We compare RBC and TD credit cards head-to-head in the second round of our credit card face off series. For consumers, choices abound, whether you’re on the hunt for low interest or rewards credit card options.
A recent poll has shown that 50 per cent of all Canadians would choose a fixed rate mortgage if they had to decide today, up from 39 per cent in 2011; whereas only 32 per cent would choose a variable rate mortgage, no change from last year. The other 18 per cent aren’t sure which product would be right for them which is much less than the 30 per cent from last year. Likely the shift in preferences is due to the fact that the majority (86 per cent) of Canadians believe that mortgage rates will either stay the same or increase within the next year.
Well, they’ve done it again! BMO shattered the competition for a second time this year by dropping their 5 year fixed rate to 2.99 per cent (available until March 28th). How did CIBC, RBC, TD and Scotia respond? With the same “If you can’t beat ‘em, join ‘em” theory they had back in January 2012. Behind the 2.99 per cent rate from BMO there are (what some would pin as) limitations, when compared to their standard product line. Here are the parameters.
They’re back! After speculation that rates would never return to the 2.99 per cent mark, BMO sent a shock wave through the mortgage industry earlier this week by offering the rate over a 5 year term.
TD and RBC were supposed to have their promotional rates available on the 2.99 per cent four year fixed mortgage until the end of this month (February 29th to be exact). But low and behold, just two short weeks after BMO’s campaign ran its course TD and RBC took their promo rate off the table as well. Those rates are history now; in fact they did make history as being the lowest 4 year fixed rate on RateSupermarket.ca. If you are interested in a 4 year term from one of the Big 6, you are now looking at 3.39% (or more) which is 40 bps higher than the short lived promotional rate.
Don’t fancy yourself as a day trader, but would still like to dabble in the stock market a bit? There are a number of online brokerages that let you do just that, at a fraction of the fees and commissions a flesh-and-blood broker would charge.
Any financial planner – or credit counselor – will tell you that the first step to creating a budget that you’ll stick to is tracking your ongoing expenses for two or three months.