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2013 Canadian Credit Card Survey Results

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The results of the 2013 GreedyRates.ca Credit Card Survey are in, and they reveal some surprising facts about Canadians and their credit card preferences. Going into the survey, when we asked what credit card features are most important to Canadians when they compare credit card offers, we expected rewards to be the clear winner. To our surprise, an overwhelming majority ... Read More »

TD Wins Aeroplan Sweepstakes. Ousts CIBC.

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The deadline has passed and CIBC has not matched TD’s offer to retain the Aeroplan partnership. As of January 1st TD will start to issue Aeroplan credit cards. According to CIBC, instead of matching the entire offer it is trying to negotiate the retention of its relationship accounts (credit card holders it has a core banking relationship with), in return ... Read More »

RBC Expects to Win Over New Cardholders If CIBC Loses Aeroplan to TD

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According to Bloomberg, Royal Bank of Canada (RY) expects to gain more credit-card customers if Canadian Imperial Bank of Commerce loses its card partnership with loyalty rewards operator Aimia Inc. (AIM) toToronto-Dominion (TD) Bank. We’ve been saying this for a while at GreedyRates.ca, if the Aeroplan program changes hands, Canadian consumers will have a field day picking through offers from RBC, TD, CIBC, BMO, Scotia ... Read More »

Canadian Tire Seeks Partner For Its Credit Card Business

Scotia Buys 20% stake in Canadian Tire Financial Services

Canadian Tire Corp (CTCa.TO: Quote), best known for its automotive and homeware stores, said it would seek a financial partner for its C$4.4 billion credit card portfolio to reduce funding risks. The company did not provide details but said the proposed partnership would help it in its efforts to integrate its financial services business with its retail operations. In all likelihood, ... Read More »

Compulsive Shoppers Are Materialistic. Max Credit Cards to Boost Mood

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Why do shopping addicts keep spending even in the face of harmful financial, emotional and social consequences? A new study suggests poor credit management and a belief that new purchases will create a happier life fuel compulsive buying. Approximately 10 percent of adults in Western countries are believed to have a compulsive spending disorder that leads them to lose control ... Read More »

How Much Are Canadian Merchants Really Charged by Visa & MC?

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With the Canadian Federal Competition Tribunal set to provide its ruling on whether merchants should be able to surcharge or not honor all Canadian credit cards, there seems to be quite a bit of misinformation regarding how much merchants are actually being charged for different types of credit cards. Here is our understanding of the latest interchange rates (%) being ... Read More »

RCMP Warns of New Credit Card Scam

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Thanks to the BC Consumer Protection Agency and the RCMP which just published the following Credit Card Scam Alert: An overview of the scam You get a call from someone who identifies him or herself as working in the security and fraud department at your credit card company. They’ve supposedly flagged your account due to unusual purchase activity and are ... Read More »

Q2 2013 GreedRates.ca Canadian Credit Card Landscape Report

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The GreedyRates.ca Canadian Credit Card Landscape Report is conducted quarterly, using  data compiled from over 100 credit cards of the leading Canadian card issuers’ websites. Key Findings:   Penalty interest rates are increasing for missed credit card payments:    When consumers default on a credit card payment, it can result in their promotional and/or regular interest rate increasing to a penalty ... Read More »

Clear off your Credit Debt With 0% Balance Transfer Cards

0% Balance Transfer Credit Cards

When looking for a low balance transfer credit card, you should always evaluate three features: the interest rate, the length of time of the promotion and the balance transfer fee. You don’t want to pay 3% in fees for the privilege of a 0% offer. At the same time, you don’t want a short promotional period that won’t give you the time ... Read More »