The “Big Five” Canadian banks 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). Are there other viable options?
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Canadians To Cash In With Best of Finance Awards Jan 23rd
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Beware The Latest Low Interest Credit Card Scam
– ratesupermarket.ca
While it usually pays to be an informed shopper who seeks out the lowest interest rates, a new credit scam is targeting savvy deal hunting Canadians. For a fee, these fraudsters are promising unaware customers low interest credit card rates, while at the same time collecting highly sensitive personal data. The Financial Consumer Agency of Canada (FCAC) is warning Canadians to be cautious when giving out sensitive information over the phone or online. A major red flag is the fee charged for these interest rates; no legitimate institution would charge you for a low interest card.
Be Wary Of Interest Rate Offers
To set up the scam the fraudster calls or sends an email to a possible victim promising to secure them a credit card with an interest rate lower than they could get at a bank or financial institution. For their service they charge a fee. If the person falls victim they have lost out twice – first, by giving away sensitive information to a person who is going to use it for no good and secondly for paying a fee for a false service…
