{"id":148693,"date":"2021-05-27T22:24:00","date_gmt":"2021-05-28T02:24:00","guid":{"rendered":"https:\/\/milesopedia.com\/news\/7-myths-credit-cards\/"},"modified":"2026-02-09T14:10:19","modified_gmt":"2026-02-09T19:10:19","slug":"7-myths-credit-cards","status":"publish","type":"post","link":"https:\/\/milesopedia.com\/en\/guide\/7-myths-credit-cards\/","title":{"rendered":"7 Myths About Credit Cards"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_column_text el_class=&#8221;checkmarks&#8221;]Discussions about the truths and myths surrounding credit cards can sometimes get heated on social media and on <a class=\"thirstylink\" title=\"the milesopedia facebook group\" href=\"https:\/\/milesopedia.com\/en\/go\/fbgroupe\/\" rel=\"nofollow sponsored\">the Milesopedia Facebook group<\/a>.<\/p>\n<p>Mostly to warn against the dangers of over-consumption and debt that threaten their users. Did you know that over <strong>70% of Canadians pay their credit card balances in full each month?<\/strong><\/p>\n<p>What if the world of <a href=\"https:\/\/milesopedia.com\/en\/best-credit-cards-in-canada\/\">credit cards<\/a> wasn&#8217;t just about stories that end badly? What if there were benefits to expanding our financial literacy, while simultaneously debunking the myths associated with the world of credit cards? Let&#8217;s go assess our knowledge.<\/p>\n<p>Warning: this story may have a happy ending.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading el_id=&#8221;myth_1_credit_card_payments_put_us_at_risk_of_fraud&#8221; text=&#8221;Myth 1: Credit card payments put us at risk of fraud&#8221; google_fonts=&#8221;&#8221;][vc_column_text el_class=&#8221;checkmarks&#8221;]It is true that fraudsters and banking institutions are engaged in a trench war concerning transactions via chip cards, magnetic stripe cards, and online orders. These require our security code and make us particularly vulnerable.<\/p>\n<p>But the advantage of a credit card is that we can <strong>regularly track transactions in our online account<\/strong> and notify our bank as soon as we don&#8217;t recognize an expense.<\/p>\n<p>And even if we do not usually check our account before the monthly statement is issued, the bank itself could detect the appearance of a fraudulent transaction and contact us.<\/p>\n<p>The financial institution then cancels the card before issuing a new one, and does not charge us for the fraudulent transaction.<\/p>\n<p>In all cases, <strong>we are not held responsible for fraud for transactions that are not ours!<\/strong>[\/vc_column_text][vc_single_image image=&#8221;146773&#8243; img_size=&#8221;large&#8221; alignment=&#8221;center&#8221; style=&#8221;vc_box_rounded&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading el_id=&#8221;myth_2_credit_cards_encourage_impulsive_and_irresponsible_purchases&#8221; text=&#8221;Myth 2: Credit cards encourage impulsive and irresponsible purchases&#8221; google_fonts=&#8221;&#8221;][vc_column_text el_class=&#8221;checkmarks&#8221;]Do credit cards have this power over humans? If we are impulsive and irresponsible by nature, it is indeed better to work on these behaviors before applying for credit cards.<\/p>\n<p>Moreover, this extends to all spheres of our lives, not only to our relationship with money. <strong>Obtaining credit cards offers us the opportunity to:<\/strong><\/p>\n<ul>\n<li>manage our money well by paying the full amount on the statement every month,<\/li>\n<li>discover our most frequently used spending categories (where does our money go?),<\/li>\n<li>respect the credit limit granted by the lender.<\/li>\n<\/ul>\n<p>[\/vc_column_text][vc_single_image image=&#8221;146775&#8243; img_size=&#8221;large&#8221; alignment=&#8221;center&#8221; style=&#8221;vc_box_rounded&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading el_id=&#8221;myth_3_having_more_than_one_credit_card_lowers_your_credit_score&#8221; text=&#8221;Myth 3: Having more than one credit card lowers your credit score&#8221; google_fonts=&#8221;&#8221;][vc_column_text el_class=&#8221;checkmarks&#8221;]This myth is quite popular. D&#8217;abord, il faut savoir que le score de cr\u00e9dit s&#8217;\u00e9tablit <a href=\"https:\/\/milesopedia.com\/en\/personal-finance\/credit-score\/101-credit-score\/\">\u00e0 partir de plusieurs facteurs <\/a>:<\/p>\n<ul>\n<li>The