TOP 5 BEST NO-FEE CASH BACK CREDIT CARDS IN CANADA 2020 | Credit Card Guide Chapter 3
ฝัง
- เผยแพร่เมื่อ 28 มิ.ย. 2024
- Looking for a Credit Card but you have a LOW INCOME? Do you have a POOR CREDIT SCORE? Do you want to earn CASH BACK but you don’t want to pay an annual fee?
Well then here are the Top 5 BEST NO-FEE CASH BACK CREDIT CARDS in CANADA for 2020! All 5 of these cards are free, so you never have to pay any annual or monthly fees and four of them are made for low income customers so even if you only make $15K a year, you’ll be able to qualify for these cards!
If you’re looking for the absolute best Cash Back rates, even if they have a high annual fee, check out my last video of the Top 5 Best Canadian Cash Back Credit Cards:
• BEST Cash Back Credit ...
Check Your CREDIT SCORE for FREE: 🇨🇦
Borrowell: api.fintelconnect.com/t/l/5ef...
Credit Karma: www.creditkarma.ca/
Mogo (Equifax): api.fintelconnect.com/t/l/5ff...
UPDATE: Rogers World Elite Mastercard has weakened their cash back as of June 2, 2020.
Watch this video to learn the details: 💳
7 BEST Canadian Credit Cards I Use Everyday - • 7 Best CANADIAN Cash B...
Credit Card Links + Skip Head:
-Intro: 0:00
1. Rogers World Elite Mastercard: 1:34
api.fintelconnect.com/t/l/654...
Versus: Home Trust Preferred Visa: 3:07
www.hometrust.ca/credit-cards...
2. American Express SimplyCash: 5:16
americanexpress.com/en-ca/ref...
Use my referral link to get 2.5% bonus cashback for the first 3 months 👆
Versus: American Express SimplyCashPreferred: 5:36
americanexpress.com/en-ca/ref...
Use my referral link to get 10% bonus cashback for the first 4 months! 👆
3. Tangerine Money-Back Mastercard: 7:14
api.fintelconnect.com/t/l/654...
4. Simplii Financial Visa: 8:30
Use my referral link below to earn $50 when you open a Simplii account and visa👇
api.fintelconnect.com/t/l/61f...
5. CIBC Dividend Visa: 9:34
www.cibc.com/en/personal-bank...
Versus: CIBC Dividend Visa Infinite: 10:04
www.cibc.com/en/personal-bank...
Summary / Comparison Table: 11:01
Which Card Should I Use? 12:24
If you're looking for ways to Boost Your Credit Score in Canada:
• IMPROVE YOUR CREDIT SC...
Check out my other great videos in my CREDIT CARD GUIDE Playlist:
• CREDIT CARDS in Canada
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I hope this video helps you find the right credit card for you. Keep using these cards to earn FREE MONEY and build your Credit Score!
Be sure to subscribe to my channel for more videos on investing, personal finance and money saving strategies. I’ll be posting a new video every Thursday =)
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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.
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#CreditCard #CashBack #NoFeeCard #CanadianFinance #PersonalFinance #Visa #AmericanExpress #Mastercard #CanadianCreditCard
I've been waiting for your videos!
Thanks for your patience, I hope you enjoy! =)
I like these channels, great content. Helpful.
Thank you! It means a lot to me to know that my videos are useful! =)
luv your videos! so helpful to our generation!!! 👏👏👏
Thanks man! Ya there isn't a lot of financial content out there for millennials, especially for young Canadians. Let me know if you have any questions or topics you'd like me to cover =)
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Check out my CANADIAN CREDIT CARD GUIDE 👇
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And check out my MILLENNIAL INVESTING GUIDE 👇
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I've used the tangerine card for years, going back to my last 2 years of university. Now my situation is radically different (all in good ways!) and I really appreciated this video and all the videos in the credit card playlist for helping me hone in on how my wife and I can maximize our cash back and insurance bonus categories
Amazing video bro. Thanks
Thanks buddy! I hope these cards earn you some money! =)
Oh wow, thank you for this! I already have the Rogers, Tangerine and AMEX ones, definitely getting the Simplii one!
Awesome! I ONLY use the Simplii visa for restaurants, bars and cafes. It's such a unique card and getting 4% cash back on eating out is amazing, especially with no annual fee! =)
@@CanadianTShirt The only annoying thing is that I need to open a bank account with them, though
@@williamyih8175 It's true but Simplii is one of the BEST online chequing accounts out there for Canadians. I've been using them for over a year. I will also be making a list of my favourite chequing accounts for Canadians very soon
Great contente and very informative
I'm so happy to hear that! Thanks for watching so many of my videos today! =)
Great video for Canadians, most videos are for the states.
You got that right! That's why I started this channel in the first place. We need more Canadian content out there! =)
Canadian Tire MasterCard is a good one, since you get offers for employee discounts at sportchek, marks, atmosphere and party city. Not to mention 4% return at Canadian Tire owned stores and a high return at grocery stores other than Costco/Walmart
Absolutely! It's one of my favourites! Make sure you check out my video on the 7 Credit Cards I Use Everyday, I talk about the CT Mastercard in detail =)
th-cam.com/video/BnCzhQZhDFw/w-d-xo.html
Awesome video! Thank you!
Thanks buddy! I'm glad it was helpful! =)
The Rogers Platinum MC is a decent alternative to their World Elite and is much easier to get for most Canadians.
You're absolutely right! And it offers 3% cash back on foreign currencies so it makes up for the 2.5% currency conversion fee. Thanks for the tip! =)
Best video mate
Thanks buddy! I'm glad it was helpful! =)
I think I might just opt for the tangerine for now and maybe switch the now 2 cashback options for 2% in the future. Having a bunch of different credit cards can be annoying and with this pandemic going on I'm just trying to buy groceries, pay bills and well... that it's lol. Thanks this video was very informative, think you'll make an updated one fore 2021?
That's a great idea and the Tangerine is definitely one of my favourite and most flexible cards out there! If you only want one card, the Tangerine is definitely one of the best and most versatile ones to have. I will definitely be making an updated version of this list in the next few weeks! =)
Love your contents. They are very informative. Can you do a video on sim cards as well.
Thanks buddy! I'm happy to help!
What do you mean SIM cards? Do you mean cell phone SIM cards?
@@CanadianTShirt thankyou for replying and yes
Great video! I'm going to look into the Rogers World Elite Mastercard. Take a look into the Triangle World Elite Mastercard as well as it has some great benefits!
I have the Triangle World Elite Mastercard. It's a very neat and specialized card, I use it exclusively at Canadian Tire and Sportcheck since it gives you 4% cashback at those stores with no annual fee!
I have to warn you about the Rogers card though... they recently announced some disappointing changes to the Rogers World Elite... Effective June 1, they will drop the overall cashback rate to 1.5% and the foreign currency rate to 3.5%... The worst part however is that now you will need to spend over $13,000 a year on this card in order to keep it..... I am planning on making an updated video of my favourite credit cards to include these changes...
@@CanadianTShirt Yeah it's hard to be 4% cashback! And also get 3 cents a litre on regular fuel from CT Gas+ (7 cents on premium). Free roadside assistance is another bonus. I just found out that having this card makes you eligible for Boingo WIFI and Mastercard Lounge Key (airport lounges). Thanks for the update on the Rogers card. $13k is a lot to have to spend to keep a card. I travel a lot for work and I love the idea of a card that gives cashback on foreign spending (cut out those conversion fees!).
