Credit Card – Page 2

The best credit cards with mobile device insurance in Canada – MoneySense

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Many credit cards now offer mobile device insurance, and it’s easy to see why. Smartphones aren’t cheap, so having his type of insurance is a valuable perk that can save you a lot of money. Let’s break down how mobile device insurance works and look at the best credit cards in Canada that offer this credit card benefit.

What is mobile device insurance?

Credit card mobile device insurance typically includes $1,000 in coverage for a damaged or stolen phone, as long as you purchased the device or pay for the monthly contract using the credit card. The insurance covers only the phone itself—it doesn’t cover the battery or any accessories, such as headphones or a protective case. Pre-owned or refurbished phones are not covered, even if you use the credit card to make the purchase.

How credit card mobile device insurance works

As with any insurance policy in Canada, there are a few details to watch for when it comes to mobile device insurance.

Coverage period: When you buy a new mobile device on your credit card, the insurance doesn’t usually begin immediately. There’s often a delay of one to three months before it begins. Additionally, the coverage isn’t forever—typically, coverage applies for a maximum of two years from the purchase date.

Coverage limit: Mobile device insurance is usually capped at $1,000, meaning that any money you spend above that threshold will not be covered should something happen to your device.

Deductible: Like other insurance policies, mobile device coverage usually comes with a deductible—the amount you pay before receiving any insurance benefits. Some policies calculate the deductible based on the purchase price of the device, while others account for the purchase price and depreciation.

Depreciation: Mobile device insurance takes depreciation into account when determining the value of your phone. In simple terms: The longer you own the device, the less it’s worth. A standard rate of depreciation is 2% per month, meaning that in a year, your phone will have lost 24% of its value.

Lost or stolen devices: If you make a claim for a missing device, you have 48 hours to notify your provider and stop your wireless service. The insurance doesn’t cover devices stolen from checked luggage or baggage not in your possession.

Claim limits: You’re entitled to make one claim per year. In the case of some credit card companies, this limit applies across all cards.

Although there are some limitations with credit card mobile device coverage, it’s an attractive perk, because it doesn’t cost you anything extra and applies automatically.

The best credit cards with mobile device insurance

Here are some of the best credit cards in Canada that come with mobile device insurance.

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Keph Senett

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October 1, 2024

Green for green: Ohio recreational marijuana buyers turned away for not having cash – Cannabis Business Executive – Cannabis and Marijuana industry news

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Green for green: Ohio recreational marijuana buyers turned away for not having cash – Cannabis Business Executive – Cannabis and Marijuana industry news

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AggregatedNews

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August 14, 2024

Prediction: This Stock Will Be Warren Buffett’s Top Performer by 2030

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Everyone knows about Warren Buffett’s monster Apple (NASDAQ: AAPL) investment. The huge hundred-billion-dollar winner — which Buffett recently trimmed — is quoted time and time again as one of Berkshire Hathaway‘s best investments. However, the investment has been held for fewer than 10 years, while Buffett has been investing for more than 60.

Buffett has bought and held American Express (NYSE: AXP) for many years longer than Apple. And yet few people discuss this huge winning investment. Even though the stock is up over tenfold since Buffett’s initial purchase, shares still look cheap today. Here’s why American Express is poised to crush the market again and can be Buffett’s top performer through 2030.

American Express: One of Buffett’s favorite brands

American Express operates one of the only credit card networks around the world. However, unlike other networks like Visa and Mastercard, American Express acts as the bank and actually issues its own credit cards. This vertically integrates digital payments, making American Express a unique business in the credit card world.

Catering to wealthier clientele, the company has built a premium brand that has been honed for decades. It offers high-fee credit cards such as the American Express platinum card, which has an annual fee of $695 a year. People are willing to pay these fees for the large travel benefits, cash-back deals, and other perks of the American Express ecosystem. As a classic network effect, it would be virtually impossible to rip and replace American Express from the payments ecosystem, making it a wide-moat business.

Buffett loves top brands such as American Express, Apple, and Coca-Cola. It is no surprise then to see Berkshire Hathaway still own over 20% of the business. It made its first investment back in 1991. Since then, American Express has posted a total return of close to 8,000%, which is better than Coca-Cola over that same time frame.

Growing card members, expanding international acceptance

Around 10 years ago, American Express went through a rough patch. It struggled to gain new users and lost a huge contract for the Costco Wholesale credit card partnership.

Since then, with new management at the helm, the company has set itself back on the right rack. Total cardmembers are growing again and have been for several years. Last quarter, the company added 3.3 million new cards, accelerating from a 3 million gain in the same quarter a year ago. New cards are the lifeblood of American Express’ business, so it is great to see new customers joining the platform. Over the next decades, these customers should provide a ton of value to American Express’ business as these wealthy customers make purchases with these cards and pay the high annual fees.

To keep up this growth, American Express is investing aggressively to grow the number of places that accept American Express card payments. This is the other lifeblood of the payments business. If a merchant doesn’t accept your credit card as a form of payment, you don’t make any money because shoppers can’t use their cards to make the purchase. Since 2017, the company has grown its international accepting locations fourfold, which will drive even more payments growth in the coming years. It has virtual acceptance parity with Visa and Mastercard in the United States today.

Buy this ultimate dividend grower and never sell

Through increased card fees, payment volume, international acceptance, and more credit card loans, American Express believes it can grow its revenue by 10% annually over the long term. Management thinks earnings per share (EPS) can grow even faster.

This growth — if you agree with management — will give American Express a ton of capacity to grow its dividend payments. The stock currently has a dividend yield of 1.23%, which looks quite low. But the stock is not wildly expensive and trades at a below-market price-to-earnings (P/E) ratio of 17. Over the last 10 years, American Express’ dividend per share has grown by 165%.

If revenue and earnings keep growing at 10% or more, I think that the stock can more than double its dividend per share again by 2030. Combined with a low starting valuation, I think American Express can be Buffett’s top-performing stock from now until 2030.

Should you invest $1,000 in American Express right now?