punctuality<\/li>\n<li>The use<\/li>\n<li>The history<\/li>\n<li>The types of credit<\/li>\n<li>New applications<\/li>\n<\/ul>\n<p>[\/vc_column_text]<div class=\"wpb_content_element wpb_miles_element\">\t\t<div\n\t\t\t\tdata-template='s-h'\n\t\t\t\tdata-post_type='post'\n\t\t\t\tdata-per_page='4'\n\t\t\t\tclass='deferred_container--preload container_post container_template--s-h container_count--1'\n\n\t\t\t\t\t\t\t\t\tdata-tag=\"post_id\"\n\t\t\t\t\t\t\tdata-post_ids=\"86318\"\n\t\t\t\t\t\t\t>\n\t\t<article class=\"post-preview\">\n\t<div class=\"post-preview-thumbnail\">\n\t\t<div class=\"shimmer shimmer-image\"><\/div>\n\t<\/div>\n\t<div class=\"post-preview-content\">\n\t\t<div class=\"simmer-bar-group\">\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t<\/div>\n\t<\/div>\n<\/article>\t\t<\/div>\n\n\t\t<\/div>[vc_column_text el_class=&#8221;checkmarks&#8221;]The two factors that are impacted when opening a new credit card are our credit <strong>history<\/strong> (i.e. the number of years we have been part of the credit world). When adding a new card, the credit age will be lowered. But this factor only accounts for 15% of our rating and the drop of a few points will quickly be made up for.<\/p>\n<p>The same is true for the <strong>&#8220;new applications<\/strong>&#8221; factor: this only accounts for 10% of the credit score.<\/p>\n<p><strong>A missed payment<\/strong> would have had a much greater impact (35% of the score) or <strong>excessive use<\/strong> of the granted credit (30% of the score).<\/p>\n<p>The benefits of having multiple credit cards and being a good payer boil down to this:<\/p>\n<ul>\n<li>the possibility to <strong>optimizie our profits<\/strong> according to the type of purchase,<\/li>\n<li>the opportunity to <strong>earn different types of rewards<\/strong> based on our needs (points for travel, cash back, etc.),<\/li>\n<li>prove to lenders that they are right to approve our credit applications because our credit file is in very good standing.<\/li>\n<\/ul>\n<p>That said, Milesopedia recommends not making new credit applications when shopping for a mortgage rate.[\/vc_column_text][vc_single_image image=&#8221;142286&#8243; img_size=&#8221;large&#8221; alignment=&#8221;center&#8221; style=&#8221;vc_box_rounded&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading el_id=&#8221;myth_4_paying_an_annual_fee_for_a_credit_card_is_like_throwing_your_money_away&#8221; text=&#8221;Myth 4: Paying an annual fee for a credit card is like throwing your money away&#8221; google_fonts=&#8221;&#8221;][vc_column_text el_class=&#8221;checkmarks&#8221;]<\/p>\n<p>First, there are several <a href=\"https:\/\/milesopedia.com\/en\/best-credit-cards-in-canada\/no-fee\/\">no-annual-fee credit cards<\/a> that have good benefits such as insurance and opportunities to optimize certain expenses. Why deprive ourselves of it?<\/p>\n<p>Then there are those with monthly or annual fees. Let&#8217;s get out our calculators.<\/p>\n<p>Is it worth paying $120 a year to get <strong>5% back on our groceries?<\/strong><\/p>\n<p>For example, if I spend $100\/week on food, which is low in 2021, that is still a return of $260 annually, not to mention the other benefits provided by credit cards such as the <a href=\"https:\/\/milesopedia.com\/en\/credit-cards\/american-express-cobalt-card\/\">American Express Cobalt<sup>&reg;<\/sup> Card<\/a>, the <a href=\"https:\/\/milesopedia.com\/en\/credit-cards\/bmo-cashback-world-elite-mastercard\/\">BMO CashBack<sup>&reg;<\/sup> World Elite<sup>&reg;<\/sup>* Mastercard<sup>&reg;<\/sup>*<\/a> or the <a href=\"https:\/\/milesopedia.com\/en\/credit-cards\/scotiabank-gold-american-express-card\/\">Scotiabank Gold American Express<sup>&reg;<\/sup> Card<\/a>.