Thanks to *@Darkjacob* on *telegram* that provided me with enough methods I could choose from and now I’m making cool cash with less stress I can vouch him to the world 🌍 this is a life changing opportunity, he sell live cc with high balance, dump and pin, fullz , SSN 💯
Nicely explained.
Thank you! I'm glad it was helpful! =)
Thanks Adrian!! I just got approved for Rogers Elite card!! I applied after watching your video! Thanks bud!!
Hey Paul! Congratulations! Just a warning though... Ya I saw this... they recently announced that they will be severely weakening the cash back benefits of the Rogers World Elite Mastercard starting in June... Now we will only get 3% cash back on US purchases, nothing for other currencies and the base cash back rate dropped from 1.75% to 1.5%....For me, the absolute deal breaker is the new annual spending requirement of $15K... that's $1250 a month! That's crazy! I will have to make a new credit card video soon to give updates on all of these changes. It's a shame though since this card was pretty amazing... these new changes are really rough... =(
@@CanadianTShirt Haww ok thats sad. Yes I remeber seeing the 15k thing,ya thats rough then now!
@@CanadianTShirt Hi, I absolutely love your videos. I was looking into Rogers Elite MC but after the new announcement, I am not going to go for it anymore. I will be waiting for your update video on CC.
Just a note here, I find that no one mentions the limitations of cashback CC for groceries. For example, Costco exclusively accepts Mastercards only moreover Costco is not classified as grocery. So Tangerine CC will only give 0.5% and you cannot even use TD or scotia's premium cards.
Few Walmarts are also not considered as groceries so, Visa will only give base rewards. Tangerine accepts Walmart as grocery.
I believe these are important points for general people to understand while choosing a card. Rogers MC would have been perfect but alas!!!:(
@@subhankardebnath8657 You're right that most visa companies do not consider Walmart as a grocery store, so I use my AmEx to get 2% at Walmart even though I am buying groceries (it sucks missing out on that 4% grocery cash back that I would be getting with my Scotia Infinite Momentum Visa) I'm still disappointed in the Rogers World Elite and I have to be honest, they haven't done a very good job in announcing these changes to their customers.... I'll be making a new video soon on my credit card suggestions, taking into account these new updates and unfortunately I don't think Rogers will make the cut anymore... =(
Excellent video, one question tho, is there a way to check what stores are considered Grocery stores?
I think if you call Visa, they might be able to tell you the categorization of different stores. In my experience, almost all stores which you would think are grocery stores, are considered grocery stores to get those special cash back rates! The only exceptions that I have found are Walmart, Costco and No Frills. Some credit cards consider No Frills a grocery store but I don't think any cards treat Walmart and Costco as grocery stores. Again this is just in my area, it might be different where you live =)
Once I pay my credit card off, I'll get the cibc for groceries and gasoline and pay it off every month to improve my credit score. Thanks for making this understandable
Sounds like a great plan! If groceries and gas are your biggest expenses, the CIBC is a great option! =)
Extremely helpful, thanks. Turning 18 soon so I wanted to be prepared on which credit cards to apply for.
That's awesome buddy! Make sure you check out your credit score as well before you apply to make sure there aren't any problems. Check out my Credit Score video to learn all about that =)
th-cam.com/video/AqfZsHf1bwk/w-d-xo.html
I got messed up credit rating and been increasing my credit slowly. What you are doing is smart and everything this channel says is on point. Don't mess up the payments, like I did in University.
@@mysjackson88 Thanks buddy! I really appreciate that and don't worry, we all made mistakes when we were younger... it will take time to recover but you WILL get there! =)
When Getting The Credit Card Always Pay By Time Before The Credit Score Updates and Also try Spending Upto 35 Percent Of your Credit Limit.
Hey! Would you do a video on travel credit cards? No fee and with fees!!
I personally don't use travel cards, I only use cash back credit cards. You can't beat the simplicity of cash back and I don't want to be forced to spend money on a vacation just to redeem my rewards. That being said, you can earn a lot of generous rewards points with travel cards so I can definitely do a video in the future covering the best ones. Thanks for the great suggestion! =)
great review, I too use the home trust visa, and just got a letter indicating they will no longer give cash back on foreign purchases, but still have a 0% conversion for foreign purchases.
Thanks for the update! I haven't received that letter yet but if that's the case, then that's another point in favor of the Rogers World Elite Mastercard. The Rogers will give you a 4% cash back on foreign purchases minus the 2.5% conversion fee for a net 1.5% cash back. The Home Trust will not charge you that 2.5% fee but if they removed the 1% cash back, then you have a net 0% cash back on foreign purchases
If you have a high salary (at least $70,000) then I would apply for the Rogers World Elite Mastercard and use it for foreign purchases. Otherwise, I still suggest the Home Trust Visa, it will protect you from the 2.5% conversion fee and it still offers you free roadside assistance which is a nice touch. Thanks Skyee for the comment! =)
@@CanadianTShirt i received it yesterday in the mail with my current statement its effective January 1st 2020 you should receive it soon.
Does the home trust visa have contactless payment (tap)? I read a review saying that only could use chip/pin when abroad
amazing videos
Thank you Anne! I really appreciate that! =)
My suggestion, it would be great if u could mention the need to be a PR/citizen to apply cuz I'm sure a large number of residents is not a PR (yet)
Most of these cards do not require PR or citizenship! As long as you are living in Canada and have income and a decent credit score, you should be approved for most of these cards! Many of my friends and coop students have been approved for these cards and they are only here on student visas!
I shop at Walmart a lot. With Tangerine unless i'm mistaken i would get 2% cash back because with this credit card i think Tangerine considers Walmart Supercentres as groceries. As this card no longer has a promotional 4% offer, I think i will wait a bit before getting this card. Unfortunately i think the CIBC dividend visa does not consider Walmart as a grocery store. Thanks again for the great video.
A lot of Visa cards do not consider Walmart a grocery store, unfortunately this includes my Scotia Momentum Infinite Visa which gives me a whopping 4% at groceries but not at Walmart... It does depend on the area though! Some people messaged me from Newfoundland and they said that Walmart counts as a grocery store in their town!
Hi! I am new in Canada and I am learning a lot with your videos. What do you think about the new Tangerine World Mastercard?
Hey Daniel! The new Tangerine World Mastercard is exactly the same as the Money-Back mastercard (the same 2% cash back on up to 3 categories) but it comes with some nice bonus perks like mobile device insurance. Use this card the same way you would the Tangerine Money-Back mastercard =)
Daniel. We’re you aware that the big six banks as well as HSBC and Desjardins, give credit to new immigrants, without any minimum credit score?
If you need/want a certain card issued by any of them go that route for an easy approval. It normally is a package that includes free chequing.
FYI. I did it with two banks at the same time, with no trouble.
I recommend National for a high limit. HSBC, Scotia and Royal for very lucrative sign up offers.
If you desire more info just ask
Hi. I am looking to get my first credit card. I am with TD but want to switch because I do not want to pay monthly to keep my money somewhere if possible. Could you please tell me my options? I want the lowest interest rate so I can pay things off over time. Thank you!
Great video for canadians ! Wish simplii was available in montreal :( but i was wondering if walmart Capital one master card is great for groceries ? Combined with Tangerine it could be great ?
