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  • The best credit cards with mobile device insurance in Canada – MoneySense

    The best credit cards with mobile device insurance in Canada – MoneySense

    Many credit cards now offer mobile device insurance, and it’s easy to see why. Smartphones aren’t cheap, so having his type of insurance is a valuable perk that can save you a lot of money. Let’s break down how mobile device insurance works and look at the best credit cards in Canada that offer this credit card benefit. 

    What is mobile device insurance? 

    Credit card mobile device insurance typically includes $1,000 in coverage for a damaged or stolen phone, as long as you purchased the device or pay for the monthly contract using the credit card. The insurance covers only the phone itself—it doesn’t cover the battery or any accessories, such as headphones or a protective case. Pre-owned or refurbished phones are not covered, even if you use the credit card to make the purchase.

    How credit card mobile device insurance works

    As with any insurance policy in Canada, there are a few details to watch for when it comes to mobile device insurance.

    • Coverage period: When you buy a new mobile device on your credit card, the insurance doesn’t usually begin immediately. There’s often a delay of one to three months before it begins. Additionally, the coverage isn’t forever—typically, coverage applies for a maximum of two years from the purchase date. 
    • Coverage limit: Mobile device insurance is usually capped at $1,000, meaning that any money you spend above that threshold will not be covered should something happen to your device. 
    • Deductible: Like other insurance policies, mobile device coverage usually comes with a deductible—the amount you pay before receiving any insurance benefits. Some policies calculate the deductible based on the purchase price of the device, while others account for the purchase price and depreciation. 
    • Depreciation: Mobile device insurance takes depreciation into account when determining the value of your phone. In simple terms: The longer you own the device, the less it’s worth. A standard rate of depreciation is 2% per month, meaning that in a year, your phone will have lost 24% of its value. 
    • Lost or stolen devices: If you make a claim for a missing device, you have 48 hours to notify your provider and stop your wireless service. The insurance doesn’t cover devices stolen from checked luggage or baggage not in your possession.
    • Claim limits: You’re entitled to make one claim per year. In the case of some credit card companies, this limit applies across all cards.

    Although there are some limitations with credit card mobile device coverage, it’s an attractive perk, because it doesn’t cost you anything extra and applies automatically.

    The best credit cards with mobile device insurance

    Here are some of the best credit cards in Canada that come with mobile device insurance. 

    RBC Avion Visa Infinite

    At a glance: With the RBC Avion Visa Infinite, a generous $1,500 in mobile device coverage is complemented by several types of travel and car rental insurance for a must-have in travellers’ wallets. Plus, you can use Avion points to purchase your mobile device and it will still be insured.

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    RBC Avion Visa Infinite

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    Annual fee: $120

    Welcome offer: Earn up to 55,000 Avion points ($1,100 value)

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    Card details

    Interest rates 20.99% on purchases, 22.99% on cash advances and on balance transfers (21.99% for Quebec residents)
    Income required $60,000 per year
    Credit score None specified
    Point value 1 RBC Avion point = Up to $0.023 when redeemed for travel using RBC’s Air Travel Redemption Schedule. 

    Scotiabank Momentum Visa Infinite

    At a glance: The Scotiabank Momentum Visa Infinite includes $1,000 of mobile device coverage that is activated just 30 days from the time of purchase of the phone. When you consider the seven other types of insurance, and the ability to earn cash back, this card is worth your consideration.

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    Scotiabank Momentum Visa Infinite

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    Annual fee: $120

    Welcome offer: earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). No annual fee in the first year, including on additional cards. Offer ends October 31, 2024.

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    Card details

    Interest rates 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers
    Income required Personal income of $60,000 or household income of $100,000
    Credit score 725 or higher

    American Express Cobalt

    At a glance: With a standard $1,000 in mobile device insurance, plus the ability to earn points and Amex membership benefits, the American Express Cobalt card has a solid offering.

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    American Express Cobalt

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    Annual fee: $156

    Welcome offer: earn 1,250 points for each month you spend $750, up to a maximum of 15,000 points.

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    Card details

    Interest rates 21.99% on purchases, 21.99% on cash advances
    Income required None specified
    Credit score 725 or higher
    Point value 1 Amex Membership Rewards point = $0.01 when redeemed with the Flexible Points Travel Program, $0.015 on average with the Fixed Points Travel Program, and up to $0.02 with airline points transfers.

    Tangerine World Mastercard

    At a glance: For a no-annual-fee card, the Tangerine World Mastercard’s standard $1,000 new mobile device coverage policy is one of several nice add-ons, including rental car collision and loss coverage and free Wi-Fi through Boingo Wi-Fi for Mastercard.

    Tangerine World Mastercard

    Visit tangerine.ca for more details

    Annual fee: $0

    Welcome offer: earn an extra 10% back on up to $1,000 in everyday purchases within the first 2 months. Must apply by October 31, 2024.

    Visit tangerine.ca for more details

    Card details

    Interest rates 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers
    Income required $60,000 per year
    Credit score 725 or higher

    CIBC Aventura Visa Infinite

    At a glance: When you pay for your new mobile device with the CIBC Aventura Visa Infinite, you’ll have up to $1,000 in insurance protection for loss, theft and damage. This policy has more relaxed time requirements for reporting but the paperwork required to make a claim is rather onerous.

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    CIBC Aventura Visa Infinite

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    Annual fee: $139

    Welcome offer: You can earn up to $1,400 in value including a first year annual fee rebate.

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    Card details

    Interest rates 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers
    Income required Personal income of $60,000 or household income of $100,000
    Credit score 760 or higher
    Point value 1 point= $0.01 on average.

    What if your credit card doesn’t have mobile device insurance?

    Not all is lost. You do have a few options.

    Insurance from the dealer or manufacturer

    If you don’t get mobile device insurance through your credit card, you can still get coverage, but it might cost you a few hundred dollars.

