free working credit cards with money 2017

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Free working credit cards with money 2017
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Free working credit cards with money 2017

My stolen credit card details were used 4,500 miles away. I tried to find out how it happened

On a Thursday back in February I was relaxing and watching TV when my evening was interrupted by the ping of a text message from my bank.

"You will shortly receive an SMS to confirm recent activity on your card."

I was puzzled. I certainly hadn't made any strange or unexpected purchases that day, so what was this about? About 30 seconds later, I received my answer in a second text message.

It said my credit card details had been used less than a minute before to try to make a payment of £108 at a store with an unfamiliar name.  free working credit cards with money 2017 src="https://www.zdnet.com/article/my-stolen-credit-card-details-were-used-4500-miles-away-i-tried-to-find-out-how-it-happened/" alt="stolen-credit-cards-cover-story.jpg" height="auto" width="270">

A quick search online revealed it to be a supermarket in the city of Paramaribo, Suriname – a small country on the north-eastern coast of South America, bordered by Brazil, Guyana and French Guiana. That's quite a long way from my home in London, so I was pretty sure I hadn't popped into that store to pick anything up in the last 60 seconds.

The alert asked me to confirm the transaction by replying with 'Yes' or 'No'. It did cross my mind that perhaps this was a double- or triple-bluff scam and that by responding to an unexpected text message, I would be making a big mistake. Just in case, I chose to phone the bank instead.

They confirmed that yes, someone had attempted to use my card details over 4,500 miles away from London – but the attempted payment was blocked as suspicious, so no money was stolen. 

I cancelled my card and ordered a new one as the recommended safety precaution, given someone else had my details. But as a reporter I was left wondering how did this happen? 

How was it that my bank details were somehow stolen, passed onto someone on the other side of the world and almost successfully used at what looked to be a small retailer in Suriname?

Credit cards are a solution - and part of the problem

Debit and credit cards are a part of everyday life that we don't think about, but not so long ago they would have felt like a strange concept to those using physical currency to buy things. The first UK credit card was issued in 1966, while the first debit card didn't arrive in the UK until 1987.

Now, there are over 51 million debit cardholders in the UK, accounting for 96% of adults, while over 32 million UK adults have a credit card. According to the trade association UK Finance, total spending on credit and debit cards accounted for over £800 billion during 2018, with over 20 billion transactions over the course of the year.

Such is the increased popularity of using card payments – helped by online shopping and the ability to make contactless payments in stores – that it's overtaken cash as the most common form of payment in the UK, and the number of card payments is still growing. the savings bank of walpole

SEE: Identity theft protection policy (TechRepublic Premium)

We're using them a lot more online, too. That makes it easier for us all to buy all manner of goods and services, but it also means that if crooks have the details they can use your account even if the physical card is safe in your pocket, because with online shopping, which only requires the input of credit card numbers, the card doesn't need to be present. 

And the unfortunate truth is that crooks have access to a lot of credit card numbers, thanks to almost constant waves of data breaches from companies big and small.

Female holding credit card making online payment, closeup view

 So how are cyber criminals gaining access to all this data, how do they trade it and just how big is this illicit underground economy?

"It's a really interesting question because chase checking minimum direct deposit doesn't have a clear answer. This sounds really Rumsfeldian but there are just unknown unknowns," says Troy Hunt, creator of Have I Been Pwned?, a website that allows people to check if their email address, password or other personal data has been compromised in a breach. 

Have I Been Pwned? currently contains data on almost 10 billion compromised accounts from over 450 websites and data dumps that have been released publicly by hackers – but that's almost certainly just scratching the surface of the free working credit cards with money 2017 that's been stolen over the years, because there are many more data breaches where the data hasn't been publicly dumped by the hackers.

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"We know there's a huge amount of incidents, which have made the headlines, which aren't in the system," says Hunt. 

There are also many more breaches at smaller companies which might not even make headlines, but could still involve the personal data of thousands of people being stolen. 

Businesses need to be more careful with your data

There are a number of ways criminals can steal data. 

One classic example of this is point-of-sale (PoS) malware, which is malicious software that gets installed by gangs onto the PoS terminals that shops, restaurants, bars and other retailers use to take payments by card – a key part of almost any retail business.

And it's because they're a part of the furniture that many of these systems are so vulnerable, because organisations forget they're computer systems that can contain vulnerabilities and need to be updated. Businesses can go years without being aware that customer payment information was being copied and stolen every time a transaction was made. 

It's possible to install malware onto PoS terminals physically but such systems can also be compromised across the corporate network itself as the result of a hacking campaign. 

The attack might start with a phishing email aimed at unwary employees or a more technical approach targeting the network's internet-facing remote ports as a way to get onto the network and move across the network to the PoS unit to install malware.

This is possible because most PoS systems run on a modified version of Windows, meaning that the computer can be vulnerable to attack like other Windows devices. And while most Windows systems on a network should be receiving regular security patches to ensure they can't fall victim to attack, it's all too easy for the PoS terminal to be forgotten about.

That was the case with the retailer Dixons Carphone, which had PoS malware installed on over 5,000 terminals between July 2017 and April 2018 and card information of more orange and rockland electric five million customers being accessed by hackers. 

A texas a&m college of medicine by the Information Commissioner's Office pointed to "systematic failures" in how the retailer safeguarded personal data and managed the security of its networks – including the failure to patch systems against known vulnerabilities.

Male waiter going through orders while working at cash register in a bar.

There are expectations that larger businesses will, for the most part, budget for IT security and upgrade the network when needed, but for smaller businesses that approach might not be as simple – yet they're going to be targeted by hackers too, especially if they're viewed as an easy target.

"Change is hard for everybody, especially for small businesses. If that credit card terminal is working, do you want to spend hundreds to upgrade to a new system you have to learn to use? Businesses just want to be paid as normal," says Kevin Lee, digital trust and safety architect at Sift, a payment-fraud prevention company.

That's why PoS malware remains so common – and potentially how my card details got stolen. But it's far from the only way it could've occurred.

SEE: Hiring Kit: Security Analyst (TechRepublic Premium)

Another common means of card information being stolen is directly from ATMs. While it's possible to remotely install malware on cash machines – after all, they're mostly just Windows PCs and often old versions of Windows at that – physically tampering with the devices provides attackers with an even simpler means of stealing bank details. how to appear offline on xbox one app

These skimming attacks see criminals placing their own card-reading components on top of the real device, allowing them to not only see the card details contained within the mag stripe, but also able to see the PIN code – providing them with all the data they need to make payments and withdrawals – or collect that information to sell it.

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"It's entirely possible that you've used your card at an ATM and there's been a skimmer that's read your card and someone has figured out how to clone your card and sold it online. That's entirely feasible – your card might not have been involved in a breach at all, but a skim," says Leigh-Anne Galloway, head of commercial security research at Cyber R&D Lab.

"There's still a large amount of skimmers in circulation. They're still pretty popular because they work."

Your data could be on an underground market

In some cases, criminals will use stolen card information for themselves, simply using the details either to clone the card, or to make purchases online. But tying purchases made on a stolen card directly to their own identity is likely to risk getting them caught sooner rather than later.

That's why selling stolen card details online is the lower risk choice for crooks with large numbers of credit card details to sell. And with large scale data breaches so common, the cyber-criminal underground markets specialising in trading stolen information are extremely busy.

"Cyber criminals are just looking for a way to monetise the data that they get and often it's a lot more complicated than people realise. If you're good at writing malware, but you don't know what to do with credit card information, that's why you'd turn to the underground," says Liv Rowley, threat intelligence analyst at Blueliv. "Sometimes it's clear following big-data breaches and they're handed off," she says.

