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Tangerine Cash back credit card rewards
September 28, 2017
1:49 pm
Loonie
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I see.
I'm sure there is validity to these studies.
However, I'm also sure that not every solitary person falls victim to these psychological tricks.

One good reason why cash shoppers may spend less is because they don't happen to have it in their pockets and CAN'T spend it. This just creates inconvenience and frustration, assuming the item was a valid purchase. If you put $1000 in their pocket, I think they would be more likely to spend more than if they had $50,, just as having a higher credit limit may stimulate spending. I don't know if that has been studied.
A more modern comparison might be to use of debit cards. You would need to look at how much was in their bank accounts to draw on, and what impact that had. We are all limited by something, be it cc limits, cash in pocket, or available cash in bank account. How do these factors operate?

However, all of that aside, I think it is quite possible to train yourself to think differently than the majority. I have no difficulty at all with CC spending. I look at the statements every month and am confident that I would have spent the same either way, the only difference being that if I were using cash and didn't have the cash on hand I would be inconvenienced and might have to forego a legitimate expense. I'd have to plan ahead to take someone out for dinner, making sure I had enough cash with me. It would just be a nuisance and a potential source of embarrassment. Yes, I might even end up not spending the money, but it was money I wanted to spend, and that is my decision to make.

It would be helpful if they studied how people teach themselves to resist the temptation to spend more with credit cards. Perhaps it should be looked at alongside other addictive behaviours - and solutions.

As always, however, those who can't control their CC spending, for whatever reason, should get rid of them. This is a problem I have never had.

September 28, 2017
2:00 pm
tcharger67
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Loonie i absolutely agree with you.
I do believe that the majority of these studies affect are you the stereo typically Canadian living at the 168% solvent debt load. The "double doubles" as i like to call them.
Personally, ive found success in cutting spending abandoning CC's
Not that I was the typical, 2 cups of coffee from tim hortons each morning, through my hard earned dollar out the window type of spender. But it has stopped me from going to the grocery store to grab a couple things, and grabbing a few luxuries (ie: container of peanuts) on my way out the door.
Or, for instance spending on holidays... buying that usless junk, just to bring home and store on a shelf. Speaking of which, i have in particular noticed the little ladies spending has dropped at places such as home sense.
It all adds up.

September 28, 2017
2:13 pm
Loonie
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Good for you for finding a way to cut unnecessary spending. I call it "trash spending". And even better if it cuts down on the bill at HomeSense.

I go into that store once in a while but only if we need something in particular, a need that we have identified before we go out the house. If I can't find what I'm looking for, I leave. I have come to not enjoy shopping. At one time I used to like it, but this is one of the things I have trained myself out of - not because I was broke but because I wanted to live differently. I have found better things to do with my time.

Retirement also helps, as you no longer need to spend so much time and money shopping for clothes. So far this year, I have spent $120 on clothes and spouse has spent zero, and we have no plans to spend more. We didn't really need anything much this year. We did look in clothing stores on two other occasions but found nothing we liked. Last year I spent about $800, a good chunk of which went on good boots, which I needed. Next year, who knows?, but I will only buy what I need.

Stores are set up to catch your eye, to make you want to spend, whether you need anything or not.
Solution? - Don't go in. You'll spend less. Guaranteed! ...unless of course you've transferred your habit to online shopping. There too, you can find something better to do with your time if you think about it.

Unfortunately, we have a large stockpile of bad habits in our society. One of them is convincing ourselves that shopping is some kind of treat in itself, that we owe it to ourselves to spend money on something to supposedly make us feel better. I feel better when I don't! The positive effects last longer. And I can always change my mind if I decide I need something, but it's much harder to return unwise purchases. It's about being in control of yourself - and your money!

September 28, 2017
2:27 pm
Deb
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I used to be anti fee-based cards, but after actually switching to one a few years ago I realized I was foolish to be leaving free money on the table. I now get about $800/yr net of fees free from the credit card company for household expenses and purchases I would have been making anyway.
The credit card companies have never gotten one cent of interest from me, so really they're just giving me free money to the tune of 2% of every purchase.
Just wish I had understood this years earlier. Now everything possible goes on the card, so MBNA can help me pay for it!

