So you think you should maybe go for a new credit card – after all, if you’re comfortable paying off your balance on time every month, credit cards are a great way to build your credit history and reap some free money through cash back, travel points, insurance coverage etc.
The credit card you select to go with is entirely up to you, so please consider this page simply as a exposé as to what’s in my wallet, not as advice as to how you should run what’s in your wallet. Also: I technically have 4 cards for different purposes – that may be more than some are comfortable with.
Note that every time you open a new credit card, your credit score will take a temporary hit down. General advice I’ve heard is waiting six months between opening new credit files to limit the impact.
- My primary spending card
- No annual fee
- 2% cashback on two categories of your choice, or three categories with a Tangerine Savings Account (use my Orange Key 45253222S1 to get $50 for free if you open a savings account). My three categories are restaurants, recurring bills, and pharmacy.
- 0.5% on all other purchases
- Cash back is paid out monthly, which beats a lot of other credit cards that make you wait until end of year or by a certain dollar amount. Every dollar today is worth more than every dollar tomorrow!
- My secondary spending card. I combine spending on this card and the Tangerine card to get 2% across five categories technically
- No annual fee (this is no longer the case. Old cardholders have no annual fee, but new registrants have a $39 fee. This makes the card significantly less attractive)
- 5% cash back on gas and groceries for the first six months, 2% thereafter
- 1% cash back on all other purchases
- Cash back paid out once dollar amount hits $50.00
- My travel card, which I use exclusively to book flights and sometimes hotels
- Buckets of free insurance when you book with this card, including Travel Medical, Trip Cancellation/Interruption, Auto Rental, Travel Accident, and Delayed and Lost Baggage
- Annual fee of $120, waived with a TD All-inclusive account
- 3 Expedia points per dollar, which equates to 1.5% cash back if you use the points towards Expedia
- 9 Expedia points per dollar for money spent on TD for Expedia, which equates to 4.5% cash back if you use the points on Expedia