There are dozens of different card shops at any one time as criminals attempt to trade stolen details while also remaining outside the eyes of the law. Some remain in business for a long time, while others get shut down – either by law enforcement, or by the operators themselves in an effort to avoid getting caught. One of the free working credit cards with money 2017 and most successful is Joker's Stash, which is often used as a way to sell millions of credit card details and other personal information at any one time. 

POV cyber hacker attacks

This particular forum also has ties to Fin7, a prolific hacking group that has stolen details about millions of credit cards from retailers, restaurants, casinos and others over the years. If Fin7 is behind a data breach, the details often turn up for sale on Joker's Stash.

Earlier this year, US authorities directly linked Fin7 to Joker's Stash, among other carding forums, in an indictment following the arrest of Ukranian nationals accused of being members of the hacking group.

However, it doesn't appear as if my details being stolen was related to any of these breaches – at least any that are in the public light – so what are the other options if it was stolen in a data breach?

There are smaller carding forums where users turn up to sell data they've stolen, and potential buyers can barter to buy as many or as few as they'd like – sometimes details on a single stolen card can cost under a dollar. 

SEE: Cybersecurity 101: Protect your privacy from hackers, spies, and the government (ZDNet)

In many cases, the process is completely automated and users can establish who can be trusted via the reviews that have been left by previous buyers – much like any other peer-to-peer online retail environment.

"You don't really need to interact with anyone, you just go there, search what you're looking for and just buy it. It's nice for cyber criminals because it's a pain-free process," says Rowley. The pain is felt, of course, by the victims instead.

Two seconds that make all the difference

It could be that my card details passed through a few different hands before ending up in South America – but why, of all places, was it a gas station or a small convenience store where it looks like a copy of the card was attempted to be used? 

Printing cards is a relatively simple process for criminals, and the physical tools they need to do it aren't actually illegal. After all, plastic identity cards exist in many workplaces, and they need to be able to print them out, while it's also possible to buy and use an embosser to punch raised bank details and personal information onto cards so they look like the real thing.

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"You're a cyber criminal and you've bought this data, and it's just raw numbers. You take that data, you take a plastic card and print out the correct bank information, you pop up the letters for the name and numbers that should be on it," Rowley explains. "Then you write the information on the magnetic stripe and that should work," she adds.

For cyber criminals, the perfect place to test if these cards – and the bank details they've stolen – work is small retailers as they often don't have sophisticated security in place.

"Gas stations are a great place to test credit card numbers because you don't have to deal with the gas attendant – you slide the card in and if it works you get a free tank of gas and keep going. If it doesn't work, there's no harm in trying. If it works at a gas station, it's a green light to make larger transactions," says Kevin Lee.

There's no way to find out what the person using my details was attempting to buy, but it's likely if the transaction had gone through, they would have attempted to milk my bank account for much more than the £108. Fortunately, the attempt at using my card was almost immediately detected and stopped by the bank.

"We have two seconds to make the decision. We would've decided in the first two seconds to decline that," says Paul Davis, retail fraud director at the UK's Lloyds Bank. 

Lloyds Banking Group has 12 different systems to analyse transactions for unusual payments, and it works with external companies and Visa to examine the vast amount of payments which are made every single day. These systems need to find a balance between flagging potentially suspicious activity, while also not standing in the way of regular transactions.

"The fraud engine will look at things like who you're trying to pay, how much you're paying them, have you ever made a payment like that before," Davis explains – pointing out how the unexpected location of my payment that was attempted using my card likely played a role in identifying it as potentially suspicious.

"I don't know how many of our customers make transactions in Suriname – probably not many – so that's more likely to flag an alert," he says. 

Customer paying for order of cheese in grocery shop.

The location, combined with the merchant, the history of other transactions there – and whether they're fraudulent or not – and the amount being paid all helps the bank come to a decision. And in this case, it correctly decided that free working credit cards with money 2017 transaction was fraudulent – but these decisions have to be made quickly and without blocking genuine attempts at purchases.

"The more data we have, the better this system is and the more likely we'll stop more fraud and interrupt fewer genuine cases," says Davis.

In some cases, it's easier to spot that attempts at fraud are happening, such as if criminals make lots of requests at once using sequential card numbers – indicating that they're working their way down a list. In that case, attempted transactions for card numbers yet to be tested can be preemptively blocked.

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"If there's a merchant we've never seen before and all of a sudden we get 10,000 payments with almost sequential numbers, or with a pattern, they stand out as being suspicious. We block those payments before it even gets to the fraud-detection engine," Davis explains.

Cyber criminals have in the past been able to get away with this type of trick – it's what led to attackers being able to steal over £2 million from 9,000 Tesco Bank customers in November 2016 – but advances in fraud detection mean they're more able to be easily blocked.

In some cases companies may not even realise that they've been breached.

"Breaches aren't always reported. In our experience, the number of merchants who've potentially had a breach, but haven't yet noticed it, is a lot higher," says Davis. "A lot of people's card data is being traded on the web and so to keep the systems secure we're reliant on systems we run in banks."

Credit card fraud is far from unusual

But it isn't just by directly stealing bank information that cyber criminals are able to get what they need to to abuse personal data to commit fraud. Names, social media accounts, addresses, birthdays and all sorts of other information is potentially out there and can be used to build false profiles or socially engineer victims into falling victim to cybercrime. It has even happened to high-profile politicians.

"Oftentimes, you can gather enough from social media to log in to their accounts or answer security questions," says Charity Wright, cyber threat intelligence advisor at IntSights.

Information from stolen accounts can be put up for sale on underground forums and, if the victim has reused their email password on other important accounts, it could easily provide a means of attackers getting hold of much more information, potentially even online bank accounts.

Wright's role involves searching the open and first city bank phone number web for information about CEOs, executives and other high-profile individuals to see what information is out there – and crucially help stop cyber criminals from using and abusing it. She also looked at what information about me was out there and perhaps, surprisingly, given my job, there's not much to find based on my name.

"Your digital footprint is limited to professional and social media from what I can tell, which is excellent given your public profile in the media," she said.

Two women using their mobile phones together

Nonetheless, via skimming, PoS malware or something else, cyber criminals were able to get hold of my bank details – despite how I write about cybersecurity everyday and know how to take precautions to help protect myself. 

However, I'm certainly not the only person I know whose had their bank information or other personal details stolen over the years and I won't be the last; a lot of people have fallen victim to similar fraud and even many of the security researchers I spoke to when trying to find out what happened to my card details have fallen foul of cyber criminals at one point or another.

"I don't think there's as much of a stigma of being caught out by credit card fraud; I don't think as many people would feel it now. It's just one of these things that happens and a lot of the time it's completely out of your hands as you're finding now – you have no idea where or how it happens," says Chris Boyd, lead malware intelligence analyst at Malwarebytes.

"And when PoS malware can lurk on networks for a year or more, how are you going to know?"

I was fortunate that an attempt at using my bank account was spotted; many haven't been so lucky – and they've had criminals use card details to make very large purchases. Boyd found himself a victim of one of these schemes.

"The short version is I got contacted and told there was fraud on my card," he explains. "Usually you hear about small amounts claimed, people will get hold of card details and take a little bit here and there – but this was about £14,000!"

SEE: Identity management 101: How digital identity works in 2020 (ZDNet)

As with my case, it wasn't possible to pin down how exactly the card details got stolen, but in this instance, the scale of the purchase was unusual.

"Somehow, someone had got my credit card details and they'd gone to a specialist wine supplier, an organisation that sells huge quantities of wine to shops, and put in a baffling order for £14,000 of wine," says Boyd.