Ya it is a shame that a lot of credit cards are unavailable in Quebec... for groceries I would suggest the CIBC Dividend Visa to get 2% cash back on groceries. Or if you spend a lot, try getting a premium credit card with an annual fee but 4% cash back on groceries to make up for this fee. Check out this video for a review of those cards =)
th-cam.com/video/U1DaLlMjPiA/w-d-xo.html
The Walmart Mastercard only gives you 1.25% at Walmart and 1% everything else. For that, you might as well get the AmEx SimplyCash to get you 1.25% EVERYWHERE. And if you'd like to support my channel by using my referral link, you'll get 2.5% bonus cashback on everything for the first 3 months! 😁
@@CanadianTShirt I pretty much only do my groceries+video games at walmart , it says 5% cash back if i use www.walmart.com and online groceries. Is that a good deal ? But the Amex simplycash 1.25% for everything seems rly good.
*Oups mb it might be a US credit card version lol why the US always has the best deals :(
Great video! It was very detailed and informative! I liked how you broke it all down and made it easy to understand. Do you have any thoughts on the PC Financial MasterCard and whether it's a card worth getting? I am a person in the low income category and get my gas and groceries from Superstore but would also like to use it as my main credit card if it would be worth while but from what I can see it does not offer cash back
Thank you for the kind works, I'm glad that it helped! =)
To be honest, the PC Mastercard is very weak. You don't get cash back, you just get PC points which you can only redeem at PC partners like Superstore, Shoppers and Esso so you are very limited in how to earn and spend your PC points. I did the calculations converting PC points to dollars and the PC points "cash back" rate is very weak: you only get 1% cash back at grocery stores, 1% cash back at Esso and 2.5% cash back at Shoppers. This shoppers rate is the only good thing about this card
If you shop a lot at Shoppers Drug Mart, then this card might be helpful, but honestly you can just get a standard PC Optimum points card for free and get better value by taking advantage of Shoppers' 20x the points events. Just so you know how I did these calculations, you can redeem 10,000 points as $10
If gas and groceries are your biggest expenses and you have low income here is what I suggest:
CIBC Dividend Visa to get 2% cash back at ALL grocery stores (not just Superstore)
Tangerine Mastercard to get 2% cash back at ALL gas stations (not just Esso), plus 2% cash back in other categories like entertainment, pharmacies, hotels etc..
Simplii Financial to get 4% cash back at all restaurants, cafes and bars
For everything else, get the American Express SimplyCash to get 1.25% cash back
If you can get approved for all 4 of these cards, that would be a really good strategy but if you only want to have ONE card, I would go with the Tangerine Mastercard and to get 2% cash back in three categories and I would choose: Gasoline, Groceries and Pharmacies (or whatever you spend the most on)
I hope that helps! =)
@@CanadianTShirt Yes this has been very helpful! Thank you for the amazing reply! :)
Awesome! Can you do a video on asset allocation for millennials?!
Coming right up! I will showcase my entire portfolio in the next few weeks, hopefully that will be a helpful guide for beginners =)
Yooo How many cards this man even have? Loved your video!
hahaha I have definitely collected a bunch over the years but I definitely don't use them all! Check out my most recent video where I reveal the 7 credit cards that I use and carry in my wallet everyday! =)
th-cam.com/video/BnCzhQZhDFw/w-d-xo.html
By the way, you definitely do NOT need 7 credit cards... usually 2 will be enough for most people but I'm pretty extreme and I want maximum cash back efficiency 😅
🤣
@@CanadianTShirt actually people with 6-7 cards will (assuming all other factors are equal). Have a much better FICO score, than those with 2-3 cards.
With so many options I personally would have about six cards for different uses.
But like you the Amex Card would be number one!
Canadian tire mastercard takes 5 days to post payment worst payment method
@@kingmakerstocksandcryptoti4126 the only thing good, I can say about them. They grant credit, to those with little, or no credit.
A good starting Card. Then drop it like a bad habit!
Thanks Adrian, TANGERINE IT IS !!!
Tangerine is a great option and offers a ton of flexibility! =)
@@CanadianTShirt Your channel is awesome buddy, it will soon EXPLODE and you're gonna get sh*t lod of views .. While you are still easy to reach out, I am just gonna request something ahaha, can you please make videos on "long term investments in etfs and stocks" and things to look for before investing ?
Great video! Scotia denied me 🥴. Guess it's me and Capital One into the sunset
Oh man.... which Scotia card did you apply for? The Scotia Momentum Infinite Visa? That card usually requires a higher income and a strong credit score.... did you try some of the other cards on this list? Most of them, except the Rogers are really accessible for most Canadians. Also check out my video on how to improve your credit score! I hope that helps! =)
@@CanadianTShirt the scene one, the last card you reviewed.
Once again very informative video. Thanks a lot for that. Btw, if we upgrade from Amex simply cash to simply cash preferred after a point, does upgrading or downgrading affects credit score?
Once again, excellent question! =) Whenever you apply for a new credit card, they will do a "hard inquiry" on your credit report and if you do several hard inquiries within a month, this might hurt your credit score by a bit, around 10-20 points but these "hard inquiries" only stay on your report for 12 months, so after a year you will regain these 10-20 points. Plus, after using your new credit card for a year and paying your bills on time, your credit score will increase significantly in addition to the 10-20 points you regain so after a year your credit score will be much higher than it was when you applied for that new credit card!
If you already have an account with AmEx and you want to increase your credit limit for example, since you're already a customer they do a "soft inquiry" on your credit report and this does NOT hurt your credit score at all! I believe that if you're already a customer with AmEx and you want to open up another AmEx card, I think that qualifies as a "soft inquiry" since they already know and trust you so that shouldn't hurt your credit score, but every company probably does it differently
The most important part of having a good credit score is paying your bills on time and having multiple accounts open for many years, this builds your reputation. So when you close a credit card, you lose the reputation and the score that you built using that credit card so your score will drop. My advice would be to NEVER close a credit card with NO ANNUAL FEE. Keeping this card open doesn't cost you anything and it continuously improves your credit score year after year. The only reason you should close a credit card, is if it has an annual fee and if the fee is not worth the benefits (cash back).
I would suggest that you start with the AmEx SimplyCash (use my referral link in the description box to get that 2.5% cash back bonus) and keep that card open forever. There's no annual fee, so there's no downside to keeping it. Once you start spending more than $13,000 a year on the AmEx, then it is time to upgrade to the AmEx SimplyCash Preferred to get the higher cash back rate, but still keep the AmEx SimplyCash open, even if you don't use it anymore, to keep your credit score high. I'm sorry if my answer was too long but I hope that helps! =)
@@CanadianTShirt Thanks a lot for your reply. So if we apply for one credit card a month, like as you mentioned in the best cashback credit card video, to get the best of the offers, does that still gives you 10-20 points decrease? In brief, what would be the ideal gap between these cards to apply? Using credit cards must increase your credit score but the other way round is so bad, isn't it?
Great video!! I think I might sign up for one/some of these lol
I would say start with the CIBC Visa and max out that 5% promotional bonus! Then max out the Tangerine or the AmEx signup bonuses! =)
@@CanadianTShirt Haha I actually already signed up for the CIBC Visa Infinite card already for the 10% cash back but I'm planning on cancelling it after I max out the $2000. I already have Tangerine from before. I think I'm gonna get the Simplii for the 4% on restaurants and then use Tangerine for gas and groceries, then the Rogers Elite for all other purchases.
@@CanadianTShirt btw what are your thoughts about signing up for too many credit cards for their sign up bonus and it lowering your credit score?