The only time credit cards are a bad idea is if you don't really understand that you have to pay for things you buy when the bill comes in at the end of the month, which I think is unlikely in this money-focused group.

A side benefit is being able use it at Costco. Have never actually sat down to figure out if the cheap gas and occasional purchases actually justify the $60 membership fee- probably not. The supersize carts and supersize items make you think you have actually bought less than you did until you get to the till. I remember buying some cans of flaked chicken that looked the size of tuna tins in the store, but more like barrels of oil when I got them home, ha ha.

September 28, 2017
2:47 pm
Loonie
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Yes, I remember those cans of chicken! Never bought any though. About a year's worth of sandwiches. What did you do with it all? I would have had to have frozen some of it!

Costco is the best place to buy hearing aids if you should need them, IMO. About $1000 cheaper than anywhere else, assuming you have run of the mill age-related hearing loss. However, I only recommend this if you don't live too far from Costco as these things may need several in-store adjustments. And you can get 2% back on your credit card if you use a good caard - not Tang or the Costco card.

September 28, 2017
4:24 pm
moneyhelp
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Loonie said
And you can get 2% back on your credit card if you use a good caard - not Tang or the Costco card.  

Why not Tangerine, its a MC, they accept it? Or do you mean b/c Costco is a wholesale and therefore don't get the 2%, rather would get the 0.5%?

September 28, 2017
10:34 pm
Loonie
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moneyhelp said

Why not Tangerine, its a MC, they accept it? Or do you mean b/c Costco is a wholesale and therefore don't get the 2%, rather would get the 0.5%?  

What I meant was that I don't believe Costco fits into one of Tang's "categories".

September 29, 2017
5:11 am
Saver-Mom
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Loonie again, I totally agree with you, and Deb I could have written that post. Last year when Air Miles were threatening to devalue, we cashed them in (25 years or more worth) and got a lot of stuff, all useful: a Miele vaccuum, nice red kettle, 4 sets of wireless headphones, a Bose wireless speaker with great sound, and more. Finally switched to cash back cards and will never collect rewards again. Have almost stopped using Tang since they dropped their rate on the other category to 0,5% . What I dislike about MBNA is that they provide extra cards but all the purchases are lumped together on the statement, so harder to see what each person spent. Fee cards are worth it if you spend enough. Right now am considering the TD Visa Infinte which for a limited time is waiving the first year fee, giving 6% back with a cap then 3% on gas, groceries, and bills also with a cap, and 1% on the rest.

September 29, 2017
9:08 am
Benjames35
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The one cool thing I do like about the Tangerine credit card is that you can have the cash back deposited into a savings account. Wish other cards did that.

September 29, 2017
9:22 am
Rick
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Benjames35 said
The one cool thing I do like about the Tangerine credit card is that you can have the cash back deposited into a savings account. Wish other cards did that.  

They also have a 28 day payment date instead of the 21 day everyone else offers. Extra week you can keep your money before payment is due.

September 29, 2017
9:56 am
gicjunkie
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I got a Tangerine MC before their perks dropped in value. When they did drop, I looked at all types of credit cards which could suit my needs. There's the main point. Depending on your spending habits and restraint level for buying unnecessary products, there may be a card for your particular needs. I cancelled the Tangerine card when I finally decided on the MBNA Master Card with the 2% cash rebate on all purchases and costs $89.00 annually (first year was free because of a points bonus). We put everything we can on a credit card without buying things we don't need and we pay what is owing off every month. No finance fees. It's nice to get 2% back on groceries, gas, recurring bills, renovations, vacations, etc. without having to juggle credit cards. Forget about the introductory promos. What's the everyday perk after the promo period is up? Look for the card that pays you back best according to your spending habits. Sometimes paying a credit card fee is worth the return.

September 29, 2017
10:31 am
Loonie
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I think of MBNA and CapitalOne as "no frills" cashback cards. By this I mean that some of their offerings do have very good cashback but they are weak in other areas - time lines, billing layout, CSR, and other perqs such as insurance. Thus, you usually need another card for occasions when these other things are important. All things being equal (which they usually aren't!), I prefer cards issued by traditional Cdn banks as I find them to be smoother operations with friendlier staff.

We too got an offer from TD recently. I forget which card it was but it was a tiered rewards system. So far, I have avoided them as it's too much work to keep track of it all, for me. It came with a ridiculous credit limit which I can't imagine us ever using.

