About this Video

• Video Title: Canadian Credit Card Tips & Tricks That Can Save You $$$!
• Channel: Lispman Finance
• Speakers: Lispman (assumed based on channel name, not explicitly stated in transcript)
• Duration: 6 minutes, 34 seconds

Introduction

This video provides five credit card tips and tricks to maximize benefits for Canadian users. The speaker emphasizes responsible spending while leveraging credit card perks and protections, such as emergency medical coverage and car rental insurance. The video also addresses common credit card practices and misconceptions.

Key Takeaways

• Emergency Medical Coverage: Many Canadian credit cards offer emergency medical coverage even without using the card for travel purchases.
• Car Rental Insurance: Premium credit cards often include car rental insurance, potentially saving hundreds of dollars annually. However, this may not apply to car-sharing services.
• Billing Cycle Alignment: Contacting credit card companies to align billing cycles simplifies payment management and reduces the risk of missed payments.
• Paying in Full: Always pay credit card balances in full each month to avoid high-interest charges. Responsible spending is crucial to prevent accumulating debt.
• Paying Property Taxes & Utilities: Triangle Mastercards offer rewards (0.5% or 1%) for paying utility bills and property taxes, further boosted by using PC Money for payments.

This video offers five credit card tips and tricks specifically for Canadians. The speaker's tone is casual and conversational, aiming for relatability. Here's a breakdown:

Tip 1: Emergency Medical Coverage (1:00-2:09)

• Many Canadian credit cards provide out-of-province emergency medical coverage.
• Crucially, you don't always need to book travel using that specific credit card to receive this benefit. Several popular cards (e.g., Cobalt card, Scotiabank Passport Visa Infinite) offer this coverage regardless of where the travel purchase was made.
• If you have one card with this coverage and another card offering better rewards for a travel purchase, you can use the rewards card to book and still be covered by the other card’s emergency medical insurance.
• This coverage typically doesn't extend beyond basic emergency medical; additional travel insurance (flight delays, baggage loss, etc.) usually requires a certain percentage (75% or more) of the airfare to be charged to the card.

Tip 2: Car Rental Insurance (2:40-3:27)

• Many premium credit cards (often with annual fees) include car rental insurance.
• This can save significant money compared to purchasing insurance directly from rental companies.
• The coverage may not apply to car-sharing services like Turo. Traditional rental companies (Hertz, Enterprise, etc.) are more likely to be covered.

Tip 3: Aligning Billing Cycles (3:28-4:30)

• To simplify payment management and avoid missed payments, the speaker recommends aligning all credit card billing cycles to the same date.
• They personally set all their bills to be due on the 28th of each month, transferring money on the 24th to allow for processing time.
• This strategy has saved them time and stress. The speaker reports no difficulties in getting credit card issuers to adjust billing cycles upon request.

Tip 4: Paying Your Balance in Full (4:31-5:34)

• This emphasizes the importance of paying the full credit card balance each month.
• Paying only the minimum results in significant interest charges (often around 20%), leading to debt.
• The speaker advocates for responsible spending, ensuring that credit card usage stays within the limits of their savings and checking accounts. If you can’t pay your balance in full, credit cards may not be suitable for you.

Tip 5: Paying Property Taxes & Utilities (5:35-6:16)

• Triangle Mastercards (both standard and World Elite versions) offer 0.5%–1% cashback on property tax and utility bill payments.
• Using PC Money to pay these bills can earn additional Optimum points, which have value. While the individual reward from this method isn't large, it accumulates to a decent amount over time.

Throughout the video, the speaker uses a friendly and engaging style, incorporating personal anecdotes to illustrate their points. The content is targeted at Canadian viewers familiar with various credit cards and financial institutions mentioned.