@@BeatMyRice For the CIBC Visa Infinite, you'll receive your cashback in your December statement probably the first week of January, so cancel it after you've spent your cash back money. That being said, if you spend at least $200 a month on gas and groceries, the 4% you get with the CIBC Infinite already pays for itself. If you spend closer to $400 a month on gas and groceries, then the CIBC Infinite gives you more cash back than the Tangerine would even subtracting the $99 annual fee. In that case, I would keep the CIBC Infinite, get the Simplii for restaurants and then choose 3 other categories to get 2% with Tangerine, maybe Entertainment, Monthly Bills and Hotels and then use the Rogers for everything else, like you said. But if you don't spend too much on gas and groceries, then stick to your plan. You've got a great strategy! =)
@@BeatMyRice When you apply for a card, they will make a hard inquiry on your credit report. If you open multiple credit cards at once and close them soon after, that will probably drop your credit score by 10 to 30 points, depending on how many cards you're closing at once. Generally, when you close a credit card you will lose most of the points you gained with the daily use of that card. If it's a card with no annual fee, don't close it! Even if you don't use it much, just hold on to it and use it once every few months to keep some activity on it and that alone will continue to build your credit score month after month. The only reason you should close a credit card is if it has an annual fee, and if the cash back you earn is less than the annual fee
You are incredible
No YOU are incredible! 😁
That Tangerine card sounds great. I've had my legacy bank account for my whole life, and I don't see much purpose for me to transfer everything online. But that 2% sounds great for online subscriptions, which would also be satisfyingly appropriate for an online banking card.
You got it! The Tangerine is one of the most flexible options out there! =)
@@CanadianTShirt
My application was successful and it will be arriving soon. Using my BMO app, I simulated my projected score with the added credit - assuming I continue to pay all balances in full, this card could potentially bump my score from 'fair' into 'very good' territory.
I always had a good work ethic, but lacked understanding of these things, I just tossed my money into boring old savings. Now I'm hyped up at all my options. I started on the Minority Mindset channel, but as a Canadian your channel is my go-to place since I found it.
Thanks for your thorough and judgement-free work. I really appreciate your energetic and positive cadence that you maintain in every video. I wish I learned this sooner, but we're all in the right place now, and thats plenty to celebrate.
@@CanadianTShirt
By the way, its super cool that you're still replying even though this video is like three years old - and they still had a sign on bonus (even though I'm not trying to use a balance transfer, no matter if its 2% or 20% interest)
I really did not expect a reply though, thats some Real MVP material brother. Thanks again bro
@@yongewok wow thanks buddy for those kind words and I'm so glad that you found me! By the way, Minority Mindset is also awesome, I've been a fan of Jaspreet for years! =)
If you are not paying for it, you're not the customer; you're the product.
In certain circumstances you are absolutely right! But with no-free credit cards, that's not the case. You have to understand how credit companies make money, basically it's from two ways. First if you do NOT make your monthly payments on time, then YOU have to pay them huge penalties with about a 20% interest rate which is why you should ALWAYS pay your monthly statement in full! Secondly, every time you use a credit card the store or business you're buying from will pay the credit card company a merchant fee. This fee doesn't come from you at all, the store owner pays it and that's why a lot of the smaller stores don't allow you to pay with credit card since they want to avoid paying these credit card fees. So if you understand how credit card companies make money, then you can rest assured that as long as you always pay your monthly fee, then it is 100% free to use a credit card. They're NOT "selling your data" like free websites like Google and Facebook do! I hope that helps! =)
plz make a video on mortgages and buying new house for new canadians
You got it! I will be making a whole series of videos on real estate soon! =)
I'm a Student and getting my first card, which one would you suggest Scotia Momentum® Visa Infinite* Card or Student CIBC Dividend Visa. Or both. I do a lot of grocery shopping, bills, and gas/ttc. Plus some online shopping. I really need help, and your videos have helped me narrow it down.
That's so exciting! Congrats! I remember my first credit card was a crappy free visa giving me just 0.5% cash back so let's make sure we get a MUCH better card for you!
The first step is to figure out how much you spend each month on groceries, gasoline, bills and everything else. If you spend a lot of money on these expenses, like over $300 a month then you should go with a premium card that has an annual fee but a larger cash back rate to make up for it. That being said, if this is your very first credit card you probably have a very low credit score since you're just getting started so you probably won't get approved for a premium card like the Scotia Momentum Infinite Visa, unless you cosign your credit card with your parents
Even as a student, with no credit score and a low income you can probably get approved for 4 of the cards in this video, especially the Student CIBC Dividend Visa. I would definitely apply to all 4 of these cards and use them for different expenses to maximize your total cash back, by using the table guide at 12:24.
Since you spend a lot on groceries and bills, then the 4% cashback with the Scotia Infinite Visa would be your best best, even with the $120 annual fee but you might need your parents' help to get approved for it. If you do get approved, then you don't need to get the CIBC Dividend Visa since the Scotia's 4% cash back on groceries is more than double the 2% cash back with CIBC Dividend Visa. But I would still apply for the Tangerine Mastercard to get 2% cashback on other categories like entertainment and public transit and definitely get the Simplii Financial visa to get 4% cash back on restaurants.
If you're having trouble getting approved for even the free credit cards like the Simplii Financial Visa, AmEx SimplyCash and Tangerine Mastercard (they all say they "require" an income of $15K) I'll be releasing a video soon about the top 3 credit cards specifically for students with no income, but here is an early preview:
CIBC Student Dividend Visa (great for groceries)
Scotiabank Scene Visa (great for movies and some restaurants like Swiss Chalet)
BMO Cashback Mastercard (good for everything else)
Stay tuned for that upcoming video and I hope that helps! Let me know which cards you get approved for! =)
Zara zara I Was really broke then I herd about jack giving out funds and I chatted jack up requesting for some funds on my credit card then get my credit score increased and defaults cleared and I was credited with $10,000 and my credit score boosted. jack is really an expert contact @jack.smith_07 on instagram or +14233527300 on WhatsApp i have tested him and confirmed he is 💯% trust worthy
Great video CTS - For Groceries - Question: Why did you recommend CIBC dividend over Tangerine - because of the sign up bonus?
I already have a Tangerine card. Last year I only spent $3947 on groceries. However, because of this video I will be getting the Simplii Financial card for restaurants and Tim's as I spend $2704 in that category, which beats the 2% I am currently getting from Tangerine.
Thanks Rick! I'm glad you're getting the Simplii Visa, it's a new card and most people don't know about it!
You can totally use the Tangerine to get 2% on groceries but remember with Tangerine you can only choose 3 categories to get this 2% on. So I would rather get the free CIBC visa to get 2% on groceries and that frees up an extra spending category for my Tangerine. There's no point in overlapping between cards, I hope that helps! =)
@@CanadianTShirt Or perhaps a PC Financial Master card to get the optimum points on groceries (not the basic card because that would not work but the World Elite Mastercard- thought?
@@rickpacan4497 I have a video about that coming out in a few hours =)
@@CanadianTShirt Cool - thanks for what you do - there are not many in this field with a Canadian Perspective, you should do well!
It'd be great if cards let you get extra off charging your car outside of your home on the Tesla supercharger or circuit électrique networks
One Thing about Simplii Financial Credit Card is you need to be a client in order to sign up for the card.
You're absolutely right! Just open up a no-fee chequing account with them and you're good! They don't charge you any monthly fees or etransfer or withdrawal fees =)
I just got approved for the credit card and I don't have any account with them. did they change it now?
Great video as always. Can't believe the Simplii Visa flew under the radar (looks like the card was launched July 2018). Just got approved for their checking account and hopefully I'll get the Visa soon.
I have the Rogers WE for the premium benefits, no AF, and the FTF.
