Stop Using Your Debit Card Canada!

Stop using your debit card CanadaCanadians love their debit cards and I, for the life of me, can’t exactly figure out why. I think it would be safe to say that most adult Canadians also have at least one rewards credit card in their wallets in addition to their debit card, but still many of them simply leave it in their pocket when it comes to making everyday purchases. I see this happen time and time again when I’m watching people in check out lines and when I’m out with acquaintances.

If you’re going to be purchasing something anyway and you can earn somewhere in the range of 1 to 10 percent of the value of the item you are purchasing in rewards, then why not utilize that as much as possible? Of course, the reward you will get depends heavily on how good your credit card is and how good you are at maximizing your rewards, but still something is better than nothing right?

Reasons To Use Your Credit Card For Everything

Not everything that you might need to purchase can be bought with a credit card, but most things can. In some cases, even things like tuition and insurance can be paid with a credit card and be eligible for rewards. Keep reading » about Stop Using Your Debit Card Canada!

Why You May Not Need An Emergency Fund

Why you may not need an emergency fundEmergency funds are almost always highly recommended by personal finance gurus and advocates of all types as one of the first financial priorities for any person no matter their financial situation. The rule of thumb is that you should have 6 months of your salary saved up as cash in an easy to access account to bail you out of any large unforeseen expenses, if you happen to lose your job, or if you become ill. Many even recommend building one before paying down potentially high interest debt.

Having an emergency fund is all well and good, but it is a terrible use of money because for it to qualify as an emergency fund the money usually has to sit in bank account somewhere earning negligible interest that is taxable. Putting that money to use paying down debt, like your mortgage, or investing it will get you much further ahead. Keep reading » about Why You May Not Need An Emergency Fund

No Fee Banking Is Totally Worth It

No fee banking is totally worth itNo fee banking has been around for quite a while now in Canada but I still see the majority of people around me using debit cards from one of the big five Canadian banks and I’m always asking myself “why?”. Most people must have at least heard that no fee banking exists by now but still people continue to pay monthly fees or keep large sums of money in their chequing accounts to have their monthly fee waived despite these freely available alternatives!

Maybe they just don’t think no fee banking is worth it?

Well, as a no fee banking customer that has been with President’s Choice Financial pretty much since they opened their doors back in the late 90s, I can confidently tell you that it is most certainly worth it. I mean seriously, what’s not to love?

I've since opened a Tangerine no-fee bank account because of their high interest rates and cash bonuses for being a new customer and I couldn't be happier with them either. Keep reading » about No Fee Banking Is Totally Worth It