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A look at how you can extract enormous value out of the best ever welcome bonuses on American Express Aeroplan cards + MORE Jul 14th
Back in June American Express and Aeroplan revealed the best ever welcome bonuses on their co-brand cards. With offers ranging from 75,000 to 150,000 points these unprecedented new bonuses scream huge value thanks to the Aeroplan program being able to provide outsized value on award flight redemptio.... More »
Earn up 5x points for online shopping via the Aeroplan eStore + MORE Jun 7th
To celebrates Father’s Day Air Canada has launched a bonus offer to earn up to 5x points for shopping at select retailers via the Aeroplan eStore portal. This offer is available until June 18, 2023 and includes retailers such as Banana Republic, Lenovo, Decathlon, Saxx and more. Click here t.... More »
Remove authorized users before filing for bankruptcy - CreditCards.com + MORE Jan 12th
When things start to go south, immediately remove any authorized users to prevent bad credit marks from showing on their credit reports..... More »
Aeroplan extends the expiry date on Buddy Passes earned from co-brand credit cards Jun 22nd
Great news for those of you who are holding on to Buddy Passes or have been considering applying for an Aeroplan co-brand card that offers a Buddy Pass. Those booking window for passes have been extended by Aeroplan to December 31, 2022 for travel into December 2023. Rewards Canada reader Jose.... More »
TD Rewards improves the any travel anytime reward option for their credit cards! + MORE Oct 10th
Great news for TD Rewards members as TD has improved the redemption rate for any travel anytime rewards! This is the reward option where cardholders can go out and book any travel they please on their cards and then redeem the points towards the charge at a rate of 225 points for $1. TD Rewards [.... More »
Creative Commons/Quinn DombrowskiQ. I am single and set to retire next year. I also have a $55,000 inheritance coming to me shortly. Should I take this money and pay off my outstanding debt, which is about $50,000? Or put the money into a Tax-Free Savings Account (TFSA), which I haven’t started to contribute to yet? I will have a modest income in retirement that will be enough to get by on but not much more than that. I also have only about $30,000 in savings. What’s the best course of action for me?
— Daniela in Halifax
That’s a great question Daniela. So let me make some assumptions. Assuming that the $50,000 is personal consumer debt at interest rates of about 20% or higher (which is what is charged on many department store credit cards), I suggest paying off that debt. In one year, you would save $10,000 in interest at 20%. That alone could increase your monthly cash flow by $833. You could then turn around and use that monthly saving to contribute to your TFSA…
What to do if you use your corporate credit card for a personal expense
