How to go about securing the best rate and plan for your credit card in Canada.
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Applying for a credit card: What you need to know + MORE Oct 6th
There are many great reasons to carry a credit card. Beyond the convenience and purchase protection included with many credit card purchases, they’re also important financial tools for establishing your credit history and borrowing money—both of which you’ll need if you want to make a major pu.... More »
motusbank Review: A New Option in Online Banking Aug 5th
In recent years, names like Tangerine, Simplii, and EQ Bank have become synonymous with digital banking in Canada. Pretty soon, it looks as though another name may be added to the list. Launched in April 2019, it hasn’t taken very long for motusbank to make its mark in the world of online banking..... More »
Top 5 Small Business Credit Card Sign Up offers for March - These cards provide the best value out of their welcome bonuses + MORE Mar 12th
Here are the Rewards Canada Top 5 Small Business Credit Card Sign Up offers for this month! This is not a 'best' credit card list like our Top Travel Rewards Credit Card rankings but instead a look at cards for small businesses that have very good acquisition (welcome/sign up) offers. As always .... More »
Weekly rate report: Average card rate rises to 17.03 percent + MORE Aug 16th
August 15, 2018: Just one week after scaling past 17 percent for the first time ever, the average credit card interest rate inched a tad higher Wednesday..... More »
30% Transfer Bonus for RBC Rewards (Avion only) to British Airways Executive Club is back + MORE Nov 15th
Some of you asked when this bonus would return and we guessed it would be today and it was! We are happy to let you know the much loved transfer bonus from RBC Rewards to British Airways Executive Club is back. Once again the bad news is the bonus is lower just like we saw last May, only 30%.... More »
Should you invest or pay down debt?
– moneysense.ca
Q: I have the following debt:Mortgage – $60,000 @ 2.5% variable rate
Line of credit – $20,000 @ 5.7% variable rate
Car loan – $24,000 @ 3.75%
My question is this:
If I was to receive an unexpected infusion of dollars, am I better off to pay off all this debt or invest the money?
I am 62 years old and the thought of being debt free is very appealing, but also want to make the best financial decision for the long run.
–David
A: Paying down debt and investing are good financial choices. Both will increase your net worth and accelerate your financial independence. The question of whether you should do one or the other is a personal one, David.
If you reduce your debt, you have a guaranteed rate of return equal to the rate of interest you are avoiding. For example, paying off the $20,000 line of credit will “save” you having to pay interest of 5.7% and “earn” you a 5.7% rate of return on your “investment.” Consider it like buying a 5.7% GIC.
If you could otherwise invest the money in a taxable, non-registered account, you would have to be able to earn more than 5…
January 26 Update: SkyTeam Alliance Travel Hack, Avis bonus for Aeroplan Distinction members, Hilton introduces new hotel brand
– RewardsCanada.ca
Relatively quiet day compared to yesterday… News, Tips & TricksCheck out our potentially lucrative travel hack for flights on SkyTeam Alliance airlines. If it works and on paper (well websites) it does, it could be huge… Find out more here.Hilton Hotels has announced a new mid-scale hotel brand that will be launching later this year in the U.S. but will eventually come to Canada as well. The new brand is called Tru by Hilton. The brand already has 102 hotels signed on and 30 more in the works. Find out more here.Tru by Hilton’s innovative features include: The Hive, a first floor experience that’s more than a lobby – 2,770 square-feet of open space with unique ways for guests to engage with others or spend time alone – in one of four distinct zones for lounging, working, eating or playing. The Play Zone, filled with table games, a large-screen TV (featuring DIRECTV), and tiered, stadium-inspired seating. A centrally located Command Center – a re-envisioned front desk – featuring a social media wall with real-time content to foster engagement among guests, and a 24/7 market offering fun snacks and refreshments, single-serve wine and beer*, healthy light meal options and sundries for purchase…
