Best CANADIAN Cash Back Credit Cards I Use Everyday 2022 // My Personal Strategy / Credit Card Guide
ฝัง
- เผยแพร่เมื่อ 19 มิ.ย. 2024
- What are the Best Credit Cards in Canada in 2022? What are the best Cash Back rates in Canada? How can I Maximize my Cash Back? How many Credit Cards should I have? What are the best No-Fee Canadian Credit Cards? Is a card with an annual fee worth it?
I'll be breaking down the 7 CANADIAN Cash Back Credit Cards that I use Everyday in 2022 to Maximize my total Cash Back. I use a combination of these cards to save hundreds or thousands of dollars every single year! And by spreading out my expenses over multiple cards, I boost my credit score! I go over the cash back each card offers, the annual fees, the extra benefits and signup bonuses. I include referral links to all of these cards below:
IMPROVE YOUR CREDIT SCORE - • IMPROVE YOUR CREDIT SC...
Check Your CREDIT SCORE for FREE: 💳
Borrowell (Equifax): api.fintelconnect.com/t/l/5ef...
Credit Karma (TransUnion): www.creditkarma.ca/
Earn 4% Cash Back on Your RENT! 🏠
www.chexy.co/?...
👆 Use Chexy to pay your rent with a credit card and earn up to 4% cash back! 👆
CREDIT CARD LINKS & SKIP AHEAD: ⏩
-Intro: 0:00
-Increase Credit Score: 1:06
1. AMERICAN EXPRESS SimplyCash Preferred: 1:46
americanexpress.com/en-ca/ref...
👆Use my referral link to get 10% bonus cashback for the first 4 months! 👆
No-Fee Version: AmEx SimplyCash 👇
americanexpress.com/en-ca/ref...
-Breaking News: AmEx Cash Back Boost: 3:42
2. SCOTIABANK Momentum Visa Infinite: 5:26
api.fintelconnect.com/t/l/654...
👆 Use my referral link to get 10% bonus cashback for the first 3 months 👆
Also, the annual fee will be waived for the first year!
3. SIMPLII Financial Cash Back Visa: 8:34
Use my referral link to signup with 10% bonus cash back👇
api.fintelconnect.com/t/l/65d...
Simplii Financial Chequing & Savings Accounts
Some of the best bank accounts in Canada with no fees! 💰
api.fintelconnect.com/t/l/65d...
Earn up to $400 as a signup bonus! 👆
4. Home Trust Preferred Visa: 10:10
www.hometrust.ca/credit-cards...
5. Triangle World Elite Mastercard: 11:24
triangle.canadiantire.ca/en/c...
6. PC Financial World Elite Mastercard: 13:09
Enter my Referral Code below to help me earn some PC Points 🙂
www.pcfinancial.ca/en/credit-...
AB60098897
7. Scene Visa: 14:35
👇Use my referral link below to earn up to 10,000 BONUS Scene+ points! 👇
api.fintelconnect.com/t/l/654...
That's enough for 10 free movies! 🍿
Rogers World Elite Mastercard:
No fee + 1.5% on every purchase!
api.fintelconnect.com/t/l/654...
-Summary / Comparison: 15:49
Cool Slim Wallet to Hold these 7 Cards ($30) 💳
amzn.to/3wzN1vh
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DISCLAIMER: I am NOT your financial advisor! My videos and the topics discussed are my opinions and are presented for entertainment purposes only. This information should not be construed as legal or financial advice. It is always up to YOU to do your own due diligence. It’s YOUR money so make YOUR own decisions!
I will NEVER ask you to send me money nor will I ever provide my phone number or personal email address. If you see this, that is a fake account and please report any suspicious activity or scam accounts claiming to be me.
DISCLAIMER: Links included in this description may contain affiliate links.
I will only ever suggest services or products that I use myself and I personally believe in.
If you sign up using my affiliate link, I will receive a small referral bonus at no extra cost to you!
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#CreditCard #CanadianCreditCard #CanadianCashBack #AmericanExpress #SimplyCash #InfiniteVisa #WorldEliteMastercard
Before you apply to these cards, check out my video on how to BUILD Your CREDIT SCORE in CANADA to make sure you'll be APPROVED! 🇨🇦
th-cam.com/video/AqfZsHf1bwk/w-d-xo.html
Watch the UPDATED version of this list for 2024, many important changes! 😁
th-cam.com/video/KAHrH06BaVQ/w-d-xo.html
@@CanadianTShirt there is an update. The AmEx no fee come Oct 12, 2022 will give 2% on groceries & gas; and 1.25% on everything else. I just got the mail yesterday from them. I currently have $250 in cashback that should be issued in Sept.
Hi, I used your link to sign up for AMERICAN EXPRESS SimplyCash, but I didn't find anything about the 4% cashback after October 12, where's the notification, are you just bragging?
@@Overthere_World They didn't post this 4% update online yet but I received a letter in the mail! I actually received this mail AFTER I filmed and while I was editing which is why I had to go back and re-film that section! 😅
Hey! Would you mind double-checking your Simplii CC Referral Link? I'd like to apply using your code as a thank you for all your content!
