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What Is a Debt Consolidation Loan?
A consolidation loan is a term reducing loan taken out for the purpose of gathering a number of debts into one manageable payment. Ideally, the interest rate on a consolidation loan will be less that what you’re currently paying on your other unsecured credit products. Most often, the debts that are included in a consolidation loan are from high interest, revolving credit products such as major credit cards, retail store cards, or unsecured lines of credit.
What Are the Advantages to Debt Consolidation?
Debt consolidation holds a number of advantages for borrowers…
When you read up on the particulars of credit cards, you might notice the terms “extended warranty” and “purchase protection.” Sometimes referred to as extended protection, purchase security, or purchase assurance. Most glaze over these perks and focus on points or rewards associated with the credit card in question. However, extended warranties and purchase protection can come in handy and can save you money on big-ticket items.
Extended warranties operate alongside manufacturer warranties, and purchase protection provides assurance for theft and damage.
What is an extended warranty?
Often when you purchase a product, you will receive a complimentary manufacturer’s warranty. Extended warranties are available from your credit card provider to extend the manufacturer’s warranty, which provides the consumer with additional coverage. If you purchase a product that doesn’t have a manufacturer’s warranty, an extended warranty will not apply.
An extended warranty will only cover products purchased using your credit card…
New welcome offer for the National Bank of Canada World Elite Mastercard – $300 cash back with minimum spend
A secured card is a specific type of credit card that requires applicants to make a cash deposit in order to be approved. The experience of using a secured card for everyday purchases is mostly the same as a “regular” credit card, and the deposit requirement makes secured cards extremely attainable and a good option for people who want to build their credit with a credit card but don’t qualify for traditional unsecured credit cards because of bad credit or a lack of credit history.
Ratehub’s best secured credit cards
Want to rebuild your credit with a secured credit card. Just input your income and preferences and the MoneySense Credit Card Finder will provide a comparison of some of the best secured credit cards in Canada from Ratehub’s partners.
To view more secured card options and MoneySense’s editor’s picks, read our blog on the best credit cards for bad credit in Canada.
How does a secured credit card work?
You pay a deposit upfront in order to be approved for a secured credit card…