Log In
Register
Home
Topic RSS
Facebook
Twitter
Email this11:39 pm
May 9, 2020
Offline
Hey there all,
My assumption: generally speaking, I save the most money purchasing by credit card (given the cash back/rewards), as opposed to with debit cards or prepaid CC's (I assume these have worse rewards?).
If that assumption is true, I'm wondering about the best credit-card/savings account(s) combo(s). Although a credit card's value is highly dependent, I'm curious if any credit-card/savings accounts combinations are the most popular among the community here?
I mention the prepaid CC's as from first glance it appears the best (non-promotional) savings rates are from banks that don't offer CC's or only offer prepaid CC's (like PC Financial currently).
Thanks in advance.
4:23 am
March 30, 2017
Offline
The only way to maximize your return is to abandon the one FI fits all solution. To deal with one FI only guarantees you are forgoing maximum return for convenience.
In other words, cherry pick the best among savings rates, CC rebate across the major banks, online banks and CUs.
For example, if you have Rogers services, their no fee credit card gives u 3% rebate on everything (when redeem against Rogers services) is by far the no brainer CC to use out there.
Instead of prepaid CC which are having more and more restrictions / fee these days, there are quite a few places that are regularly selling discounted gift cards at 10-20% off.
7:23 am
November 18, 2017
Offline
Anyone using gift cards must carefully read the terms and conditions. The federal government banned purchase premiums, "draining fees" and expiry dates a few years ago, but there are still some cards not covered by the law. Check carefully; some may simply expire, stealing the entire value, and others will lose value as they languish unused.
I'm not aware of any prepaid cards or gift cards that provide rewards. Is anyone else aware of any?
RetirEd
4:58 pm
October 21, 2013
Offline
The "gift cards" RetirEd refers to aren't technically gift cards. That's how they get around the law. They give them other names such as reward coupons or rebates or something like that. I can't remember the exact terminology. Be careful! You have to read the fine print on back of card.
6:33 pm
April 6, 2013
Offline
Consumer protection is a provincial matter. The provincial laws are not simple. Some gift cards can expire and can have maintenance fees.
In Ontario, a gift card for a specific item or service, like a car wash, can expire. Multi-store gift cards issued by a shopping mall can have an activation fee up to $1.50 and, after 15 months from the date of purchase, have a dormancy fee up to $2.50/month.
Canada.ca: Gift cards has links to the provincial gift card regulations.
I try to avoid gift cards and gift certificates unless there is some kind of discount on them. Almost got burned on some Eaton's gift certificates years ago! I had forgotten about them for over a year. Luckily, I spent them months before Eaton's filed for bankruptcy.
I don't agree with the etiquette that there's something wrong with giving a gift that doesn't involve a merchant. Asian friends have no problem in their culture giving money in red envelopes (hongbao) as gifts!
10:18 pm
April 27, 2017
Offline
The “best” credit card will vary depending on your travel and spending preferences. Amex Cobalt, Rogers MC, MBNA World Elite MC could be worth looking at. None of these has fees that would be covered by a bank.
Major banks cover the cost of some premium cards, depending on the type of account you have with them. We have RBC VIP account so my wife has their Avion Visa Infinite card and Ion combo which gives a 6% “return” on your spending if you play it right.
Too many options; it's a competitive field. Prepaid CCs tend to suck, except that some don’t charge for currency exchange abroad.
11:12 pm
April 14, 2021
Offline
Norman1 said
Asian friends have no problem in their culture giving money in red envelopes (hongbao) as gifts!
I have always been taught that Red Envelopes (Lucky Money) was given by married people.
1:52 am
November 18, 2017
Offline
Cash always beats committed gifts. A gift card is just a way of limiting a gift's flexibility. Perhaps useful if the recipient is a drunk or gambler, though.
RetirEd
8:40 am
April 6, 2013
Offline
HermanH said
I have always been taught that Red Envelopes (Lucky Money) was given by married people.
That's likely for the Red Envelopes given for Chinese New Year. I don't think one has to be married to give a Red Envelope as a wedding gift or a birthday gift.
1:33 pm
March 30, 2017
Offline
Norman1 said
HermanH said
I have always been taught that Red Envelopes (Lucky Money) was given by married people.
That's likely for the Red Envelopes given for Chinese New Year. I don't think one has to be married to give a Red Envelope as a wedding gift or a birthday gift.
Correct. Red envelopes from the married to the singles is CNY.
Any other gifting for any ocassions, Chinese typically put it in a red envelope same as one used in CNY, cuz white is "bad' color and associate with funeral in the chinese society. And looks weird if just hand the cash over 🙂
Please write your comments in the forum.