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Credit Cards: Mastercard KLO World Jenny Express Orsbinbank Gold

When looking for a rewards credit card, it can be tempting to choose the first credit card that offers you a big sign up bonus and other great benefits. But before you commit to any of these credit cards, you should consider how much money you will spend on it. Rewards credit cards can come with a high annual fee, for which your expenses are going to be required just to balance it – that means you would like to spend more, to make sure you really get card benefits.

Here are two of the best credit cards in Canada

Here are two of the best credit cards in Canada

With calculations to show you how much you would need to spend to break even. Should you register for any of these two cards? Yes! As long as you spend more than these amounts each month. To break even on the annual KLO World Elite Mastercard fees, you would need to spend at least $ 625 / month . If you are not ready to spend this amount or more, it does not make sense to get this card.

But $ 625 is not so much

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So it’s nice to know how much you can spend to break even on this map. Now, finding out how much you need to spend to break even on annual fees becomes more difficult with cards that offer extra points for certain categories (gas, groceries, pharmacy, etc.). In the example below, we’ll see how much you need to spend to break even with one of the best category-winning cards on our site.

To break even with the Jenny Orsbinbank Gold

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You would need to spend at least $ 331 / month. If you are not ready to spend this amount or more, it does not make sense to get this card, since the fees would offset the rewards you get from using the card. But $ 331 is just over half of what is required for the break-even point on the KLO World Elite MasterCard, and it is very likely that most households spend at least that amount on gas and groceries each month. 

Before applying for any credit card, use our credit card rewards calculator to see what rewards you would receive with different amounts of monthly expenses. And do not be convinced with big signup bonuses. Make sure you’re going to spend enough to justify getting a card with big annual fees, so you can not only reach but exceed the break-even point

 

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