I've had a Scotiabank Momentum card for a year and a half now and have earned over $700 cashback on things I buy anyways. That's because of you, my man! The Home Trust Visa came in handy in Vegas. Again, that's you. I never would have found out about them without your channel and they've benefitted me tremendously so if you were ever in doubt about the impact you have on people's lives rest assured the world is slightly better because of the Canadian In A T-Shirt.
Dude.... you just made my day! 🙏
Thank you so much for those kind words! That was such a pleasure to read! I'm SOOO happy to hear that my videos have made an impact on your life and I'm glad that the Scotia Visa and Home Trust came in handy! I hope you used that $700 cash back to invest as well! 😉
Do you live in NS?
I know you probably won’t see this but how do I get the Home trust visa
Your delivery is truly unmatched... Thank you for everything!
Thank you for those kind words! I'm glad you found my videos helpful and engaging! 🙏
Thank you for this update video!! It's great to know that the AMEX Preferred card will have 4% for groceries! That is amazing! Thanks to this video I now know this!
Wow, I love this video! Concise, clear, with examples: thank you so much!
Thanks Julie! That's what I try to do! I hate the idea of wasting anyone's time! =)
I just got a few of those cards as I am focusing on building up m finances. Thank you so much! You videos have helped me tremendously! I have shared them, particularly this one, with several other people so they may also benefit from your amazing work. Thanks again!
applied to all of them!
Always great content! Thanks!
Holy smokes.... all at the same time! I wouldn't recommend that... I've accumulated these cards over the course of 10 years! If you apply to too many credit cards at once, that will be a red flag to the credit bureaus and it will affect your credit score. I'd suggest applying to one or two and then if you want another one, wait a few months =)
A good way to avoid the annual fee is simply having a checking account with those banks and keeping their minimum balance
That is true! If you have one of the premium bank accounts with TD or Scotia and you keep enough cash, usually around $5K in there you will waive the monthly fees and waive the annual fees for the credit cards =)
Wow thank you so much for this video. So much information!! The text on the screen is super helpful and concise and flows so well with what you're saying. Thank you for making all of these easy to understand.
Thank you for those kind words, I really appreciate that! 🙏
That's what I try to do! I know that having 15 minutes of info can be overwhelming so I try to make it as easy to follow as possible =)
@@CanadianTShirt This weekend has been, for lack of a better term, life-changing. You were the catalyst and guide on this journey, as I've reevaluated my finances, migrated accounts and cut ties with dead weight, and I'm actually excited about getting ahead again. Thank you SO MUCH for all of your time and efforts compiling all of the incredible information on your channel. You've earned my subscription 100000x over. You deserve many more!
@@ZZ-ev2ed Wow! Thank you so much for saying that. You honestly made my night! That's exactly what I LOVE to hear! I don't want people to just click my video and have the info go in one ear, out the other. I want you guys to learn how to take charge of your OWN financial future and inspire you to go out and make your own decisions when it comes to your money. I really appreciate your comment buddy and I'm honestly so happy to hear that my videos have played a role in your new life 🙏
Thank you. In this high inflation environment and for future, any cashback I can get goes a long way. Scotia been making offers like wow. With family of 5 it will come in handy for groceries. Looks like I need to upgrade my CT Card. 😀
You got it! If groceries and monthly bills are a big expense (likely so with a large family) then yes the Scotia Visa is a wonderful option =)
Thanks for the video. I never realized all the cash back cards that were available to Canadians. Great recap and great info
My pleasure! And these are only the 7 cards that I carry and use everyday! There are a bunch more credit cards that I have owned and reviewed in my previous videos! Check out my Credit Card Playlist (the orange colour-coded thumbnails)
th-cam.com/play/PLj8bU3AuW2qGixzriCuazZ1E5RznbhcFB.html
I looked for this info for a while! Thank you! 👍🏻
I'm glad to hear that Alex! I hope you find these credit cards useful and enjoy that extra cash back! =)
You are the man, I liked and subscribed the channel, because you taught me many things that I didn’t know before.
Thank you so much for those kind words! I'm glad I earned your trust and I'm glad that my videos have provided value so far! 😁
Great Scott! Watched and liked, thanks Adrian!
Thanks Jason! I'm glad you found it helpful, as always! =)
Last I checked the fine print, Triangle did not offer anything for Walmart and the Superstore. Not sure if this has changed since. Also, Shoppers is about 5-10% higher than most other places, which negates the 4.5% from PC, which is why I rarely go to Shoppers. Great info!
It's true that Shoppers is a little pricier than a grocery store but they do have some fantastic sales and I almost always shop there during the 20x the points events which ends up saving me a ton of money! But yes Shoppers Drug mart certainly isn't one of my biggest monthly expenses but for a free credit card, it does give me great value =)
I get 3% cashback at Walmart with it
You are the best man! Thanks for sharing your knowledge
It's my pleasure Mohamed! I'm happy to help! =)
Great choices. I like how you counted for optimization. Staying organized is a great idea.
You got it dude! It's crucial to be organized with all your finances, especially once you start running a business as well!
