How long to wait to apply for another rewards card + MORE Nov 10th

News, Tips & Tricks Congratulations to Peter C. of St. Catharines who won the two tickets to the Aeroplan dExclusives “An Evening with Rod Stewart” in Toronto!Over on our FFB Blog we provided details of the new Alaska Airlines Mileage Plan up to 50% buy miles bonus. The bonus is a mystery until you log in. If you get 50% then it is very worthwhile to buy miles if you can and want to redeem them in the next few months! Find out more here. We are speaking at the Canadian Points University in January! You can save $20 off the ticket price when you use promo code REWARD20 ! Visit the site here. Hyatt Gold Passport members can now book Points + Cash awards online as well as upgrades using points to a Regency Club or Grand Club room. (Source View from the Wing) Posts since our last update: Earn 1,000 Bonus Aeroplan Miles for Starwood stays of 2 or more nights in the Americas We’ve seen similar offers for American Airlines, Delta and other U.S. airlines so now its our turn for this… Bonus Offers Air Canada / Aeroplan- 1,000 Bonus Aeroplan Miles for stays of 2 or more nights at participating Starwood Hotels & Resorts in North and Latin America…

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The single biggest mistake when trying to control and pay down debt is failing to eliminate the highest-interest debt first. You have to prioritize by two factors: the rate of interest being paid and whether or not it’s tax deductible. Credit-card debt for consumption purposes is the most pernicious because a) the interest rates are onerous at near 20% a year; and b) There’s no way to deduct the expense of this interest from your taxes.
Given this, the obvious conclusion is to pay off high-interest, non-deductible credit-card debt ahead of all other debts— ahead of student loans and ahead of mortgage debt, both of which usually involve much lower rates of interest.
The second biggest mistake is paying off non-tax-deductible debt ahead of valid tax-deductible debt. You may ask what debts ARE tax deductible? Well, if you are a business owner you may have a corporate credit card you use exclusively for valid business expenses that should therefore be deductible from business income: valid auto expenses, office supplies and equipment, various professional services and the like…

It’s no secret that debt is becoming an ever-growing problem in Canada.
In September, Statistics Canada announced that the ratio of household debt to disposable income in households rose to 164.6% in the second quarter of this year. The stats may seem dire but with some careful planning and patience, debt is a hurdle that can be overcome.
Credit cards are usually the culprits of massive debt pile-ups, while other consumer loans and mortgages also contribute to Canadians’ debt-loads. It’s easy to fall behind on monthly payments associated with unsecured debt and fall prey to high interest rates taking the reins.
So, how do you tackle debt?
Use your funds wisely
First, determine how much you can actually contribute towards paying off what you owe in a month, says Debbie Gillis, of K3C Credit Counselling in Kingston, Ont. Prepare a budget to determine how much you need to spend each week on basics and how much you can spare for making debt payments.
“I don’t recommend you use all of [your extra money] to pay down your debt…

Don’t apply too aggressively — for the sake of your credit and budget

For many of us, credit scores are one important number on a page of confusing text and alphanumeric codes, consulted annually — or less frequently — when applying for an apartment rental or mortgage. Credit reports can seem cryptic and hard for the average consumer to interpret. But reading them – and understanding them – are important to maintaining good credit.
According to Equifax Canada — one of two main credit-reporting agencies in Canada, along with TransUnion Canada — Canadians should be consulting their reports once a year and verifying that the information is accurate and up-to-date.
Here’s a quick-and-dirty guide to what your report contains and what it means:
Your Credit Bureau Report
Here’s what the first page of your credit bureau report generally looks like:

So, what do these codes mean?
Beacon Score: This score will directly impact the interest rate you qualify for on a loan. It’s created by an algorithm, and reflects your credit-worthiness, and the risk of delinquency you pose to a lender…