- May 10, 2024
- Posted by: legaleseblogger
- Category: Related News
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Seeking Guidance on Credit Card Change
Hello everyone,
I am currently looking into changing my credit card and would greatly appreciate any advice or recommendations. To paint a clearer picture of my financial standing, I earn $60k annually, carry a credit score of approximately 720, and my monthly expenses are broken down as follows:
Rent: $2000 (which can potentially be paid through Chexy for cashback benefits)
Groceries: $500
Restaurants: $300
Transportation: $300
Other expenses: $900
Currently, I am utilizing the CIBC Dividend Visa and Simplii, although I am open to exploring alternative options.
I have been contemplating the Amex Cobalt for its attractive rewards program, but I am slightly hesitant due to concerns about its acceptance compared to other cards. While I am open to exploring other options, many of them have higher salary requirements.
Ultimately, I am looking to acquire two cards—one for Aeroplan points and another for cashback benefits, particularly for the rent payments.
I appreciate any insights or suggestions you may have. Thank you in advance.
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If you can preauthorize the payment through Chexy, considering that it is by far your largest spend category, the Scotiabank Momentum Visa Infinite should be high on your list. It pays 4% cashback on recurring bill payments.
The Cobalt is a great option but doesn’t have multipliers for your rent payment and since your rent is your largest expense, I would argue that a card that has a high multiplier on that category would be most beneficial to you.
That being said, you could pair the Cobalt and the Scotiabank Momentum Visa Infinite but you’ll need to see if most of the merchants you frequent takes AMEX. AMEX acceptance is the greatest in urban centres and with most chains. However, some major chains like Loblaws owned stores (except Shoppers Drug Mart) do not take AMEX.
Depending on if you can leverage additional features of the Scotiabank Ultimate Package, leaving a $6k minimum deposit to waive the account and credit card fee may be advantageous for you. For example, maybe you were going to get a safe deposit box anyways, well now you can get the small one for free with the package.
I’ve used the Amex Cobalt for over a year and it’s great! Haven’t had trouble with many merchants not accepting Amex. From what you mentioned you spend on, the multipliers are very good. If you shop at Costco you will need a MasterCard. Superstore or T&T you will need a MasterCard or a Visa though so I combo the Cobalt with the Rogers WE MC. I have internet with Shaw so that boosts the cashback up to 3%.
If you want to maximize Aeroplan points you could get one of the $0 annual fee cards from TD or CIBC.
Would recommend getting a referral for the Cobalt!
Copied my comment from another post.
For rent payments, you should get the scotia momentum visa infinite card + [$100 third party rebate](https://app.finlywealth.com/rebates/scotia-momentum-visa-infinite) since the 4% cashback easily outweighs all the fees.
Here’s the math:
At 2k rent per month, you can earn $80 – $35 in fees = $45/month net cashback.
Multiply that by 12 months, you get $540 in pure cashback + $100 third party rebate and first year annual fee waived = $640 in your first year.
Years after, the annual fee kicks in so your cashback will drop down to $540 – $120 = $420 which is still a good chunk of money for doing little to nothing. You just automate this setup, setup yearly reminders and let the system do its thing.
For points, cobalt or scotia amex gold are both good choices just check if your merchants accept them. Use a [calculator](https://app.finlywealth.com/calculator) for reward estimates.