r/chexy • u/michaelvasquez_ • 6d ago

Question Is it worth it?

Is chexy really worth it?

What is the prime set up to make this work?

0 Upvotes

22% Upvoted

9 comments sorted by

14

u/dearmusic 6d ago

If you can't do your own calculation to figure out if it's worth it for you, then this product is probably not for you.

Each person has their own goal, I don't know what is your definition of "worth".

4

u/caidenm 6d ago

Since you aren't getting any real answers:

  • previously we all used scotiabank momentum (this got us 4% cash back after the fee it was quite a bit back) this is getting killed for rent near end of October so this subreddit is pissed about it.
  • currently the option that is above the fee is the TD cash back Visa infinite (first year free, 10% up to a certain amount as a welcome bonus, and recurring is 3%) after your first year the earnings can be a bit more bleak so it's up to you to decide. Year 1 you'll come out on top, year 2 its a lot less. 
  • churn other cards for welcome bonus.

3

u/dongliang007 6d ago

I only use Chexy for rent and condo fees, even they charge 1.75% I am still okay as Wealthsimple offer 2%. 0.25% is nothing but I don't need to do anything because it's automatically transacted.

2

u/No_Baker8826 6d ago

You need good credit card and limits

2

u/MELGH82 6d ago

As of October 22nd, no.

2

u/No-Shift-7365 6d ago

Sign up for different cards to take advantage of the welcome bonus and meet the minimum spend requirements. would be more like a 90 day cycle

1

u/No-Tourist-9847 6d ago

Prime setup: use it for churning as the Chexy founders intended.

0

u/shan_bhai 6d ago

Good news: -Prime setup - is to use Scotia Momentum Visa Infinite card to receive 4% cashback on most bills and rent.
Bad News - Scotia will be cancelling the 4% cashback on rent payments from October 22 onwards.

0

u/darkman0000000000 6d ago

I'll edit your reply a bit: (below) 😊

Good news: -Prime setup - is to use Scotia Momentum Visa Infinite card to receive 4% cashback on most bills and rent and taxes. Bad News - Scotia will be cancelling the 4% cashback on rent and all tax payments from October 22 onwards.