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
Remove authorized users before filing for bankruptcy - CreditCards.com + MORE Jan 12th
When things start to go south, immediately remove any authorized users to prevent bad credit marks from showing on their credit reports..... More »
Home renovation: More credit cards are rewarding home-related purchases Feb 19th
A growing number of credit cards now cater to homeowners and interior design enthusiasts by offering significant rewards in exchange for home-related spending..... More »
Tipping in tough times: How to tip without overspending Apr 17th
With many Canadians facing greater financial constraints, sentiment around tipping culture is shifting. Over the past few years, customers have seen “suggested” tipping amounts rise, and with more people paying on debit and credit machines instead of cash, they are being asked to tip more often..... More »
April 2 Update: Receive up to 10,000 bonus points for using Amex's Fixed Points Travel program, AIR MILES bonuses for Freshii at Shell in GTA & more! + MORE Apr 2nd
American Express has released a pretty good redemption bonus if you are looking to redeem points for flights booked via their Fixed Points Travel Program. You can get up to 10,000 points back when you redeem for flights by April 30 (flights do not have to be in April) Learn more about fixed poin.... More »
CIBC's new welcome offers are here - Up to 35,000 points on the Aventura Cards and up to 10% cash back on the Dividend Cards + MORE Feb 2nd
CIBC released new welcome bonus offers on several of their Aventura and Dividend Cards today. The base welcome bonus on the CIBC Aventura Visa Infinite and Gold cards has been bumped up to 20,000 Aventura Points. Those 20,000 points are awarded on your first purchase and then you can earn 1,25.... More »
AIR MILES: 40 Bonus Reward Miles for Best Western stays in Canada, the US and the Caribbean
– RewardsCanada.ca
Offer Details:40 Bonus AIR MILES Reward Miles for each qualified stay at any Best Western® branded hotel in Canada, the United States, or the Caribbean Islands. Full details, Online Registration and Booking (Registration is required) Until Feb 29, 16Quarter-point interest rate calculator
– creditcards.com
How a quarter-point increase in interest rates raises the cost of carrying a given credit card balance
What will an interest rate hike cost?
– creditcards.com
Use this chart to find the added monthly cost of a quarter-point interest rate increase for a given credit card balance
Card APRs to rise as Fed raises interest rates
– creditcards.com
The U.S. central bank pushed its benchmark rate up a quarter point, setting the stage for rate hikes on credit cards and other consumer debts
U.S. Federal Reserve Liftoff: What Canadians Need to Know
– ratesupermarket.ca
The long-awaited Liftoff is here: the U.S. Federal Reserve has announced they are raising the Federal Funds Target Rate to 0.5%. It is the first time in seven years the Fed has increased their trend-setting interest rate, which they cut to 0 per cent on December 16, 2008. Markets had widely anticipated the move, with 81 per cent calling for a hike today.
Why This is Big News
As the U.S. is the largest economy in the world, any change it makes reverberates through the rest of the globe, impacting markets and even the cost of borrowing for other countries.
Generally, this is a good news story: the Fed raising rates is a sign that their economy has experienced real improvement since the financial crisis, and they’re gradually rolling back the measures relied on in the aftermath of the Great Recession.
Similar to how the Bank of Canada works, the Fed uses monetary policy to help manipulate the cost of borrowing for banks and consumers to keep money flowing and credit liquid during times of economic downturn…
