Prepaid debit cards can be a convenient gift, but that convenience comes at a cost. CBC News recently wrote a story about a Halifax woman who was upset to discover the fees that come along with them. MasterCard and Visa market these cards as a smart alternative to cash. They work just like regular credit cards and are accepted at millions of retailers worldwide, but as you’ll soon find out, they act more like debit cards.
Credit card use has helped fuel a push towards a cashless society. We’re not just using our credit cards for big purchases, we’re making small purchases with our credit cards, too. Credit card transactions have been increasing each year, but that could soon change. Mobile payments could soon give Chip-and-PIN credit cards transactions a run for their money.
Tangerine isn’t your typical bank. Instead of taking every opportunity to nickle and dime their customers, the bank encourages Canadians to “save their money.” Does the Tangerine card also live up to that motto?
Tangerine has been around in one shape or another since 1997 but was acquired by one of the big banks, Scotiabank, in 2012. However, its unique product and service offering remains a crowd-pleaser. The orange bank has proven popular with Canadians, attracting over two million clients to date.
Have you been dishonest with your partner about your finances? You’re not alone. Two in five with combined finances admit to lying to their partner or hiding information about money matters, find a study by Harris Poll for the National Endowment for Financial Education (NEFE). In fact, dishonesty among couples is rising – it’s up from 42 percent in 2015 and 33 percent a couple year ago. The most common financial deceptions were hiding a purchase, bank account, statement, bill or cash from your partner (39 percent), followed by lying about the amount of debt (16 percent).
TransUnion released its consumer debt stats for the first quarter of 2016. The credit reporting agency found the average Canadian owed $21,348 in consumer debt (excluding mortgage) at the beginning of 2016. That represents an increase of 2.71 percent from the first quarter of 2015. Installment loan (4.83 percent), auto loans (2.12 percent) and credit cards (1.80 percent) all saw increases. The sole exception was lines of credit, which declined by 0.54 percent.
Most people know about joint chequing accounts, but how much do you know about joint credit cards? When you’re the co-signer on a credit card with someone else – your spouse, adult child, cousin, etc. – you’re considered joint borrowers. While joint credit card accounts can make earning reward points easier, it’s important to understand the downsides.