    Google Preferred Care is a two-year insurance package that covers accidental damage and loss. The cost depends on the model of your device, and there’s a service fee associated with making a claim, which is also model-dependent. You can enroll for up to 30 days after purchase and you can make two claims per 12-month period.

    AppleCare, for Apple phones and other devices, extends hardware, software and technical support past the first 90 days included with your mobile purchase. The cost to insure your iPhone depends on the model, but it starts at $99 for two-year protection of an iPhone SE. Two years’ worth of coverage for an iPhone 15 is $269. There’s a service fee for each claim: $39 for screen or back glass damage, and $129 for other accidental damage, plus applicable taxes. 

    You may also be able to purchase protection directly from the store. Best Buy, a big box retailer, offers Canadians protection plans. The replacement plan is for defective phones. Once you send in your phone, you’ll receive a Best Buy gift card for the purchase price amount. You can replace or repair your cell phone up to two times.

    Insurance from the cell phone provider 

    You may also have the option to buy mobile device protection from your cell phone provider.

    Rogers offers device protection plans for Apple and Android products that include loss or damage coverage, starting at $7.99 per month. The device protection plan for iPhone users features Apple Care services, which includes unlimited service requests and one device replacement for loss or theft. Android users get up to three service requests per 12 month period and one device replacement. One of the benefits of insuring your device this way is the speed of service: repairs can often be done on the same day, and replacements can often be received the next day.

    Similar to Rogers, Telus partners with Apple to give the Apple Care iPhone protection plan to clients, with coverage starting at $9 per month. For $15 per month, Android users can buy Device Care Complete, which includes unlimited repairs for cracked screens and liquid damage, as well as free battery replacements. Repairs through Apple Care are handled by Apple, while phones protected by Device Car Complete have to be repaired at a Mobile Klinik location.

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    Keph Senett

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  • These credit cards can help you save big on travel to Orlando – MoneySense

    These credit cards can help you save big on travel to Orlando – MoneySense

    How to use credit cards to save on your stay

    With the right loyalty points, you can stay in Orlando for free (resort and parking charges still apply). I always look at Marriott properties first, since I have a Marriott Bonvoy American Express Card. The card has an annual fee of $120, but it gives me an annual free night’s stay at Marriott properties, worth up to 35,000 Marriott Bonvoy points. (One Marriott Bonvoy point is worth $0.0117 on average when redeemed hotel stays.) Additionally, I can transfer any of my American Express MR Points, which I collect with the American Express Cobalt Card, to Marriott Bonvoy at a 1:1 ratio. This ability to transfer makes it incredibly easy to earn and redeem Marriott Bonvoy points.

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    Marriott Bonvoy American Express

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    Annual fee: $120

    Welcome offer: earn 50,000 Marriott Bonvoy points

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    Card details

    Interest rates 21.99% on purchases, 21.99% on cash advances
    Income required None specified
    Credit score 725 or higher
    Point value 1 Marriott Bonvoy point = $0.0117 on average when redeemed for eligible flights or hotel stays..

    One of my favourite places to stay in Orlando is the Walt Disney World Swan Reserve. It’s part of the Disney Swan and Dolphin complex, so regardless of which property you stay at (the Dolphin Resort, Swan Resort or Swan Reserve), you get access to all the amenities, including multiple pools, kids’ activities, swan paddle boats and more. Best of all, these hotels are considered on-site Disney properties, so you get early access to all the Disney World Parks. That extra half-hour to an hour makes a considerable difference since you get to beat the crowds.

    Admittedly, the Dolphin, Swan and Reserve hotels are some of the more expensive Marriott properties, but I’ve also stayed at Residence Inn and Courtyard hotels (both part of the Marriott family) for as little as 15,000 Marriott Bonvoy points per night. As a bonus, when you book five consecutive nights at the same hotel using Marriott Bonvoy points, you get one night free. 

    Besides Marriott Bonvoy, I’ve also used HotelSavers via Aeroplan. With HotelSavers, you save up to 30% in points on bookings with select partner hotels. Plus, Aeroplan credit card holders get their fourth night free when booking three nights on points. 

    More ways to save in Orlando

    If you can subsidize your flights and hotels with points, theme park tickets will be your biggest expense. Fortunately, there are occasional deals. 

    Universal Orlando Resort has an offers page that lists all the current promotions. For example, at the time of writing, you can get two days free when you purchase a ticket valid for two parks over three days. Alternatively, you can save 20% on four-night stays at a Universal Orlando Hotel. The hotel offer can be lucrative, as Premier Universal Hotels give your entire party a free Universal Express Unlimited pass, allowing you to skip the regular lines at some of the most popular attractions. The passes are worth as much as USD$124.99 per person, per day. You also get early access to the parks.

    Disney World has similar offers throughout the year for both park tickets and accommodations. It also typically has Canadian-exclusive deals about once or twice a year, and these can be a great way to save.

    For non-theme-park savings, check out the offers page on Visit Orlando. Here you’ll find discounts on dining, shopping, attractions and accommodations.

    Barry Choi

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  • Why you won’t get Air Miles at Metro anymore – MoneySense

    Why you won’t get Air Miles at Metro anymore – MoneySense

    In the mid-2000s, Air Miles devalued its points, making it harder for customers to reach their rewards goals. Then, in 2016, the company announced it would add an expiration date to Miles. Though the decision was reversed after an outcry, the move damaged customer relations. Next, the company split Air Miles into Cash Miles (for in-store redemption and e-vouchers) and Dream Miles (for merchandise, travel, events and attractions), further confusing collectors. 

    By 2022, some of Air Miles’ biggest draws had left the program, including Staples, Rexall, the LCBO, Lowe’s and others. Metro stores are the latest mega-partners to sever ties with Air Miles. 

    Earning rewards for groceries

    All of this might be bad news for Air Miles, but consumers can still find ways to earn rewards on their grocery shopping bills. 

