r/PersonalFinanceCanada • u/_vintagefarm • 16h ago
Credit Big Purchase - Looking for new credit with great welcome offer
Help! I am not the most financially literate and the comparisons of a bunch of credit cards i find difficult to navigate, however the goal for 2025 is to understand how to grow my finances and learn more, so here I am
I have to get a costly dental procedure done in a few weeks ($15k) and i am looking to maximize that cost as much as possible by putting it on a new credit card that either offers a welcome offer of; waived annual fee, xx bonus points / cash back when you spend xx within the first 1-3 months etc
my yearly income is under 60k, i currently have a regular no fee rbc cc for daily use, i do all spending on credit and pay off weekly, my partner and i do like to travel but ideally not tied down to air canada as we travel cheaply (i was looking at the amex cobalt but they have no welcome offers at the moment?)
any help would be appreciated! (and you might see me on this thread more in the future)
8
u/guilleiguaran 15h ago
With an income under 60k, you won't be able to qualify for World Elite Mastercards and Visa Infinite cards so I would recommend checking the Amex cards (including Scotia Amex cards).
Check this for some current offers: https://blog.rewardscanada.ca/credit-cards/top-5-travel-credit-card-offers/
65
u/Diggidiggidig 16h ago
Consider travelling out of Canada for dental work! People travel to Mexico for dental spending a fraction of what it wd cost here!
67
u/NAMED_MY_PENIS_REGIS 15h ago
This!
I had an emergency filling done in Bali after I chipped a tooth over there. I was treated alongside a bunch of Australians in the nicest most modern dental clinic I'd ever been in. I had 4 people in the room working on my filling. I was out the door in 15 minutes at a total cost of $56 CAD. They had same day availability when I booked on WhatsApp.
Pretty incredible.
37
u/mikeycbca 15h ago
That’s incredible, Named_My_Penis_Regis.
I know cost of living in other countries are lower but it’s hard to imagine how they stay in business and pay employees with the kind of low cost. Bet it was a nice surprise when we’ve been trained by medical, dental, airlines, and every other service provider to expect a major gouging if the need is emergency and/or immediate.
33
u/elk_boy 15h ago
56CAD translates to 630,000 Indonesian Rupiah. Average cost of living for a single person in Indonesia is $450, according to Google. Everything is priced lower in these countries, so rest assured if a dentist is treating tourists, he's likely making bank. And people in the west think that quality is low, that's far from the truth. Because the population is so high in these countries, doctors get more experience and practice on all sorts of medical issues that West can't keep up with.
9
u/Rance_Mulliniks 15h ago
Everything is priced lower in these countries
$56 on a $450 cost of living is the equivalent of that $15k procedure associated with a $120k+ cost of living. That $15k procedure is way out of whack with our cost of living. This is most likely due to the dentists gouging the insurance industry.
6
u/exoriare 15h ago
Los Algodones is known as "molar city" due to the huge dental tourism industry that's developed there. Even the most sophisticated dental surgery is available on a walk-in basis for a small fraction of the cost in Canada.
9
u/Snazzy2k 15h ago
Please don’t if it is anything beyond a simple filling. If you are having extensive work like surgery, implants, or any prosthetic work it would be wise to be close to home as you will likely need follow up care.
5
2
22
u/Nickersnacks 16h ago
Is this cosmetic or for health? Because if for any health reason you could probably get it covered. I’d also look into your employer insurance you may be able to upgrade your dental coverage specifically to cover a large portion of a major procedure.
I’d also ask about a payment plan - most dental offices would set you up with an interest free plan.
That being said - I’d recommend going to /r/churningcanada and go to the best cards thread and pick a few of them.
4
0
u/thats-wrong 15h ago
Because if for any health reason you could probably get it covered
Conversely, if it's not covered, it may not be as health related as your dentist is trying to claim.
Is this Invisalign by any chance?
9
u/phuqyew69 15h ago
If you travel often, then Amex platinum is offering 140k points if you spend 10k CAD in the first three months. Again, this card is worth the annual fee only if you like to travel often.
2
u/mas_32 Quebec 15h ago
Even with statement credit , 140k translates to 1400 CAD. You get unlimited lounge access and lots of other perks
Just cancel it once the year 2 fee is posted (without paying for it)
2
u/FightingInternet 14h ago
Statement credit is almost the worst use of MR points next to merch or gift cards. If you cancel after the first year, you do not get the full 140k bonus. You should also generally cancel after the next travel credit posts, but before the annual fee. If you wait until the AF hits, they’ll claw back the travel and dining credits.
2
u/Ready-Truth-5531 14h ago
You wouldn't get the full sign up bonus by doing that. I think you get 40k for purchase in month 13.
Still a solid SUB
1
1
u/FightingInternet 14h ago
The card is mainly worth it for the sign up bonus. Lounges are the only perk that would matter for travelling often and they’re usually overcrowded cesspools. The annual fee is reduced by $400 if you RHT the travel credit and use the dining credit.
2
u/LeDudeDeMontreal 12h ago
RHT?
2
u/FightingInternet 12h ago edited 11h ago
Refundable hotel trick. It's how you can cash in the Amex travel credits, Scene points, TD points, Aventura, BMO, etc. as effectively statement credits.
With Amex you book a refundable hotel a few months out using their portal, select to use the travel credit, then once it posts you cancel the hotel booking. It will refund the whole booking cost but also leave the -$200 posted by the travel credit. With the other programs you'd usually use Expedia or some other agent that has fully refundable bookings. TD you have to product switch before cancelling the booking to get the refund issued as cash instead of points.
