Show notes for episode #12
In this episode, the Mechanic, the Accountant, and the Economist discuss credit cards. We’ll sample a few new beers as usual too. If you found this podcast you’re probably familiar with the FI/RE movement that has grown in popularity recently. Here at the FI Garage, we’re all on the path to FI, however, we consider the RE part optional.
*These show notes include affiliate links – donated by an asterisk. (Because we are bad at monetization all of our affiliate links for credit cards are through rate supermarket; if you sign up for a card through our link they split the affiliate fee with us 50/50) – Thanks for helping to support the podcast!
Beer #1 – Glutenberg IPA – Brewed & Bottled in Montreal, QC by Glutenberg Brewing (1:10)
Interesting Product – PayTM (5:50)
- Click here for the Money Mechanic’s referral code for PayTM* use code PTM6078994.
- Cashback on your property taxes (6:33)
- Cashback on electricity (7:03)
- Payment through mobile (7:40)
- Paytm gives you points, but they are only worth $0.001 per point (8:40)
- Pay your Paytm bill with your MasterCard and get MasterCard points (9:50)
- Rogers Elite MasterCard (11:44)
- Paytm Canada says that payments usually show up as “Miscellaneous” or “Other”. However, they recommend you to confirm this with your bank/financial institution (or wait for your first bill to find out!).
Credit Cards (15:51)
- Of course you don’t carry a balance on your credit card (16:00)
- Scotia Momentum® Visa Infinite* Card* (18:06)
- What is the value of insurance that is included on your card (20:00)
- TD® First Class Travel® Visa Infinite* Card* (21:45)
- How does your income level impact your ability to get certain credit cards? (23:30)
- Tangerine Money-Back Credit Card* (25:05)
- On some credit cards the annual fee will be waived with if you have a certain type of bank account (27:25)
- Using credit cards outside of Canada and credit cards with no transaction fee for foreign currency purchases (30:05)
- Never let the merchant do the currency conversion for you when you are traveling (31:35)
- Great credit card research websites (33:40):
- TD® Aeroplan® Visa Infinite Privilege* Card* (36:30)
- Low-interest introductory rates (39:00)
- Airline companion fares, Westjet World Elite Mastercard (43:25)
- American Express CobaltTM Credit Card* (46:35)
- If you are going to pay an annual fee on your card make sure you figure out if the rewards are greater than the fee (50:05)
- The hassle of filing an insurance claim with your card (55:00)
- Rogers World Elite MasterCard (58:00)
Beer #2 – Circle Route Hazy Pale Ale – Brewed & Bottled in Nanaimo BC by White Sails Brewing (40:10)
Stupid Money Move (1:03:19)
- Spending just for the sake of getting points or a bonus. If you don’t need it don’t buy it. Period.
Reading List
- Paytm Referral Code and Review: Pay Your Property Taxes with a Credit Card via Gen Y Money (14:30)
- What’s in the Accountant’s Wallet? via FI Garage (21:10)
- What’s in the Money Mechanic’s Wallet? via FI Garage (21:10)
- What’s in my Wallet? – The Economist via FI Garage (21:10)
- What’s in this Canadian FI Seeker’s Wallet? via EatSleepBreatheFI (34:10)
- Best Canadian Credit Cards of 2019 via CreditCardGenius (35:51)
- Canadian Credit Cards Offering Companion Fares via FI Garage (43:25)
Hey now… who are you calling a churner? ;P
Thanks for the shoutout. This was a great overview of some excellent credit cards for Canadians. It was so good that I’m going to link to it from my article.
Thanks! It really is a great article.
Timely for me to listen as I just got my $65 annual renewal fee from Amex, a card we only use rarely as a backup for our main card, MC with Airmiles. I’m going to look into no-fee cards now. Thanks for the info! (P.S. Also, shoutout to The Economist from a 2 economist family!)
I recommend calling Amex to see if they will waive the fee (although in my personal experience Amex are prone to not waiving fees). I’m going to have a look at your site to see what other economists are writing about!