CREDIT CARDS

Credit cards, when used wisely, can significantly improve your credit score over time. Responsible behavior includes timely balance payments, maintaining low credit utilization, and having a diverse mix of credit accounts. Nonetheless, a common concern is whether applying for a credit card will negatively affect your credit score. Although submitting a new application leads to a slight dip in your credit profile, this impact is typically minor and temporary in the broader context. However, there are several factors to consider. Does applying for credit cards hurt your credit score? Submitting an application for a new credit card can influence your credit score. You may be surprised by the extent of this impact. When you apply, card issuers perform a hard inquiry on your credit report, c...

A common query I receive is the optimal number of credit cards one should maintain; however, there isn't a one-size-fits-all answer. The best amount hinges on personal financial circumstances, spending habits, and individual goals related to finance or travel. While a few may find it sufficient to use one or two cards, others might find value in holding several to maximize rewards, enhance credit scores, and take advantage of introductory offers. Finding Your Perfect Number of Credit Cards The ideal count of credit cards varies by your financial behaviors, aspirations, and ability to manage credit effectively. Start by evaluating your credit score and monthly expenditure. A healthy credit score paired with a record of timely payments indicates that you can manage multiple cards. Convers...

TD Rewards serves as Toronto-Dominion Bank's travel loyalty program, yet it often flies under the radar compared to Aeroplan. This is somewhat surprising given that the TD Aeroplan Visa Infinite Card ranks among the most sought-after travel credit cards, explaining why Aeroplan tends to garner more interest. When it comes to TD Rewards, I believe it’s one of the more underrated loyalty programs available. For those who travel occasionally, using it could be quite advantageous since bookings are managed through Expedia for TD. Essentially, you're free to secure a wide range of travel options via Expedia for TD, and utilizing co-branded credit cards can yield a solid return on your points. However, the value of redemptions can vary, making it crucial to understand how to optimize your TD Re...

When examining your credit card statement, you may notice a required minimum payment listed each month. Although it may be tempting to only pay this small amount, doing so can delay the repayment of your debt for years while leading to substantial interest costs. While it’s advisable to aim for settling your entire balance each month, it's crucial to grasp the mechanics of minimum payments as well. Typically, credit card minimum payments are determined by either a percentage of your overall balance or a predetermined fixed amount, choosing the greater of the two. This percentage usually varies between financial institutions, generally landing between 3% to 5%. Gaining insight into how these minimum payments function can empower you to make more informed choices about your credit card ob...

Historically, acquiring a metal credit card in Canada posed quite a challenge; American Express held the monopoly by offering it exclusively to its Platinum cardholders. Recently, however, a variety of metal credit cards has emerged in the market. Despite the growing availability, obtaining a metal credit card remains a sign of prestige, albeit one that's now more accessible. This shift reflects credit card issuers’ acknowledgment that they should provide superior service to their best clients. It's important to note that the features and benefits of each metal card can vary widely. Below is a roundup of the top metal credit cards currently available in Canada. Top Metal Credit Cards in Canada Credit CardAnnual Fee American Express Platinum Card$799 American Express Busines...

Discovering Airport Lounges and Credit Card Access Options Airport lounges serve as serene oases amidst the chaotic atmosphere of busy terminals, offering relaxing seating, complimentary refreshments, and a chance to unwind before flights. In the past, these luxurious spaces were predominantly reserved for business class passengers or travelers with elite airline status. However, with the rise of credit cards, lounge access is now within reach for a wider array of travelers. Numerous Canadian credit cards provide lounge access as part of their benefits, including options for unlimited visits or a set number of free visits each year. When searching for a credit card that includes lounge access, it's essential to evaluate several factors: the types and quantity of lounges you can access, gue...

The CIBC Aeroplan Visa Card is often overlooked as it stands out as the only Aeroplan card that does not charge an annual fee. This makes it an attractive option for those looking to minimize their expenses while saving for future travels. However, it is important to note that the points-earning rate on this card is quite modest, meaning it might take some time to gather enough points for significant redemptions. Additionally, the card does not offer any perks associated with Air Canada. For a comprehensive review, check out my detailed insights on the CIBC Aeroplan Visa Card. CIBC Aeroplan Visa Card No annual fee 2,500 Aeroplan points with your first purchase 2,500 points for s...

Avion Rewards is the loyalty initiative by the Royal Bank of Canada (RBC), tailored to offer Canadians a simple way to accumulate and utilize points. Members of Avion Rewards can effortlessly gather points through their daily spending. Additionally, the program offers a range of redemption options, including travel, merchandise, and financial benefits. Understanding the program's structure and making astute choices will allow you to maximize the value of your points and enhance your banking experience. Value of Avion Rewards Points The worth of Avion Rewards points can fluctuate based on your redemption choices, making it crucial to evaluate your options. Generally, travel redemptions yield the greatest value, starting at 1 cent per point if you exchange 1,000 points for $10 in travel. ...

Many individuals grapple with the decision to cancel a credit card, often concerned about its potential effect on their credit score. This is particularly true for those who have taken advantage of a welcome bonus and wish to avoid incurring another annual fee. The impact of closing a credit card on your credit score can vary based on numerous factors. While having multiple cards may lessen the overall impact, it can be considerably more detrimental if it turns out to be your sole card. Understanding the ins and outs of credit score calculations can provide clarity when deciding whether cancelling a credit card is right for you. The Effects of Canceling a Credit Card on Your Credit Score Cancelling a credit card can affect several components of your credit score, such as your credit ut...

In this review of the TD First Class Travel Visa Infinite Card, I hope to shed some light on its features. While the card may lack extensive travel benefits, it serves as an excellent all-purpose option, and the TD Rewards program offers respectable value, even if it is somewhat straightforward. This card has been my wife's and my primary credit card choice for an extended period, giving us a convenient way to accumulate travel points. Continue reading my review to discover how the card operates and whether it is worth your application. TD First Class Travel Visa Infinite Card Apply now $139 annual fee – waived in the first year Earn 20,000 TD Rewards points after making your first p...