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A tip for finding the right credit card: consider one with no annual fees.
This is my suggestion after reading JD Power’s latest credit card customer satisfaction survey. The satisfaction of customers with a toll-free credit card is significantly higher than that of customers with an annual fee. On a 1,000-point scale, toll-free cards received a customer satisfaction rating of 747, while cards with a fee received 707 points.
Just over a fifth of the card customers surveyed by JD Power said they had switched their primary card in the past 12 months to avoid an annual fee, up from 16 percent in 2020. The pandemic could help explain this trend – some households have financial problems and need to save costs, others are not traveling and cannot take advantage of the rewards generated by fee-based cards.
Still, I wonder if it could say anything about a card that generates rewards without costing you annual fees of $ 120 to $ 150 per year. Check out what’s available in the toll-free category on websites and how Credit CardGenious, Greedy rates, Ratehub approx, Prices approx, Savvy New Canadians and Young & economical.
The credit cards with the most satisfied customers come from Tangerine Bank with a score of 822 out of 1,000. Canadian Tire and PC Financial followed with scores of 800 and 796, respectively. The industry average was 766. Say what Canada’s best credit cards are by checking out the Rewards Canada Website.
The biggest problem in customer service comes as no surprise – it’s poor service from call centers. JD Power said more card customers this year saw cases of “being transferred, put on hold, asked for the same information multiple times, or having difficulty understanding the representative”.
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Rob’s personal finance reading list
Now is an ideal time to renovate
the Increase in wood prices at the height of the pandemic is over. Who has waited wins.
Best cashback websites
The Savvy New Canadians blog looks at ways to get around earn money for shopping at certain retailers. Here is a similar list from HowToSaveMoney.ca
Why it is good that stock trading is treated like a game
A refreshingly contrary intake by a finance professor on the gamification of stock trading by Millennials and Gen Z during the stock market rally of the past year and a half. He argues that turning investments into a game is part of a process that turns young people into better investors over time.
Strange times in the housing market
All about a land frenzy in Peoria, Illinois, a rust belt town that has seen better days. People from all over the United States have it Bought houses, unseen. The Reason: These cheap houses are their best chance of owning a home and sometimes turning around.
Ask Rob
Q: What does a financial planner cost? The basic fee I was given was $ 6,000 to $ 8,000. I think that feels high.
A: Sounds big unless you have complex family wealth needs – such as tax and estate planning. When researching this column on the cost of a financial plan, I found that planners’ fees often ranged from $ 1,500 to $ 4,000.
Do you have a question for me? Send it my way. Unfortunately, I cannot answer everyone personally. Questions and answers are edited for length and clarity.
Today’s financial instrument
The US personal finance website NerdWallet has one Canadian operation provides beginner-friendly information on banking, mortgages, credit cards, and more to get you started.
The money-free zone
Rolling Stone has updated and freshened up its Top 500 best songs perform. More than half of the songs didn’t appear on the old list.
Tweet of the week
Chinese real estate developer Evergrande’s debt problems rocked the stock market earlier this week. Here is a helpful thread to keep you updated on the company and its current troubles.
The facts about mortgages
What happened to these higher rates? What are currently the lowest prices? Where will they go next? Introducing Mortgage Rounddown, a new biweekly recap of what’s going on in the Canadian mortgage market from mortgage strategist Robert McLister. You can read the first one here.
ICYMI
What I wrote about
- Canada’s first ETF specifically for retirees has been around for a year now: that’s what we’ve learned
- What would your family finances look like if you dealt with debts as easily as the federal parties?
- The most exaggerated warning in personal finance has been that rising interest rates will crush borrowers
More Rob Carrick and Funding
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