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American Express is an advertising partner of The Ascent, a Motley Fool company. Brett Schafer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Apple, Berkshire Hathaway, Mastercard, and Visa. The Motley Fool recommends the following options: long January 2025 $370 calls on Mastercard and short January 2025 $380 calls on Mastercard. The Motley Fool has a disclosure policy.

Prediction: This Stock Will Be Warren Buffett’s Top Performer by 2030 was originally published by The Motley Fool

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August 10, 2024

Visa takes on not-so-friendly fraud | Bank Automation News

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Dishonest consumers are upping their fraud game as “friendly fraud” becomes the No. 1 problem in credit card disputes, but tech providers and merchants alike are upping their ability to fight through data and AI. Friendly fraud and chargeback fees cost businesses more than $117 billion in 2023, according to a PayPal report. Friendly fraud, […]

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Whitney McDonald

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July 29, 2024

These credit cards can help you save big on travel to Orlando – MoneySense

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How to use credit cards to save on your stay

With the right loyalty points, you can stay in Orlando for free (resort and parking charges still apply). I always look at Marriott properties first, since I have a Marriott Bonvoy American Express Card. The card has an annual fee of $120, but it gives me an annual free night’s stay at Marriott properties, worth up to 35,000 Marriott Bonvoy points. (One Marriott Bonvoy point is worth $0.0117 on average when redeemed hotel stays.) Additionally, I can transfer any of my American Express MR Points, which I collect with the American Express Cobalt Card, to Marriott Bonvoy at a 1:1 ratio. This ability to transfer makes it incredibly easy to earn and redeem Marriott Bonvoy points.

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Marriott Bonvoy American Express

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Annual fee: $120

Welcome offer: earn 50,000 Marriott Bonvoy points

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Card details

Interest rates	21.99% on purchases, 21.99% on cash advances
Income required	None specified
Credit score	725 or higher
Point value	1 Marriott Bonvoy point = $0.0117 on average when redeemed for eligible flights or hotel stays..

One of my favourite places to stay in Orlando is the Walt Disney World Swan Reserve. It’s part of the Disney Swan and Dolphin complex, so regardless of which property you stay at (the Dolphin Resort, Swan Resort or Swan Reserve), you get access to all the amenities, including multiple pools, kids’ activities, swan paddle boats and more. Best of all, these hotels are considered on-site Disney properties, so you get early access to all the Disney World Parks. That extra half-hour to an hour makes a considerable difference since you get to beat the crowds.

Admittedly, the Dolphin, Swan and Reserve hotels are some of the more expensive Marriott properties, but I’ve also stayed at Residence Inn and Courtyard hotels (both part of the Marriott family) for as little as 15,000 Marriott Bonvoy points per night. As a bonus, when you book five consecutive nights at the same hotel using Marriott Bonvoy points, you get one night free.

Besides Marriott Bonvoy, I’ve also used HotelSavers via Aeroplan. With HotelSavers, you save up to 30% in points on bookings with select partner hotels. Plus, Aeroplan credit card holders get their fourth night free when booking three nights on points.

More ways to save in Orlando

If you can subsidize your flights and hotels with points, theme park tickets will be your biggest expense. Fortunately, there are occasional deals.

Universal Orlando Resort has an offers page that lists all the current promotions. For example, at the time of writing, you can get two days free when you purchase a ticket valid for two parks over three days. Alternatively, you can save 20% on four-night stays at a Universal Orlando Hotel. The hotel offer can be lucrative, as Premier Universal Hotels give your entire party a free Universal Express Unlimited pass, allowing you to skip the regular lines at some of the most popular attractions. The passes are worth as much as USD$124.99 per person, per day. You also get early access to the parks.

Disney World has similar offers throughout the year for both park tickets and accommodations. It also typically has Canadian-exclusive deals about once or twice a year, and these can be a great way to save.

For non-theme-park savings, check out the offers page on Visit Orlando. Here you’ll find discounts on dining, shopping, attractions and accommodations.

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Barry Choi

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July 17, 2024

“Can I use a personal credit card for business expenses?”—and other small business questions, answered – MoneySense

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In this article, we’ll tackle the basics around managing small-business finances, including opening a dedicated bank account and applying for a business credit card.

6 reasons to separate your personal and business finances

Having a business bank account and business credit card makes it easier to track your cash flow and expenses for your work.
It keeps accounting costs down at tax time, since your accountant won’t have to spend time separating your personal and business income and expenses.
Business credit cards often come with helpful tools and services, such as higher credit limits, expense-tracking software and additional cards for employees.
Business credit cards often come with valuable rewards and perks.
Using a business credit card and paying it off each month can help you establish a credit history for your company. A good credit rating will help if you ever need to apply for a business loan or line of credit.
A dedicated business bank account communicates professionalism and credibility to your clients and vendors. And if you plan to incorporate your business, it must have a separate account.

5 FAQs about business accounts and credit cards

Below are five common questions from small-business owners.

Can I use a personal credit card for business expenses?

While you can use a personal credit card for business expenses, it’s not ideal. Just like with business bank accounts, business credit cards can help you run your business more efficiently. In addition to keeping your accounts separate, a good business credit card can offer all sorts of benefits like the ability to earn rewards, various types of insurance and access to valuable services. And as your business grows, separating your finances is good for your personal privacy, too.

What are the benefits of a business bank account?

Business bank accounts may offer features that you can’t get in a personal bank account. Some examples include merchant services that allow you to accept payments, access to specialized credit cards, business overdraft protection, or the ability to process funds in Canadian and U.S. dollars. Plus, having a separate account lets you build a credit history for your business, which will come in handy should you ever need a business loan to grow.

What do you need to open a business bank account and credit card?

Opening a business bank account and credit card in Canada is similar to what you’ve done with your personal accounts and cards. Different documents may be required, though, depending on the structure of your business and the product you’re applying for, but here’s a list of the documents to gather:

Identification with your name, address and date of birth
Social insurance number (SIN)
Articles of incorporation/association, if applicable
Canada Revenue Agency (CRA) business registration number
Trade name registration, if applicable

Check what you’ll need with your financial institution before starting your application.

