I like to think that I’ve got a pretty good head on my shoulders when it comes to getting the best value for your dollar, saving money, and earning the best rewards out there. It’s what I pride myself on, and it’s the foundation of Feisty Frugal & Fabulous. This summer I was interviewed for an article on financial literacy with The Globe and Mail, sharing my thoughts.
I love rewards cards and use them faithfully. Whether buying groceries, cosmetics or lunch, if a business has a rewards card chances are I have it (and apps to help organize them as well!) I love being rewarded for money I’m spending anyway and will change my shopping habits and preferences because of it.
Years ago, we had an RBC low-rate Visa, with no rewards, because we carried a balance month to month. Once we were able to pay off our Visa (a huge deal for me, hooray!) we switched to the RBC Visa Infinite Avion card because it offered travel rewards and we knew that we would most likely pay off the balance every month. I was explaining to a friend just the other day how I use our RBC Visa Infinite Avion for almost all our every day purchases, from groceries to gas, so that we can earn as many points as possible. I thought I was doing pretty well with my savvy shopping and rewards seeking ways.
So much so, that when I visited the RateSupermarket.ca site and plugged my info into their Rewards Calculator, I fully expected a pat on the back for a job well done! I learned that I’m actually missing out on rewards with my current credit card, ack!
So how did RateSupermarket.ca figure this out?
RateSupermarket.ca has taken the guesswork out of picking your plastic with the 2015 Best of Finance Awards, a ranking of the hardest-working credit cards and banking products in Canada.
“It can be tricky to assess whether a credit card will help or harm your bottom line over the long run,” says Penelope Graham, Editor at RateSupermarket.ca. “Plush signup bonuses and promised freebies may appear to provide great value, but it’s important to choose a card with features that practically fit your personal spending habits.”
To determine and compare the true value proposition of each card, RateSupermarket.ca converted rewards – from points and miles to interest promotions – to cash earned over a 24-month period, based on the average Canadian household expenditure. It turns out my RBC Visa Infinite Avion card ranks 3rd in travel rewards cards with a fee. Not horrible, but certainly not the best either.
Using the Rewards Calculator at RateSupermarket.ca I discovered this painful scratch on my frugal armor:
While my Visa is certainly performing above average, I can still do better. This is fantastic info to have, considering many of us choose our credit card based on where we do our usual banking, or what a friend or family member has recommended. Everyone has a unique financial situation and it makes sense that credit cards are not a one size fits all product.
Looking ahead to 2016, if your goal is to save more and earn more rewards (something I strive for all the time!) now is a great time to visit RateSupermarket.ca and use the Rewards Calculator to determine which card may be best for you. I will likely keep using my RBC Visa Infinite Avion as it does rank higher than average for cards, all the while keeping my eye on the #1 ranked card for travel, and determine if a switch is in order next year. Having the information at hand is, truly, priceless!
This is great information.
This was an extra savings vehicle I hadn’t thought about. I will be checking out the RateSupermarket.ca site to see how my current credit card stacks up.
I’m sure I have the best travel rewards credit card… But now I’m going to have to go check it out on ratesupermarket.ca!
That is great to know. I will have to check this out.
Good to know!
Before I got my last credit card I checked with ratesupermarket.ca
Very interesting – you definitely have to do the math, though as some of the higher reward cards have higher annual rate fees or interest rates!
I like to read articles regarding credit card rewards. I am always looking for the best reward program to suit my needs.
Very useful information. It’s so important to compare the different programs to maximize on rewards.
Checked this out as soon as you posted it. Helpful but the one that is #1 is a GM car rewards credit card which only makes sense if you’re planning on ever buying a GM vehicle in the future.
This is great info to know about, so many cards and so many rewards, good to get what works the best for you
Oh a good comparison! Thanks!
Lots of great info! Thanks
Great tool, I always used an airmiles Credit card. To me it was a blessing that I had all those Airmiles when my mom got diangnose with cancer. I went to NB 5 times in the last 14 months and I only pay for 3 single flights, the rest was my airmiles points. But am I getting the most reward for my dollar? I can’t wait to find out.
That is one handy tool!
Interesting tool, I was not aware of it.
Thanks for sharing
Great post, thanks for the information. Will check it out.
i won’t even think of using a credit card that doesn’t reward me somehow
Interesting.. I will have to look more into this!
We don’t and never have used credit cards. I find it much simpler to keep up on bills and budgeting.
Interesting info but I would not want to switch my card to an amex as so many places do not accept it.
less credit cards i have the better
i have one credit card and that’s enough … this is great info thanks for sharing 🙂
There was alot that I have ignored using my credit card over the years but the 2015 Best of Finance Awards, a ranking of the hardest-working credit cards and banking products in Canada has shown how different each card can be
Very interesting! Thank you for sharing.
Very interesting thank you for sharing
great info. Thanks so much for sharing
I definitely need to compare my cards using this site!
Very informative article – wise for people to pay attention. Many times when they think something offers great rewards…it doesn’t.
Very interesting! I will have to go check out RateSupermarket.ca. I very curious now.
Great information! Credit Cards can be such a blessing (and have benefits), as long as you are smart about their use!
This is really good to know. I will have to look further into this. Thank you for sharing.
I am always trying to get the best deal and maximize rewards – so thanks for sharing this info!
Yes, I found out about RateSupermarket.ca awhile ago through Twitter, and it’s a great service.
Thanks for the info!
Great information! I’m going to have to look into this further! Thanks
That indeed is handy information. Very interesting. Thanks for sharing.
Great information. I love reward programs
Thanks for the info, will check it out.
Very informative thanks for sharing this one I had no idea.
I’ve always used my credit card for everything, gathering points while also paying it off every month. I use to collect Sears points but they no longer offer that on a credit card so I’ve started a new credit card for points but I’ll have to check with RateSupermarket.ca to make sure I’ve picked the right one. Thanks so much for the heads up!