ReportWire

Tag: Featured credit cards

  • How cashback credit cards work – MoneySense

    [ad_1]

    The cash back you earn accumulates in your account and can be redeemed as statement credit, direct deposit, or sometimes as gift cards, merchandise, or money towards a future purchase. The key is to pay off your balance in full every month, since carrying a balance can wipe out any rewards you earn due to interest. Let’s get into it.

    Featured cashback credit cards

    featured

    SimplyCash Card from American Express

    Earn a minimum of 1.5% cash back on all purchases, and 3% on U.S. dollar purchases. Redeem rewards when you want.

    GO TO SITE


    Interest Rates:
    21.99% purchase, 21.99% cash advance, N/A balance transfer


    Welcome offer:
    $100 value



    Earn a bonus 5% cash back on all purchases (up to $2,000 in purchases). That’s on top of your everyday cash back earn rates. That’s up to $100 in bonus cash back.

    featured

    CIBC Dividend Visa Infinite Card

    Earn 4% cash back on gas and groceries, and save at the pump with exclusive fuel discounts.

    GO TO SITE


    Interest Rates:
    21.99% purchase, 22.99% cash advance, 22.99% balance transfer


    Welcome offer:
    $250 value



    Join and earn over $400 in value including a first year annual fee rebate.†

    featured

    SimplyCash Preferred Card from American Express

    Get a minimum of 2% cash back on all your purchases—one of the highest base rates in Canada.

    GO TO SITE


    Interest Rates:
    21.99% purchase, 21.99% cash advance, N/A balance transfer


    Welcome offer:
    $250 value



    Earn a bonus 10% cash back on all purchases for your first 3 months (up to $2,000 in purchases). Plus, earn a $50 statement credit when you make a purchase in month 13. This could add up to $250 in bonus value in your first 13 months.

    What is a cashback credit card?

    A cashback credit card is a type of rewards card that gives you a percentage of your spending back in the form of cash. Depending on the card, this could be a flat rate on all purchases, or tiered rates based on shopping categories (like 4% for grocery, 2% for transit, and so on). 

    Compared to points or travel rewards cards, cashback cards are the most flexible. With cash back, the value is fixed. You’ll always know exactly what you’re earning and how you can use it. Points cards, on the other hand, tie your rewards to a specific program (like PC Optimum or Scene+), which can be great if you’re loyal to those retailers but more restrictive overall. Travel rewards cards can take it one step further in terms of overall value, especially when redeemed strategically for flights or hotel stays, but it’s more complex to get the full value out of those points.

    Let’s take a look at some of the clear differences between cash back credit cards and travel rewards/points cards:

    The bottom line: Cashback credit cards are best for simplicity and flexibility, and they offer a guaranteed discount on your spending. Travel rewards cards or points cards suit cardholders that want to maximize value on travel related purchases and can be trickier to get the most value out of.

    How cashback credit cards work (aka how to earn cash back)

    Cashback credit cards all work on the same principle. You earn a percentage of your purchases back as cash. How you earn varies depending on the card, though.

    Flat rate rewards

    These cards keep things simple by offering the same cashback rate on every purchase. You don’t have to track categories or spending caps, just swipe and earn. The earn rates tend to be a bit lower as a result of the flat rate, however. The Home Trust Preferred Visa is an example of this type of card.

    A 1.5% flat-rate card like the Rogers Red World Elite Mastercard gives you $1.50 back for every $100 spent (and 3% on USD purchases!), no matter what you buy.

    Article Continues Below Advertisement


    Boosted earn rates

    Many cash back cards offer higher rewards in certain categories while giving a lower base rate on everything else. This makes them especially valuable if your biggest expenses align with the boosted categories.

    The Scotiabank Momentum offers a whopping 4% back on groceries and recurring payments, 2% on gas and transit, and 1% on all other purchases. It typically offers a generous welcome bonus, too.

    Pro Tip: Look for cards that match your biggest expenses. A 4% grocery card is only worth it if groceries are a large share of your monthly budget.

    Custom or rotating boosted rewards

    Some cards let you choose your own bonus categories, while others rotate them automatically. This gives you a bit more flexibility, but also requires more attention to detail.

    With a card like the Tangerine Money-Back Card, you pick 2–3 categories to earn extra cash back in—and you can change them every 90 days. Cards like the CIBC Adapta Mastercard automatically boost whichever categories you spend the most on each month.

    Pro Tip: Always pay your balance in full. Carrying even a small balance at 20% interest can wipe out months of rewards quickly.

    How to redeem your cash back

    Earning rewards is only half the story, redeeming them is where you see the value. Most cashback credit cards give you a few options:

    • Statement credits: The most common method. You apply your cash back directly to your credit card balance, lowering what you owe.
    • Direct deposit or cheque: Some issuers allow you to transfer your rewards straight to your bank account or request a mailed cheque.
    • Automatic redemption: With certain cards, your cash back is automatically applied once you reach a set threshold.

    Gift cards or merchandise: A few programs allow redemption for retailer gift cards or purchases through the issuer’s online rewards story, or even cash off a purchase.

    [ad_2]

    Thomas Kent

    Source link

  • To save money, Canadians are buying more private-label grocery brands – MoneySense

    To save money, Canadians are buying more private-label grocery brands – MoneySense

    [ad_1]

    She also said her pre-existing notion that private-label food might be lower quality has been challenged.

    “I started to kind of recognize that the store brand, private label isn’t necessarily less quality,” she said.

