 4% at restaurants. It's definitely a hidden gem that I wish more people knew about! =)
I hear you and I think it's a smart move by Rogers, these new changes to their mastercard will convince a TON of people to switch over to their network, especially the Costco shoppers!
Hi! Thanks for all the info. I always follow you. I just found out that simplii doesn’t work in Quebec. You should do one like this very complete with all credit cards for people who work in Quebec.😊
Quebec is so frustrating in that so many financial services and products are NOT accepted there....
I buy mainly at Walmart and Costco so Amex wont gets u 4% there... Rogers will gets u 3% there! I have both Rogers home internet and Fido for mobile so 3% all the way!
I also have a mortgage and not rent so no card can help me there... great video Adrian! Btw- my grandparents were born in Romania too! Cheers!!
You're right! Walmart and Costco are NEVER classified as grocery stores so the best you can get is 2% with the AmEx and Rogers. And with the Rogers, it's not technically 3%, it's a 2% cashback but if you redeem your cashback ENTIRELY for your phone bill, then in effect it is worth 3% which is amazing! 😊
I know that the Chexy team is working towards mortgage payments as well! If they do, that will be an even BIGGER game changer! I'll keep you posted! =)
That's awesome to hear! Wish them happy Easter today! (Orthodox Calendar) Which part of Romania are they from? 🇷🇴
CIBC Dividend Infinite Visa is still great too. 4% on gas and groceries, 2% dining, transportation and recurring 1% on everything else. I’m surprised it didn’t make your list. This is the paid version of the free one I got from your “free” cards video a few years ago and they upgraded me to this one.
Oh the CIBC Dividend Visa is GREAT! I've talked about it many times including this video here, the Best GROCERY Credit Cards =)
ua-cam.com/video/NrjMN1BuoD8/v-deo.html
But I don't have it personally, at least not anymore. I get the same main benefits with the AmEx (4% on groceries and gasoline) so it wouldn't be worth it for me =)
Great list.
I have Rogers WE for flat 3% on everything (I redeem against internet and phone bill).
I have Scotiabank Visa Momentum to pay the rent and in places coded as grocery store.
I use WS cash card for the no foreign currency conversion fee + 1% cashback.
I have just got the Triangle WE with the 150 CT money WB. I don't shop at CT regularly and I have only one bill to pay with it but the free roadside assistance worth it.
That is a GREAT combination! I definitely approve! 🙌
You're able to collect great cashback with only ONE annual fee card! The next one I suggest would be the Simplii visa just to get that 4% at restaurants. It's totally free and really comes in handy =)
Pretty much the same card stack. I also use Simplii Cashback for that “sweet” 4% at restaurants and cafes.
Awesome! I love seeing my audience maximize their cashback! 🙌
Thanks for this amazing video, I don't know why I was paying $250 for Amex gold but I am going to cancel it now and I just got approved for Scotia Infinite Momentum Card. Thanks a lot again!
The AmEx Gold is a great card but it doesn't work for my spending habits
I'm glad my video gave you inspiration! 😁
Thanks for the video. I literally just started looking for the best card for me
Perfect timing! I hope you find this video helpful!
I'm sure that some of these 7 cards will be helpful for you! 😊
@CanadianTShirt nice 👌 work 👌 thank you for sharing 🙏
@@fikaduabraha happy to help! =)
Loved the video, but there are some changes to the PC credit cards that you didn't note in your video. I checked the PC financial website and I believe the World Elite credit card has a minimum spend of 15K per year or else they'll bump you down to the lower tier the following year, depends on what you use it for, but definitely something to consider.
That is true! This video wasn't a full breakdown of each card, since I'm talking about 8 cards, I'm doing a quick overview of the main benefits and what I use each card for. Check my other credit card videos for full breakdowns =)
But yes, many of the world elite mastercards implemented a minimum spend but in my experience, it was never enforced. I have never been bumped down even though my spending is far below that threshold =)
Thanks for the video Adrian! I’m glad you talked about the new Roger’s Mastercard. It’s definitely a card I’ll be getting once my phone contract is over. Can’t trust Roger’s with my internet so I guess I’ll give them business through my phone plan instead 😂
I'm glad you found this video helpful and I'm glad that Rogers has FINALLY returned as the best no-fee card in Canada!
Honestly it's a GREAT move by Rogers, I expect a TON of people to switch over to Rogers / Fido / Shaw because of this card 🙌
I've never had a Rogers phone plan but I recently switched to Fido so it works for me 😊
Why you dont have any travel rewards card? How you manage travelling with these cards? Everybody screaming about CC churning and here you are never talks or suggests those tricks or ways of point reward system!
Thanks for these videos brother! it means a lot to me!
Personally I'm not a huge fan of rewards cards. I prefer cash back for the simplicity, the money goes into my pocket, no questions asked. I don't want to be "forced" to spend money on a vacation just to redeem my points. Then again, some rewards cards do have some very powerful signup bonuses, especially if you travel a lot so it's a personal preference =)
And I used to do credit card churning many years ago. I signup for the TD Infinite visa and canceled about 5 times to get that $400 signup bonus LOL
But it's not worth it anymore... sure you can get some one-time cash bonuses but it will hurt your credit score... Now with my real estate priorities, I can't take any risk to my credit score. But there are certainly some options worth taking advantage of! =)
The thing is, with Scotia visa, you have to wait until your annual anniversary date to redeem your cash back
That's true but MOST credit cards are like that! You only get paid out your cash back once a year
Now some cards are giving you more flexibility like the Rogers card for example but those are the exceptions, not the rule
I had the Scotia card before. Only allow me to use cash back in Nov. my fee due on Oct. So I had to renew every year on Oct to get cash back on Nov. I canceled it, got the cibc dividend card also has 4% back on grocery and gas. The best part is I can redeem anytime when it reach $25.
But the Rogers card has 2% everything. With my spending seems the 2% everything and Simplii card able to replace the fee card I have
@@pleum21 Did Rogers increase from 1.5% to 2%?