"The Great Wine Heist," as he describes it just goes to show that even those who are deeply knowledgeable about security can fall victim to cybercrime – and in most cases, they're unlikely to find out how it happened, either.

"You realise there's only a small amount of places you buy from regularly and an even smaller amount of outliers, so it's easy to figure out your day-to-day movements and what you spend," Boyd explains.

"But then you still hit a brick wall because none of it comes in handy for finding out what happened to your information," he adds.

Some people seemingly haven't actively fallen victim to fraud, yet it still feels free working credit cards with money 2017 if it's only a matter of time before something happens.

"For me, as an American, I have a social security number and I have no doubt that my social security number is somewhere out there on the dark web, it's just a matter of luck I haven't had my identity stolen yet. That's the point we're at, it's so easy to lose control of your data," says Liv Rowley.

Download this article as a PDF (free registration required).

Take precautions to keep data safe and secure

It might feel as if getting your card details stolen is inevitable due to the sheer number of organisations that fall victim to hacking and malware campaigns. Nonetheless, it is possible to take precautions against credit card fraud.

"Don't let your card out of your sight. Keep in control of your card because if you give it up, you don't know if it'll be skimmed or have the details written down," says Paul Davis.

While it's impossible to know if any organisation is about to become a victim of a data breach, on the whole, it's recommended that people buy from trusted vendors, so in the worst case scenario even if details do get leaked, information about the leak emerges eventually. This might not be the case if people buy from online – or other – stores that have been set up with the intent of stealing personal data.

However, the individual can only do so much to stay safe online, when it ultimately falls to the organisations that are handling personal data to keep it from going missing. 

Legislation like the General Data Protection Regulation (GDPR) provides an extra incentive for organisations to keep personal data of customers and consumers safe, because if the company falls victim to a breach and is judged to have managed security irresponsibly, they could face a huge financial penalty. 

Trouble in data center

British Airways, for example, was issued with a penalty of £183 million after personal data – including bank details – of over 500,000 customers was stolen, with "poor security arrangements" blamed.

But even if your personal information is stolen in a big batch alongside hundreds of thousands, maybe even millions of others – and it isn't your fault – it's still hard not to feel as if your bank account being used, or your password being used, is a personal attack.

"Most of the time, it's not personal, the same with things like account takeovers and credential stuffing – you're one of a million people on a list and that's the criteria as to why it's happened, that's literally it," says Troy Hunt.

And it does indeed look as if some of my information was up for sale, with several cards at least partially matching my card number advertised on an underground forum for the price of $25, according to one researcher I asked to dig around.  

No information about my address was listed, which appears to suggest that my details are potentially more likely to have been stolen via the use of a skimmer or PoS malware, rather than an online retailer that would also need my address to send out an item.  which car insurance is best for military

That's all educated guesswork on my part. I'm unlikely to ever find out how exactly my card details got stolen, how they ended up in South America and who was attempting to use them. I, however, was fortunate that the bank managed to pick up suspicious activity and blocked anything from happening – many others aren't so lucky.

But as long as there's bank information and other personal data out there for cyber criminals to keep grabbing, exchanging and exploiting, it'll keep happening. For victims, while it may be frustrating, even upsetting, perhaps knowing they haven't been individually targeted could provide some comfort, even if they too never really work out how it happened.

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Security TV CXO Data Management

How Credit Card Companies Make and Earn Money

Credit card companies make money by collecting fees. Out of the various fees, interest charges are the primary source of revenue. When credit card users fail to pay off their bill at the end of the month, the bank is allowed to charge interest on the borrowed amount. Other fees, such as annual fees and late fees, also contribute, though to a lesser extent. Another major source of income for credit card companies are fees what is chime on dryer from merchants who accept card payments.

Through the fees they get to collect, banks make a profit on their credit card business.

Income from Credit Card Interest and Merchant Fees

The primary way that banks make money is interest from credit card accounts. When a cardholder fails to repay their entire balance in a given month, interest fees are charged to the account. For any given account, the interest charged is equal to the card's periodic rate multiplied by the average daily balance and number of days in a billing period. The periodic rate is the annual percentage rate (APR) divided by 365. In the United States, the average credit card interest rate paid by interest-bearing accounts is 19.33%.

The second free online checking and savings account source of income for credit card companies are fees collected from merchants. When a retailer accepts a credit card payment, a percentage of the sale goes to the card's issuing bank. This is commonly referred to as the interchange rate, which will vary from card to card and retailer to retailer.

The table below shows the year-to-date credit card income for five banks. This information is self-reported by banks from 2019 annual report data.

American Express$8,620,000,000$4,042,000,000$12,662,000,000
Barclays$3,079,000,000$244,000,000$3,323,000,000
Capital One$18,349,000,000$3,179,000,000$21,528,000,000
Chase Bank$51,660,000,000$20,370,000,000$72,030,000,000
Discover$9,700,000,000$1,066,000,000$10,766,000,000

When free working credit cards with money 2017 at income, consider a bank's expenses. For example, when credit card issuers offer loans, some consumers never pay them back. These are commonly referred to as "interest expenses." However, these expenses are just a fraction of the interest income. Here is an industry-wide overview:

Total Interest Income11.53
Total Interest Expenses1.87
Net Interest Income9.71

Finally, banks also take in other forms of non-interest income. While a large portion of it is made up of the aforementioned interchange fees, the rest comes from annual, late, cash advance and balance transfer fees. These also have other types of overhead expenses associated with them.

Total noninterest income3.78
Total noninterest expenses6.32
Net noninterest income-2.54

When both net interest and net non-interest incomes are considered together, credit card companies make a sizable profit. In 2016, these income sources accounted for a positive 4.04% of their average quarterly assets.

How Much Do Credit Card Companies Make Per User?

According to data from 2017, each active account makes $180 on average for credit card companies per year. Again, credit card companies make money primarily from the interest accrued and the interchange fees per account.

American Express62,700,000$36.93$60.43$97.36
Barclays16,300,000$180.50$18.50$199.00
Capital One62,100,000$172.31$34.09$206.40
Chase Bank82,800,000$118.58$21.13$139.71
Comenity9,589,510$368.45$15.25$383.70
Discover38,700,000$191.23$17.40$208.63
Synchrony36,700,000$243.38$16.43$259.81

How Do Credit Card Networks Make Money?

Visa, Mastercard and American Express earn money from assessment fees, which are assessed for processing a merchant's credit card transactions. These are different from the interchange fees previously mentioned. The card call best buy customer service company, which has the logo on the bottom right corner of a card—collects a far can you open a bank account online fee with each transaction known as the assessment fee. The fee is 0.14% of each credit card transaction through Visa, and 0.1375% for Mastercard transactions.

Sources:

Источник: https://www.valuepenguin.com/how-do-credit-card-companies-make-money
Best cash back credit cards in Canada

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The concept behind cash-back credit cards is easy to understand. You get a small percentage back on purchases you make with the card, and the reward comes in the form of cash back, meaning money. The beauty of this system is that cash-back rewards are flexible and you can spend them on anything you want.

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No two cash-back credit cards are identical, so you need to consider the annual fee, earn rate, how much your charge to your card and any additional benefits before you apply. To help you pick the right card we’ve put together a list of what the top options have to offer based on different categories.