    One way is to join the loyalty programs of your grocery chain. Like Metro with its new Moi Rewards program, Loblaws stores give out PC Optimum points, Save-on-Foods and others use More Rewards, and Thrifty Foods uses Scene+ points. 

    Unfortunately, Moi Rewards alone won’t get you the value you’re used to with Air Miles. If it takes 500 Moi Rewards points to redeem for $4, the value per point is $0.008. How does that stack up against Air Miles? While the value of an Air Mile will fluctuate depending on what you redeem it for, the average value is $0.121. Luckily, you can use a different strategy to make your food shopping pay dividends.

    The best grocery credit cards in Canada

    You can earn rewards on your groceries by purchasing them with a rewards credit card. For example, you could use a PC Mastercard to pay for food at Metro, and you’d still earn PC Optimum points—not as many as you’d get shopping at Loblaw banner stores, but you’d still get the base rate. Many other rewards cards are good for groceries, too. The best one for you will depend on where you shop and your shopping habits. 

    Here’s a quick look at some of our top picks.


    What’s replacing Air Miles at Metro?

    So, Air Miles is out and Moi Rewards is in. While it’s true that the advertised Moi Rewards earn rate is underwhelming, the details of the program remain to be seen. In the meantime, Metro shoppers can get their rewards by using a solid rewards credit card at the till.

    Keph Senett

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  • The best BMO credit cards in Canada 2024 – MoneySense

    The best BMO credit cards in Canada 2024 – MoneySense

    Why trust us

    MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.

    The best BMO credit cards in Canada by category

    By Sandra MacGregor on March 1, 2024
    Estimated reading time: 10 minutes

    The Bank of Montreal is one of Canada’s largest banks, and it offers one of the largest selections of personal credit cards in the country. Whether you’re a student looking for your first credit card or to establish a credit history, or a frequent flyer wanting a card packed full of travel perks, BMO has something for you. BMO is also the only Big 5 bank to offer co-branded credit cards with the popular Air Miles rewards program, making them a great fit for Air Miles collectors.

    Best BMO no-fee credit card

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    BMO CashBack Mastercard

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    • Annual fee: $0
    • Earn rates: 3% cash back on groceries (on the first $500 per month), 1% on recurring bills; 0.5% on everything else
    • Welcome bonus: earn up to 5% cash back in your first 3 months. Conditions apply.
    • Annual income requirement: None

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    At a glance: The BMO CashBack Mastercard stands out for offering 3% cash back on groceries, which is the best standard (i.e. non-promotional period) earn rate for this category among no-fee cards in Canada. It should be noted, however, that the earn rate is capped at a maximum of $500 per month in spending, so if you regularly spend more than that on groceries, you might want a card that doesn’t limit your earnings. Another attractive feature is that it offers very flexible redemption options, including redeeming your cash back into a BMO chequing or savings account.

    Pros 

    • Earn 3% cash back for groceries—the highest non-promotional earn rate for groceries for a no-fee card in Canada.
    • Redeem cash back for as little as $1 and you can even set up recurring redemptions starting at $25.
    • Impressively flexible cash back redemption options, including putting the money into your BMO chequing or savings account, putting it towards a statement credit or adding it to your InvestorLine account.

    Cons

    • The 3% earn rate for groceries is capped at $500 per month, which can be quite low if you’re shopping for a family.
    • A base rate of only 0.5% for all other spending outside of accelerated categories.
    • Not many additional perks, such as travel insurance.

    Best BMO cash back credit card

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    BMO CashBack World Elite Mastercard

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    • Annual fee: $120
    • Earn rate: 5% cash back on groceries, 4% back on transit, 3% back on gas and electric vehicle charging, 2% on recurring bill payments, and 1% back on everything else
    • Welcome bonus: You can earn up to 10% cash back in your first three months and have the $120 annual fee waived in the first year.
    • Annual income requirement: Personal income of $80,000 or household income of $150,000

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    At a glance: The BMO CashBack World Elite Mastercard has a solid variety of extra-earn categories that are targeted to where Canadians spend the most, like groceries, transit and gas. Unfortunately, some cardholders may find the monthly spending caps quite low for each category, which can significantly impact potential earnings. Nonetheless, the card can lead to good cash back amounts if you aren’t a big spender and don’t exceed the caps. It’s also one of the few cards that offers free roadside assistance.

    Pros 

    • A variety of accelerated cash back categories, with an especially high earn rate for groceries.
    • Free roadside assistance, which includes battery boosts, towing and flat-tire change.

    Cons

    • All of the accelerated earn categories have monthly caps, ranging from $500 to $300 per month, which is low for a premium card.
    • Membership in Mastercard Travel Pass provided by DragonPass does not include any free lounge visits. You must pay a fee of US$32 per visit.
    • The income requirement is high at minimum of $80,000 per year for individuals and $150,000 for households.

    Best BMO credit card for dining and transit

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    BMO eclipse Visa Infinite

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    • Annual fee: $120
    • Earn rates: Five times the BMO Rewards points for every $1 spent on dining in and out, groceries, and gas and transit for the first $50,000 in annual purchases; 1 BMO Rewards point for everything else; earn 10% more points when you add an authorized user
    • Welcome offer: You can earn up to 70,000 points worth $467 in travel rewards, a $50 lifestyle credit and the $120 annual fee waived in the first year.
    • Annual income requirement: Personal income of $60,000 or household income of $100,000

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    At a glance: The BMO Eclipse Visa Infinite is an impressive earner that gives you 5 BMO Rewards points per $1 spent on almost anything to do with food or transit. This means 5 points per $1 on groceries, restaurants and food delivery, as well gas, public transit, taxis and rideshares, including UberEats. Everything else will get you 1 BMO Rewards point per $1. In a unique move, this card also offers a $50 annual lifestyle credit, which you can spend however you wish. When you sign up an additional user ($50 per card), you’ll get 10% more points on all purchases.