I talk about the CIBC Infinite card in this video, the best GROCERY Credit Cards =)
ua-cam.com/video/NrjMN1BuoD8/v-deo.html
Enjoying your videos:
Would like to ask you please to make 2 videos, one for Best Canadian Travel credit cards and one with Best chequing accounts in Canada. Thank you again for the great content
I will definitely make a video on the best chequing accounts! Some of my favourite and FREE chequing accounts include Simplii Financial (which I mentioned in this video) as well as Tangerine =)
For travel points however, I don't use travel cards so I wouldn't want to make a video on something I have no personal experience with. I prefer the simplicity of cash back =)
Great Scott! Fantastic video Adrian. I use the Scotia Visa Momentum for groceries and bills as well. Great card. Take care and all the best!
You got it Jason! I've had this card for 10 years and it was always #2 right below the AmEx but now that I can pay my rent with it too, it takes the top spot! 🙌
Hi Jason, do you mind if I ask which grocery stores this cashback works for you? I have Walmart right next to me and want to see if it will be good to switch over. Scotia website says it's only for specific stores and walmart doesn't necessarily fall under the "grocery" merchant code.
@@adelsoheili5946 Unfortunately Walmart isn't considered grocery.
Jason is right. Walmart isn't classified as a grocery store, only mastercard will consider them as such and only sometimes (depending on the area and they must be a Walmart Supercenter) I talk about this in detail in my video here on the best GROCERY credit cards =)
ua-cam.com/video/NrjMN1BuoD8/v-deo.html
Great video as always! I find the Wealthsimple cash card is the best travel card for foreign purchases as you save 2.5% foreign exchange fee AND get 1% cash back so really a 3.5% cashback savings vs the HomeTrust visa (based on my own analysis) - plus it’s also free
Also love my no-fee tangerine card as you get 2% cashback on 3 categories of choice (great to use on categories that you don’t get cashback on with other cards)
It's true! The WS cash card (and EQ similar) is a game changer! I'm very happy that they're moving in this direction but it's not a credit card, it's a debit card. So all those expenses come out of your account INSTANTLY. This can be annoying especially when it comes to security deposits at a hotel
But yes the value is fantastic, I'm loving this new feature =)
And you got it! The Tangerine mastercard is FANTASTIC! Honestly one of the best no-fee credit cards, especially with a lower income requirement. I talk about it in detail in this video here, the best NO-FEE lower income credit cards =)
ua-cam.com/video/oF2sahCSTII/v-deo.html
For me personally, I already get 2% on everything with the AmEx and now the Rogers so the Tangerine doesn't offer me any value. But it's still a fantastic choice =)
@@CanadianTShirt May I know what you mean by using cc for security deposit? How is using a cc better than a debit card for this?
I have been watching you for years and you always share great info. True Canadian !!
Wow! Thank you so much for those kind words! And thank you for sticking with me over the years! 🙏
What do you do when you stop using a credit card? Do you store it or cancel it? I know cancelling long held cards can hurt your credit score, but so can credit to average income ratio, no? So approximately how much credit would you suggest to keep open on any/each card?
Great question! I ONLY cancel a card if it has an annual fee! If it's a free card, then keep it! It doesn't cost you anything and you don't want to risk dropping your score by cancelling it
I go into more detail on this topic in this video here, CREDIT SCORE EXPLAINED =)
ua-cam.com/video/AqfZsHf1bwk/v-deo.html
I like your videos! Just wondering, would it not be better to use your high cash back cards that earn more than 2.5% in certain categories than the Home Trust card in foreign exchange situations? For example you go to a restaurant in Europe you would get back 4% with the momentum card? As a Rogers customer and Costco shopper, I will definitely be getting a Rogers Card. thanks for the video!
I wish that were the case but generally speaking, those cash back rates only apply in Canada! Most of the time they don't classify that foreign purchase as a grocery or restaurant so you just get the base 1% cashback which is much less than the 2.5% conversion fee
So to be safe, I use the HomeTrust outside of Canada to avoid that 2.5% It's a guaranteed safe bet for me =)
Hi Adrian, thanks for the great video, as always! I have been using the Rogers card as well, and figured out all on my own but based on your suggestions that this was the best card for Costco, so I was really chuffed when I saw you mention it! I have a question, or maybe a suggestion for another video? I was wondering about any cards with specific travel benefits? Is there a reason why you don't mention them? I go on at least one international trip a year, to visit my family back home, spend a lot of time on a plane, and was wondering if there was a way to make the trip more comfortable and rewarding with a travel card.
Personally I prefer cashback vs travel points just for the simplicity. I get that money in my hand every year, no questions asked
I don't travel much and I don't want to be "forced" to spend money just to redeem those points
But it's a personal preference!
@@CanadianTShirt Makes sense, thanks for the reply.
@@stnlpl happy to help!
Love these credit card videos. I will say, if you are a Rogers/Fido customer, the combo of the Rogers Elite MC with a CIBC visa infinite Dividend may be better than the AMEX, simply for being accepted by more merchants. They both have a $120 yearly fee
The CIBC Dividend Infinite is also a FANTASTIC card! I break down the details in my video here on the Best GROCERY credit cards =)
ua-cam.com/video/NrjMN1BuoD8/v-deo.html
And that's also a great combination which addresses the biggest downside of the AmEx, that it isn't accepted everywhere. For me, the AmEx still wins, especially when you factor in all the benefits, the Ticketmaster one is SO helpful for me (especially when I was younger and had more time for concerts) And I LOVE the referral program, I was always able to save a few hundred even before I started this UA-cam channel =)
@CanadianTShirt absolutely. I personally went with the Visa infinite simply because we shop at Zehrs. What works best for everyone varies 👍
I live super close to a Zehrs in Waterloo! 😉
Hi Adrian, great videos. With respect to purchases made in the US, for example if I fill up with gasoline there, should I use the American Express Simply Preferred Cash card (get 4% cash back but pay the exchange rate fee), or should I use the Home Trust Visa and save the exchange rate fee only? Same thing for restaurants in the US, would I use the Simplii Visa for the 4% cash back or the Home Trust Visa for the exchange rate fee savings? I didn’t see anything in the fine print of their documents.
