It's rare that you see a Canadian credit card with a 0% balance transfer offer. However, MBNA has a balance transfer card, and it's a good deal -- even by looser American standards. The Platinum Plus MasterCard from MBNA features a 0% APR for 10 months.

That's practically unheard of in Canada. If you are looking to transfer some high interest balances, and pay down a little credit card debt, this might be the card for you.

Platinum Plus MasterCard Benefit: It's All About the Balance Transfer

With the Platinum Plus MasterCard from MBNA, it really is all about the balance transfer. There isn't a rewards program, and the regular interest rate is 17.99%. While not a terribly high rate for a Canadian credit card, it's still not a rate that you want to carry a balance with. But, if you take advantage of the balance transfer offer, you will pay 0% APR for 10 months. Even many American cards don't have an intro rate that substantial.

There are some other perks that come with the Platinum Plus MasterCard, including:

• No annual fee
• 0% introductory rate on Access cheques
• PayPass, as well as Chip and Pin security
• 24-hour customer service
• Fraud protection

As you can see, the Platinum Plus MasterCard from MBNA isn't exactly a stand out when you look at standard features. Really, it's the balance transfer that makes this card valuable. With a 0% balance transfer, you pay no interest for 10 months. That means that every payment you make goes entirely toward reducing your principle and paying down your debt.

Even if you can't pay off your entire balance in 10 months, you can get a good start on it. If you have good credit, and you are looking to eliminate a high interest balance, the Platinum Plus MasterCard from MBNA might be just the thing to help you reach your goals.

One of the great things about technology is that it provides us with the ability to personalise almost everything. Mugs, pens, books, and just about anything else you can think of can be personalised. This trend even extends to credit cards. Some Canadian credit card issuers allow you to submit an image of your choosing -- even your face -- to put on the credit card. It's a great way to show your personality.

For some, though, hockey is a big part of personality. For those interested in showing their hockey spirit, it's possible to get a favourite NHL team logo for your credit card.

While Scotiabank is offering this set of branded cards, it's not the only issuer offering the option. Some Canadian MBNA credit cards can be personalised with your favourite hockey team as well. Indeed, chances are that you can get access to your favourite team logo for other sports as well.

No matter what you're looking for, chances are that you can find exactly what you are looking for. Think about what is likely to best portray your personal preferences, and show your true colours. And if you are a die-hard fan, you can show your team pride every time you make a purchase with your personalised credit card!

One of the most intriguing financial tools offered in recent years is the Tax-Free Savings Account (TFSA). If you aren't taking advantage of the opportunities allowed by the TFSA, you could be missing out on opportunities to grow your wealth in a tax-advantaged manner.

The TFSA offers you the chance to improve your financial situation, and get ready for the future. As you consider your financial situation, don't forget to include the TFSA in your calculations. It joins the ranks of the RRSP and other non-registered investment accounts as tools in your financial tool belt.

TFSA: The Basics

The TFSA is a relatively new type of account. The Canadian Revenue Agency introduced the TFSA as a way to help consumers accumulate tax-free savings, and enjoy tax-free earnings. Residents of Canada, who are at least 18, can put up to $5,000 a year into a TFSA. Withdrawals are also tax free, and you can carry forward contribution room to future years. One of the great things about the TFSA is that you can choose from a number of investments for your account:

• Mutual funds
• GICs
• Bonds

You should realize, though, that contributions to a TFSA are not tax-deductible. But, since your investment earnings aren't taxed, and you don't have to pay taxes when you withdraw, that's usually not such a hardship in the long run, especially if you think taxes will go up. Plus, what happens with your TFSA doesn't affect your eligibility for federal income-tested benefits and credits. That means you don't have to worry about losing out on some of your future benefits because of what you invest in your TFSA.

What's great about the TFSA is that it can complement your other investment accounts. You can use it in conjunction with your RRSP, and with your RESP. That way, you can develop a complete portfolio and balance the investments in your various accounts. A TFSA should be a part of your overall financial plan. You need a way to improve your situation, and you should be saving up for the future. That way, you can coordinate efforts across accounts.

Remember to carefully consider which investments you want to include in your TFSA, and also consider how the TFSA fits in with your other investment accounts. All of your investments can result in loss, so an overall strategy can help you make better decisions for the future -- and hopefully  build the wealth you need for financial success.

Image source: Morgan via Wikimedia Commons

When it comes to debt reduction, you want to be at the top of your game. There are many different ideas when it comes to debt reduction, but the best thing to do is think cool. You don't need a fancy strategy, and debt consolidation isn't necessary. Instead, there are 3 methods of debt reduction, subtly different from each other, that can help you reach your debt pay down goals.