One thing that MBNA has, which I don't think any of the others do, is a premium cashback arrangement with quite a number of online merchants. It's similar to AirMiles but with much better return and without the complications of AirMiles. https://www.onlinesmartcashmall.com/allretailers.htm
The list of merchants involved, and the amount of cashback they offer, varies through the year and usually peaks during the pre-Christmas season.

September 29, 2017
11:52 am
moneyhelp
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Rick said

They also have a 28 day payment date instead of the 21 day everyone else offers. Extra week you can keep your money before payment is due.  

OOO nice! I didn't know this! I've been debating about getting this card and now this is one extra thing I can place in the FOR list of FOR & AGAINST. Thank you!

September 29, 2017
1:24 pm
JustMe2016
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To all Costco lovers, make sure to read the following. I found this in another forum. I don't know why the link doesn't work, so I copy/paste the text.

Adriano Magnifico
Contributed to The Globe and Mail
September 7, 2017

Costco's weird spell

For some reason, every time I walk in, I buy things I would never dream of owning otherwise, Adriano Magnifico writes

We stare at the garbage can.

I lean forward and run my hand over the top of it again and the top opens, almost magically. How stupid, I think. Who needs to have a battery-powered garbage can with a top that opens with a simple wafture of a hand.

I look at my wife. She continues to stare at it, considering this miracle of garbage collection.

"It changed my life," a middle-aged lady standing beside me says, her male partner nodding affirmatively. Where did she come from?

We both quizzically turn to the lady and her partner.

"I mean, I thought it would be stupid, but I can't imagine what I would do without this garbage can," she says more excitedly. The male nods like a happy cocker spaniel.

My wife is drawn in by the couple. "Does it really work?" she asks, now intrigued, passing her hand over the lid to watch it wondrously open.

"Oh yes, it's so convenient. And my dog has no idea how to get into this garbage."

Must be a stupid dog, I think, but she's hooked my wife.

We are in Costco.

We recently upgraded our standing to "Executive Costco Cardholder," a special distinction reserved for … well actually … for anybody who wants to shell out an extra $55. Not sure why we did this, aside from the fact that we can accumulate points faster to pay for our executive privilege.

In my normal life, I scrutinize purchases and budgets, often looking for the most minuscule of cost savings.

I'll travel across town to get a bargain on canned tomatoes, but for some reason, I fall under a weird spell in Costco and become a consumer-mad idiot, buying items that I would never dream of.

I convince myself to stock up on household items and odd things that make little sense unless I'm running a restaurant or organizing block parties for a living.

The smart ones, the planners, get together and plan their Costco excursions. They plan with whom to share and divide six heads of lettuce, eight LED light bulbs, a pound of fresh garlic or 10 lbs of ground turkey.

I'm not that organized. A few months ago, we bought a 1.36 kg jar of chopped garlic. Six months later, we've used maybe a tenth of the jar.

Don't get me wrong. We've bought a lot of useful things in this warehouse. I don't know what we'd do without our plastic outdoor shed, two large-screen TVs, basement flooring and those enormous tomato cans.

My wife leaves me to check out the baking aisle. She has come today to find a favourite pumpkin-loaf mix that she heard through her Costco connections was available this month.

I begin my usual search for a food-sample table. Saturday is full of these.

I wander over to the videos and bestsellers space.

My wife snaps me out of my daze. She walks to the end of the aisle, beckoning me to follow her. "I want you to check out this streetlamp."

A streetlamp? What the hell do we want with a street lamp? I thought you were coming for pumpkin loaf?

I follow my wife and pass the plastic sheds. I notice a couple staring at the plastic Fisher Price-like shed for adults, the same one I bought last summer. The man wanders into it. The woman simply stares, armed crossed.

I instinctively stop beside the couple.

"You know, this shed has been awesome for us. And so easy to put together. Will last forever," I say.

They nod appreciatively, ask me a few questions and decide to buy one. Only $1,000. They begin a search for a giant cart to transport their whimsical bounty.

I stand, wide-eyed. What have I done?

I back away from the couple and look for my wife. I catch up to her. She is staring at a street lamp in an adjacent aisle. My god, it's a real solar-powered street lamp. I can't help but join in on the fixation.

