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.
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Savings comparison tool
Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
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The Inconvenient Truth About Credit Card Convenience Cheques
– ratesupermarket.ca
Credit card convenience cheques, often sent out as promotional materials by credit card companies, are now a thing of the past for consumers who do not directly request them, according to new requirements for federally regulated financial institutions.
We have all received these cheques in the mail, especially when we’re issued a new card. The company will encourage card holders to use the cheques to transfer balances and pay bills under the guise that they are just like the cheques you use from your personal bank account. However, these cheques work in very different ways, carrying hefty interest charges. It’s important that users be aware of how they work signing their name at the bottom.
How Do Convenience Cheques Work?
When the cheque is cashed the money requested is added to your credit card balance and will appear on your next statement. You fill in the cheques like you always would, but unlike a regular chequing account you are guaranteeing that the credit, rather than the direct funds, are available…