    Pros 

    • Accelerated earn categories that reflect heavy spending areas for most Canadians, and while there is a cap (a cumulative total of $50,000) it will likely be hard to reach for most cardholders.
    • Comes with a $50 annual lifestyle credit that you can use at your own discretion.
    • Includes mobile device protection of up to $1,000.

    Cons

    • You generally get much less value for your BMO Rewards points if you redeem them for anything other than travel.
    • Because 1 BMO Rewards point is valued at 0.0067, you are essentially earning less than $0.01 per dollar when earning the base earn rate, which is on the low side for a premium card.
    • The travel insurance package is not comprehensive as it does not include things like flight delay insurance and lost/delayed baggage insurance.

    Best BMO travel credit card

    At a glance: While the BMO Ascend World Elite Mastercard does charge a slightly higher than normal annual fee, it makes up for it with a generous array of travel-friendly perks. Cardholders not only enjoy free membership in Mastercard Travel Pass provided by DragonPass (with four free annual airport lounge passes included), but they can also take advantage of comprehensive travel insurance. The card also features a very competitive earn rate of 5 BMO Rewards points per $1 spent on eligible travel, and 3 points per $1 spent on dining and entertainment purchases.

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    BMO Ascend World Elite Mastercard

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    • Annual fee: $150
    • Earn rates: 5 points per $1 spent on eligible travel purchases; 3 points per $1 on dining, entertainment, and recurring bill payments; 1 point per $1 on everything else
    • Welcome bonus: You can earn up to 70,000 points and the annual fee waived in the first year for both the primary cardholder and authorized users.
    • Annual income requirement: Personal income of $80,000 or household income of $150,000

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    Pros 

    • Complimentary membership to Mastercard Travel Pass by DragonPass, which includes four annual complimentary airport lounge passes.
    • Book travel-related purchases like flights, hotels, car rentals and more with the travel provider of your choice and then redeem your BMO Rewards points using Pay with Points. 
    • Very comprehensive travel insurance, including emergency medical protection, flight delay or cancellation, lost or delayed baggage and more.

    Cons

    • You’ll get quite a bit less value for your BMO Rewards points if you don’t redeem them for travel purchases.
    • Because each BMO Rewards point is valued at 0.0067, you’re actually earning less than $0.01 per dollar at the base rate.
    • The annual fee of $150 is slightly higher than the average for this category of card.

    Best BMO Air Miles credit card

    At a glance: Air Miles is one of Canada’s most popular travel rewards programs, allowing members to collect points (“Miles”) that can be redeemed for flights, merchandise, events and more. Many BMO cards already offer cardholders Air Miles when they spend; however, the best deal is the BMO Air Miles World Elite Mastercard. Cardholders enjoy a fantastic earn rate of 1 Mile per $12 in credit card purchases (and a whopping three times that amount at Air Miles partners). Frequent travellers will also enjoy this card’s full complement of travel-related perks like travel and medical protection and discounts on eligible flights.

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    BMO Air Miles World Elite Mastercard

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    • Annual fee: $120 (waived for the first year)
    • Earn rates: 1 Mile per $12 spent, 3 Miles per $12 spent at Air Miles partners and 2 Miles per $12 spent at eligible grocery stores
    • Welcome bonus: You can earn 25 ¢ per litre off on up to 8 fill ups, to a maximum of 50 L per transaction, from March 29 to July 29 2024, when you swipe your AIR MILES card and pay with your BMO AIR MILES credit card. Apply for a BMO AIR MILES credit card by February 29, 2024.
    • Annual income requirement: Personal income of $80,000 or household income of $150,000

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    Pros 

    • Collectors can double their Air Miles when they show their Air Miles Collector Card at Air Miles partners.
    • Exclusive 25% discount on one worldwide Air Miles flight redemption during the calendar year.
    • Comprehensive travel insurance, including trip cancellation, trip interruption and baggage delay.

    Cons

    • No free lounge visits with your complimentary Mastercard Travel Pass provided by DragonPass membership.
    • The annual income requirement is quite high.
    • The highest reward rate of 3 Miles per $12 at Air Miles partners may be become harder as some partners have recently left the program.

    Best BMO low interest credit card

    At a glance: With the interest rate on most credit cards hovering around 20%, it can be easy to accumulate credit card debt. While some consumers may find that a debt consolidation loan or a line of credit is useful in these situations, others may look into a card with a more manageable interest rate—this simple switch can save you hundreds of dollars. Within the BMO family, the best card for the job is the BMO Preferred Rate Mastercard. With a low $20 annual fee (which is refunded in the first year), an interest rate of 12.99% on purchases and a 0.99% introductory interest rate on balance transfers, this card can help you rein in your credit card debt.

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    BMO Preferred Rate Mastercard

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    • Annual fee: $29 (waived for the first year)
    • Interest rate: 13.99% on purchases
    • Welcome offer: You can earn a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee and we’ll waive the $29 annual fee for the first year*.
    • Annual income requirement: $15,000 (personal or household)

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    Pros 

    • Standard low interest rate can help those who carry a balance get their credit card debt under control.
    • Get an annual rebate of $20 if you also have a BMO Performance chequing account.
    • Not only does the card have a low interest rate, it also has a much lower than usual standard cash advance rate of 15.99%.

    Cons

    • The card has no perks aside from purchase protection and extended warranty.
    • Each balance transfer you make is subject to a fee of 2%.
    • The low interest rate for the balance transfer is only valid for nine months.

    Best BMO premium rewards credit card 

    At a glance: The BMO Eclipse Visa Infinite Privilege card has a hefty $499 annual fee, but the perks and rewards may well warrant the price of entry. You’ll receive an annual $200 lifestyle credit that you can spend however you like, effectively cutting down the annual fee to $299. The card offers amazing airport perks like free airport lounge access, as well as airport parking and valet service discounts at eligible Canadian airports. It also includes a significant amount of travel insurance to boot. It’s definitely a card that’s designed to take the hassle out of travel.

