How can I avoid annual fees on a credit card?

Choose a no-fee card, such as the CIBC DividendsMD Visa Card*, or compare the value of the rewards earned against the annual cost charged.

How can I avoid interest on a credit card?

Pay your full balance before the due date to avoid interest on your eligible purchases.

Which card should I choose to avoid conversion fees?

A card with no conversion fees, such as the Scotiabank PassportMD Visa Infinite +* Card, can be advantageous for travelers and people who make purchases in foreign currencies.

Do balance transfers always save money?

Not always. Calculate the transfer fees and compare them to the expected interest savings.

How can I avoid cash advance fees?

Avoid cash advances when possible, as they often result in immediate fees and interest from day one.

How much are late fees or returned payment fees?

Canadian issuers generally charge between $25 and $40 for a late payment or a returned payment due to insufficient funds. A missed payment can also drop your credit score by several dozen points and stay on your file for several years. Setting up an automatic payment for the minimum balance remains the best protection.

What are the fees and interest rate for a cash advance?

A cash advance comes with a transaction fee (often 3% to 5% of the amount, or a flat fee of around $5 to $10, whichever is higher), plus a higher interest rate, generally between 23% and 28%, which applies from day one with no grace period. That’s why a cash advance almost always costs more than a regular purchase.

Can you go over your credit limit without fees?

Only if you’ve enabled this option with your issuer. Without this authorization, a transaction that exceeds your limit is simply declined. With the authorization enabled, over-limit fees may apply, generally once or twice per billing cycle, depending on the rules set by the issuer.