How to go about securing the best savings strategy in Canada.
Canadians are missing out on some major savings on merchandise, travel, and even chances to pay down their debt. And the answer to “why?” is right under their noses, or at least, right on their monthly bank statement.
According to a recent CIBC survey that reviewed if and how Canadians are using their credit and reward card points, one in five people didn’t know how many points they earned on their cards and 37 per cent rarely or never redeemed their points. When you factor in that, for about half of those surveyed (47 per cent), their primary credit card used for everyday purchases is a rewards card, that equals some major missed savings. While many Canadians that earn reward points say they’re as good as cash, 64 per cent also say they don’t think of them as a financial asset.
Canadians are missing out on a big opportunity with these cards, says Jamie Golombek, the managing director, Tax & Estate Planning, with CIBC Financial Planning and Advice. “It’s important to think of your points as any other asset, and use them to achieve a financial goal,” he said…