Hello Mustachian's
First Fiduciary here to share one of the tricks I use to hack the credit card industry here in Canada. See steps below for detail.
Specifics, need to currently make at least 60k, have excellent credit, not a massive amount of credit open and always pay off your Credit Card.
Step 1. Sign up for Capital One Cash Rewards World Mastercard (no annual fee), promotion on now to receive 100.00 cash back on your first card purchase.
Step 2. Receive Card, make first purchase, pay off card, either request cash reward in cheque or use cash to cover first purchase of 100.00 or greater currently on card.
Step 3. Either have your wife/SO sign up for the Capital One Rewards Aspire Travel World Mastercard (annual fee 120.00) or wait 3 Months if single and sign up for it on your own. Promotion on now to get 35,000 points at enrollment (redeemable at .75% of points balance in cash = 35k*.75%=262.50). Any additional purchases credit points at 2 points per dollar spent.
Step 4. Upon receipt of new Aspire Card, use 100.00 + whatever cash back from first purchase on other Cap One Cash Back Card and apply to annual fee of new Cap One Aspire card.
Step 5. Choose to either redeem current 35k points on new card ( net 262.5 - 20 (annual fee top up from 120-100)=242.50) or use card for 11 months and fifteen days spending on average 1050.00 per month or (or when you can reach 60,000.00 points a couple weeks before renewal) and redeem 60,200 points at .75% for 451.50 less the 20 outstanding for 431.30 total return.
Step 5. Cancel Aspire Travel World Mastercard a week or 2 before renewal date while already having cash rewards credited to your account or a cheque on its way in the mail.
Step 6. Keep Cash Back World Mastercard as it is a pretty full featured card for no annual fee.
Step 7. Survey the industry for the next best deal to jump on.
Pretty much a win/win either way you go about it.
Enjoy.
