Cashback vs Points: The Truth About Canadian Credit Card Rewards!
Should you choose a Cashback Credit Card or Points Credit Card? Watch to find out!
0:00 Intro
0:39 Cashback Credit Cards
2:31 Points & Rewards Credit Cards
6:10 Conclusion
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#personalfinance #finance #creditcard #visa #mastercard #americanexpress #cashback
lmao rogers
2:17 I got rid of my CIBC cashback credit card because I realized that you won’t be able to take the cashback out. You can only use it as a credit within your credit card. Unlike my BMO and Tangerine where you can e-transfer cashbacks out and invest.
LOOL thanks for the shoutout 🎉
Definitely agree on Aeroplan – I’ve gone the path of cashback. Simply cash preferred is my primary, groceries on triangle (no choice but Loblaws, and rogers doesn’t offer service where I live), restaurants in simplii, and foreign purchases on the Scotia passport.
ROOOGEEERRSSSS!!!!!
I prefer Wealthsimple cashback + PC financial points.
I have been using Rogers MasterCard for last 9 months and enjoy paying my mobile bill using 3% cashback. Really appreciate your awesome content with great explanations.
Thoughts on the new RBC More Rewards Visa? I’m ‘po but already have the CT world elite and a low level amex. Been looking for a Visa and saw this just came out and I shop at Save on foods a lot and curious about what you think. I know it’s not great but still curious
Hi there. What’s your opinion on the BMO Airmiles credit card? Are the dream miles you accumulate worth it?
I agree with you completely. Everyone says Cobalt’s great but 1) AMEX isn’t accepted everywhere and 2) what if you don’t want to fly with Air Canada or you’re not very flexible in your schedule to redeem for flights? Then the points are pretty useless like you said. I also dislike Air Canada. Garbage service for how much they charge.
I recently got the CIBC Aventura Visa Infinite Privilege as I plan on travelling quite a bit in the foreseeable future and I don’t ever have to worry about whether or not the place takes AMEX. For the Visa Infinite Privilege, you redeem points for business class seats, 1 point can equal 2-2.5 cents depending on the destination. There’s a slightly lower redemption tier for just the Visa Infinite.
This is someone coming from Scotia’s Gold and Passport. I’ll probably keep the Passport for lounge passes and FX fees with multiplier on spend.
Yeah man, totally agree with ya! I remembered in 2023, after finishing the military in Taiwan, I was planning to return to Canada and begin my instructor training in Newfoundland. A one-way economy ticket from Taipei to Gander NL costed me 53800 Aeroplan points in March. I used it or I had to pay more than $2500 to get the exact same ride. The 53800 price tag was only available for 2 of the days in March 2023. Well, if I didn’t use those points when would I be doing so? Now I’m still making points by eating and trying to stay alive. Yeah, cash back cards have started to become my go-to option for places not taking Amex, considering the earn rates and/or point valuation of issuers other than Amex.
Lost way too many travel points in the past and will never forget/forgive so cash back all the way for me.
The best cash back card is mbna world elite
Gives you ability to cash out anytime and cash as well direct into your bank account or a cheque
5% on recurring bills and subscriptions
5% on restaurants and grocery’s
Thats where most people are spending anyway
Wish they did gas/fuel and it would be filthy
Hey Lispman, question for you: do you not mention the PC world elite MC anymore because of the Loblaws boycott or because you no longer think it’s a good card? Just curious. Also, I like your videos so much but often wish they’d be longer with explanations behind the statements you make. Just some feedback from a regular viewer 🙂
I have the Scene points program with my credit cards. Rogers turned me down for their Red credit card, the only time in my history that I have ever been turned-down for a credit card. I told Rogers to eff-off. Since them, my credit rating has gone up to 824. Rogers have now pre-approved me for that card. I once again told them to eff-off. Not interested. Incredibly enough, the Rogers cash-back went from 3% to 2% as I expected. I stick to my Scene cards.
I racked up 100K MR points with the Cobalt and used them for a flight to Japan—40K for a one-way ticket. Considering a one-way flight usually costs around $800–$1,000, I think it was a pretty good redemption.
The problem is that the points required fluctuate so much that I have to constantly check the Aeroplan website to get the best deal. One day, it’s 56K; the next, it drops to 40K. Feels like I always need to be monitoring it.
On top of that, I have to book way in advance to actually get a ticket, and I still need to compare with cash prices to make sure I’m getting good value.
Overall, it’s worth it when it works out, but man, it’s a hassle. I think I’ll switch to cashback for most purchases and just keep the Cobalt for groceries and restaurants.
PC Money has made a few changes including no FX fees, you should do an update video on them.
for eating out simplii is the best 4% cashback up to 5k and 0 annual fees
There’s no limits for spots on Air Canada flights redeemed through Aeroplan anymore, if a ticket can be purchased then you can get the it through points too. Limited number of seats reserved for flight rewards only is a thing of the past with Aeroplan.
Points if your a baller, cash back if your a broke ass