We must leave, we can't stand here any longer. I grab my wife's elbow and pull her to the main aisle.

I push our cart quickly toward the cashier.

"What's the rush?" my wife says, skipping after me. I don't listen, and lean on the cart with urgency.

The lines are long, but we pay quickly with a cluster of helpers working the till area.

$737.00. Ouch.

That's the most we've ever spent in this place, except for the shed purchase, of course, but that one doesn't count.

I stare at our cart full of buys. Should I really eat that much popcorn? What's the point of three computer cartridges? How many light bulbs does anyone need? Hey, how did those taquitos get in my cart? I just noticed that the garbage can comes with an extra mini-magical receptacle – bonus.

I turn my cart toward the exit. My wife talks casually about the streetlamp, maybe next time, she says.

I am not listening. I am only interesting in a Polish sausage and pop for a measly buck and a half, the last leg of the Costco journey.

My wife parks our cart and stakes a table.

My mind drifts to Brian, my neighbour, who bragged at a block party that he only spent $127 during his last Costco visit. He was the talk of the barbecue.

I wait in a snake of a line for my special hot dog.

Membership has its privileges.

October 1, 2017
9:38 pm
Deb
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Thanks for the hilarious post JustMe2016! You had me laughing out loud.
Especially as I actually have one of those automatic garbage cans buried in a junk room in the basement, along with various other Costco "treasures". And BTW, it didn't keep the dog out...

October 1, 2017
10:00 pm
Norman1
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Deb said
Especially as I actually have one of those automatic garbage cans buried in a junk room in the basement, along with various other Costco "treasures". And BTW, it didn't keep the dog out...  

It would be hilarious if you uploaded a video to YouTube of your dog waving a paw over and opening the automatic garbage can! sf-laugh

October 2, 2017
4:53 am
JustMe2016
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Deb said
Thanks for the hilarious post JustMe2016! You had me laughing out loud.
Especially as I actually have one of those automatic garbage cans buried in a junk room in the basement, along with various other Costco "treasures". And BTW, it didn't keep the dog out...  

Glad I made you laugh. Since you are under Costco's weird spell, then you should also read the following 😉

11 Types of People Who Shouldn't Set Foot in Costco

THE TIRED
Costco trips are not for the weak of heart or spirit, and anyone who isn't well-rested will be made miserable by the giant, bustling stores with unlabeled aisles. Shoppers must have their wits about them to snag items quickly, keep track of huge shopping lists, and deal with the long lines that build up during busy times of day. Tired? Better to stay home and nap than bother trying to navigate Costco.

THE STONED
People with weed-induced munchies, heed this warning: Stay away from Costco. The allure of the huge frozen yogurt cones and slices of pizza in the concessions area is strong, but it's way too easy to wander the rest of the store in a daze and leave with a three-month supply of bananas, frozen fish, and SpaghettiOs. (These foods don't make any sense in combination, and neither does going to Costco while blazed.)

PARENTS WHO CAN'T SAY 'NO' TO CHILDREN
Bringing kids to Costco can be a problem for parents, grandparents, or guardians of persuasive children. Head into Costco with a kid who can't be refused, and be ready to walk out with more T-shirts, toys, and fruit snacks than any child would deserve for three consecutive birthdays. Costco can be a great place to pick up stuff for kids, but it's better to leave them behind and bring home a surprise.

PEOPLE PUT OFF BY FUNERALS
Have you heard? Costco sells coffins. Round the corner past flat-screen TVs, wander past the jewelry, look up from your phone, and boom: coffin samples. It can be more than just a little unsettling to anyone who is freaked out by death or gets claustrophobic just thinking about coffins or graves. To be fair, the displays feature only sections of coffins, but that's still not exactly cheery or comforting to the casual shopper who would rather avoid thoughts of inevitable death.

COMPACT CAR OWNERS
Costco seems like a great idea until there's three carts of loot to haul out to the car and nowhere near enough space to accommodate everything. The returns line isn't exactly a carnival, so there's no taking back what you bought if it doesn't fit. Unless someone can babysit the carts during multiple car trips to and from home to unload, it's best to hitch a ride with a friend who has a truck or minivan, sign up for a shared-car service, find a rental deal, or even call a taxi company with bigger vehicles.

