RWRDS Daily Update – May 28, 2024: RBC Avion Visa Infinite Privilege Review & a Guide to Canadian Hotel Loyalty Programs + MORE May 29th

RBC has brought back limited time increased welcome bonuses of their ION and ION+ Visa Cards.. The bonuses for the cards are 6,000 and 12,000 points respectively when you apply for either of the cards by November 4, 2024. The ION and ION+ cards where launched when RBC named their RBC Rewards program to Avion […]
The post New increased welcome offers on the RBC ION Visa cards – earn up to 12,000 Avion Rewards points appeared first on Rewards Canada.

A new report suggests an increasing number of Canadians are seeing their credit card balances balloon as the cost-of-living crisis and higher interest rates eat into household budgets. A TransUnion report published Tuesday said the number of Canadians paying only the minimum monthly amount on their credit card rose eight basis points to 1.3% in the first quarter compared with last year. 

What is causing debt for Canadians?

Matthew Fabian, director of financial services research at TransUnion Canada, said many household incomes are not keeping up with inflation and higher interest rates, leaving them to rely on credit.

“Consumers that have had significant increases in their mortgage payment have made that deliberate trade-off to pay less on their credit card and in some cases, they’re missing their payment,” Fabian said in an interview. “We’ve seen a higher delinquency rate in credit cards for those consumers that have mortgages than traditional credit card consumers…

Credit card interest rates aren’t all the same. If you carry a balance on your credit card, or if you expect to take on debt that will take some time to pay off, you might want to consider applying for a low-interest credit card.

The savings could be substantial: while most regular credit cards charge around 20% in interest, the cards listed below offer rates that can be half that, or less. Some low-interest cards even come with attractive balance transfer promotions that will allow you to pay down debt at a greatly reduced rate for a limited time. To find out which have the best rates, perks and promotions, read on for our list of the best low-interest credit cards in Canada.

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We review the Ultra Premium RBC Avion Visa Infinite Privilege, updated our Guide to Canadian Hotel Loyalty Programs for 2024 and save 15% on Coast Hotels gift cards. Check out today’s points & miles updates here:
The post RWRDS Daily Update – May 28, 2024: RBC Avion Visa Infinite Privilege Review & a Guide to Canadian Hotel Loyalty Programs appeared first on Rewards Canada.