Young People Need To Forget About Retirement + MORE Jun 7th

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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Much like last year, CIBC is once again running a promotion waiving the first year’s annual fee on their suite of premium travel credit cards. To qualify for the ‘rebate’ on your annual fee all you have to do is spend $500 on the card with the first three months of having it. The offer is good on the CIBC Aerogold Visa Infinite, CIBC Aerogold Visa, CIBC Aventura Visa Infinite and CIBC Aventura World Elite MasterCard. This offer runs until June 28, 2013.Each card’s sign up links can be found here:Aerogold Visa InfiniteAerogold VisaAventura Visa InfiniteAventura World Elite MasterCardApparently you can get the same offer with no spend threshold, ie 100% rebate of the annual fee without spending a dime by either calling in your application and asking for the first year fee waived or walking into a CIBC branch and doing the same.This is a nice offering to get 15,000 Aeroplan miles for nothing as you can always cancel your card before the first year is up.  If you want even more Aeroplan miles you can even add another 20,000 Aeroplan Miles by signing up for the American Express Gold Rewards Card which is also fee-free in the first year and awards 20,000 Membership Rewards points via this link…


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Jun 4 Update: Double Aeroplan Miles at Choice Hotels, AF KLM Business Class sale (again), Alfursan buy miles bonus worth it?A quiet day here in the FFB and RC world. Just some bonuses to pass along! News, Tips & Tricks Although it is only bonus offers today you really should make note of a few of them. The first of course is from Aeroplan and their latest double miles offer for stays at Choice Hotels, second is the Cathay Pacific offer for flights from Canada that had its own post last night and finally the Saudia Alfursan Buy Miles bonus. It definitely is not as lucrative as the US Airways or Aviacna TACA bonus but with proper planning there are a couple of redemptions that could be worth buying the miles for as they can be bought for as little as 2 cents each. Of course depending on availability the 50,000 miles for economy class Canada to Europe on Saudia’s SkyTeam partners (Air France, KLM, Delta). You can buy the miles for ~$1020+tax and if you can find availability you could potentially save a few hundred dollars versus buying that flight outright with the airline if there is no seat sale…


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TV ads urge credit card use for even small purchasesVisa Canada wants you to use your credit card for small purchases, while Desjardins gives insurance discounts based on your driving patterns.


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Young People Need To Forget About Retirement
Many young Canadians are putting their retirement at risk by not considering how much money they’ll need and delaying saving for retirement, according to a recent BMO Retirement Institute report.
Only one in 10 young adults between the ages of 18 and 34 have thought a lot about how much money they’ll need to save for retirement. And 27 per cent admit they haven’t even started saving for life after work.
Poor planning? Maybe. But, rather than worry about retirement, I’d suggest most young people should actually make getting out of debt their top financial priority.
Debt Reduction Takes Priority
Don’t get me wrong. There’s a lot to be said for the smart use of credit to reach a goal like home ownership or a college education. There’s also a big difference between someone who’s just finishing grad school and a 30-year-old electrician.
But they do have one thing in common: both need to be smarter about how much they borrow and what they do with that borrowed money…


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