It’s Not About the Best Card — It’s About the Right Card
The “best” credit card doesn’t exist. The right card depends on your spending patterns, travel goals, and tolerance for annual fees. Here’s how to think about it.
Step 1: Know Your Monthly Spend
Before comparing cards, look at your actual spending:
- How much do you spend on groceries?
- How much on dining out?
- How much on gas/transit?
- How much is recurring bills?
- How much travel (flights, hotels) do you actually do?
Step 2: Match Categories to Cards
High grocery spend: Amex Cobalt (5x) or Scotia Gold Amex (5x on grocery/dining/entertainment)
High gas/transit: BMO CashBack World Elite (5% on gas) or Tangerine World (2% on categories you choose)
High travel spend: Amex Platinum (2x on travel) or premium Aeroplan cards for lounge access
Flat everything: Rogers World Elite (1.5% no FX) for simplicity
Step 3: Decide on Annual Fees
Can you extract more value than the fee costs?
- $120 fee → need $120+ in rewards/credits
- $799 Platinum → need to use the $400 credits + value the lounge access
Step 4: Consider Sign-Up Bonuses
Sometimes the best move is a card you don’t plan to keep. CIBC Aventura VI offers 60K points with first year free. That’s $600 value for $0 cost (minus your time). Treat signup bonuses as a factor, not the only factor.
Red Flags to Avoid
- Cards with FX fees if you travel outside Canada
- Low caps on bonus categories (e.g., 4% on gas up to $200/month)
- Points currencies you’ll never redeem
- Co-branded cards for airlines you don’t fly
My Simple Framework
- One card for groceries/dining (Cobalt or Scotia Gold)
- One card for everything else (Rogers WE or premium travel card)
- Rotate in signup bonus cards when good offers appear
- Cancel before second annual fee unless ongoing value is clear
What factors matter most to you when choosing a card?