The “Big Five” Canadian banks offer credit cards and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Did you know that there are many other options?
Latest News
Business credit card debt: When startup partnership goes wrong + MORE Sep 17th
Dealing with business credit card debt following a startup partnership gone wrong? Start by seeking legal help. If you're personally responsible for the debt, you may have to make minimum payments on the card until the matter is resolved..... More »
Receive a $25 welcome bonus when you apply for and receive a Neo Mastercard + MORE Apr 18th
Neo Financial has brought back their $25 welcome bonus when you apply for and receive their Neo Mastercard. The $25 welcome bonus is available on all four versions of the card, the Neo Standard or Secured cards and the upgraded Plus and Ultra cards. This offer is available until May 15, 2022..... More »
American Express: Receive a 20% bonus when transferring points to Etihad Guest May 14th
For the first time ever, at least to the best of my knowledge, American Express Canada is offering a transfer bonus to Etihad Guest. For the month of May when you transfer Membership Rewards points to Etihad Guest miles you’ll receive a 20% bonus. Normally Membership Rewards points convert at .... More »
Scotiabank Gold American Express Card: 25 new confirmed multiplier locations from around the world Jun 22nd
Here’s our next update to our new Scotiabank Gold American Express Card Confirmed Multiplier Locations list with 25 new locations being added today from Canada, the U.S., Japan, Turkey & more! There’s nothing like being able to earn up to 5x points AND pay No FX Fees outside of Canada! .... More »
What are the tax implications of a donation? + MORE Dec 10th
Most people give money to charities with intentions that go beyond tax. But there are tax savings when you donate to charities. Here are some of the considerations.
How do donations save you tax?
Charitable donations allow a taxpayer to claim non-refundable tax credits. These credits can.... More »
Credit card bill autopayments: tips for getting it right
– creditcards.com
Setting up autopayments can prevent slip-ups that can ruin your credit score
Mortgage math when you have 2 properties
– moneysense.ca
Q: We have two mortgages on two separate properties:No. 1: $100,000 at 2.5% fixed that comes up for renewal in Feb. 2017
No. 2: $160,000 at 2.94% fixed that comes up for renewal in Feb. 2018
Last year my husband took out a home equity line of credit (HELOC) on the first home for $150,000 (for business use). Eventually we opted to transfer this debt into a secured loan of $100,000 with a hybrid rate—a fixed rate portion at 1.99% (up for renewal in Oct 2017) and a variable rate at 2.7% (prime+0%). Now he is ready to pay the monthly payment as well as make an extra $1,000 to $2,000 per month payment. We just don’t know what debt we should tackle first? Every time I use a calculator, it shows that I save the most if I pay down the debt with the lowest interest rate, but everything I read tells me to pay off the debt with the higher interest rate first. Help!
— Julie M., Toronto
Robert McLister, mortgage planner at intelliMortgage and founder of RateSpy:
When deciding which of the two debts to pay off quicker, always choose the one with the higher interest rate, unless there’s a special consideration…
