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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The best student credit cards in Canada for 2023 Sep 13th
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The best student credit cards in Canada for 2023
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Alternative lender Equitable says all 6 big banks have agreed to fund $2B backstop May 4th
Alternative lender Equitable Group Inc. says all six of Canada's big banks have agreed to loan the company up to $2 billion, should the need arise..... More »
Canada’s bank CEOs get 7% pay raise to earn $53.6 million in fiscal 2017 + MORE Mar 14th
TORONTO _ The chief executives of Canada’s five biggest banks collectively earned roughly $53.6 million in the latest fiscal year, up more than seven per cent from a year earlier.
But it was a particularly good year for Toronto-Dominion Bank’s chief executive Bharat Masrani, who got a mo.... More »
Interac is expanding—first up, Wealthsimple e-transfers will get easier Sep 29th
You’ve probably used an Interac e-Transfer to pay a friend back for dinner, split the rent with a roommate, send birthday money to your nephew or put money into your account at another bank. This service is quick and convenient if you’re a customer at a major bank or a credit union—but if you .... More »
Will GIC rates keep going up in 2024? Dec 23rd
As Canadians are painfully aware, Canada’s inflation has stubbornly persisted above the Bank of Canada’s (BoC) target rate of 2%. In response, the BoC has repeatedly raised the benchmark interest rate—which sets the pace for banks’ prime rates—since early 2022. While no one can predict wit.... More »
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…