Stay tuned for an updated version of this video, early in 2024 =)
Yes, organization is the key to motivation success, and It is so necessary. Nutrition, exercise, study, work, and hot and cold therapies can boost motivation, but the organizational strategy is the best way to ensure motivation is used.@@CanadianTShirt
Great video! Thank you for sharing it. ✌️
My pleasure! I'm glad you found it helpful! =)
Hi Adrian - Happy New Year! Quick question - will you be making a video for the best credit cards for 2023? Im currently researching and getting a little overwhelmed. Most of the videos talk about the states but not many talk about the Canadian credit cards. Thanks so much!
awesome review... never heard of Home Trust until now
It's a fantastic card and one of the few options you have to avoid those currency conversion fees, I've been very happy with it for many years =)
Thank you for sharing this. I have had the Scotiabank VISA Ultimate for a few years and enjoyed a few hundred $ a year back. Now I will leverage the American Express one for whatever I can't claim with the VISA one.
loved this. love all your stuff
Thank you Janet! I'm so happy to hear that! 😁
Love the videos, Do you recommend any credit card apps to keep all these cards? or do you bring them all around when you go out? I have small wallet problems lol
I'm old school... I don't have any credit cards linked to my phone. I keep them all in my wallet. I'll include a link to my cool, slider wallet that I use to hold them all! It's only $30 on Amazon =)
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Another great tip if it hasn't been mentioned already, the Scotia momentum visa infinite CC annual fee is waived if you have a minimum $5k on ultimate chequing account or a combined $30k on both ultimate chequing and momentum plus savings account! 👍
That's true! A lot of the big banks like TD have the same deal where they will waive the annual fee on credit cards if you have their premium chequing accounts so take advantage of this deal if you use those banks as well =)
I hope so when the ultimate checking account costs around 360$/year…
What a great video! I was just approved for the amex simply cash preferred card using your link. Thank you! I wish I was aware of this card sooner.
Thanks buddy! That's what I LOVE to hear! It's my all-time favourite credit card and I use it every day! =)
I just got the scotia and amex today, both approved. Used your referral link :D
Thanks for the tips!
Woohoo! That's what I LOVE to hear! Congratulations on those new cards and enjoy that bonus cash back! 😁
@@CanadianTShirt For Simplii, I need to have a chequing/savings acct first? I can't get it without those?
@@rethirded yes you will need a chequing account. Luckily it is totally free! And honestly one of the best online chequing accounts in Canada. I've been using it for many years and never paid any fees for anything (etransfers, debits, etc) and no monthly fees! =)
Hey Adrian, what do you think about the Amex Cobalt? Maybe make a part 2 of this video as many other youtubers have some different choices that I would love to see you review. Thanks for all the info I just got my Amex Simply Cash Back
Yoooo that tip for the Amazon gift card @ grocery stores for 4% on Scotiabank Visa was geniusss...thank you!
I used your referral link to open the AMX. Thanks.
Thanks Carmen! I hope you enjoy that signup bonus! =)
very useful video, thanks adrian
I'm happy to hear that! I'm working on an updated one so stay tuned! =)
Awesome vid! Thanks!
I'm happy to help! I hope you get to enjoy some of that cash back! =)
One thing everyone should note is that not every "grocery" store is not classified the same for the various credit cards so you might not get your %cashback if you don't shop at the merchants listed. E.g. Walmart is only covered by MasterCard, no frills is sometimes classified as "drugs or pharmacies" so you will earn less.
You're right about that and I discussed that in my video! Walmart is usually not considered a grocery store and costco is NEVER considered a grocery. But all of the other ones (lobwals, Sobeys, Metro, Food Basics, etc) they will all qualify for that grocery store cashback regardless of which card you use (visa, master card, AmEx, etc)
I will be clicking your links very soon. I want that Amex card!!!! Ty so much!
I never understood the PC Mastercard... If you combine the 4% Scotiabank card with a regular Optimum card, you get both cashback and optimum points. Sure, not as much as you'd get with the PC Mastercard alone, but using them combined it ends up with greater benefits - especially with gas. For example, there's an offer right now where you can get 4000 points for spending $30 at Esso in 3 different purchases. So that's basically 3.3% (based on $90 spend) of cashback with optimum points, plus the 4% of cashback with Scotiabank, which is essentially like getting 7.3% cashback.
However, I am definitely looking at getting the Simplii Visa card, so thank you! I did not know it gave you cashback at restaurants, which all the "grocery" purchases of other cards don't work with.
Great video. Very informative
Thank you Serrena! I'm glad you found this video helpful and I hope you're able to benefit from some of these cashback offers! =)
Awsome information ! Thank you !! 💳💰☝👍👍
My pleasure Rogerio! I hope you enjoy these credit cards and that extra cash back! 😁
Thank you for the video. I stopped using my simpli financial BC I wasn't seeing a benefit compared to using PC world elite or RBC Avion but now I'll start using it at restaurants. I wanted to ask if you will do a video on best credit cards in Canada in general or best one for pts?
For my US purchases I use my Rogers Mastercard (Platine or Worldelite) which charge you a 2,5% conversion fee but gives you 3% cash back on all USA purchases, so you get a net 0,5% which is better than the Card you presented on your video. I just love your channel, keep it up.
