Personal Finance

Help Need Bank Advice!

  • Last Updated:
  • Oct 2nd, 2014 11:58 am
Sr. Member
Dec 1, 2006
972 posts
87 upvotes
London, ON

Help Need Bank Advice!

Hello RFD

Starting a new career(realtor) and want to open another account somewhere to keep all transactions in one spot making life easier when it comes to tax time

Current - RBC(no ipad promo :( for me), President Choice

Looking for account and Credit Card that gets points for cash, travel or movies

I will be putting everything on the card like mthly dues, expenses(gas, advertising, cell etc) then paying the balance off every mth

Been to Europe and love to do it again or even if I could make enough points for a trip to Caribbean or something like that

Movies - my spouse and I go weekly if there is something interesting always on cheap night

Cash - is cash

Looking forward to your help and thoughts thanks in advance

Location - Sault Ste Marie (willing to sign up online if not available locally)
9 replies
Member
Sep 3, 2008
205 posts
10 upvotes
I'm thinking Scotia might be a good option for you. I know they have a Scene points debit card option with their Scotia One account -- and the monthly fee for the bank account is waived if you keep $3000 in there.

In terms of associated credit cards, assuming you want a business card, their Scotia Momentum Visa for Business has an annual fee of $49, and offers 3% cash back on gas, restaurants, office supplies, and recurring bill payments -- 1% on everything else. Also includes a creditor life insurance for your business, and a few more things.

Then you could get a personal card. If you wanted a no-fee card, you could do their Scene Visa -- for every $1000 you spend you get a free movie (+four free movies as a sign-up bonus). Or you could consider something like their Gold Amex - annual fee is $99. It accumulates travel points and includes the usual travel insurance, etc. of a premium card. It offers 4% back (in travel points) on gas, groceries, restaurants and entertainment (including movie theatres).

Just my thoughts.
Sr. Member
Dec 1, 2006
972 posts
87 upvotes
London, ON
Thanks is there anything out there that beats the above post?
Deal Addict
User avatar
Dec 26, 2010
1736 posts
776 upvotes
Calgary
I'd probably go with Scotia for the scene points if I was going to movies often. Just food for thought, a lot of people I know will just get a credit card and make that their dedicated business expense card, also making it easier at tax time.
Indexer, non-yield chasing, low cost, broad based, as simple as possible investor.
Jr. Member
Mar 14, 2014
107 posts
17 upvotes
Keep in mind that if the credit card is for business expenses only you can write off any interest and annual fees as a business expense
Sr. Member
Dec 1, 2006
972 posts
87 upvotes
London, ON
YoungInvestor wrote: Keep in mind that if the credit card is for business expenses only you can write off any interest and annual fees as a business expense
Yes I know I intend to do that
Deal Addict
User avatar
Dec 8, 2010
2564 posts
992 upvotes
Depends how much you spend - and on what.

Scotia Momentum Infinite or Gold Amex give 4% on gas and groceries. First year free. But only 1% on most things. Chase Marriott gives FYF too, and 5 nights in a hotel, plus no forex fees.

Beware CapOne - you mustn't use personal cards for business.

For a separate chequing account, do you need cheques? If not RBC has a free eBusiness account, no fees if you only use online and ATMs.
Sr. Member
Dec 1, 2006
972 posts
87 upvotes
London, ON
I will be spending it on everything business related such as gas, internet, cell, fees, advertising etc probably 500-1000 easy a month probably more. I would put everything on the card for points then payoff from main account

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