News for residents of the “11th province”: Canadians abroad.
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RBC Changes Up Card Math
RBC is raising the annual fee on its Cash Back Preferred World Elite Mastercard from $99 to $120 on October 1. The purchase interest rate will also rise from 20.99 percent to 21.99 percent, which is a reminder that you’d better not be carrying a balance.
Despite these headwinds, the card is getting a little sweeter in other places. Groceries, dining, gas, EV charging, transit, rideshare, streaming, and digital gaming will now get 3 percent cash back with no annual earning limit. If you don’t want to pay a fee, the plain RBC Cash Back Mastercard will retain its $0 annual fee, but its purchase rate will also go up to 21.99 percent. Grocery rewards stay at 2 percent, also with no cap.
If you’re still holding a Canadian card and would rather not wait until December for a tiny cash-back ceremony, starting December 2, both cards will move from once-a-year phone redemptions to online or app redemptions starting at $1.
Read more: MoneySense
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The Loonie Gets a Short Reprieve
The Canadian dollar flirted with 73 cents U.S. this week. The loonie hit 72.8 cents before slipping back to about 72.64 cents on Friday.
The move looked tempting to credit to Canada and the U.S. inching toward a trade deal, but currency watchers aren’t buying such a clean story. Karl Schamotta at Corpay said the U.S. dollar was doing most of the work after Treasury officials doubled buybacks of longer-dated bonds. David Rosenberg said the loonie had already started climbing because Canadian data is showing a likely rebound in the second quarter. Higher oil prices helped too.
If your life is split between Canadian dollars and another currency. CPP, OAS, rent, school fees, remittances, subscriptions, and plane tickets all shift when the exchange rate does. Of course a stronger loonie is nice (for most of us), but it seems that a durable one might be nicer.
Read more: Financial Post