RBC Offers RBC MyProject MasterCard to Pay For Projects - But Is It Worth It?

RBC Launches MyProject MasterCard

First Published Date: August 12, 2012

To start a brand new life after the wedding with heavy debt, and to put more Canadians into debts with their everyday projects such as renovations, vacations, or anything else you can possibly think of, RBC came up with an innovative idea to offer a credit card and a loan built into one called RBC MyProject MasterCard. However, the question is, is this credit card + loan worth trying for?

RBC MyProject MasterCard – How Does It Work?

For the first six months, RBC MyProject MasterCard works just like a regular credit card. You make purchases and accrue no interest during your first six months purchase period. After six months, RBC MyProject MasterCard balance will convert into a loan and monthly payments will start. The loan can be either a variable rate loan or a fixed-rate loan with an amortization period of up to 15 years. If you want, the loan can be paid off in full at anytime you want.

Is RBC MyProject MasterCard Worth It?

RBC MyProject MasterCard offers an unbeatable deal if you finance any projects for free for six months. Instead of spending cash, use RBC MyProject MasterCard and pay off the loan by the end of the six month purchase period without paying any interest. If your project is something that must be done even with paying interest, then use an RBC MyProject MasterCard instead of charging your regular credit cards and paying 20% interest. However, I would recommend you call RBC first to check what their variable and fixed interest rates are, and then check with other banks if they can offer a line of credit accounts below RBC’s interest rates.

Do You Really Need A Visa Debit Card?

What Is A Visa Debit Card?

Published Date: September 23, 2012 ADawnJournal.com

Recently, I have noticed a steady stream of Visa debit ads as Canadian banks are trying hook up more clients with their comparatively new product, the Visa debit card. Today, I will discuss a few things about the Visa debit card.

The first thing you need to know is that although the name has Visa attached to it, the Visa debit card is not a credit card. Think of it as a bank card, but with international usability. A regular bank card issued by any bank becomes a worthless piece of plastic when you board a foreign-bound plane. However, a Visa debit card becomes your friend when you are in a foreign country.

You can make purchases around the globe with a Visa debit card – just like using a Visa credit card. However, the money comes out of your bank account instead of your credit card account. Visa debit card transactions are made through Visa’s network and protected by same security features and zero liability Visa offers like a Visa credit card.

Now the question may arise – why do you need a Visa debit card when you can use a credit card? Actually you don’t. If you have no problem paying your credit card bills on time in full, you may not need a Visa debit card. However, a Visa debit card is a good option for those who don’t want to deal with credit cards or do not have credit cards. Because money is coming out of your bank account directly, there is no question of ending up with credit card balances. You only buy what you can afford.

Although my bank mentioned that they will be sending me a new Visa debit card to replace my regular bank card, I will continue using a regular reward credit card when I travel outside Canada. And to carry a minimum numbers of cards, I will leave my Visa debit card at home.

TD First Class Visa Infinite Offers $200 Worth Travel Reward Points

TD First Class Visa Infinite $200 Promotion Offer Expires On Sep 14

Published Date: September 9, 2012

Annual fee based credit card TD First Class Visa Infinite currently is offering extra points if you sign up by September 14, 2012. These 40,000 TD Points translate into $200 worth in dollar value. Some of the advantages of TD Points are that they never expire, there are no blackout or seat restrictions, and can be redeemed not only for travel expenditures but also for merchandise or towards grocery or gift cards.

TD First Class Visa Infinite card offers most of the benefits like other high-end cards such as Aspire Travel World MasterCard. Some of the features TD First Class Visa Infinite offers are:

– Trip interruption and cancellation coverage

– Delayed and lost baggage coverage

– Travel medical insurance

– Purchase protection and extended warranty

– Preferred rates for Avis and Budget car rentals

– Various VISA Infinite benefits (complimentary concierge services is my favourite one) 

However, one of the major benefits TD First Class Visa Infinite does not offer is the Flight Delay coverage. But if you are already a TD bank client and want to deal with TD for everything without minding Travel Delay insurance, TD First Class Visa Infinite is worth considering. Visit TD Bank for more info

5 Moves That Affect Your Credit Score

What Lowers Your Credit Score?

