dougjp said

So here's an example to see what happens with Rogers' new method. I have a $ 250- monthly Rogers bill and charge it to a Rogers MC. (currently I get 2% cash back from Visa). I spend nothing else on the Rogers card that month. How much % cash back to I get on that $ 250-, and when/how do I get it?

The $250 Rogers-related charge will earn a 5% reward of $12.50 when the charge posts.

One can apply the $12.50 reward against any posted charge that's at least $10, including that $250 charged that just posted.

Hmm said
For foreign currency other than USD, I would use EQ, but apparently some members who have actually compared the transactions against Mastercard's international FX rates have found that EQ appears to add its own FX spread on top of Mastercard's rate. So it's a lie there is no FX fee involved. 

This EQ discussion is off-topic, but have you personally validated that through experience? I certainly wouldn't believe anything said by some bloke on a blog or forum on the Internet. EQ would/should have egg on their faces and subject to litigation when they specifically say ' no additional FX markup or extra fees' on a personal card. They do have a stated markup on a business card.

For me, when it comes to no-annual-fee credit cards, Rogers still seems to be the "best." If you have an eligible Rogers service, you can get 2% on pretty much everything. With Tangerine, the 2% is limited to the categories you choose.

Then there is the whole issue of merchant category codes. Merchants don't exactly make it easy to figure out how they're actually classified. Church's Fried Chicken is a good example. It shows up as a restaurant descriptor, but the actual backend merchant category code isn't restaurant. So you don't get the same rewards you would for somewhere like McDonald's or Swiss Chalet.

For dining out or fast food from places I know are actually coded as restaurants, I use the Simplii Visa which earns 4%.

For foreign currency other than USD, I would use EQ, but apparently some members who have actually compared the transactions against Mastercard's international FX rates have found that EQ appears to add its own FX spread on top of Mastercard's rate. So it's a lie there is no FX fee involved.

The whole industry is arguably set up in a way that makes it complex. Consumers and government just let it happen without any pushback with the exception of the occasional social media or forum comment.

With all other cards, I get cash back on every purchase with the percentage depending on what it is. Redemption is cash received, automatic or up to me, with the timing defined, ie: Tang is monthly crediting my savings account with them. Infinite Visa is whenever I implement it as a credit to my card, AMEX is automatic on my birth month.

So here's an example to see what happens with Rogers' new method. I have a $ 250- monthly Rogers bill and charge it to a Rogers MC. (currently I get 2% cash back from Visa). I spend nothing else on the Rogers card that month. How much % cash back to I get on that $ 250-, and when/how do I get it?

Old:
$100 Rogers x 2% = $2 cash back
$200 non-Rogers x 2% = $4 cash back

Redeem $6 + 50% bonus = $9 cash back
$9 / $300 spend = 3% effective cash back

New:
$100 Rogers x 5% = $5 cash back
$200 non-Rogers x 2% = $4 cash back

Redeem $9, no bonus
$9 / $300 spend = 3% effective cash back

Hmm said
I hear a lot of chatter about the Wealthsimple Visa card, but tying up $100K in a low-interest HISA or shifting funds into risky investments just to qualify doesn't seem practical. I am not familiar with the particulars of the payroll or pension deposit requirements, but again, my main concern is the opportunity cost of parking funds where they earn very little. For heavy FX users, it is probably worth it.
  

Define “risky”. While all investments carry risks, you could be investing in a sensible whole of the market or a bond ETF. And if so, WS is a good option. I wouldn’t make brokerage decisions just based on the credit card but it's a nice perk (0 fx charge, insurance, lounges, etc.). As luck would have it, I quit Rogers services and stopped using their credit card 2 months ago.

Hmm said
I hear a lot of chatter about the Wealthsimple Visa card, but tying up $100K in a low-interest HISA or shifting funds into risky investments just to qualify doesn't seem practical. I am not familiar with the particulars of the payroll or pension deposit requirements, but again, my main concern is the opportunity cost of parking funds where they earn very little. For heavy FX users, it is probably worth it.

As for Home Trust Visa, it has been completely unreliable in my experience. Every year I deal with a compromised transaction, an unexpected decline, or fraud. Because HT Visa seems particularly prone to fraud, I now keep it frozen and will only use it as a backup if I travel outside North America. Otherwise, I use PC Financial or EQ for no-fee transactions, even though losing the payment grace period really sucks.

