Canada has several major banks and many schedule II banks – but with rates and plans all over the map, it’s difficult to know where to bring your business. Our aim is to help you navigate Canada’s banking options to discover which one suits your needs best.
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Churning Credit Cards: The Pros and Cons
– ratesupermarket.ca
By: Barry Choi
Churning credit cards is the new rage among rewards collectors. Blogs have popularized the strategy of redeeming points to claim hotels and flights for next to nothing. Sounds pretty appealing – but what exactly is churning?
Churning is when you apply for multiple credit cards just to get the big signup bonuses being offered. Any yearly fees are usually waived for new applicants for the first year—simply cancel your card before the first year is up to avoid any charges. Rinse and repeat this cycle and it’s easy to earn points fast, hence the term “churning.”
Getting into the churning game is incredibly easy, there’s even a Reddit sub dedicated to churning Canadian credit cards. Of course there are pros and cons to this strategy so make sure you know all the risks before you start to apply for new cards.
Pros of Churning Credit Cards
Earn points fast: The main reason people churn credit cards is to earn points fast. Signing up for a credit card that offers up to 25,000 points is a lot easier than trying to earn them while flying…
