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.
If you’ve decided to try out online investing and have narrowed down your choices to Wealthsimple and Questrade—congratulations! Both are solid Canadian options that can help you grow your money and achieve your investment goals. But choosing between the two can be tricky. While the two financia.... More »
The holidays were glorious and brilliant, but the new year is here and so are the bills. You’re not alone if your credit card balances soared and bills are piling up. We’ve put together some tips to help you recover smoothly and avoid another spending hangover in the new year. Give Your.... More »
New cardmembers can score additional cash back, or points from great welcome offers, and earn that trip or reward that much sooner. But will you actually qualify for that extra 35,000 bonus points? How much extra cash back might you see before the promotion expires? We’ve made it easy for you and.... More »
If filing your taxes before the deadline went over your head this year, procrastinating can make things worse. Unlike sales tax, which you pay on the spot, Canada’s income tax system is based on self-assessment. Make your money, plan your affairs as best you can and then, pay up. Not everybody do.... More »
Canadians are reaping the benefits of their rewards cards in large numbers, according to a recent survey by RateSupermarket.ca. Currently, there are over 74 million active credit card accounts in Canada, with the average Canadian owning two credit cards and 8 in 10 holding a rewards credit card. Of those households, 85 percent are seeing returns from their purchases in the form of cash back and other rewards.
Retirees Lead the Way
Older Canadians have taken to credit card rewards in greater numbers than their younger compatriots. Just 73 percent of Canadians aged 18-34 own a rewards card compared to 83.5 percent of those aged 65 and over. It’s not just uptake where older Canadians are leading the way either, nearly 15 percent (14.8) of older Canadians with a rewards card have redeemed more than $1,000 worth of rewards. Only 6.7 percent of those aged 18-34 can say the same.
Rewards by the Numbers
The payoff from rewards credit cards can be substantial, with 12 percent of survey respondents saying they have redeemed over $1,000 worth of rewards…