Grocery costs can be further maximized by selecting a card that offers the most points for the places you frequent most, said Barry Choi, a personal finance and travel expert. “If you’re buying a year’s worth of groceries consistently on your credit card, and have an average buy of anywhere between $400 to $600 a month, you’re looking at about two years’ worth of groceries to get you one flight ticket (to Europe),” Aslam said. “Groceries - being a common expenditure - are generally the highest rewarded,” he said. Aslam said the points offered on grocery costs can often make for the fastest returns. He said it’s all about comparing the different earning rates offered on each card - the percentage return on every dollar spent - and picking the one that works best for you. However, with the right credit card, savvy shoppers can make the most of the increased costs, according to Danyal Aslam, a credit rewards expert and director of product at Ratesdotca. “On the personal side, it’s really the groceries that are adding up.”Ĭanadians are reeling from food inflation as grocery bills climb.
“We don’t have a car, and we can’t pay our rent on the credit card,” he said. His business expenses help to quickly rack up points, but day-to-day food costs are also driving Mathieu’s rewards. “We’re not making a ton of money with the business that we can easily afford to travel on our own dime.” “For us, it’s really important to make the most of every dollar,” Mathieu said. Between the two, they’re able to accumulate thousands of dollars in rewards every year. They have two credit cards - a Scotiabank Gold American Express for personal expenses, and a Scotiabank Passport Visa Infinite Card for costs like shipping and supplies. Mathieu and his partner run Hojicha Co., a small business selling roasted green tea. The flight tickets, hotel costs - even the bullet-train fare are all redeemable through his credit card rewards points. Francois Mathieu doesn’t pay for his annual business trips to Japan.
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