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Don’t let your spending go unrewarded, especially for things you buy often. Choosing the right credit card can pay off—here’s what to look for.
More than two-thirds of Canadians don’t use cash for their everyday purchases. There are many reasons for not carrying bills and coins. Electronic payments are convenient, fast, secure—and they often include extras or perks. Given how much we rely on electronic payments, it’s important to have a credit card that meets your daily needs and rewards your everyday spending. Here’s how to make sure you’ve made the right choice.
Selecting the right credit card isn’t exactly like dating, but it’s not totally different either. We all know there are plenty of fish in the sea, but the trick is to catch the one that fits with your lifestyle and personality.
It’s the same with picking a credit card. There are hundreds of terrific cards on offer, but you won’t really be happy unless you make the right match for you. Watch out for these red flags!
Rewards are one of the most compelling reasons to use a credit card for your everyday spending, but not all rewards programs are created equal. Make sure you’re getting a healthy return, and double-check that the boosted spending categories match your purchasing habits. If you commute to work, for example, extra points for gas or electric vehicle (EV) charging might be a good fit.
Earning rewards points is one thing, but being able to redeem them quickly, easily, and when and for what you want is another.
With some card programs, figuring out how to redeem is a confusing headache. Others have a limited catalogue of rewards. Still others allow you to redeem only once per year rather than when you want to.
These problems can be especially apparent when it comes to travel rewards. Here, it really pays to read the fine print. Do you have to book with certain airlines? Are there blackout dates? What about other travel expenses like hotels or attractions? Look for a card with low or no restrictions.
A credit card can offer 101 perks, but they won’t do you any good unless you’ll benefit from these things. Free roadside assistance doesn’t do much for the urban transit-taker, but mobile device insurance might be a great match (who doesn’t have a cell phone these days?). Travellers should look for common credit card perks like travel and car rental insurance, lounge access and free upgrades.
While no card can be everything to everybody, the National Bank World Elite Mastercard comes pretty close.
This hard-working credit card offers generous earn rates of up to five points per dollar spent on restaurants and groceries, which is a significant spending category for most Canadians. The amount of points earned on these purchases depends on the total gross monthly amount charged to the credit card, regardless of the purchase category. You will earn five points for every dollar in eligible grocery and restaurant purchases until a total of $2,500 in gross monthly purchases is charged to the account. After that, you will earn two points per dollar in eligible grocery and restaurant purchases. (The total gross monthly amount is calculated based on your monthly billing period.)
Another big expense—gas or EV charging—earns two points per dollar spent, as do recurring bill payments, along with any travel booked through National Bank’s À la carte Travel service. All other purchases earn a base rate of one point per dollar, so nothing goes unrewarded.
Redemptions with the National Bank World Elite Mastercard are easy. You can use your points to shop for whichever rewards best suit you. Visit the online boutique and choose from merchandise, gift cards or travel, or invest your points in your National Bank of Canada TFSA and/or RRSP. You can also apply points to your credit card balance or National Bank of Canada mortgage. It’s quick, easy and all in one place.
When it comes to perks, the National Bank World Elite Mastercard has the bases covered. Travellers will love the included travel and car rental insurance, and unlimited access to the National Bank Lounge at Montréal-Trudeau Airport for international flights. Plus, there’s an annual travel credit of up to $150 that you can apply to eligible expenses including seat selection, seat upgrades, airport parking, extra checked bags and airport lounge access.
Other benefits include mobile device insurance and extended manufacturer’s warranty, so you’ll be covered for longer on virtually anything you buy with the card. (See all terms and conditions.)
The right credit card offers convenience, security and benefits you can use. Consider the National Bank World Elite Mastercard as your everyday card.
This is a paid post that is informative but also may feature a client’s product or service. These posts are written, edited and produced by MoneySense with assigned freelancers and approved by the client.
® Mastercard and World Elite are registered trademarks, and the circles design is a trademark of Mastercard International Incorporated. Authorized user: National Bank.
® National Bank and À la carte rewards are registered trademarks of National Bank of Canada.
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