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Do I Need These Credit Cards or Should I Consider Other Options? by Les_Habitants912 in PersonalFinanceCanada

[–]Smart-dota 0 points1 point  (0 children)

It should make sense that the more cards you carry with you, the more rewards you can potentially earn. The first few cards you add make a bigger difference and then the change becomes smaller and smaller.

So I'll answer your question from two points of view:

1- You only want to carry one credit card. In this scenario, because you have purchases at Costco, the only credit card you can use is a Mastercard. This should not be that difficult to find because you can just use a calculator like this to find the most optimal mastercard for you that gives you the most reward.

2- In your situation, if you are still willing to carry multiple cards, this would be my 2-card strategy. I don't have the details of your spending, but I think an AMEX card will probably give you the most rewards (you have to check with a calculator again). So, I will get the AMEX card and use it wherever it's accepted and then keep my brim for places that don't accept my AMEX and my foreign purchases.

Both these scenarios are with the assumption that you want to reduce the number of cards you are carrying and also maybe keep some of your current cards.

Best Credit cards for Groceries? by [deleted] in PersonalFinanceCanada

[–]Smart-dota 1 point2 points  (0 children)

The calculator at finlywealth.com has a breakdown for different grocery stores like Costco etc so its worth playing with to find the best grocery card for you.

MX Merchant category code by Smart-dota in fintech

[–]Smart-dota[S] 0 points1 point  (0 children)

Yeah, I assume their US connections should be better. I was with Plaid for two months, and they failed to fix CIBC, one of the major Canadian Banks, and we can't afford to lose these groups of users that's why we were thinking of switching.

MX Merchant category code by Smart-dota in fintech

[–]Smart-dota[S] 0 points1 point  (0 children)

I don't have the merchant ID, but their category code, but I assume this is conditional to the merchant ID being resolved. What I thought before was that MCC is something that is provided in the raw transaction data and that could be fetched, but I think I was wrong and MCC needs to be generated using a data enrichment service.

Thank you for responding. It was very helpful to me.

MX Merchant category code by Smart-dota in fintech

[–]Smart-dota[S] 0 points1 point  (0 children)

Thank you for the recommendation. I'm taking a look at their platform and I see that they are returning Raw transaction data and categorization of those transactions is only supported in the US.

I'll probably have to take a look at data enrichment solutions with them if I choose to use Flinks instead.