baller tool: recommend me a credit card

[stormkroe]

I've been spending an insane (to me) amount of money for the past several years for work and have decided the time has come to pipe it through a reward card. I also wouldn't mind having the perks (lounge access, extended warranties, etc) that come along with it.
The PROBLEM is that the internet is 97% click bait and the other 52% is about weird tricks to regrow singed eyebrows. Then I remembered all my affluent friends here at ATOT!
I need a card from Canadia, as that's where I live for the forseeable future, or a US card that doesn't care that I live here.
I'll be spending over 1 megadollar per year through it, so annual fees will be quickly offset by rewards, making them a non-issue.
I've looked at the visa black and equivalents, they seem like the right track but I'm not sure which is the best.
Thanks guys.

 

[Annisman*]

one megadollar per year ? How many spacebucks is that ?

 

[Jaepheth]

tl;dr

But I suppose this by baller tool you mean this

And yeah, I recommend you use a credit card for the purchase.

 

[Cattlegod]

I use the Chase Sapphire. Best rewards as you get much higher than normal % when you transfer points to airlines. This only works if you like to travel a lot

 

[AznAnarchy99]

I just got into this whole credit card game. Here's my arsenal and what I use it for.

Chase Ink Plus - 60k sign up bonus - 5x points on office supply and internet/cell bill
Chase Freedom - 5x points on revolving categories
Chase Sapphire Preferred - 45k sign up - 2x on on ALL travel (uber/parking meters)
Bank of America Better Balance Rewards - $120 a year for just charging something and paying it off
Amex CostCo - 3% on Gas
Amex Gold Business - 75k sign up - 3x for cloud services
Amex Gold Personal - 50k sign up - 3x flights, 2x supermarket, $100 a year credit for airlines
Citi Forward - Grandfathered in - 5x on restaurants/bars, Amazon, Movies

I plan on cancelling the Sapphire Preferred, Gold Business, and downgrading to a no annual fee card for the Gold Personal once my first year is up.

I am waiting for a 100k bonus on the Amex Platinum to apply. I can use all of the travel and hotel perks with that card to make it worth it.

 

[Exterous]

I think some of the problem will be that you are in Canada and most of the discussion here revolves around US cards and offers. I spent a couple of minutes looking and the mileage earning and rewards are substantially different

For example I don't think you can get the Chase Sapphire Preferred card with a Canadian address. In fact I think there are only a couple of Chase Canada cards at all compared to the plethora for US residents and most of those are Sears cards. (I think its 1 amazon card, 1 marriott card and 3 sears cards)

That said the Capital One Aspire World Elite looks interesting because it gives 2 miles for every $1 spent anywhere. Most Canadian cards seem to only be 1 mile. You then book any travel you want with the card and reimburse yourself with points. Ex spend $150 on travel and redeem 15,000 points for a $150 bill credit.

The American Express AeroplanPlus Platinum Card might be the next best card if you want side benefits like Maple Leaf lounge access. There is a high annual fee but there are transfer partners for the rewards points. It also looks like ti comes with better travel insurance benefits, Air Canada priority checkin but only does 1.25 miels per $1. You may be able to get a better value than the Capital One card with these miles by transferring them to partners but that is a huge YMMV

I don't see any 2% cash back cards (Doesn't mean they don't exist but it doesn't look easy to find). The standard looks to be 1% or a 5% 6 month intro rate in select categories before dropping to 1% standard. Its not 'baller' but Amex Simply Blue cash does 1.25% cash back after an initial welcome bonus period of up to 5% which seems pretty good for Canada

If you travel to marriott hotels that might be a good card but if not then don't bother

I hope that helps some

 

[jagec]

At $1,000,000 spend per year, reward caps will become more important than raw percentages.

I would recommend checking out FlyerTalk or Fatwallet. The MS people can get up to those spending levels.

 

[IronWing]

tl;dr

But I suppose this by baller tool you mean this

And yeah, I recommend you use a credit card for the purchase.

I remember when sphere machines first hit the mineral shows back in the 90s. They were mostly homemade and would be surrounded by crowds of mesmerized rock nerds.

 

[stormkroe]

I think some of the problem will be that you are in Canada and most of the discussion here revolves around US cards and offers. I spent a couple of minutes looking and the mileage earning and rewards are substantially different

For example I don't think you can get the Chase Sapphire Preferred card with a Canadian address. In fact I think there are only a couple of Chase Canada cards at all compared to the plethora for US residents and most of those are Sears cards. (I think its 1 amazon card, 1 marriott card and 3 sears cards)

That said the Capital One Aspire World Elite looks interesting because it gives 2 miles for every $1 spent anywhere. Most Canadian cards seem to only be 1 mile. You then book any travel you want with the card and reimburse yourself with points. Ex spend $150 on travel and redeem 15,000 points for a $150 bill credit.

