What the Bank of Canada Rate Increase to 1.5% Means for Canadian Home Owners and Home Buyers + MORE Jul 16th

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?
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How you're not teaching kids responsible credit card use + MORE Aug 4th

Children are observers and parents unwittingly tend to do things just about guaranteed to show kids exactly what not to do with credit cards..... More »
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Amex Membership Rewards to the new Marriott Rewards/Starwood Preferred Guest program conversion rate is here! Jul 21st

A question that has been asked by many and to which I have not had the answer to is 'What will the Membership Rewards conversion rate be to the new Marriott/SPG program"! Many American Express cardholders (primarily Cobalt and Gold Rewards Card) have been wondering this and now we have the answer:We.... More »
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July 17 Update: 700 bonus SCENE points for ordering via the East Side Mario's App, big WestJet seat sale and more! + MORE Jul 17th

You can earn 700 bonus SCENE points by downloading the East Side Mario's app and placing an order via the app by December 31. Just enter your SCENE number and coupon code ESM700 at check out. Find out more here Posts since our last update:Hilton Summer Sale - Save up to 25% on weekend stays in t.... More »

Bumped from a flight? Credit card tips to keep your seat + MORE Aug 14th

Credit card benefits like priority boarding can help you keep your seat in case your flight is overbooked. If you're bumped, we've got you covered with these travel tips..... More »

The Fine Print: Can a credit card charge interest after death? Jul 27th

A credit card issuer can continue to charge interest after death. However there are specific rules in place for estate that protect heirs..... More »
Metal credit cards aren’t just for the wealthy now. Once reserved only for affluent, a few no-annual-fee cards now have that “plunk” factor.

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What the Bank of Canada Rate Increase to 1.5% Means for Canadian Home Owners and Home Buyers
From personal loans to mortgages, simply put, it’s now more expensive and more difficult for Canadians to borrow money.
At the beginning of 2018, new mortgage rules raised the bar for qualification.  Under federal law, all financial institutions are now required to put any new applicants under a strict “stress test”, regardless of their down payment amount. Borrowers have to prove they can still make payments at the greater of two options: either the five-year benchmark rate published by the Bank of Canada (currently 5.34 per cent), or the contractual mortgage rate plus two percentage points. Otherwise, those borrowers will not qualify for a mortgage.
And in recent news, the Bank of Canada raised its overnight lending rate to the highest level in almost ten years; the target is now 1.5 per cent. Commercial banks responded right away by raising their prime rate to 3.7 per cent. This means if you have a variable rate mortgage or have borrowed money from a line of credit, it is going to get more expensive to service…

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MBNA True Line® Mastercard® and True Line® Gold Mastercard® Review
When MBNA recently decided to stop taking applications for their Platinum Plus Mastercard, many customers were disappointed since it was one of the best low-interest balance transfer credit cards in Canada. However, it didn’t take MBNA long to come out with two replacement cards as they revamped their True Line cards with an interest rate of zero per cent for balance transfers in the first six months.
If you’re looking to consolidate and reduce your debt, then the MBNA True Line® Mastercard® and MBNA True Line® Gold Mastercard® credit cards are worth considering, as they offer some of the lowest interest rates on the market.
Sign Up Bonus and Earning Rate: N/A
Since this is a low interest credit card, you don’t earn any points or cash back. That being said, if your goal is to reduce debt, these cards are excellent choices.
The MBNA True Line® Mastercard® has no annual fee, but after the introduction interest rate of zero per cent ends after six months, your interest rate climbs to 12…

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Profits at U.S. credit card banks fell due to higher delinquencies and lower net noninterest income in 2017, according to a Federal Reserve report.

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