    Consumers’ perceptions of private-label foods have improved considerably since the last time interest in store brands surged, according to CoBank, which was around the time of the 2008 recession.

    This means the increased share of private-label products in shoppers’ baskets is likely to have more staying power this time around, the report said.
    Empire Co. Ltd., the company behind Sobeys, FreshCo, Safeway and other grocers, said in its 2024 annual report that it plans to continue growing and enhancing its portfolio of store brands.

    In its 2023 annual report, Loblaw noted that customers’ increased focus on value “benefited the Company’s sales due to its strength in private label products, discount banners, and personalized promotions.”

    The company even launched a new discount grocery banner this year under its No Name brand.

    Grocers not only often get a better margin on private-label products but also see them as a sort of “loyalty program” that can keep shoppers coming back, said Chapman.

    He thinks retailers will work hard to keep private-label sales strong through new products, marketing, promotions and shelf space.

    [ad_2]

    The Canadian Press

    Source link

  • How to fix bad credit history in Canada: 3 steps to boost your score – MoneySense

    How to fix bad credit history in Canada: 3 steps to boost your score – MoneySense

    [ad_1]

    1. Review your credit report for errors

    It’s important to review your credit report and score at least once a year, especially when you’re trying to improve it. You can obtain your credit report and score through Canada’s two credit bureaus, a third-party service or your bank’s website or mobile app, as noted above. Doing so will not affect your score.

    Look over the report to see what’s documented and ensure the information is correct. You can remove incorrect information at no charge by filing a dispute directly with the credit bureaus. Errors in your report or instances of identity theft can cause your score to be lower than it should be and addressing these errors could increase it dramatically. Look for things like:

    • Errors related to personal details such as phone number, reported addresses, birth date and full name
    • Incorrect accounts due to identity theft
    • Balances on accounts that have been paid off
    • Unauthorized purchases due to fraud

    It can take time for errors to completely disappear from your credit report, so the sooner you address the issue, the sooner you can start the process of rebuilding your credit.

    Even if there are no mistakes, the report provides an overview of your accounts, offering insights into how to enhance your credit and better manage debt.

    2. Focus on paying down debt

    A history of consistently paying down debts is a good starting point for improving your credit, and it’s something you can immediately take action on. Even if you only have one big bill, it’s important to prioritize paying it down. Paying at least the required miniumum amount, on-time, every time, is crucial for your credit score. And remember that carrying debt is expensive, so you’ll want to try to pay off these debts in full as soon as possible by putting more money towards the outstanding balances.

    You can do this by creating a debt repayment plan using either the avalanche or the snowball repayment methods. Avalanche focuses on paying off the debt with the highest interest rate first. By prioritizing high-interest debt, you save money in the long run and can pay off your debts more efficiently. The Snowball method has you pay off the smallest debt first, which can provide quick wins and keep you motivated with each debt that gets knocked out. Each method has its pros and cons, so pick the one that best fits your financial situation.

    3. Watch out for credit repair scams

    Some companies claim they can fix your credit and solve your debt problems quickly—and you may be tempted to use their services if you have a less-than-perfect credit score. However, you can only rebuild credit—there’s no quick fix. 

    Credit repair companies may say they will fix your credit by removing negative information from your credit report to boost your credit score—for a costly, up-front fee. These companies often take advantage of the fact that many Canadians don’t know you accurate information cannot be removed from a credit report—even if it’s bad. Be cautious of companies offering credit repair services. It’s likely a scam if a company: 

    [ad_2]

    Randolph Taylor

    Source link

  • How to build credit history in Canada – MoneySense

    How to build credit history in Canada – MoneySense

    [ad_1]

    How to get a credit card in Canada

    Well, you apply. But make sure you’re applying for the right card and that you have a high chance of being approved. You see, the credit card company will check your credit history, and that can affect your current credit score. So, don’t apply for a bunch and hope for the best, as that could make it look like you are at risk for having access to too much credit. The good news: There are many types of credit cards in Canada, including those for newcomers to Canada, students and even those with bad or no credit. Check out our rankings for the best credit cards in Canada for your situation.

    Once you have a credit card you will want to maintain good credit habits, like paying it off on time and paying more than the required minimum payment. Here are some other articles that will help you navigating your first credit card in Canada.

    Read:

    Why is credit history important?

    Say you want to rent an apartment. Your credit history is vital because most landlords will want to see your credit score and credit report to judge whether you’ll pay your rent on time. If you get the apartment, you’ll want an internet connection—and for this, too, the large providers will query your credit score.

    If you need to buy or lease a car, your credit history will not only determine whether you’re approved for a loan, but also what interest rate you’re offered: the higher your credit score, the lower the interest rate. Insurance companies may check your credit history before providing coverage. And finally, if you want to buy a home, your credit history is key to qualifying for a mortgage, as well as what mortgage interest rates lenders will offer. A lower rate could save you tens of thousands of dollars over the life of your mortgage.

    Read:

    How to build a good credit history when you have no credit history

    Credit history is usually built organically as people start using credit. In Canada, young people who have reached the age of majority (18 or 19, depending on where they live) can apply for a credit card and start building a history of borrowing and repayment.

    If you’re a newcomer to Canada, or if you’re a student, recent grad or young adult who doesn’t have much of a credit history, your credit score may be low—which is a hurdle in getting approved for credit. It’s a frustrating cycle—you need credit history to access credit, and you need credit to build that history. So, what’s the solution? Here are a few steps anybody can take to build their credit history:

    [ad_2]

    Aditya Nain

    Source link

  • Dollarama reports higher Q2 profit as shoppers look for savings on essentials – MoneySense

    Dollarama reports higher Q2 profit as shoppers look for savings on essentials – MoneySense

    [ad_1]

    “It’s just one small part of our store,” Neil Rossy told analysts on a Wednesday call (on Sept. 11), where he was questioned about the company’s food merchandise and rivals playing in the same space.

