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?
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Take the Quiz: Do You Know Your Credit Score Fundamentals? Jun 26th
Your credit score is a very important number, which can help you get an apartment, car loan, mortgage, personal loan, or rewards credit card, among other financial decisions.
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The best Visa credit cards in Canada for August 2023 Sep 1st
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The best Visa credit cards in Canada for August 2023
Searching for the perfect credit card? In under 60 seconds, CardFinder narrows down your top matches without impacting your credit score, no SIN required.
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Making sense of the markets this week: August 3 Aug 1st
Each week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors.
Gold outshines itself
Gold stole the headlines this week. That can happen when an infamous asset takes out its previous all-time highs.
Last Sunday, gold made another push a.... More »
Should You Use a Balance Transfer to Help Pay Credit Card Debt?
– ratesupermarket.ca
Many Canadians have high credit card debt. The prospect of paying off those balances can seem overwhelming. So, when a 0% balance transfer offer comes to your attention, it might be tempting. But how does a balance transfer work exactly? It can be an effective way to pay off debt, if used in combination with other sound financial strategies to stop the bills from rising again.
What Is a Balance Transfer?
When you carry a credit card balance, you pay a high amount in interest and fees every month. If you have multiple cards to keep track of, you may feel like you are forever transferring money to cover off the monthly payments. It can feel like two steps forward and one step back each month. A balance transfer lets you put all of your debt onto one card, which can make you feel more comfortable managing your debt. But more critically, balance transfer offers often give you an opportunity to pay your debt down with a much lower, or even 0% interest rate.
You can apply for a new credit card that offers a balance transfer option…
