Choosing Your Credit Card 3

Disclaimer: I’m not advertising or paid to talk about the following cards. I did a lot of calculations mainly because I was broke as shit and if I was going to spend, I might as well do it with earnings in mind.

I mentioned in the last post that my top spendings were on dates, food, groceries, gas, and recurring bills. Greedyrates was where I mentioned was one of the better places to compare cards so input certain criteria in. Ignore the first couple month’s perks by setting the “How long you will have the card?” input to anything over 20. Many companies will give out huge rewards for using their card in the first 3-6 months after which the rewards you earn per transaction is sub-par. I’m not saying it’s not worth venturing into, but it’s not my ideal to open and close cards every year and sharing my details with every company. I chose cashback for a few reasons. One is that the rewards can be applied on my bills and the second is that cash is the most versatile of the rewards. The second best usually is just the “Rewards” option that grants many perks that are valued.

I’m a relatively young guy (I say relatively, because every time I look at my driver’s license, a single tear drop rolls down my face) living in the GTA (that’s Greater Toronto Area for the non-Canadians). This means a few things: everything is expensive and jobs pay low. Which in turn means a few things: my income is low, expenses are high, and savings are almost non-existent. So my lifestyle is to try to be frugal until I reach an age where I might be a millionaire and then I can go out with a bang. So I allocate $700 in spending to gas, groceries, dining, and others.

Lo and behold, a credit card in the top cashback range shows up for me as Tangerine and Rogers Mastercard on Greedyrates. Now let me tell you why these 2 cards are the best.
-Tangerine Mastercard gives you 3 categories for 2% cashback as long as you open a bank account with them (which is fine by me since there is no bank fees). These categories can be dining, gas, and groceries. Thus completely covering my major expenses or I can change groceries into entertainment that covers my date expenses.
-Rogers Mastercard with 1.75% cashback will be my catch all for any spending that isn’t a category for my Tangerine. Bonus perk is I use Rogers for my cellphone and thus the annual fees are subsided. Surprise perk is a 0% foreign transactions perk, which is good for purchasing stuff in foreign currency or going abroad for vacations.
-Both are Mastercard are since Wal-mart declared that it might drop Visa, it’s a solid replacement. Plus Costco accepts Mastercard now. This is essentially a triple win.

Fair warning: You don’t want more than 3 cards. It really doesn’t grant you much more benefit. One card should be for your business or corporate spending, one for your personal spending, one for emergency in case you forgot cash and/or maxed out a card. Cons of having more than 3:
-Your expenses are all over the place.
-Expenses from all cards.
-You start to lose track of spending because you feel rich even though you aren’t.
-Your wallet becomes thicker than usual.

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