Financial Literacy Month-BMO's Tip of the Day: This Holiday Season, Take Advantage of Credit Card Features to Save Money on the Cost of Warranties and Purchase Protection
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 11/30/11 -- Today marks the final day of Financial Literacy Month, which was launched by Finance Minister Jim Flaherty. As part of Making Money Make Sense and BMO SmartSteps, BMO has provided a tip every business day in November. Each tip is designed to help individuals and families save and manage their day-to-day finances more effectively.
BMO's Tip of the Day: By using a credit card that provides automatic extended warranty and purchase protection this holiday season, you can save hundreds of dollars on the cost of manufacturers' extended warranties and protect yourself against theft or damage of your purchases.
For example, any item purchased using a BMO credit card is automatically insured against theft or damage for 90 days from the date of purchase and has a warranty for double the original manufacturer's warranty period, up to a maximum of one additional year.
"Credit cards remain the most popular payment option for shoppers this holiday season. In BMO's 2011 Holiday Spending Outlook, 64 per cent of respondents said they will make purchases using their credit cards," said Jennifer Weisman, Head of Credit Card Marketing, BMO Bank of Montreal. "As long as card holders pay off their balance in full every month, there are many benefits to using a credit card to shop, including earning rewards on all your holiday spending."
BMO Financial Literacy Month Tips
: Pay more than the minimum payment on a credit card balance.
: Choose a shorter amortization for your mortgage.
: Contribute to a child's Registered Education Savings Plan (RESP) as early as possible.
: Invest in a Tax-Free Savings Account (TFSA) to maximize your savings.
: Switch to weekly mortgage payments to save interest and become debt-free faster.
: Take advantage of credit card travel insurance to lower costs.
: Start early and contribute often to your investment account, rather than waiting to invest.
: Use a line of credit to consolidate high-interest debt and save on interest costs.
: Canadians can give the gift of securities and benefit at tax time.
: Students, pay off your credit card balances and take advantage of student discounts to save money.
: Pay an extra five per cent on your mortgage every year to reduce interest costs.
: Secure your retirement by starting to save early and taking advantage of compounding growth.
Students can save money by ensuring they are in a no-fee student banking plan.
: The Registered Disability Savings Plan (RDSP) is a powerful investment option that can offer long-term financial security for persons living with a disability.
: Maximize your Old Age Security (OAS) benefits by adopting the right tax strategies.
: Stress-test your mortgage to ensure your housing costs are affordable.
: Take advantage of Canada's numerous online personal finance resources.
: Consider taking out a loan to maximize your contribution to your Registered Retirement Savings Plan (RRSP) and take advantage of the tax benefits.
: Consolidate your purchases under a single rewards program.
: Have an emergency fund that is equal to three-to-six months of your income set aside for a 'rainy day'.
Contacts:
Media Contacts:
Ralph Marranca, Toronto
(416) 867-3996
Sarah Bensadoun, Montreal
(514) 877-8224
Laurie Grant, Vancouver
(604) 665-7596
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Datum: 30.11.2011 - 15:05 Uhr
Sprache: Deutsch
News-ID 92569
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TORONTO, ONTARIO
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Commercial & Investment Banking
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"Financial Literacy Month-BMO's Tip of the Day: This Holiday Season, Take Advantage of Credit Card Features to Save Money on the Cost of Warranties and Purchase Protection"
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