It arrives every month without exception – sometimes by mail, most of the time electronically by email. That “wonderful” credit card statement that shows us how much we’ve spent in a month.
As our motto goes, a credit card is a powerful financial tool when used responsibly. Your credit card can be your best friend or your worst enemy – it’s up to you. Credit cards offer many benefits: consumer protection, reward points and cash flow management, to name a few. But if you’re not careful, you can get yourself into the dangerous trap of only paying the minimum payment.
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Another quarter has passed with household debt hitting a fresh record. Household debt hit a new record 167.3 percent of disposable income in the fourth quarter of 2016. That’s up from 166.8 percent in the previous quarter. In simple terms, that means on average for every dollar of disposable income Canadians earn, they owe $1.67 of debt.
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We have the latest credit card statistics, and it’s a good news, bad news story on the consumer debt front. The good news? Canadians are carrying fewer credit cards in their wallet. The bad news? The balances on the credit cards they already have is higher.
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Credit card issuers are constantly trying to push the envelope when it comes to super premium credit card offerings. But for many credit card users, high-annual fee cards are just not a good fit – even with all their perks.
MBNA has hit a sweet spot with the Rewards MasterCard. First off, there is no annual fee, making it great for cost conscious consumers. On top of that, there’s a generous sign up bonus. To take advantage, simply activate the card and make $500 in purchases within 90 days to earn 5,000 points. Then, simply enroll in e-statements for an other 5,000 bonus points. Be sure to enroll within 90 days to get the paperless bonus.
There’s also a very flexible rewards program. Choose from cash back, gift cards, merchandise, travel, or even charitable donations. For the first 90 days you can earn 4 points for every $1 spent on eligible restaurant, grocery, digital media, membership and household utility purchases. After that it drops to 2 points for every $1 spent on eligible gas, groceries and restaurant purchases with a $10K cap on each. You’ll earn rewards on a $1 spent / 1 point earned basis (1%) for all other purchases, which is pretty standard on reward cards.
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This week’s post is a guest post by Sean Cooper. Take it away Sean…
A little over a year ago I achieved the ultimate dream of financial freedom when I paid off my 30-year mortgage in just 3 years – and I did this by the ripe old age of 30. I celebrated by burning my mortgage papers on national TV. My story went viral, making headlines around the world. I received dozens of emails both congratulating me and wanting to follow in my footsteps. This inspired to me write my new book, Burn Your Mortgage: The Simple, Powerful Path to Financial Freedom for Canadians.
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Credit card interchange fees have long been a thorn in the side of small businesses. The fees may be invisible to consumers, but they certainly aren’t to small businesses. The rise in popularity of premium credit cards means small businesses are forking over even more in interchange fees these days. This spells trouble for small businesses with razor thin margins, who have no choice, but to pass along some of the fees to consumers in the form of higher prices.
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