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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September 13 Update: American Express discount for Air Canada flights, WestJet Flash Sale, up to 100 Bonus AIR MILES for Budget rentals + MORE Sep 13th

Check your emails once again for another discount for Air Canada flights from American Express. This one came for my Platinum Card from American Express and offers a 15% discount on Air Canada standard fares and up. WestJet's ultra low cost carrier Swoop is planning to introduce flights between.... More »
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Split cost of high annual-fee rewards card with relative: Pros, cons + MORE Oct 10th

Sharing the cost of a pricey high-end rewards credit card with an authorized user can make sense, but only if you trust their financial habits..... More »

AARP study: Consumers putting themselves at risk of fraud Sep 10th

A new study by AARP finds only 4 in 10 American adults have set up online access to all their bank accounts, and only 57 percent have done so with their credit card accounts.... 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 »
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Weekly rate report: Average card rate rises to 16.92 percent + MORE Sep 5th

September 5, 2018: The average credit card interest rate inched up Wednesday, according to the CreditCards.com Weekly Credit Card Rate Report..... 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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