    “We will keep an eye on all retailers—like all retailers keep an eye on us—to make sure that we’re competitive and we understand what’s out there.”

    Competition for grocery dollars is growing

    Over the last decade and as consumers have more recently sought deals, Dollarama’s food merchandise has expanded to include bread and pantry staples like cereal, rice and pasta sold at prices on par or below supermarkets.

    However, the competition in the discount segment of the market Dollarama operates in intensified recently when the country’s biggest grocery chain began piloting a new ultra-discount store.

    The No Name stores being tested by Loblaw Cos. Ltd. in Windsor, St. Catharines and Brockville, Ont., are billed as 20% cheaper than discount retail competitors including No Frills. The grocery giant is able to offer such cost savings by relying on a smaller store footprint, fewer chilled products and a hearty range of No Name merchandise.

    Though Rossy brushed off notions that his company is a supermarket challenger, grocers aren’t off his radar. “All retailers in Canada are realistic about the fact that everyone is everyone’s competition on any given item or category,” he said.

    Rossy declined to reveal how much of the chain’s sales would overlap with Loblaw or the food category, arguing the vast variety of items Dollarama sells is its strength rather than its grocery products alone.

    “What makes Dollarama Dollarama is a very wide assortment of different departments that somewhat represent the old five-and-dime local convenience store,” he said.

    [ad_2]

    The Canadian Press

    Source link

  • Taking care of tech: How to get the most life out of your smartphone – MoneySense

    Taking care of tech: How to get the most life out of your smartphone – MoneySense

    [ad_1]

    Samsung, meanwhile, says its lithium ion batteries do best when kept above 50% charge. It advises against running the battery down.

    “Repeatedly allowing the battery to drain fully may shorten its life and decrease its overall capacity,” the company says in an online guide. “If this happens, you’ll need to charge the battery more frequently and it may last only a few hours before needing a charge, for example.”

    Avoid extreme temperatures

    Apple says says that batteries warm up as they charge, which can shorten their lifespan. It warns against using your phone or charging it in very hot temperatures, above 95 degrees (35 Celsius), “which can permanently reduce battery lifespan.”

    Samsung also says extreme heat or cold can damage batteries and warns people not to, for example, leave their phones in a car’s glove box when it’s very hot or cold. And don’t put your phone in a freezer either, it’s a myth that it can prolong battery life. “This is not correct and can damage your battery,” Samsung says.

    Google, which makes the Android operating system and Pixel phones, says hot batteries drain faster, even when they’re not in use, and that can damage the battery.

    Adjust your power options

    Tweak your device settings so apps or features use less power, which extends your battery’s daily life and the time between charging cycles.

    You can turn down your phone’s screen brightness, turn on the dark theme and reduce the time for the screen to power off. Enable the auto-brightness feature, which adjusts screen brightness according to the level of ambient light. Also check battery usage in your settings to see if there are any power-hungry apps you can switch off or uninstall.

    If the power level dips below 10%, iPhone users can turn on low power mode to stretch their battery’s life before it need recharging. Samsung’s Android phones have a similar “power saving mode.” You can also leave it on all the time, but it might affect your phone’s performance.

    [ad_2]

    The Associated Press

    Source link

  • What happens if you don’t use your credit card? – MoneySense

    What happens if you don’t use your credit card? – MoneySense

    [ad_1]

    If you find that you no longer need the credit, review any potential closure fees before deciding to cancel the card, too. Instead, you could look into downgrading the card, transferring balances, or using the card at least once a year for a small purchase to keep the account active.

    The impact of dormant cards on your credit rating

    Letting a credit card go dormant can impact your credit score in a few ways. As noted above as a con, if you don’t use a card for a long time, your credit issuer might close the account, which reduces your total available credit limit. For example, if your total credit limit drops from $10,000 to $8,000 with the account closure but your spending remains at $2,000, your utilization ratio rises from 20% to 25%. A higher ratio can negatively affect your credit score because it suggests you’re using more of your available credit.

    Having a mix of different credit types—such as credit cards, student loans, mortgages and car loans—helps maintain a healthy credit score. If a card is closed, you lose some of this diversity, which can also impact your score.

    Consistent on-time payments are crucial for maintaining good credit. Even if a card is dormant, missing payments can damage your score. To avoid this, pay more than the minimum payments on your credit cards and make all payments on time, every time. 

    It is important to review your credit report and score at least once a year to make sure there are no errors. You can obtain your credit report and score through Canada’s two credit bureaus, Equifax and TransUnion, a third-party service, or your bank’s website or mobile app. Even without any errors, regularly checking your report can help you better understand how your financial habits can affect your score and helps you see ways to improve it and manage debt better.

    Should you ever stop using your credit card?

    If you’re worried about letting your credit card go dormant, there are a few alternatives. Consider transferring balances from other credit cards or look at downgrading and switching to a no-fee version of the same card. Both of these options keep your account open and your credit utilization ratio low.

    You can also keep the card active by using it occasionally for small purchases, setting up a small recurring charge on it, or making it your go-to card for a regular expense, like buying gas. This helps keep your account in good standing without much hassle.

    How many credit cards is too many?