I was just curious to the net 3.5% figure with Home Trust @3:21
For example if FX is 1 and we ignore risk free rate and both Rogers and Home Trust pay out at the same frequency, say there's a $100 transaction in foreign currency.
With Rogers, there's a 2.5% surcharge at the time of transaction ($102.50 on the statement) and at the end of the year you get $4 back on statement credit for the transaction, resulting in 1.5% 'gain' for the $100 initial purchase.
With Home Trust, there is no additional surcharge at the time of transaction ($100 on the statement) and you get $1 back? Isn't the net still at 1%?
Great call with the Simplii checking account. Make sure to set up your direct deposit to your Simplii account and two automatic monthly bills and Simplii will give you a $200 bonus in May 2020. And yes, you're absolutely right about the Home Trust. You only get ever 1% cashback on Home Trust visa with every purchase you make. The 3.5% cash back I quoted is a "relative, effective cash back" compared to all other cards which charge 2.5% in an upfront currency conversion fee. So yes, the Home Trust gives you a net cash back of 1% on foreign purchases while the Rogers WE gives you a net cash back of 1.5%. I talked about the Home Trust in detail in my last credit card video but this one I really brushed over it quickly for comparison. Thanks for catching that! =)
What do you think about the Costco MasterCard?
I'd like to see comparisons between Amex SimplyCash Card vs Cobalt Card
Personally I prefer cash back over travel rewards points. Sure rewards points cards can offer some generous signup bonuses but I hate the idea of being forced to spend money on a trip just to redeem those points.... Cash back is so much simpler, no matter what I get that money at the end of the year, I don't have to change my spending habits or anything! That being said, The AmEx Cobalt card is one of the best rewards points cards out there, I just don't personally use it =)
Is there a way to apply to multiple cards (online) with one application?? I'm aware of some State side.
Some credit card providers might offer you multiple credit cards in their lineup when you apply. For example, if you apply to their premium credit card but you don't get approved, maybe you have a lower credit score, they might instead offer you one of their entry-level credit cards without needing to make a second application. It depends on the company, they each have a different way of doing things. But if you want to apply to different companies entirely: like you want to apply to a TD and a CIBC visa in one go, that would never happen. I hope that helps! =)
Do you think it is wise to apply for the credit card all at once? I'm not too sure what the time frame would be until I can apply one after the other
Check out my video on how to improve your Credit Score:
th-cam.com/video/AqfZsHf1bwk/w-d-xo.html
I talk about how applying to multiple credit cards can affect your credit score. My general advice is that if you are applying for a mortgage or a loan in the next few months and you can't afford any drop in your credit score, then only apply to one or two cards. But if you don't have anything big coming up, feel free to apply to multiple cards. Your credit score might temporarily drop by 2 or 3 points but you can build that back up in a month or two =)
@@CanadianTShirt oh thank you very much!! You're very helpful! I wish you're channel to grow well!!
Thanks to *@Darkjacob* on *telegram* that provided me with enough methods I could choose from and now I’m making cool cash with less stress I can vouch him to the world 🌍 this is a life changing opportunity, he sell live cc with high balance, dump and pin, fullz , SSN 💯
Do a new 2023 best credit cards in Canada please thank you for everything
Absolutely! I'll be making several credit card videos for 2023 so stay tuned! =)
I love my HOME TRUST VISA
It's an awesome card! Too bad they reduced it's benefits earlier this year (you no longer get 1% cash back on foreign purchases) but waiving the currency conversion fee still makes it worth while! =)
Do i have to have a regular bank account with tangerine in order to qualify for the credit card? I tried applying but was not approved and now when browsing their products while logged in the credit cards don't even show up.
I had a Tangerine checking account when I applied but I don't think that should be necessary.... I know for the Simplii Visa, you must also apply for their free checking account but I didn't think that was the case for Tangerine
just looked into the rogers one, on the website now it is only listed as 1.5 percent instead of 1.75, oh well ..
ya im about to stop using this one now, i didnt even know these past 6 months that it was lowered.
Sadly, maximizing rewards in no annual fee cashback cards requires juggling 4-7 cards to cover all your categories.
1. Rogers. Skip it. Issuer is lousy. For most people's spending, the extra $50-100 in cashback annually is trivial compared to the headaches of dealing with Rogers Bank.
2. HomeTrust Preferred. Just grab CTFS Triangle WE for roadside assistance (if eligible). No cashback on forex makes the card meh.
3. AmEx SimplyCash. AmEx is great, but Cobalt is much better than SimplyCash. SimplyCash Preferred is ok for signup bonus. The no annual fee SimplyCash lacks a lot of important features making it less appealing.
4. Tangerine is good for signups bonus only! They're a terrible issuer.
5. Simplii VISA is meh. You'd have to maintain $4-5k annual resto spend to make that 4% relevant
6. No annual fee big bank cards are meh. RBC's cashback MC at least gets you 2% at Walmart SC's, unlike the CIBC variant.
For a tasty cashback card that can cover a lot of spend, consider CTFS Cash Advantage. Get cashback on bill pay, including payees who otherwise wouldn't accept credit cards as payment method.
You forgot the PC financial MC WE deff the best card for Canadians.
I talk about the PC Financial World Elite in this video on the 7 Canadian credit cards I use everyday!
th-cam.com/video/BnCzhQZhDFw/w-d-xo.html
It's a GREAT card, but you will need a high income to qualify for it but it's a great option to earn points at Shoppers Drug Mart or Loblaws grocery stores =)
What would be the best credit card to get if your spending a lot on online shopping like amazon, sportcheck and eBay? I also get quite a bit of groceries and gas. I’m a student and already have the scene Visa card but was looking to take advantage of some of these cash backs since I’m spending a lot on things like I listed above. Some insight would be great. Btw new viewer great content man!
As a student, take advantage of no-fee credit cards. The Tangerine mastercard is a great option for students since it is flexible and can give you 2% cashback in 3 spending categories. If you spend a lot on Amazon, you can look into the Amazon mastercard but that card is only really useful if you are an Amazon prime member. If you spend a lot at Sport Chek, look into the CT Triangle mastercards, they can give you "Canadian Tire Money" cash-back on purchases at Sport Chek which is useful if you shop there =)
Canadian in a T-Shirt thanks man I’ll take a look at those. I was thinking getting the Scotia momentum card, since I’m already a scotia customer and do all my banking there. Plus I pay quite a few bills so I thought might be a decent option.
Brim VS Amex simply cash.
It says that the home trust visa isnt available in québec, do you know of any cards available in québec that dont charge foreign fees?
It is frustrating that several credit cards and bank accounts are not available in Quebec... There is also a Brim mastercard that has no currency conversion fees =)
Does the CIBC cash back come as a cheque or a deduction on what you
Pay
The CIBC cash back is given to you as a credit to your account. So they reduce the amount you owe by the cash back amount. It's the same as if you had manually paid your credit card bill by that cash back amount
Could you please analyze the MBNA Amazon MasterCard?
Absolutely! It will make an appearance in my upcoming list of no-fee credit cards for 2021 =)
@@CanadianTShirt I'm curious about MBNA's payment plans. Apparently, you can turn any purchase over $100 into a payment plan for 18 months and pay only 8% on top of the purchase amount. If I get it right, this is a one time percentage, not annual.
Thanks to *@Darkjacob* on *telegram* that provided me with enough methods I could choose from and now I’m making cool cash with less stress I can vouch him to the world 🌍 this is a life changing opportunity, he sell live cc with high balance, dump and pin, fullz , SSN 💯
which credit card would you recommend for a newcomer?