I used to LOVE the Rogers World Elite Mastercard! If you watch my older credit card videos from 3 years ago, I talked about that card many times however they severely weakened it a few years ago. Not only did they remove the cashback from all foreign purchases (now it's only USD purchases as you mentioned) but they imposed a $15,000 minimum annual spending which is a total deal breaker for me so I no longer use it
But if you spend $15K ever year on USD purchases then it's certainly a great card! Especially for a no-fee card! =)
The platine card does not have the 15,000 spending requirement and still gives you the 3% on US purchases. I learned about the card on your channel a year ago. Us as Canadian Snowbird we love this card and was just surprised that it was replaced on your 2022 best card list by the Home trust card. Thanks for the great videos.
@@argon771
consider the Brim card, it has no FX fee and gives 1% on all purcheses so you get a 1% effective cash back.
Nice video. Just an FYI though, as of October 1st, 2022, Scotiabank has changed the 5% on the Scene Visa card down to 2% for all cineplex theatres & cineplex online purchases.
Yes I am very disappointed in this change.... I get what they're trying to do, they're trying to make the card more generally useful across multiple spending categories but for people who continue to use this card specifically for the movie points, it's sad to see 😔
You should consider the Brim card, it has no FX fee and gives 1% on all purcheses so you get a 1% effective cash back. From what I read online, Home Trust does not give cashback on FX pucheses so it has 0% effictive cash back.
That is true! Home Trust used to offer a 1% cashback on top of waiving foreign fees but unfortunately they removed that... now they only offer 1% cash back on Canadian purchases which is a bummer...
My personal stack:
CIBC Div VI (Gas/Groceries)
BMO CB WE (Groceries)
Simplii CB (Dining)
Rogers WE (Costco/Others)
Canadian Tire WE (Bill payment)
That's a solid list and some of my favourites on there! I used to LOVE the Rogers WE but once they changed and enforced the $15K minimum spend, that was a deal breaker for me...
Hello!
Just wondering what your thoughts are on the Neo credit card?
Thanks so much for your channel!!! You’ve taught me so much!!!
The Neo card is certainly interesting and I know there are a TON of TH-camrs promoting it (they have a very generous affiliate program 😅) I think overall it's a good entry-level card but for me it's just too much work... Every single store has a different rewards / cashback program, I prefer simplicity. With my AmEx or Scotia Visa I get 4% at EVERY grocery store. I don't care if it's a Sobeys vs a Loblaws, I get my 4%. The same when it comes to restaurants with Simplii or gas stations. So the Neo is not for me but I certainly see it's benefits, especially if you know that you shop often as those partnered stores!
Quite insightful video. I believe even Costco credit card is good especially if sb has a Costco nearby.
This is a great video. Out of all these cards, I only have the Triangle, everything else is optimized differently because I have unique spends. But the tidbit about property tax is amazing.
You got it! The Triangle Mastercard is a game changer with paying utility bills and property tax and getting cashback on those big bills! They really should do a better job of advertising this feature....
@@CanadianTShirt The utility companies also charge you certain fee for paying with a credit card which is usually higher than 1%. So if Triangle paying 1% cashback is nullified.
@@ranger5705 normally you would be correct if you were using a regular credit card. But with the Triangle Mastercard, it's treated like a Bill Payment so they do NOT slap on that extra credit card fee! However not all utility companies will be supported but luckily all of mine are. And I promise you, I am paying the exact same amount as I was when I paid through my chequing account. But now, I get that extra 1% cash back plus a boost to my credit history =)
@@CanadianTShirt Unfortunately this does not work in BC with property tax, hydro, or gas bill. I called them when Triangle launched this feature.
@@ranger5705 It will depend on your municipality and the company handling your utilities. For example, my Hydro bill originally was not supported by Canadian Tire bill payments but last year, the hydro company changed policy and now I can pay all my utilities including Hydro with the Triangle card =)
Hello Adrian, I am looking to buy a car. What is the best credit card to pay car loan or any insurances related to it?
Also, a question about investing, should I buy CAD ETFs that invest in US market or directly buy US ETFs on Questrade?
Thank you for your support.
This is gold.
YOU are gold! 🥇
Thanks for sharing!
My pleasure! I'm glad you found it helpful! =)
Hi, love so much your video!! Super useful! The best credit card recommendation video ever!! Thank you soooo much!!
May I please ask you mentioned the gift card will be recognized as grocery category, is there any specific store to buy? Superstore and Safeway are the good stores to buy gift cards?
Thank you for the help!
Thank you Cassandra! I'm glad you loved the video so much! Yes for my gift card hack, any grocery store will work (except Walmart since Visa doesn't consider it a grocery store). I don't have Safeway in my area but I've done it at Superstore and Loblaws countless times =)
Thank you so much for the super informative video! I clicked on your simplii link, do we need to open a bank account first?
I'm glad you found it helpful! Yes Simplii is fantastic and a totally free card but you do need to open a bank account with them to get the card. Luckily their chequing and savings account are totally free and some of the best ones out there in Canada! =)
Thanks for the info
My pleasure! I hope you found it helpful! =)
Hey Adrian. Thank you for another amazing video. Quick question: Are there any credit cards that provide cashback on Presto Card purchases/recharges? Other than AmEx I mean, since it already provides a 2% cashback on everything.
