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Tag: Reward Cards

  • How cashback credit cards work – MoneySense

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    The cash back you earn accumulates in your account and can be redeemed as statement credit, direct deposit, or sometimes as gift cards, merchandise, or money towards a future purchase. The key is to pay off your balance in full every month, since carrying a balance can wipe out any rewards you earn due to interest. Let’s get into it.

    Featured cashback credit cards

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    SimplyCash Card from American Express

    Earn a minimum of 1.5% cash back on all purchases, and 3% on U.S. dollar purchases. Redeem rewards when you want.

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    Interest Rates:
    21.99% purchase, 21.99% cash advance, N/A balance transfer


    Welcome offer:
    $100 value



    Earn a bonus 5% cash back on all purchases (up to $2,000 in purchases). That’s on top of your everyday cash back earn rates. That’s up to $100 in bonus cash back.

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    CIBC Dividend Visa Infinite Card

    Earn 4% cash back on gas and groceries, and save at the pump with exclusive fuel discounts.

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    Interest Rates:
    21.99% purchase, 22.99% cash advance, 22.99% balance transfer


    Welcome offer:
    $250 value



    Join and earn over $400 in value including a first year annual fee rebate.†

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    SimplyCash Preferred Card from American Express

    Get a minimum of 2% cash back on all your purchases—one of the highest base rates in Canada.

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    Interest Rates:
    21.99% purchase, 21.99% cash advance, N/A balance transfer


    Welcome offer:
    $250 value



    Earn a bonus 10% cash back on all purchases for your first 3 months (up to $2,000 in purchases). Plus, earn a $50 statement credit when you make a purchase in month 13. This could add up to $250 in bonus value in your first 13 months.

    What is a cashback credit card?

    A cashback credit card is a type of rewards card that gives you a percentage of your spending back in the form of cash. Depending on the card, this could be a flat rate on all purchases, or tiered rates based on shopping categories (like 4% for grocery, 2% for transit, and so on). 

    Compared to points or travel rewards cards, cashback cards are the most flexible. With cash back, the value is fixed. You’ll always know exactly what you’re earning and how you can use it. Points cards, on the other hand, tie your rewards to a specific program (like PC Optimum or Scene+), which can be great if you’re loyal to those retailers but more restrictive overall. Travel rewards cards can take it one step further in terms of overall value, especially when redeemed strategically for flights or hotel stays, but it’s more complex to get the full value out of those points.

    Let’s take a look at some of the clear differences between cash back credit cards and travel rewards/points cards:

    The bottom line: Cashback credit cards are best for simplicity and flexibility, and they offer a guaranteed discount on your spending. Travel rewards cards or points cards suit cardholders that want to maximize value on travel related purchases and can be trickier to get the most value out of.

    How cashback credit cards work (aka how to earn cash back)

    Cashback credit cards all work on the same principle. You earn a percentage of your purchases back as cash. How you earn varies depending on the card, though.

    Flat rate rewards

    These cards keep things simple by offering the same cashback rate on every purchase. You don’t have to track categories or spending caps, just swipe and earn. The earn rates tend to be a bit lower as a result of the flat rate, however. The Home Trust Preferred Visa is an example of this type of card.

    A 1.5% flat-rate card like the Rogers Red World Elite Mastercard gives you $1.50 back for every $100 spent (and 3% on USD purchases!), no matter what you buy.

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    Boosted earn rates

    Many cash back cards offer higher rewards in certain categories while giving a lower base rate on everything else. This makes them especially valuable if your biggest expenses align with the boosted categories.

    The Scotiabank Momentum offers a whopping 4% back on groceries and recurring payments, 2% on gas and transit, and 1% on all other purchases. It typically offers a generous welcome bonus, too.

    Pro Tip: Look for cards that match your biggest expenses. A 4% grocery card is only worth it if groceries are a large share of your monthly budget.

    Custom or rotating boosted rewards

    Some cards let you choose your own bonus categories, while others rotate them automatically. This gives you a bit more flexibility, but also requires more attention to detail.

    With a card like the Tangerine Money-Back Card, you pick 2–3 categories to earn extra cash back in—and you can change them every 90 days. Cards like the CIBC Adapta Mastercard automatically boost whichever categories you spend the most on each month.

    Pro Tip: Always pay your balance in full. Carrying even a small balance at 20% interest can wipe out months of rewards quickly.

