Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
The major Canadian banks are preparing for the end of the deferral period and offering to work with clients to ensure they can continue to meet their financial obligations in a manageable way, Elaine Smith writes..... More »
Unlike the major banks and payday lenders in Canada, the alternative lending market is less directly regulated, and that can expose consumers to greater risks when borrowing, Lesley-Anne Scorgie writes..... More »
Most Canadians are aware of the Big Five banks: RBC, TD, Scotiabank, BMO and CIBC. And some may even know that occasionally National Bank of Canada sneaks in and expands that list to six. But even with these accounted for, there are dozens of banks in this country, each offering its own suite of per.... More »
Formed through a merger between financial giants Bank of Toronto and The Dominion Bank in 1955, TD is one of Canada’s most storied big five banks. It offers a wide array of financial services including an impressive portfolio of more than two dozen credit cards. We break down the best TD credit ca.... More »
The average Canadian has two credit cards. So, if you were to peek into your neighbour’s wallet, it’s likely you would find at least two—in some cases, even more. Consumers are told to build up a credit history through the responsible use of credit cards, but is there a point where you have too many open accounts? It comes down to your personal financial habits and how you use the payment capabilities that cards provide.
Having multiple cards is a good idea
When reviewing your credit report, you’ll see a list of your open accounts and payment history. That includes things like personal loans, student loans, cell phone bills, mortgages, and yes—credit cards. Companies calculate your credit score based on several factors, including your credit utilization ratio, age of credit, payment history, credit mix, and credit inquires.
Here’s how having multiple cards can help your score.
Credit utilization ratio
The credit utilization ratio is the amount of credit you use against how much total credit you have available…