Credit Memo vs. Debit Memo: What’s the Difference? + MORE Apr 8th

The “Big Five” Canadian banks offer credit cards and 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). Did you know that there are many other options?
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RWRDS Daily Update – October 13 Oct 13th

Here’s your Rewards Canada update! Your near daily dose of loyalty program, credit card and travel news, bonuses, deals and more. The new best cash back card in Canada With the enhancements going live yesterday, the SimplyCash® Preferred Card from American Express has now been crowned the be.... More »
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Receive a free night award when you stay two nights at Best Western Hotels this summer + MORE Jun 5th

Best Western Rewards' summer promotion kicks off tomorrow and it is the return of their free night award offer. When you complete two nights (do not have to be consecutive) at Best Western Hotels in Canada, the U.S. or Caribbean between June 6 and September 4 you'll receive one free night award. The.... More »
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Amtrak resumes service between Toronto and New York & a new Amex Offer for Lordco Auto Parts + MORE Jul 12th

Here's your Rewards Canada update! Your near daily dose of loyalty program, credit card and travel news, bonuses, deals and more. Amtrak has resumed service to Toronto from New York after a two year hiatus. The Maple Leaf service operates daily with six stops on the Canadian portion of the rout.... More »

AIR MILES lowers requirements to reach Gold and Onyx Elite status - is it enough to help the struggling program? Aug 10th

AIR MILES has let us know they are lowering the qualification thresholds for acquiring Gold or Onyx Elite Status with the program. Up until now collectors were required to earn 1,000 Reward Miles in a calendar year to achieve Gold Status and 6,000 miles for Onyx Status. Those requirements have now b.... More »

Best ever welcome bonus on the TD First Class Visa Infinite Card - earn up to 100,000 welcome points + first year free Jul 17th

The TD® First Class Travel® Visa Infinite* Card is currently offering a welcome bonus of up to 100,000 points along with an annual fee rebate for the primary and additional cardholders for the first year. Not only does this continue to be the best ever bonus seen on the card it is also one of.... More »
The credit card to consider getting right now - April 2022Today we kick off a new monthly feature where we recommend a card to consider applying for right away.  How do we pick which card should be highlighted? We’ll look at numerous factors however in most cases it will primarily be due to the limited time offer on the highlighted card ending that month or shortly thereafter. In some cases, it may be different factors or a combination of factors and it is the latter, a combination which is the case for this first highlight post.Disclaimer: This post is guidance provided by us for our readers – you don’t have to go out and get this card if it doesn’t suit your needs!The credit card to consider right now – April 2022 The card to consider getting right now in April 2022 is the Marriott Bonvoy™ American Express®* Card Why is this is the card to consider right now?The limited time welcome bonus of 65,000 points and a $100 statement credit ends on May 10. With the statement credit you are basically only spending $20 for this card in the first year…

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Walmart Rewards World Mastercard and Walmart Rewards Mastercard review 2022If you’re budget-conscious, there’s a good chance you opt to shop at Walmart. The big discount retailer serves as a one-stop shop for everything from groceries and household essentials to furniture and garden supplies. And with over 400 locations across Canada, there’s likely a store in your area, too. If the low prices weren’t incentive enough, you can also earn rewards when you use one of the store’s branded Walmart Mastercards.
Both are no fee cards that offer decent rewards, in the form of Walmart Reward Dollars, which you can spend like cash at Walmart stores. The best part is that the math is simple: 1 Walmart Reward Dollar = $1 to spend at Walmart or at online at (you just have to use them in $5 increments). So essentially, the earn rates can be calculated similarly to a cash back credit card, with the caveat that they can only be used at Walmart.
The entry-level Walmart Rewards Mastercard caps out at 1.25% earned on every dollar spent in store at Walmart or online…

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April 8 Update: Review of Brim Financial Mastercards, step by step guide to the American Express Shop Small Program & Canada Jetlines will launch from Toronto this summerHere’s your Rewards Canada Daily update! Your near daily dose of loyalty program, credit card and travel news, bonuses, deals and more. Be sure to subscribe to the Rewards Canada News email newsletter so that you don’t miss out on any loyalty program news and offers! You can subscribe to the newsletter here  We added a new credit card review to the site this week. Rewards Canada contributor Jeff W. completed t the task of reviewing Brim Financial’s Mastercard line up. At the time of providing this review he had the card for a few months and was able to test drive many of the card’s features and provide this first hand review of the cards. Read the review of the Brim Mastercards here. We also completed an update to our Step by step guide to the American Express Shop Small Program. This guide shows you how to use Amex’s Shopping Map to find merchants, primarily those that care considered small businesses, that accept American Express Cards. Hopefully in the next few months we’ll be seeing the annual shop small promotion where Amex cardholders earn statement credits for shopping with these Shop Small retailers! Chcck out the guide here…

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If you pay close attention to your bank statements, you may notice an item labelled, “credit memo”, from time to time. But without more information, it’s hard to know what the credit memo is for; why you received extra money in your account. The same goes for “debit memos.” Businesses also issue credit and debit memos for various reasons, which we’ll cover in this article.
What Is a Credit Memo?
A credit memo transaction occurs when money is added to an account. Credit memos are most often associated with banks and other businesses that sell products and services. Banks will issue credit memos for various transactions, including issuing interest on a customer’s savings account balance, crediting a customer for an overpayment, and refunding a bank account fee.
A business that sells goods may issue a credit memo instead of a refund to the buyer when a product is returned. The credit memo should include a written explanation of the transaction, along with a reference number.
Credit Memo Examples
Here are some examples of when a business might use a credit memo:

The credit of bank service charge or bank fee
A credit of previous bank charge (mortgage appraisal fee)
Store credit
Interest earned
Bill payment credit
Shopping credit
Credit for next purchase
Offer credits

Other Times a Credit Memo Is Used
Credit memos are often used to correct an error or refund a customer when a product arrives damaged to the shipping address…

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