The 11 best travel credit cards in Canada for July 2023 + MORE Jul 13th

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What the Bank of Canada’s latest rate hike means for your finances

– moneysense.ca

The Bank of Canada (BoC) raised its benchmark interest rate from 4.75% to 5% on July 12—the highest it’s been since 2001—and noted that Canada’s annual rate of inflation risks remaining stuck above the Bank’s target over the next year, in spite of a recent slowdown in the inflation reading.

The increase in the benchmark rate, which guides the interest rates on various financial products and debt, comes as Canadians report record levels of household debt and is likely to further weaken real estate prices and sales, which have been slowly recovering this year after a sharp fall in 2022.

In explaining its decision, the BoC said another rate hike was needed because the Canadian economy remains stronger than expected and there’s a risk inflation could stall above the desired target. The BoC targets a rate of inflation of 2%, which has not been achieved since early 2021. Canada’s inflation rate slowed to 3.4% in May, down from 4.4% the month before, but the BoC believes it will take until the middle of 2025 for it to fall back down to 2%…

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The 11 best travel credit cards in Canada for July 2023

– moneysense.ca

Credit Cards

The 11 best travel credit cards in Canada for July 2023
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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.

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