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?
Your credit report summarizes your credit history and helps lenders weigh your credit risk. Often your credit report is initiated when you apply for your first credit card. Over time it can help you reach your larger financial goals such as obtaining a rental agreement or mortgage. When you apply f.... More »
Credit card fraud comes in various forms and can cause a lot of damage to both your balance and your credit score. Often thieves only get away with a few hundred dollars, but sometimes they can manage to steal thousands. And when they do, it can take hours of hard work and communication to unravel .... More »
One of the most useful personal finance tools is your credit card. You can use it to buy products and services online, set up automatic payments, finance larger purchases, and start to build your credit history. However, you must use your credit card responsibly. While effectively managing your deb.... More »
When the COVID-19 pandemic swept across North America in early 2020, it created a wave of income loss that impacted people from all walks of life. While some individuals have been hit harder than others, it’s difficult to find a group or industry that hasn’t been affected. A small segment of the.... More »
If you’ve ever had to shop for “that” person in your life — the one who already has everything — you know that gift cards can be a lifesaver. They’ve been around for almost 26 years, growing into an essential part of any retail business.
More recently, prepaid gift cards branded with payment networks have been gaining popularity. These cards feature major credit card issuers like Visa, Mastercard, and American Express. Without limiting the user to one shop, these cards can be used in-store, online, and almost anywhere credit cards are accepted.
Similarly, financial institutions have created the prepaid credit card, not to be confused with the above gift card option. These two types of cards have several similarities but differ in some fundamental ways. Here’s our take on which option should end up in your wallet.
What’s the Difference Between a Prepaid Credit Card and a Prepaid Gift Card?
To start, here are the types of cards typically offered:
Retail gift cards: These cards are offered through a single brand or chain—for example, your favourite store or restaurant…