What should I look for in a business credit card?

The best business credit cards in Canada offer access to rewards, travel benefits and business-related perks (which you can use for business or pleasure!).

As an example, let’s look at the Scotiabank Passport^® Visa Infinite Business^† Card, a credit card that offers rewards and travel benefits that you can use for your business.

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Keph Senett

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June 5, 2024

New CFPB rule makes BNPL sustainable | Bank Automation News

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The new Consumer Financial Protection Bureau rule putting buy now, pay later providers in the same category as credit card issuers can fuel the industry’s growth, experts say. The rule, published May 22 to take effect 60 days later, “makes the model more sustainable because [BNPL] has been around for a long time, it has […]

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Vaidik Trivedi

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June 4, 2024

A credit card that deserves to be your everyday card – MoneySense

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This hard-working credit card offers generous earn rates of up to five points per dollar spent on restaurants and groceries, which is a significant spending category for most Canadians. The amount of points earned on these purchases depends on the total gross monthly amount charged to the credit card, regardless of the purchase category. You will earn five points for every dollar in eligible grocery and restaurant purchases until a total of $2,500 in gross monthly purchases is charged to the account. After that, you will earn two points per dollar in eligible grocery and restaurant purchases. (The total gross monthly amount is calculated based on your monthly billing period.)

Another big expense—gas or EV charging—earns two points per dollar spent, as do recurring bill payments, along with any travel booked through National Bank’s À la carte Travel service. All other purchases earn a base rate of one point per dollar, so nothing goes unrewarded.

Apply for the National Bank World Elite Mastercard between May 13 and August 15, 2024, and you could earn up to 40,000 bonus rewards points in the first year. Minimum purchase and insurance product required. Learn more about applicable terms and conditions.

National Bank World Elite Mastercard

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Annual fee: $150
Interest rates: 20.99% on purchases, 22.49% balance transfers and cash advances
Earn rate: Up to 5 points per $1 on grocery and restaurant purchases; 2 points per $1 on gas, EV charges, recurring bill payments and travel booked through À La Carte Rewards; and 1 point per $1 on all other purchases.
Welcome offer: In the first year, you can earn up to 40,000 rewards points. Must apply by August 15, 2024. Minimum purchase and insurance product required. Learn more about applicable terms and conditions.
Annual income requirement: Personal income of $80,000 or household income of $150,000

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Redeeming your rewards points

Redemptions with the National Bank World Elite Mastercard are easy. You can use your points to shop for whichever rewards best suit you. Visit the online boutique and choose from merchandise, gift cards or travel, or invest your points in your National Bank of Canada TFSA and/or RRSP. You can also apply points to your credit card balance or National Bank of Canada mortgage. It’s quick, easy and all in one place.

When it comes to perks, the National Bank World Elite Mastercard has the bases covered. Travellers will love the included travel and car rental insurance, and unlimited access to the National Bank Lounge at Montréal-Trudeau Airport for international flights. Plus, there’s an annual travel credit of up to $150 that you can apply to eligible expenses including seat selection, seat upgrades, airport parking, extra checked bags and airport lounge access.

Other benefits include mobile device insurance and extended manufacturer’s warranty, so you’ll be covered for longer on virtually anything you buy with the card. (See all terms and conditions.)

The right credit card offers convenience, security and benefits you can use. Consider the National Bank World Elite Mastercard as your everyday card.

This article is sponsored.

This is a paid post that is informative but also may feature a client’s product or service. These posts are written, edited and produced by MoneySense with assigned freelancers and approved by the client.

More about credit cards:

_{® Mastercard and World Elite are registered trademarks, and the circles design is a trademark of Mastercard International Incorporated. Authorized user: National Bank.}
_{® National Bank and À la carte rewards are registered trademarks of National Bank of Canada.}

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Keph Senett

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May 30, 2024

Canadian consumer debt: How we’re paying for our credit cards – MoneySense

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What is causing debt for Canadians?

Matthew Fabian, director of financial services research at TransUnion Canada, said many household incomes are not keeping up with inflation and higher interest rates, leaving them to rely on credit.

“Consumers that have had significant increases in their mortgage payment have made that deliberate trade-off to pay less on their credit card and in some cases, they’re missing their payment,” Fabian said in an interview. “We’ve seen a higher delinquency rate in credit cards for those consumers that have mortgages than traditional credit card consumers.”

How much debt do Canadians have?

Total consumer debt in Canada was $2.38 trillion in the first quarter, compared with $2.32 trillion in the same quarter last year, and down only slightly from a record $2.4 trillion in the fourth quarter. The report said 31.8 million Canadians had one or more credit products in the first quarter, up 3.75% year-over-year. The jump was mainly driven by newcomers and gen Z signing up for their first credit products. The report showed there was a 30% surge in outstanding credit card balances for the gen Z cohort compared with the previous year.

“The younger generation (is) only getting access to credit for the very first time in their life,” said Fabian. “They’re still learning how to use it, they’re still learning what it means to pay your monthly obligations.”

Meanwhile, millennials held the largest portion of debt in the country—about 38% of all debt—likely due to higher credit needs as they grow older, according to the report. “They’re in the life stage where they’re probably having children, getting houses and have auto loans,” Fabian said. “The structure of the debt is shifted where 10 years ago, the majority of them would have had credit cards and car loans.” (Read: “How much debt is normal in Canada? We break it down by age”)

Are mortgages in Canada at risk for defaults

Fabian said he isn’t overly concerned about households falling behind on their mortgage payments because of the strict screening process established by the banking watchdog to qualify for a mortgage. He also said cash-strapped consumers will typically pay their mortgage first at the expense of other credit products like their auto loan or credit card.

Even though there are concerns about missed payments among the vulnerable population, Fabian said, “We’re still seeing pretty decent resiliency in the Canadian consumer base, especially when you look at how quickly it’s grown with gen Z and the volume of credit participation.”

He added interest rate cuts, which are anticipated as early as June, can lessen the burden on households over time. “Our expectation is that the market will start to correct back to normal,” Fabian said.

