BMO World Elite Switches from Priority Pass to LoungeKey Program

BMO World Elite Abandons Priority Pass Lounge Program

Starting August 8, 2018, BMO will replace their Priority Pass lounge access program with the LoungeKey program. Although both programs are owned by the same company, they work slightly differently.

In terms of lounge access, Priority Pass offers more lounges across the globe. Priority Pass has access to 1200 lounges at 500 airports. LoungeKey has access to 850 lounges at 400 airports.

For LoungeKey, you will not need to carry a separate membership card. The credit card that offers lounge access is enough to access a lounge. All do have to do is show your credit card. You do need to signup online to enroll prior to accessing lounges, of course.

The BMO World Elite MasterCard will still offer 4 free passes per year, so it’s not reducing the free passes it used to offer with Priority Pass.

One major difference between the Priority Pass and LoungeKey programs is that you can buy Priority Pass membership if your credit card does not provide one. However, LoungeKey does not have any membership plans to buy and is only accessible via credit card offers.

So is this change of lounge membership a devaluation? I wouldn’t say it’s a big devaluation, but it is a slight devaluation because you will have slightly less lounges to access.

Keep in mind that since the Scotia Passport Visa Infinite came out, BMO World Elite lost its luster because Scotia Passport provides more (6) lounge passes via the Priority Pass program, charges less annual fee ($150 vs $140), and also has zero foreign currency transaction fee. Read more on Scotia by clicking the link above.

Also, you can watch this article on YouTube Here:

BMO World Elite Leaves Priority Pass Lounge Program

What Is E-Commerce?

E-Commerce or Electronic Commerce

First Published: Nov 27, 2011 EntrepreneurJourney.com

E-commerce refers to commercial transaction or economic activity that took place on the Internet. E-commerce can be interchanged with the term e-business. It simply means the buying and selling of goods and services online, instead of doing business at a physical location.

Why E-Commerce

The main reason is that, unlike a physical store, e-commerce knows no boundaries of time and distance. An entrepreneur can run an online store from a remote island in the South Pacific and a buyer can purchase products or services from a world-class city like Toronto 24 hours a day - crossing the global boundaries and time restriction. 

E-commerce offers other advantages such as: 

- Easy to start up a new business
- Often requires a lot lower capital than a physical business
- The convenience it offers for buyers and sellers
- Ability to offer cheaper prices than physical business due to its lower operational cost

Is My Success Guaranteed If I Start E-Commerce? 

Like any business, e-commerce has its ups and downs, and it not guarantee that your business will not fail. Before starting an online business (or any kind of business), always do your research. Your success or failure will largely depend on what type of services and products you are offering and how efficiently you can serve your customers at reasonable prices. 

How Secure is E-Commerce

In the past, security was an issue while commencing e-commerce. However, technology has solved that problem by creating SSL (Secure Sockets Layer) encrypted secure transactions. Also, most credit card companies are guaranteeing that online shoppers will not be responsible in case of fraudulent charges. 

What Does The Future Hold for E-Commerce? 

E-commerce has revolutionized the 21st century and yet this is just the beginning. The rise of mobile e-commerce (e-commerce from smart phones) is still a newer concept and will increase at a steady pace in the next few years. However, due to market saturation and fierce competition, the key to survival will be to offer innovative products and exceptional customer service skills at rock-bottom prices.

You Are Rich If You Have $3650

Where Most Millionaires Live

First Published: ADawnJournal.com Published Date : December 19, 2014

According to Credit Suisse Global Wealth Report 2014, you are one of the half wealthiest people on earth if you have $3,650. The other unfortunate half own less than one percent of global wealth. If you would like to be the top 10 percent of wealthy people, that would require $77,000. This top 10 percent owns 87 percent of global wealth.

And almost half of the global wealth owned by the richest 1 percent. You will need $798,000 to belong to the top 1 percent of the richest people. Where are all the rich people? 41 percent of the world’s millionaires live in the USA. Other top countries where millionaires reside are Japan (8 %), France (7 %), Germany and UK (6 %), Italy (5 %), Australia (4 %), China and Canada (3 %). The highest density of millionaires can be found in Europe.

By 2019, global millionaire numbers are expected to increase by 53 percent, the global middle class is expected to increase 30 percent and upper-middle class only 22 percent.

China is expected to give birth the most millionaires by 2019 due to its skyrocketing population growth. Millionaires growth in the USA will not be as vigorous as China, however it will still retain its title of the country where most millionaires live by 2019.

Why Are Global Entrepreneurs Flocking to Canada?

Canada Is The World’s Best Country For Business

First Published: EntrepreneurJourney.com Oct 17, 2011

In the past, I wrote an article about Canada’s being the best country in the world. In a real world, being the best country does not usually mean the best country for business as well. However, one country on earth has defied that assumption and ranked number one as the world’s top country for business. Canada is that country and that’s why global entrepreneurs are flocking to Canada. After all, who wants to miss the rare opportunity of living and doing business in a country which is number one in all criteria of living and business? 

Prestigious Forbes magazine recently compiled their annual list of the best countries for business and Canada ranks as the world’s best country for business. Canada is up to number 1 after coming up from number 4 last year. Ford’s ranking is based on 11 criteria in 134 countries. Here are the top 10 countries for 2011: 

- Canada
- New Zealand
- Hong Kong
- Ireland
- Denmark
- Singapore
- Sweden
- Norway
- Britain
- Unites States

Here are some of factors that placed Canada as the world’s top country for business: 

- Canada’s overall tax burden went up to the 9th spot from 2010’s 23rd spot. 
- While Europe and the U.S. struggles with debt crisis and double-dip recession fears, Canada’s banks survived the financial crisis and its economy has held up well. 
-  Canada’s 1.6 Trillion dollar economy is the ninth biggest in the world. 
- Canadian economy grew 3.1 percent last year and is expected to grow 2.4 percent   
   in 2011. 
- Canada’s unemployment rate is 7.3 percent, while U.S. has above 9 percent and the
   Eurozone unemployment rate is 10 percent. 
- Canada’s reduced corporate rate is attractive and it keeps falling. 

According to Forbes, it is easy to start a business in Canada due to good investor protection and the lack of red tape, among many other factors. Entrepreneurs are taking note of Canada across the globe and it is no wonder global entrepreneurs are flocking to the best country to live and the best place for business in the world.   

Credit Card Debt Can Cause Depression

You May Be Getting More than High Interest Charges from Your Credit Cards

First Published Date : May 14, 2015 ADawnJournal.com

You may be getting more than what you are paying for with those balances from your credit cards. A recent study done by the University of Wisconsin-Madison found out that high levels of credit card debt and overdue bills are likely to cause depression.

Based on data collected from 8500 working-age adults, researchers found out that there are significant links between overdue bills, credit card debt and symptoms of depression. Also, depression seems to increase when short-term debt increases. Unmarried people, near-retirement people, and those who are less educated showed the strongest link between depression and debt.

However, mid- to long-term debt and depression had no direct link. The report suggests it is possible that as long-term debts are considered as investments in the future, or people get experienced handling these debts, they will not cause depression like short-term debt.

Another research project mirrored similar findings in 2013 by the University of Southampton and Kingston University in the U.K. A direct link was found between high debt and poor mental health. They found 3 times more mental health problems in people in high debt than those who weren’t in high debt.

What I can tell is that it’s simply common sense that debt can cause health problems. Anyone can realise, even without any researches, that people are still getting into more and more debt.

If you are in debt and have been ignoring your debt problem, it is time to take a closer look and get help. Admitting that you have problem is the first step to get rid of debt and stepping on the path to a better future, both financially and health-wise.