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any good cashback card recommendation?
- Thread starter rashidme
- Start date
msatrakkoic
Well-known member
Annual fees are the banks way of stealing money out of your pocket for nothing. Highly doubt it will be worth it
No! the fee is exchanged for credit and other services. Most people don't know/take advantage of their cards rewards.
I cant remember the name of the card but mine gives 2% and I put everything on it. If my wife is making a big purchase she saves up the cash and put it on the card. Costs my $79 a year and I get about 300-400 a year back.
I also use a variety of its other features travel insurance etc.
I've switched to the Scotia Momentum. It more than pays itself off for my family.
msatrakkoic
Well-known member
Good point. If you are spending enough to recoup the fee With the rewards then its deff worth it.
I just went through this with a td visa and the amount of money id have to spend wasnt worth it to me. But im also still a student.
Depends on your individual spending habits and if there are any limits to how much you can get in cash back. (i.e. some only consider 10,000$ in purchases, others cap out at 25,000$ etc.)
The annual fee pays for itself if you rent 1 car for the year or leave the country on a trip. Never hurts to have multiple layers of security and these cards are considered 'World' cards that have a handful of features as incentives to use them (Car Rental discounts, rental insurance, health insurance, double the manufacturer warranty on items purchased, flight delays, cancellations, reimbursements, preferred hotels, etc).
Don't focus solely on the cashback bit, but the whole 'value' of the card to you.
for the fee to pay for itself, you'd need to put about 2475/yr through the card.
add up your gas and groceries, and if they're over 2500$ for the year, the cashback you get breaks even on the cost of the card. This number gets bigger as the discount changes to 2% for pharmacies and 1% everywhere else, or whatever the structure is.
At least with cash back rewards cards it's straight forward, the money adds up over a year and gets added to your card on your anniversary date. Other reward cards where you collect points might make it difficult to collect or might not have a points system that's worth it (i.e. less than 1% or something silly)
edit: forgot to add, if you add recurring bills, you get a 2% bump, so your cell phone, cable, internet bill gets you cash back as well. every little bit adds up over time, and if you're paying it anyway, why not?
4 months of gas ($200), grocery ($500), tv/internet ($120), pays for your card. Assuming these are your expenses for example. ymmv
The annual fee pays for itself if you rent 1 car for the year or leave the country on a trip. Never hurts to have multiple layers of security and these cards are considered 'World' cards that have a handful of features as incentives to use them (Car Rental discounts, rental insurance, health insurance, double the manufacturer warranty on items purchased, flight delays, cancellations, reimbursements, preferred hotels, etc).
Don't focus solely on the cashback bit, but the whole 'value' of the card to you.
for the fee to pay for itself, you'd need to put about 2475/yr through the card.
add up your gas and groceries, and if they're over 2500$ for the year, the cashback you get breaks even on the cost of the card. This number gets bigger as the discount changes to 2% for pharmacies and 1% everywhere else, or whatever the structure is.
At least with cash back rewards cards it's straight forward, the money adds up over a year and gets added to your card on your anniversary date. Other reward cards where you collect points might make it difficult to collect or might not have a points system that's worth it (i.e. less than 1% or something silly)
edit: forgot to add, if you add recurring bills, you get a 2% bump, so your cell phone, cable, internet bill gets you cash back as well. every little bit adds up over time, and if you're paying it anyway, why not?
4 months of gas ($200), grocery ($500), tv/internet ($120), pays for your card. Assuming these are your expenses for example. ymmv
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I know this won't apply to many, but I have the BMO SPC student mastercard. I think I get 1% cash back, no annual fee and discounts at tons of places for the SPC part. I've had it for 5 years now and will only change when they figure out that I'm not a student anymore 
Then I'll go to PC so I get points to use on food.
Then I'll go to PC so I get points to use on food.
Things will change April 1st as Visa and MC will have to make adjustments for the lower interchange they will charge merchants due to government pressure.
Some annual fees will increase or benefits change.
The best thing to Do is evaluate your needs.
If it's travel, then some cards have great travel coverages. They also cover some things like broken merchandise like computers, cameras etc. even if you muck it up yourself.
There is no one best card out there.
The new Costco Captial One isn't bad.
Some annual fees will increase or benefits change.
The best thing to Do is evaluate your needs.
If it's travel, then some cards have great travel coverages. They also cover some things like broken merchandise like computers, cameras etc. even if you muck it up yourself.
There is no one best card out there.
The new Costco Captial One isn't bad.
OP, that annual fee more than pays for itself if you can get into the habit of charging everything on your card.
Wtf, I just looked at my options with Scotiabank and none of their cards are useful to me. I spend enough, but nothing applies to me.
Travel insurance doesn't apply for vacations longer than 31 days, I don't buy gas and my car doesn't take much when I do, none of the grocery stores that I shop at aren't on the list (and if they are, it's for 1 month of the year), avis has the worst rentals in the world (even with a 20% discount, it's still more than most of the competition).
Any suggestions? Amex is wicked, but not everyone accepts it. Scotiabank's the best for traveling, so I'm stuck. I find it hard to believe that I'm struggling to find a decent credit card in this day and age.
Wtf, I just looked at my options with Scotiabank and none of their cards are useful to me. I spend enough, but nothing applies to me.
Travel insurance doesn't apply for vacations longer than 31 days, I don't buy gas and my car doesn't take much when I do, none of the grocery stores that I shop at aren't on the list (and if they are, it's for 1 month of the year), avis has the worst rentals in the world (even with a 20% discount, it's still more than most of the competition).
Any suggestions? Amex is wicked, but not everyone accepts it. Scotiabank's the best for traveling, so I'm stuck. I find it hard to believe that I'm struggling to find a decent credit card in this day and age.
I have the Scotia one and get about 1200 a year back more than worth it.
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Dirty D
Active member
I agree. I use scotia momentum for everything (gas, grocery, reoccurring payments....) I get about 1800 each year. Well worth it if you use it and pay it fully each month. I hardly use debit these days.
Actually my main goal is the recurring payments. I am thinking to put car and home insurance on it. But am not sure if I can put utility bills etc on it??
Utility no, but you can put things like cell phone and other places you shop once a month.
It depends on the actual utility company if they accept automated CC payments. Some do and some don't.
Two years ago I was shopping for "the best" cashback card. Originally I was put off by the upfront card fees for some cards, but then I realized that the card fee is just a factor I the equation. I calculated my average monthly costs, determined the projected annual cash-back value, substracted the annual fee if applicable and chose the card that gave me the highest projected annual return. It was the SB Visa Infinite as well.
I'm still on my MBNA Smart Cash World. I should switch to something that pays more with an annual fee. As it is I'm getting at least $50/month back so I'd easily cover a $99 fee quickly.
All my spending is on my credit card, if possible, including travel for work. Just wish I could get rid of my purchasing card and put it all on my personal card, lol.
All my spending is on my credit card, if possible, including travel for work. Just wish I could get rid of my purchasing card and put it all on my personal card, lol.
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