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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Small Business Credit Profile: müvTravel + MORE Aug 9th

müvTravel CEO Michel Karam relied on his solid personal credit score and $40,000 in available credit on his cards to get his business off the ground..... More »
 card rewards

Top 5 Credit Card Sign Up offers for December - nearly $1,500 in travel rewards with these cards + MORE Dec 6th

Here are the Rewards Canada Top 5 Credit Card Sign Up offers for the month of December! This is not a 'best' credit card list like our Top Travel Rewards Credit Card rankings but instead a look at cards that have very good acquisition (sign up) offers. As always when choosing a card you should alwa.... More »

Small Business Credit Profile: Valeria Fine Jewelry + MORE Aug 23rd

Valeria Fine Jewelry owner Lucas Horton explains how he learned from past credit card mistakes and how he leverages business cards to earn hundreds of dollars in cash back every year..... More »
 credit card rates

Capital One to launch travel transfer partners for Venture cardholders in December + MORE Nov 13th

Beginning in December 2018, in addition to redeeming miles for travel, statement credits, gift cards or cash back, Capital One Venture Credit Card members will be able to transfer miles to 12 travel loyalty programs..... More »

Aeroplan, PC Optimum grapple with points theft as thieves drain accounts, book flights Jul 30th

Loyalty programs Aeroplan and PC Optimum have both recently been hit with multiple cases of points theft. PC Opimum is now introducting tougher security measures for members..... 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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