Rogers World Elite is by far the best card. And you don't pay any fees. I use it for Walmart and Costco.
It's fantastic yet again and I'm happy to see it! I just hope they keep these awesome benefits this time around. I don't want to see them nerf the card again like they did 4 years ago 🤞
Hi Adrian, I know you recommended the Home Trust Visa but I’ve heard some bad things about the online banking being very old, card not working properly in Europe where vendors say transaction doesn’t go through and other issues where they’ll block the card and you have to call to unlock it. I also heard there’s a fee for not using it. I am looking for a card for the sole purpose of purchasing things in Europe and I wanted you advice on how the card has been for you when you’ve used it. Amazing video btw! Used your link for Rogers and Simplii!
I've had the Home Trust visa for almost 10 years and I've never had any problems with it! In many countries in Europe, Mexico and the US, no issues at all
I just came from Italy in February and I used the Home Trust every day, no issues! =)
@@CanadianTShirt Adrian I really appreciate the response! And yes that’s exactly where I’d be using it most. Okay I will give it a shot and hopefully have a similar experience to yourself thanks again! Love the videos👍🏼
I'm happy to hear that! Enjoy your trip! =)
I have four cards and none of them made your list! Should I change them or add new ones?
It depends on your spending habits! These cards work best for me and my spending habits! So look at what cashback works best for you =)
I have a bunch of these cards and had no idea about some of the benefits! The property tax and utilities is so awesome with the triangle world elite! I have a triangle world elite, pc mastercard, and rogers mastercard. I think I'm going to scrap my Aeroplan visa and get the Amex instead. Can't believe I've been leaving valuable points on the table from not taking advantage of some of the perks I get from the cards I have. Thanks for the video!
That's why I make these videos! I know how intimidating these credit card companies can be with so many numbers and percentages and tons of fineprint!
I'm glad that you found this video so helpful and from now on, make the most of your credit card. You never want to leave that money on the table! Best of luck! 😊
Nice video! I was wondering what is the bonus I can get if I use your referral link to open a Simplii? Thank you!
My referral link with Simplii gives 3 different bonuses! One for the credit card, chequing account and savings account =)
I’m surprised the Amex Cobalt didn’t make the list. 5% cash back on dining and grocery if you redeem the MR points for statement credits, or over 10% if you strategically transfer to Aeroplan and redeem for certain flights.
The Cobalt is a fantastic card! But I only wanted to cover cash back cards here. I prefer cash back since you get the money in your pocket. I don't have to be "forced' or "encouraged" to take a trip just to redeem those points. But the cobalt has some powerful benefits if you travel a lot and those signup bonuses are awesome! =)
Great video! I have 3 cards only. Scotia Infinite for groceries, rent, gas, transit and bills. Simplii 4% for restaurants and UberEats. Wealthsimple for Costco (1% cashback only) and no foreign transaction fees while travelling.
That's a very powerful combination! Well done! 🙌
If you own a house, I would probably suggest the Triangle WE next for the property tax and utilities. And if you shop a lot at Costco, the Rogers WE will probably be worth it. Again both these cards are totally free, so just depends on your credit score =)
In Vancouver I think we not allowed to pay property tax and hydro bills using credit card…
Thank you for this insightful video. Is the 4% Cash Back (SCOTIA Momentum Visa Infinite) on the first $25,000 you spend annually calculated from January to December, or from the opening of your account?
I haven't reached that threshold just yet so I don't know for sure. In my case, my cashback is paid out every year in November so my guess is that it resets in November
It might be different depending on when you open your account. Keep an eye on your cashback and see for yourself when it maxes out and resets =)
Thanks! I Just applied for the Home Trust card as I travel a lot and just checked and my bank (RBC) does charge the 2.5% fx fees! You didn't however mention that your annual income must be over 80K for the PC World Elite card, might have been worth mentioning. However I do love my regular PC MC and i use it for much more than just Shoppers. I use it at all the Loblaws stores, especially at No Frills and Costco where they only accept MC, and Esso. Free groceries rack up fast!
Working on the Chexy next...
I go over the FULL details including the additional benefits, smaller cash back rates and eligibility requirements in other videos. In this one, I'm going over 8 credit cards so I'm doing a quicker summary and only mentioning the benefits that apply to ME. That's why I don't mention the 3% cashback at grocery stores with PC because I don't use it for grocery stores. I use the Scotia or AmEx for 4% at groceries. And yes, all world elite mastercards have a high $80K requirement. That's the price you pay for the world elites. Hope that helps! =)
Hey Edwin , can you please upload what are the best credits cards to go for in 2025 . Thanks ❤
I'm working on a new credit card video as we speak but this video will definitely be valid for the next year, maybe two!
Also a small correction, my name is Adrian. But I like the sound of Edwin too! 😊
@@CanadianTShirt haaa … sorry ♥️
@@YABOYDRIFT7 no worries!
Hey Adrian!
Do you think you could do a video on dividend taxation in Canada? Maybe its less complicated than I think it is...but it seems like a lot! I like the video where you explained about investing money into an RRSP when purchasing US stocks (such as VOO) to avoid the 15% US withholding tax.
I often hear about people going into their retirement with two pension plans such as LAPP plus their CPP, and not being able to withdraw money from their RRSP because the government would essentially say they are making too much in their retirement and increase taxes significantly. What are your thoughts on this? It makes me concerned about putting a lot of money into my RRSP now as my current job has LAPP and then I will qualify for CPP as well.
PS - Love your channel, thank you for doing all this teaching! It's helped me so much. - Holly
You bet! I am working on multiple tax videos including going over dividend taxation in a non-registered account (both Canadian dividends and foreign dividends which have different rules)
Thanks Holly for the great question and for sticking with me! 🙏
Thanks for coming up with this awesome video! Do you know what would be the best way to close a credit card without impacting the credit score ? I have a visa aventura gold(annual fees) and realizing now that the benefits are not great .