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    BMO eclipse Visa Infinite Privilege

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    • Annual fee: $499
    • Earn rates: 5 BMO Rewards points per $1 spent on groceries, gas, travel, dining and drugstores, and 1 point per $1 on everything else
    • Welcome offer: earn up to 90,000 points.
    • Annual income requirement: Personal income of $150,000 or household income of $200,000

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    Pros 

    • Free Visa Airport Companion membership and six complimentary airport lounge visits annually.
    • Get Priority security lane, airport parking and valet service discounts at select Canadian airports.
    • Take advantage of five high-earning categories in typical big-spend categories: groceries, gas, travel, dining and drugstore purchases.

    Cons

    • At $499 a year, the card has one of Canada’s highest annual fees for a credit card.
    • A very high income requirement of $150,000 for individuals or $200,000 for households.
    • While it offers a good 22 days for travel medical coverage (there are cards with a lower fee that offer more days of coverage), those aged 65 and over are only covered for three days. 

    Best BMO student credit card

    At a glance: If you’re on a student budget and looking to build a credit history, this may be the right card for you. This variant of the BMO CashBack Mastercard earns substantial rewards for groceries, netting you 3% cash back in that category. You’ll also earn 1% on recurring bill payments and 0.5% on everything else. The one downside is that, as with many no-fee cards, this card is light on perks— but it does offer standard purchase protection and extended warranty.

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    BMO CashBack Mastercard for Students

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    • Annual fee: $0
    • Earn rates: 3% cash back on groceries (on the first $500 per month), 1% on recurring bills and 0.5% on everything else
    • Welcome offer: You can earn 5% cash back in your first 3 months. Conditions apply.
    • Annual income requirement: None

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    Pros 

    • Flexible cash back program that lets you put your earnings into a BMO account (chequing, savings or InvestorLine) or towards a statement credit.
    • The card comes with extended warranty and purchase protection.
    • Get 15% off admission to Cirque du Soleil shows in Canada, and 20% off shows in Las Vegas, as well as 25% off rentals at National and Alamo car rental locations.

    Cons

    • The grocery and recurring bill payment categories are capped at $500 a month respectively.
    • A low standard earn rate of 0.5% cash back.  
    • This no-frills card has few extras.

    About BMO Rewards

    What is the value of BMO Rewards Points?

    The BMO Rewards program follows a similar value structure as other bank-issued points programs, like TD Rewards and Scotia Rewards. The BMO Rewards program is ideal for its variety of redemption options, giving you access to high-value rewards, and more flexible payouts like cash back on your statement—great if you find your own travel deal or want to use your rewards to pay off an everyday bill. The value of each point varies based on the category of redemption, with travel offering greater value than gift cards, merchandise or cash back redemptions.

    • Travel: 150 BMO Points = $1 / 1 BMO Point = $0.0067 (0.67%)
    • Non-travel purchases (statement credits, gift cards, merchandise, BMO investments): 200 BMO Points = $1 / 1 BMO Point = 0.005 (0.5%)

    How to redeem BMO Rewards points

    You must redeem BMO Rewards points through the bank’s website, BMORewards.com. There, you’ll have access to its travel portal, where you can search directly for flights, vacation packages, hotels, cars, and cruises. You also have the ability to redeem points for travel over the phone using a BMO Rewards travel agent, but there’s an additional $39 booking fee (on top of the website’s listed redemption cost.)

    BMO Rewards’ best feature

    Using BMO Rewards points for travel remains one of your best redemptions because of the points’ value consistency. Unlike Aeroplan and Air Miles, where points required for booking are based on supply and demand, peak travel periods and seat availability, the BMO Rewards points per $1 value doesn’t fluctuate based on inventory. This makes it one of your best options for travel rewards and redemptions, as it makes it easier to calculate redemption values and comparison shop for airlines and trip itineraries.

    More of Canada’s best credit cards:

    Sandra MacGregor

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  • Simplii and Diljit Dosanjh team up on eve of Dil-Luminati tour – MoneySense

    Simplii and Diljit Dosanjh team up on eve of Dil-Luminati tour – MoneySense

    Fresh off an appearance at Coachella, the Diljit Dosanjh Canada tour starts in Vancouver on April 27, 2024 at BC Place—a night that’s expected to be the largest Punjabi show ever produced outside of India. The singer will also be the first ever Punjabi artist to perform at the venue. 

    With 8.5 million monthly listeners on Spotify alone, and 24 million followers across all his social media platforms, Simplii felt Dosanjh would be the perfect candidate to be its first-ever brand ambassador.  

    “We both share the same passion for inspiring and supporting new Canadians and helping people live life to the fullest,” said Kam Dhadwar, managing director at CIBC Capital Markets, in a statement. “Nearly a third of Canadian newcomers originate from India and with Diljit’s help, we hope to help them see themselves in the Simplii brand.”

    What the Simplii Dosanjh partnership means for Simplii clients

    As of yet, this partnership doesn’t seem to offer any special perks for Simplii Financial customers looking to grab tickets to the Dosanjh show in Vancouver. “At the moment, our partnership includes social content, ads, contesting, and advice for our clients,” Dhadwar says in his statement, “but we’ll share more on how the partnership evolves over time.” 

    What to know about Simplii and its entertainment perks

    Simplii Financial is one of Canada’s biggest alt-banks, with over 2 million Canadian account holders. It operates as an online-only institution, although clients can go to ATMs at any CIBC location, thanks to an ongoing partnership. Pitching itself as a bank for newcomer Canadians and international students, Simplii allows account enrollment from over 90 countries, same-day no-transfer-fee transactions to more than 130 countries, and foreign currency savings accounts, including for Indian rupees. It also offers high-interest savings accounts, chequing accounts and other products.

