Top Credit Card FAQs

explaining your credit card FAQs

May 31, 2013

Swipe now, pay later – using a credit card is certainly simple enough. But this common method of payment can still be mysterious for some – especially when it comes to the finer points of credit management and debt payoff.

This week, we’ve tackled the top sources of credit card confusion. Whether you’re considering a consolidation loan, are trying to clean up your credit, or are simply unsure what to do when your card expires, read on for the answers.

Should You Consolidate Your Credit Card Debt

Is it ever a good idea to consolidate your debt? If persistent creditors are keeping you up at night, it may seem tempting to roll your debt problems into a lower-interest solution.

Debt consolidation can be an effective way to pay it off once and for all, and avoid a hit to your credit score – but be aware of the pros and cons before signing on for a loan.

Read Allan’s Blog | Should You Consolidate Credit Card Debt?

What To Do When Your Credit Card Expires

Why does your credit card come with an expiry date? It’s your bank’s way of replacing cards worn by daily use, and effortlessly updating consumers with the latest chip technology.

For credit card users, an impending expiry can be an inconvenience. From updating your vendors to protecting yourself from identity theft, read on for ways to smoothly swap your card.

Read Diane’s Blog | What To Do When Your Credit Card Expires

How Long Does Bad Credit Stay On Your Record?

Good news for former bad credit culprits – taking the steps to clear your bad credit score will help – but seeing the results of your reformed credit will take some time. Just how long does bad credit stick around on your score? It depends on the type of debt owed and your province.

Check out our bad credit cheat sheet to see when your score will be in the clear.

Read Melanie’s Blog | How Long Does Bad Credit Stay On Your Record?

And in this week’s finance news…

How Do Global Bond Markets Affect Canada?

Canada has been considered a ‘safe haven’ nation for investors as the world’s economy continues to be unstable. How do the bond markets of nations around the world impact our own economic growth?

Read Rubina’s Blog | How Do Global Bond Markets Affect Canada?

Should You Buy a Cottage?

Should you buy a cottage? Owning your own slice of getaway heaven may seem tempting as temperatures rise – but can you truly afford to own a vacation home?

Read Andrew’s Blog | Should You Buy a Cottage?

Should You Sell In May and Go Away?

Sell in May and go away – this bait and switch investment strategy may be popular, but is it more effective than a long term investing approach?

Read Sean’s Blog | Sell in May And Go Away?

Mobilicity Takeover: Cell Phone Provider Choice in Canada

Will there ever be cell phone provider choice in Canada? As Mobilicity faces sale to Telus or bankruptcy, it’s proving to be a hostile market for mobile competition.

Read Sean’s Blog | Cell Phone Choice in Canada

Canadian Housing Affordability Outside Danger Zone

RBC has released a report on Canadian housing affordability. What are buying conditions like in your province?

Read Andrew’s Blog | Canadian Housing Outside Danger Zone

You Answered!

This week's poll

WIN by answering our poll!

This week on Money Wise, we asked Canadians:

What is most confusing about credit card use?

44.1% of poll takers say maintaining a good credit score is the most challenging, and they aren’t sure if credit cards are a positive contribution or not.

32.4% say managing their credit card debt levels is hardest for them.

23.5% aren’t sure what steps to take in case of credit card expiry, loss or theft.

Get in on the winning action! Check out this week’s poll for your shot at a $25 Tim Horton’s gift card:

Do you have a financial advisor?

Is there a topic you’d like us to cover? Let us know! Shoot us a comment, or visit us on Facebook and Twitter.

Related Topics

Credit Cards / Credit Cards 101

Leave a Reply