6 generous welcome credit cards

Do I have to change the credit card to take advantage of the welcome bonus? Yes, but it was planned.

Repeated by personal finance professionals: Keep your oldest credit card to maintain your credit history and avoid multiplying the credit cards in your wallet. This way you can maintain your credit rating.

• Also read: Is the new Tim Hortons credit card a good deal?

• Also read: Credit Card: Increase the minimum payment

These affirmations need to be somewhat qualified. Credit cards are like insurance: you have to get the right card that meets your current needs. “You should re-evaluate your credit cards every two years,” says Jean-Maximilians Voisin, founding president of Milesopedia. A student will not have the same needs as someone who is just starting a family, working their first job, or approaching retirement.

Frequent flyers will not apply for the same rewards programs as hardworking restaurant frequenters, or young parents, who will gamble more on groceries or clothes. And at the moment everyone suffers from inflation.

play system

If you have the discipline to always bring the balance of all your cards to zero each month, it becomes worth changing or adding a card to take advantage of the welcome bonus.

“Banks want to stand out from their competitors, and they often offer very generous bonuses,” continues Mr. Fawazin. If you just keep your card, you’re leaving money on the table that your current bank isn’t offering.”

Therefore, you will have to spend thousands of dollars to get the points offered by the new card, thanks to the welcome bonus.

In a sense, you are playing the system to your advantage when you shuffle cards.

I scoured the Milesopedia comparison tool to discover some offers that include very generous welcome bonuses (Fifth. coloring). I also found out that each credit card has its own rules regarding the payment of points related to the welcome bonus (sign up bonus). If the card is linked to a specific programme, points are usually paid directly to that program’s account and not to the card’s account.

Some pay one or more installments, often at signup, after the first purchase or according to the minimum purchase amount required, or on each statement of account. Some of them will make up to more than ten installments.

advice

• It will not affect your credit report if you change credit cards after a few years.

• Experts suggest keeping two or three credit cards in your wallet: the oldest (for your long-term credit history), the second for everyday expenses (food, gas, transportation, home maintenance, and kids) and one more. Third: Pamper yourself (clothes, travel, electronics). You can take advantage of many reward programs.

• Make sure you make at least one card transaction per quarter, even for a small amount, otherwise it will affect your credit rating.

• If your oldest card no longer meets your needs, you can request a card change from its issuer, without losing your credit history.

• You can get a card from a bank other than your own.

• Credit cards with an annual fee offer the most generous insurance premiums.

Here are the six credit cards

Cobalt American Express

• Up to 30,000 concession points in the first year

• Value, first year: $1,309

• 5% of groceries and restaurants

• 2% of petrol and travel

MasterCard BMO Cash Back World Elite

• Up to $260 cashback

• Value, first year: $920

• 5% of groceries

• 3% benzene

• Acceptable in Cusco

Scotia Momentum Visa Infinite

• Cashback up to $200

• Value, first year: $848

• 4% of groceries

• 2% benzene

• Offer ends October 31st

CIBC Infinite Earnings Visa

• Cashback up to $200

• Value, first year: $831

• 4% of groceries and petrol

• 2% of restaurants

TD Cash Back Visa Infinite

• Up to $290 cashback

• Value, first year: $829

• 3% petrol, groceries

• Offer ends September 5th

MasterCard World Elite MBNA-Quebec Rewards

• Up to 20,000 points within 90 days

• Value, first year: $733

• 5% of groceries and restaurants

• Acceptable at Costco