Minimal Privileges for MySQL Database Backup Cron Job

What
A quick note as I had difficulty finding a clear answer on this. I need a cron job setup where the permissions for a database user is required to do a backup (reading and copying data from a LIVE database) to a copy of the database (inaccessible via other users).

How?
I want to list 2 methods here. One to create a .sql file of the backup but another to copy the contents to a copy of the database accessible only by root and and this database "backuper" user. For both methods, I grant the following to the user doing the backup on the database I want a backup of:

GRANT SELECT, LOCK TABLES, EVENT, INDEX, REFERENCES, TRIGGER, SHOW VIEW ON 'my_live_db'.* TO 'mybackupuser'@'localhost' IDENTIFIED BY 'mybackupuser';

Or via cPanel the following screenshot when adding a user to a database:

Method #1:
The following command on a cron job:

// not recommended:
/usr/bin/mysqldump -u dbusername -p'dbpassword' dbname > /path_to/backup.sql

// recommended: using credentials stored in external file:
mysqldump --defaults-file=/path-to-file/.my.cnf my_db > /path_to/backup.sql

// and in your cnf file:
[mysqldump]
user=my_user
password=my_password

The one to rule them all:

// everything: using external file, suffixing date and compressing:
mysqldump --defaults-file=/full-path-to/.my.cnf my_db | gzip > /full-path-to/backups/my_db/backup_`date +"\%Y-\%m-\%d"`.sql.gz

Additional
Others around the web have suggested the following but I don't have these options to grant and would have to grant them via a terminal/command line to MySQL.

GRANT SELECT, LOCK TABLES, RELOAD, PROCESS, TRIGGER, SUPER, REPLICATION CLIENT, SHOW VIEW ON *.* TO 'mybackupuser'@'localhost' IDENTIFIED BY 'mybackupuser';

Suggestions?
I'm all up for any suggestions people might have on how this can be improved but it's the one I'm going on for the moment which works fine.