It’s often an eye opener for consumers to learn of the value of credit card combos that use just two cards. That’s because most of us fall into one of two categories: either we have only two cards (and the second one is often just for emergencies) or we have several cards and use them haphazardly. In both cases, we likely haven’t been optimizing our rewards. So we asked RateHub.ca spokesperson Kayla Shaw to share with us three credit card combos that maximize rewards—one pair for travellers, one for families and one for cash-back enthusiasts. Here are some options for you to consider.
For happy travellers
Scotiabank Gold American Express and BMO World Elite MasterCard
The Scotiabank Gold American Express earns four points per dollar spend on gas, groceries entertainment, and restaurants, and one point per dollar spent on everything else. It also allows you to redeem your points by booking on any airline with no blackout dates, and your points pay for the entire ticket, including taxes.
Couple the card with the BMO World Elite MasterCard, which complements the Scotiabank card by offering comprehensive travel insurance coverage including medical, accident, trip interruption and cancellation, flight delay and baggage damage.
Use the MoneySense Credit Card Finder to search for your perfect card
For families wanting more
Scotia Momentum Visa Infinite and SimplyCash from American Express
Families like to maximize household spending rewards and the Scotia Momentum Visa Infinite is arguably the best credit card for families. This card will earn you 4% cash back on gas and groceries, and 2% cash back at the pharmacy and when you pay your bills with your credit card.
If you’re a power-spender on gas, groceries and restaurants, you should consider adding the SimplyCash Card from American Express to your wallet. This no-fee credit card lets you earn a whopping 5% cash back on gas, groceries, and restaurants in the first six months, up to a maximum of $250. After that, you’ll earn 1.25% cash back on everything else.
For cash back lovers
SimplyCash Preferred Card from American Express and Tangerine Money-Back Credit Card
It’s raining money. The SimplyCash Preferred Card from American Express entitles you to 2% cash back on all purchases, no limits. There’s an annual fee of $99, but it’s offset in the first year by the special welcome rate of 5% cash back in the first six months (up to $300).
Sadly, some retailers don’t accept Amex so for those cases, it’s smart to have a backup credit card like the Tangerine Money-Back Credit Card. This is a no-fee credit card that earns users 2% cash back in your choice of three spend categories from a choice of eleven.
Once you pick your top three categories, you’ll earn 2% cash back on them and 0.5% cash back on everything else. There is no limit on the cash back you can earn, and you can apply the rewards to the balance of your credit card.
Learn further details on these credit card combos.
More from Canada’s Best Credit Cards 2017:
- Credit card terminology deciphered
- Juice your credit card rewards points
- 7 serious strategies for rewards fanatics
- MoneySense Credit Card Finder