Also, is there a way where mortgage payments can also give a net positive cash back through credit cards ?
The ONLY time I close a credit card is if it has an annual fee. If it's free, I just keep it open to maintain that credit history
In your case, you don't want to pay those annual fees anymore so yes you can close it but that will hurt your score. So instead, call up TD and try to transfer over to a weaker, FREE card! That way you keep that credit history and avoid those annual fees!
Unfortunately, most mortgage lenders do NOT accept credit cards and if they do, they charge high fees on it. But Chexy is currently working on mortgage payments, I will keep you updated! 😁
Thanks to your vids, my card pays for Xmas every year
That's what I LOVE to hear! The gift that keeps on giving! 🙌
This is like a tour of my wallet. I have every card except Rogers. I also have the Costco although I agree it's brutal. The only other card I have is the AmEx Marriott Bonvoy because I spend a lot of employer-paid nights in hotels and it has an amazing earn rate at its own properties. Thanks for the confirmation that I've made some good choices Adrian!
Awesome bud! You must have a cool wallet 😎
Ya I am incredibly disappointed with the CIBC Costco card and frankly their marketing is borderline misleading... you ONLY get 1% cashback at costco stores... that's pitiful. Definitely look into the Rogers WE to get that juicy 2% cashback everywhere including Costco! Here's the link to signup! (no signup bonus just yet sadly but I get a little bonus) 😊
api.fintelconnect.com/t/l/65412da5968f0c001bb66302
@CanadianTShirt I have three questions:
- Scotia momentum visa infinite offers 4% on bills, so isn't that better than redeeming the 1.5x the 2% cash back assuming you have a rogers/fido account (which equated to 3%) from the Rogers Mastercard cash back when paying the rogers/fido bill?
- AMEX preferred cash back credit card offers 4% on gas, although not every gas station accepts AMEX, which cards would be the next best choice for gas?
- AMEX preferred cash back credit card offers 2% on everything else, but if assuming you have a rogers/fido account and are able to get 2% from the Rogers Mastercard, isn't this better than paying the annual fees of $119.88 for the AMEX, and instead use the no fee Rogers Mastercard?
Looking forward to hearing your thoughts and any one else's thoughts on these 3 questions :)
I choose not to mess aroujd with credit cards as I want a simple life and I don't want the option of getting into debt. You are super disciplined. I am.....busy...lol! That said I have the EQ bank card and it is amazing as a mastercard that isn't credit and has cash back ans no fees. Can you do a video on non credit sign up bonuses, such as with banks? Thanks!!!
If spending with a debit card works for you, then great! It's the safer route and you can't spend money you don't have!
But yes I can certainly make a video on different chequing and savings accounts with their bonuses =)
Hi Adrian! Love your channel. What's your opinion on the MBNA Rewards World Elite Mastercard? It appears to have very good cash back on groceries, restaurants, and recurring bills.
It's a pretty great card, especially if you'll be traveling a lot. And it has a really nice signup bonus but for me and my spending, I get better value with other cards. Especially for that annual fee but it's a solid card =)
Do you remember if you had to set up reoccuring bill payments from the scotiabank app/website or can you just set it up in something like the netflix acct and make the scotiabank momentum the auto-payment?
The second one! I never had to setup anything special from the Scotia side. Just select your method of payment as the Scotia Visa and you will qualify for that 4% cash back each month =)
@@CanadianTShirt this is just for month reoccuring, not annual reocurring like car insurance or quarterly utilities like garbage/sewage or bi-monthly hydro and gas bills?
It's the same for both monthly and annual! Most of my bills tend to be monthly but the same thing applies!
@@CanadianTShirt awesome thanks! for government utilities you recommend just using the Triangle MC? I know here in RIchmond, BC the city charges 2% for things like water, garbage/sewage, etc. also 2% for property tax too. I wonder how the credit cards determine whether something is considered a re-ocurring charge? because if they did, wouldn't property tax qualify as a re-occuring annual charge? if it does... then I'll eat the 2% the city charges me to pay via credit card and still get 2% back (4% CB minus the 2% process fee from the city).
Great info :) Did you know that now you can pay you rent trough all Canadian tire financial credit cards if your landlord is in their list? I just set up my landlord as a payee on the website and payed. No need to wait on waiting list at Chexy, no need to upload lease agreement.
I'm guessing this only works if you have a corporate landlord? Like a big REIT? Because then yes they would show up as a payee, kind of like paying your utility bill. But the majority of landlords are still regular people and so the etransfer approach with Chexy is perfect! =)
@@CanadianTShirt It is a private investment company. I use to pay them trough my bank -set up as a payee. Its a good move from Canadian Tire bank, but what I really need was to use my Aeroplan visa to get the bonus miles Waiting on Chexy waiting list .
I got the Amex Simpli Preferred based of your previous video, love it! I was just curious if you have any thoughts on the more expensive Amex cards that offer Aeroplan rewards? Which ones are the best for Canadians, and what should be the minimum amount you spend in order to make them worth the annual fess? Thanks!!
I'm happy that you're getting great value from the AmEx! I've had it for almost a decade now! I still love the old shiny look of it 😎
There are some great AmEx travel cards but they do come with a hefty annual fee so make sure you are actually earning a profit with those! Personally I prefer the simplicity of cash back vs travel points. But it's a personal preference =)
I don't want to be "forced" to spend money on a trip, just to redeem my points. I'd rather get cash and spend it or invest it however I want =)
@@CanadianTShirt Thanks!
@@dmagoon8291 happy to help! =)
Starting April 9, 2024 Rogers WE now gives 2% on everything or 3% on Rogers purchases. You also get 5 Roam Like Home days worth $75.
It's true! That extra 1.5x redemption bonus is AMAZING, especially if you plan it right and redeem that cashback exclusively for your phone and internet bill!
I'm very happy to see Rogers back at the top and it's a great move to encourage new customers to switch over to them!