I'm not sure if the Presto reload would qualify as a recurring bill payment for that 4% cashback since it's not a monthly occurrence. It gets triggered when your funds are low but the Scotia Visa DOES offer 2% cashback on public transit which includes Uber and Presto. So definitely hook it up to your Scotia Visa. Worst case, you'll get 2% for public transit but it's possible that it might qualify for the 4% =)
BMO world elite mastercard has 4% cashback for local transport
Hey Adrian, thanks for your great simple style! What about the Amazon current credit card offer ending before 31-Dec? I'm relatively a heavy Amazon user.
The amazon credit card is decent but it's not for me... as I talked about in this video, I do a gift card hack where I buy Amazon gift cards at a grocery store and get 4% cashback on it! This will work with any grocery store specific credit card, right now both the AmEx and the Scotia Infinite visa offer 4% cashback at groceries so I use this hack every time I shop at Amazon =)
Nice Video! I was wondering if you only had the AmEx does 2% everything cover reoccurring monthly bills?
Absolutely! The beauty of the AmEx is that EVERYTHING gets 2% cash back at least! But if you use it for groceries or gas you get even higher at 4% =)
You really are the best, thank you
Thank you so much! That's so kind of you to say! I'm glad you found this video helpful! 🙏
Thank you, you are a beast bro
Thanks Daniel! I appreciate that! I'm glad you are finding value in my videos! =)
@@CanadianTShirt thanks to you, I build up my credit score in Canada, and now getting hundreds of dollars in cash back. Keep it up with that great content.
@@danielgranados4035 way to go bud! That makes me so happy to hear! 😁
Great video, lots of options here that I was not aware of. However, the ROI calculation is a little dubious for the Scotia Infinite Visa card because it compares a 4% cashback to apparently 0%. It's more likely the an alternative payment method would be a no annual fee credit card with ideally 1.25-2% in those categories. That being said, it's definitely worth it for me...
Also shoutout to the Starcraft Battle Chest
I make those detailed calculations on the required spending threshold for annual fee credit cards vs no-fee cards in this video here on the Best PREMIUM CREDIT CARDS
th-cam.com/video/nVbiLzNDTlQ/w-d-xo.html
This video was already too long and I don't go into every detail on each card. I'm just explaining what I personally use it for. The rest of my credit card videos usually review 3 or 4 cards in more detail =)
If you like classic Blizzard games, check out my 10K Subscriber video where I did a BOOKSHELF TOUR of my video game collection behind me 😁
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@@CanadianTShirt Thanks :D
You are the best!
Thanks buddy! I'm glad you found this video helpful! =)
Home Trust is a great card! Saved a bunch in exchange fees when I travelled abroad
You got it Manny! It used to be even better about 3 years ago. It used to offer a 1% cashback ON TOP of saving the conversion fees! Now they only offer 1% cashback on CAD purchases but it's still a gem! =)
Especially for a no-fee credit card!
They used also offer a free auto club.
@@ryanm7171 ya unfortunately they cancelled that last year... =(
@@CanadianTShirt Brim is a better alternate I feel.
Great video. Can you do a neo credit card review?
The Neo card is very popular but I don't personally use it. It does come with some nice cashback bonuses but you have to keep track of which stores have cashback deals. Not only are you keeping track of categories (like restaurants vs groceries) but you have to track individual stores which isn't worth it for me. But if you only shop at the same stores every time and Neo has a deal with them, then go for it! =)
From what I understand, credit card rewards, which include points, travel miles, and cashback, are not taxable, both at the individual and business level. The Canada Revenue Agency (CRA) classifies these types of benefits as discounts, not as forms of income, so you're not required to report them when filing your taxes.
are you sure?
@@vancouverdiaries738 good catch! My comment is predicated with "From what I understand" which translates to "this person might not be correct, in whole or in part. I must seek clarification from -someone who knows wtf they're talking about- the CRA. The only exception is when you use your credit card for business expenses that your employer reimburses. If you convert the rewards you earn from business-related transactions into cash, you must report the cash value on your tax return. But it is assumed those reading comments on social media, such as TH-cam, are responsible to ensure they verify this information for themselves - due diligence.
@@mbabcock111 thanks😊
Thx for the video.
8:20 I think there is a $25,000 annual limit for groceries 4% cashback (Scotiabank Momentum Infinite Visa)
Thanks!
Wow! Thank you so much for the super thanks! That's really awesome! 🙏
I hope you made the payment with a credit card to earn you a bit of cash back! 😉
you should do the best bank to bank with please and thank you! :)
You got it Jacob! I'll be making a video on the best Savings accounts and the best Chequing accounts! =)
Hey this video is an awesome overview of how can we earn cashback on pretty much on everything. But I wanted to know can one person have all this credit cards together wouldn't this hit the credit score badly if we apply for so many cards?
Thanks in advance!