<\/p>\n<p>[\/vc_column_text]<div class=\"wpb_content_element wpb_miles_element\">\t\t<div\n\t\t\t\tdata-template='compare'\n\t\t\t\tdata-post_type='card'\n\t\t\t\tdata-per_page='6'\n\t\t\t\tclass='deferred_container--preload container_card container_template--compare container_count--3'\n\n\t\t\t\t\t\t\t\t\tdata-tag=\"card_id\"\n\t\t\t\t\t\t\tdata-post_ids=\"22621,22676,22640\"\n\t\t\t\t\t\t\tdata-utm=\"wpb\"\n\t\t\t\t\t\t\t>\n\t\t\n    <div class=\"card card-list card-list-header\">\n        <div class=\"shimmer shimmer-bar shimmer-dark shimmer-bar--short card-specs--title\"><\/div>\n        <div class=\"shimmer shimmer-bar shimmer-dark shimmer-bar--short card-specs--title\"><\/div>\n    <\/div>\n\n\n<div class=\"card card-list\">\n\n\t<div class=\"card-list--grid\">\n\n\t\t<div class=\"card-list--card\">\n\t\t\t<div class=\"card-graphic-cta shimmer shimmer-card\"><\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card-list--title-offer\">\n\n\t\t\t<div class=\"card--title\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"card-list--offer\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div>\n\t\t\t<div class=\"card--apply\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n<\/div>\n<div class=\"card card-list\">\n\n\t<div class=\"card-list--grid\">\n\n\t\t<div class=\"card-list--card\">\n\t\t\t<div class=\"card-graphic-cta shimmer shimmer-card\"><\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card-list--title-offer\">\n\n\t\t\t<div class=\"card--title\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"card-list--offer\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div>\n\t\t\t<div class=\"card--apply\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n<\/div>\n<div class=\"card card-list\">\n\n\t<div class=\"card-list--grid\">\n\n\t\t<div class=\"card-list--card\">\n\t\t\t<div class=\"card-graphic-cta shimmer shimmer-card\"><\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card-list--title-offer\">\n\n\t\t\t<div class=\"card--title\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"card-list--offer\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div>\n\t\t\t<div class=\"card--apply\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n<\/div>\t\t<\/div>\n\n\t\t<\/div>[vc_column_text el_class=&#8221;checkmarks&#8221;]Is it wise to renew the <a href=\"https:\/\/milesopedia.com\/en\/credit-cards\/marriott-bonvoy-american-express-card\/\">Marriott Bonvoy<sup>&reg;<\/sup> American Express<sup>&reg;<\/sup> Card<\/a> every year for $120 (or the <a href=\"https:\/\/milesopedia.com\/en\/credit-cards\/marriott-bonvoy-business-american-express-card\/\">Marriott Bonvoy<sup>&reg;<\/sup> Business American Express<sup>&reg;<\/sup> Card<\/a> for $150) to benefit from its annual free night certificate worth 35,000 points (when we can <a href=\"https:\/\/milesopedia.com\/en\/guide\/tutorials\/amex-marriott-bonvoy-free-night-award\/\">use it<\/a> at hotels worth $300 or more)?[\/vc_column_text]<div class=\"wpb_content_element wpb_miles_element\">\t\t<div\n\t\t\t\tdata-template='compare'\n\t\t\t\tdata-post_type='card'\n\t\t\t\tdata-per_page='6'\n\t\t\t\tclass='deferred_container--preload container_card container_template--compare container_count--2'\n\n\t\t\t\t\t\t\t\t\tdata-tag=\"card_id\"\n\t\t\t\t\t\t\tdata-post_ids=\"267909,22624\"\n\t\t\t\t\t\t\tdata-utm=\"wpb\"\n\t\t\t\t\t\t\t>\n\t\t\n<div class=\"card card-list\">\n\n\t<div class=\"card-list--grid\">\n\n\t\t<div class=\"card-list--card\">\n\t\t\t<div class=\"card-graphic-cta shimmer shimmer-card\"><\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card-list--title-offer\">\n\n\t\t\t<div class=\"card--title\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"card-list--offer\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div>\n\t\t\t<div class=\"card--apply\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n<\/div>\n<div class=\"card card-list\">\n\n\t<div class=\"card-list--grid\">\n\n\t\t<div class=\"card-list--card\">\n\t\t\t<div class=\"card-graphic-cta shimmer shimmer-card\"><\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card-list--title-offer\">\n\n\t\t\t<div class=\"card--title\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"card-list--offer\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div>\n\t\t\t<div class=\"card--apply\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n<\/div>\t\t<\/div>\n\n\t\t<\/div>[vc_column_text el_class=&#8221;checkmarks&#8221;]Does paying $139\/year with cards like the <a href=\"https:\/\/milesopedia.com\/en\/credit-cards\/cibc-aventura-visa-infinite-card\/\">CIBC Aventura<sup>&reg;<\/sup> Visa Infinite* Card<\/a>, the <a href=\"https:\/\/milesopedia.com\/en\/credit-cards\/cibc-aventura-gold-visa-card\/\">CIBC Aventura<sup>&reg;<\/sup> Gold Visa* Card<\/a>, or the <a href=\"https:\/\/milesopedia.com\/en\/credit-cards\/scotiabank-passport-visa-infinite-card\/\">Scotiabank Passport Visa Infinite* Card<\/a> compensate for the <strong>four to six complimentary airport <a href=\"https:\/\/milesopedia.com\/en\/best-credit-cards-in-canada\/lounges\/\">lounge<\/a> visits<\/strong> that I use, each costing $45?