Additionally, in that thread I was referring to about the Rogers Mastercard being the best for FX, there appears to be misinformation claiming that Amex offers a far better exchange rate than Mastercard or Visa International despite and including the 2.5% markup in the FX rate.  

I got the Wealthsimple Visa Infinite Privilege about 6 months ago. So far it's been great, no problem at all and all the perks are real. It's true it is not for everybody, for example I do not pay monthly fees cause I transferred my TFSA that was already invested in stocks from a traditional bank to Wealthsimple. They paid for the transfer and they gave me a 1% bonus paid over 1 year.

So not for everybody but it's definitely an offer to consider if you are a regular traveller.
I actually also have the Rogers CC simply because I need a MC for Costco.

Warwick111 said
BTW, the Wealthsimple VISA card has no FX fees and offers 2% cash back. It also has no annual fees if you have $100,000 invested or a monthly automated deposit for payroll or pension.  

I hear a lot of chatter about the Wealthsimple Visa card, but tying up $100K in a low-interest HISA or shifting funds into risky investments just to qualify doesn't seem practical. I am not familiar with the particulars of the payroll or pension deposit requirements, but again, my main concern is the opportunity cost of parking funds where they earn very little. For heavy FX users, it is probably worth it.

As for Home Trust Visa, it has been completely unreliable in my experience. Every year I deal with a compromised transaction, an unexpected decline, or fraud. Because HT Visa seems particularly prone to fraud, I now keep it frozen and will only use it as a backup if I travel outside North America. Otherwise, I use PC Financial or EQ for no-fee transactions, even though losing the payment grace period really sucks.

Additionally, in that thread I was referring to about the Rogers Mastercard being the best for FX, there appears to be misinformation claiming that Amex offers a far better exchange rate than Mastercard or Visa International despite and including the 2.5% markup in the FX rate.

JohnnyCash said

Somewhat exaggerated? It's okay for USD transactions, otherwise it's not great, just don't do refunds in foreign currencies. Pick a true no FX card like Home Trust if you think you might need to do a refund, ie, hotel reservations,etc,.  

I'm curious. How different or what are the drawbacks using the Rogers MC for a refund? Sometimes it's inevitable. for instance you book a hotel, a deposit is charged and you have to cancel. Other times one may need to dispute the USD charge and the amount gets reversed — although in my experience Rogers is terrible and I'd argue the worst in terms of disputing a transaction. While Amex tends to be the best. YMMV.

The "Rogers Redemption Bonus" value shown is rather misleading. One won't receive that value (1.5 * "Reward Balance") if one isn't going to have that in Rogers-related bills and spending charged to the card before November 18.

jorno319 said

Through online banking, the option to switch to a different savings account is available when you click on your credit card account and select "Rewards and Benefits" then "Change Categories". Your current category options are displayed. Keep them the same or make changes. Select Next. "Deposit To..." is listed at the bottom of the next page. Make your changes there.  

Ah! Pretend to change categories, skip past and the the account. I just tried that in the android app. Error! I then went to Chrome on my desktop PC. Same Error!

cgouimet said

I'd still like the ability to switch to a different savings account  

Through online banking, the option to switch to a different savings account is available when you click on your credit card account and select "Rewards and Benefits" then "Change Categories". Your current category options are displayed. Keep them the same or make changes. Select Next. "Deposit To..." is listed at the bottom of the next page. Make your changes there.

Norman1 said

The redemption bonus shown in the app is one's reward balance multiplied by 1.5. The value just projects what the reward balance would be worth if it were all applied against certain Rogers-related purchases.

Which is what was said (or at least meant) in my post. The point is the amount of the Rogers/Shaw bill limits the amount of redemption to the amount owing on the bill.

Every month I look at my reward balance and my Rogers/Shaw bill to determine how much can be applied to that bill.

jorno319 said

Keep in mind that your third money-back category requires your cash back reward deposited into a Tangerine savings account. If you switch to a statement credit, you will very likely revert back to two money-back categories.  

I do understand that. I'd still like the ability to switch to a different savings account