    While Simplii is a fairly no-frills banking option, its Simplii Cash Back Visa Card offers a decent 4% reward rate for select restaurants, bars, and coffee shops, although it has an annual cap of $5,000. It also grants 1.5% back on $15,000 worth of eligible gas and pre-authorized payments, and a no-cap, 0.5% back on everything else. This might not do much for a Dosanjh fan looking for exclusive access before the show, but it could help concertgoers save a bit of money on their big night out. MoneySense lists it as one of the best credit cards for newcomers to Canada.

    Are entertainment rewards worth it?

    Plenty of credit cards and financial institutions and banks in Canada offer entertainment rewards. These range from early access to select shows to cash back rewards on ticket purchases, flights, or other entertainment options like restaurants and bars. For someone spending as much as $2,361 on front-row tickets at Dosanjh’s Vancouver show, according to Ticketmaster, entertainment rewards can go a long way. But not all cards are created equal. 

    The Simplii Cash Back Visa Card doesn’t offer entertainment rewards for show tickets, although Simplii’s cardholder agreement says it may give special offers from time to time. These could, presumably, include access to tickets to special events. For example, RBC helped Avion Rewards members snag tickets for Taylor Swift’s Eras Tour.

    Brennan Doherty

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  • Saving on purchases and for emergency funds, Canada’s extreme couponer shares her secrets – MoneySense

    Saving on purchases and for emergency funds, Canada’s extreme couponer shares her secrets – MoneySense


    Now, being more budget-conscious, I love using my PC Mastercard. It allows me to earn PC Optimum points on my everyday purchases, everywhere I spend. And the best part is, not only can I redeem those points for free groceries and other essentials, sometimes I like to treat myself and redeem on items that I’ve been vying for, like a cute outfit from Joe Fresh or the season’s hottest perfume scent.

    What’s the best money advice you’ve ever received?

    There’s no way to “get rich quick.” It takes time and planning to grow your money and make it work for you.

    What’s the worst money advice you’ve ever received?

    It’s not necessarily advice, but just the peer pressure to measure up to others. This can cause individuals to make financial decisions that don’t work for them or their lifestyle.

    If you’ve ever experienced this, my piece of advice is whenever you are feeling FOMO (fear of missing out), take a step back and get a better understanding of your personal goals versus what the people around you are doing. 

    Would you rather receive a large sum of money all at once or a smaller amount of money regularly for life?

    Receive a large sum of money all at once. This way I can build a plan around the dollars I receive and make them work for me.

    What do you think is the most underrated financial advice, tip or strategy?

    Couponing. And I’m not only talking about the paper coupons you clip from newspapers. Couponing and budgeting has evolved a lot since, you can find an app for everything! Like the PC Financial app that shows you customized offers based on your spending habits.  

    My strategy is finding programs that fit your spending habits. From loyalty points programs, price matching or cash back apps, I recommend shifting to a strategy that works with your everyday purchases.

    For me, that’s the PC Mastercard and PC Optimum program. I’ve been using this program for years and it’s helped me save hundreds of dollars and save every month. By earning PC Optimum points everywhere I shop using my PC Mastercard, I’m able to fast forward to free and redeem on essentials like groceries, or reward myself with items I want, like face masks and makeup from Shoppers Drug Mart.



    MoneySense Editors

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  • The best RBC credit cards in Canada for 2024 – MoneySense

    The best RBC credit cards in Canada for 2024 – MoneySense


    Why trust us

    MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.

    The best RBC credit cards in Canada by category

    By Sandra MacGregor on February 1, 2024
    Estimated reading time: 7 minutes

    Royal Bank of Canada offers an array of credit cards catering to various preferences and spending habits. Whether you prioritize travel rewards with Avion points, seek the flexibility of cash back, or prefer unique benefits like WestJet dollars, RBC has a card for you. With credit cards spanning the Visa and Mastercard networks, cardholders can tailor their shopping experience to suit their preferences. Let’s explore the standout features of the best RBC credit cards in Canada.

    Best credit card by category Why we love it
    Best RBC travel credit card
    RBC Avion Visa Infinite
    Annual fee: $120    		 At least 1 Avion point per $1 spent on all your purchases, and good redemption flexibility
    Best RBC airline travel credit card
    WestJet RBC World Elite Mastercard
    Annual fee: $119    		 1.5% earn rate paired with an annual round-trip companion voucher on WestJet
    Best RBC no-fee travel rewards credit card
    RBC ION Visa
    Annual fee: $0    		 1.5 Avion points per $1 spent across six spending categories, including streaming, subscriptions and digital gaming
    Best RBC cash back credit card
    RBC Cash Back Preferred World Elite Mastercard
    Annual fee: $99    		 1.5% cash back on your first $25,000 in purchases annually
    Best RBC no-fee cash back credit card
    RBC Cash Back Mastercard
    Annual fee: $99    		 Up to 2% cash back on groceries and up to 1% on all other purchases, with no annual fee
    Best RBC low-interest credit card
    RBC Visa Classic Low Rate Option
    Annual fee: $20    		 12.99% interest rate on both purchases and cash advances

    Best RBC travel credit card

    At a glance: The RBC Avion Visa Infinite is a premium travel credit card that has a flexible rewards program and exclusive benefits. Cardholders earn 1 Avion point per $1 spent, and a boosted 1.25 points on eligible travel expenses (like flights, cruises and car rentals).

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    RBC Avion Visa Infinite

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    • Annual fee: $120
    • Earn rate: 1.25 Avion points per $1 spent on travel (including flights, hotels, taxis and public transit) and 1 point per $1 on all other purchases.
    • Welcome bonus: You can earn 35,000 Welcome Points on approval and 20,000 bonus points when you spend $5,000 in your first 6 months*. Apply by April 30, 2024. Apply online and get a response in as little as 60 seconds.
    • Annual income requirement: Personal income of $60,000 or household income of $100,000

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    Pros

    • RBC Avion points can be worth as much as $0.023 each when redeemed for travel, which is a high value among travel rewards cards.
    • Avion has a lot of travel redemption flexibility. You can redeem your points for travel using RBC’s Air Travel Redemption chart, transfer points to select airlines (including WestJet), and redeem for travel purchases through RBC. 
    • There are no blackout periods or seat restrictions, even during periods of high demand. 
    • Exclusive access to concert tickets, including Taylor Swift. 
    • Impressive travel insurance coverage, including trip cancellation and interruption and emergency medical. It even features mobile device insurance of up to $1,500.