Would u still recommend the Scotia momentum if u don’t pay rent but still put insurance, utilities, phone bill etc through it ? Or maybe the Amex ?
Absolutely I would! I've been using the Scotia Momentum for over 10 years and it generates me HUNDREDS in cashback every year because of the groceries and recurring bills!
Only in the past 6 months, since November 2023, the card got EVEN BETTER now that I can pay rent and earn 4% cashback with Chexy
But yes, even without the rent this has been one of my favourite cards since no other card gives you 4% on monthly bills =)
@@CanadianTShirtnot sure how the long the business model of Chexy will last 😂
@@stephenn88 why do you say that? They just finished a new round of investor funding a few weeks ago and they are growing in double digits every quarter! 😊
What is your view on the Scotiabank Gold AMEX card? 6X Scene points at Freshco, 5X at other grocery stores and 3X on transit.
It's a fantastic rewards card! With some powerful signup bonuses and I love the no forex fee (like the Home Trust) For me personally, I prefer the simplicity of cashback
I get that money in my pocket, no hoops to jump through. I don't want to be "forced" to spend extra money on a vacation just to redeem my points. But if you travel a lot, I think it's a great card! Just a personal preference for me =)
@@CanadianTShirt You can redeem Scene points off your groceries at FreshCo as well, not only travel.. Just saying 🤓
This is true! =)
This is a great video, thank you for sharing this information, I'm just wondering how does owing so many credit cards affect your credit score? Are there any drawbacks?
It actually HELPS my credit score in several ways! One, it increases my credit history and credit activity. And two, it allows me to spread out my expenses across multiple cards. So that LOWERS my credit utilization which actually boosts my score!
I talk about this in detail in my video here, CREDIT SCORE EXPLAINED =)
ua-cam.com/video/AqfZsHf1bwk/v-deo.html
But keep in mind, I accumulated these 7 cards over the course of YEARS! You don't want to apply to more than 2 cards in a year. If you make too many applications and hard inquiries in a short timeframe, that's a red flag and that WILL hurt your score. So it's a balancing act =)
Awesome video Adrian! Nice to see an alternate option to the CIBC Costco Mastercard. That one is pretty meh, I've had it for about 2 years now, and was looking for a Mastercard with better cash back options. Will definitely take a look at the Rogers World Elite MC!
I hear you! Frankly I have been very disappointed with the CIBC Costco Mastercard, especially since they promote it as the "flagship Costco card" But you only get 1% cashback at Costco which is pitiful...
The Rogers World Elite is easily the best Costco card right now with 2% cashback and you can bump this up to effectively 3% if you claim that 1.5x redemption bonus to pay your phone and internet bill!
Use my referral link below if you want to signup for the Rogers card. Happy shopping! 😊
api.fintelconnect.com/t/l/65412da5968f0c001bb66302
@@CanadianTShirtI checked but no sign up bonus 😢
Hi Adrian, question not related to the video. Just curious about your thoughts on the recent TD Bank stock drop after they got hit with penalties related to drug money laundering? Would you buy the dip, or sit tight?
Thanks!
I am buying the dip this week! I plan to cover this in depth in my upcoming members video! =)
Yes it is disappointing to see these hefty potential fines but this is a one time drag on their profits. It's rare to see a big Canadian bank take such a sharp dive and it's just a matter of months before they recover so I will definitely be taking advantage of this rare discount =)
I am confused between amex preferred and amex cobalt card. Which one is good in your opinion?
The AmEx Preferred card is the one I have and it is cashback. I get paid hundreds or thousands in cash at the end of the year. The Cobalt is also great but it's a points card, you don't get cash
You have to redeem those points for flights or discounts etc. I prefer the simplicity of cash and using it however I want =)
Thank you and also it looks like you have to pay 120 dollar fee for pc financial world elite mastercard.
@jaygandhi11 that's for the new PC Insiders card. Not worth it for me. The one I was talking about is free =)
Do you know if the gift card trick can be used with any credit card? For example, I have a BMO eclipse card (yes i know its not the best card for groceries), would I be able to buy a bunch of Amazon cards at a grocery store and make it count as 5x the points?
great video btw, looking forward to add a lot of these cards!
As long as you are buying it from a grocery store, it will count as a grocery purchase! =)
I've only done this with the AmEx and Scotia Infinite but it should work for any card. The credit cad company doesn't know or care WHAT you are buying, they just care about how much you bought and from what store, ie a grocery store =)
I applied for Amex Preferred Card using your ref code. How long does it usually take to get an approval? I thought it would be instant.
It depends! Sometimes it can be instant, sometimes will take a manual approval. Give a few days, if you don't hear back from them, then give them a call =)
For the home trust card if I'm purchasing something from a US or EU site and shipping to Canada will I avoid conversion fees or is it only if I'm traveling to a country and I use this card?
It doesn't matter which country you're in, you avoid conversion fees whenever you use any currency =)
Does the 3% cash back on USD purchases through rogers MC is for all customers or is it just rogers/fido/shaw customers?
For all customers! It's a great perk! =)
Thank you for your video! a quick question, why only Triangle Mastercard can be used to pay the property tax? other credit cards, like PC, also have 1% cash back, on everything you spent with it.
Because only the Triangle Mastercard lets you pay bills as if it was a debit account! That's the beauty of the card!
With the Triangle card, you can add a payee and pay your utility bill, property tax bill, phone bill whatever just like a chequing account. The difference is you get 1% cash back! No other card in Canada has this feature =)
One of the best videos! Thank you. Do you mind commenting on the CIBC Dividend Visa Infinite card? And really curious to know how many cards one can hold?