[\/vc_column_text]<div class=\"wpb_content_element wpb_miles_element\">\t\t<div\n\t\t\t\tdata-template='compare'\n\t\t\t\tdata-post_type='card'\n\t\t\t\tdata-per_page='6'\n\t\t\t\tclass='deferred_container--preload container_card container_template--compare container_count--3'\n\n\t\t\t\t\t\t\t\t\tdata-tag=\"card_id\"\n\t\t\t\t\t\t\tdata-post_ids=\"22642,153316,22689\"\n\t\t\t\t\t\t\tdata-utm=\"wpb\"\n\t\t\t\t\t\t\t>\n\t\t\n<div class=\"card card-list\">\n\n\t<div class=\"card-list--grid\">\n\n\t\t<div class=\"card-list--card\">\n\t\t\t<div class=\"card-graphic-cta shimmer shimmer-card\"><\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card-list--title-offer\">\n\n\t\t\t<div class=\"card--title\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"card-list--offer\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div>\n\t\t\t<div class=\"card--apply\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n<\/div>\n<div class=\"card card-list\">\n\n\t<div class=\"card-list--grid\">\n\n\t\t<div class=\"card-list--card\">\n\t\t\t<div class=\"card-graphic-cta shimmer shimmer-card\"><\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card-list--title-offer\">\n\n\t\t\t<div class=\"card--title\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"card-list--offer\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div>\n\t\t\t<div class=\"card--apply\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n<\/div>\n<div class=\"card card-list\">\n\n\t<div class=\"card-list--grid\">\n\n\t\t<div class=\"card-list--card\">\n\t\t\t<div class=\"card-graphic-cta shimmer shimmer-card\"><\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card-list--title-offer\">\n\n\t\t\t<div class=\"card--title\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"card-list--offer\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div>\n\t\t\t<div class=\"card--apply\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n<\/div>\t\t<\/div>\n\n\t\t<\/div>[vc_column_text el_class=&#8221;checkmarks&#8221;]Is $139 worth the price of the free ticket I get for a <strong>round-trip flight to Hawaii<\/strong> (especially when the first year is free, as with the <a href=\"https:\/\/milesopedia.com\/en\/credit-cards\/td-aeroplan-visa-infinite-card\/\">TD<sup>&reg;<\/sup> Aeroplan<sup>&reg;<\/sup> Visa Infinite* Card<\/a>)?[\/vc_column_text]<div class=\"wpb_content_element wpb_miles_element\">\t\t<div\n\t\t\t\tdata-template='m-h'\n\t\t\t\tdata-post_type='card'\n\t\t\t\tdata-per_page='6'\n\t\t\t\tclass='deferred_container--preload container_card container_template--m-h container_count--1'\n\n\t\t\t\t\t\t\t\t\tdata-tag=\"card_id\"\n\t\t\t\t\t\t\tdata-post_ids=\"100492\"\n\t\t\t\t\t\t\tdata-utm=\"wpb\"\n\t\t\t\t\t\t\t>\n\t\t<div class=\"card\">\n\t<div class=\"card--grid\">\n\n\t\t<div class=\"card--img-outer\">\n\t\t\t<div class=\"card--img\">\n\t\t\t\t<div class=\"shimmer shimmer-card\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card--title-offer-selling\">\n\t\t\t<div class=\"card--title-offer\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\t\t\t<div class=\"card--selling-points\">\n\t\t\t\t<div class=\"shimmer shimmer-bar shimmer-bar--short\"><\/div>\n\t\t\t\t<div class=\"shimmer shimmer-bar shimmer-bar--short\"><\/div>\n\t\t\t\t<div class=\"shimmer shimmer-bar shimmer-bar--short\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card--apply\">\n\t\t\t<div class=\"apply-btn\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n<\/div>\t\t<\/div>\n\n\t\t<\/div>[vc_column_text el_class=&#8221;checkmarks&#8221;]Is $150 expensive for a credit card like the <a href=\"https:\/\/milesopedia.com\/en\/credit-cards\/nbc-world-elite-mastercard\/\">National Bank World Elite Mastercard<\/a> which offers you up to <a href=\"https:\/\/milesopedia.com\/en\/reviews\/credit-cards\/why-apply-nbc-world-elite-mastercard\/\">$250 in reimbursed travel expenses per year<\/a>, the <a href=\"https:\/\/milesopedia.com\/en\/personal-finance\/insurance\/best-cards-credit-rewards-insurance\/\">best insurance<\/a> on the market (up to 60 days for your trips and up to 3 years of extended warranty), unlimited access to the National Bank lounge in Montreal for you, an additional traveler, and up to 2 children, and up to 2 points per dollar including at Costco?