    There isn’t a set rule for how many credit cards Canadians should have in their wallets. The number of credit cards that is right for you depends on what you can afford to spend and pay back on time. Remember, it’s not just about the number of cards you have, but how responsibly you use them. 

    [ad_2]

    Sandy Daykin

    Source link

  • Why is booze so expensive in Canada? – MoneySense

    Why is booze so expensive in Canada? – MoneySense

    [ad_1]

    According to Statistics Canada, store-bought alcoholic beverages rose in price by 5.9% between March 2022 and March 2023, and the price of liquor in general rose another 2.3% from June 2023 to June 2024. 

    Why are these prices going up so fast, and how can you enjoy cocktail hour without going over budget? Read on for some intel.

    What factors affect the price of alcohol?

    Alcoholic beverages don’t just spring fully formed from the Earth. They’re the product of base ingredients, sweat equity and time, plus the other supplies needed to get it to your glass, like packaging, labelling and transportation. These are all subject to the same general high inflation seen globally over the past few years.

    For instance, a simple can of beer has a lot of inputs: grain crops (like barley or wheat) and other ingredients (like hops or flavourings), water, aluminum and labels, plus the energy to run the production line. If the cost of any of these items goes up, that’s going to affect the price of beer. That’s not even considering wages, which are a big factor as well. And if you’re buying that can of beer at a bar or restaurant, add on their business overhead and profits, too. 

    And then there’s taxes. These are hard to sum up, since every province and territory is different, but you can count on the fact that the price of your glass of wine or G&T includes some money for the government. The argument, of course, being that that cash goes back into things we need and use, like health care, education and public services.

    Other official policies matter too. For instance, in Ontario, the Liquor Control Board and the provincial government set minimum prices for beverage alcohol. But everyone has to pay federal taxes on alcohol, which currently amount to between $0.04 and $0.74 on a six-pack of beer, $0.54 on a standard bottle of wine and $4.07 on a typical 750-mL spirits bottle. That applies no matter where you’re buying your beverage.

    Then there’s climate change. Grapes for wine, rice for sake, wheat or corn for vodka: no matter what crop goes into your drink of choice, it’s being affected by changing weather patterns. A local example: in British Columbia, the 2024 grape crop was almost completely destroyed due to abnormal winter weather. Drought, heat waves and smoke from wildfires are hard on vineyards, too, meaning the more we experience these negative effects of climate change, the harder it’s going to be to make wine. 

    What about non-alcoholic drinks?

    Very low-alcohol versions of beer, wine and spirits have become popular in recent years. But, you might have noticed they’re not exactly cheap either. That’s in part due to the same factors that affect alcohol prices: Raw ingredients, packaging, manufacturing, transportation and labour costs. Then the alcohol is typically removed after the beverage is manufactured, meaning it takes more time and effort than the boozy formula. In other words, this isn’t a simple can of pop: zero-proof takes on beverage alcohol are more expensive to make than the originals.

    [ad_2]

    Kat Tancock

    Source link

  • How to save on food and drinks at your next sports game or concert – MoneySense

    How to save on food and drinks at your next sports game or concert – MoneySense

    [ad_1]

    With foot-long hotdogs roughly $13 and 515-ml premium draft beers nearing $15, the Sarnia, Ont., duo behind the @coupon.couple account started searching for ways to save.

    One of their pals had two words: Dugout Deals.

    The aptly-named concession stand by sections 240 and 537 sells ballpark favourites for a fraction of the price. Before tax, “value” hotdogs, popcorn and 16-ounce soft drinks go for $3.49 each, while a 12-oz. Bud Light is $5.79, the Blue Jays website says.

    “If you got a hotdog and just a pop, it would be, like, under $7,” said Debarros. “That’s awesome compared to $30 at some of the other stands.”

    Researching like Debarros did is just one of the ways she and other sports lovers, festival attendees and concert goers say Canadians can save as the summer event season ramps up and people start to be confronted with eye-popping prices.

    AtVenu, a point-of-sale technology company, said the average fan in Canada and the U.S. spent USD$68 on food and beverages at festivals last year, up from USD$65 in 2022. The firm found prices for food items jumped 21% on average, and drinks spiked by between 7% and 20%, depending on their format and alcohol content. 

    But many eventgoers say there are ways to reduce costs.

    Check if you can bring your own food and drink

    For starters, some venues, including the Rogers Centre, let you bring in food and drinks, though they often must be non-alcoholic and packaged in something other than glass or metal.

    [ad_2]

    The Canadian Press

    Source link

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

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

    [ad_1]

    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.

    [ad_2]

    Keph Senett

    Source link

  • No tickets for Taylor Swift in Toronto or Vancouver? See the costs of an international show – MoneySense

    No tickets for Taylor Swift in Toronto or Vancouver? See the costs of an international show – MoneySense

    [ad_1]

    It’s no surprise that in 2023, Swift was the most-searched artist on Stubhub, where fans from more than 110 countries bought tickets to the Eras Tour. (For its role, Stubhub takes a hefty sales fee based on the ticket price.) Toronto was a top international travel destination for American travellers, who get a favourable exchange rate on the price of tickets in Canada. (As of late April 2024, USD$1 is worth CAD$1.37.)

    Canadians are following suit—except they’re heading to Europe. According to Stubhub, for Swift’s remaining shows in 2024, some of the most popular international Eras Tour destinations for Canadian fans are Paris, Lisbon, Amsterdam, Warsaw and Vienna. 