The CIBC Dividend Infinite is another fantastic card! Very similar to the AmEx, you get 4% cashback on groceries and gasoline! I talk about it in detail in this video here, Best GROCERY Credit Cards =)
ua-cam.com/video/NrjMN1BuoD8/v-deo.html
There is no limit to how many cards you can hold! But I don't recommend applying to more than 2 cards in a year. If you apply to too many in a short time frame, that's a red flag and those hard inquiries will hurt your credit score! I cover important CREDIT SCORE tips here =)
ua-cam.com/video/AqfZsHf1bwk/v-deo.html
Also consider the annual fee of cards. For free cards, there's no downside to owning and holding them but for annual fee cards, it's probably not worth owning more than 2 of them. So pick the ones that work the best based on your spending! For me, the AmEx and Scotia cover my biggest expenses: groceries, gasoline and monthly bills + rent =)
Thank you so much for responding! Your videos are so helpful!
It's my pleasure and I'm happy to hear that! 🙏
What's best for paying home/car insurance? Does it count as recurring if it's annual?
It will depend on your insurance provider but all of my car and home insurance is with TD insurance. And these DO count as recurring payments (monthly or annually) so I get 4% cash back on all my insurance with the Scotia Infinite Visa! =)
@@CanadianTShirt I've been missing out for years!
Well it's time to catch up on that cashback! For me, insurance and monthly bills are my BIGGEST expense so the Scotia Infinite with 4% cash back will give me over a THOUSAND this year! I'm already at $800 since November 😊
Here's my referral link to signup withe the Scotia Infinite, to get that 10% signup bonus plus waiving the annual fee for the first year =)
api.fintelconnect.com/t/l/65412c04968f0c001bb64de6
Great list, although you missed out on the 'BMO World Elite Mastercard', 5% CB on groceries, 4% transit, pretty decent card. Especially with the intro offers.
I talked about the BMO WE in detail in this video here, the Best GROCERY Credit Cards in Canada =)
ua-cam.com/video/NrjMN1BuoD8/v-deo.html
Be careful though... the BMO offers the BEST cash back on groceries of 5% which is amazing BUT read the fine print!!! It ONLY works on $500 a month in groceries....
Especially with these high grocery prices, $500 a month in groceries is very tough especially for a couple or a family. That's why I prefer the AmEx or Scotia Infinite, the cashback is still amazing at 4% and a MUCH higher annual spending limit so you wont' get cut off =)
@@CanadianTShirt Ah yes that makes sense!
I guess its only better for people like who spend less than $500 a month on groceries
@@amex4453 you got it!
Which card do you suggest for Walmart shopping?
For Walmart I use my AmEx to get 2%
You can also use the Rogers card if you are a Rogers customer to get 2% as well =)
I thought amex doesnt classify walmart as grocers!@CanadianTShirt
@@chembsajin5235 Yes unfortunately AmEx doesn't consider Walmart a grocery store so you don't get that 4% grocery rate
@@chembsajin5235 so instead you'll get the standard 2% cashback you get on all purchases
Great video and awesome job like always with all the information. I'm rethinking my cards and arrangement already. Didn't know cards existed for property tax lol. Just a question though for the cash back on groceries. Does this apply to any grocery store with any designated MCC code? Does the cash back you mention for groceries work in different stores? Scotia and Amex page says it only applies the cash back to merchants with a unique designated code. would this work at Walmart which usually doesn't have that code?
I have a WHOLE video where I discuss this, check out my Best GROCERY Credit Cards vid here =)
ua-cam.com/video/NrjMN1BuoD8/v-deo.html
Unfortunately Walmart is not classified as a grocery store for AmEx and Visa, sometimes Mastercard will though but only in certain regions and only if it is a Walmart Supercenter
Personally my Walmart isn't a grocery store so I just use my AmEx at Walmart to get 2% cashback =)
How does the Home Trust Visa compare with the EQ Bank Card? They both have no foriegn transaction fees and are both free cards.
EQ is also a fantastic option for foreign purchases! The difference is that Home Trust is a credit card, EQ is a debit card. So with EQ, that money comes out of your account immediately!
Hey Adrian, what is the best credit card, if I want to earn points/money towards vacations (maybe expedia)?
I personally don't use travel points cards. I prefer the simplicity of cashback =)
what credit card do you recommend for a first credit card for a full time working 19 year old?
I have a WHOLE video on the best STUDENT credit cards and entry-level credit cards =)
ua-cam.com/video/jfzJyC9xWEo/v-deo.html
Hello, i have a question unrelated form this video. I only invest in ETF an stocks from my TFSA. If i don't enable DRIP, where does the Dividend money go. Is it going back to my TFSA account? I am not able to control that for which Stocks i want DRIP enabled and for which i can restrict, i am using Wealthsimple.
If there is a way on controlling this then it will be great and i can leave the DRIP enabled, otherwise will have to disable it.
Yes the dividend will be deposited into the same account that holds the stock! So if you hold ENB in your TFSA, those dividends go into your TFSA =)
That's one of the downsides of WealthSimple. Yes they finally offer a DRIP (took them years lol) but it's not customizable at all. It all or nothing and it forces you to do fractional shares which I do not like
With Questrade, you have total control. You can choose which accounts to have a DRIP and even choose which stocks or ETFs you want (or you can select all) Hopefully WealthSimple changes this in the future but for now, you have no control
Can you advise whether it's wise to ask to increase the cc limit or to apply for another cc? Does either option have any negative or positive effect to the credit score?
They will both affect your credit score in different ways, I break down this in detail in this video CREDIT SCORE Explained =)
ua-cam.com/video/AqfZsHf1bwk/v-deo.html
But basically, increasing your limit and getting a new CC will both decrease your utilization rate and that boosts your credit score! Getting a new credit card will also give you a boost by increasing your credit history and activity. But you may face a short term drop when you apply since it's a hard credit check. You don't want too many hard inquiries in a short timeframe. Best of luck! =)
Where do you have your rental properties? City of Toronto charges 2.35% if you pay by credit card
Are you asking about paying my rent or paying my property taxes? For rent, I use Chexy and the landlord just receives an etransfer, the same as if it came from me. I just get 4% cashback to cover that 1.75% fee that Chexy charges
For property taxes, I use the Triangle world elite and there are NO charges for that! This is unique to the Triangle card since it allows you to pay bills just like a normal bank account but it's a credit card so you get 1% cashback. You would just add the City of Toronto as a payee and pay that bill, no extra charge =)
Strictly speaking online purchases in USD do you know if there is a better one? The Rogers Red is 3% and 2.5% foreign exchange =0.5% if they allow points for online shopping(?), or the Home Trust with 0.0% foreign exchange but no points. Do you know if there are any other cards out there that could get a total of 1% or more? I can't seem to find any. Thanks for the vid! I'm posting this all over my Facebook haha!