<\/p>\n<p>Or the $149 requested by a credit card like the HSBC World Elite<sup>&reg;<\/sup> Mastercard<sup>&reg;<\/sup> which offers a $100 travel credit each year and charges no conversion fees for your foreign currency transactions (a 2.5% saving on every purchase)![\/vc_column_text]<div class=\"wpb_content_element wpb_miles_element\">\t\t<div\n\t\t\t\tdata-template='compare'\n\t\t\t\tdata-post_type='card'\n\t\t\t\tdata-per_page='6'\n\t\t\t\tclass='deferred_container--preload container_card container_template--compare container_count--2'\n\n\t\t\t\t\t\t\t\t\tdata-tag=\"card_id\"\n\t\t\t\t\t\t\tdata-post_ids=\"401432,22642\"\n\t\t\t\t\t\t\tdata-utm=\"wpb\"\n\t\t\t\t\t\t\t>\n\t\t\n<div class=\"card card-list\">\n\n\t<div class=\"card-list--grid\">\n\n\t\t<div class=\"card-list--card\">\n\t\t\t<div class=\"card-graphic-cta shimmer shimmer-card\"><\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card-list--title-offer\">\n\n\t\t\t<div class=\"card--title\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"card-list--offer\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div>\n\t\t\t<div class=\"card--apply\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n<\/div>\n<div class=\"card card-list\">\n\n\t<div class=\"card-list--grid\">\n\n\t\t<div class=\"card-list--card\">\n\t\t\t<div class=\"card-graphic-cta shimmer shimmer-card\"><\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card-list--title-offer\">\n\n\t\t\t<div class=\"card--title\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"card-list--offer\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div>\n\t\t\t<div class=\"card--apply\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n<\/div>\t\t<\/div>\n\n\t\t<\/div>[vc_column_text el_class=&#8221;checkmarks&#8221;]Anyway, I&#8217;ll leave you to think about it. Start from your needs and compare offers with <a href=\"https:\/\/milesopedia.com\/en\/compare\/credit-cards\/\">the milesopedia comparison tool<\/a>.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading el_id=&#8221;myth_5_the_best_credit_card_rewards_are_cash_back&#8221; text=&#8221;Myth 5: The best credit card rewards are cash back&#8221; google_fonts=&#8221;&#8221;][vc_column_text el_class=&#8221;checkmarks&#8221;]Different needs, different solutions. <a href=\"https:\/\/milesopedia.com\/en\/best-credit-cards-in-canada\/cash-back\/\">Cashback<\/a> is highly appreciated by people who want to save on their expenses.<\/p>\n<p>For example, in these times of <a href=\"https:\/\/milesopedia.com\/en\/guide\/strategy\/how-to-save-home-improvements-credit-cards\/\">home renovations<\/a>, it is particularly interesting to be able to reinvest this cashback into new purchases.<\/p>\n<p>This is why we see many of our members taking advantage of current welcome offers from several credit cards offering <strong>10% cashback in the first few months<\/strong>.[\/vc_column_text]<div class=\"wpb_content_element wpb_miles_element\">\t\t<div\n\t\t\t\tdata-template='compare'\n\t\t\t\tdata-post_type='card'\n\t\t\t\tdata-per_page='6'\n\t\t\t\tclass='deferred_container--preload container_card container_template--compare container_count--4'\n\n\t\t\t\t\t\t\t\t\tdata-tag=\"card_id\"\n\t\t\t\t\t\t\tdata-post_ids=\"22637,22626,22695,22676\"\n\t\t\t\t\t\t\tdata-utm=\"wpb\"\n\t\t\t\t\t\t\t>\n\t\t\n<div class=\"card card-list\">\n\n\t<div class=\"card-list--grid\">\n\n\t\t<div class=\"card-list--card\">\n\t\t\t<div class=\"card-graphic-cta shimmer shimmer-card\"><\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card-list--title-offer\">\n\n\t\t\t<div class=\"card--title\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"card-list--offer\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div>\n\t\t\t<div class=\"card--apply\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n<\/div>\n<div class=\"card card-list\">\n\n\t<div class=\"card-list--grid\">\n\n\t\t<div class=\"card-list--card\">\n\t\t\t<div class=\"card-graphic-cta shimmer shimmer-card\"><\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card-list--title-offer\">\n\n\t\t\t<div class=\"card--title\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"card-list--offer\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div>\n\t\t\t<div class=\"card--apply\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n<\/div>\n<div