September 21, 2023

The Queens County Citizen

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6 generous welcome bonus credit cards

6 generous welcome bonus credit cards

Do I need to change credit card to benefit from the welcome bonus? Yes, but it was planned.

Personal finance experts repeat this: Keep your oldest credit card to maintain your credit history and avoid multiple credit cards in your wallet. This way you protect your credit rating.

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These claims must be somewhat qualified. Credit cards are like insurance: you need to get the right card that meets your current needs. “You should reevaluate your credit cards every two years,” says Jean Maximilian Voisin, Milesopedia’s founding president. A student who has just started a family, is working at their first job or is nearing retirement does not have the needs.”

Frequent travelers don’t apply for the same rewards programs as serious restaurant frequenters or young parents who splurge on groceries or clothing. And, right now, everyone is suffering from inflation.

Play the system

If you have the discipline to always bring the balance of all your cards to zero each month, it can be beneficial to switch or add a card to benefit from the welcome bonus.

“Banks want to stand out from the competition and often offer very generous bonuses,” continues Mr Voisin. If you keep your card, you’re leaving money on the table that your current bank isn’t offering.”

So you’ll have to spend thousands of dollars to get the points a new card offers, thanks to a welcome bonus.

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In a sense, you are playing the system in your favor when you shuffle the cards.

I poked around the Milesopedia Comparator to uncover some offers of very generous welcome bonuses (v. Painting) I also found that each credit card has its own rules regarding the payment of points for the welcome bonus (sign-up bonus). If the card is linked to a specific program, points are usually paid directly to the account of this program and not to the card.

Some make one or more installments, often at sign-up, after the first purchase, or upon a required minimum purchase amount or per statement. Some make more than ten installments.


• You won’t affect your credit report if you switch credit cards after a few years.

• Experts suggest keeping two or three credit cards in your wallet: your oldest card (for your long-term credit history), a second for day-to-day expenses (food, gas, transportation, housekeeping, kids) and a third for pampering yourself (clothes, travel, electronics). You will benefit from several rewards programs.

• Make sure you make at least one card transaction a quarter, at least for a small amount, or you will affect your credit rating.

• If your old card no longer meets your needs, you can request a card change from your issuer without losing your credit history.

• You may have a card from a bank other than your own.

• Annual fee credit cards offer the most generous premiums.

Here are six credit cards

Cobalt American Express

• Maximum 30,000 Privilege Points in the first year

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• Value, 1st year: $1309

• 5% grocery and restaurants

• 2% gasoline and travel

MasterCard BMO Cash Back World Elite

• Up to $260 cashback

• Value, 1st year: $920

• 5% on groceries

• 3% petrol

• Accepted at COSCO

Scotia Momentum Visa Unlimited

• Up to $200 cash back

• Value, 1st year: $848

• 4% grocery

• 2% gasoline

• Offer ends on 31st October

CIBC Dividend Visa Unlimited

• Up to $200 cash back

• Value, 1st year: $831

• 4% grocery, gasoline

• 2% restaurants

TD Cashback Visa Unlimited

• Up to $290 cashback

• Value, 1st year: $829

• 3% gasoline, grocery

• Offer ends on 5th September

MasterCard World Elite Rewards MBNA-Quebec

• Maximum 20,000 points within 90 days

• Value, 1st year: $733

• 5% grocery and restaurants

• Accepted at Costco