Money and Restaurants - Credit Card Recommendation

4:07:00 PM

I took the engineering team out to lunch one day and we got into a passionate argument about credit card rebates. We started comparing our credit cards with the benefits.

My PEY/Co-op student mentioned that there was a card that gave 3% cash back in regards to restaurant purchases. I was surprised and decided to follow up the background of the card. He was right! If you eat out a lot, this card may help save money in the future (provided that you always pay your bills on time).

Capital One Platinum Mastercard 

  • Exclusively for Costco Members (not for students unless you can piggy back on parent's membership)
  • Earn 3% Cash back at Restaurants
  • Earn 2% on Gas Cash Back
  • 0.5% on first $3k and 1% after that

Research Notes:

For many Asian restaurants, they strongly prefer cash and sometimes outright reject credit cards.

Assumptions & Calculations:
  • Eat out 4 times a week with 52 weeks a year
  • 4 times = 2 lunches and 2 dinner meals
  • 1 lunch meal = $15 CAD with 1 dinner meal = $30 CAD
  • Yearly Spending = $4680 CAD
  • 3% of Spending = $140.40 CAD
Conclusions:

If you spending a lot eating out, you can definitely save some cash by charging it to this credit card. On the other hand, you can cook at home too :)

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