The best cash-back credit cards in Canada 2021

‡$500 monthly spending cap


Best flat-rate cash-back card

SimplyCash Preferred Card from American Express*

The SimplyCash Preferred Card from American Express is ideal if you use your credit card a lot and you want to keep things simple. You won’t have to deal with different bonus categories or tiered earn rates. You’ll earn an industry-leading 2% cash back on all your purchases, regardless of whether it’s gas, groceries, electronics or online purchases. Additional authorized users can be added at no cost, which is ideal for couples or families looking to share an account and compound their rewards. There is no limit to how much you can earn. Plus, American Express welcomes new members with an increased earn rate of 10% cash back (up to $400) on all purchases for your first four months of having the card. One thing to note is that while Amex cards are accepted at thousands of locations, including most major grocery stores, restaurants and retail chains, they aren’t as universally accepted as Visa or Mastercard, so you might want to carry a debit card or a second credit card from Visa or Mastercard as a backup.

  • Annual fee: $99
  • Welcome bonus: 10% cash back on all purchases for the first 4 months (up to $400 cash back)
  • Earn rate: 2% cash back on all purchases
  • Additional benefits: American Express Invites; comprehensive car rental and travel insurance; referral bonus, free authorized users

Get more walmart grocery order about the SimplyCash Preferred Card*


Best no-fee cash-back cards

For flat rate: SimplyCash from American Express*

Not to be confused with its big brother the SimplyCash Preferred (see above), the SimplyCash from American Express trades a slightly lower earn rate for no annual fee. The regular earn rate of 1.25% gets you an above-average return on otherwise general purchases like clothes, electronics and online purchases—spends that would likely net you between 0.5% and 1% back with another card. While it’s true that American Express can be used less widely than Visa or Mastercard, it is accepted at more places than you might think. If you’re worried about it, consider carrying a second credit card as a backup. 

  • Annual Fee: $0
  • Welcome Bonus: Get a welcome bonus of 4% cash back in the first 6 months (up to $200 cash back)
  • Earn rate: Get 1.25% cash back on all purchases regardless of purchase category
  • Additional benefits: $100,000 in travel accident coverage; referral bonus; free authorized users; access to virtual events and special offers with American Express Experiences

Get more details about the SimplyCash Card*

For bonus categories: Tangerine Money-Back Credit Card*

Tangerine Money-Back Credit CardIf you want a cash-back card with no fees that is easy to understand, then the Tangerine Money-Back Card is a good choice for you. All cardholders get to choose two categories where they earn 2% cash back. If you opt to have your cash back deposited directly into your Tangerine Savings Account, then you get to choose a third category that earns you 2% cash back. All other purchases earn you 0.5% cash back.

Since this is a basic no-fee, cash-back card the other benefits are thin. However, you do get purchase assurance, which protects your purchase from loss, theft or damage within 90 days and an extended warranty that doubles your manufacturer’s warranty up to an additional year.

If you meet the $60,000 annual income requirement you’ll automatically be considered for the Tangerine World Mastercard, which comes with additional perks such as mobile device and rental car insurance.

  • Welcome bonus: Earn 15% cash back (up to $150) when you spend $1,000 on everyday purchases within the first 2 months of having the card. Must apply before December 31, 2021
  • Earn rate: 2% cash back on up to 3 categories; 0.5% on all other categories
  • Income requirement: $12,000

Get more details about the Tangerine Money-Back Card*

For high earners: Rogers World Elite Mastercard

The Rogers World Elite Mastercard often doesn’t get as much love free working credit cards with money 2017 it deserves. With this card, you earn 1.5% cash back on all your purchases. Best of all, you can redeem that cash back towards most of your purchases made with your card within the last 90 days.

The 3% cash back on purchases made in U.S. currency effectively means you earn 0.5% in cash back on purchases once you factor in the 2.5% foreign exchange fee. In other words, this is a card for online shoppers and U.S. travellers to consider. The one major caveat (aside from its $80,000 annual income requirement): You must charge at least $15,000 in purchases on the card every 12 months to keep it, otherwise you’ll be downgraded to the entry-level Rogers Platinum Card that earns a less impressive 1% cash back on everything.

  • Welcome bonus: $25 in cash back rewards when you make your first card purchase
  • Earn rate: 3% cash back on purchases in U.S. currency; 1.5% on all other purchases
  • Income requirement: $80,000 (personal) or $150,000 (household)
  • Additional benefits: Travel insurance; cash back on foreign purchases

Best cash-back credit card for groceries and bills

Scotia Momentum Visa Infinite*

The Scotia Momentum Visa Infinite is a strong cash-back card that offers competitive perks and rewards and comes with an excellent welcome offer. Cardholders can earn an impressive 4% cash back on groceries, recurring bills and subscription services—a structure that may well suit large families or households. Transportation expenses—gas and public transit—earn at 2%, and everything else comes in at 1%. Note that there is a $25,000 cap on qualifying spends in each category; any purchases exceeding that amount will earn the base 1%. There’s also $1,000 in mobile device insurance and $1,500 per person in trip cancellation protection.

Since this is a Visa Infinite card, there is a minimum annual income of $60,000 or a minimum household income of $100,000 requirement to be approved for the card. The annual fee—now $120—will be waived for new applicants for the first year.

  • Annual fee: $120 (waived first year)
  • Welcome bonus: Earn 10% cash back on all purchases up to $2,000 for the first 3 months. Apply by January 1 2022.
  • Earn rate: 4% cash back on groceries, recurring bills and subscription services; 2% on public transit and gas; and 1% on everything else
  • Income requirement: $60,000 (personal) or $100,000 (household)
  • Additional benefits: Mobile device insurance; travel insurance; concierge service; Visa Infinite Dining and Wine Country Series

Get more details about the Scotia Momentum Visa Infinite*


Best cash-back credit cards for groceries and gas

CIBC Dividend Visa Infinite Card

The CIBC Dividend Visa Infinite is on our list for its generous earn rates. Not only does this card earn bonus cash back across five popular spending categories, including gas, groceries, dining, transit and recurring bills, it quadruples the cash back earned on groceries and gas purchases. As for other things you pay for, you will get 2% when you use this card for dining (even with takeout and delivery), public transit, Uber rides, taxis and recurring bills. This all adds up, especially when considering  recurring payments  can include everything from cell phone and internet bills to streaming services. We also like that you can redeem for cash back at any time of the year in increments of just $25.

  • Annual fee: $120 (rebated for the first year)
  • Rewards on other purchases: 4% cash back on groceries and gas, 2% on dining, daily transit, and recurring bills, and 1% back on everything else
  • Welcome bonus: Get 10% cash back for all purchases on your first four statements, or first $2,500 in purchases, up to $250 in code lumiere bb l oreal back). After that, the earn rate becomes 4% on gas and grocery purchases and 1% cash back on everything else.
  • Additional benefits: Emergency travel medical insurance, t car rental collision and loss damage insurance; mobile device insurance; and 
  • save up to $0.10 per td america auto finance at participating Chevron, Ultramar and Pioneer gas stations when you link your card with Journie Rewards.
  • Income required: $60,000 or $100,000 as a household

Meridian Visa Infinite Cash Back

For many Canadians, the largest and most regular expenses are gas and groceries. For them, finding a cash-back card that rewards well on these spends is just good money management. With 4% back in both these categories, the Meridian Visa Infinite Cash Back card tops the list. You’ll receive 2% on drug store purchases and recurring bills, and the 1% base earn rate on all other purchases sweetens the deal. 

The Meridian card also offers a few extra features like mobile device insurance and up to 48 days of travel insurance.

  • Annual fee: $99 (first year free)
  • Earn rate: 4% cash back on gas and groceries; 2% on drug stores and recurring bills; 1% on everything else
  • Income requirement:$60,000 (personal) or $100,000 (household)
  • Additional benefits: Mobile device insurance; travel insurance; concierge service; Visa Infinite Dining and Wine Country Series

Honourable mentions

TD Cash Back Visa Infinite*

With an annual fee of $120 (which is rebated for the first year for you and one other the university of the west indies trinidad and tobago and an earn rate of 3% cash back on gas, grocery and recurring bill payments, the TD Cash Back Visa Infinite Card is worth considering seriously.