Thank you for sharing! I appreciate that! 🙏
In my experience, the Rogers card is the best for USD purchases. For me, I rarely shop in USD and I don't even travel much to the US so it's not a huge priority but if you find one better, let me know! 😊
@@CanadianTShirt Ok thanks. I buy a lot on ebay so just trying to find one for that. Thanks again will do! =D
I don't think I have ever made an ebay purchase... but ya if it's in USD, do what you can to reduce those conversion fees! =)
@@CanadianTShirt Signed up with your Scotia affil link. Hopefully that worked. 😉
Going to look into the Home Trust Visa. I have to Brim Mastercard that I got for the no forex fees but they've since scrapped that. I use my Wealthsimple or EQ Bank cards as they have no foreign transaction fees but I don't want to be purchases like hotels on a prepaid credit card.
Ya the Brim card was a great alternative but it sucks when they neuter their benefits... I've seen that happen many times, including with Rogers mastercard 4 years ago, let's hope they are able to maintain these amazing benefits this time around! =)
Ya the WS and EQ debit cards are fantastic, I love the new twist on their cash accounts but I still prefer credit. Like you said, especially for a security deposit at a hotel, it sucks having that money come out of your account instantly....
Execellent video ! Thanks for the tip on paying property taxes with CT MC!
You got it! I feel like this card is still a hidden gem but it's saved me THOUSANDS over the years on my property taxes! =)
My personal issue with having so many credit cards is that sometimes my credit utilization goes down to 0% percent, which is an issue for the credit score growth.
That's why specialise them. Like Adrian here does.
How often are you paying off each credit card? It is VERY rare to have 0% utilization across all cards...
In fact, that's one of the benefits of having multiple cards. You spread out your expenses to keep each utilization rate much lower. With only 1 or 2 cards, you run the risk of having a high utilization above 30% which will hurt your score
@@CanadianTShirt I have a zero balance line of credit too
@@freshfreshfreshfresh that's good! The line of credit should ONLY be used when needed, for emergencies. Unless of course it's for business or investment purposes in which case, you could enjoy some nice tax benefits on it. Although it comes with extra risks, especially considering the high interest rate
What USD credit cards do you recommend? Where there is no FX & fees apply.
All of these are Canadian credit cards in Canadian dollars. But if you spend a lot in USD, I recommend the Rogers to get that 3% cash back (net 0.25% after the 2.5% fee) or the Home Trust to avoid that 2.5% conversion fee =)
What card would you recommend for costco purchases?
Make sure you watch the whole video, I cover Costco specifically with the last card! 😊
@@CanadianTShirt could you please give more specific details on how does this card beats Costco MC with 2%? Isn't it the same or even more cahsback with costco card when you pay it in coscto stores and their gas stations?
ensuring each statement is paid in full on time is the major key aspect here. Does the Scotiabank Momentum card allow you to setup pre-auth payments?
Yes you can setup an Autopay through your Scotia account =)
Personally I just do my payments manually but if you'd rather automate it, you have that option
@@CanadianTShirt awesome! Thank you, I currently have PAP setup for both my triangle and pc financial, works well, but I’ve been snagged on CIBC’s dividend visa. This pretty much seals the deal on SB momentum.
@@burningdust Glad I could help! Enjoy that cashback! =)
@@burningdust by the way the CIBC card is also fantastic but I get better benefits with my AmEx vs the CIBC one =)
I love this!!! i wish you posted this last week 😅what about credit card for travelling?
Thank you! Better late than never! 😅
I prefer the simplicity of cashback, I get that money in my pocket. No hoops to jump through but it's a personal preference!
Travel cards can have some great benefits but it's more work and they usually force you to spend money on a trip... But whatever works for you! =)
Great video. Can you do a video for BEST High Yield Saving Account in Canada in 2024
, please?
That video is certainly coming! My all time favourite savings account is EQ Bank, they consistently have the highest flat-rates in Canada, right now you can get up to 4% interest, I'll include the link below =)
click.linksynergy.com/fs-bin/click?id=G4zxVqAvD18&offerid=1115263.22&bids=1115263.22&type=1&subid=0
But there are some other fantastic ones like WealthSimple Cash and Neo Financial. Also look into the promotional rates like Simplii with their 5.9% signup rate, Tangerine also has great promos too! Stay tuned for an upcoming video on savings accounts! =)
👋 Hi Adrian!
I would love your opinion on the MBNA Rewards World Elite Mastercard. You earn points, but you can redeem the points for cash through direct deposit, cheque, or statement credits. Using the card on groceries, restaurants, and recurring bills you would earn 4.6% cash back or 5.5% travel return. It has an annual fee of $120 and higher income requirements.
I am simplifying my family's credit cards to earn decent cashback using 2-3 cards. I will likely keep my Triangle World Elite Mastercard, so I am looking for 1-2 more cards. Our largest spending categories are groceries (not Costco), restaurants, gas, recurring bills, and merchandise/other (Costco and Amazon). To me, this card makes a lot of sense. I would love to hear your thoughts!
Thank you for the amazing financial information you provide to Canadians!
It's a very solid card with some great points-based rewards! It's not the best based on my personal spending especially with that annual fee but I like the signup bonus and the birthday bonus is fun too! It would be a great compliment to the Triangle Card. Good plan! =)
@CanadianTShirt Have you heard anything on their user experience? While the card appears to have good returns, a poor user experience and frustration can negatively affect that pretty quick.
I haven't ever used their credit card so I can't comment on that. Best of luck =)
If we don’t make the minimum 60 k for the visa infinite, then what’s the next best?