Any of the bottom 4 cards on this list would be a great option, they are designed for people with low credit scores and lower incomes, especially new Canadians and students so you shouldn't have any trouble getting approved =)
What about Costco capital one??
what about the TD Cash Back Visa Infinite* Card
I love that card but it comes with a $120 annual fee so it's not a free card, so it doesn't belong on this list! I talk about the TD Visa Infinite in this video on the best Premium Cash Back cards =)
th-cam.com/video/nVbiLzNDTlQ/w-d-xo.html
Canadian in a T-Shirt, What would you guess is a minimum credit score to qualify for the 4 low income cards you mentioned?
Thanks!
That's a difficult question to answer since each bank or credit card company will have their only criteria but since these cards are targeted towards lower-income individuals, I would say that any credit score above 700 is definitely safe. Probably even above 650. Check out my Credit Score video for tips on how to boost your credit =)
I watched it before watching this video. Great content. My credit has gone up about 120 points in the past 10 months...but still isn't great.
@@mmerry6021 it will take time. Keep at it buddy! =)
Do more stock topics!
You'll get your fix next week: ETFs versus Mutual Funds! =)
@@CanadianTShirt oh baby
Great
Thank you Hong! I'm glad you found it useful!
Gonna need to update the Rogers world elite; they made the benefits worse and you need to spend $15k annually to keep it a world elite. Changes start June 2.
I’m interested in Home Trust Preferred Visa Card. Being a new immigrant, do you think I’m eligible for this card?
I work outside Canada and make more than $15k which is the minimum salary requirement for this card.
Since you are a new immigrant, you probably don't have a very strong credit score (everyone starts at the bottom when they move to Canada) but if you satisfy the income requirement you should be able to get approved! =)
The Home Trust credit card. You pay no currency exchange fee but you earn 1% cash back?
Does that mean you earn 1% worldwide?
It used to be that way but unfortunately they changed it a few months ago.... Now they only offer 1% cash back for Canadian purchases but they still avoid the currency conversion fees. Check out my newer credit card video for more updated info =)
th-cam.com/video/BnCzhQZhDFw/w-d-xo.html
Hey Adrian have any recommendations for free charting software's that track your investments so that it's easier to manage than the Questrade one? Because, while I understand the Questrade stock tracker I feel like If their is anything better at no cost would be helpful. Oh and one more thing for savings accounts, if you add or take out funds from the account how does that effect the interest return at the end of the year(If paid yearly)? Because, I had to take out 350$ out of my savings account for new brake lines and was wondering how any fluctuations of a savings account affect the total return at the end? I now have 1650$ left in my savings account (I will replenish whenever I can than go back to my investing focus) and so by the end of the year what amount to they use when they give you your return (In this case 2.45%)? Do they give me 2.45% of the amount I initially put in or only the amount I have at the moment when they do give me the 2,45%.(In this case 1650$). This has been a long thread thank you in advance :).
Hey Stephane, sorry for the late reply. It's been a hectic week.... Questrade's stock research is okay for quick and dirty analysis but it's pretty limited in terms of advanced data. I personally, use TD Direct Investing whenever I research a stock but I do pay for the service. In terms of free stock research resources I can recommend Yahoo Finance and MarketWatch
Savings accounts calculate their interest daily, but they usually pay it out monthly. So if you have an interest rate of 2.45%, they actually calculate your interest every single day which will be 0.0067% per day (2.45% / 365). Looking at a 30 day month, if you $2000 in your savings account but then you took $350 out on day 10, then you had $2000 earning you 0.0067% for 10 days which is $1.34 interest and then you had $1650 for 20 days which gives you $2.21 so your monthly interest you should get at the end of the month is $1.34 + $2.21 = $3.55 I hope this example makes sense! Thanks for the great questions as always! =D
Canadian in a T-Shirt thanks appreciate it
Why not risk applying for the Rogers card? The worst thing they could do is say no.
I meant don't risk lying about your income to apply for Rogers. I know the banks will not verify your income but Rogers is a new player and I don't know their policy... But you're right, if you don't lie about your income, the worst thing they can do is say no and your credit score will drop by 2 or 3 points so no big deal
Does anyone know which category 7-Eleven falls into for the 2% Cashback Tangerine.
I don't know for sure... I would guess it would count as a gasoline expense. But if it's just a 7-eleven shop without a gas station, I'm not sure if it would still qualify
@@CanadianTShirt thanks haha I thought the same I have my gas already on 2% somehow it gives 0.5%...
I just created my Quest Trade account using your referral code, I am confuse on exactly whats the difference of QuestWealth TSFA Portfolio compare to Individual TSFA??
@@Drew-po6ju QuestWealth is kind of like WealthSimple Roboadvisors. You just put money into it and their algorithm + analysts will automatically buy and sell stocks on your behalf BUT they do charge you a fee for this. This is a good option if you want a completely hands-off approach. You make no decisions, you have no control. You just put your money in and trust them. Questrade Individual accounts are what I talk about in my videos, you manually choose which stocks to invest in and you have total control. You can buy and sell stocks whenever you want. You don't pay an annual fee but you do have to pay commissions when you buy and sell stocks. I hope that helps! =)
@@CanadianTShirt Oh I see. One more thing, lets say I go for QuestWealth then afterwards I decide to transfer it into my Individual TFSA and close my QuestWealth Account. Will that hold any effect, like my creditscore or something?
Hold up 5% for everything for first 2%? And above 5000 spent per year the bigger brother is better right?
Yup! If you click my referral link for the AmEx SimplyCash Preferred (the big brother) you will get 5% cash back on EVERYTHING for 6 months or the first $6,000 you spend. After that promotion, the cash back is 2% on EVERYTHING. You'll need to spend at least $13,000 to make the big brother worth the annual fee
Talking about the CIBC Visa cards, the little guy offers a promotional bonus of 5% on EVERYTHING for the first 4 months or $2000 you spend. After the promotion, this card offers 2% on groceries. If you spend more than $5000 on groceries a year, then go with the card's big brother: CIBC Dividend Visa Infinite to get 4% cash back on groceries AND gasoline. I hope that helps! =)
@@CanadianTShirt What did I miss, how did you get 13,000 good sir? As per your other video, it's $4950/yr to break even on the $99 annual fee. Or you can think in terms of the promotion where you need to spend $6000 in 6 months to receive 5% back.
Thanks to *@Darkjacob* on *telegram* that provided me with enough methods I could choose from and now I’m making cool cash with less stress I can vouch him to the world 🌍 this is a life changing opportunity, he sell live cc with high balance, dump and pin, fullz , SSN 💯
I thought they were reducing the Rogers World Elite MC from 1.75% to 1.5% and foreign transactions from to USD only and decreasing it from 4% to 3%?
It's even worse than that.... the real deal breaker for me is that they now require that you spend at least $15K a year to keep that card, effective June 2... I talk about it in my latest credit card video:
th-cam.com/video/BnCzhQZhDFw/w-d-xo.html
Long story short, I won't be using this card anymore... it was too good to last... =(
@@CanadianTShirt Wow that's crazy especially in this economy! Well, I'll keep the card around as long as there's no financial penalty for not spending 15k a year. Otherwise, they can shove it.
How about Fido master card , tangerine money back and amex simply cash card. I am really confused which one to take among these 3. any suggestions ? thanks
I do have credit score of 750+. but i dont have PR for canada. currently I have work permit and health insurance card from Quebec Gvt.
