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
Cineplex's SCENE program changing earn and burn rates on April 17 - significantly devalues current balances and the SCENE Visa Card + MORE Mar 21st
Playing catch up on this news! Some time ago Cineplex announced changes coming to their very popular SCENE program. These changes will take place on April 17, the day after Starbucks' changes, so that will be the week of change!The forthcoming changes to the SCENE program will be seen on both point.... More »
The Rewards Canada Weekly Wind Up for October 10 to 16, 2020 Oct 18th
Here is the weekly wind up of all the blog posts from the past week here on Rewards Canada:Amazing award night redemption opportunity at the new Radisson Blu Hotel Toronto (Book by October 25) Earlier this week we let you know that the first Radisson Blu Hotel in Canada opened up its….... More »
Air Canada Aeroplan Elite Status changes for 2024 Oct 29th
This past week saw Air Canada Aeroplan announce some additional changes to their elite status program. One of the changes is effective immediately while the others will take place as of January 2024. Air Canada Cafe complimentary guest access expanded This is the one announced change that is effecti.... More »
Enhance your travel to Europe with the Air France KLM World Elite Mastercard! + MORE May 16th
I can’t believe we are already half way through May which means there are only two weeks left for the great limited time welcome bonus on the Air France KLM World Elite Mastercard! When you apply for the card by May 31st and are approved you will receive 100XP which just happens to be the [.... More »
Ending soon: 15% cash back welcome bonus (up to $300) with the CIBC Dividend Visa Infinite & Platinum Cards + MORE Jun 24th
The best ever welcome bonus offers on the CIBC Dividend® Visa Infinite* and the CIBC Dividend Platinum® Visa* will be ending soon! When you apply for and are approved for either of these cards, you’ll now earn 15% bonus† cash back over the course of the first four statement periods. The bonu.... More »
Metal credit cards aren't just for the wealthy now
– creditcards.com
Metal credit cards aren’t just for the wealthy now. Once reserved only for affluent, a few no-annual-fee cards now have that “plunk” factor.
What the Bank of Canada Rate Increase to 1.5% Means for Canadian Home Owners and Home Buyers
– ratesupermarket.ca
From personal loans to mortgages, simply put, it’s now more expensive and more difficult for Canadians to borrow money.
At the beginning of 2018, new mortgage rules raised the bar for qualification. Under federal law, all financial institutions are now required to put any new applicants under a strict “stress test”, regardless of their down payment amount. Borrowers have to prove they can still make payments at the greater of two options: either the five-year benchmark rate published by the Bank of Canada (currently 5.34 per cent), or the contractual mortgage rate plus two percentage points. Otherwise, those borrowers will not qualify for a mortgage.
And in recent news, the Bank of Canada raised its overnight lending rate to the highest level in almost ten years; the target is now 1.5 per cent. Commercial banks responded right away by raising their prime rate to 3.7 per cent. This means if you have a variable rate mortgage or have borrowed money from a line of credit, it is going to get more expensive to service…
MBNA True Line® Mastercard® and True Line® Gold Mastercard® Review
– ratesupermarket.ca
When MBNA recently decided to stop taking applications for their Platinum Plus Mastercard, many customers were disappointed since it was one of the best low-interest balance transfer credit cards in Canada. However, it didn’t take MBNA long to come out with two replacement cards as they revamped their True Line cards with an interest rate of zero per cent for balance transfers in the first six months.
If you’re looking to consolidate and reduce your debt, then the MBNA True Line® Mastercard® and MBNA True Line® Gold Mastercard® credit cards are worth considering, as they offer some of the lowest interest rates on the market.
Sign Up Bonus and Earning Rate: N/A
Since this is a low interest credit card, you don’t earn any points or cash back. That being said, if your goal is to reduce debt, these cards are excellent choices.
The MBNA True Line® Mastercard® has no annual fee, but after the introduction interest rate of zero per cent ends after six months, your interest rate climbs to 12…
Profits at U.S. credit card banks fell due to higher delinquencies and lower net noninterest income in 2017, according to a Federal Reserve report.
