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April 7 Update: 20 new confirmed Cobalt 5x points Multiplier Locations, Plastk Secured Credit Card 10,000 point welcome bonus & BMO will switch to DragonPass on April 15 Apr 7th
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What is a Secured Credit Card and How Does It Work? + MORE Jun 29th
A good credit history is important for everyone. It’s a gateway to more borrowing options and the basis of a positive financial future. But what if you have no credit, or some unfortunate marks on your record make it hard to get a new card?
That’s where a secured credit card may come in.... More »
How to transfer reward points to airlines + MORE Mar 21st
If you have general reward points through a credit card, it's a simple process to transfer them to a partner airline for a free flight.... More »
Exploring mysterious worlds in 'The Hunt for Planet B' - CNN + MORE Nov 20th
Exploring mysterious worlds in 'The Hunt for Planet B' CNNThe most powerful telescope ever built is about to change how we see the universe East Idaho NewsNASA's huge James Webb Space Telescope is one month from launch Space.comThe name of NASA's most powerful telesc.... More »
Best Credit Cards in Canada for 2018 + MORE Jul 9th
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Creative Commons/Quinn DombrowskiQ. I am single and set to retire next year. I also have a $55,000 inheritance coming to me shortly. Should I take this money and pay off my outstanding debt, which is about $50,000? Or put the money into a Tax-Free Savings Account (TFSA), which I haven’t started to contribute to yet? I will have a modest income in retirement that will be enough to get by on but not much more than that. I also have only about $30,000 in savings. What’s the best course of action for me?
— Daniela in Halifax
That’s a great question Daniela. So let me make some assumptions. Assuming that the $50,000 is personal consumer debt at interest rates of about 20% or higher (which is what is charged on many department store credit cards), I suggest paying off that debt. In one year, you would save $10,000 in interest at 20%. That alone could increase your monthly cash flow by $833. You could then turn around and use that monthly saving to contribute to your TFSA…
What to do if you use your corporate credit card for a personal expense