I'm glad you found this helpful but remember, I accumulated these credit cards over the course of 11 years! Every time you apply for a credit card, they will do a hard inquiry which will slightly hurt your credit score by a few points. But if you apply to MANY credit cards in a short time span, that will be a big red flag and it will significantly hurt your score so don't do that! I suggest only applying to one or two credit cards in a year and slowly build your way up. I have a whole video on How the CREDIT SCORE works in Canada and how to build your score over time so check it out! =)
th-cam.com/video/AqfZsHf1bwk/w-d-xo.html
Great video! I just got the scotiabank momentum visa, do I need to identify somewhere on Scotia's website which expense is recurring to get 4% back? Or does scotia's system identify the same expense each month automatically for a year and they give 4% on the total of that?
You don't have to do anything! Their system will identify which bill is considered the 4% recurring! On the Scotiabank online account, when you see your visa transactions, they will have a symbol to identify each category for cashback. Anything with a grocery cart symbol will be a grocery so 4% and anything with a wheel icon will be the 4% recurring category =)
The legend is back
The legend never left 😎
haha thanks man! I hope you enjoyed the video! =)
I took an interest on credit card cash back and rewards maximization after seeing your videos. Now, I recommend your channel to all new graduates/would be graduates because you deserve it and they deserve you.
great video thanks for posting for the American express card do you get cash or is it applied to your bill
It will automatically get applied to your bill in September. However if your cashback exceeds your credit card balance, you'll be in the negative. So then you can use your AmEx like a giftcard to spend that excess credit or you can call them and ask them to send you a cheque =)
@@CanadianTShirt thanks so much keep up the great content I will make sure my kids follow and watch u when they get older
my combos are PC financial WE mastercard for gas/grocery and Simplii for restaurants. Stacking so much points/$ no joke. No fee makes a world difference. Just a side note, PC WE mastercard give your 70pts/L+10pts/$spent on gas at Mobil gas stations which comes out to be 4.5% cash back
That's a great plan, especially if you want to go the no-fee route! You might also consider the AmEx SimplyCash card for everything else since it has no annual fee and it will get you 1.25% cashback on everything and starting in October they'll bump up their gas and groceries to 2%. I talk about this card in detail here in the BEST NO-FEE CASH BACK CARDS in Canada =)
th-cam.com/video/oF2sahCSTII/w-d-xo.html
Thanks for the insightful videos. How do you pay your utility bill and get 4% cashback? For my utility providers(Alectra and NDEnergy) both charge convenience fee of 1.75% if payments are by credit card.
It will depend on your particular utility company! I've had some utility companies that allow me to sign up to automatic monthly billing giving me that 4% cashback on my Scotia Infinite visa. But for some of my utilities, I have to either pay them as a debit (bill payment purchase) or with my Canadian Tire mastercard which gives me 1% cashback. I wouldn't recommend using a credit card and paying that additional 1.75% fee unless they accept AmEx, in which case it would be worth it since you would gain 2%. I hope that helps! =)
@@CanadianTShirt Appreciate the quick response. In that case I will continue payment by online banking.
Hi Adrian. Thinking of getting the Scotia card. I pay my car and condo insurance once a year. Does that qualify as a recurring bill? If not, I guess I should pay my car insurance monthly to get the 4% cash back.
Don't forget the Neo credit card - gives incredible savings with many merchants
The Neo is certainly an interesting twist on the credit card game! Personally, I like simplicity. I don't want to guess and keep track of specific merchant-only cashback but it certainly does offer some generous rewards if you shop of those select stores =)
As someone who only has 1 card, and it's with the same bank I have my checking account with, How do you pay off these cards from different companies every month? Are you able to set up an auto pay system?
I'm old school! I keep track of everything manually with notes and excel sheets and I've never forgotten a payment yet! 🤞
But you do NOT need to have a chequing account and credit card with the same bank! With any bank, you just go to "Add Payee" and then search for the credit card provider. Then you pay that credit card the same way you would pay a phone bill or utility bill =)
@@CanadianTShirt I'm a huge fan of automatic payments. Saves me the hassle of thinking about it. I just need to be sure I am not spending more than I am making.
Yo Adrian, would still pick SB Momentum Visa Infinite > SB Passport Visa Infinite?
Scene+ is the new Air Miles? better?
I still pick the Momentum Infinite visa, I like pure cashback over points, although the no foreign transaction fees is a nice touch. And regarding the Scene+ changes, I get what they are doing, trying to appeal to general public with Sobeys and grocery store perks but for me, I'm not using it anymore. I get better cashback with other credit cards now, even at the movies. It was good while it lasted =)
Does the Amex Preferred Card offer you the 4% Cashback at all retailers or only standalone retailers like they say on the website? What retailers for gas and groceries do you use it at?
Hey Man your Videos are really great and insightful. I saw your channel for the first time today and ended up binging 3-4 videos I really loved them all❗️. I want to tell you that I am an International student in Canada and I am interested in investing but there is not much information if an I can invest or not. I am planning to open my TFSA account and maybe RRSP account for US stocks. And once again Thank you so much keep making these kind of videos for novices like me ❤️
Thank you Piyush! I'm so glad you found my channel and welcome to Canada! 🇨🇦
Make sure you watch my TFSA MISTAKES video here:
th-cam.com/video/s4cBibLATOU/w-d-xo.html
You only start building TFSA room once you actually live in Canada so if you just moved here this year, you'll only have $6k worth of TFSA room. And for RRSP, you only gain room next year when you file your taxes, watch my RRSP EXPLAINED videos to learn how that works =)
@@CanadianTShirt ok sure Thanks, I will definitely watch it.
