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

cgouimet said
What's interesting is I don't see a way to change that to another TNG Savings or to a statement credit.  

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.

AltaRed said

…

Added: I am pretty sure one of the T's and C's is that one is limited to the value of the bill for any redemption bonus, e.g. no more than $100 on a $100 Rogers/Shaw bill.

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.

If one redeemed reward balance against a $100 charge for a Rogers bill, then one's reward balance will be docked $66.67 for the $66.67 x 1.5 = $100 credit to the Rogers card.

With $100/month = $1,200/year of Rogers-related spend, one would be able use up $1,200 / 1.5 = $800 of reward balance a year. That would be for up to $40,000 of charges each year that one would receive 3% reward for.

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 agree with Norman1 that it was never a 3% card in the first place if one didn't have Rogers/Shaw monthly bills to use the entirety of the bonus each month.

Added: I am pretty sure one of the T's and C's is that one is limited to the value of the bill for any redemption bonus, e.g. no more than $100 on a $100 Rogers/Shaw bill.

davidgeorge said
Interesting. I have a $1,650 Rogers Redemption bonus. If I use the full $1,650 to overpay my Rogers services account, I would lose the 5% cashback on that amount, which is $82.50 ($1,650 × 5%). However, if I don’t use the $1,650 Rogers Redemption bonus, its value will be reduced to $1,100 ($1,650 × 2/3) after November 18, 2026.

The $1,650 reward was never there. Only the $1,100 was.

If the rewards one was earning with the Rogers Red World Elite Mastercard outpaces one's Rogers-related purchases, then the card really wasn't a 3% reward card.

I wouldn't overpay my Rogers services by $1,650 unless that was only a few months worth of services.