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Top Cash Back Credit Card Sign Up offers for August 2023 + MORE Aug 5th
Here are Rewards Canada’s Top 5 Cash Back Credit Card Sign Up offers for the month of August 2023. This is not a ‘best’ credit card list like our Top Cash Back Credit Card rankings but instead a look at cards that have very good cash back acquisition (welcome/sign up) offers. This includes car.... More »
40% of Canadians say they’ll be in trouble if rates rise + MORE Oct 24th
TORONTO — Four in 10 Canadians say that if interest rates rise any further they fear they will be in financial trouble, a new poll suggests.
The survey conducted for insolvency firm MNP Ltd. also found one in three Canadians say they are already feeling the effects of increasing interest rates.
&.... More »
The best Mastercard credit cards for 2023 + MORE Sep 20th
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The best Mastercard credit cards in Canada for 2023
Searching for the perfect credit card? In under 60 seconds, CardFinder narrows down your top matches without impacting your credit score, no SIN required.
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Is Black Friday worth it? Credit card tips to amp up savings + MORE Nov 5th
Is Black Friday worth it? That depends on what you want to buy – and your family's holiday shopping habits. Regardless, these tips can help you amp up savings..... More »
Buy or gift Aeroplan Points with up to an 85% bonus + MORE May 10th
Aeroplan's has come out with another buy or gift points promotion where you can earn up to an 85% bonus. This tiered offer sees bonuses ranging from 50% to 85% dependent on how many points you buy. This offer runs until May 20, 2022 and allows members to buy up to 500,000 points per transaction .... More »
Am I liable for check-cashing, credit card scam charges?
– creditcards.com
The rules that provide zero liability don’t help if you gave someone your card
How the Interest Rate Hike Can Affect Canadian Post-Secondary Students
– ratesupermarket.ca
If you haven’t heard, the Bank of Canada raised its key overnight lending rate by 25 basis points last month. And while mortgage affordability is usually the first thing that comes to mind when people discuss an interest rate hike (or drop), students heading to university or college may also be affected by this move.
As the prime rate rises, so does the cost of borrowing money, or taking out any type of loan. Here’s where students can expect rising interest rates to affect their finances come September:
Student lines of credit
To supplement the cost of tuition, books and residence, many post-secondary students use a student line of credit. It’s a flexible solution, typically with lower interest rates than credit cards or government loans. However, when interest rates rise, so do the floating rates tied to lines of credit. The interest rate on a line of credit is calculated using the banks’ prime interest rate, which fluctuates, and often follows the Central bank when it changes its rate…
Using RRSP money for a renovation
– moneysense.ca
Q: My daughter and my husband bought a $400,000 property three years ago near Midland, Ont. My husband earns $59,000 annually and my daughter $16,000 (self-employed). They want to renovate the kitchen and eventually sell the home to make a profit on it. The mortgage is $319,000. My daughter wants to get a $30,000 loan from the bank but I don’t think they’ll give it to her. Right now, she has an RRSP with $39,000 in it. Should they use the RRSP money to renovate? When they sell the house they’ll likely realize a $70,000 profit, so is it worth it?
—Janet P.
A: Based on the home value and the mortgage balance, a loan or line of credit might not be approved at this point because the equity in the property is not yet high enough. (You are at 80% equity now). The lenders will also take both your daughter and husbands’ incomes into consideration—and not just the amount of income, but the source of the income as well.
Since your daughter is self-employed she will need to show the lender her past two years of tax returns to establish if she can afford the repayment of a loan…
