These are the credit cards with the happiest customers

A tip for finding the right credit card: consider one with no annual fee.

I suggest it after reading the latest JD Power Credit Card Customer Satisfaction Study. Customer satisfaction with a no-fee credit card is much higher than that of customers with annual fees. On a 1000-point scale, the no-charge cards received a customer satisfaction score of 747, while the charge cards scored 707.

Just over a fifth of card customers polled by JD Power said they changed their primary card in the past 12 months to avoid annual fees, up from 16% in 2020. The pandemic may help explain this trend – some households are in financial difficulty. and need to reduce costs, and others do not travel and therefore cannot use the rewards generated by the paid cards.

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Still, I wonder if there is anything to be said for a card that generates rewards without costing you an annual fee which typically goes up to $ 120 to $ 150 per year. Find out what’s available in the free category on websites like CreditcardGenious, GreedyRates, Ratehub.ca, Rates.ca, Savvy New Canadians, and Young & Thrifty.

The credit cards with the most satisfied customers come from Tangerine Bank, with a score of 822 out of 1,000. Canadian Tire and PC Financial followed with scores of 800 and 796. The industry average was 766. Give your opinion on the best credit cards in Canada by voting on the RewardsCanada website.

The biggest problem with customer service comes as no surprise – it’s poor service from call centers. JD Power said more and more card customers have noted cases this year “of being transferred, put on hold, requested multiple times for the same information, or having difficulty understanding the rep.”


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Rob’s Personal Finance Reading List

Now is the perfect time to renovate

The surge in wood prices at the height of the pandemic is over. If you waited, you win.

The best cashback sites

The Savvy New Canadians blog examines ways to make money shopping at specific retailers. Here is a similar list from HowToSaveMoney.ca

Why it’s a good thing that stock trading is treated like a game

A refreshing and contrarian take from a finance professor on the gamification of stock transactions by Millennials and Gen Z during the stock rally of the past year and a half. He argues that turning investing into a game is part of a process that will make young people better investors over time.

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Strange times in the housing market

It’s all about a land rush in Peoria, Ill., A Rust Belt town that has seen better times. People all over the United States have bought homes without seeing them. The reason: These inexpensive homes are their best chance of owning, and sometimes flipping, a home.


Ask Rob

Question: What is the cost of a financial planner? I was quoted between $ 6,000 and $ 8,000 as a base charge. I think it sounds high.

A: It sounds high, unless you have complex family estate needs – tax and estate planning, for example. While researching this column on the cost of a financial plan, I found that planners’ fees often range between $ 1,500 and $ 4,000.

Do you have a question for me? Send me. Sorry, I cannot respond to each one personally. Questions and answers are edited for length and clarity.


Today’s financial tool

US personal finance website NerdWallet has launched a Canadian operation offering beginner-friendly information on banking, mortgages, credit cards and more.


The cashless zone

Rolling Stone has updated and refreshed their list of the top 500 songs. More than half of the songs did not appear on the old list.

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Tweet of the week

Chinese real estate developer Evergrande’s debt problems rocked the stock market at the start of the week. here is a useful thread to familiarize you with the company and its current difficulties.


The truth about mortgages

What happened to these higher rates? What are the lowest rates currently? Where will they go next? Introducing Lower Mortgage Loans, a new bi-weekly take on what’s happening in the Canadian mortgage market by mortgage strategist Robert McLister. You can read the first one here.


ICYMI

What i wrote about
  • Canada’s first ETF designed specifically for retirees has been around for a year now – here’s what we learned
  • What Would Your Family’s Finances Look Like If You Were As Flippant About Debt As Federal Political Parties?
  • The most exaggerated warning in personal finance has been that rising rates will crush borrowers

More Rob Carrick cover and money

Subscribe to Stress Test on Apple or Spotify podcasts. For more money stories, follow me on Instagram and Twitter, and join the discussion on my Facebook page. Millennial readers, join our Gen Y Money Facebook group.

Even more coverage from Rob Carrick:

Are you reading this newsletter on the web or has someone emailed you the version? If so, you can sign up for Carrick on Money here.


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