Credit card fees you didn’t know you were paying
Leaving even $1 unpaid can hike charges
Moi Rewards has launched in Ontario—here’s how it works
Sponsored By
Moi Rewards
All that interest
Forget to pay $1 on your bill last month? Don’t be surprised when you get dinged with a massive interest charge on your next statement. Why? The unpaid balance negates your interest-free grace period (typically 21-days) meaning you’re paying interest on every purchase as soon as you tap your card at the register.
Supplemental fees can add up
Getting a supplemental card will earn you faster rewards but be sure to watch the fees for those extra cards as they vary significantly. For instance, if you get an extra Scotia Momentum Visa or Scotiabank Gold American Express* card, they both drop out of the top five. And it swings both ways. if you add three extra cards to The NEW SimplyCash Card from American Express it jumps from No. 4 to No. 2 when you charge $2,000 a month.
What does the * mean?
Affiliate (monetized) links can sometimes result in a payment to MoneySense (owned by Ratehub Inc.), which helps our website stay free to our users. If a link has an asterisk (*) or is labelled as “Featured,” it is an affiliate link. If a link is labelled as “Sponsored,” it is a paid placement, which may or may not have an affiliate link. Our editorial content will never be influenced by these links. We are committed to looking at all available products in the market. Where a product ranks in our article, and whether or not it’s included in the first place, is never driven by compensation. For more details, read our MoneySense Monetization policy.
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