First Published Date: October 27, 2011 ADawnJournal.com

Credit scores are very important if you are applying for a mortgage, a loan, credit card, and so on. A lower credit score will make your interest and payments higher, thus costing you more money. There are certain things you can do to avoid factors that lower your credit score. Let’s discuss them.

Making Late Payments or Missing Payments – This factor affects your credit score the most because 35 percent of your score is based on payment history. Paying on time can make the difference between an average and an excellent credit score.

Borrowing Too Much – This is the second biggest factor that lowers your credit score. Your outstanding debt counts for 30 percent of your credit score. If you have a high ratio of credit used in relation to your available limits (credit utilization ratio), it will lower your credit score. Don’t borrow up to your limits. Keep it 25 percent or less of your available limits.

Closing Too Old Credit Card Accounts – The length of your credit history counts for 15 percent of your credit score. To keep your credit score higher, do not close accounts that are too old. It is a good idea to keep a variety of credit card accounts active, especially those which are old.

Applying Frequently – If you apply too often for credit cards or other loan accounts, it will lower your credit score. Applying too many times for credit implies that you are desperate for credit and it affects your credit score. This accounts for 10 percent of your credit score.

Not Keeping A Variety of Credit Accounts – Your credit score will be higher if you have a variety of credit accounts. Having only one type of credit account will lower your score, as keeping a variety of credit accounts for 10 percent of your credit score. Keep multiple types of credit accounts active, even if you don’t use them. For example, an investment loan account, mortgage, store credit card account, regular credit card account, and so on. Sometimes a credit issuer will close your accounts if you don’t use it for a while. To keep them active, keep a very small balance and pay the minimum every month. Or, you can charge a very small amount once in a while and pay off the balance

How to Fix Errors on Your U.S. Credit Report

Errors on your Credit Report

First Published Date : June 4, 2011

It is estimated that about 75 per cent of all credit reports have errors on them. It happens and when it does, it is a big annoyance for many people. Often, errors can be something that you never had or bought, or it could be an account you paid off but which is not shown as paid off.

Thankfully, when there is an error on your credit report, you can fix it easily and all you need to do is follow these steps.

First of all, get your credit report. Without your credit report, how will you know whether or not you have an error on your credit report? If you live in the United States, then you are entitled to one free credit report a year. You can get a free credit report, every 12 months, from Equifax, Experian and TransUnion. You can also get your free credit report from www.annualcreditreport.com or by calling 1.877.322.8228.

If you find an error on the credit report, do the following:

1.    In writing, send a letter to the credit report agency detailing what information you believe is incorrect. When you do this, send copies of any documents that will support the position that you have paid off a bill, or that you never had that credit account in the first place. Explain why you dispute the error and that you want the error removed or corrected on your credit report. Make sure you send your letter through certified mail with “return receipt requested”. By law, the credit report agency must investigate the error within 30 days and then send you all date related to the error to the organization that provided the information or error to your credit report. Then, they have to report the information to you and tell you in writing whether or not the dispute has been approved or rejected.

2.    When you send the letter to the credit agency, send copies of the same documents and the same letter to the creditor that you believe is responsible for the error on your credit report.

If your error dispute is rejected, then you need to find more information to back up your claim, otherwise there is little you can do but pay whatever you are believed to owe by the creditor. Your other option is to contact the Federal Trade Commission at 1.877.382.4357 to state your dispute and that you want your credit report cleared. A last resort is legal action because often the legal action will cost you more than it will to just pay off the debt.

Credit errors are terrible things but often they can be removed very easily as long as you have the documentation proving that the item on your credit report is in fact an error. This is why it is so important to hold onto your receipts and any items relating to your credit so when an error does happen, you can clear it up very easily.