OK, perhaps we exaggerate slightly: Mr. Thrifty is willing to create a limited exception for credit cards where the first year’s annual fee is waived or where the first year’s benefits clearly outweigh the annual fee. After all, if a credit card company is willing to offer free money, Mr. Thrifty is only too glad to accept.
So, with all the current discussion about Canadians carrying debt, why get a credit card, you ask ? Well, Mr. Thrifty also believes that Paying Cash is for Suckers. Retailers “price in” to their products and services the fees they are forced pay to credit card companies, so if you are paying cash all you are doing is subsidizing all the other people out there who are using credit cards…………and who wants to do that ? Besides, there are some real benefits to using a credit card: what if someone were to tell you that you could save 2% on most things you buy, avoid the surcharge you pay to credit card companies on foreign purchases, and get roadside assistance for your vehicle…..all for free ? Interested ??? Then follow along for more details…….
Mr. Thrifty strongly recommends having more than one credit card to take full advantage of these strategies. Like Mr. Thrifty’s suggested savings account strategy, consider having an “anchor”/everyday card, and a few special use cards (including, for anyone that travels, one with no foreign currency conversion charge or an off-setting cash back rebate). Unlike some other sites which list every credit card under the sun in the desperate hope that a reader will click through and generate an affiliate commission, Mr. Thrifty has done the homework for you and is only producing a carefully curated list of his favorite cards.
As always, a few words of caution (and perhaps a final maxim):
- The only thing Mr. Thrifty hates more than paying fees is paying interest, so pay your monthly balance in full or else all the benefits Mr. Thrifty is helping you to achieve will quickly evaporate.
- Information changes quickly so check back often for updates.
- Better yet, sign up for our newsletter and stay informed.
And, now, for the details:
Category #1: No Annual Fee Credit Cards
Favorite Everyday Cards: Tangerine
1. Tangerine World Mastercard® — minimum income requirement: $60,000.
See our writeup where we detail this card’s benefits. Apply for a card here
2. Tangerine Money-Back Credit Card Apply for a card here
Minimum income requirement: $12,000
Key Features:
- 2% Money-Back Rewards on everyday purchases in two 2% Money-Back Categories of your choice, and 0.50% Money-Back Rewards on all other everyday purchases.
- Get your Rewards deposited into your Tangerine Savings Account and get a 3rd 2% Money-Back Category.
Favorite Cards for Foreign Currency Purchases: Home Trust Preferred Visa and the Rogers Mastercards
Note: of the Rogers Mastercards, the Rogers World Elite Mastercard has the best benefits but also has the highest credit and income requirements; the Rogers Platinum Mastercard and Rogers Fido Mastercard effectively provide the same benefits.
As discussed in our piece about How to Save Money When Exchanging Currency, a no annual fee card that does not change a foreign currency conversion charge, is a handy tool in a smart traveler’s toolkit.
| Card | Key Feature(s) | |
| Home Trust Preferred Visa Card | No foreign currency conversion charge Free roadside assistance 1% cash back on all eligible purchases | Apply for a card here |
| Rogers World Elite Mastercard | 2.5% foreign currency fee covered by 4% unlimited cash back rewards on all eligible purchases made in a foreign currency 2% unlimited cash back rewards on Rogers™ products and services charged to your card 1.75% cash back rewards on all other eligible purchases | Apply for a card here |
| Rogers Platinum Mastercard | 2.5% foreign currency fee covered by 3% unlimited cash back rewards on all eligible purchases made in a foreign currency 2% unlimited cash back rewards on Rogers™ products and services charged to your card 1.25% unlimited cash back on all other eligible purchases | Apply for a card here |
| Rogers Fido Mastercard | 2.5% foreign currency fee covered by 3% unlimited cash back rewards on all eligible purchases made in a foreign currency 2% unlimited cash back rewards on Fido™ products and services charged to your card 1.25% unlimited cash back on all other eligible purchases | Apply for a card here |
Favorite Specialty Cards
For Groceries and Gas: PC Financial Mastercard.
Like Rogers, PC Financial offers 3 cards; the better the benefits, the tougher it is to qualify.
Note: 10 PC pts / $1 works out to a 1% cash back, 30 = 3%, 35=3.5%, 45 = 4.5%
PC Financial World Elite Mastercard Apply for a Card Here
Key Features:
- 30 PC pts / $1 at Loblaws (and related) Stores
- 45 PC pts/ $1 at Shoppers Drug Mart
- 30 PC pts / litre at Esso
PC Financial World Mastercard Apply for a Card Here
Key Features:
- 20 PC pts / $1 at Loblaws (and related) Stores
- 35 PC pts/ $1 at Shoppers Drug Mart
- 30 PC pts / litre at Esso
PC Financial Mastercard Apply for a Card Here
Key Features:
- 10 PC pts / $1 at Loblaws (and related) Stores
- 25 PC pts/ $1 at Shoppers Drug Mart
- 30 PC pts / litre at Esso
For Dining: Simplii Financial Cash Back Visa Card
Key Features:
- 10% cash back on purchases at restaurants, bar and coffee shops for the first 4 months; 4% cash back thereafter; must be a Simplii financial customer
For Canadian Tire Customers: Canadian Tire Triangle World Elite Mastercard
Note: Canadian Tire offers 4 cards; Mr. Thrifty recommends the World Elite due to its enhanced features. Apply for a Card Here
Key Features:
- Free roadside assistance
- 3% back in CT Money on purchases at grocery stores (on the first $12,000 per year; excludes Costco and Walmart)
- 4% back in CT Money at CT retailers
- 7% back per litre in CT Money on premium fuel, and 5₵ per litre in CT Money on all other fuel types at Gas+ and participating Husky stations
Category #2: Credit Cards Where the First Year Annual Fee is Waived or Where the First Year Benefits Outweigh the Fee [COMING SOON]