Between crowded airports and soaring fares, travelers have a huge exacerbation to deal with this summer.
Here’s a way to lighten the burden if your travel takes you outside of Canada: Get a travel award credit that doesn’t charge the usual 2.5 percent fee on foreign currency purchases.
With inflation at 7.7 percent, saving 2.5 percent in travel costs seems almost illogical. But this forex markup really adds up to the big trips as you’ll pay for hotels, restaurants, attractions and shopping with your credit card. Is this the kind of trip you’re planning for in the second half of 2022 and beyond?
Credit cards without forex trading margins used to be a big place in the travel rewards category. But in the past few years, quite a few new competitors have entered the market from banks and from smaller competitors. To help you sort out the options, I found some reviews and resources online:
There are a few no-fee card options out there, which means they’re ideal for people who already have a primary bonus card and are looking for a backup. If you have any ideas or tips about forex no-fee cards, I’d love to hear from you. As always, I can be reached at rcarrick@globeandmail.com or on Twitter at Tweet embed.
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Rob’s Personal Finance Reading List
“Are you moving away from your future?”
A look at the origins of the advice to stop wasting money on lattes so you can buy a home. It all started with the famous American personal finance expert David Bach. When eating a latte, listen to Ramit Sethi’s advice.
Discuss affordability of rent
Question asked on Reddit: Am I financially irresponsible to pay $1,300 per month rent on my $65,000 gross salary? The old rule is that rent must be a maximum of 30 percent of gross income, so this particular rent appears to be possible.
How to buy a mattress
A writer from New York takes you to the latest mattress technology, including the kind you order online. I’ve heard him argue that wasting a mattress is justified because you spend so much of your life sleeping. Also in this article there is a discussion about online reviews and how reliable they are.
Grocery store inflation
The CBC reports on how high prices are for certain groceries, from bread to protein. Now for a look at how dozens of women across the country have joined forces to create online and social media resources that help people combat inflation with coupons, daily deals and shopping tips.
ask rob
s: I came across TD Canadian Banking & Utilities GIC. I’m sure other banks have a similar product. My understanding is that the capital is secured and the value of the GIC is determined by the Banking and Utilities Index. What are the advantages and disadvantages of this product?
a: Advantages of GICs associated with the indicator: Nothing worth mentioning. Disadvantages: These are neatly covered here. Traditional GIC rates are up a lot this year. I suggest them.
Do you have a question for me? Send it my way. Sorry I can’t answer each one personally. Questions and answers are edited for length and clarity.
Today’s Financial Instrument
Debt consolidation calculator: How does it make sense to pay off multiple high-interest debts like a credit card balance with a loan at a lower rate.
Money Free Zone
I’ve been meaning to mention this 2021 album for a while – Black Acid Soul, by Lady Blackbird. Softer than acid. I really love the song Never Will It Happen Again, but this is an album to listen to from start to finish.
Watch this
Reiterating this from last week because the link was dropped: Salman Ahmed, chief investment officer at Steadyhand Investment Funds, explains why Elon Musk mischaracterized socially responsible investing — known as ESG, for ESG — as a scam.
What I was writing about
More Rob Carrick coverage and money
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