For Debt Reduction, Think Snow

When you are ready to get rid of your debt, whether it's your Canadian credit card debt, or whether it's student loan debt, or any other obligation, all you need to do is think snow. You'll be able to stop debt cold, paying it off and finding your way to financial freedom.

There are three methods of debt reduction that involve snow as a metaphor for reducing debt:

1. Debt Snowball
2. Debt Avalanche
3. Debt Snowflaking

All three of these methods involve planning if you expect to pay off your debt and see success in your finances. However, they are subtly different methods of paying off your debt. It's up to you to consider your emotional needs in paying off debt, and figuring out which method is likely to work best for you.

Debt Snowball

The debt snowball method has been popularized by U.S. personal finance guru Dave Ramsey. With this method, you list all of your debts, starting with the lowest balance and up through the highest balance. List out the minimum payments as well.

Next, decide how much extra you have each month to put toward your debt. Once you know this, you continue to pay the minimum balance on all of your debts. But, for the debt with the lowest balance, you put the extra toward it -- on top of the minimum balance. So, if you have $200 extra each month, and your first debt has a minimum payment of $25, you pay $225 on that debt.

Once your first debt is paid off, you take the entire amount, and apply it on top of your next debt's minimum payment. So, if your second debt has a minimum payment of $30, you will be paying $255 toward it. You continue to follow this pattern until your last debt is discharged. As you can see, your debt payments snowball until you are making bigger and bigger payments toward the end, and you retire your later debts even faster.

Debt Avalanche

The debt avalanche is similar to the debt snowball. It shares the same basic setup. However, instead of starting with the debt with the smallest balance, you order  your debts by interest rate. You start with the highest interest rate (after accounting for tax deductions and credits) and pay that off first.

The point of the debt avalanche is that you actually pay less in interest over time, and you can even accelerate your debt pay off. However, the psychological impact makes a different. The debt snowball starts with the lowest balance first so that you have the satisfaction of retiring a debt quickly. You see results faster in many cases. With the debt avalanche, your success is a little longer in coming. Once it gets going, you see results, but initially, some people get discouraged and give up.

If you can work through the fact that it feels like you are putting too much in interest, and your first debt is reducing at a slower pace, the debt avalanche can work for you. You'll pay less in interest in the long run.

Debt Snowflaking

Debt snowflaking can help augment both the debt snowball and the debt avalanche. The point of debt snowflaking is to speed your debt pay down methods up quite a bit. Every extra dollar goes toward reducing debt. With this method, you start out with a debt snowball or a debt avalanche, and begin paying as normal.

However, there is a twist. Every time you get extra money, whether you save $1 with a coupon, or you earn $50 by selling something on eBay, you immediately apply it whatever balance you are currently working on. It may not sound like much, but it really starts to add up over time, and it can help reduce your principal.

Put together a debt reduction plan, and stick with it. You'll pay off your debt faster, save money.

This post was included in the Carnival of Personal Finance at One Cent At A Time.

When we think of public debt, our thoughts often jump directly to the United States -- when we're not thinking of the sovereign debt crisis in Europe. And, while Canada doesn't have the same debt problems of the United States, we could head that direction if we're not careful. Already, our expenses exceed the revenue we bring in. Indeed, for 2010-11, Canada spent $33.4 billion more than the country brought in. As a result, the current federal debt is at $582 billion, and it's growing.

As you can see from the infographic below, the federal debt in Canada grows by $57.8 million each day. That's a lot of money, and it can start to add up. Remember that our federal debt is money that we owe, so we have to pay interest on it as well. The United States is almost to the point where it has to borrow more money to meet the interest on the obligations that it has already borrowed for. If we aren't careful, we could see something similar in Canada.

For now, a lot of the debt (78%) is held by Canadians in the form of citizens and organizations that hold federal bonds, as well as Treasury bills. These investments can provide Canadians with a low risk way to invest their money -- and invest in their country. And, of course, countries often need to issue bonds of this nature in order to ensure smooth operations. However, fiscal responsibility requires that revenues equal the amount borrowed in order to avoid deficit. Canada's government spending is starting to move away from these ideals, and deficit spending is becoming the norm. Look over the infographic below to see how much public debt Canada has, and see what is happening with the money. The more we know, the better able we will be to influence policymakers to get us back on track so that we can avoid the fate of eurozone countries, and the United States.

To add this infographic to your blog or website, copy the code above.

This post was included in the Totally Money Blog Carnival at BalanceJunkie.

In the world of credit, it's important to stay on top of your situation, and to watch for identity theft. Identity theft is a growing crime, since it's the theft of information, and many people don't realize that their information has even been stolen. And, of course, once someone has your identity, it's fairly simple to get credit in your name.