    Fandom doesn’t come cheap, though. In this new world of post-pandemic “revenge travel” and a newfound craving to create special experiences in our lives, in terms of dollars and cents, is the Eras Tour worth it?

    The power of Swiftonomics 

    “Swiftonomics” and its effect on the economy is staggering. The Eras Tour is the highest-grossing concert tour of all time, and the first to gross USD$1 billion. Everywhere the tour touches down, the local economy gets a major boost. 

    According to the CBC, the estimated economic impact of Swift’s three shows in Vancouver is $700 million. And a study in Denver—where Swift played two shows last summer—found that the average amount an Eras Tour concert-goer spent was USD$1,327 (about CAD$1,800) on expenses such as tickets, travel, merchandise, lodging and food. That adds up to more than USD$200 million in direct consumer spending.

    Source: @teach.kids.money

    How to save money on Taylor Swift tickets and more

    Woods’ advice is to take advantage of last-minute ticket releases. To find out about these sales, follow all the legitimate local ticket sellers and promoters on social media, especially in the days leading up to the show. “Any place where you can get a cheap ‘obstructed view’ seat with last-minute releases is the best place to go,” he says. “You could easily fly to a nearby European city—for Swift’s upcoming tour dates—and take the train or a flex bus to lower costs if airfare is expensive, as it’s quick and easy to travel between European cities.” 

    For accommodations, hotels and Airbnbs will likely be pricey or even sold out. Try work-arounds: Do hotels have a waiting list in case of cancellations? Can you rent a room rather than a whole apartment, or find lodgings farther from the city centre? Alternative accommodations like hostels, B&Bs and non-hotel accommodations are possibilities as well. 

    Woods found a house-sitting opportunity in Melbourne, which meant his accommodation was free. (Score!) If you’re willing to take care of a home and possibly a pet in exchange for a free stay, start with one of the leading house-sitting networks, Nomador. If you don’t mind staying outside of a city centre, check out homestay.com, which connects independent travellers and students with host families. You could save a lot of money and experience more of the local culture. 

    Photo courtesy of Ryan Thomas Woods

    Woods also advises taking advantage of Swift-related activities, discounts and promos. In Sydney and Melbourne, he says, “your ticket to Taylor gets you free public transit.” And in Melbourne, “the Queen Victoria market had a Swift-themed night market, and one of the booths was a make-your-own-friendship bracelet.” (Swifties make these and trade them at concerts. It’s also how she met her boyfriend, Travis Kelce, who plays football for the Kansas City Chiefs.) 

    What about Eras Tour official merchandise? Concert-goers can buy everything from T-shirts and sweaters to tote bags and glow batons. Prices can vary depending on exchange rate, and due to strong demand, tour merch is usually sold the day before the shows. But many fans are also making their own outfits, and as Woods says, “It could be as simple as doing artwork with a marker on a plain T-shirt.” 

    [ad_2]

    Natalie Taylor

    Source link

  • Be mindful of what you post on social media after a layoff – MoneySense

    Be mindful of what you post on social media after a layoff – MoneySense

    [ad_1]

    To avoid any repercussions, Gupta suggests using a matter-of-fact tone when sharing the experience online. 

    “The world has changed. We know that jobs are not forever. With most layoffs, there is nothing to be ashamed of, even if you realize, ‘You know what, I wasn’t quite what they were looking for,’” she said. 

    “And if you can show a bit of class and professionalism, it goes a long way.”  

    Kadine Cooper, a career and life transition coach, said the first thing you should do after being informed of a layoff is take time to ground yourself and come to terms with the loss. Once you have processed those difficult emotions, ask yourself what you want to do next, where you can seek out mentorship and surround yourself with individuals who want you to succeed.

    The best way to share a career update

    When you’re ready to share your career update online, make sure to strike a positive and professional tone, as this can set you up for future opportunities, Cooper recommended.  

    “You still have the power, right? So start creating a positive narrative about it,” she said. 

    “Write your posts in a way that highlights your resilience and your adaptability and even maybe start emphasizing some of the experiences you gained during that time with the company.” 

    On the flipside, while some people choose to be candid about their layoff experiences to increase transparency around certain employers or industries, Cooper said “ranting and raging” on social media may hurt your future job prospects and discourage former co-workers from providing you with a reference for another job.

    [ad_2]

    The Canadian Press

    Source link

  • What happens if your child care provider pulls out of $10-a-day daycare? – MoneySense

    What happens if your child care provider pulls out of $10-a-day daycare? – MoneySense

    [ad_1]

    While imperfect, the $10-a-day system has been widely applauded for making child care more affordable and equitable for more Canadians. And it looks like it’s here to stay, as legislation that commits the federal government to funding the system long term is poised to become law. However, the national daycare plan is facing some big challenges, including a still-limited number of spaces and the widely reported closures of child care centres that can’t cover their costs.

    “Supply is still insufficient to meet the urgent demand for affordable child care spaces,” says Morna Ballantyne, executive director of Child Care Now, a group that advocates for publicly funded child care. “The early learning and child care sector is undergoing major change.”

    Families who were fortunate enough to secure a subsidized spot for their child and receive rebates for their fees are estimated to save thousands per year: as much as $6,780 annually per child in Nova Scotia and $9,390 annually per child in British Columbia, for example. If a daycare centre were to pull out of the program, or even shut down, these families would be left scrambling to find affordable child care.