The welcome bonus of 6% on all purchases is great, as is the included TD Auto Club membership which is basically a roadside assistance package. TD Auto Club is comparable to CAA and covers you for things such as a dead battery, tire changes, gas delivery, $200 in accident towing, $200 in emergency transportation and more.

When it comes to travel insurance, you only get travel medical coverage and delayed and lost baggage insurance which is not very comprehensive, however the welcome offer and the TD Auto Club membership are excellent perks in their own right.

  • Annual fee: $120 (rebated  first year)
  • Welcome bonus: Earn 6% cash back on all purchases for the first 3 months, free working credit cards with money 2017 to a total spend of $2,000. Must apply by December 5, 2021. Quebec residents, please click here.
  • Earn rate: 3% cash back on gas, grocery and recurring bill payments; 1% on all other purchases
  • Income requirement:$60,000 (personal) or $100,000 (household)
  • Additional benefits: Deluxe TD Auto Club membership; some medical insurance

Get more details about the TD Cash Back Visa Infinite*

BMO CashBack Mastercard*

Links to BMO Cash Back Mastercard application

Recent changes to this no-fee card, often recommended for students, have made it more interesting to a wider range of value-seekers. Cardholders now earn 3% cash back on groceries, 1% on recurring bill payments and an unlimited 0.5% on everything else. And the welcome bonus—5% back for the first three months—can rack up to $100.

  • Annual fee: $0
  • Earn rate: 3% cash back on groceries; 1% on recurring bills; 0.5% on everything else
  • Welcome bonus: Get up to 5% cash back for the first 3 months; introductory 1.99% interest rate on balance transfers for 9 months with 1% transfer fee; plus apply now to get a $50 cash back bonus when you spend over $6,000 in the first year (up to $175 cash back).
  • Additional perks: Purchase protection and extended warranty; discounts at Avis and National Car Rentals and Cirque du Soleil; free to add authorized cardholders
  • Income required: None specified

Get more details about the BMO CashBack Mastercard*



How to make the most of your cash-back credit card

Never carry a balance

The payoff with a cash-back credit card is the cash—a reward that is easily cancelled out by the penalties and interest accrued if you carry a balance. Like all rewards credit cards, brinks money card atm cards tend to carry annual interest rates at the higher end, usually around 19.99%. At this rate, unpaid debt will rapidly accumulate interest charges that eat up any gains you’ve made. As long as you pay off your balance in full every month, you’ll avoid this pitfall, but if you find you regularly carry a balance, you might consider a low interest credit card instead.

Compare your cash-back card options

It’s easy to go with the cash-back card offered by your current bank, but that’s not always the best choice. Take the time to compare your options to identify the card that delivers the highest return based on your particular spending habits and lifestyle. Remember: you don’t need to open a chequing or savings account with a bank in order to get a credit card, and you can pay your bill electronically from any bank account.

Don’t dismiss cash-back cards with an annual fee

While it might seem counterintuitive to pay an annual fee on a cash-back card, be aware that cards with a fee generally deliver better rewards and perks. If these perks are worth more than the annual fee (and if the card fits your spending habits in other ways), you might choose a cash-back card with a fee.

Consider using multiple credit cards

Using too many credit cards at once is generally frowned upon, as this can be a sign of insolvency. However, a strong credit-card strategy can involve pairing cards to maximize benefits. For example, the TD Cash Back Visa Infinite offers 3% back on gas, groceries and recurring bills, but only 1% on everything else, while the Tangerine Money Back Card has no annual fee and offers 2% back in up to three spending categories of your choice. Strategically it would make sense to select drug stores, parking/public transit and restaurants to fill in the gaps on everyday spends without having to pay more for the better earn rate.

Add your partner as an authorized user

Adding an authorized user, typically your partner, to your account can be a cost-effective (or even free!) way to boost your earnings on a premium card. With this setup, both cardholders accrue rewards or cash back on their spends without paying double the annual fees. If, for example, your card has a $120 annual fee, you might be able to get an additional authorized user for as little as $30 more. Some premium cards, like the SimplyCash Preferred from How to deposit cash into chime account Express, even let you add authorized users for free. It does bear mentioning that this requires some thought as only the primary cardholder will be responsible for paying off the balance—not the authorized users.


Cash back versus travel credit cards

When choosing a rewards credit card, many Canadians find themselves torn between two types: Cash back and travel. This shouldn’t come as a surprise—both are popular and have valuable strengths. Here we break down both card types to help you decide which card is right for you.

Simplicity

It’s important to be able to understand your credit card rewards program, and cash-back cards are about as clear as you can get. If you earn 2% back, you absolutely know you’re going to receive $0.02 on every $1—no complicated math required. With travel rewards credit cards, there are sometimes different earn rates and redemption values. Thesevariables can affect how or when you want to collect or redeem. 

Bottom line: If you’re invested in earning travel rewards, acquainting yourself with your card’s program may be the best way to go, otherwise you can’t top cash when it comes to simplicity.

Rewards and bonus categories

How you earn can be just as important as what you earn. Travel rewards credit cards usually offer a very wide breadth of spending categories to earn in, while cash-back cards can be more restrictive.

Aside from a few exceptions, the majority of cash-back credit cards offer the same limited selection of bonus categories (namely gas, groceries and utility bills). In comparison, travel credit cards have a far larger selection of bonus categories (like restaurants, hotel stays, flights, Uber rides and public transit, in addition to the groceries and gas), which means you can potentially earn more points on more types of purchases. 

Bottom line: You’re likely going to earn more points or miles, in more spending categories, with a travel rewards card than cash with a cash-back card. 

Flexibility

The reason they say “Cash is king” because it can be used for anything you want, such as everyday spending on gas and groceries. In contrast, the points you earn on travel cards are usually geared towards travel rewards and offer the best value when redeemed for flights and hotel stays.

Bottom line: Cash is the most flexible reward there is, but if you’re looking to save on flights and hotel stays, a travel card can offer considerably more value.

Welcome bonuses

Typically, travel rewards cards can offer hundreds of dollars in rewards as a sign-on bonus, while cash-back cards usually offer an increased earning percentage for a short introductory time. One thing to note is that bonuses on cash-back cards are usually easier to earn—while travel rewards cards usually are worth more but have stricter spending requirements. 

For example, with the BMO World Elite Mastercard, you can get 3,000 bonus points ($240 value) only after you spend $3,000 on the card within your first three months. In contrast, the BMO CashBack World Elite’s welcome offer lets you earn 5% cash back right out of the gate on all your purchases adp atm near me no fee the first three months but it maxes out at just $200. 

Bottom line: The welcome bonuses on cash-back cards are typically worth less but are easier to get than the offers available on travel cards.  

Side perks

Perks are little extras available to you as a cardholder. These are usually things like airport lounge access, longer and more comprehensive travel insurance coverage, or obesity statistics in america on certain expenses like a Nexus entry fee. As you can see, perks are very often tied directly to travel, so it should come as no surprise that you’re more likely to find them on travel rewards cards than on cash-back cards.

Bottom line: In many ways, cash is the perk on a cash-back card. If you’re looking for little extras, your best bet is a travel rewards card.


