The “Big Five” Canadian banks offer credit cards and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Did you know that there are many other options?
Latest News
A new or revamped RBC Avion Card is in the works + MORE Jul 12th
Thanks to one of our regular contributors of breaking news: @joshnet on Twitter, we have be alerted to what appears to be a new or revamped RBC Avion credit card being released soon. Josh directed us to a post on Red Flag Deals that provides some details of this card that will be in the suite .... More »
RWRDS Daily Update August 12: Earn 5x AIR MILES for shopping with Amazon & get 2x Avios flying Toronto to Madrid on Iberia + MORE Aug 12th
Earn 5x AIR MILES for shopping with Amazon and earn 2x Avios on Iberia flights out of Toronto via Qatar Airways Privilege Club. Check out today's points & miles updates here:
The post RWRDS Daily Update August 12: Earn 5x AIR MILES for shopping with Amazon & get 2x Avios flying Toronto to .... More »
American Express Cobalt Card: 18 new confirmed multiplier locations (and 1 removed) + MORE Dec 24th
Here’s our next update to the American Express Cobalt Card Confirmed Multiplier Locations with 18 new locations being added today from across Canada A big thank you to the RWRDS Canada community for providing details on thousands of locations where you can use the American Express Cobalt Card to e.... More »
The South Pole Wall: 100 Million Billion Stars Are Found Hiding in the Milky Way - Science Times + MORE Jul 11th
The South Pole Wall: 100 Million Billion Stars Are Found Hiding in the Milky Way Science TimesBeyond the Milky Way, a Galactic Wall The New York TimesAstronomers discover South Pole Wall, a gigantic structure stretching 1.4 billion light-years across Livescience.comA.... More »
The best GIC rates in Canada for 2026 Feb 9th
GIC comparison tool
Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance.
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CMHC tightens mortgage rules in latest response to COVID-19
– moneysense.ca
On June 4, 2020, the Canadian Mortgage and Housing Corporation (CMHC) announced changes to the eligibility rules for mortgage insurance, in the agency’s latest response to the COVID-19 pandemic.
The new rules will lower the amount of debt an applicant for an insured mortgage can carry, set a higher credit score to qualify for CMHC insurance, and will require a homebuyer to use their own, and not borrowed, funds for their down payment.
COVID-19 “has exposed long-standing vulnerabilities in our financial markets, and we must act now to protect the economic futures of Canadians,” said Evan Siddall, CMHC’s President and CEO.
CMHC provides insurance that protects lenders if homeowners default on their mortgage. If a buyer has a down payment of less than 20% of the purchase price, mortgage default insurance is required, and is paid by the homeowner. Some properties, including those with a purchase price of $1 million or more, are not eligible for CMHC insurance.
Siddall says the new rule changes will stabilize housing markets by reducing demand and putting a damper on “unsustainable housing price growth…
The new rules will lower the amount of debt an applicant for an insured mortgage can carry, set a higher credit score to qualify for CMHC insurance, and will require a homebuyer to use their own, and not borrowed, funds for their down payment.
COVID-19 “has exposed long-standing vulnerabilities in our financial markets, and we must act now to protect the economic futures of Canadians,” said Evan Siddall, CMHC’s President and CEO.
CMHC provides insurance that protects lenders if homeowners default on their mortgage. If a buyer has a down payment of less than 20% of the purchase price, mortgage default insurance is required, and is paid by the homeowner. Some properties, including those with a purchase price of $1 million or more, are not eligible for CMHC insurance.
Siddall says the new rule changes will stabilize housing markets by reducing demand and putting a damper on “unsustainable housing price growth…
National Bank Customers Can Now Make International Transfers by Mastercard and Interac
– ratesupermarket.ca
National Bank, one of Canada’s largest and oldest financial institutions, is offering its users a more natural way to send money abroad, thanks to the new feature announced by the bank in May. The new International Transfer by Mastercard and Interac is a joint, cross-border solution for Canadians to send money to bank accounts located outside of the country.
Until now, in most circumstances, sending money to friends or family outside of Canada was a complicated process that involved wire transfers and surcharges. The International Transfer by Mastercard and Interac feature allows Canadian customers to quickly send money to friends and family in 19 destination countries, with more being added to that list regularly.
This new and rare transfer capability is excellent for Canadians needing to send money overseas to friends or family travelling abroad or to pay for goods or services internationally.
How International Transfer by Mastercard and Interac works
To send an international payment, you must be an existing National Bank customer and have an account with a sufficient balance to cover the amount you wish to transfer…
June 8 Update: A new card has been crowned as the best Mastercard to use at Costco & Cogeco users may not have got our newsletter last week
– RewardsCanada.ca
Last week saw the devaluation of the Rogers World Elite Mastercard take place (read more about changes here) which means we needed to update our feature Top 5 Mastercard Cards to use at Costco as the Rogers card is no longer the best card to use at Costco in terms of rewards earned.If you subscribe to our weekly newsletter and have your email address with Cogeco it looks like you didn’t get our newsletter from this past Friday. For some unknown reason Cogeco bounced 70+ of your emails back to us. You can read that last issue online here. Hopefully that issue will be fixed for this week’s newsletter. If this issue happens again this week we’ll reach out to Cogeco to see why we may be on their blacklist….Airline Schedule UpdatesThis will now be a standard feature for the foreseeable future in our daily update posts as we summarize Canadian operations based on data from RoutesOnline and other sources. Remember that many of these route plans are subject to change and right now they are changing frequently!No route news for today…