Hey! I was wondering if you've considered the Amex Cobalt card? I have it now, but I'm re-considering...
Personally I don't use any travel rewards points. I prefer cash back for its simplicity and because I get that cash in my pocket. I don't want to be "forced" to spend money on a vacation just to redeem my rewards. But no question, some rewards cards like the Cobalt offer some generous rewards =)
I’m just curious why you don’t use Brim instead of Home Trust… you can still get Cash Back on foreign purchase with Brim at least without the foreign trans fees
Great video! What do you do for work?
I worked as an AI software engineer for many years but last year I actually quit my job and now I am a full-time TH-camr! 😅
Adrian, you should be the next Minister of Education in the Federal cabinet, this invaluable information is well-presented and easy to understand and I thank you. I'd like to know what you think about how frequently someone should apply for each of these cards, say I will start with the Scotia Infinite, how long before I should then apply for the Amex Simply Cash (always using your referral codes of course!) without hurting my application chances and/or credit score?
Q: any of the cards can be used domestically and internationally in advancing cash without or low ATM fee and no interest if card owner has deposit the money onto the card before hand?
I've read through some comments so I'm hoping I'm not duplicating a question. In NS, Sobey's recently did away with air miles program and replaced it with Scene points. Which card would be better for groceries purchases.
Yes the Scene points system has changed significantly in the past few months. They have significantly reduced their movie points but now offer Scene points at Sobeys. It's decent for a free credit card but still it can't compete with the 4% cashback you would get at a grocery store with a card like the Scotia Infinite Visa or the AmEx. I hope that helps! =)
Amazing video. Do you know if to apply for example for a Scotiabank card I must have a Scotiabank bank account?
Not at all! Only Simplii Visa requires you to have a bank account with them. I don't have and I've never had a Scotia bank account but I have 2 credit cards with them =)
The best cashback for groceries is no doubt the BMO Cashback World Elite MasterCard (5% Cashback) but I think that it's capped to 500$/month ...
What do you think of the Scotiabank Scene+ card? I have 1% cashback in the form of scene+ points, 2% when I shop at certain places I never go to. It's my first card as a new immigrant in Canada, so I'm glad I can eat at Harvey's, Swiss Chalets and a few other places, but maybe it sucks compared to those you mention in the video
It's a great entry level card, especially newcomers and students!
I used it for many years throughout university and I continued to use it until last year. There are much better cash back rates out there but I did continue to use them for movie tickets at Cineplex
Sadly, they changed their cash back rates so they offer a much lower Scene points benefit on movies in favor of more grocery stores etc. However, I can get better rates on all of those categories so for me, I am no longer using that card... 😕
If you haven’t already, think you could do a video on my your least favorite or cards to avoid? Love your content. Feel smarter after every episode
Also maybe like how you manage the payments on your cards. Everytime I start using my cards I end up getting in trouble lol. Thanks bud!
I try to be more positive and focus on the GOOD things to do with your money. There are a LOT MORE bad things, scams, etc in the finance world than good but for sure I can definitely make a video on things to look out for when it comes to credit cards!
Ouch.... that's something you gotta fix right away. You should NEVER be missing a credit card payment, the huge interest penalties will cost you a ton of money and hurt your credit score and it's tough to get out of that. Everyone will have a different method of keeping track of bills but I'm old school and simple. I just keep a notepad file (text file) on my computer with all of my upcoming mortgage payments, bills, paydays and credit card bills and I just check them off and plan out my money at the beginning of every month!
If you feel like you have too many cards to keep track of and you are missing payments because of that, then the cashback benefits are not worth it! A 4% cashback rate is nothing compared to a 25% interest penalty on a missed payment. Another thing that might help, if it works based on your income and situation is to only make one large payment every month. Let's say your credit card bill is $400, if you pay $50 this week, then $150 next week, it can get confusing and you might miss out / miscalculate how much you owe. Instead, wait until payday and put $400 aside to pay the bill all at once! Much easier to keep track of, of course this depends on your situation and how consistent and reliable your source of income is. I hope that helps =)
Ugh 🙏😍 this video is fantastic! LOVE how thorough and informative it is! Thank you so much for what you do.
Is there a such thing as too many credit cards? Could that hurt your score?
great video, I got a question regarding the amex simply cash,I currently have 200 in cashback but im not too sure how to redeem it, I open up the redemption page and it just looks like a regular credit card statement.
considering now CIBC DIVIDEND VISA offer $250 cashback on digital application and also there is no limit on when we can take the cashback as long as the cashback value is >$25. Also various other new insurances were added. Do you think CIBC has a edge now over ScotiaBank Visa Infinite? Basically I am put off by Scotia's once in a year cashback policy, basically forcing user to pay yearly fee to credit the cashback. I dont have a car so no gasoline cost for me now.
how do we join the channel to view members only videos? thanks for the great content and helping others !