More on the best credit cards


Our methodology

For the best cash-back credit cards 2021 ranking, MoneySense tapped into Ratehub.ca’s‡ credit card tool and calculated the numbers for both fee and no-fee, cash-back rewards credit cards based on $2,000 in monthly spending. We aol email account password reset the following scenario: $500 on groceries, $200 on gas, $200 on restaurants, $125 on bill payments, $175 on travel, $225 on entertainment, $75 on pharmacy purchases and $500 on everything else.

The end game was a magic number—that is, the annual net reward in dollar terms to identify the top cash-back credit cards for each type of spender, along with an honorary mention. Our methodology also took into consideration other factors, including limited-time accelerated earn rates, the range of spending bonus categories, annual fee waivers, purchase protections and travel insurance perks.

‡MoneySense.ca and Ratehub.ca are both owned by parent company Ratehub Inc. We may be partnered with some financial institutions, but this does not influence the “Canada’s Best Credit Card” rankings. You can read more about this in our Editorial Code of Conduct.

What does the * mean?

If a link has an asterisk (*) at the end of it, that means it's an affiliate link and can sometimes result in a payment to MoneySense (owned by Ratehub Inc.) which helps our website stay free to our users. It's important to note that our editorial content will never be impacted by these links. We are committed to looking at all available products in the market, and where a product ranks in our article or whether or not it's included in the first place is never driven by compensation. For more details read our MoneySense Monetization policy.

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Using your M&S Credit Card outside the UK

FAQs

Will I be charged a non-sterling transaction fee?

A non-sterling transaction fee is a currency conversion fee for making a purchase or withdrawing cash in a foreign currency. For credit card transactions, a fee of 2.99% of the sterling amount of the transaction will be charged. This will be shown as a separate line on your statement.

Will I be charged a non-sterling cash fee?

A non-sterling cash fee is a charge for using an ATM abroad to withdraw foreign currency. For advances from an ATM using an M&S Credit Card, we will apply a non-sterling cash fee of 2.99%, minimum £3.

Will I be charged an ATM withdrawal fee?

This is a charge from the ATM provider for using their machine. This will be advised on the screen at the time of withdrawal.

How much will I be charged paying in local currency in the European Economic Area (EEA)?

Travelling in the European Economic Area (EEA)?* See how paying in local currency on your M&S Bank Credit Card compares to the European Central Bank (ECB)'s latest foreign exchange rates.

This shows the percentage difference between the ECB exchange rate and your card rates, depending on how you pay. You can find out more about these fees above.

*European Economic Area where you can pay in currency includes Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Italy, Iceland, Ireland, Latvia, Lithuania, Liechtenstein, Luxembourg, Malta, Norway, the Netherlands, Poland, Portugal, Romania, Spain, Slovakia, Slovenia and Sweden.

Источник: https://bank.marksandspencer.com/help/card-support/using-your-card-abroad/

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Best cash back credit cards in Canada

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The concept behind cash-back credit cards is easy to understand. You get a small percentage back on purchases you make with the card, and the reward comes in the form of cash back, meaning money. The beauty of this system is that cash-back rewards are flexible and you can spend them on anything you want.

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No two cash-back credit cards are identical, so you need to consider the annual fee, earn rate, how much your charge to your card and any additional benefits before you apply. To help you pick the right card we’ve put together a list of what the top options have to offer based on different categories.

The best cash-back credit cards in Canada 2021

‡$500 monthly spending cap


Best flat-rate cash-back card

SimplyCash Preferred Card from American Express*

The SimplyCash Preferred Card from American Express is ideal if you use your credit card a lot and you want to keep things simple. You won’t have to deal with different bonus categories or tiered earn rates. You’ll earn an industry-leading 2% cash back on all your purchases, regardless of whether it’s gas, groceries, electronics or online purchases. Additional authorized users can be added at no cost, which is ideal for couples or families looking to share an account and compound their rewards. There is no limit to how much you can earn. Plus, American Express welcomes new members with an increased earn rate of 10% cash back (up to $400) on all purchases for your first four months of having the card. One thing to note is that while Amex cards are accepted at thousands of locations, including most major grocery stores, restaurants and retail chains, they aren’t as universally accepted as Visa or Mastercard, so you might want to carry a debit card or a second credit card from Visa or Mastercard as a backup.

  • Annual fee: $99
  • Welcome bonus: 10% cash back on all purchases for the first 4 months (up to $400 cash back)
  • Earn rate: 2% cash back on all purchases
  • Additional benefits: American Express Invites; comprehensive car rental and travel insurance; referral bonus, free authorized users

Get more details about the SimplyCash Preferred Card*


Best no-fee cash-back cards

For flat rate: SimplyCash from American Express*

Not to be confused with its big brother the SimplyCash Preferred (see above), the SimplyCash from American Express trades a slightly lower earn rate for no annual fee. The regular earn rate of 1.25% gets you an above-average return on otherwise general purchases like clothes, electronics and online purchases—spends that would likely net you between 0.5% and 1% back with another card. While it’s true that American Express can be used less widely than Visa or Mastercard, it is accepted at more places than you might think. If you’re worried about it, consider carrying a second credit card as a backup. 

  • Annual Fee: $0
  • Welcome Bonus: Get a welcome bonus of 4% cash back in the first 6 months (up to $200 cash back)
  • Earn rate: Get 1.25% cash back on all purchases regardless of purchase category
  • Additional benefits: $100,000 in travel accident coverage; referral bonus; free authorized users; access to virtual events and special offers with American Express Experiences

Get more details about the SimplyCash Card*

For bonus categories: Tangerine Money-Back Credit Card*

Tangerine Money-Back Credit CardIf you want a cash-back card with no fees that is easy to understand, then the Tangerine Money-Back Card is a good choice for you. All cardholders get to choose two categories where they earn 2% cash back. If you opt to have your cash back deposited directly into your Tangerine Savings Account, then you get to choose a third category that earns you 2% cash back. All other purchases earn you 0.5% cash back.

Since this is a basic no-fee, cash-back card the other benefits are thin. However, you do get purchase assurance, which protects your purchase from loss, theft or damage within 90 days and an extended warranty that doubles your manufacturer’s warranty up to an additional year.

If you meet the $60,000 annual income requirement you’ll automatically be considered for the Tangerine World Mastercard, which comes with additional perks such as mobile device and rental car insurance.

  • Welcome bonus: Earn 15% cash back (up to $150) when you spend $1,000 on everyday purchases within the first 2 months of having the card. Must apply before December 31, 2021
  • Earn rate: 2% cash back on up to 3 categories; 0.5% on all other categories
  • Income requirement: $12,000

Get more details about the Tangerine Money-Back Card*

For high earners: Rogers World Elite Mastercard

The Rogers World Elite Mastercard often doesn’t get as much love as it deserves. With this card, you earn 1.5% cash back on all your purchases. Best of all, you can redeem that cash back towards most of your purchases made with your card within the last 90 days.

The 3% cash back on purchases made in U.S. currency effectively means you earn 0.5% in cash back on purchases once you factor in the 2.5% foreign exchange fee. In other words, this is a card for online shoppers and U.S. travellers to consider. The one major caveat (aside from its $80,000 annual income requirement): You must charge at least $15,000 in purchases on the card every 12 months to keep it, otherwise you’ll be downgraded to the entry-level Rogers Platinum Card that earns a less impressive 1% cash back on everything.

