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Tag: Cashback

  • CIBC Costco Mastercard review: Is it really the best credit card to use at Costco? – MoneySense

    CIBC Costco Mastercard review: Is it really the best credit card to use at Costco? – MoneySense

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    So, is the new CIBC Costco Mastercard the best one to use in store and online? Read on to learn the details of the CIBC Costco Mastercard and of seven attractive alternatives.

    CIBC Costco Mastercard review

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    CIBC Costco Mastercard

    VISIT CIBC.CA FOR MORE DETAILS

    Annual fee: $0

    Welcome offer: This card does not have a welcome bonus at this time.

    VISIT CIBC.CA FOR MORE DETAILS

    Card details

    Interest rates 20.75% on purchases and 22.49% on cash advances
    Income required $15,000 per year
    Credit score 560 or higher

    The pros

    The CIBC Costco Mastercard is a no-fee cash back card (just like its predecessor, the Capital One Costco Mastercard). It offers 3% cash back at restaurants and Costco gas stations, 2% cash back at other gas stations—which is handy when you’re on the go—and 2% back when you shop at Costco.ca. For all your other purchase categories, you’ll earn 1% cash back (including at Costco).

    This card also comes with mobile device insurance, with up to $1,000 of repair or replacement coverage when you charge or finance the price of a mobile device on your card. With certain eligible purchases, you can also get security insurance and extended warranty insurance. If you meet certain requirements, like having a person income of over $50,000 per year, you may qualify for the CIBC Costco World Mastercard, which is essentially the same card, but includes World Mastercard benefits like car rental insurance, travel perks and more.

    The cons

    There are a few drawbacks to the CIBC Costco Mastercard. While there is technically no annual fee, to truly reap the benefits of this card, it’s worth noting that you (obviously) have to have a Costco membership, which is $60 or more per year. Another point: there’s no limit on how much you can earn throughout the year. But, the cash back earn rate you receive does come with a cap. When you reach your annual spend in a certain category, you’ll still earn cash back—it will just be at the 1% rate for the remainder of the calendar year in that category. For gas, you will receive the 3% cash back rate (and 2% cash back rate at other gas stations) only on the first $5,000. After that, you’ll earn the 1% cash back rate. For Costco.ca purchases, the cap is $8,000 before you return to the 1% base rate.

    The cash back redemption process might be considered a downside, too. While some cards pay out cash back earnings monthly, straight onto your statement or into your savings account, the CIBC Costco Mastercard gives them to you the form of gift certificates, issued in January, that you can redeem for anything in the Costco warehouse.

    While Costco’s official credit card benefits Costco members, there might be other Mastercard products, all of which can be used at Costco, that will better meet your needs. This no-annual-fee card doesn’t match the perks of some of the cards we’ll discuss below.  

    The best Costco compatible credit cards in Canada

    Best no-fee credit card for cash back

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    Rogers Red World Elite Mastercard

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    Annual fee: $0

    Welcome offer: This card does not have a welcome bonus at this time.

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    Card details

    Interest rates 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers
    Income required $80,000 per year
    Credit score 725 or higher

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    Keph Senett

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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.

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    Ciara Rickard

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  • All About Cashback Credit Cards! | BankBazaar – The Definitive Word on Personal Finance

    All About Cashback Credit Cards! | BankBazaar – The Definitive Word on Personal Finance

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    The joy of spending and saving simultaneously is assured with a Cashback Credit Card. But is that all? Learn more about the most popular Credit Card category in India right here!

    Did you know that there is an indisputable MVP when it comes to the top-selling Credit Card type in India? As per a recent survey, an impressive 65% of Credit Card users in India prefer the simplicity of cashbacks over air miles or loyalty points. Rather than intricate reward systems, most people favour accumulating cashback with every Credit Card transaction.  

    Although it may seem that you are getting mere pocket change with each transaction, the compounding effect is akin to loose change filling up a piggy bank. And the best thing is it all just happens so naturally with qualifying spends on your Credit Card.

    Essential ‘Cashback’ Guidelines 

    Before embarking on a cashback shopping spree, it is prudent to establish some fundamental guidelines. You must be aware of some of the general spend categories that do not provide any cashback. Mind you, this is not an exhaustive list.  

    Cash advances on Credit Card? Not permissible. Balance transfers? Uh huh! Foreign currency transactions or lottery ticket purchases? Regrettably, all these spend categories do not grant you access to the cashback club. On top of the above, there are certain cards that do not provide cashbacks on rent payments, wallet reloads, jewellery purchases, school/education fees, utility/insurance payments, gift cards/vouchers, and train tickets.

    Additional Reading: 8 Shocking Myths About Credit Cards & Credit Card Rewards 

    Your Preference Matters! 

    Cashback Credit Cards present a variety of options when it comes to cashback accumulation. Some adhere to a straightforward fixed percentage (ranging from 0.5% to 5%), regardless of the nature or location of your purchases. 

    Some adopt a more dynamic and tiered approach – the more you spend, the more you earn. To cite an example, you can earn 1% cashback if you spend less than Rs. 1 lakh annually and 2% cashback when you spend more than that. However, do spend wisely, as the pursuit of cashbacks can, at times, lead to reckless spending. 

    There are also category-centric cards, each offering distinct cashback rates for specific categories – fuel expenditures, dining experiences, online purchases being the most prominent. It can get you cashbacks that range from 0.5% to 5%. 

    Redeeming the Fruits of Your Efforts! 

    Now, let us delve into the most gratifying aspect of cashback rewards. Yes, redeeming them! Whether you wish to reduce your Credit Card bill through statement credits, indulge in an online shopping spree, or pick a gift card you like, the choices are abundant. 

    Some cards allow you to contribute your cashback to charities or embark on a dream vacation via their online portal. The flexibility even extends to using your cashback on platforms such as PayPal or Amazon.com – a testament to the versatility of these rewards. 

    Additional Reading: 7 Lesser-Known Perks Of Credit Cards 

    Strategies for Maximum Benefits! 

     For optimal cashback gains on your Credit Card, you must be aware of these strategies: 

    • Align your card with your spending style and be on the lookout for superior options as your credit habits evolve. 
    • Embrace bonus categories offered by your Credit Card and remember to keep track of them to maximise your benefits.
    • Seize limited-time offers as they present opportunities for additional cashback. 
    • Peruse the Credit Card agreement thoroughly for transactions ineligible for cashback to ensure a smooth experience

    What Else to Consider? 

     Cashback may not be everyone’s cup of tea, and a few factors warrant careful contemplation: 

    • Keep a watchful eye on annual fees, particularly if you are a modest spender, to avoid eroding your cashback gains. 
    • Resist the allure of cashback offers every now and then. Chasing cashbacks can often lead to overspending. Prioritise prudent financial decisions over impulsive choices. 
    • Ensure your favourite merchants/brands are on the approved list, aligning with the card’s specific focus, whether it be fuel, dining, or other categories. 
    • Familiarise yourself with any minimum monthly spending requirements or cashback caps imposed by your card. 

    That’s all, we hope our expedition through the captivating world of cashback Credit Cards has equipped you with some good insights. From selecting the right card to navigating the intricacies of cashback, you are now prepared to seize the opportunities that lie ahead. Time to seize the ‘cashback’ bull by the horns and embark on your Credit Card adventure! 

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    All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.

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    Amith Kumar

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