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Rewards Canada Clash of the Reward Charts! Amex Fixed Points for Travel versus RBC Avion Air Travel Redemption + MORE Dec 1st
Welcome to next Rewards Canada Clash! If you listened to our podcast from June entitled Clash of the Credit Cards - you'll know that we've changed our Showdown features to Clashes. The reason why is that lots of sites and blogs are using Showdown now, some are using battle so we wanted t.... More »
This Week in RWRDS: April 13 – 19, 2024 + MORE Apr 19th
This week we discuss how credit card reward charts rarely provide good value for economy class flights to Europe, look at a card bonus that can provide 2 flights to Europe and more in our weekly credit card and loyalty rewards newscast! Watch This Week in RWRDS here: Listen to This Week in RWRDS her.... More »
Top 5 Cash Back Credit Card Sign Up offers for December - These cards provide the best value out of their welcome bonuses + MORE Dec 8th
Here are the Rewards Canada Top 5 Cash Back Credit Card Sign Up offers for the month of December 2020! This is not a 'best' credit card list like our Top Cash Back Credit Card rankings but instead a look at cards that have very good acquisition (welcome/sign up) offers. As always when choosing a .... More »
Earn Quadruple Aeroplan Miles for Choice Hotels stays Worldwide until March 31 + MORE Jan 10th
It has only been a month since the last 4x miles offer ended and now its back! Once again you can earn 4x the Aeroplan miles for Choice Hotels stays until the end of March. Remember there is no such place a Choice Hotel, that's just the parent company name for hotels like Quality Inn, Comfort Inn,.... More »
The best GIC rates in Canada for 2025 Jan 13th
GIC comparison tool
Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance.
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Am I liable for check-cashing, credit card scam charges?
– creditcards.com
The rules that provide zero liability don’t help if you gave someone your card
How the Interest Rate Hike Can Affect Canadian Post-Secondary Students
– ratesupermarket.ca
If you haven’t heard, the Bank of Canada raised its key overnight lending rate by 25 basis points last month. And while mortgage affordability is usually the first thing that comes to mind when people discuss an interest rate hike (or drop), students heading to university or college may also be affected by this move.
As the prime rate rises, so does the cost of borrowing money, or taking out any type of loan. Here’s where students can expect rising interest rates to affect their finances come September:
Student lines of credit
To supplement the cost of tuition, books and residence, many post-secondary students use a student line of credit. It’s a flexible solution, typically with lower interest rates than credit cards or government loans. However, when interest rates rise, so do the floating rates tied to lines of credit. The interest rate on a line of credit is calculated using the banks’ prime interest rate, which fluctuates, and often follows the Central bank when it changes its rate…
Using RRSP money for a renovation
– moneysense.ca
Q: My daughter and my husband bought a $400,000 property three years ago near Midland, Ont. My husband earns $59,000 annually and my daughter $16,000 (self-employed). They want to renovate the kitchen and eventually sell the home to make a profit on it. The mortgage is $319,000. My daughter wants to get a $30,000 loan from the bank but I don’t think they’ll give it to her. Right now, she has an RRSP with $39,000 in it. Should they use the RRSP money to renovate? When they sell the house they’ll likely realize a $70,000 profit, so is it worth it?
—Janet P.
A: Based on the home value and the mortgage balance, a loan or line of credit might not be approved at this point because the equity in the property is not yet high enough. (You are at 80% equity now). The lenders will also take both your daughter and husbands’ incomes into consideration—and not just the amount of income, but the source of the income as well.
Since your daughter is self-employed she will need to show the lender her past two years of tax returns to establish if she can afford the repayment of a loan…
