Top ways that credit card fees sneak into your trip + MORE Jul 19th

Two new surveys reveal the growing financial strain that Canadians face amid rising costs and stagnant wages. 

A report from Mortgage Professionals Canada (MPC) found that 70% of recent home buyers say they couldn’t have purchased their property without financial help. A separate survey by Harris & Partners, a licensed insolvency trustee firm, shows that many Canadians are struggling to afford routine expenses: nearly 60% of respondents said their income isn’t sufficient to cover essentials like rent, groceries, and utilities.

The new reality of home ownership: financial help and rising payments

MPC’s State of the Housing Market survey found that seven in 10 Canadians who purchased a home in the last two years say they couldn’t have done so without help with a down payment. Across all home buyers, that figure stands at 58%.

In most cases, the “help” comes from family. A 2024 report from CIBC shows that intergenerational wealth transfers are becoming the norm, with 31% of first-time buyers receiving a financial gift from their parents…

This week we discuss Mastercard finally making a move into the ultra premium credit card space, British Airways’ up to 40% off reward flights sale, the new Aspire Amex lounge in Montreal and much more in our weekly credit card and loyalty rewards newscast! Watch This Week in RWRDS here: Listen to This Week in […]
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It’s summertime, and that means break time for many Canadians. If you’ve been using a credit card to book your holiday and spending while on vacation, you might be paying more than you think. While travel credit cards often offer perks or rewards, they can often come with expensive upfront annual fees, and more importantly, other hidden costs you may not know about.

Here are some ways that credit card fees make your trip more expensive—and how you can avoid some of them by using an EQ Bank Card.

How fees add up when you use a travel credit card

If you’re an avid traveller, you may have a travel credit card. They offer convenience and perks. But those benefits often come with a cost, and the fees can start racking up even before the vacation begins.

Before you travel

Most travel credit cards carry hefty annual fees ranging from around $120 per year up to $799 for cards with the most premium benefits. That’s a lot of money to pay just for opening an account.

That’s not all…