class=\"card card-list\">\n\n\t<div class=\"card-list--grid\">\n\n\t\t<div class=\"card-list--card\">\n\t\t\t<div class=\"card-graphic-cta shimmer shimmer-card\"><\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card-list--title-offer\">\n\n\t\t\t<div class=\"card--title\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"card-list--offer\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div>\n\t\t\t<div class=\"card--apply\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n<\/div>\n<div class=\"card card-list\">\n\n\t<div class=\"card-list--grid\">\n\n\t\t<div class=\"card-list--card\">\n\t\t\t<div class=\"card-graphic-cta shimmer shimmer-card\"><\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card-list--title-offer\">\n\n\t\t\t<div class=\"card--title\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"card-list--offer\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div>\n\t\t\t<div class=\"card--apply\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n<\/div>\t\t<\/div>\n\n\t\t<\/div>[vc_column_text el_class=&#8221;checkmarks&#8221;]<\/p>\n<p>However, many people prefer cards that will allow them to earn travel rewards to save on:<\/p>\n<ul>\n<li>accommodation <a href=\"https:\/\/milesopedia.com\/en\/best-credit-cards-in-canada\/hotels\/\">(hotels<\/a>, <a href=\"https:\/\/milesopedia.com\/en\/best-credit-cards-in-canada\/airbnb\/\">Airbnb<\/a>),<\/li>\n<li><a target=\"_blank\" href=\"\/?p=140867\">transportation<\/a> (plane, train, car rental)<\/li>\n<li>activities (e.g. <a href=\"https:\/\/milesopedia.com\/en\/guide\/strategy\/disney-strategy\/\">Disney<\/a> passes).<\/li>\n<\/ul>\n<p>Let&#8217;s take time to define our needs, our projects, and our dreams with a <a href=\"https:\/\/milesopedia.com\/en\/rewards-strategies\/\">strategy<\/a>. Let&#8217;s match it with the best rewards program and associated credit cards to help us achieve it.<\/p>\n<p>And let&#8217;s stick to <a target=\"_blank\" href=\"\/?p=10505\">credible readings to debunk the myths<\/a>.<\/p>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading el_id=&#8221;myth_6_the_american_express_card_is_rarely_accepted_in_quebec_or_canada&#8221; text=&#8221;Myth 6: The American Express card is rarely accepted in Quebec or Canada&#8221; google_fonts=&#8221;&#8221;][vc_column_text el_class=&#8221;checkmarks&#8221;]I&#8217;ll give you that. An <a href=\"https:\/\/milesopedia.com\/en\/cards\/american-express-canada\/\">American Express<\/a> card is less accepted than <a href=\"https:\/\/milesopedia.com\/en\/best-credit-cards-in-canada\/visa\/\">Visa<\/a> and <a href=\"https:\/\/milesopedia.com\/en\/best-credit-cards-in-canada\/mastercard\/\">Mastercard.<\/a> But times are changing, and it is increasingly accepted in Quebec and elsewhere in Canada.<\/p>\n<p>For example, IGA grocery stores in several regions in Quebec <a href=\"https:\/\/milesopedia.com\/en\/news\/programs\/iga-grocery-american-express\/\">have been accepting it since April 2021<\/a>.[\/vc_column_text]<div class=\"wpb_content_element wpb_miles_element\">\t\t<div\n\t\t\t\tdata-template='s-h'\n\t\t\t\tdata-post_type='post'\n\t\t\t\tdata-per_page='4'\n\t\t\t\tclass='deferred_container--preload container_post container_template--s-h container_count--1'\n\n\t\t\t\t\t\t\t\t\tdata-tag=\"post_id\"\n\t\t\t\t\t\t\tdata-post_ids=\"130154\"\n\t\t\t\t\t\t\t>\n\t\t<article class=\"post-preview\">\n\t<div class=\"post-preview-thumbnail\">\n\t\t<div class=\"shimmer shimmer-image\"><\/div>\n\t<\/div>\n\t<div class=\"post-preview-content\">\n\t\t<div class=\"simmer-bar-group\">\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t<\/div>\n\t<\/div>\n<\/article>\t\t<\/div>\n\n\t\t<\/div>[vc_column_text el_class=&#8221;checkmarks&#8221;]American Express cards are so advantageous, whether for the welcome bonus or offers throughout the year, that we do not want to do without them.<\/p>\n<p>Moreover, few members of the <a class=\"thirstylink\" title=\"the milesopedia facebook group\" href=\"https:\/\/milesopedia.com\/en\/go\/fbgroupe\/\" rel=\"nofollow sponsored\">Milesopedia community<\/a> do not yet have the <a href=\"https:\/\/milesopedia.com\/en\/credit-cards\/american-express-cobalt-card\/\">American Express Cobalt<sup>&reg;<\/sup> Card<\/a>, which offers 5 times the points for everyday expenses such as groceries, dining, or convenience stores (think <a href=\"https:\/\/milesopedia.com\/en\/guide\/strategy\/points-gift-cards-strategy\/\">gift cards<\/a> \ud83d\ude09 ).