I saw this card (https://www.scotiabank.com/ca/en/personal/credit-cards/visa/momentum-infinite-card.html) offered by Scotiabank that offers 10% cash back on purchases within the first 3 mo up to $2k, and 4% regularly on groceries and recurring payments. From first glance, it looks really good, but at the same time, there’s a $120 annual fee. Although, the first year has no fee.
I wonder if I could use it for the first year and then close or downgrade it afterward. Would my credit score take a substantial hit?
What’s your general opinion on cards with annual fees? What benefits would it need for you to consider one?
I used to have more cards, using specific ones for different things, but I just get no joy from tracking that stuff. I currently just stick with a simple, no fee, cash back card. If you spend a lot (small business) I think there are better opportunities for credit cards. If you like spreadsheets and tracking, churning could be an option, but I think this is less profitable in Canada vs USA.