All about Canadian credit cards. Learn the ins and outs and get the latest news.
Latest News
RWRDS Daily Update – May 19, 2023 May 19th
Strike averted! WestJet and its pilots reach a tentative agreement, New Amex Offers for Northumberland Heights Wellness Retreat & Spa and four more confirmed Cobalt Multipliers. Check out today's points & miles updates here:
The post RWRDS Daily Update – May 19, 2023 appeared first on Re.... More »
Boosting credit after a discharged bankruptcy Mar 6th
A Chapter 7 bankruptcy will stay on your credit years after discharge, but if you make payments on time and use credit wisely, your score will start to increase.... More »
RWRDS Daily Update July 9: Scotia Gold Amex Card’s up to 5x points multipliers are back to Canada only & get $5 from Collabria for switching to e-statements + MORE Jul 10th
Scotiabank Gold American Express Card's up to 5x points multipliers are back to Canada only and get $5 from Collabria and have a tree planted when you switch to e-statements. Check out today's points & miles updates here:
The post RWRDS Daily Update July 9: Scotia Gold Amex Card’s up to 5.... More »
Bank of Canada: more investors, less government for mortgage business + MORE Nov 5th
(Getty Images/Arda Guldogan)
If you’re interested in making money off of other people’s debt you may have an increased opportunity, at least if the Bank of Canada gets its way.
A recent article, written by Bank of Canada deputy governor Lawrence Schembri, pressed for risk exposure change.... More »
One of Canada's best low interest cards has an unheard of bonus offer - 30,000 points and first year free with the HSBC +Rewards Mastercard Jan 29th
Last week we provided details on HSBC's flagship card, the World Elite Mastercard having a new welcome offer of up to 40,000 bonus HSBC Rewards points and the first year with no annual fee. That offer is a far cry from the 100,000 points with first year free they offer prior to the end of 2020.... More »
Ottawa unveils prepaid credit card rules
– thestar.com
Government also launches public consultation on financial code of conduct to protect consumers from other abuses.New prepaid credit card rules coming
– moneysense.ca
OTTAWA – The federal government says it’s doing away with expiry dates on prepaid credit cards.And new regulations will ensure card issuers aren’t allowed to impose fees that eat away at a card’s balance within the first year.
The change comes after consumers complained that terms for using the cards were unclear and cumbersome and that card issuers imposed unfair fees.
Minister of State for Finance Kevin Sorensen says the rules governing use of the cards, which will come into effect in May, will have to be spelled out clearly for consumers.
Sorensen says Ottawa will also create a comprehensive consumer financial code to better protect users of financial products.
Through a consulation process, Canadians can offer suggestions for what they’d like to see in the code.
“A consumer code will help Canadians make more informed financial decisions today and in Canada’s rapidly changing, increasingly digital financial marketplace in the future,” said Maxime Bernier, minister for small business…
Ottawa is going ahead with new regulations on prepaid credit cards, but not in time for the holiday shopping season.
Feds take on prepaid credit cards
– canoe.ca
The feds are set to ban expiry dates and surprise fees on prepaid credit cards, and are asking for Canadians’ input on further regulations.
How I Ruined My Credit Score: 3 Debt Truths You Need To Know
– ratesupermarket.ca
“You can’t be doing this.”
Those words came from the mouth of my financial advisor as we discussed my credit options. On his side of the desk, a monitor displaying my FICO score. On my side, feelings of sheepishness, frustration, and more than a little bewilderment. He was referring to my longstanding habit of paying just the minimum on my credit card bill – one I always paid dutifully on time, and, unbeknownst to me, was ripping my credit score to shreds.
I had been carrying close to my max limit for several years at that point – a balance I had wracked up in bygone days of early 20’s hijinks. Now that I was considerably more responsible (and making considerably more money), I wasn’t too worried. The debt amount in question was only a few thousand dollars – and after all, I made enough to pay it off eventually, right?
That would be a big, fat, NO. As I was about to learn, carrying an almost-maxed balance is one of the cardinal sins of credit – it’s a sign to lenders that you aren’t responsible with debt repayment…