Thanks Mike for those kind words! Unfortunately the JOIN button doesn’t appear on iPhones. It should be underneath the video, next to Subscribe. It’s an annoying Apple issue but it WILL work on any laptop, including Macbooks and on Android devices.
If you click the link below, it should take you to my home page and a popup window will automatically come up with details on the membership benefits and how to join:
th-cam.com/channels/SadrZbocL562URt0QDF3eA.htmljoin
I hope that helps and thank you for your support! 🙏
Thank$ again,
I called the number on the back of my cash back credit card and found out i had $25.00 I'm going to transfer it to my savings account. Going to see about getting Scotia infinite. That 4% on groceries is really to good pass up. What have you got for a wallet with all those cards, a wheel barrel?
Great videos thanks for all your hard work.
Really appreciate it.
Hi Shirt ;) - may I ask if you could do such a great type of content even for Canadian immigrants? I`ll move to Canada in spring 23 and those informations would be priceless! tnx in advance and stay healthy!
That's exciting! Welcome to Canada very soon! Unfortunately, when you come here you will start with zero credit score so you won't be able to qualify for a lot of the credit cards on this list. Watch my video on the best NO-FEE and LOW INCOME and LOW CREDIT SCORE cards in Canada! These are some great cards that you should be able to qualify for even as a new Canadian and you can start to build your credit score with these cards:
th-cam.com/video/oF2sahCSTII/w-d-xo.html
Could you do a video on best first credit cards for Canadians? I’m Turing 18 in a few months and I’m not sure what to choose
I've got you covered! Check out my video a few months ago on the BEST STUDENT CREDIT CARDS in Canada =)
th-cam.com/video/jfzJyC9xWEo/w-d-xo.html
Thanks the information. I just wonder if those cards have the function of monthly auto payments from a debit card automatically based on statement balance at due date? Like my RBC visa card once I set it up, I no need to transfer money manually to pay back which is super convenient, thanks.
Hmmm that's not something I have ever done. Personally I wouldn't want that. I want to be in control of my money and I want to KNOW exactly how much is coming out. Especially on a monthly basis at the least, it forces me to go over my transactions, track my spending and make sure that nothing is out of place! There have been times when I caught duplicate transactions or fraudulent purchases and if I didn't catch them myself, I would have paid for it unknowingly!
Thanks, I got your points. Need to learn from you not too lazy to do payment manually 😊
Great Video! Just picked up the Scotia Momentum Visa Infinite card. BTW, would a recurring channel membership qualify for 4% cash back? 😆
I think so! All of my recurring Google / TH-cam payments on my end qualify for the 4% cash back 💪
Whoever is running that membership, I'm sure they appreciate your support! 😉
Yep, TH-cam channel membership qualifies for 4% cash back with the Scotia infinite visa. 😉
@@stuartbrown8069 good to know! I appreciate that! 🙏
Does this no annually fee cash back combo still work ? - tangerine 2% (3 categories / restaurant/ recurring bills/ gas) + RBC groceries 2% + Rogers WE 1.5% everything else.
That's a solid no-fee combo! I used to love the Rogers WE but the $15K minimum spend is a deal breaker for me so I don't use it anymore (but they haven't kicked me out just yet 😅)
Since you already qualified for the Rogers WE, you would likely qualify for the Triangle WE as well and that one will give you 3% on groceries! Plus all the other goodies I discuss in the video =)
But I tell everyone I know to get the Simplii visa. You just can't beat 4% cash back at restaurants and it's no fee, low income requirement. That will free up one of your Tangerine categories! =)
I had Rogers and PC World Elite, but Rogers did not kick me out when my card expired and PC kicked me out on the first anniversary it could.
One huge issue with the PC Financial card, you need a minimum annual spend of $15,000 or $20,000 on the card. I got rid of it for that reason.
Thanks for the great video. Can you show us how to pay property taxes using our triangle world elite mastercard?
Sure thing! It's very easy! Log into your Triangle online account then go to Payments -> Manage Payees -> Add Payee and there you will search for your city's municipal office or utility or whatever bill you are trying to pay. It's the exact same way as paying a bill from your chequing account with your bank but using the Triangle card, it's a credit card purchase and you get 1% cashback =)
Hey Adrian, thoughts on the Costco credit card??
Does Scotia infinite Visa apply to gym memberships and stuff? I'm thinking amex simply for gas and everything else and a 4% Scotia infinite for groceries. I think nofrills and everywhere accepts Visa now too right?
If your gym allows credit card payments then sure! Unfortunately, all of the gyms I've been with only accepted direct withdrawals from my chequing account. I don't personally shop at No Frills, I know they didn't accept Visa in the past but I believe that they do now! =)
Curious...is it essential I have a credit card for my business? Perhaps you have another video on this topic?
I would certainly recommend it! I only have one credit card for my business but I can certainly discuss corporate credit cards in an upcoming video =)
@@CanadianTShirt I was recommended to just use my personal credit card for my business...but you are saying have a dedicated credit card for a business? And yes, please, a video would be great! Cheers.