    Cons

    • You’ll pay a foreign transaction fee of 2.5% on all purchases not in Canadian dollars. 
    • The highest earn rate is 1.25%, which is not very high for a premium card; other premium cards feature significantly higher earn rates.
    • The personal annual income requirement of $60,000 (or household income of $100,000) may be too high for some applicants.

    Best RBC airline travel credit card

    At a glance: With perks like a yearly round-trip companion voucher, free checked bags and Boingo Wi-Fi access, the WestJet RBC World Elite Mastercard makes an attractive travel buddy. In fact, it’s the best credit card in Canada for frequent WestJet flyers—full stop. Cardholders earn 2% back in WestJet dollars on purchases of WestJet flights and vacation packages and get 1.5% back on all other spending. One WestJet dollar has a value of one Canadian dollar.

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    WestJet RBC World Elite Mastercard

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    • Annual fee: $119
    • Earn rate: 2% back in WestJet dollars on WestJet flights and vacations packages and 1.5% back on all other purchases
    • Welcome offer: You can earn up to 600 WestJet dollars with the WestJet RBC World Elite Mastercard. Plus a Round-Trip Companion Voucher Every Year.
    • Annual income requirements: Personal income of $80,000 or household income of $150,000

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    Pros

    • Travel perks include complimentary first checked bags for the primary cardholder and up to eight companions.
    • Get an annual round-trip companion voucher for any WestJet destination, starting at $119 (plus taxes, fees and other charges) or opt to exchange it for four lounge vouchers.
    • Extensive travel insurance, including emergency medical, trip interruption and flight delay coverage. 
    • Cardholders can save up to $0.03 on fuel at Petro-Canada and can also earn Rexall’s Be Well points.
    • The card grants access to over 1 million Boingo Wi-Fi hotspots worldwide.

    Cons

    • WestJet dollars can’t be used to pay for taxes and fees.
    • Unlike with Aeroplan, for example, rewards are not flexible as they can only be used for WestJet flights and WestJet vacations. 
    • A minimum personal income of $80,000 (or $150,000 household income) is required to apply.

    Best RBC no-fee travel rewards credit card

    At a glance: The RBC ION Visa is a no-annual-fee rewards credit card that gives you 1.5 Avion points per $1 spent on groceries, rides, gas (and EV charging), streaming, subscriptions and digital gaming. Get 1 point per $1 spent on all other purchases.

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    RBC ION Visa

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    • Annual fee: $0
    • Earn rate: 1.5 Avion points per $1 spent on groceries, rideshares, daily transit, gas, EV charging, streaming, digital gaming and subscriptions; and 1 point per $1 on all other purchases
    • Welcome bonus: You can earn 3,500 Avion points upon approval
    • Annual income requirement: None

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    Pros 

    • Some redemption flexibility. You can redeem your points for travel, statement credits, merchandise, gift cards and more. 
    • Enjoy fuel savings at Petro-Canada, a three-month free DashPass subscription, and Be Well points with purchases at Rexall pharmacies.
    • Good for gamers: The RBC ION Visa is one of the only cards in Canada that lets you earn rewards on gaming subscriptions, digital downloads and in-game purchases.
    • The card features purchase security and extended warranty insurance.

    Cons

    • The RBC Avion rewards program includes three different membership tiers: Avion Select, Avion Premium and Avion Elite. The RBC ION Visa is part of the Avion Premium tier, meaning you can’t redeem your points through RBC’s Air Travel Redemption Schedule—which offers the highest value for your points. That feature is part of Avion Elite, which requires having an RBC Avion card. 
    • The card has limited insurance coverage.

    Best RBC cash back credit card

    At a glance: With the RBC Cash Back Preferred World Elite Mastercard, you’ll earn cash back on all your purchases. You’ll get 1.5% on the first $25,000 charged to the card annually and 1% thereafter. Enjoy additional benefits like instant fuel savings at Petro-Canada, Be Well points at Rexall and $0 delivery fees for 12 months from DoorDash.

    RBC Cash Back Preferred World Elite Mastercard

    Visit rbc.com for more details

    • Annual fee: $99
    • Earn rate: 1.5% back on all your purchases
    • Welcome bonus: You can earn unlimited cash back, no limit to what you can get back
    • Annual income requirement: Personal income of $80,000 or household income of $150,000

    Visit rbc.com for more details

    Pros

    • The annual fee of $99 is lower than many other premium cards.
    • If you link your RBC card to your Petro-Points account, you’ll save $0.03 cents per litre on gas at Petro-Canada and also get a 20% bonus of Petro-Points.
    • You can earn 50 points per $1 spent at Rexall when you link your RBC card and your Rexall Be Well card.
    • Card comes with a 12-month free DashPass subscription.

    Cons

    • Weak insurance offering compared to other premium cards. It only includes rental theft and car damage, purchase protection and extended warranty.
    • The boosted rate of 1.5% is capped at your first $25,000 spent annually.

    Best RBC no-fee cash back credit card

    At a glance: Like some of the best cash back credit cards in Canada, the RBC Cash Back Mastercard offers cash back with no annual fee. Earn up to 2% on groceries and up to 1% on all other purchases. Benefit from instant fuel savings at Petro-Canada, enhanced Be Well points at Rexall and $0 delivery fees for three months from DoorDash.