The American Express AeroplanPlus Platinum Card might be the next best card if you want side benefits like Maple Leaf lounge access. There is a high annual fee but there are transfer partners for the rewards points. It also looks like ti comes with better travel insurance benefits, Air Canada priority checkin but only does 1.25 miels per $1. You may be able to get a better value than the Capital One card with these miles by transferring them to partners but that is a huge YMMV

I don't see any 2% cash back cards (Doesn't mean they don't exist but it doesn't look easy to find). The standard looks to be 1% or a 5% 6 month intro rate in select categories before dropping to 1% standard. Its not 'baller' but Amex Simply Blue cash does 1.25% cash back after an initial welcome bonus period of up to 5% which seems pretty good for Canada

If you travel to marriott hotels that might be a good card but if not then don't bother

I hope that helps some

Thanks for the good info so far guys. I bought a vacation house last year in southern MO where I'm from, so I do have a US address as well, but I wonder if you actually have to be a resident. I'll check the fine print.
WRT incentive caps on the amount spent (which I didn't even consider), I wonder if the ideal thing would be to acquire several high reward cards and split up the spending.
I've never heard of fatwallet, sounds like Dick Tracy villain. Checking him out right now.

 

[n7]

RFD is where you want to be looking:
http://forums.redflagdeals.com/personal-finance-f41/

Lots of talk on the best Canadian CCs, TFSAs, etc.

 

[RossMAN]

At $1,000,000 spend per year, reward caps will become more important than raw percentages.

I would recommend checking out FlyerTalk or Fatwallet. The MS people can get up to those spending levels.

Two great resources. With a simple Google search here's a great thread and of course FatWallet Finance forum.

Keep in mind FW will be more focused on USA finances.

RFD is where you want to be looking:
http://forums.redflagdeals.com/personal-finance-f41/

Lots of talk on the best Canadian CCs, TFSAs, etc.

RFD is a must for any Canadian hot dealer.

 

[ImpulsE69]

I just got into this whole credit card game. Here's my arsenal and what I use it for.

Chase Ink Plus - 60k sign up bonus - 5x points on office supply and internet/cell bill
Chase Freedom - 5x points on revolving categories
Chase Sapphire Preferred - 45k sign up - 2x on on ALL travel (uber/parking meters)
Bank of America Better Balance Rewards - $120 a year for just charging something and paying it off
Amex CostCo - 3% on Gas
Amex Gold Business - 75k sign up - 3x for cloud services
Amex Gold Personal - 50k sign up - 3x flights, 2x supermarket, $100 a year credit for airlines
Citi Forward - Grandfathered in - 5x on restaurants/bars, Amazon, Movies

I plan on cancelling the Sapphire Preferred, Gold Business, and downgrading to a no annual fee card for the Gold Personal once my first year is up.

I am waiting for a 100k bonus on the Amex Platinum to apply. I can use all of the travel and hotel perks with that card to make it worth it.

Damn man, that is way too much work. I would rather just not use them at all.

 

[Xonim]

If you have a SSN and a US address (even if it's your parents and they can just mail it to you) you'll be able to get whatever US CC you want.

Is the business yours or you're reimbursed by your employer? That will determine whether to get business or personal CC's. What categories is the majority of the spending in? Recommendations will vary based on those answers.

I just got into this whole credit card game. Here's my arsenal and what I use it for.

<snip>

Citi Forward - Grandfathered in - 5x on restaurants/bars, Amazon, Movies

Get the Citi Prestige. You can "transfer" points earned on your Forward to the Prestige, making it basically 8% back when redeemed toward AA flights.

 

[AznAnarchy99]

Damn man, that is way too much work. I would rather just not use them at all.

Well most are on auto charges such as the bills and the stuff for my business.

The only ones I carry in my wallet are the Citi Forward, CostCo Amex, and the Sapphire Preferred.

 

[stormkroe]

If you have a SSN and a US address (even if it's your parents and they can just mail it to you) you'll be able to get whatever US CC you want.

Is the business yours or you're reimbursed by your employer? That will determine whether to get business or personal CC's. What categories is the majority of the spending in? Recommendations will vary based on those answers....

I have an SSN and a US address (I bought a lake house last year but didn't close until I was back I Canukistan, have never even stayed in it yet
The business is mine, and I spend 95% on electrical material from wholesalers (Eecol, Nedco, westburne, wesco) and the other 5% on tools and machinery.
This page seems to have some pretty good options.
http://www.visa.ca/small-business/cards-and-benefits/visa-business-card.jsp