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The Canadian Press

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May 29, 2024

Why young people keep getting caught in debt traps and how to break the cycle – MoneySense

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“They may see a slight increase in their income, and they think, ‘Oh, I just kind of hit the lottery, and now I’m going to spend like crazy,’” Schwartz said. “And it’s tough to change those behaviours after it’s been ingrained for a long period of time.”

To prevent this from happening, track spending diligently—you can download apps for this purpose—and delay milestones such as moving out or getting a car if you can, Schwartz said. Build up an emergency fund in case you lose your income or suffer a financial setback, to avoid falling into serious debt.

“If you have the opportunity when you’re young, when you’re not spending as much on rent, you’re not spending as much on food, if you can cut back on how much you’re socializing—that’s a great place to start to build up that reserve fund,” Schwartz said.

Live within your monthly cash flow—using your debit card or cash—and develop a short-term austerity plan to make big strides on debt repayment, Terrio said.

When to focus on debt repayment

Summer months are tough for austerity because you want to socialize, he pointed out, but January through March are a good time to adhere to a severe budget. Up to 40% of your non-rent income should go to debt, Terrio said, noting short-term austerity is tolerable because it’s over quickly.

Ultimately, the aim is to reach the tipping point when at least half of your debt payment is going to the principal—and the portion going to interest starts to slide. Never use an instalment loan, he added.

“All these 36 to 48% interest loans that are $10,000—if you get one of those, you’re done,” Terrio said. “You’re never, ever getting out.”

Once you’re free of debt, stay that way. Keep your credit limit low and turn down offers to increase it, Terrio said. If you move debt to a line of credit, stop using your credit card.

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The Canadian Press

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May 28, 2024

‘Is he trying to bamboozle me?’ My husband wants a divorce after 20 years. He offered his $275,000 401(k) in exchange for our $250,000 house.

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“He thinks I could use the money from his 401(k) to either buy a house or use some as a down payment.” (Photo subjects are models.) – Getty Images/iStockphoto

Dear Quentin,

My husband no longer wants to be married to me.

I am 61 and he is 51. In 2006, I left a job and used my 401(k) to pay off all of our debts. A couple of years later, he applied for and got a credit card in his name to buy an anniversary gift of a three-stone diamond ring for me. And we started building debt again.

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In 2012, I quit work because I became disabled. He was in favor of me quitting for my health. I used my 401(k) for life expenses because doctors found a parasite behind my husband’s eye. He was off work for a month. I sold my Jeep to pay our expenses.

Six months after quitting work I qualified for Social Security Disability Insurance. With SSDI I got only $500 less than when I was working. Last year, I sold another Jeep so we could pay off all our debt. As of next month, we only have our mortgage and his car payment.

And now? We are getting divorced. In March, we were married for 20 years. Am I entitled to half of his 401(k), which is currently valued at $275,000? How would that withdrawal work? He wants to give me his 401(k) in exchange for our house, which is worth $250,000.

What do you think? He thinks I could use the money from his 401(k) to either buy a house or use some as a down payment. Is he trying to bamboozle me?

Soon-to-be-Divorced in Wisconsin

“Any contributions made to his 401(k) over the last 20 years would be deemed community property and, I assume, were his peak earning years.” – MarketWatch illustration

Dear Soon,

I have a question for you. Why doesn’t your husband use the money from his 401(k) to either buy a house or use it as a downpayment? As a general rule of thumb, people don’t make grand gestures in a divorce unless it benefits them — and I’m just going to go out on a limb here — more than it benefits you.

Wisconsin, as you probably know, is a community-property state so all assets contributed during the marriage are community property and, as such, would be divided 50/50 in a divorce. So any contributions made to his 401(k) over the last 20 years would be deemed community property and, I assume, were his peak earning years.

You should already receive 50% of those contributions because that’s the law in your state, and you deserve them because you liquidated your own 401(k) to pay for debts that were due, at least in part, to your husband’s illness. You did a good thing. Now, it’s time for him to return the favor, even if he does so unwillingly.

Don’t take my word for it — talk to your attorney and CPA. But since you asked: If you took your husband’s entire $275,000 401(k), you would have to pay income taxes on your withdrawals, so the divorce settlement should take that into account. If you gave him the house, he would walk away with a $250,000 asset that will, presumably, continue to increase in value.

Tax obligations of 401(k)s

“When dividing retirement assets, the court is obligated to consider the tax implications to both parties,” according to Karp Iancu, a law firm with offices across Wisconsin. “It is the ‘industry standard’ in Wisconsin family courts, to discount the present value of retirement accounts (with the exception of ROTH IRAs) by 20%.”

“Dividing a 401(k) in a divorce is also a bit like dividing a pension and a bit like dividing an IRA,” the firm adds. “Like pensions, the account can only be divided with a special court order called a qualified domestic relations order. But like IRAs, they can be easily valued by simply looking at the balance on a current account statement.”

From your letter, you both contributed to a lifestyle where you were living above your means. And, yes, people often get into debt because, try as they might, they cannot make ends meet without putting some expenses on a credit card. Now that you are planning to live apart, you will get to see who is most able to live within their means.

About that credit card: Should your husband have taken out a credit card for a three-stone diamond engagement ring after you cashed out your 401(k) before you were 59 ½ and incurred a 10% early-distribution penalty? No. You both need to take accountability for that. Was that the real/only reason he took out a credit card? Probably not.

If he continues to make risky financial decisions based on “want” rather than “need,” your divorce will not spell the end to his financial near-misses.

Previous columns by Quentin Fottrell:

My father ‘deliberately and hurtfully’ cut my late sister’s two kids out of his will. How can I ensure they get their fair share?

‘They left nothing except junk’: My brother emptied our father’s house. It stands empty years after his passing. What can be done?

‘My brother and sister are villains’: My siblings took control of my late mother’s estate and won’t reveal the contents of her trust. What do I do?

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May 22, 2024

Robinhood automated deposits double QoQ|Bank Automation News

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Investing platform Robinhood added more than $3.4 billion through its automated customer account transfer service in the first quarter, up 100% quarter over quarter.