The Fido Mastercard is also a great choice, it is very similar to the AmEx SimplyCash card, they both have the same awesome 1.25% flat cash back rate. For me personally, I prefer the AmEx since they offer a very generous 2.5% signup bonus and the Front Of The Line early access to concert tickets is very valuable if you attend concerts and sporting events. But if you spend a lot on Rogers or Fido products, the 2% cashback rate is great with the Fido Mastercard
The Fido Mastercard is basically the little brother of the Rogers World Elite Mastercard since it doesn't have the steep $80,000 income requirement. It's also a great choice for foreign purchases when you travel since it offers 3% cashback on foreign purchases, making up for the 2.5% currency conversion fee
That's a great credit score, even if you don't have PR status, you should have no trouble getting approved for either of these cards. I would choose one card between the AmEx and the Fido Mastercard to get your base 1.25% cash back and then apply for the Tangerine Mastercard to get 2% cash back in 3 of your biggest spending categories. And then if possible, consider the Simplii Visa to get 4% on restaurants. I hope that helps! =)
@@CanadianTShirt yeah thanks a lot, :D :D
Where is the next Video “Mutual funds versus ETFS” ? I don’t see it in your video list. ?? 🧐🤔
Check out my video on ETFs where I break down the dangers of Mutual Funds and why you should choose ETFs instead.
th-cam.com/video/48d7R9MTzlI/w-d-xo.html
I will be making a video in the future solely on why I avoid Mutual Funds where I will provide real life numbers to show you how much money you can LOSE with Mutual Funds over your lifetime, stay tuned for that! =)
Thank you! 🇨🇦
Wow this video is great., The Tangerine MasterCard look like a good fit for me. Unfortunately I spend very little about $400 a month. what cost me the most is rent $1050 and if I understand when I pay my landlord it is not considered a purchase so I don't get a cash back on it. would you have any suggestion?
For most landlords, rent will be paid via cheque or etransfer, I doubt you can charge it to your credit card (that would be awesome though...) Try to pay with as many things as you can with your credit card (as long as you can control your spending). Paying with cash or debit gives you NO benefits. Paying with credit builds your score and gives you a bit of cash back just make sure you can control your spending and ALWAYS pay your credit card bills in full!
What are your thoughts on the Canadian Tire World Elite MasterCard?
It's a very interesting card... If you spend a lot of money at Candian Tire and Sport Chek, that 4% cash back is awesome, you can't beat a 4% rate. And the 3% cash back on groceries is also very strong, it's the best grocery cash back I've seen for a no-fee card, the only ones that can beat that are the CIBC Dividend Infinite Visa and the Scotia Momentum Infinite Visa which both give 4% on groceries but they come with an annual fee
But there are two downsides to the Canadian Tire World Elite... The biggest one is the income requirement..... it requires an income of $80,000 just like the other wolrd elite mastercards out there (the Rogers one I talked about as well as the PC Financial one) This is super tough for most Canadians but if you can qualify for it and you shop a lot at Canadian Tire then go for it!
Another annoying thing is have restrictive this card is on where you can collect points and where you can redeem them. You only get points at Canadian Tire or Husky gas stations, other gas stations you get nothing. And this isn't strictly a cash back card since you don't get money back, you get Canadian Tire money.... This forces you to buy hundreds of dollars of things at Canadian Tire in order to redeem your points. I would rather get pure cash back, money that I can spend anywhere I please
Overall it is a very interesting card but it is for a very specialized kind of customer, not for the vast majority of Canadians. But if you have a really high income and you shop A LOT at Canadian Tire and Sport Chek, then this card is great. For example, if you do all your car repairs and maintenance at Canadian Tire, that 4% cash back can save you a lot of money.Thanks for the fun question! =)
What you mean by a Canadian in a t-shirt ?
I chose that name since I'm not a lawyer or a chartered accountant in a business suit. I'm just a regular Canadian who is passionate about personal finances and investing and I'll be wearing a different T-shirt every video! 😁
I'm a student but I make about 12k a year working part-time. Would I be eligible for the Home Trust Visa Card?
If you have a good credit score, you will probably be okay. It's worth a shot. Credit card companies want your business so as long as you have a good credit score, even if your income is lower they won't care =)
U need 15K for that.
What is best card for gas purchase both in US and canada?
Check out the CIBC Infinite Visa which I talk about this in video!
th-cam.com/video/nVbiLzNDTlQ/w-d-xo.html
It does have an annual fee but you'll get 4% cashback at gas stations so if you spend enough, it should definitely be worth it! =)
Thanks for responding. And this 4% back will be on gas worldwide (especially US)?
@@sallo45 yes! So it will make up for the 2.5% conversion fee you pay when you buy something in USD =)
in the more recent video I believe you said that the 'big brother' AMEX card is worth it if you spend $5000 in a year but in this video you say $13000?
No no I said that you need to spend $5000 to make up for the $99 annual fee of the big brother. But unless you spend at least $13,000 the total cash back of the little brother would actually be better than the big brother with the annual fee. I hope that helps! =)
@@CanadianTShirt Yes thank you so much!!!!
Hi please suggest me best credit card of scotia bank
I will be making a whole video on the best no-fee credit cards for people with lower credit scores as well as for higher income individuals and Scotia will definitely show up on those lists! =)
If I were to get more than 1 credit card, would that effect my credit?
Whenever you apply for a new credit card, they will do a "hard inquiry" on your credit report and if you do several hard inquiries within a month, this might hurt your credit score by a bit, around 10-20 points but these "hard inquiries" only stay on your report for 12 months, so after a year you will regain these 10-20 points. Plus, after using your new credit card for a year and paying your bills on time, your credit score will increase significantly in addition to the 10-20 points you regain so after a year your credit score will be much higher than it was when you applied for that new credit card!
Unfortunately, there is no preset rule for credit scores. Different credit card companies treat credit inquiries differently. In some cases, applying to multiple credit cards at the same time is better than applying to one credit card every month, since the credit bureau might consider these multiple applications as a single application. This is usually the case when you apply for mortgages at multiple banks or lenders but it can also work for credit card applications. Instead of making multiple "hard inquiries" and hurting your score multiple times, they may treat it as a single "hard inquiry" in which case your credit score would be unchanged or it may only go down once by 10 points.
To be safe, my overall advice would be this: if you are planning on buying a house or a car and you know that you will be applying for a large loan or mortgage in the next month or two, in that case you need your Credit Score to be at its maximum, you can't risk any decreases or hits. So in that case, don't risk applying to new credit cards, even if they have amazing signup bonuses. Wait until you have secured your mortgage and then apply to your new credit cards
But if you are living life normally, and you're not planning on taking on any big loans in the near future, then I would suggest applying for new credit cards to earn those signup bonuses. Your credit score might drop by 20 points for a few weeks but that doesn't matter to you unless you're looking for a loan or mortgage. You will rebuild that score in a month or two from using your new credit card and you can earn yourself hundreds of dollars in free promotional cash back. I hope that helps! =)
Look up “credit utilization”. If you apply for credit cards and the bank does a “Hard Inquiry”, your credit score will dip a bit but in the long term, if you keep your spending the same and because you have more credit available, your credit score will go up significantly
Premium credit cards do not offer to non permanent residents I guess. My bank said I should get PR to get Premium credit card...
Which bank said that? That should not be the case at all! Most of my coop students who are international students here on a student visa were able to qualify for a lot of the premium credit cards... as long as you have a good credit score and you are living in Canada that should be enough. You don't need to be a PR or citizen
It is CIBC I'm not sure I have Dividend Visa and applied Premium credit card but they did not allow it
is there 2022 version?