  • Welcome bonus: $25 in cash back rewards when you make your first card purchase
  • Earn rate: 3% cash back on purchases in U.S. currency; 1.5% on all other purchases
  • Income requirement: $80,000 (personal) or $150,000 (household)
  • Additional benefits: Travel insurance; cash back on foreign purchases

Best cash-back credit card for groceries and bills

Scotia Momentum Visa Infinite*

The Scotia Momentum Visa Infinite is a strong cash-back card that offers competitive perks and rewards and comes with an excellent welcome offer. Cardholders can earn an impressive 4% cash back on groceries, recurring bills and subscription services—a structure that may well suit large families or households. Transportation expenses—gas and public transit—earn at 2%, and everything else comes in at 1%. Note that there is a $25,000 cap on qualifying spends in each category; any purchases exceeding that amount will earn the base 1%. There’s also $1,000 in mobile device insurance and $1,500 per person in trip cancellation protection.

Since this is a Visa Infinite card, there is a minimum annual income of $60,000 or a minimum household income of $100,000 requirement to be approved for the card. The annual fee—now $120—will be waived for new applicants for the first year.

  • Annual fee: $120 (waived first year)
  • Welcome bonus: Earn 10% cash back on all purchases up to $2,000 for the first 3 months. Apply by January 1 2022.
  • Earn rate: 4% cash back on groceries, recurring bills and subscription services; 2% on public transit and gas; and 1% on everything else
  • Income requirement: $60,000 (personal) or $100,000 (household)
  • Additional benefits: Mobile device insurance; travel insurance; concierge service; Visa Infinite Dining and Wine Country Series

Get more details about the Scotia Momentum Visa Infinite*


Best cash-back credit cards for groceries and gas

CIBC Dividend Visa Infinite Card

The CIBC Dividend Visa Infinite is on our list for its generous earn rates. Not only does this card earn bonus cash back across five popular spending categories, including gas, groceries, dining, transit and recurring bills, it quadruples the cash back earned on groceries and gas purchases. As for other things you pay for, you will get 2% when you use this card for dining (even with takeout and delivery), public transit, Uber rides, taxis and recurring bills. This all adds up, especially when considering  recurring payments  can include everything from cell phone and internet bills to streaming services. We also like that you can redeem for cash back at any time of the year in increments of just $25.

  • Annual fee: $120 (rebated for the first year)
  • Rewards on other purchases: 4% cash back on groceries and gas, 2% on dining, daily transit, and recurring bills, and 1% back on everything else
  • Welcome bonus: Get 10% cash back for all purchases on your first four statements, or first $2,500 in purchases, up to $250 in cash back). After that, the earn rate becomes 4% on gas and grocery purchases and 1% cash back on everything else.
  • Additional benefits: Emergency travel medical insurance, t car rental collision and loss damage insurance; mobile device insurance; and 
  • save up to $0.10 per litre at participating Chevron, Ultramar and Pioneer gas stations when you link your card with Journie Rewards.
  • Income required: $60,000 or $100,000 as a household

Meridian Visa Infinite Cash Back

For many Canadians, the largest and most regular expenses are gas and groceries. For them, finding a cash-back card that rewards well on these spends is just good money management. With 4% back in both these categories, the Meridian Visa Infinite Cash Back card tops the list. You’ll receive 2% on drug store purchases and recurring bills, and the 1% base earn rate on all other purchases sweetens the deal. 

The Meridian card also offers a few extra features like mobile device insurance and up to 48 days of travel insurance.

  • Annual fee: $99 (first year free)
  • Earn rate: 4% cash back on gas and groceries; 2% on drug stores and recurring bills; 1% on everything else
  • Income requirement:$60,000 (personal) or $100,000 (household)
  • Additional benefits: Mobile device insurance; travel insurance; concierge service; Visa Infinite Dining and Wine Country Series

Honourable mentions

TD Cash Back Visa Infinite*

With an annual fee of $120 (which is rebated for the first year for you and one other cardholder) and an earn rate of 3% cash back on gas, grocery and recurring bill payments, the TD Cash Back Visa Infinite Card is worth considering seriously.

The welcome bonus of 6% on all purchases is great, as is the included TD Auto Club membership which is basically a roadside assistance package. TD Auto Club is comparable to CAA and covers you for things such as a dead battery, tire changes, gas delivery, $200 in accident towing, $200 in emergency transportation and more.

When it comes to travel insurance, you only get travel medical coverage and delayed and lost baggage insurance which is not very comprehensive, however the welcome offer and the TD Auto Club membership are excellent perks in their own right.

  • Annual fee: $120 (rebated  first year)
  • Welcome bonus: Earn 6% cash back on all purchases for the first 3 months, up to a total spend of $2,000. Must apply by December 5, 2021. Quebec residents, please click here.
  • Earn rate: 3% cash back on gas, grocery and recurring bill payments; 1% on all other purchases
  • Income requirement:$60,000 (personal) or $100,000 (household)
  • Additional benefits: Deluxe TD Auto Club membership; some medical insurance

Get more details about the TD Cash Back Visa Infinite*

BMO CashBack Mastercard*

Links to BMO Cash Back Mastercard application

Recent changes to this no-fee card, often recommended for students, have made it more interesting to a wider range of value-seekers. Cardholders now earn 3% cash back on groceries, 1% on recurring bill payments and an unlimited 0.5% on everything else. And the welcome bonus—5% back for the first three months—can rack up to $100.

  • Annual fee: $0
  • Earn rate: 3% cash back on groceries; 1% on recurring bills; 0.5% on everything else
  • Welcome bonus: Get up to 5% cash back for the first 3 months; introductory 1.99% interest rate on balance transfers for 9 months with 1% transfer fee; plus apply now to get a $50 cash back bonus when you spend over $6,000 in the first year (up to $175 cash back).
  • Additional perks: Purchase protection and extended warranty; discounts at Avis and National Car Rentals and Cirque du Soleil; free to add authorized cardholders
  • Income required: None specified

Get more details about the BMO CashBack Mastercard*



How to make the most of your cash-back credit card

Never carry a balance

The payoff with a cash-back credit card is the cash—a reward that is easily cancelled out by the penalties and interest accrued if you carry a balance. Like all rewards credit cards, cash-back cards tend to carry annual interest rates at the higher end, usually around 19.99%. At this rate, unpaid debt will rapidly accumulate interest charges that eat up any gains you’ve made. As long as you pay off your balance in full every month, you’ll avoid this pitfall, but if you find you regularly carry a balance, you might consider a low interest credit card instead.

Compare your cash-back card options

It’s easy to go with the cash-back card offered by your current bank, but that’s not always the best choice. Take the time to compare your options to identify the card that delivers the highest return based on your particular spending habits and lifestyle. Remember: you don’t need to open a chequing or savings account with a bank in order to get a credit card, and you can pay your bill electronically from any bank account.

Don’t dismiss cash-back cards with an annual fee

While it might seem counterintuitive to pay an annual fee on a cash-back card, be aware that cards with a fee generally deliver better rewards and perks. If these perks are worth more than the annual fee (and if the card fits your spending habits in other ways), you might choose a cash-back card with a fee.

Consider using multiple credit cards

Using too many credit cards at once is generally frowned upon, as this can be a sign of insolvency. However, a strong credit-card strategy can involve pairing cards to maximize benefits. For example, the TD Cash Back Visa Infinite offers 3% back on gas, groceries and recurring bills, but only 1% on everything else, while the Tangerine Money Back Card has no annual fee and offers 2% back in up to three spending categories of your choice. Strategically it would make sense to select drug stores, parking/public transit and restaurants to fill in the gaps on everyday spends without having to pay more for the better earn rate.

Add your partner as an authorized user

Adding an authorized user, typically your partner, to your account can be a cost-effective (or even free!) way to boost your earnings on a premium card. With this setup, both cardholders accrue rewards or cash back on their spends without paying double the annual fees. If, for example, your card has a $120 annual fee, you might be able to get an additional authorized user for as little as $30 more. Some premium cards, like the SimplyCash Preferred from American Express, even let you add authorized users for free. It does bear mentioning that this requires some thought as only the primary cardholder will be responsible for paying off the balance—not the authorized users.