The company is seeing high deposit volume “supported by a young customer base gaining share of global wealth,” and expects to meet its multi year 20% deposit growth rate target, Chief Financial Officer Jason Warnick said during the company’s earnings call May 8.

Courtesy/Bloomberg Mercury

The Menlo Park, Calif.-based company reported net deposits of $11 billion for Q1, more than double last year’s quarterly average, he said.

Robinhood has gained deposits from existing and new customers along with winning customers from incumbent financial institutions, Warnick said.

Deposits were “75% contributions from customers and 25% net wins from incumbents,” Warnick said, adding that the company had $5 billion in net deposits in April.

Deploying tech for deposits

According to a May 2023 report by NASDAQ, more than half of Gen Z Americans hold investments of some kind due to ease of investing and simplified access to financial information.

Major financial institutions including U.S. Bank, TD Wealth and Envestnet have deployed automated investing solutions to entice customers to keep their accounts at traditional FIs rather than moving to fintech platforms.

U.S. Bank is giving customers $100 to open an Automated Investor account, according to the bank’s website.

TD Wealth launched its automated investing solution, Robo-Advisor, in October 2021.

Banks are seeing outflows from customer accounts to investment fintechs like Robinhood as more people jump into the equities market for better returns, Dani Fava, told BAN when see was working as the group president for product innovation at wealth tech company Envestnet. She left the position last month.

“Deposits are hard to come by this year [and automated investing offerings are] a method to drive engagement and a method to retain deposits” Fava said. “This is a method for the banks to keep money in their ecosystem and to drive engagement.”

Robinhood expanding offerings

Robinhood is expanding its product offerings and has gained traction with the launch of its Robinhood Gold credit card in March, which has more than 1 million applicants on the waitlist, according to the company’s earnings report.

Nearly half of banking customers are seeking a one-stop-shop experience for their financial needs, and Robinhood’s “introduction of credit cards aligns quite well with this demand, especially having launched checking, high-yield savings and retirement accounts recently,” Sean O’Brien, principal consultant of wealth management practice at consultancy firm Capco, told BAN.

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Vaidik Trivedi

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May 9, 2024

New Money Nate urges followers to invest in themselves – MoneySense

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Who are your money/finance/investing heroes?

I don’t really have any heroes per se but the collective community of personal finance bloggers in the 2010s, like Mr. Money Mustache, Ramit Seth and The Financial Samurai, were a huge source of inspiration for me in university.

How do you like to spend your free time?

Love listening to podcasts and playing as many sports as I can after work.

If money were no object, what would you be doing right now?

Likely the same thing I’m doing now.

What was your earliest memory about money?

When I was younger, I remember feeling the weight of how important money was in different circumstances that came up with my family. It taught me that I need to not only make but keep a good amount of money to maintain good financial health.

What’s the first thing you remember buying with your own money?

Probably fast food.

What was your first job?

I was a dishwasher. I probably just ate out with the money from my first paycheque.

What was the biggest money lesson you learned as an adult?

Investing in yourself has infinitely higher returns than the market. I absolutely love things like index funds, and I preach them all day long, but I’ve learned that if you’re able to invest capital and time into yourself through upscaling so you can get a new job or starting a business, you’ll be able to earn more and more that you can then reinvest and create a wealth-building money machine.

What’s the best money advice you’ve ever received?

Bet on yourself.

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May 9, 2024

What happens if you get rejected for a credit card? – MoneySense

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Having a delinquency on your credit report can also make it more challenging to get approved for a credit card as banks see you as a high-risk applicant. Whether you’ve missed a payment or experienced a financial setback that led to your debt going to collections, having a delinquency on your record can significantly impair your credit score and make it very hard to get approved for most credit cards. So, if you do have a delinquency on your report, work to resolve the issue and settle any amounts in collections before applying for new credit.

5. You’ve applied for a lot of credit recently

Applying for several credit cards in a short time can be a red flag. Lenders can view this as a sign of desperation for credit and worry that you’re borrowing more than you can handle, which could affect your ability to make the minimum payments.

In addition, every new credit-card application generates a hard inquiry that will lower your credit score. Hard credit inquiries account for 10% of your credit score so it is important to only apply for new credit products you need, one at a time. If you’re rejected for a credit card, wait between three and six months before reapplying to limit the impact of hard inquiries.

6. You have too much debt

If you already have a lot of debt through loans, mortgages and high credit-card balances, opening a new credit card could be seen as a warning sign to lenders that you are having problems paying down your existing balances. They might flag you at a higher risk of defaulting and reject your application.

When it comes to assessing your creditworthiness, lenders focus not just on the amount of debt you owe, but also look at how much of available credit you’re using. This is known as credit utilization, which makes up 30% of your credit score. Try to keep your utilization under 30% of available credit for maximum positive impact on your score. For example, if you have $10,000 in total credit available to you, try not to carry a balance of more than $3,000 at any given time. This shows lenders you can manage your credit responsibly.

7. There’s an error on your credit file

If you’ve been turned down for a credit card (even if you have an excellent credit score), but have no debt and a clean payment history, it’s worth checking your credit report for errors. Incorrect payment details could be affecting your credit score—and, in turn, your eligibility to get approved for new credit.

You can identify this by reviewing your credit report regularly to see what’s documented and make sure the information is correct. For no charge, you can remove incorrect information by filing a dispute directly with the credit bureau.

8. You don’t meet the age requirements

In Alberta, Saskatchewan, Manitoba, Ontario, Quebec and Prince Edward Island, you must be at least 18 years old to obtain credit. In all other provinces and territories, the minimum age is 19. If you don’t meet these age requirements, your credit card application will automatically be denied, so hold off until you are eligible.