And, while your identity can be stolen from information in many different accounts, some hackers are now going right to the source, and stealing entire credit reports from credit reporting agencies.

How Much is Your Credit Report Worth on the Black Market?

Some hackers are finding that they can make a lot of money by getting information from credit bureaus. MSNBC reports on the prices that hackers receive for different credit reports:

Websites that offer consumers a chance to see their credit reports are being brazenly used by hackers to steal victims' information.

The prices of the reports rise and fall depending on the credit score of the victim. For consumers with credit scores in the 750s, report data might fetch $80; reports from victims with scores in the low 600s sell for about half that, according to "for sale" pages viewed by msnbc.com.

The fact that there are "for sale" pages should be troubling for many. It's clear that these hackers are quite open about their ability to get information and then sell it. Indeed, with such brazen attempts to make a profit off credit information, it's possible that a financial product warning label is needed in order to let consumers know that their data is at risk.

We'd like to think that our information is safe, but you never know when it will go on sale to the highest bidder. You can use credit monitoring services, but this still doesn't prevent hackers from stealing your information -- although being alerted to new account activity can help you see where you might be vulnerable, and what steps you might need to take in order get rid of fraudulent charges and accounts. It's important to keep tabs on your credit report, since someone stealing your Canadian credit card account is not the only possibility for identity theft.

Bottom Line

Your information is out there. There is no way to completely protect against identity theft. As a result, it's up to you to be vigilant. Check your credit report regularly, and watch for signs that your identity has been stolen and is being used for fraudulent purposes. It's up to you to keep an eye out, and let the credit bureaus know when information is inaccurate or fraudulent.

Image source: TrinityCreditServices via Flickr

This post was included in the Carnival of Financial Camaraderie at 101 Centavos and in the Totally Money Blog Carnival at Debt Black Hole.

When you look at your money, you don't usually expect to look through it. However, Canada's new bills bring a new meaning to transparency when it comes to your finances.

The latest in Canadian money is money made from polymers. Canada released $100 bills in late 2011, and has a plan to put bills of lower denominations in circulation through the end of 2013. The new bills are meant to be more secure -- not just look cool.

Canada Joins the Ranks of Countries Issuing Plastic Money

There are more countries in the world that issue these polymer bills. In fact, plastic money has been around for more than 20 years. However, Canada's money is on the cutting edge of currency technology. It's so far ahead, and offers so much protection, and uses so much technology, that forgers will have a hard time creating counterfeits. The new plastic money in Canada is made from a polymer that won't melt, and that has other properties that make it as durable as it is interesting.

It seems as though Canada is determined to push the envelope when it comes to money. Not only is the money commonly circulated throughout Canada changing, but the Royal Canadian Mint offers plenty of interesting collector's coins as well. The most recent offering is a glow in the dark coin. It looks as though there are plenty of interesting ideas for the Canadian Mint to turn to for the future.

What Do You Think of the New Money?

There have been a lot of changes happening lately with Canadian money. New innovations are developed regularly, and relics of the past are being gotten rid of. The Canadian government has ditched the penny, believing that it is no longer relevant. Indeed, focus on money that is more likely to be useful in the future, as well as secure, seems to be the direction Canadian currency is going.

But all of these changes might be a bit much for some. Indeed, with the penny gone, and with new polymer money to take its place, there are some changes to consider. Are these changes for the best? It's hard to tell. But it will be interesting to see how these changes catch. Although, with the growing prevalence of Canadian credit cards for payment transactions, there might not be a lot for people to get used to. After all, you have to use cash in order for all these cash changes to truly affect you.

When it comes to credit cards, there are a number of fees that come with it. Not all credit cards come with annual fees, and you can avoid some of the interest fees by paying off the balance each month. But there are other fees that you might have to pay.

Some of these fees include foreign exchange fees. For those who do a lot of business with the United States, these foreign exchange conversion charges can really start to add up. The only way to avoid that, though, is to get a credit card in US dollars.

US Dollar Canadian Credit Cards

Because the United States and Canada are so close, and so much business is transacted between the two countries, it isn't too surprising that many Canadian banks offer accounts in US dollars. And it also makes sense that you can get Canadian credit cards in US dollar denominations.

Getting a US dollar credit card, like the RBC US Dollar Visa Gold, or the CIBC US Dollar Visa Card, can help you avoid some of these fees. Some of the reasons to get a US dollar credit card include:

• Frequent travel to the United States
• Buy items only from US retailers regularly
• Do a lot of business with those in the US
• Maintain a US bank account

When you do a lot in US funds, the foreign transaction fees can really affect you. On top of that, you have to deal with the volatility of the currency markets. The exchange rate between Canada and the United States has been fluctuating quite a bit recently, and that can affect the efficiency of your transactions. Anytime you need to convert between currencies, you run the risk of losses through currency fluctuations and through conversion fees.