    How $10-a-day daycare works

    The goal of the national child care plan is to provide affordable and inclusive care for all families. To make this happen, provincial and territorial governments made funding deals that have rolled out in stages, starting with daycares that elected to join the program and freeze their fees in March of 2022. This was followed by a series of refunds to parents via a child care fee subsidy (whose details vary by province and territory). Currently, CWELCC-participating daycares continue to reduce their frozen fees, with a plan to get the cost down to $10 per day by 2026.

    Why some daycares are pulling out of the program

    Operators in multiple provinces are threatening to pull out of the system—and some have already gone back to their old private fee structure or closed their doors. They say the federal-provincial agreements, which limit the fees they can charge, are not providing enough funding to cover their costs. Daycares that opted in to the program at the outset are still receiving funding coverage to match their revenue at that time, but as inflation neared an annual average of 4% over 2023, the governments’ top-up of less than 3% has been insufficient. As a result, many daycares have faced a shortfall, and some say they have been saddled with unsustainable levels of debt. 

    A group of operators in Alberta, led by the Association of Alberta Childcare Entrepreneurs, held a series of rolling closures in early February to bring attention to the issue. The Alberta government has since promised changes to the funding model, including affordability grants and a streamlined payment process for daycare operators.  

    In Ontario, under the province’s current funding model, the YMCA, the largest licensed daycare provider in the province, says it’s running at a loss of $10,000 to $13,000 per year for each infant in its care. The YMCA has said it hoped to see a new funding formula in the fall of 2023, but that hasn’t materialized. A spokesperson for Ontario Education Minister Stephen Lecce has said the province is pushing for more federal money. 

    In other parts of the country, particularly in big cities where the cost of living is high, the story is much the same. An analysis by Cardus, a public policy group, said the rollout of child care expansion programs in British Columbia, Saskatchewan and New Brunswick have all been slow to start and have had underwhelming results. In its first year, New Brunswick only created 300 new child care spaces, which is barely a dent in its five-year target of 3,400 additional spots. While the funding to cover operating costs—which have been on the rise due to inflation—is a major piece of the puzzle in many areas, it’s just part of the problem. Staffing daycares is the other issue. 

    [ad_2]

    Karen Robock

    Source link

  • How to save money on a Disney Cruise – MoneySense

    How to save money on a Disney Cruise – MoneySense

    [ad_1]

    My family’s one-way cruise (also known as a repositioning cruise) will begin in Galveston, Texas, and end in San Juan, Puerto Rico. By booking through a Disney travel agent, we were able to take a six-night cruise for the same price as some of the four- and five-night cruisetours also available at the time of booking. 

    Take advantage of the onboard booking option

    The sooner you book, the better. Generally, a year in advance is a good guideline, as holiday cruises can sell out quickly. Not only will the prices be lower, but there are more options to choose from when you book your stateroom (cabin). That gives you a better shot at getting an interior stateroom, which is generally more affordable than booking a room with an ocean view.  

    If you’re good at planning ahead, you may want to take advantage of onboard booking options and reserve a spot on a future cruise. You can save up to 10% on your next sailing by paying a USD$250 deposit, suggests Goldberg. You have two years from the time of booking to redeem, and if you ultimately don’t end up booking, your deposit is automatically refunded, she says. 

    The best time of the year to go on a Disney cruise

    Disney’s Christmas and Halloween cruises are typically the most expensive of what’s offered. If you’re looking for the best value and willing to forego a holiday cruise, Goldberg says the end of summer, early fall, first weeks of January, and first week of February are generally cheaper. 

    If you’re sailing out of one of the Florida ports, booking for mid-August to mid-October comes with the risk of travelling during peak hurricane season. However, those sailings tend to be cheaper. If you decide to take that risk, consider getting travel insurance, in case Mother Nature isn’t on your side.

    Save on foreign exchange fees 

    Disney vacations are charged in U.S. dollars, making them costlier for Canadians, after factoring in the exchange rate. When using a Canadian credit card, you may also have to pay foreign transaction (forex) fees—which typically cost an extra 2.5% of the purchase price—unless you have a no foreign transaction fee credit card.

    If getting a new credit card isn’t an option for you, Goldberg suggests to purchase Disney gift cards to save on forex fees. Gift cards are available at major retail stores, such as Costco, Walmart, Loblaws, Shoppers Drug Mart (or Pharmaprix, if you live in Quebec). And you can use those GCs to book your trip and make purchases on the ship. By buying gift cards in Canadian dollars, you’ll still have to pay the U.S. exchange rate, but you’ll save on forex fees. 

    Choi agrees with this strategy. He says getting the gift cards from a grocery store also allows you to earn some loyalty points. The American Express Cobalt, for example, gives you five Amex Membership Rewards (MR) points per $1 spent at grocery stores. 

    [ad_2]

    Sandy Yong

    Source link

  • Benefits, fees, hidden perks: Choosing the right credit card for your lifestyle – MoneySense

    Benefits, fees, hidden perks: Choosing the right credit card for your lifestyle – MoneySense

    [ad_1]

    “They will do all the comparisons for you, across all the different providers, and you can organize a list based on: I prioritize Air Miles, I prioritize cash back, I prioritize low interest rates,” Marques said. 

    “They’ll compare all the providers with best in class in those categories, and show you their current rates, their current signup offers, et cetera.”

    As for younger consumers, Marques said low interest rates aren’t typically a priority, assuming you aren’t already managing a lot of credit card debt and you’re not transferring a balance.

    Instead, travel rewards and cash back from your favourite retailers are likely the biggest returns on your spending, she said. Options with no annual fees are also valuable for someone just starting out, although there will be fewer rewards.

    Can you negotiate with credit card issuers?