ANYONE WITH A HANGOVER
Costco can be very unpleasant for people who had a bit too much to drink and not enough sleep the night before. The huge warehouses have harsh, penetrating lights to illuminate every nook, cranny, jumbo jar of mustard, and quadruple box of cereal. Being surrounded by millions of items can be flat-out overwhelming to people who don't drink at all, but to someone who's still working those last couple glasses of pinot out of the system, the sheer visual noise of all the stuff and actual noise from chattering people can be too much of a headache.

SHOPPERS WITH NO IMPULSE CONTROL
One of Costco's many blessings is the samples provided regularly to shoppers. This can easily turn into a curse for people inclined to scoop up and buy whatever they taste. Depending on the time of day, a shopper could get lucky and score 10 or more samples -- great in theory, but not if it leads to a cart overflowing with miniature hot dogs, granola, soda, and crackers with cheese, along with a bill of a couple hundred bucks just for finger food.

PEOPLE WHO HATE CROWDS
Costco can be an extremely crowded place, particularly in the early evening and before events such as the Super Bowl. Anyone who hates big crowds and long lines should skip the trip, no matter how tempting the discounted frozen wings may be. It's just not worth the frustration, sweat, and bulging veins.

ANYONE IN A HURRY
People with low levels of patience also might feel like they're in purgatory at Costco. It's tough to avoid a lot of waiting and maneuvering around people and their massive carts while they pore over lists or await help reaching items high on the shelves. Then there's waiting in clogged lines to check out and leave the place -- and forget about grabbing a slice of pizza or a hot dog in the loud, crowded food area once the shopping is done.

AGORAPHOBES
Like the bulk items it carries and sells, Costco is giant. The massive warehouses could swallow a small village, so people who fear big public spaces should stay as far from Costco as possible. There are other places to buy bulk items or grocery shop on the cheap, so it's better not to cause extra stress by walking into what feels like the biggest store on earth.

TINY-APARTMENT DWELLERS
Unless the plan is to sleep on the bulk rolls of toilet paper and paper towels, buying at Costco isn't the best plan for anyone who lives in a small apartment or studio. There just isn't enough room to stock up on most of the massive bulk items that are such a good value Costco.

October 2, 2017
11:12 am
Loonie
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Aren't the coffins for storing all the stuff you bought but didn't know what to do with?
Who said you can't take it with you?sf-laugh

October 2, 2017
1:41 pm
Deb
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Boy you guys are cracking me up! I should get one of those coffins for the junk room. A place to store the year's worth of toilet paper I foolishly bought just when my last kid was moving out of home. sf-confused

October 9, 2017
6:20 pm
SavingIsGood
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Loonie said
I don't quite understand why SavingIsGood would assume that spending over 12K/yr on credit cards means you are being led by your CC to spend more than you should or otherwise would. Perhaps you are a single person?

Nope, it is two of us. Let me pull some data for you... Those are average monthly amounts.
Food: $200
Electricity: $30
Water: $20
Internet/cell: $75
public transport: $150
Natural gas: $60 (winter/summer average)
Petrol: $20
Car/house insurance: $135
Property tax: $640

We do not eat junk food. Absolutely None. Cooking is from scratch. No eating out as I do not want to eat all that garbage they serve you (salt, fried stuff in 20 days old GMO oil, etc.) . No smokers, no alcohol. Well she likes a glass of wine once in a while. No we are not religious freaks and we eat everything but stuffed with chemicals and all kind of drugs beef.
No monthly extra expenses. We have everything we ever wanted/need. No buying unnecessary gadgets. No cell phone changing every few month 'as new, better, faster, whatever' model is released.
I am extremely handy man and can and do fix everything but natural gas.
Food amount will increase as we are switching slowly to organic and farmer's market stuff and juices. Oh, my. Here it comes one 'big' expense: juicer! But no worries; I am getting 'reduced' fruits and veggies which are just properly ripped for juice. 90% fruits sold in groc. stores are harvested green and they ripen in refrigerators. Go to REAL farmer's market (not those 'local' where they buy from No Frills and sell you as 'their') and try some Ontario fruits and veggies. They are wort every penny you spend on them.
Anyway, I can talk about proper food and eating right until the end of days...

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