Canadian Credit Card Gift Card Hack Explained: Pros, Cons & When to Use It!

About this Video

• Video Title: Canadian Credit Card Gift Card Hack Explained: Pros, Cons & When to Use It!
• Channel: Lispman Finance
• Speakers: Lispman (assumed based on channel name)
• Duration: 7 minutes 9 seconds

Introduction

This video explains the "gift card hack," a strategy using credit cards with high rewards for groceries to buy gift cards and maximize rewards. The speaker discusses the pros and cons, outlining when this strategy is beneficial and when it's not. Specific credit cards are also recommended.

Key Takeaways

• High Grocery Rewards: Credit cards offering high rewards (e.g., 10%) on groceries are key to the gift card hack.
• Spending Limits: Credit card companies often impose limits on high-rewards categories (e.g., $2500/month), limiting the hack's effectiveness.
• Lost Benefits: Using gift cards forfeits purchase protection, extended warranties, and travel insurance often included with credit card purchases.
• Strategic Application: The gift card hack is most effective for purchases without significant need for purchase protection or insurance (e.g., gas, subscriptions).
• Recommended Cards: The video suggests the Cobble card, RBC I Plus Visa, RBC Avion Visa Infinite, and Scotiabank Gold AMEX as suitable cards for this strategy.