Cash back versus travel credit cards

When choosing a rewards credit card, many Canadians find themselves torn between two types: Cash back and travel. This shouldn’t come as a surprise—both are popular and have valuable strengths. Here we break down both card types to help you decide which card is right for you.

Simplicity

It’s important to be able to understand your credit card rewards program, and cash-back cards are about as clear as you can get. If you earn 2% back, you absolutely know you’re going to receive $0.02 on every $1—no complicated math required. With travel rewards credit cards, there are sometimes different earn rates and redemption values. Thesevariables can affect how or when you want to collect or redeem. 

Bottom line: If you’re invested in earning travel rewards, acquainting yourself with your card’s program may be the best way to go, otherwise you can’t top cash when it comes to simplicity.

Rewards and bonus categories

How you earn can be just as important as what you earn. Travel rewards credit cards usually offer a very wide breadth of spending categories to earn in, while cash-back cards can be more restrictive.

Aside from a few exceptions, the majority of cash-back credit cards offer the same limited selection of bonus categories (namely gas, groceries and utility bills). In comparison, travel credit cards have a far larger selection of bonus categories (like restaurants, hotel stays, flights, Uber rides and public transit, in addition to the groceries and gas), which means you can potentially earn more points on more types of purchases. 

Bottom line: You’re likely going to earn more points or miles, in more spending categories, with a travel rewards card than cash with a cash-back card. 

Flexibility

The reason they say “Cash is king” because it can be used for anything you want, such as everyday spending on gas and groceries. In contrast, the points you earn on travel cards are usually geared towards travel rewards and offer the best value when redeemed for flights and hotel stays.

Bottom line: Cash is the most flexible reward there is, but if you’re looking to save on flights and hotel stays, a travel card can offer considerably more value.

Welcome bonuses

Typically, travel rewards cards can offer hundreds of dollars in rewards as a sign-on bonus, while cash-back cards usually offer an increased earning percentage for a short introductory time. One thing to note is that bonuses on cash-back cards are usually easier to earn—while travel rewards cards usually are worth more but have stricter spending requirements. 

For example, with the BMO World Elite Mastercard, you can get 3,000 bonus points ($240 value) only after you spend $3,000 on the card within your first three months. In contrast, the BMO CashBack World Elite’s welcome offer lets you earn 5% cash back right out of the gate on all your purchases for the first three months but it maxes out at just $200. 

Bottom line: The welcome bonuses on cash-back cards are typically worth less but are easier to get than the offers available on travel cards.  

Side perks

Perks are little extras available to you as a cardholder. These are usually things like airport lounge access, longer and more comprehensive travel insurance coverage, or refunds on certain expenses like a Nexus entry fee. As you can see, perks are very often tied directly to travel, so it should come as no surprise that you’re more likely to find them on travel rewards cards than on cash-back cards.

Bottom line: In many ways, cash is the perk on a cash-back card. If you’re looking for little extras, your best bet is a travel rewards card.


More on the best credit cards


Our methodology

For the best cash-back credit cards 2021 ranking, MoneySense tapped into Ratehub.ca’s‡ credit card tool and calculated the numbers for both fee and no-fee, cash-back rewards credit cards based on $2,000 in monthly spending. We used the following scenario: $500 on groceries, $200 on gas, $200 on restaurants, $125 on bill payments, $175 on travel, $225 on entertainment, $75 on pharmacy purchases and $500 on everything else.

The end game was a magic number—that is, the annual net reward in dollar terms to identify the top cash-back credit cards for each type of spender, along with an honorary mention. Our methodology also took into consideration other factors, including limited-time accelerated earn rates, the range of spending bonus categories, annual fee waivers, purchase protections and travel insurance perks.

‡MoneySense.ca and Ratehub.ca are both owned by parent company Ratehub Inc. We may be partnered with some financial institutions, but this does not influence the “Canada’s Best Credit Card” rankings. You can read more about this in our Editorial Code of Conduct.

What does the * mean?

If a link has an asterisk (*) at the end of it, that means it's an affiliate link and can sometimes result in a payment to MoneySense (owned by Ratehub Inc.) which helps our website stay free to our users. It's important to note that our editorial content will never be impacted by these links. We are committed to looking at all available products in the market, and where a product ranks in our article or whether or not it's included in the first place is never driven by compensation. For more details read our MoneySense Monetization policy.

Источник: https://www.moneysense.ca/spend/credit-cards/best-cash-back-credit-cards-in-canada/

CardUp raises $1.7M to help small businesses get more out of their credit cards

CardUp founder and CEO Nicki Ramsay (front, second from right) with her team

CardUp, a Singapore-based startup that enables users to make large, recurring payments by credit card even to recipients that don’t accept cards, has raised $2.2 million SGD (about $1.7 million) led by Sequoia India and SeedPlus. This is CardUp’s first institutional investment round and will be used to expand its business serving small- to medium-sized enterprises.

Before launching CardUp in 2015, founder and chief executive officer Nicki Ramsay worked at American Express for seven years, where her last position before leaving was director of international business development in the Asia-Pacific region. Ramsay says she created CardUp to solve challenges for both credit card users and providers.

“In my years spent in the payments industry, we repeatedly set the same goal, which was to increase credit card usage, but a lot of initiatives actually just ended up shifting share from one card issuer to another,” Ramsay told TechCrunch in an email. “CardUp extends the way you can use credit cards, so it really grows the pie. On top of this was my own personal frustration that I was getting limited value from my credit card as I couldn’t use it for any of my big expenses.”

CardUp claims it’s seen an average monthly user growth rate of 41% since launching in late 2016, which it attributes to the fact that it doesn’t require payment recipients to sign up for a CardUp account, too, reducing barriers to adoption. It’s also inked partnerships with major financial institutions like UOB, Citibank, Bank of China and MasterCard to promote its services. Over the last 12 months, more than $55 million SGD in payments were made through CardUp, which it says represents more than one percent of overall credit card spend growth in Singapore from 2016 to 2017.

CardUp positions itself as the middleman between organizations that don’t usually accept credit cards, such as landlords or the government, and people who want to use their cards for recurring payments so they can take advantage of things like reward programs and extended credit terms. The company’s value proposition for small business owners is the ability to use their existing credit card limits to extend business payables up to 55 days, interest-free, which means they have more working capital and cash flow.

Ramsay says the company plans to pursue SMEs in Singapore and other countries as well, targeting the many types of payments that are still usually made by checks or transfers, including payroll expenses, rent and supplier invoices.

“A trillion dollars is still spent by check or bank transfer in Singapore alone, that’s 30 times that of the credit card industry,” she said. “Globally, 124 trillion in business payments is still going via cash, transfer or check, and only 1% of that is currently captured on cards. Right now we’re very encouraged by the strong user adoption we’ve seen, validating the need for our service locally, and are therefore focused on capturing this large local market opportunity, but of course the pain point we are solving for SMEs is universal, and so new markets are on the horizon.”

In a press statement, SeedPlus operating partner Tiang Lim Foo said “SMEs are the main economic driving force in Asia, but are currently underserved. CardUp is bringing an innovative payments and cash management technological solution to help SME owners better manage their cash flow and payments processes. We are truly excited to be working with Nicki and her team to embark on the mission to improve the economic productivity of SMEs.”

Источник: https://techcrunch.com/2018/03/27/cardup-raises-1-7m-to-help-small-businesses-get-more-out-of-their-credit-cards/

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