    How to redeem your cash back

    Earning rewards is only half the story, redeeming them is where you see the value. Most cashback credit cards give you a few options:

    • Statement credits: The most common method. You apply your cash back directly to your credit card balance, lowering what you owe.
    • Direct deposit or cheque: Some issuers allow you to transfer your rewards straight to your bank account or request a mailed cheque.
    • Automatic redemption: With certain cards, your cash back is automatically applied once you reach a set threshold.

    Gift cards or merchandise: A few programs allow redemption for retailer gift cards or purchases through the issuer’s online rewards story, or even cash off a purchase.

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    Thomas Kent

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  • Moi rewards review – MoneySense

    Moi rewards review – MoneySense

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    According to a recent survey by Léger, Moi is currently the “most widely used loyalty program in Quebec.” In Ontario, however, it will face heavier competition from the PC Optimum and Scene+ rewards programs, which dominate the market. So, how does Moi stack up? Let’s dive into the program and find out. 

    Find the perfect card for you with CardFinder

    In under 60 seconds, get matched with a personalized list of the best credit cards based on your spending personality and approval likelihood. No SIN required.

    How do Moi points work? 

    Right now, Canadians can earn and redeem Moi points at Metro, Super C, Jean Coutu, Brunet and Première Moisson stores in Quebec only. In Ontario and New Brunswick, Moi is currently offered in Jean Coutu pharmacies, but it will soon become available at Metro and Food Basics stores in Ontario. 

    Unlike with PC Optimum and Scene+, Moi rewards you on all purchases made at participating stores. Specifically, you get one point for every dollar spent. You’ll also get a welcome bonus of 250 points when you enroll in the program. You can earn bonus points through in-store and targeted offers. For example, you could earn three times the points when you spend $50, or earn 10 bonus points when buying a particular brand of barbecue sauce.

    You can redeem Moi points at any participating retailer once you’ve reached a minimum of 500 points (for a value of $4). That means one Moi point is worth $0.008 (or 0.8 cents), which is a decent value considering you earn points on all your purchases.

    Moi RBC Visa

    Currently, the Moi RBC Visa has a welcome bonus of up to 10,000 Moi points, which is equivalent to $80. When using the Moi RBC Visa in combination with the Moi program card, the earn rate is 2 Moi points per dollar spent at participating Metro, Jean Coutu, Brunet and Première Moisson stores. Restaurant, gas and EV charging purchases also earn you 2 points per dollar. All other purchases earn you 1 point per dollar. 

    As for the benefits, the card includes mobile device insurance, and purchase security and extended warranty insurance. You’re getting a respectable earn rate and perks for a no-annual-fee card, but there are still some drawbacks.

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    Moi RBC Visa

    go to site

    Annual fee: $0

    Welcome offer: Earn up to 10,000 Moi points ($80 value)

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    Card details

    Interest rates 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers
    Income required None
    Credit score None specified

    What’s the best credit card to use at Metro stores? 

    Even though the Moi RBC Visa is the official co-branded card of Metro-affiliated stores, there are other credit cards to consider using instead.

    The Scotiabank Momentum Visa Infinite card comes with 4% cash back per dollar spent on groceries, recurring bills and subscription purchases. You also get 2% cash back on gas and daily transit. All other purchases earn 1% cash back. While the earn rate is higher than the Moi RBC Visa’s at Metro stores, the Scotiabank Momentum Visa Infinite has an annual fee of $120 (waived for the first year), and the cash back is only paid out as a statement credit once a year, in November.

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    Barry Choi

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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

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    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.

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    Barry Choi

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  • Air Miles expands offerings, including ways to earn and redeem – MoneySense

    Air Miles expands offerings, including ways to earn and redeem – MoneySense

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    As you might recall, BMO Financial Group bought Air Miles in March 2023, after the program’s owner, Loyalty Ventures Inc., filed for bankruptcy. At that time, BMO said the acquisition “would be a made-in-Canada opportunity to enable a reinvigoration for one of Canada’s largest loyalty programs.” 

    Air Miles collectors, that day has come. Let’s look at how the program has changed.

    What’s new about Air Miles?