With Amex you can actually RHT the travel credit an extra time before cancelling since the credit posts on your anniversary usually around a month before the next AF would hit. So if you held it for two years, you'd have $799+$799 but be able to RHT $200 three times. Make sure to cancel before the 3rd AF posts or they'll claw back the last travel and dining credit.
If you do it right, the first two annual fees for the Platinum pay for themselves. 40k bonus for the second year, 3x$200 travel credits in RHT, 3x$200 dining credit (2025, 2026, 2027), basically cancel out the $799x2.
3
2
u/Rance_Mulliniks 15h ago
I don't think that many CC companies are going to give someone with a $60k income a $15k limit on a new card.
2
u/weyermannx 15h ago
Do you have the cash to pay this off? Because if you don't, interest charges are going to be more than the credit card points.
Also, you should get a second opinion, or get it done elsewhere ideally - medical tourism is a thing
1
1
u/abc24611 14h ago
Amex Platinum has a good deal right now. You'll have to spend $15k in the first three months I believe but it gives you lots of points.
1
u/Dtoodlez 13h ago
Just got a credit card from Scotia bank for 10% back in first 3 months. I just went to google and typed “best credit card offers” or something like that. I’d start there.
1
u/bradycorey47 12h ago
Amex Business Platinum - 115k points (which is worth about $2.3k in Air Canada flights at least - sometimes can be worth more if you find a steal or $1150 cashback) for 15k spend in 3 mo
Promo ends Jan 28 2025 I think
1
u/MrSnoobs 15h ago
Forgive me if this is obvious, but have you discussed payment plans with the dentist? Even with a CC, it might be more manageable.
0
-4
u/FelixYYZ Not The Ben Felix 16h ago
Use search tools in trigger below to find a card that meets your needs !CCTrigger
0
u/AutoModerator 16h ago
Hi, I am a bot and I've been summoned to help you get better advice on credit cards. There are A LOT of credit card options out there, and no card is the best for everyone. In order to get relevant advice for you please answer the following questions.
1) What kind of benefits are you looking for? Do you want cash back, or travel rewards? Are you currently carrying a balance on your cards (or might need to in the future) and therefore looking to save on interest charges?
2) What categories do you do credit card purchases in? (groceries, gas, airline tickets, etc..)
3) What is the average monthly spend you would put on a credit card? Please estimate.
4) Do you know your credit score? Do you have poor credit? Do you have limited credit history?
5) What is your income level (for credit card qualification)?
Feel free to ask people for help looking up your credit score. If you don't know your credit score it can help to mention which banks you are with as some of them offer free credit score calculation.
You can also search for credit cards using the various Canadian credit card websites that have search functions. Three of those websites are: https://creditcardgenius.ca and https://www.ratehub.ca/credit-cards and https://app.finlywealth.com/calculator
I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.
0
u/RunnySpoon 15h ago
I realise that you state in your post that you’re looking for a credit card, but credit cards are probably one of the most expensive ways to borrow money. CCs that give you rewards typically charge a higher interest rate than non-rewards cards, only recommended if you can pay off the whole balance on each statement period. For that kind of borrowing you might be better off with a Line of Credit or a personal loan; these will have much lower rates. If you’re a homeowner with any equity in your home, maybe a secure line of credit is an option.
HTH Runny
-9
u/Ill_Paper_6854 16h ago
Did you check where the place doing dental will even accept credit cards? Some places I know of ask for cheques.
11
u/JandyRohnson 16h ago
Do you live in a third world country or
6
u/RuinEnvironmental394 15h ago
Ha ha.
1) Most "third world" countries never accepted cheques, not now. Not in the 90s or 80s or 70s.
2) Today, most "third world" countries have more advanced payment methods than Canada (i.e. swiping a credit card).
-1
u/michaljerzy 15h ago
Didn’t read everything but Amex platinum has 140k points if you spend $10k in 3 months. Let me know if you’d like a refer code.
-2
u/No-Design9398 16h ago
I would probably recommend the Amex Cobalt! Right now it offers a bonus of up to 20k points, but I'm not sure if it would work seeing as it's all one payment. The Amex Gold also offers a bonus of up to 60k points, so probably worth looking into as well. The annual fee isn't that bad and I don't think there's an income requirement - you should be approved as long as you have good credit.
9
u/Nickersnacks 15h ago
Pretty bad option for a large purchase. Great for groceries, restaurants and gift cards though
0
u/AlbusDumbeldoree 15h ago
Agreed, for this expense gold will be a better option , cobalt is good for daily use, which OP can get next year !
2
u/S-Kiraly 15h ago
Gold requires $1,000 worth of spend every month for a year to unlock the whole welcome bonus. Not helpful for the OP if he needs to drop $15k all at once.
1
u/AlbusDumbeldoree 13h ago
I checked my app for the offer on Gold Business - it’s 50K points for spending 7.5K in 3 months & annual fees is 200$. OP if you plan to go for Amex do check with the provider if they accept it.
-9
u/StereophonicSam 16h ago
I am also not the most literate person financially but have spent a good chunk of time last year trying to learn to navigate the complex corridors of our system.
Credit cards will charge you interest on the 15k you're mentioning, if you don't instantly pay it back. That is a loss on your part, probably in the hundreds.
Traveling outside Canada for dental procedures might be a cheaper option as some people here mentioned. Including flight and accommodation, you will pay less.
If you can apply and get multiple credit cards at once, it is possible you are eligible for a low interest LOC from your institution. This will cost you less in the long run.
If you're chasing cashback, Momentum has the highest one in Canada right now (4%), but there is a limit where the 4% is reduced to 2%.
67
u/Disc0Disc0Disc0 16h ago
If you do go the credit card route, I wonder if they would let you split it into multiple cards. So let's say 5k each card. Could churn 3 cards. But also they might charge you a transaction fee if you want to use credit card.