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    RBC Cash Back Mastercard

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    • Annual fee: $0
    • Earn rate: 2% cash back on groceries and 1% back on all other purchases
    • Welcome bonus: You can
    • Annual income requirement: None

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    Pros 

    • The card comes with purchase security and extended warranty protection.
    • Save $0.03 per litre on fuel at participating Petro-Canada stations and earn 20% more Petro-Points.
    • Get 50 Be Well points per $1 spent at Rexall.
    • Enjoy a complimentary DashPass subscription for the first three months.

    Cons

    • The unusual rewards structure requires cardholders to read the fine print carefully to understand the spending limits at which their rewards will increase or decrease. You’ll get 2% cash back on groceries for the first $6,000 spent, which then drops to 1% per additional dollar spent in the category. For all other purchases, you’ll get 0.5% cash back on the first $6,000 spent—and 1% thereafter. 
    • Very limited insurance offering, with only purchase security and extended warranty.

    Best RBC low-interest credit card

    At a glance: For individuals trying to tackle credit card debt, the RBC Visa Classic Low Rate Option is a valuable card. It offers a consistent 12.99% interest rate for purchases and cash advances—that can’t be said of all low-interest credit cards in Canada. While it may lack extensive perks, it does provide advantages like discounts at Petro-Canada and complimentary delivery services through DoorDash.

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    RBC Visa Classic Low Rate Option

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    • Annual fee: $20
    • Welcome offer: None
    • Annual income requirement: None

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    Pros 

    • With its affordable $20 annual fee and no minimum income requirement, this card is within reach for the majority of Canadians.
    • Additional cards are available at no cost.
    • Enjoy RBC Offers, which gives cardholders access to deals and savings.
    • Earn more Petro-Points and get a discount on fuel at Petro-Canada.
    • The card comes with a three-month complimentary subscription to DashPass.

    Cons

    • This card doesn’t come with any travel insurance.
    • While the low interest rate is a boon to those with credit card debt, it doesn’t feature a balance transfer promotion, so you can’t move debt from a higher-interest card.

    More of Canada’s best credit cards:



    Sandra MacGregor

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  • SimplyCash from American Express review – MoneySense

    SimplyCash from American Express review – MoneySense

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    SimplyCash from American Express

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    • Annual fee: $0
    • Earn rate: 2% cash back on eligible gas and grocery purchases up to $300 annually; 1.25% cash back on everything else
    • Welcome offer: You can earn a $10 statement credit for each monthly billing period in which you make at least $300 in purchases (for a total value of up to $100).
    • Annual income requirement: None

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    Amex SimplyCash benefits: 9 things to know

    1. An impressive base earn rate

    With the SimplyCash, you earn rewards on every purchase. What’s even more impressive is the minimum earn rate of 1.25%. This means you’ll earn on purchases in categories that often don’t get much love with other cards, like online shopping, clothing and electronics. And by comparison, most no fee cards typically only earn you 0.5% cash back on those same purchases. The boosted earn rate of 4% on groceries and gas (on the first $15,000 spent annually) sweetens the pot, making this one of the best cash back and best no-fee cards in Canada.

    2. No limit on the cash back you can earn

    There’s no cap on your annual rewards—something that can’t be said for all no-fee credit cards. So, regardless of how much you spend per year, your earn rate will remain at 1.25% (assuming your account is in good standing). The boosted rates of 4% on groceries and gas apply to the first $15,000 spent annually. After that, you’ll earn an unlimited amount of cash back at 1.25%. .

    3. Cash back is rewarded once per year 

    The one small catch with the SimplyCash from Amex is that the cash rewards are granted once per year, on your September statement. This is a slight drawback compared to other cash-back cards, like the BMO CashBack Mastercard or TD CashBack Visa, that allow you to redeem rewards any time you like. 

    4. There’s no annual fee or income requirement

    One of the biggest draws of the SimplyCash from American Express is the fact that there’s no annual fee. That means it’s completely free to use (provided you pay off your balance in full every month, of course). So, all the rewards go right into your pocket instead of offsetting an annual fee. As well, there’s no strict income requirement to be eligible for the card, making SimplyCash from Amex accessible to the majority of Canadians.

    5. You’ll get access to American Express Experiences

    As you might expect with a no-fee card, SimplyCash from American Express doesn’t have the most impressive suite of benefits. But it does offer something you won’t get with other no-fee cards from Visa or Mastercard: American Express Experiences. This is a serious entertainment perk that gives you access to presale tickets to major events, shows and concerts, as well as early bookings to some of the country’s hottest restaurants and even specially curated private shopping experiences.

    5. It comes with insurance

    The SimplyCash offers up to $100,000 in travel accident insurance when you charge your plane, train, ship or bus tickets to your card. You’ll also get purchase protection and automatic extended warranties for up to one year (which is the norm for most credit cards).

    6. The SimplyCash is a credit card, not a charge card

    It’s commonly thought that all American Express cards are charge cards, meaning it must be paid off every month no matter what. But that’s not actually the case; SimplyCash from Amex is a conventional credit card, just like any Visa or Mastercard. Once you apply, you’ll be approved for a set credit limit, and as long as you pay off your balance in full every month, you won’t owe any interest. The card does allow you to carry a balance from month to month, but an interest rate of 20.99% will kick in if you do that. Again, that is just like any other credit card.

    7. More places are now accepting Amex

    While it’s true that American Express isn’t as widely accepted as Visa and Mastercard, the difference is not as significant as you might think—depending on your shopping habits. It’s accepted at more than 90,000 locations across Canada, including most major department stores and restaurant chains, many prominent grocery stores and virtually all online-delivery and ride-share apps. That said, it’s true Amex isn’t accepted at several places, such as Loblaws, discount grocers and many smaller local stores, restaurants and cafes. A common strategy among Amex cardholders is to carry a debit card or a second credit card from Visa or Mastercard in case a retailer doesn’t accept Amex. You can always check out American Express Maps to see if a business accepts Amex, too.

    Ciara Rickard

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