Most consumers scoff at the thought of paying an annual fee. On the surface that makes a lot of sense; limiting recurring monthly and annual costs is a great way to keep your budget in check. But when it comes to credit cards, it might make a lot more sense to opt for a credit card that carries an annual fee.
Do you have bad financial habits? You’re not alone. Two-thirds (66 percent) of Canadians confessed that they have personal financial habits that they plan to work on, finds a new Ipsos poll conducted on behalf of Interac. It’s hard to know if you’re on track to meet your financial goals without a budget. 29 percent of Canadians admitted to never creating a household budget.
Credit cards are a useful financial tool when used responsibly. It’s when you use your credit card irresponsibly by constantly carrying a balance that you can run into trouble. Millennials, who are already dealing with skyrocketing housing prices and stagnant wages, are avoiding credit cards in record numbers. This is leading to the lowest average credit score of any generation, finds a recent study by Experian.
With the low interest rate environment sticking around for the foreseeable future, it shouldn’t come as any surprise Canadians are in no hurry to repay their debt. Who is the most in debt? This may surprise you – those earnings over $100,000 annually with university degrees living in Canada’s strongest provinces (B.C., Alberta and Ontario). The Financial Post recently looked at the trend of wealthy individuals carrying the most household debt. These individuals owe almost two times their yearly salaries in debt – yikes!
Summer’s winding down, but there’s still a little time to getaway this year. When travelling by air, it’s often necessary to rent a vehicle for extended stays, or to explore more than just the resort. Before you get behind the wheel of a rental car, it’s important to find out if you’re protected in the event of a crash.
For a lot of Canadian families, a car is the second most expensive purchase after housing expenses. While you can pay for a new vehicle with a car loan, some people prefer saving up and paying for a vehicle in cash. Would you be excited if you found out you could earn rewards towards a new Chevrolet, Buick, GMC or Cadillac simply with your everyday shopping? With the new Scotiabank GM VISA Card, that dream is now a reality.
Scotiabank and GM have teamed up to offer two new co-branded credit cards that offer one of the richest rewards programs on the market. Scotiabank has a track record of coming out with credit cards Canadians love and these new offerings are sure to be a hit.
