Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Italian banks under glare as EU stress tests results due + MORE Jul 29th
MILAN – The spotlight is on Italy’s troubled banks as regulators prepare to release the results Friday of stress tests of EU lenders that will show how much money the country’s financial sector, the most troubled in the region, needs to avoid rekindling a eurozone crisis.
Banks in .... More »
Mortgage rates inch higher from record summer lows Nov 25th
Canadian mortgage rates have bounced up from their record lows of this summer in anticipation of an improving economy prompting central banks to do the same..... More »
Investors say heed the lessons of Icarus as Nortel marks 15 years after peaking + MORE Jul 27th
TORONTO – It was 15 years ago this month when Nortel Networks’ shares hit an all-time high of $124.50 on Toronto’s stock market.
The company’s sky-high stock made it by far Canada’s most valuable company at the time — with a market value that briefly surpassed any of .... More »
Big banks boost prime lending rates following BoC rate hike + MORE Jul 13th
TORONTO — Canada’s five biggest banks are boosting their prime lending rates by 25 basis points, following an interest rate hike from the central bank.
Royal Bank of Canada (TSX:RY), the Bank of Montreal (TSX:BMO), TD Bank (TSX:TD), Scotiabank (TSX:BNS) and CIBC (TSX:CM) all announced Wedne.... More »
Bank executives defend oversight of sales practices in testimony to MPs + MORE Jun 13th
Executives from Canada's big banks defended the way they do business Monday, saying they take steps to make sure that employees don't engage in questionable sales practices..... More »
Should You Pay Bills With Your Credit Card?: Plastiq and Rentmoola
– ratesupermarket.ca
Traditionally, paying bills such as rent required a series of post-dated cheques or setting up a direct deposit connection to your bank account. Paying with a credit card hasn’t always been an option – until now, as third-party payment processors grow in popularity.
One such service, Plastiq, has been touted in Canada for several years as a method for paying income taxes, and has been gaining popularity as a payment alternative for vendors who wouldn’t usually accept credit cards. Users set up an account, add their payees of choice, and the amount they wish to pay. Plastiq then processes the payment and sends it to the payee as either a cheque or electronic money transfer, charging a fee of 2.5 per cent for the service.
A similar service, Rentmoola, focuses on brokering rental and condo fee payments for free via debit, and for a 2.75 per cent fee via credit card.
The Pros and Cons of Using Plastic For Your Bills
Pro – You can ramp up your rewards: Using your credit card to pay in more instances increases your ability to earn more rewards…
