Used wisely, a credit card offers undeniable benefits, especially when struggling with inflation.
• Also read: What to do if your travel destination suddenly becomes worrying?
• Also read: [QUIZ] Economy and consumption: have you recorded the important facts of 2022?
But we need to use a map that suits our needs better.
Milesopedia, an online credit card comparator based in Montreal, publishes its annual ranking of the best credit cards in Canada.
Milesopedia 2023 awards
The published on January 10, 2023 takes into account 150 criteria, including fees, minimum income required, number of loyalty program points by category, insurance, acceptance rate, currency conversion, l access to airport lounges and other benefits associated with the card.
Milesopedia also bases its classification on the needs of everyday life.
reactions to inflation
“Obviously, inflation remains the main criterion this year,” commented Jean-Maximilien Voisine, founder of Milesopedia. Everything has increased and the map we had may not be as useful as it was before.
Card issuers have also changed their offering to attract or retain customers. Thus, the National Bank increased its accumulation rate, which went from 2 to 5 points per dollar for its Mastercard World Elite.
“If you make $1,000 in purchases a month with this card, you get a $50 rebate,” Mr. Voisine continues. Year-to-date we are $600, minus the annual fee the net return is $450.
With costs that cannot be ruled out
Some people avoid cards with fees, but sometimes they are beneficial. Compared to the card quoted by Mr. Voisine, a toll-free card with a 1% discount brings in $120 a year… And we don’t take into account other benefits, such as: B. Insurance.
In these inflationary times only cashback cards are very popular. The best, according to Milesopedia, is the CIBC Dividend Visa Infinite, which is free for the first year. It offers 4% off gas or groceries, major consumer spending items, and 4% off the bank statement.
As travel has resumed, a card like the World Elite offers a 5% discount on tourist spending and a 3% discount on purchases.
Mr. Voisine recommends travelers purchase a separate card for their passion to maximize the benefits of the rewards programs.
advice
January is the ideal month to prepare your bank statements for 2022 and to check all the important items of expenditure. We keep our oldest card for our credit history and we buy or switch the second one for a card that better suits our needs.
Buy your card with comparison calculators: Milesopedia • Protect yourself. Apply only if you have decided to minimize the impact on your credit score.
Are your finances strained due to a high balance? Transfer it to a low-rate card; Do not reduce or use your cards again until the balance is reduced to zero. As the saying goes, those who pay their debts become richer.