    In addition to its emphasis on moments (collecting them, winning them, getting to them faster), the new Air Miles brand platform reflects several program enhancements rolled out since April:

    More ways to earn

    Collectors can take advantage of two ways to rack up more Miles: 

    • Air Miles Receipts, introduced in 2023, gives members Miles for buying certain products and scanning the receipts with the Air Miles app within 14 days. Air Miles Receipts initially included grocery stores. It recently expanded to liquor stores, and more categories are coming in September.
    • Card-linked offers give collectors bonus Miles at partner retailers. To access offers, link a Canadian-issued Mastercard to your Air Miles Account. (BMO Air Miles Mastercards are automatically linked.) Two recent examples: 250 bonus Miles for spending $500 at LG Electronics, and 125 bonus Miles for spending $300 at Porter Airlines. 

    More ways to redeem 

    Collectors can redeem Air Miles for eVouchers at several more well-known retailers, including Amazon, Sporting Life, TJX brands (Winners, HomeSense, Marshalls) and more. Redeeming 95 Cash Miles gets you $10 in value (the same as before the relaunch). 

    Gas discounts at Shell 

    If you have a BMO Air Miles–linked credit card or debit card, you’ll save $0.07 per litre on Shell V-Power premium fuel and $0.02 per litre on other Shell fuel—a nice perk given the high cost of gas.

    Other credit card benefits

    BMO Air Miles credit cardholders can now earn double the Miles on purchases at wholesale clubs and liquor retailers in Canada, the same boosted earn rate they get at eligible grocery stores.

    Conversions between Cash Miles and Dream Miles 

    Air Miles requires cardholders to allocate their reward Miles into two buckets: Cash Miles (redeemable for retailer eVouchers and in-store discounts) and Dream Miles (redeemable for merchandise and travel rewards). The ratio is up to you, but you couldn’t convert one to the other—until now. Onyx and Gold collectors (the upper two of Air Miles’ three tiers) now have more flexibility: Onyx collectors get unlimited transfers, and Gold collectors can transfer up to 1,000 Miles each year. (Sorry, Blue collectors, no transfers for you.)

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    Jaclyn Law

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  • 5 credit card habits that earn points faster – MoneySense

    5 credit card habits that earn points faster – MoneySense

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    1. Unlock the earning potential of your everyday spending

    Everyone has expenses. The trick is to figure out how to earn rewards on the purchases you’re already making. Your best bet is to pick a card that offers boosted earn rates in the categories you spend the most in. For many Canadians, the top spending categories are groceries and gas, so paying with a card like the National Bank World Elite Mastercard can reap a lot of points.

    Let’s say your family spends around $1,000 per month on groceries and about $250 on gas. If you paid for these purchases with the National Bank World Elite Mastercard, you could earn up to 5,500 points per month—that’s 66,000 points per year just in those two categories. With 66,000 points, you could redeem for tech merchandise (like a smartwatch or tablet) or pay down your National Bank of Canada mortgage, for example.

    Here’s how it works: The amount of points earned on grocery and restaurant purchases depends on the total gross monthly amount charged to the credit card account, regardless of the purchase category. You will earn five points for every dollar in eligible grocery and restaurant purchases until a total of $2,500 in gross monthly purchases is charged to the account. After that, you’ll earn two points per dollar in eligible grocery and restaurant purchases. (The total gross monthly amount is calculated based on your monthly billing period.)

    Apply for the National Bank World Elite Mastercard between May 13 and August 15, 2024, and you could earn up to 40,000 bonus rewards points in the first year. Minimum purchase and insurance product required. See applicable terms and conditions.

    sponsored

    National Bank World Elite Mastercard

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    • Annual fee: $150
    • Interest rates: 20.99% on purchases, 22.49% balance transfers and cash advances
    • Earn rate: Up to 5 points per $1 on grocery and restaurant purchases; 2 points per $1 on gas, EV charges, recurring bill payments and travel booked through À La Carte Rewards; and 1 point per $1 on all other purchases.
    • Welcome offer: In the first year, you can earn up to 40,000 rewards points. Must apply by August 15, 2024. Minimum purchase and insurance product required. Learn more about applicable terms and conditions.
    • Annual income requirement: Personal income of $80,000 or household income of $150,000

    go to site

    2. Make the most of your optional spending

    There’s more to bills than groceries and gas, of course, so choose a card that rewards more of your other purchases. When you use your National Bank World Elite Mastercard to pay your restaurant bill, you could earn up to five points per dollar. Plus, with a base rate of one point per dollar spent on your card in other categories, your rewards will rack up quickly.