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Doris Asiedu

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May 7, 2024

BMO Ascend World Elite Mastercard review – MoneySense

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BMO Ascend World Elite Mastercard

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Annual fee: $150
Earn rates: 5 points per $1 spent on eligible travel purchases; 3 points per $1 on dining, entertainment, and recurring bill payments; 1 point per $1 on everything else
Welcome bonus: You can earn up to 70,000 points
Annual income requirement: Personal income of $80,000 or household income of $150,000

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5 things you need to know about the BMO Ascend World Elite Mastercard

The card lets you collect BMO travel rewards The BMO Rewards program allows you to earn BMO Points on your credit card purchases, redeemable for travel expenses such as flights (including all taxes), hotels, cruises and vacation packages. With the BMO Ascend World Elite Mastercard, you earn 5 points per dollar on travel, 3 points per dollar on dining and entertainment and 1 point per dollar on everything else—a competitive offering.
The card has a generous sign-up bonus New members can earn up to 70,000 points
You’ll get airport lounge access Cardholders of the BMO Ascend World Elite Mastercard receive complimentary membership to Mastercard Travel Pass by DragonPass which entitles them to VIP access and four annual complimentary passes, good at 1,000 airport lounges across the globe.
It comes with great travel insurance The BMO Ascend World Elite Total Travel and Medical Protection package is a tempting and valuable perk, providing out-of-province/out-of-country emergency medical protection up to $5 million, plus coverage for flight delay or cancellation, lost or delayed baggage (including personal effects insurance), and car rental collision damage coverage. Purchased separately, this coverage could cost around $120 per trip, but cardholders get it for an unlimited number of journeys of up to 21 days each.
It’s widely accepted While most main credit card processors enjoy extensive international coverage, Mastercard has an edge as the only brand accepted at Costco.

How do I redeem my BMO Rewards?

With BMO Rewards, the redemption process is as simple as logging in to your account. To redeem for rewards, you can avail yourself of the full-service online travel agency or shop from their catalogue. You can book with any airline without blackout dates or seat restrictions, and BMO also offers price matching, so you can be sure you’re getting the very best deal.

What are BMO Rewards Points worth?

Points redeemed for travel come in at a value of 140:$1 ($0.007 per point), meaning that you’ll need 35,000 points for $250 towards travel expenses. Importantly, you don’t have to redeem a minimum number of points, or any, to book travel—and you can pay whatever your points don’t cover by charging that amount to your card. Redemptions for gift cards and merchandise are just as simple (you select from an online catalogue), but you’ll typically get less value from your points compared to travel. Finally, you can redeem your points for financial products, but this option comes at a steep reduction in value. For 7,000 points you can get $50 in a BMO investment account (which is about $0.007 per point), or for 15,000 points you’ll receive $50 towards your credit card bill (about $0.003 per point). With all these redemption options, the BMO Rewards program is extremely flexible—this is one of the main reasons it’s so popular—but for the very best point-to-dollar ratio, travel rewards are the way to go.

Does BMO Ascend World Elite Mastercard have trip cancellation insurance?

The BMO Ascend World Elite Mastercard has a strong travel coverage package, the card offers both trip cancellation and trip interruption insurance. The card has got you covered for up to $1,500 for the non-refundable and non-transferable portion of your canceled trip. As for trip interruption, BMO has also got your back, as it will cover up to $2,000 for the cost of one-way airfare departure and any unused non-refundable prepaid arrangements.

Does the BMO Ascend World Elite Mastercard come with lounge access?

With the BMO Ascend World Elite Mastercard, you get a free membership to Mastercard Travel Pass, which gives you four annual airport lounge visits that can be used at 1,000 airport lounges worldwide.

What are the best ways to benefit from this card?

Even though the BMO Rewards program offers numerous redemption possibilities, travel rewards give you the very best value—with no seat restrictions or blackouts. Add to that the card’s airport lounge access, and travel and medical insurance, and you’ve got a very competitive product for travellers.

Are there any drawbacks to the BMO Ascend World Elite Mastercard?

Despite a very strong showing in many respects, there are a few drawbacks you should be aware of. The first is that the BMO Ascend World Elite Mastercard commands an income threshold of $80,000 per year for an individual (or $150,000 per household) and an annual fee of $150 (most travel cards come in around the $120 mark). An extra $30 per year may not matter much to high-earners, but the fee may give you pause, especially when you consider that some cards offer more lucrative bonus categories. The Scotiabank Gold American Express, for example, offers 5 Scotia Points on restaurants and groceries. Finally, the BMO Rewards website could use some work, given that it’s the portal through which users must make redemptions. Improvements to site speed would go a long way to keeping customers happy, and would help cement the brand’s reputation as a top-tier provider. The $150 annual fee on the BMO Ascend World Elite Mastercard is nothing to sneeze at, but for frequent flyers, the travel rewards more than make up the expense. If you’re interested in BMO cards, but don’t want to collect travel rewards, check out our list of BMO’s best credit cards.

Is the BMO Ascend World Elite Mastercard worth the annual fee?

The answer to whether the BMO Ascend World Elite Mastercard is worth the high annual fee of $150 will depend on a variety of factors. If you’re a frequent flyer and traveler and earn more than the card’s income requirement, the answer is yes. The annual fee would most likely be canceled out by the free lounge access and travel insurance, if you’d be paying for those two services out of pocket each time you travel. On the other hand, the card’s high-income requirement and annual fee may be a barrier for some and a reason to choose another card instead. And, if you’re a fan of earning cash back instead of points then may not be the best choice since there is no such offering with the card.

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Keph Senett

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May 3, 2024

Mastercard, Visa tap AI for fraud solutions | Bank Automation News

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Card giants Mastercard and Visa leaned into AI and generative AI for fraud detection in the first quarter. “We continue to enhance our solutions with generative AI to deliver even more value,” Chief Executive Michael Miebach said during Mastercard’s May 1 earnings call. During the quarter, the card giant added generative AI to its Decision […]

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Whitney McDonald

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May 2, 2024

Why you won’t get Air Miles at Metro anymore – MoneySense

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In the mid-2000s, Air Miles devalued its points, making it harder for customers to reach their rewards goals. Then, in 2016, the company announced it would add an expiration date to Miles. Though the decision was reversed after an outcry, the move damaged customer relations. Next, the company split Air Miles into Cash Miles (for in-store redemption and e-vouchers) and Dream Miles (for merchandise, travel, events and attractions), further confusing collectors.

