How to go about securing the best rate and plan for your credit card in Canada.
Latest News
A look at the business class redemption feature for the CIBC Aventura Visa Infinite Privilege Card - it offers up to a 7.5% return! + MORE Mar 5th
The CIBC Aventura Visa Infinite Privilege Card is a relative newcomer to our market with it only being released late in 2019 but it is really starting to make some inroads in our market. The card comes with a 50,000 point welcome bonus, a $200 annual travel credit, Priority Pass Lounge access with 6.... More »
Meridian Ushers in New Way for Canadians to Bank with Motusbank + MORE Feb 14th
Meridian holds the position as the biggest credit union in Ontario, and the third biggest country-wide. The company recently created a new subsidiary named Motusbank, a full-service digital bank that’s set to change the way Canadians handle their finances.
What’s Different About Motusba.... More »
November 19 Update: Our Guide to Business Class Lounge Access has been updated, up to 10x miles for online shopping from Aeroplan & AIR MILES + MORE Nov 19th
We finally got around to updating our Guide to Business Class Lounge Access. It has more credit cards listed, pricing updates for single entries and annual memberships. Read the updated Guide here! We have also updated our Holiday Shopping piece with the latest online shopping bonuses from Aeroplan.... More »
Last day to apply - TD Cash Back Visa Infinite* Card with 10% cash back on all purchases with first year no annual fee for new cardholders Dec 6th
Today is the last day to apply for the current TD Cash Back Visa Infinite* Card offer of 10% cash back on all purchases made up to $2,000 in the first three months. On top of that they are waiving the first year annual not only for the primary card but also for the first additional card. This off.... More »
AIR MILES expands Redtag.ca partnership - you can now earn and redeem miles for cruise vacations + MORE Dec 12th
AIR MILES announced today that they have expanded their relationship with Redtag.ca. Collectors will now be able to earn and redeem miles for cruise vacations booked via the special vacations.airmiles.ca website that is powered by Redtag."Providing our Collectors across the country with value, choic.... More »
Should You Share Your Credit Card?
– ratesupermarket.ca
A credit card can be a powerful financial tool when used responsibly, and can also help build your credit score. But what if you don’t have sufficient credit yet, or have damaged it in the past, and can’t qualify for a credit card?
Fortunately, there are options available for those who can’t get a credit card on their own.
Co-Signed Credit Cards
Similar to a mortgage, some lenders will let an applicant use a co-signer in order to qualify for the card. The co-signer, who typically has good credit, is equally responsible for any debt owed to the card, and their credit score is also on the hook. Co-signed credit cards are slightly different than supplementary cards, which just allow you to access the credit of another cardholder (usually a parent and teen), and can be a good way for those with limited credit (typically students and newcomers to Canada) or damaged credit to get credit cards.
However, co-signed credit cards can be a deterrent for those trying to build their own credit scores; because the loan is based on their co-signer’s credit, they aren’t actually improving their own score through use of the card…
Credit vs. Debit: Know the Differences
– ratesupermarket.ca
By: Barry Choi
We all carry credit and debit cards in our wallets, but when it comes time to pay, which one you reach for for can leave an impact in a few different ways. Which option you choose is ultimately up to you, but it’s important to understand what goes on behind the scenes since debit and credit cards are very different.
The Applicable Fees
Debit cards will always have fewer fees since you’re only spending the money you have available, whereas with credit cards you could be hit with annual fees, interest charges, and other fees and penalties.
It should also be noted that merchants are only charged a low flat-fee rate when customers choose to use Interac Debit. But when credit is chosen as the method of payment, merchants pay 1.5 – 3 per cent of the total price. These fees add up over time, so if you choose debit over credit, you’re helping businesses with their bottom line.
One is More Rewarding Than the Other
The major draw of credit cards is the rewards that they offer…
How to invest conservatively without bank GICs
– moneysense.ca
Q: We are maxed out on our RRSPs and TFSAs and our remaining funds are in joint GICs (Guaranteed Investment Certificates). Due to our age, we are risk adverse and like to maintain GICs. However, the bank rates for GICs are relatively low and more importantly, the banks are covered under the Canadian Deposit Insurance Corporation (CDIC) for only $100,000.This means that we have to spread our funds over various institutions – and this is becoming cumbersome.
We recently heard about credit unions covered by the Deposit Guarantee of Manitoba. Their GICs rates are more appealing and their limits are unlimited.
1. How safe or risky are the credit unions covered by the Deposit Guarantee of Manitoba?
2. Are there any other avenues to take?
3. Typically, what do corporations, business and/or private people do with their money if they have large sums of money to invest (more than $100,000)?
–Jack
A: Yours is a good problem to have, Jack. Although having too much money is better than the alternative, it never ceases to amaze me how the wealthy worry about money too – just in a different kind of way…
December 1 Update: Winner of $100 Gas Card, BMO AIR MILES bonuses extended, Flying Blue Promo Awards
– RewardsCanada.ca
Welcome to our first update of December! News, Tips & Tricks Congrats to Ian B who is the winner in our $100 Gas Card giveaway for the Scotiabank GM Visa card contest from October! Yesterday we mentioned that the 800 Bonus AIR MILES offer for the no fee BMO AIR MILES MasterCard was to end but great news the offer has been extended to January 3rd! Same goes for the 3,000 Bonus Miles for the BMO AIR MILES World Elite MasterCard Posts since our last update: Hilton 72 Hour Sale – Save up to 30% in the US, Canada or Latin America Hilton has launched a great new sale for stays in the Americas…Club Carlson Cybertastic Tuesday – 20,000 Bonus Gold Points for 2 night Radisson stay in Canada (and the Americas) Yesterday Club Carlson launched a week long promotion called Cybertastic with a different deal every day. Today’s offer is…Air France KLM Flying Blue Promo Awards – Save 25% on Business Class award tickets out of Montreal & Vancouver The newest set of Air France KLM’s Promo Awards are now out and this month there are extra offers… Bonus Offers Air France KLM Flying Blue- December Promo Awards – Save 25% to 50% on the Award Miles usually required for an award ticket…