[\/vc_column_text][vc_single_image image=&#8221;70939&#8243; img_size=&#8221;large&#8221; alignment=&#8221;center&#8221; style=&#8221;vc_box_rounded&#8221;][vc_column_text el_class=&#8221;checkmarks&#8221;]<\/p>\n<p>Another example: the <a href=\"https:\/\/milesopedia.com\/en\/credit-cards\/marriott-bonvoy-american-express-card\/\">Marriott Bonvoy<sup>&reg;<\/sup> American Express<sup>&reg;<\/sup> Card<\/a> offers a free hotel night every year upon card renewal.<\/p>\n<p>The offers also include <a href=\"https:\/\/milesopedia.com\/en\/rewards\/special-offers\/american-express-offers\/\">discounts and credits<\/a> with our phone service providers or in department stores like Wayfair.<\/p>\n<p>Who does not want a $20 credit on a $100 purchase?<\/p>\n<p>[\/vc_column_text]<div class=\"wpb_content_element wpb_miles_element\">\t\t<div\n\t\t\t\tdata-template='m-h'\n\t\t\t\tdata-post_type='card'\n\t\t\t\tdata-per_page='4'\n\t\t\t\tclass='deferred_container--preload container_card container_template--m-h container_count--1'\n\n\t\t\t\t\t\t\t\t\tdata-tag=\"card_id\"\n\t\t\t\t\t\t\tdata-post_ids=\"22621\"\n\t\t\t\t\t\t\tdata-utm=\"wpb\"\n\t\t\t\t\t\t\t>\n\t\t<div class=\"card\">\n\t<div class=\"card--grid\">\n\n\t\t<div class=\"card--img-outer\">\n\t\t\t<div class=\"card--img\">\n\t\t\t\t<div class=\"shimmer shimmer-card\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card--title-offer-selling\">\n\t\t\t<div class=\"card--title-offer\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\t\t\t<div class=\"card--selling-points\">\n\t\t\t\t<div class=\"shimmer shimmer-bar shimmer-bar--short\"><\/div>\n\t\t\t\t<div class=\"shimmer shimmer-bar shimmer-bar--short\"><\/div>\n\t\t\t\t<div class=\"shimmer shimmer-bar shimmer-bar--short\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card--apply\">\n\t\t\t<div class=\"apply-btn\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n<\/div>\t\t<\/div>\n\n\t\t<\/div>[vc_custom_heading el_id=&#8221;myth_7_you_should_stick_to_credit_cards_offered_by_your_own_institution&#8221; text=&#8221;Myth 7: You should stick to credit cards offered by your own institution&#8221; google_fonts=&#8221;&#8221;][vc_column_text el_class=&#8221;checkmarks&#8221;]I never thought I would advocate for infidelity, but in this case, yes, it is necessary. That is, if you are serious about growing your assets. Banking institutions want our business and compete with each other to attract us. Let&#8217;s take advantage of it according to our needs.<\/p>\n<p>For example, I became a client of a bank that offered a credit card <a href=\"https:\/\/milesopedia.com\/en\/best-credit-cards-in-canada\/forex\/\">with no conversion fees<\/a> when I travel abroad: the HSBC World Elite<sup>&reg;<\/sup> Mastercard<sup>&reg;<\/sup>.<\/p>\n<p>My bank simply did not offer this type of product. Many people also do not know how to pay a credit card bill when their bank account is with another institution. It is very simple: under your bank&#8217;s &#8220;Pay your bills&#8221; tab, you just need to enter the credit card name and number, as you would for Hydro-Qu\u00e9bec, indicate the amount, and click Pay.  That&#8217;s it.[\/vc_column_text]<div class=\"wpb_content_element wpb_miles_element\">\t\t<div\n\t\t\t\tdata-template='m-h'\n\t\t\t\tdata-post_type='card'\n\t\t\t\tdata-per_page='4'\n\t\t\t\tclass='deferred_container--preload container_card container_template--m-h container_count--1'\n\n\t\t\t\t\t\t\t\t\tdata-tag=\"card_id\"\n\t\t\t\t\t\t\tdata-post_ids=\"22642\"\n\t\t\t\t\t\t\tdata-utm=\"wpb\"\n\t\t\t\t\t\t\t>\n\t\t<div class=\"card\">\n\t<div class=\"card--grid\">\n\n\t\t<div class=\"card--img-outer\">\n\t\t\t<div class=\"card--img\">\n\t\t\t\t<div class=\"shimmer shimmer-card\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card--title-offer-selling\">\n\t\t\t<div class=\"card--title-offer\">\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t\t<div class=\"shimmer shimmer-bar\"><\/div>\n\t\t\t<\/div>\n\t\t\t<div class=\"card--selling-points\">\n\t\t\t\t<div class=\"shimmer shimmer-bar shimmer-bar--short\"><\/div>\n\t\t\t\t<div class=\"shimmer shimmer-bar shimmer-bar--short\"><\/div>\n\t\t\t\t<div class=\"shimmer shimmer-bar