    When getting a new card, there isn’t much room for negotiation, Terrell said—what you see is what you get. If you want different or better perks, the provider will just point you to another card that offers them.

    Negotiations come into play if you already have debt, Marques said, or are transferring debt between cards to take advantage of the lowest rate. 

    Using signup offers—such as zero interest for the first 12 months—with a balance transfer means you can get a break from interest and pay down your balance faster, she said. Or if you want to keep your current card, you can simply call your provider and move your balance to a lower-interest option.

    “There is an opportunity to negotiate their interest rates or even negotiate on your annual fees,” Marques said. “I think a lot of consumers don’t realize that if you just call and ask … in a lot of cases, they will.”

    [ad_2]

    The Canadian Press

    Source link

  • Simplii and Diljit Dosanjh team up on eve of Dil-Luminati tour – MoneySense

    Simplii and Diljit Dosanjh team up on eve of Dil-Luminati tour – MoneySense

    [ad_1]

    Fresh off an appearance at Coachella, the Diljit Dosanjh Canada tour starts in Vancouver on April 27, 2024 at BC Place—a night that’s expected to be the largest Punjabi show ever produced outside of India. The singer will also be the first ever Punjabi artist to perform at the venue. 

    With 8.5 million monthly listeners on Spotify alone, and 24 million followers across all his social media platforms, Simplii felt Dosanjh would be the perfect candidate to be its first-ever brand ambassador.  

    “We both share the same passion for inspiring and supporting new Canadians and helping people live life to the fullest,” said Kam Dhadwar, managing director at CIBC Capital Markets, in a statement. “Nearly a third of Canadian newcomers originate from India and with Diljit’s help, we hope to help them see themselves in the Simplii brand.”

    What the Simplii Dosanjh partnership means for Simplii clients

    As of yet, this partnership doesn’t seem to offer any special perks for Simplii Financial customers looking to grab tickets to the Dosanjh show in Vancouver. “At the moment, our partnership includes social content, ads, contesting, and advice for our clients,” Dhadwar says in his statement, “but we’ll share more on how the partnership evolves over time.” 

    What to know about Simplii and its entertainment perks

    Simplii Financial is one of Canada’s biggest alt-banks, with over 2 million Canadian account holders. It operates as an online-only institution, although clients can go to ATMs at any CIBC location, thanks to an ongoing partnership. Pitching itself as a bank for newcomer Canadians and international students, Simplii allows account enrollment from over 90 countries, same-day no-transfer-fee transactions to more than 130 countries, and foreign currency savings accounts, including for Indian rupees. It also offers high-interest savings accounts, chequing accounts and other products.

    While Simplii is a fairly no-frills banking option, its Simplii Cash Back Visa Card offers a decent 4% reward rate for select restaurants, bars, and coffee shops, although it has an annual cap of $5,000. It also grants 1.5% back on $15,000 worth of eligible gas and pre-authorized payments, and a no-cap, 0.5% back on everything else. This might not do much for a Dosanjh fan looking for exclusive access before the show, but it could help concertgoers save a bit of money on their big night out. MoneySense lists it as one of the best credit cards for newcomers to Canada.

    Are entertainment rewards worth it?

    Plenty of credit cards and financial institutions and banks in Canada offer entertainment rewards. These range from early access to select shows to cash back rewards on ticket purchases, flights, or other entertainment options like restaurants and bars. For someone spending as much as $2,361 on front-row tickets at Dosanjh’s Vancouver show, according to Ticketmaster, entertainment rewards can go a long way. But not all cards are created equal. 

    The Simplii Cash Back Visa Card doesn’t offer entertainment rewards for show tickets, although Simplii’s cardholder agreement says it may give special offers from time to time. These could, presumably, include access to tickets to special events. For example, RBC helped Avion Rewards members snag tickets for Taylor Swift’s Eras Tour.

    [ad_2]

    Brennan Doherty

    Source link

  • Saving on purchases and for emergency funds, Canada’s extreme couponer shares her secrets – MoneySense

    Saving on purchases and for emergency funds, Canada’s extreme couponer shares her secrets – MoneySense

    [ad_1]

    Now, being more budget-conscious, I love using my PC Mastercard. It allows me to earn PC Optimum points on my everyday purchases, everywhere I spend. And the best part is, not only can I redeem those points for free groceries and other essentials, sometimes I like to treat myself and redeem on items that I’ve been vying for, like a cute outfit from Joe Fresh or the season’s hottest perfume scent.

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

    There’s no way to “get rich quick.” It takes time and planning to grow your money and make it work for you.

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

    It’s not necessarily advice, but just the peer pressure to measure up to others. This can cause individuals to make financial decisions that don’t work for them or their lifestyle.

    If you’ve ever experienced this, my piece of advice is whenever you are feeling FOMO (fear of missing out), take a step back and get a better understanding of your personal goals versus what the people around you are doing. 

    Would you rather receive a large sum of money all at once or a smaller amount of money regularly for life?

    Receive a large sum of money all at once. This way I can build a plan around the dollars I receive and make them work for me.

    What do you think is the most underrated financial advice, tip or strategy?

    Couponing. And I’m not only talking about the paper coupons you clip from newspapers. Couponing and budgeting has evolved a lot since, you can find an app for everything! Like the PC Financial app that shows you customized offers based on your spending habits.  

    My strategy is finding programs that fit your spending habits. From loyalty points programs, price matching or cash back apps, I recommend shifting to a strategy that works with your everyday purchases.

