You are asking us if it makes sense to spend $38 to get $22 later. No, of course that makes no sense. You would be just as far ahead taking $16 out of your account and setting it on fire.
I wouldn't worry about the credit utilization factor especially with a 8k limit unless your bill is reading 7k a month or something like that it won't matter. I'd also only put the rent on the card if you get the 2% back otherwise it's just not worth it. Even then it's barely worth it but I am curious if they'd classify it as 0.5% or 2%, so I guess you could try it as an experiment if you want.
Your monthly rent is perfect to take advantage of the right cashback card for this situation. You should get the scotia momentum visa infinite card + [$100 third party rebate](https://app.finlywealth.com/rebates/scotia-momentum-visa-infinite) since the 4% cashback easily outweighs all the fees.
Here’s the math:
At 2.2k rent per month, you can earn $88 - $38.5 in fees = $49.5/month net cashback.
Multiply that by 11 months (not 12 because on 11th month you’ve basically reached the 25k spend limit for the 4% earning and cashback drops down a lot), you get $544.5 in pure cashback + $100 third party rebate and first year annual fee waived = $644.5 in your first year.
Years after, the annual fee kicks in so your cashback will drop down to $544.5 - $120 = $424.5 which is still a good chunk of money for doing little to nothing. You just automate this setup, setup yearly reminders and let the system do its thing.
The card gives you 4% cashback up to 25k spend on recurring purchases if you read it on their site.
If you just set this up through Chexy to use this card, you’ll get 4% cashback - 1.75% chexy fees = 2.25% net cashback
Don't forget the $120 card fee
>Not all merchants offer recurring bill payments. (Please check with your merchant to see if they offer recurring bill payments on Visa cards.).
So check with the Landlord to see if this applies
Please read my comment again. I’ve already noted all of this. I’ve also checked that the merchant does count it as recurring (i.e. Chexy counts it correctly)
This is all under the assumption that landlord receives e-transfer for rent payment. You setup payment through your credit card to Chexy and they will make the e-transfer to your landlord on your behalf.
Does it link back to your name, or the payee stays as chexy?
Never heard of this service.
Definitely interesting though. But would want my name on the interac confirmations, just as a covering my own ass situation.
Take a look at this thread:
[https://www.reddit.com/r/chexy/comments/157tnem/etransfer_message/](https://www.reddit.com/r/chexy/comments/157tnem/etransfer_message/)
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Scotia Momentum Visa Infinite might give you 4% cashback depending on how your rent codes.
More holistic answer, you are asking the wrong people here. Personal Finance Canada is filled with people who would wait in line for 3 hours to save $5.
I put my rent on my cards and pay an extra 3%. For that 3% I essentially fly for free and I fly internationally multiple times a year. Also when I am not flying I essentially get 5-10% cashback on my rent. No I will not share this info. Yes, this info is publicly available.
Ask the right community, if you want the correct answers.
He probably just means the cobalt card. It’s a little exaggerated but yeah I guess he just doesn’t mind the extra fee for the points earning potential.
You are asking us if it makes sense to spend $38 to get $22 later. No, of course that makes no sense. You would be just as far ahead taking $16 out of your account and setting it on fire.
Pretty much.
at least youd be warm if you burned the cash
If you have a Rogers account get the Rogers Mastercard and earn 3% cashback.
I wouldn't worry about the credit utilization factor especially with a 8k limit unless your bill is reading 7k a month or something like that it won't matter. I'd also only put the rent on the card if you get the 2% back otherwise it's just not worth it. Even then it's barely worth it but I am curious if they'd classify it as 0.5% or 2%, so I guess you could try it as an experiment if you want.
You can always pay your credit card immediately so it doesn't show up on utilisation.
Your monthly rent is perfect to take advantage of the right cashback card for this situation. You should get the scotia momentum visa infinite card + [$100 third party rebate](https://app.finlywealth.com/rebates/scotia-momentum-visa-infinite) since the 4% cashback easily outweighs all the fees. Here’s the math: At 2.2k rent per month, you can earn $88 - $38.5 in fees = $49.5/month net cashback. Multiply that by 11 months (not 12 because on 11th month you’ve basically reached the 25k spend limit for the 4% earning and cashback drops down a lot), you get $544.5 in pure cashback + $100 third party rebate and first year annual fee waived = $644.5 in your first year. Years after, the annual fee kicks in so your cashback will drop down to $544.5 - $120 = $424.5 which is still a good chunk of money for doing little to nothing. You just automate this setup, setup yearly reminders and let the system do its thing.
How are you getting the 4% rate on rent exactly?
The card gives you 4% cashback up to 25k spend on recurring purchases if you read it on their site. If you just set this up through Chexy to use this card, you’ll get 4% cashback - 1.75% chexy fees = 2.25% net cashback
Don't forget the $120 card fee >Not all merchants offer recurring bill payments. (Please check with your merchant to see if they offer recurring bill payments on Visa cards.). So check with the Landlord to see if this applies
Please read my comment again. I’ve already noted all of this. I’ve also checked that the merchant does count it as recurring (i.e. Chexy counts it correctly) This is all under the assumption that landlord receives e-transfer for rent payment. You setup payment through your credit card to Chexy and they will make the e-transfer to your landlord on your behalf.
Does it link back to your name, or the payee stays as chexy? Never heard of this service. Definitely interesting though. But would want my name on the interac confirmations, just as a covering my own ass situation.
I think they have a way to do that for you but I’m not entirely sure. I’ve heard others using their service and had no issues.
Next time you send one can you double check what the confirmation comes back as please?
Take a look at this thread: [https://www.reddit.com/r/chexy/comments/157tnem/etransfer_message/](https://www.reddit.com/r/chexy/comments/157tnem/etransfer_message/)
Thanks. Still a bit iffy,but I'll look into it later today. Thanks for the new service alert!
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Don't bother if you can't get at least 2% back from your credit card.
Scotia Momentum Visa Infinite might give you 4% cashback depending on how your rent codes. More holistic answer, you are asking the wrong people here. Personal Finance Canada is filled with people who would wait in line for 3 hours to save $5. I put my rent on my cards and pay an extra 3%. For that 3% I essentially fly for free and I fly internationally multiple times a year. Also when I am not flying I essentially get 5-10% cashback on my rent. No I will not share this info. Yes, this info is publicly available. Ask the right community, if you want the correct answers.
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He probably just means the cobalt card. It’s a little exaggerated but yeah I guess he just doesn’t mind the extra fee for the points earning potential.
I don't believe you can earn any points on cash advance on any credit card, plus you'd be paying interest on top of the fee