shimmer-bar--short\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t\t<div class=\"card--apply\">\n\t\t\t<div class=\"apply-btn\">\n\t\t\t\t<div class=\"shimmer shimmer-btn\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n<\/div>\t\t<\/div>\n\n\t\t<\/div>[vc_custom_heading el_id=&#8221;credit_cards_pros_and_cons&#8221; text=&#8221;Credit cards pros and cons&#8221; google_fonts=&#8221;&#8221;][vc_column_text el_class=&#8221;checkmarks&#8221;]To summarize the pros and cons of credit cards&#8230;<\/p>\n<p><strong>Benefits:<\/strong><\/p>\n<ul>\n<li>the various <a href=\"https:\/\/milesopedia.com\/en\/best-credit-cards-in-canada\/insurance\/\">insurances<\/a> (extended warranty, purchase, loss of luggage, travel, etc.),<\/li>\n<li>the ease of shopping online,<\/li>\n<li>bonuses and rewards (points, <a href=\"https:\/\/milesopedia.com\/en\/avis\/cartes-credit\/amex-marriott-bonvoy-card-free-nights\/\">free hotel nights<\/a>, airport <a href=\"https:\/\/milesopedia.com\/en\/best-credit-cards-in-canada\/lounges\/\">lounges<\/a>, etc.),<\/li>\n<li>the <a href=\"https:\/\/milesopedia.com\/en\/personal-finance\/credit-score\/101-credit-score\/\">credit history<\/a> that builds up.<\/li>\n<\/ul>\n<p>[\/vc_column_text][vc_column_text el_class=&#8221;red-cross&#8221;]<strong>Cons:<\/strong><\/p>\n<ul>\n<li>The staggering amount of interest you have to pay when you don&#8217;t pay your monthly statement balance in full,<\/li>\n<li>the time it takes to keep track of our expenses and payments. if the exercise is difficult for you.<\/li>\n<\/ul>\n<p>[\/vc_column_text][vc_single_image image=&#8221;62438&#8243; img_size=&#8221;large&#8221; alignment=&#8221;center&#8221; style=&#8221;vc_box_rounded&#8221;][vc_custom_heading el_id=&#8221;bottom_line&#8221; text=&#8221;Bottom Line&#8221; google_fonts=&#8221;&#8221;][vc_column_text el_class=&#8221;checkmarks&#8221;]So, what about those myths? If you pay off your credit card balance every month, refusing to pay any interest, you are a good candidate to own more than one card. They offer rewards, insurance, and promotions that you don&#8217;t want to miss.<\/p>\n<p>Did you know that in 2020, <a href=\"https:\/\/milesopedia.com\/guides\/destination\/afrique-du-sud-a-moi\/\">I flew to South Africa<\/a> in business class for less than $200, and paid for the rest with credit card points? See how well the story ends&#8230;[\/vc_column_text][vc_single_image image=&#8221;146782&#8243; img_size=&#8221;large&#8221; alignment=&#8221;center&#8221; style=&#8221;vc_box_rounded&#8221;][\/vc_column][\/vc_row][vc_row][vc_column]<div class=\"wpb_content_element wpb_miles_element\">\t\t<div\n\t\t\t\tdata-template='l'\n\t\t\t\tdata-post_type='page'\n\t\t\t\tdata-per_page='4'\n\t\t\t\tclass='deferred_container--preload container_page container_template--l container_count--1'\n\n\t\t\t\t\t\t\t\t\tdata-tag=\"page_id\"\n\t\t\t\t\t\t\tdata-post_ids=\"207228\"\n\t\t\t\t\t\t\t>\n\t\t<article class=\"post-preview\">\n\n    <div class=\"post-preview-thumbnail\">\n\t    <div class=\"shimmer shimmer-dark shimmer-image\"><\/div>\n    <\/div>\n\n    <div class=\"post-preview-content shimmer-post-preview-content\">\n        <div class=\"simmer-bar-group\">\n            <div class=\"shimmer shimmer-dark shimmer-bar\"><\/div>\n            <div class=\"shimmer shimmer-dark shimmer-bar\"><\/div>\n            <div class=\"shimmer shimmer-dark shimmer-bar\"><\/div>\n        <\/div>\n\n    <\/div>\n<\/article>\t\t<\/div>\n\n\t\t<\/div>[\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Do you believe that credit cards are sources of expenses and problems? Let&#8217;s analyze 7 myths about credit cards. <\/p>","protected":false},"author":64,"featured_media":48342,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[45830],"tags":[],"mc_loyalty_program":[],"class_list":["post-148693","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-guide"],"acf":{"mc_approved_badge":false,"mc_card_used":null,"mc_featured_card_specific":null,"mc_hide_featured_card":false,"mc_post_checklist":{"mc_post_checklist_true":null,"mc_post_checklist_false":null}},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>7 Myths About Credit Cards | Milesopedia<\/title>\n<meta name=\"description\" content=\"Do you believe that credit cards are sources of expenses and problems? 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