By 2022, some of Air Miles’ biggest draws had left the program, including Staples, Rexall, the LCBO, Lowe’s and others. Metro stores are the latest mega-partners to sever ties with Air Miles.

Earning rewards for groceries

All of this might be bad news for Air Miles, but consumers can still find ways to earn rewards on their grocery shopping bills.

One way is to join the loyalty programs of your grocery chain. Like Metro with its new Moi Rewards program, Loblaws stores give out PC Optimum points, Save-on-Foods and others use More Rewards, and Thrifty Foods uses Scene+ points.

Unfortunately, Moi Rewards alone won’t get you the value you’re used to with Air Miles. If it takes 500 Moi Rewards points to redeem for $4, the value per point is $0.008. How does that stack up against Air Miles? While the value of an Air Mile will fluctuate depending on what you redeem it for, the average value is $0.121. Luckily, you can use a different strategy to make your food shopping pay dividends.

The best grocery credit cards in Canada

You can earn rewards on your groceries by purchasing them with a rewards credit card. For example, you could use a PC Mastercard to pay for food at Metro, and you’d still earn PC Optimum points—not as many as you’d get shopping at Loblaw banner stores, but you’d still get the base rate. Many other rewards cards are good for groceries, too. The best one for you will depend on where you shop and your shopping habits.

Here’s a quick look at some of our top picks.

What’s replacing Air Miles at Metro?

So, Air Miles is out and Moi Rewards is in. While it’s true that the advertised Moi Rewards earn rate is underwhelming, the details of the program remain to be seen. In the meantime, Metro shoppers can get their rewards by using a solid rewards credit card at the till.

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Keph Senett

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May 2, 2024

“Can I get scammed through an e-transfer?”—and other questions about protecting yourself from fraud – MoneySense

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Sometimes the fraud is sneakier—although who can be blamed for wanting to pay a bill? For Daria, she and six friends paid Bailey, a “travel hacker” for a trip to Thailand in January 2024. A had a Clubhouse group (remember the conversation app?) and Daria and the other members had got great tips from A and other co-mods in the space. (Names have been changed as the case has yet to be resolved.)

The seven women paid Bailey for hotel rooms and flew the 20-hour trip from North America to Thailand, only to find out that Bailey wasn’t joining them until a few days later. Then to their horror, Bailey never showed up, canceled her trip two days before it ended and had never paid the hotel for their rooms with the money she was paid by the seven women. Just one received a refund. The others have issued credit card chargebacks and have even contacted the FBI.

It seems like scams and phishing attacks are everywhere. If they’re not calling or texting, they are messaging you. On every. Single. Platform. Just as writing this, I had two calls threatening me with the police and a text message asking me to verify my address.

It’s irritating at best and financially devastating at worst. According to the RCMP, the Canadian Anti-Fraud Centre (CAFC) received reports totalling $531 million in victim losses in 2022. That’s a 40% increase from 2021. In 2023, Canadians lost $554 million. Think those numbers are big? Know that the CAFC estimates that just five to 10% of people report fraud.

Why do scams and phishing work on Canadians?

Why do we fall for frauds, scams and phishing? Maggie Cheung, a spokesperson from the Canadian Bankers Association, says it’s because of deception, manipulation and pressure tactics.

“Cyber criminals often use human psychology and the art of manipulation to scare, confuse or rush you into opening a malicious link or attachment or into providing personal information through a process known as social engineering,” she says.

These social engineering tactics force us to respond quickly, through the use of fear (like, you owe the Canada Revenue Agency money that needs to be paid stat) and leveraging our urges to respond to authority. (The CEO really needs you to send that bank transfer now, and the email looks real). These pressure tactics are so sophisticated, they’re believable. That’s why the finance writer of The Cut found herself putting USD$50,000 in a cardboard box into the back of a car.

The common types of scams

Anyone can be a victim of a scam, says Cheung. That’s because the techniques to convince you are complex, and cyber criminals are adept at telling a believable story. Some of the more popular scams are:

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Renée Sylvestre-Williams

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April 30, 2024

‘I Am Not Prepared For Life’ – Millennials Blame Their Boomer Parents For Not Teaching Them How To Be Responsible Adults

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A discussion on an online platform has unveiled a shared sentiment among millennials regarding their upbringing by baby boomer parents, specifically highlighting a perceived lack of preparedness for adult life.

The conversation, initiated by a 38-year-old woman on Reddit in January, reflects on personal experiences and seeks input from others on how they were prepared for life’s challenges.

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Reflecting on her upbringing, the initiator of the discussion noted, “When I reflect on how I was parented, I don’t remember my parents ever giving me any type of life advice.”

She said her parents did not teach her to save money or to appreciate the swift passing of time, particularly regarding education and personal growth. Her story resonates with a broader experience among millennials, where parental guidance on practical life skills was minimal or absent.

Another participant, also a 38-year-old woman, expressed her feelings of unpreparedness, saying, “I am not prepared for life. I‘m finally emotionally mature, but I wasn’t taught how to navigate life in terms of being a responsible adult.”

She pointed out that the lack of preparation extends beyond a single generation, suggesting a systemic issue within both family structures and educational systems. Highlighting a specific area of concern, she said, “I opened a credit card at 18 and literally didn’t know what interest was,” underscoring the importance of teaching financial literacy to young adults.

The conversation also touched on the predatory practices of credit card companies targeting college students in the 1990s, a concern shared by multiple participants. “Colleges in the ’90s would let these credit companies on campus. They had tables outside our cafeteria with free giveaways if you signed up,” one user recalled, expressing frustration over the lack of oversight and the long-term financial implications for their peers.

Trending: How to turn a $100,000 investment into $1 Million — and retire a millionaire.

Addressing broader issues of ideology and life skills, another contributor remarked on the absence of substantive guidance from parents on critical life matters, stating, “No ideology or structure was presented at key stepping stone points in my life.”

This participant criticized their parents for perpetuating outdated beliefs and failing to address important topics such as mental health and societal responsibilities.