    3. Subscribe to rewards points

    If you’re like most Canadians, you’ve got a bunch of bills that show up each and every month, including services like your phone plan and subscriptions to streaming services. Get something back for your monthly bills by setting up automatic payments with your National Bank World Elite Mastercard. You’ll get two points per dollar for recurring payments, and you’ll never have to worry about missing a payment.

    4. Get the family involved

    When you add a cardholder to your account, all their rewards points add up along with yours in the same account, so you reach your rewards goals faster. This can be a terrific option for spouses, for example. Each person will have their own card with their own PIN, but all transactions are charged to the same account. With the National Bank World Elite Mastercard, the annual fee for each additional card is only $50 per year. 

    5. Earn more on travel

    Using a credit card is a convenient and secure way to pay for travel—and it can also let you earn rewards points. With the National Bank World Elite Mastercard, you’ll get two points per dollar spent on any travel you book through the À la carte Travel portal. Plus, every year you’ll get a travel credit of up to $150 to reimburse eligible expenses charged to your card, including flight upgrades, seat selection, airport parking, extra checked bags and access to airport lounges. And, with the included travel insurance on this card, you’ll be all set for your next journey. (Insurance coverage is limited to specific amounts. Please read the full insurance details.)

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    Keph Senett

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  • How to use your credit card responsibly – MoneySense

    How to use your credit card responsibly – MoneySense

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    What is a credit score?

    A credit score is a three-digit number, usually between 300 and 900, that banks and other lenders use to determine how likely you are to pay back your loans. The higher the number, the more credit-worthy you are to the banks.

    Your score is based on information in your Canadian credit history, such as whether you pay for your phone bill and utilities on time and in full each month. The problem is, for newcomers and others without a Canadian credit history, lenders don’t have any information. This makes it hard for people to get credit.

    Your first credit card in Canada

    If you’re young, or a newcomer, or you haven’t used credit in Canada before, you’ll need to start simply. Credit cards themselves are forms of credit, so the first step is to get an entry-level credit card and prove your credit-worthiness by paying your bills on time. Then you can work your way up.

    Entry-level credit cards usually have fewer perks than more premium cards, but they also typically have lower income requirements and a lower annual fee—in some cases, $0.

    National Bank’s mycredit Mastercard is a great example. There’s no annual minimum income requirement to apply for this card and no annual fee, making it very accessible. And, while the mycredit Mastercard doesn’t come with a full suite of included benefits, it does allow you to earn 1% cash back on recurring bill payments and restaurant spends, and 0.5% back on everything else.

    If you want more features and rewards, National Bank’s Platinum Mastercard is a good option that also has no minimum income requirement. National Bank’s World Elite Mastercard has an annual fee of $150 and comes with more perks—including an annual travel expense refund up to $150.

    4 tips for credit card use

    You already know you should use your credit card responsibly, but what, exactly, does that mean?

    • Stick to your budget
      Most entry-level credit cards come with modest credit limits. Still, it’s important you don’t spend more than you can pay off, no matter your limit. This is sometimes tricky for new credit cardholders, but budgeting is an essential part of your financial health.
    • Pay your card balance in full
      Best practice is to pay off your credit card, in full and on time, every month. Interest rates on credit cards are very high, so debt can balloon quickly if you carry a balance. Stick to your budget and don’t overspend.
    • Pay the minimum amount
      If, for any reason, you can’t pay a bill in full, make sure you pay at least the minimum amount, which appears on your bill. Credit card companies report your payment history to the credit bureaus, and even one missed payment will lower your score. You can avoid that by making the minimum payment (or more) by the due date.
    • Pay your bill on time
      Timeliness is as important as making minimum payments. It shows the credit bureaus that you can meet your financial obligations. If you need help remembering your due date, consider setting up an automatic payment through your online banking. 

    When it comes to credit cards, you should work towards paying in full, on time, every month. Every payment helps you build your credit score buy showing you are responsible with credit, and over time, you can become eligible for upgraded financial products, with more features and perks.

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    Keph Senett

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  • A credit card that deserves to be your everyday card – MoneySense

    A credit card that deserves to be your everyday card – MoneySense

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    This hard-working credit card offers generous earn rates of up to five points per dollar spent on restaurants and groceries, which is a significant spending category for most Canadians. The amount of points earned on these purchases depends on the total gross monthly amount charged to the credit card, regardless of the purchase category. You will earn five points for every dollar in eligible grocery and restaurant purchases until a total of $2,500 in gross monthly purchases is charged to the account. After that, you will earn two points per dollar in eligible grocery and restaurant purchases. (The total gross monthly amount is calculated based on your monthly billing period.)