Amex?
Btw, if my credit score is 800 but I don’t make the minimum requirement can I still try to apply for the visa?
With such a strong credit score, you should be fine. They can't actually check your income. They don't have access to your tax returns or anything like that
Confession, when I first got this card (literally a decade ago) I was making less than the minimum. But I had a strong credit score and I "embellished" my salary in the form and I got it 😉
Oh wow really? No one checks?😳 didn’t know that.
Thanks!
Can I ask you something else, if I’m more interested in travel points than cash, using the Cobalt in your opinion would be a bad move?
Would I loose money with the fees?
Thank you so much for your help!😊
The Cobalt is a GREAT card, one of the best points cards in Canada!
Is Diesel the same as gas when collecting points? What is the best card for fuel?
Hello i like ur content can u plz explain Line of credit and whether if it is good or bad?
It really depends on what you use it for! A line of credit is a more flexible kind of loan. Instead of getting a giant lump sum of money all at once, you have ACCESS to that money and you only get charged interest on the amount you withdraw!
If you take a $50K loan at 5% interest, you get $50K cash and you're charged interest on the full amount. If you take a $50K line of credit, say you only need $10K, now you only get charged interest on that $10K amount! The remaining $40K is sitting there in reserve
This can be a useful tool, especially for emergencies or for business and investing purposes, since the interest on that loan can be tax deductible which is a huge benefit! I talk about this more in this video, MORTGAGE vs INVESTING:
ua-cam.com/video/AKYaqQQRBmI/v-deo.html
But if you use this money as "free spending money" and buy a boat with it, you get no tax benefits and you'll be charged interest on it. And if the interest rates go up, you end up paying even more! So be careful and strategic!
great info, however, with chexy: my rent is on PAD setup which doesn't work on their system (I just tried to sign up)
..any ETA on when this will be coming to chexy?
They don't support PAD just yet but I know they're working on it! It's only etransfer for now. I will keep you posted! 😊
@@CanadianTShirt thanks..i've asked my bldg mgmt if they accept e-ransfer..but a questIon: in the video you switch to amex for the last 2 months..why is that vs just using the scotia 4% card...sounded like that first one covered most of the bases....i guess i missed something, sorry.
Sorry I went through it quick but go back and watch that section, right at the end of the Scotia Infinite chapter. Basically, the 4% cashback is capped at $25K annual spending
So since I'm paying about $2200 rent each month with this card, I will reach that $25K limit. So that's why I'm using the Scotia for 10 months and then switching to the AmEx once I pass that $25K limit =)
Hey, Adrian! Love your new look, No glasses! Just popped on to say hello! How many credit cards do you have in your wallet? Interest video, but I’m sticking with the 3 cc’s I have. Gilly
Thank you so much! And thank you for sticking with me over the years, I'm always looking forward to your kind and warm comments! 🙏
I've got a pretty cool wallet that can hold about 12 cards (including ID and debit) I carry 6 out of these 7 with me
The only one I don't carry everyday is the Home Trust visa, I only carry that one when I'm outside of the country. If you've got a credit card strategy that works for you, stick with that!
Most people don't need more than 3 cards in general. And remember, I built up to these 7 cards over 10 years! If you don't mind sharing, what 3 cards are you using? 😊
I love my BMO eclipse vids infinite, it has an anual fee of $120, but you get a $50/yr life style credit and you get $200 worth of bmo points if you spend 2k/month for 3 months.
Earning 5 points/$1 on gas, groceries, take out, restaurants. Which equals about 3.3% cash.
They also have a $0 annual fee option which earns about 1.6% back on those categories but gives bonus points a if you pay it off every month
That's also a great card, I'm glad that it works for you and your budget! =)
Great video as always Adrian!
Absolutely LOVE the PC World Elite card! 👍🏼
I saw Manulife offering a 4 month 5.75% savings account which I think is very good. Your thoughts?
That's a great promotional savings rate! Take advantage of these savings rates and then when they expire, move your money to another savings account =)
@@CanadianTShirt thats the plan! Thanks again!
🙌🙌
I started having a panic attack when you said the 1.5x redemption bonus for the Rogers Red Mastercard could be used to pay a phone bill (insinuating ONLY on phone bills), I had to double check to make sure it also included internet and other subscription products. Aside from that this was an incredible breakdown and I'll make sure to enhance my cash back strategy with the summary chart!
Yes the 1.5x redemption bonus is for any Rogers, Fido, Shaw plan, including internet or cell phone =)
This is a game changer and I'm sure a ton of people will switch to those providers because of this card! =)
Hi Adrian, thanks for all the info! I have been using the Scotia infinite as our main credit card for years but after watching your video- Roger’s card I think I shld get that for the 2% everything + Costco? (I am a Fido customer )
Currently I also hv the simply cash Amex (which I don’t need…) bt if I get the Roger’s I don’t think I need the preferred simple cash? Since I have 4% grocery on the Scotia? (Don’t spend much on gas …)
Also another problem is I live in Vancouver , a lot of Asian grocery stores don’t take Amex 😂😂😂
Would love your input
Thank you so much🙏🏻❤
I'd like to hear your thoughts on the BMO Cashback World Elite MC as it has 5% cashback on groceries (highest % I believe), roadside assistance like the Triangle World Elite and gives you actual cash, rather than CTC money. Also, what do you think of the Scotiabank Passport Visa Infinite and Scene+ as a program? That's the card I use for foreign tsx.
I talk about the BMO World Elite in detail in this video here, the best GROCERY credit cards! =)
ua-cam.com/video/NrjMN1BuoD8/v-deo.html
The 5% cash back on groceries is INCREDIBLE BUT, and this is a big BUT, you MUST read the fine print.... you only get 5% on the first $500 a month spent on groceries....
With grocery prices as high as they are, it's tough to keep groceries below $500, especially for couples or a family. That's why I prefer the Scotia Infinite and AmEx. Still an awesome 4% cash back but a MUCH higher spending limit! =)