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 to stack your rewards at the gas station + MORE Aug 22nd

Charging your fill-ups earns credit card rewards points or cash back, and when you add fuel rewards programs and gift cards you can save even more at gas stations..... More »

More than a dozen federal departments flunked a credit card security test Oct 7th

There are 34 federal departments and agencies that allow citizens and others to pay for services with credit and debit cards. An internal briefing note, obtained by CBC News, shows that half of those institutions have flunked a global test designed to help ensure that personal inform.... More »

Car repossessed: How can I rebuild my credit? + MORE Jan 10th

The delinquent car payment that led to the repossession will stay on your credit report for seven years. However, there are ways to help your score recover in the meantime..... More »
 air miles

July 30 Update: Three Canadian Hotels in the latest IHG PointBreaks, some BMO card changes coming and playing catch up! + MORE Jul 31st

Rewards Canada was off last week for some R&R but of course that was interrupted with the Air Canada news that they along with TD, CIBC and Visa want to buy Aeroplan from Aimia so we did a lot of interviews about it from Southern California! We'll have full coverage of that news tomorrow and.... More »
 master card

November 8 Update: Earn 3x Aeroplan Miles at Home Hardware, 5,000 Bonus Marriott Rewards points in Waterloo and more + MORE Nov 9th

For the next week Aeroplan members will earn triple miles for shopping at Home Hardware. This means you'll earn 3 miles for every $2 spent at Home Hardware, Building Centre and Furniture locations, or online at homehardware.ca. Find out more here.Also on the bonus front is a nice stay bonus in Wa.... 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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