    Another big expense—gas or EV charging—earns two points per dollar spent, as do recurring bill payments, along with any travel booked through National Bank’s À la carte Travel service. All other purchases earn a base rate of one point per dollar, so nothing goes unrewarded.

    Apply for the National Bank World Elite Mastercard between May 13 and August 15, 2024, and you could earn up to 40,000 bonus rewards points in the first year. Minimum purchase and insurance product required. Learn more about applicable terms and conditions.

    sponsored

    National Bank World Elite Mastercard

    go to site

    • Annual fee: $150
    • Interest rates: 20.99% on purchases, 22.49% balance transfers and cash advances
    • Earn rate: Up to 5 points per $1 on grocery and restaurant purchases; 2 points per $1 on gas, EV charges, recurring bill payments and travel booked through À La Carte Rewards; and 1 point per $1 on all other purchases.
    • Welcome offer: In the first year, you can earn up to 40,000 rewards points. Must apply by August 15, 2024. Minimum purchase and insurance product required. Learn more about applicable terms and conditions.
    • Annual income requirement: Personal income of $80,000 or household income of $150,000

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    Redeeming your rewards points

    Redemptions with the National Bank World Elite Mastercard are easy. You can use your points to shop for whichever rewards best suit you. Visit the online boutique and choose from merchandise, gift cards or travel, or invest your points in your National Bank of Canada TFSA and/or RRSP. You can also apply points to your credit card balance or National Bank of Canada mortgage. It’s quick, easy and all in one place.

    When it comes to perks, the National Bank World Elite Mastercard has the bases covered. Travellers will love the included travel and car rental insurance, and unlimited access to the National Bank Lounge at Montréal-Trudeau Airport for international flights. Plus, there’s an annual travel credit of up to $150 that you can apply to eligible expenses including seat selection, seat upgrades, airport parking, extra checked bags and airport lounge access.

    Other benefits include mobile device insurance and extended manufacturer’s warranty, so you’ll be covered for longer on virtually anything you buy with the card. (See all terms and conditions.)

    The right credit card offers convenience, security and benefits you can use. Consider the National Bank World Elite Mastercard as your everyday card.

    This article is sponsored.

    This is a paid post that is informative but also may feature a client’s product or service. These posts are written, edited and produced by MoneySense with assigned freelancers and approved by the client.

    More about credit cards:

    ® Mastercard and World Elite are registered trademarks, and the circles design is a trademark of Mastercard International Incorporated. Authorized user: National Bank.
    ® National Bank and À la carte rewards are registered trademarks of National Bank of Canada. 

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    Keph Senett

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  • How to become a contractor: The real costs – MoneySense

    How to become a contractor: The real costs – MoneySense

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    What do I need to know about managing my finances as a contractor?

    No matter what type of construction business you launch or buy, it’s important to have a bookkeeping system in place—between material expenses, insurance fees, client payments and more, you’ll have a lot of money going in and out each month. You’ll need a separate bank account and line of credit for your business, and it’s smart to have a credit card that’s solely for professional use.

    Pro tip: Choose a credit card for contractors

    Scotiabank has a small-business credit card that’s great for contractors: the Scotia® Home Hardware PRO Visa† Business Card, which can be used wherever Visa is accepted. Its variable interest rate is tied to Scotiabank’s prime rate, and credit limits of up to $500,000 are available (a limit high enough for larger, or multiple, renovations). The card’s interest rate and credit limit depend on whether the account is secured or unsecured, subject to approval and the security provided. The Scotiabank Prime Rate is the prime lending rate published from time to time by The Bank of Nova Scotia. (See the current Scotiabank Prime Rate.) The card has no annual fee, and it has an interest-free grace period of 21 days on new purchases.

    And then there are the rewards. You’ll earn one Scene+TM point for every dollar spent on eligible business purchases made at Home Hardware, which has more than 1,000 locations across Canada, or online at homehardware.ca.

    For every 10,000 Scene+ points you collect, you can redeem $100 at Home Hardware. If you’re regularly buying construction and renovation materials, you can accumulate points quickly—and get a lot of free stuff. Points can be redeemed for groceries, travel, gift cards and more. Plus, as your contractor business grows, you can add supplementary credit cards at no cost. These are great perks for entrepreneurs who want to minimize spending while getting their home renovation business off the ground.

