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?
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Annual fee vs. rewards value: Canadian credit cards worth the cost in 2026 Jun 13th
When choosing a credit card, the annual fee is one of the biggest considerations. In Canada, fees vary widely, from $0 to nearly $800 a year—and it’s easy to assume that paying more automatically means getting more value. But that isn’t always true.
A high-fee card can deliver strong reward.... More »
Synthetic identity fraud: The scam that’s fooling lenders + MORE Sep 4th
To steal your identity, criminals have to get their hands on a lot of your private information: name, birthdate, address, Social Insurance Number (SIN), and more. That’s not easy to do, even when the target takes few precautions or has a habit of oversharing.
But an increasingly common form of .... More »
RBC hiking fees on cash back Mastercard, but sweetening the rewards Aug 22nd
RBC shared on Friday that there are changes coming to two of its cash back Mastercard options in October and December this year.
Though a couple of the changes may irk cardholders (one of the cards’ annual fee will go up by $21), the benefits are getting a serious facelift that’ll be .... More »
The best GIC rates in Canada for 2026 Apr 20th
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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Newly employed? Know your tax deductions Jul 24th
Convocations and graduation ceremonies are over and new employment contracts are in place. Now, it’s time to understand the tax consequences—especially when take-home pay is a lot smaller than expected.
Most new employees can benefit from an onboarding process that includes information about .... More »
What New Year’s credit deals promise—and why you should be wary
– moneysense.ca
January is for fresh starts, but too many Canadians are held back by last year’s overspending. Lenders know about new year’s debt-hangovers, so you may be seeing more credit offers in your inbox—but be wary. Used incorrectly, that deal on a balance transfer or sign-up bonus could get you into even deeper financial trouble.
Credit card debt in Canada
If your last credit card statement dampened your seasonal joy, you’re not alone. According to TransUnion, consumer credit card debt rose 1.95% year over year in 2025, with even bigger jumps for mortgages, lines of credit, and auto loans. Wealthsimple reports that Canadians hold an average of $4787 in credit card debt, which can take time to pay off. And all the while credit card interest accumulates.
Mark Kalinowski, a Financial Educator at the Credit Counselling Society, points to compound interest, or “the interest paid on the interest.” When you pay only the minimum amount due or less than the full balance, interest accumulates…
