How to go about securing the best rate and plan for your credit card in Canada.
Latest News
Amex Membership Rewards to the new Marriott Rewards/Starwood Preferred Guest program conversion rate is here! Jul 21st
A question that has been asked by many and to which I have not had the answer to is 'What will the Membership Rewards conversion rate be to the new Marriott/SPG program"! Many American Express cardholders (primarily Cobalt and Gold Rewards Card) have been wondering this and now we have the answer:We.... More »
Plastk Secured Credit Card Review 2023 + MORE Feb 24th
Secured credit cards can help you build or rebuild credit when you’re unable to qualify for a regular credit card or loan. The concept is simple. You provide an upfront security deposit, and the credit card issuer secures it in a separate account.
Your credit limit is equal to the amount of se.... More »
Now Live: New World and World Elite Mastercard benefits including free data roaming plus Fubo & H&R Block discounts + MORE Oct 3rd
The new World and World Elite Mastercard benefits we have been detailing over the past few weeks are now live. With the launch of the new benefits we have learned of one new discount for Fubo in addition to the FlexiRoam Global data packs and H&R Block discount. Here are links to our past cover.... More »
Mylo Review Jul 1st
It’s very possible that when it comes to reaching your savings goals, nothing is more important than automation. Most people, no matter how hard they try, cannot save consistently if doing so requires a manual process. Mylo is a revolutionary app, the first of its kind in Canada, that not only aut.... More »
Insufficient funds: Fighting the scourge of fraud through credit and debit cards + MORE Mar 9th
Cybersecurity expert Tom Keenan’s rationale for recommending consumers use credit cards over debit cards has nothing to do with any technological advantage.
It’s now standard in Canada for both type of cards to use chip and PIN to authenticate transactions, a widely-adopted global securi.... More »
Should you invest or pay down debt?
– moneysense.ca
Q: I have the following debt:Mortgage – $60,000 @ 2.5% variable rate
Line of credit – $20,000 @ 5.7% variable rate
Car loan – $24,000 @ 3.75%
My question is this:
If I was to receive an unexpected infusion of dollars, am I better off to pay off all this debt or invest the money?
I am 62 years old and the thought of being debt free is very appealing, but also want to make the best financial decision for the long run.
–David
A: Paying down debt and investing are good financial choices. Both will increase your net worth and accelerate your financial independence. The question of whether you should do one or the other is a personal one, David.
If you reduce your debt, you have a guaranteed rate of return equal to the rate of interest you are avoiding. For example, paying off the $20,000 line of credit will “save” you having to pay interest of 5.7% and “earn” you a 5.7% rate of return on your “investment.” Consider it like buying a 5.7% GIC.
If you could otherwise invest the money in a taxable, non-registered account, you would have to be able to earn more than 5…
January 26 Update: SkyTeam Alliance Travel Hack, Avis bonus for Aeroplan Distinction members, Hilton introduces new hotel brand
– RewardsCanada.ca
Relatively quiet day compared to yesterday… News, Tips & TricksCheck out our potentially lucrative travel hack for flights on SkyTeam Alliance airlines. If it works and on paper (well websites) it does, it could be huge… Find out more here.Hilton Hotels has announced a new mid-scale hotel brand that will be launching later this year in the U.S. but will eventually come to Canada as well. The new brand is called Tru by Hilton. The brand already has 102 hotels signed on and 30 more in the works. Find out more here.Tru by Hilton’s innovative features include: The Hive, a first floor experience that’s more than a lobby – 2,770 square-feet of open space with unique ways for guests to engage with others or spend time alone – in one of four distinct zones for lounging, working, eating or playing. The Play Zone, filled with table games, a large-screen TV (featuring DIRECTV), and tiered, stadium-inspired seating. A centrally located Command Center – a re-envisioned front desk – featuring a social media wall with real-time content to foster engagement among guests, and a 24/7 market offering fun snacks and refreshments, single-serve wine and beer*, healthy light meal options and sundries for purchase…