Millennials, often labeled as the generation facing unprecedented economic challenges, seem to bear out this reputation with recent data highlighting their financial predicaments and the impact of their upbringing by baby boomer parents.

A significant portion of millennials report living paycheck to paycheck, with 70% indicating this is their reality. This financial precarity is exacerbated by a high cost of living and stagnant wages, with nearly half of the generation also grappling with debt that seems insurmountable. About 90% of millennials have some form of nonmortgage debt, according to a survey from Real Estate Witch.

The debt crisis among millennials is profound, with credit card debt hitting a record high of $1.08 trillion in 2023 and student loan debt surpassing $1.6 trillion. This situation is particularly dire for attendees of private for-profit colleges, who are the most likely to fall behind on student loan payments.

The generational wealth gap has widened, with fewer millennials owning homes or accumulating wealth compared to baby boomers at the same age. Only 49% of millennials in low-skilled service occupations owned their home by the age of 35, compared to 63% of baby boomers, illustrating a significant decline in economic mobility and access to traditional markers of financial stability. This decline is attributed not just to changing work and family patterns but to a structural shift in the economy that has diminished the economic rewards for secure, middle-class and working-class lifestyles.

The economic status of millennials, when compared to previous generations, paints a bleak picture. Despite being highly educated, millennials have not seen the expected financial benefits, with flat income levels and lower net worth compared to baby boomers at similar ages. This financial instability extends to retirement, with concerns about how these factors will impact their long-term financial security.

Financial advisers provide comprehensive guidance across a wide array of financial challenges, offering strategies to those who may not have learned financial management from their parents. Consulting with a financial adviser can help individuals get on track financially, despite the economic pressures.

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*This information is not financial advice, and personalized guidance from a financial adviser is recommended for making well-informed decisions.

Jeannine Mancini has written about personal finance and investment for the past 13 years in a variety of publications including Zacks, The Nest and eHow. She is not a licensed financial adviser, and the content herein is for information purposes only and is not, and does not constitute or intend to constitute, investment advice or any investment service. While Mancini believes the information contained herein is reliable and derived from reliable sources, there is no representation, warranty or undertaking, stated or implied, as to the accuracy or completeness of the information.

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This article ‘I Am Not Prepared For Life’ – Millennials Blame Their Boomer Parents For Not Teaching Them How To Be Responsible Adults originally appeared on Benzinga.com

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March 21, 2024

Alternative payments drive 58% of e-commerce: Report

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The e-commerce sector is witnessing a growth in the use of alternative payment methods, which accounted for nearly 58 per cent in 2023, according to a report by data and analytics company GlobalData. Mobile and digital wallets have eclipsed traditional payment modes, according to the report.

Use of cash has fallen significantly, with an increase in preference for Amazon Pay, Google Pay and card payments, among other alternative options.

Demonetisation effect

“Alternative payments have gained huge traction in India since the demonetisation in 2016. The Covid-19 pandemic has accelerated this trend as both consumers and merchants preferred digital payments to avoid exposing themselves to disease vectors such as cash. The growing popularity of alternative payment brands among consumers and merchants also supported this trend,” said Ravi Sharma, Lead Banking and Payments Analyst at GlobalData.

According to GlobalData’s 2023 Financial Services Consumer Survey, alternative payment solutions have consistently gained popularity in the last five years

Payment cards are the second most popular e-commerce payment method in India, with a share of 25.7 per cent, with credit and charge being the preferred card types, accounting for 15.4 per cent in 2023. Cash, which is widely used for in-store payments in India, accounts for only 6.2 per cent share in online purchases.

E-commerce growth

The growth of India’s e-commerce market is supported by rising internet and smartphone penetration.

India’s e-commerce market is projected to see a compound annual growth rate (CAGR) of 20.9 per cent, from $147.5 billion in 2024 to $315.5 billion in 2028. As per the Telecom Regulatory Authority of India, there were 881.3 million internet subscribers, up from 865.9 million in December 2022.

According to e-commerce retailer Flipkart, the online shopper base in India is anticipated to increase to 400–450 million by 2027. In 2019, the company launched an initiative called Flipkart Samarth Programme to help small and medium enterprises sell their products online. As of December 2023, the programme has spread to 28 states across the country.

“The uptrend in e-commerce sales in India is likely to continue over the next few years supported by the growing consumer preference, improving payment infrastructure, and growing popularity of alternative payment solutions,” Sharma added.

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March 19, 2024

Interest rates	20.99% on purchases, 22.99% on cash advances and on balance transfers (21.99% for Quebec residents)
Income required	$60,000 per year
Credit score	None specified
Point value	1 RBC Avion point = Up to $0.023 when redeemed for travel using RBC’s Air Travel Redemption Schedule.

Tag: Credit Card

What is mobile device insurance?

How credit card mobile device insurance works

The best credit cards with mobile device insurance

RBC Avion Visa Infinite

RBC Avion Visa Infinite

Scotiabank Momentum Visa Infinite

Scotiabank Momentum Visa Infinite

American Express Cobalt

American Express Cobalt

Tangerine World Mastercard

Tangerine World Mastercard

CIBC Aventura Visa Infinite

CIBC Aventura Visa Infinite

What if your credit card doesn’t have mobile device insurance?

Insurance from the dealer or manufacturer

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5. You’ve applied for a lot of credit recently

6. You have too much debt

7. There’s an error on your credit file

8. You don’t meet the age requirements

BMO Ascend World Elite Mastercard

5 things you need to know about the BMO Ascend World Elite Mastercard

How do I redeem my BMO Rewards?

What are BMO Rewards Points worth?

Does BMO Ascend World Elite Mastercard have trip cancellation insurance?

Does the BMO Ascend World Elite Mastercard come with lounge access?

What are the best ways to benefit from this card?

Are there any drawbacks to the BMO Ascend World Elite Mastercard?

Is the BMO Ascend World Elite Mastercard worth the annual fee?

Earning rewards for groceries

The best grocery credit cards in Canada

What’s replacing Air Miles at Metro?

Why do scams and phishing work on Canadians?

The common types of scams

Demonetisation effect

E-commerce growth