    For me, that’s the PC Mastercard and PC Optimum program. I’ve been using this program for years and it’s helped me save hundreds of dollars and save every month. By earning PC Optimum points everywhere I shop using my PC Mastercard, I’m able to fast forward to free and redeem on essentials like groceries, or reward myself with items I want, like face masks and makeup from Shoppers Drug Mart.

    [ad_2]

    MoneySense Editors

    Source link

  • Couples and credit scores: How your partner’s credit can affect yours – MoneySense

    Couples and credit scores: How your partner’s credit can affect yours – MoneySense

    [ad_1]

    Should I get a joint credit card with my partner?

    While your partner’s credit score won’t directly impact your credit score, joint accounts or adding the other as a co-applicant will. The one exception is adding your partner as an authorized user to your credit cards and banking accounts. 

    When added as an authorized user, your partner is able to use the credit card but cannot make any changes to the account. Their credit will also not be impacted in any way. However, when a partner is added as a co-applicant, they have to go through the required credit checks and both partners’ credit is impacted based on usage of the account.

    Joint accounts can be beneficial when both partners are on the same page with money. For example, a joint account can give you access to a larger borrowing limit. It also can simplify your finances and foster feelings of partnership. However, depending on your partner’s money habits, sharing a joint credit card could be a real risk to your money and your credit score.

    If either of you miss a payment on a joint account or run up a large balance, each of your credit scores can take a hit. On the other hand, if you and your partner always make your payments on time, both of you will see improvement in your credit scores as the joint account will show up on both of your credit reports. 

    Getting extra credit through a joint credit card might seem like a good idea, be sure to assess each of your financial situations before doing so as gaining new credit can influence financial behaviours. Be critical about how having more or less credit affects your ability to live within your means and pay off your debt in full each month. If you or your partner have any debt, the focus should be on paying it down. Only consider a new, joint credit card if you have paid off your individual debts first.

    How to maintain healthy credit history (and prevent debt) as a couple

    Before combining finances in any way, such as joint credit cards or loans, it is imperative that you and your partner are in agreement and have the same expectations. To maintain healthy credit and prevent debt, consider the following five things: 

    1. Make sure your partner is someone you can trust to properly budget by having open and transparent conversations about money. 
    2. Set boundaries on how the joint account or loan will be used, as well as spending limits. Some couples ensure they both agree on a purchase beforehand, whereas others may check in at the end of the month to ensure all spends are accounted for—it’s good for catching credit card fraud, too, since you never assume it was the other person.
    3. Agree on who will make payments to ensure they’re made on time.
    4. Decide the amount you each will contribute to shared expenses. Will it be 50/50 or a percentage based on your incomes?
    5. Discuss what happens if one of you can’t make a payment due to income loss or illness. What’s your backup plan?

    Money isn’t worth fighting about—but it’s worth talking about

    Discussions about finances aren’t always easy. They might cause stress, tension and arguments with your partner. But, the more you practice communicating with honesty and intention, it does become easier. 

    None of this is to say your partner having a sub-par credit score should be a deal breaker. In fact, it’s fairly simple to start rebuilding credit. As professionally certified credit counsellors with Credit Canada, we often help couples understand their credit and address debt. If you need additional support, contact us today to book a free credit-building counselling session.

    [ad_2]

    Sandy Daykin

    Source link

  • What does opening or cancelling a credit card do to my credit score? – MoneySense

    What does opening or cancelling a credit card do to my credit score? – MoneySense

    [ad_1]

    To close a credit card, the balance is $0. If there’s a substantial balance on the remaining cards, it’s going to increase the credit utilization ratio. And, if the increase is high enough, it will hurt your credit score. This is because the closed card’s unused credit limit no longer provides balance in the relationship between your other credit balances and credit limits. What you owe elsewhere can have a bigger impact than if you had a zero-balance credit card.

    Another thing: Closing an account means the creditor will stop reporting on your behalf your credit history on that card. If the card showed positive credit history, such as responsible usage and making payments on time, that history will gradually fade away and no longer bolster your credit score. 

    The reverse can’t be said. If the card showed negative credit history, closing the account will not erase the negative impact on your score. 

    Generally speaking, cancelling a credit card won’t improve your credit score, and you shouldn’t close a credit card unless you have a good reason, such as not trusting yourself to use the credit responsibly.

    Buyer beware: Welcome offers

    Many credit cards come with a generous sign-up bonus that helps you earn cash back, points, miles or a reduced interest rate. Welcome offers can be a great way to save money, especially if you already had planned on spending the minimum threshold to earn them. However, proceed with caution. 

    Read the fine print. Despite the enticing welcome offer of a credit card, your credit score may drop when you apply for a new card as a hard inquiry will be performed during the application process. Although your credit score will only drop a couple of points and will likely recover after a few months if you make your payments on time, it’s still a hit to your credit.

    Remember that welcome offers are one-time deals. While some credit card sign-up bonuses may save you money up front, the reality is that any rewards you earn aren’t worth incurring additional bills if you’re already struggling with debt. You should only consider a new welcome offer if you have paid off your credit card debt in full. If you have any debt, focus on paying that down—not short-term wins like getting a lower and very temporary interest rate.

    Opening and closing credit cards can impact how you use credit, too. Open multiple new cards, and you may end up with more credit than you can feasibly handle or keep track of. In addition, the allure of welcome offers may distract you from your financial goals. There’s impact on your credit score, and it’s critical to think about how having more or less credit affects your ability to live within your means and pay off your debt in full each month.

    [ad_2]

    Doris Asiedu

    Source link