About this Video

• Video Title: Canadian Credit Card Gift Card Hack Explained: Pros, Cons & When to Use It!
• Channel: Lispman Finance
• Speakers: The speaker's name is not explicitly mentioned in the transcript.
• Duration: 7 minutes and 9 seconds

Introduction

This video explains the "gift card hack," a strategy using high-rewards credit cards to maximize returns on purchases. The speaker discusses the pros and cons of this method, outlining when it's beneficial and when it's not, and suggesting suitable Canadian credit cards.

Key Takeaways

• High rewards, but limitations: Credit cards offering high rewards on groceries often have spending limits (e.g., $2500/month). Exceeding this limit significantly reduces rewards.
• Loss of purchase protection: Using gift cards purchased with a credit card forfeits benefits like purchase protection, extended warranties, and travel insurance included with direct credit card purchases.
• Buyer's remorse and refunds: Refunds for purchases made with gift cards are credited back to the gift card, potentially leaving you with unwanted funds tied to a specific retailer.
• Strategic application: The gift card hack is most useful for purchases without significant need for purchase protection or insurance, such as gas or subscription services. The speaker advises evaluating the importance of insurance coverage before using the hack.
• Recommended credit cards: The video suggests the Cobolt card, RBC I Plus Visa, RBC Avion Visa Infinite, and Scotiabank Gold Amex as potentially suitable cards for this strategy.