There are many reasons for this upward trend interlocking – supply issues, climate change, energy costs, inflation and geopolitics – and the impact of new U.S. government tariffs on Canadian products have exacerbated.
An easy way to reduce the impact of grocery prices is to use cash back credit cards. Neo World Mastercard returns 5% in grocery store purchases (which is the highest in the country) and generous income rates for other top spending categories.
Unlike many other cashback credit cards, Neo World Elite MasterCard offers consistent top-notch cashback rates that provide real value to customers. The cash back earned is immediately deposited into the reward wallet and can be redeemed at any time. Let’s see how much you can save on your daily expenses.
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Neo World Elite Mastercard
Annual Fee: $125
interest rate: 9.99% to 29.99% of purchases, cash upgrades to 22.99% to 28.99%
Earning rate: 5% cash back grocery purchases; repeat spending of 4%; 3% gas and electric vehicle charging; and 1% other purchases
Welcome quote: Nothing
Annual income requirements: Personal income is $80,000 or household income is $150,000
What is the average monthly cost of food in Canada?
According to Canadian Payment Corporation, the average monthly Canadian credit card bill in Canada is $2,100, which operates the country’s payment system. The majority of this money goes to groceries, accounting for 20% of household spending, according to the Consumer Price Index (CPI), which monitors the prices of goods and services over time. Combined, the data means we spend an average of $420 per month ($5,040 per year), making it the most expensive for most Canadian families, excluding taxes and shelter.
Other major expenditure categories for Canadians include natural gas, 10% of notes, and frequently occurring bills, accounting for 8% of bills. On a $2,100 credit card bill, these purchases are worth $210 and $168, respectively. Apart from grocery store purchases, these are the top three categories of spending at $798. With the right credit card, you can use a portion of these fees as part of your cash.
Save groceries with cash back credit card
How do you choose the right cashback card for your own and your family’s needs? Check income rates in high-end categories such as groceries and gas. Neo World Elite Mastercard has one of the strongest reward structures in the country.
With Neo World Elite Mastercard, your regular grocery cashback rate is 5%, the highest on the market. Using the average grocery cost of $420 mentioned above, you get $21 per month, or $252 a year. At this income rate, the card’s annual fee will be paid off in less than three months.