Most US dollar credit cards do come with annual fees, though, so you want to make sure that you do enough business in US dollars to offset the cost. The BMO US Dollar MasterCard has the lowest annual fee at $25, and all of the cards have average interest rates just above 19%. As long as you pay off your credit cards monthly, you shouldn't have a problem with interest fees, though.

Evaluate your spending habits and financial situation. If you find that you are doing a lot of business using US funds, consider getting a US dollar credit card that can save you money, and help you avoid the risks associated with currency market fluctuations.

As expected, the Bank of Canada left its benchmark rate at 1% in its most recent announcement. However, following the decision, Mark Carney, the Governor of the BOC, made a rather upbeat statement about the Canadian economy -- and the possibility of an interest rate hike.

While Carney wouldn't commit to a precise timeline, the upbeat global economic forecast (the IMF just announced an improved forecast for the world economy for 2012), and the idea that the Canadian economy is looking stronger, are both combining to indicate that it might be time to tighten monetary policy by raising rates. Are you ready for an interest rate hike?

Higher Interest Rates Could be on the Way

If the Bank of Canada raises its benchmark rate, it is likely to affect you as a consumer. For borrowers, it means that loans will cost more. If you are in debt, now is a good time to pay down what debt you can. That way, more of your payment goes to principal, and actual debt reduction. If you wait, then you will automatically pay more in interest if rates rise.

Another way to save is to carefully plan your purchases right now. While you don't want to borrow money just for the sake of borrowing, now might be a time to make some of the larger planned purchases you have been considering. Now just might be the time to borrow smart. Lock in a lower rate now, rather than borrowing later when you will have to pay now.

Savers Could See Better Rates

For savers, a higher interest rate might not be such a bad thing. After all, it means that you will get more for your money. Higher rates generally benefit savers, who are looking for yield on their capital.

Even though it might be exciting to see higher yields on cash products, it's important to realise that any increases in the near future aren't likely to be very big. Even if the Bank of Canada raises rates by the end of the year, we'll still be a far cry away from the days before the financial crash of 2008 when some banks were paying 4% on deposits.

Watch Out for Inflation

An interest rate hike doesn't cause inflation; rather, the interest rate hike is often the result of inflation. When inflation is on the rise (usually caused by a growing economy), higher interest rates can slow things down. If Carney and the rest of the policymakers at the Bank of Canada believe that inflation is on the rise -- and that it will be spurred along by economic growth -- an interest rate hike could be coming.

The coming months should be interesting. Now is the time to consider your finances and figure out what could impact your money moving forward. If the IMF and Mark Carney are right, we could see better oil prices and higher stocks, as well as higher interest rates. Now is the time to re-position, whether you decide to pay down your Canadian credit card debt, or  borrow smart, or prepare more capital to take advantage of more opportunities, and see what happens.

Canada is getting ready to ditch the penny, but that doesn't mean that the Royal Canadian Mint is going to have nothing to do. Indeed, there are plenty of other denominations that are minted as coins here in Canada.

However, the Royal Canadian Mint does more than just issue "regular" money. The mint also produces specialty coins and collector's editions. Starting Monday April 16, 2012, though, the mint plans to begin offering a glow in the dark coin.

Glow in the Dark Dinosaur Coin from the Royal Canadian Mint

When we think of coins, we don't usually think of them as glowing in the dark. However, the Royal Canadian Mint is ready to change that. Starting on Monday, the mint will issue a coin featuring the first dinosaur discovered in northern Alberta, the Pachyrhinosaurus lacusti.

In the light, the 25 cent piece will show a color version of the dinosaur. However, when the lights go out, you see something different: The skeleton of the dinosaur glowing in the dark. There is a limited run of the coins; the Royal Canadian Mint is only creating 25,000 of them. As a result, they will cost more than 25 cents. Indeed, you will need to pay $29.95 if you want one of these.

Other Specialty Coins from the Royal Canadian Mint

The mint makes money off these special edition coins, which are often quarters. The special coins often feature bright colors, as seen in a recent series featuring small creatures and lovely flowers. Another, with a maple leaf design, features Swarovski Elements that add a crystal look to a drop of water. The mint also releases special coins recognizing the Chinese New Year, including a beautiful $15 Year of the Dragon coin for 2012.

The truth is that it is possible for a collector to find a number of coins that look great, and that make great gifts. But I think the glow in the dark dinosaur is definitely something different and new -- and something I think my son would love.