The best credit cards for airport lounge access in Canada for 2023 + MORE Oct 5th

The “Big Five” Canadian banks offer investment funds 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). Let’s explore the best place for you to invest.

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How much credit card debt does the average Canadian have?

– moneysense.ca

As the country re-opens after COVID-related restrictions, Canadians are faced with a worrying financial picture. Many have moved, others are looking to travel, and the cost of living is ballooning with unusual rates of inflation. Meanwhile, the Bank of Canada (BoC) rate hikes designed to curb these forces are adding pressure to those with variable-rate loans and mortgages. Unsurprisingly, many Canadians are using their credit cards to charge their expenses.

How much debt does the average Canadian carry?

The average credit card balance for Canadians in the second quarter of 2023 was $4,185, up from $3,909 in the second quarter, according to Transunion. And that is up from average monthly credit card spend of almost $2,447 in the third quarter of 2022, which is above the 17.3% from same time in 2021 and up 21.8% in 2019, according to Equifax. And from another report, Canadian consumer debt has risen to $2.4 trillion, with an average debt load of approximately $21,131—excluding mortgages…

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The best credit cards for airport lounge access in Canada for 2023

– moneysense.ca

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The best credit cards for airport lounge access in Canada for 2023
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CardNumber of lounge visitsAnnual feeScotiabank Passport Visa Infinite*6$150TD Aeroplan Visa Infinite Privilege*Unlimited for Maple Leaf Lounges in North America$599American Express The Platinum Card*Unlimited$799BMO Ascend World Elite Mastercard*4$150CIBC Aventura Visa Infinite4$139

Why trust us

MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers…

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Getting a return on your investment within Canada can be tricky – let us help! Visit our Investment page for the latest advice and articles.

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