This is the most recent no-fee credit card video I have =)
th-cam.com/video/oF2sahCSTII/w-d-xo.html
Rogers card: I’ve been reading, that it is not so great.
1 terrible customer service
2 terrible foreign currency conversion rates that eat up any cash back earned.
3. High cash back for US$, only is for US$ and doesn’t apply for any other currency!
Check it out before you jump in.
A lot has changed since I made this video over a year ago! I no longer recommend the Rogers Mastercard since they have significantly weakened it. Not only do they only offer cash back on USD purchases (not any foreign currency anymore) but they also require a minimum annual spend of $15K which is ridiculous.... That's a deal breaker for me and I talk about these changes in my more recent credit card video on the 7 Canadian Credit Cards I carry and use every day so check it out! =)
th-cam.com/video/BnCzhQZhDFw/w-d-xo.html
@@CanadianTShirt great 👍 hey if you DM me I’ve got an idea for you about credit cards for new immigrants.
I got two cards this last week under that program.
Also I have investigated the secured cards out there.
DOES ANYBODY KNOW HOW TO REDEEM YOUR CASH BACK FOR THE AE SIMPLY CASH CARD(1.25%). I CANT FIGURE IT OUT THATS WHY IM HERE
The cash back for AmEx is paid out once a year in September =)
@@CanadianTShirt huh, I never noticed it go through last year. Oh well. Thanks for the help. Good vid too, the comparison of the preferred and the regular one saved me from needlessly having a $99 annual fee (I almost "upgraded" while I was looking thru my account).
Tangerine works best for me
Tangerine is one of the best no-fee cards out there! =)
"hopeful u r not eating out that much. you should save and invest"....totally BF material ...
hahaha I'm cheap and proud. I wonder why I'm still single.... 😅
To redeem money does Roger's need minimum spendin
With the Rogers World Elite Mastercard, you need to have a cash back total of at least $20 in order to redeem your cash back
@@CanadianTShirt
Cash back 20 dol is 1000 dol spendin at 2 percent cash back
@@thesammuthusamy Exactly. Or if you're traveling or buying thing online in US Dollars, you'll get 4% cash back so you'll need to spend $500
@@thesammuthusamy Also, you will receive a $20 cash back bonus upfront when you sign up for the card
Rogers World Elite devaluation starting June 2, 2020, from 1.75% to 1.5%, and 4% on foreign spend to 3% (net 0.5%) -- and a minimum spend of $15,000 per year. Going to cancel this card soon.
Rogers: Starting June 2, 2020, Rogers World Elite Mastercard accounts must have an annual minimum spend (i.e. the total of Purchases made, less any Purchase returns) of at least $15,000 posted to the Account during each annual review period in order to maintain your eligibility for the Account. An annual review period commences on August 1st of a year and ends on July 31st of the following year, with the first annual review period commencing on August 1, 2020. If you have not maintained the annual minimum spend during an annual review period, we reserve the right to switch the Account to another Rogers Bank credit card product on or after November 1st in the next ensuing annual review period without any impact to the rewards earned up to the date of the switch.
Oh snap.... where did you hear this? I haven't gotten any notification from them... maybe it's in the mail.
If this is true, this is a major hit.... It still has the best flat cash bate rate for a free card but that's a HUGE cut to it's foreign purchase rate... and the $15,000 minimum spend is just brutal.... They force you to spend $1,250 a month... that's a deal breaker for me.
I guess this card was too good to last but these changes are too extreme. They are going to see a MASSIVE cut in their client base... Thanks for the heads up! I hope I'll receive some confirmation from Rogers about this soon!
@Canadian in a T-Shirt You can read about it on RFD’s credit card forum and r/personalfinancecanada. Yea it's a major cut, if you don't meet the minimum $15k spend, they'll likely downgrade you to the Platinum card which is already worse. I hope they'll have retention offers for existing customers but after this a lot of people will leave.
For Canada.... Aside from Quebec! Lol :(((
Unfortunately, a lot of credit cards and financial services are not available in Quebec.... It's really frustrating =(
Isn’t it bad to have so many credit cards? Doesn’t it affect your credit history?
It will actually HELP your credit score as long as you always pay your monthly statements in full! Check out my Credit Score video to learn more =)
th-cam.com/video/AqfZsHf1bwk/w-d-xo.html
Basically, having multiple credit cards will improve your credit history AND will decrease your credit utilization, both of which will help your score!
Correction: The Home Trust Preferred Visa does NOT give you cashback on foreign purchases:
1Cash advances, balance transfers, interest, fees and foreign transactions (including online purchases in foreign currencies) are not eligible for CashBack Rewards.
www.hometrust.ca/credit-cards/preferred-visa-card/
You're right! They unfortunately changed their cash back policy in January, two months after I released this video. I posted an update in the comments section but ya, the 1% cash back no longer applies on foreign purchases. You ONLY avoid the 2.5% currency conversion fee so now, using the Home Trust visa is only worth a "2.5% cashback" rate on foreign purchases. Also, Rogers Mastercard was recently weakened with MAJOR downgrades starting in June... They will only offer 3% cash back on foreign purchases, 1.5% cash back on everything else and the worst part... you must spend at least $15,000 with this card every year....
It's such a shame that these cards have downgraded but that's the risk you face when dealing with no-fee credit cards. I will be releasing an updated video of my favourite cash-back credit cards in the next month or so, taking into account these big changes. Great catch! =)
@@CanadianTShirt No worries, thanks for your videos!
Heads up Loblaws does not take AMEX
Also, if you want a good credit card for groceries, BMO Cash back MasterCard gives 3% on groceries
Right now if you sign up you get 5% on all purchases for your first 3 months
Thank you for the heads up! Ya the only big retailers that I know of which don't accept AmEx are Costco, Loblaws and No Frills. But for grocery stores, there are definitely better options out there which I covered in this video as well as this one!
th-cam.com/video/BnCzhQZhDFw/w-d-xo.html
Check out canadian tire world elite
That's a GREAT card and I talk about it in detail in this video =)
th-cam.com/video/BnCzhQZhDFw/w-d-xo.html
What is your day job?
I work as a software developer but I also run several businesses doing contract work, teaching and real-estate. I will probably start making more videos about my personal life, my career and my financial journey soon, as I'm starting to get more questions about my life
Canadian in a T-Shirt most investors are software developers especially me but like I want to peruse it in the future but I also want to invest heavily and I’m 17 :)
@@psychologyfactstothinkabout That's amazing man! It's great to see someone so young who is passionate and taking steps towards investing! When I was 17, I was just focused on Diablo 2 and Halo haha 😅
Sadly American credit cards are the best
There is far more competition in America when it comes to credit cards but things are definitely getting better in Canada the past few years! Most of the cards on this list didn't exist a few years ago so that's progress right there! =)
Canadian tire mastercard takes 5 days to post payment worst payment method
Most credit card will take a few business days to process payments... that's very standard! Do NOT wait until the due date, give yourself some time! =)
@@CanadianTShirt I paid my pc MasterCard and Canadian tire same day many times , most of the time Canadian tire took 4 to 5 days and PC master card 24 hrs
@@kingmakerstocksandcryptoti4126 If you have an account along side the mastercard, lets say a chequing account or savings. You can link an email for auto deposit to your account thru "Interac Email" E-transfer settings. You can make an etransfer to that account. THEN you just transfer that amount to your mastercard, all usually within the same day