    The business credit card also includes insurance protection on most newly purchased items charged to the account. Most newly purchased items are covered for 90 days by Purchase Security, and these items may be eligible for replacement, repair or reimbursement if they are stolen, damaged or destroyed by fire.

    Cardholders also have access to optional business loan protection insurance, Scotia Business Loan Protect, which can help cover business loan payments, or provide a lump sum of money, if you or another eligible key person can’t work for health reasons or passes away. Scotia Business Loan Protect is underwritten by The Canada Life Assurance Company (1-800-387-2671, www.canadalife.com) under a group policy issued to the Bank of Nova Scotia. All coverage is subject to the terms and conditions outlined in the Certificate of Insurance, which you will receive upon enrollment.

    You can apply for the Scotia® Home Hardware PRO Visa† Business Card online. Plus, until May 31, 2024, you can earn up to 15,000 bonus Scene+ points in your first year (that’s worth up to $150 in points value) by making at least $1,500 in eligible purchases at participating Home Hardware, Home Building Centre, Home Hardware Building Centre, Home Furniture locations in Canada and online at homehardware.ca in the first three months after opening your account. Cardholders also have access to online tools and services designed just for business owners. See Scotiabank’s website for full card details.

    Building a successful career as a home renovation contractor

    If you have the skills and motivation needed to become a contractor in Canada, you have the potential to build a lasting, rewarding career in home improvement. Over time, you might find that the Scotia® Home Hardware PRO Visa† Business Card is just as important to your contractor business as any other tool in your belt. After all, every dollar matters to your small business—so make them count.

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    Erin Pepler

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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

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    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.

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    Keph Senett

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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

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    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.

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    Brennan Doherty

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  • Money tips from Jordan Heath-Rawlings: “Make sure you can afford a sudden expense” – MoneySense

    Money tips from Jordan Heath-Rawlings: “Make sure you can afford a sudden expense” – MoneySense

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    Jordan Heath-Rawlings shares your frustration. In November 2023, he launched In This Economy?!, a podcast that helps Canadians tackle financial challenges. Described as “Your guide to understanding an unpredictable economy,” the show explores topics such as inflation, employment, debt, home ownership and repaying CERB.

    Heath-Rawlings, who lives in Toronto, is a long-time Canadian journalist—he was a newspaper reporter, a founding editor of Sportsnet, and director of special projects at Rogers Media, among other roles. In 2018, he started Frequency Podcast Network, along with Canada’s first daily news podcast, The Big Story, which he still hosts (he also oversees 30-plus other shows). Below, Heath-Rawlings shares what he thinks about credit, debt, real estate and more—plus why he’s now a “huge points guy.”

    Check out In This Economy?!, available on these podcast players. New episodes are released on Thursdays.

    Who are your finance heroes?

    So, In This Economy?! is designed to come from a curious person, not someone who has studied the financial industry extensively and has formed opinions about it. I don’t really have a finance hero. Except, I’ll say this: My career as a sports journalist, including a lot of time writing about fantasy sports and gambling, has made me keenly aware of the concept of the “mass market miss”—a player or investment that doesn’t seem to match stereotypical norms, so it’s overlooked compared to others, creating easy value for those willing to value results over aesthetics. So, can I say, like, baseball writer Bill James or baseball executive Billy Beane?

    How do you like to spend your free time?

    I’m a homebody for the most part, so hanging around the house, watching sports, being with family. My partner is a travel junkie, though, so we try to find the time—and money—to take a few trips a year.

    If money were no object, what would you be doing right now?

    Golfing—somewhere warm. With my wife and daughter on the beach waiting for me to meet them afterwards. We’ll be doing this in a few weeks from now, and I’m already dreaming about it.

    What was your first memory about money?

    My first money memory—besides making like 25 cents per row weeding the garden for my grandfather—is my parents wisely not spending $200 to buy me Air Jordans that I would have wrecked in two weeks anyway. I grew up in the burgeoning sneaker era, when they were just becoming big-time status symbols, and I wanted what the cool kids had.

    What’s the first thing you remember buying with your own money?

    Oh, baseball cards. It is absolutely 100% baseball cards. And I still have them in a box in our basement. Sadly, I came of age during the absolute peak popularity for kids collecting cards, so they aren’t worth anything, save for the memories. But in 1988, I—and every other kid I knew—would have told you they’d have made me rich by now.

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    MoneySense Editors

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