BMO Financial Tip of the Week: Students-Pay off Your Credit Card Balance and Use Student Discounts to Save Money
TORONTO, ONTARIO--(Marketwire - Sept. 12, 2012) - As part of BMO Financial Group's ongoing commitment to financial literacy and 'Making Money Make Sense' for Canadians, BMO is releasing a financial tip every week in 2012.
BMO's Financial Tip of the Week: Students, pay off your credit card balances and take advantage of student discounts to save money.
In a recent BMO survey, cost-conscious students said discounts will drive their purchasing decisions this year, noting that online or in-store deals and Student Price Card (SPC Card) discounts were two strategies they'll use most to lower the day-to-day costs of going to school.
Rebecca Tascona, Director, Credit Card Product Management, BMO Bank of Montreal, notes that credit cards that integrate retailer discount programs and loyalty rewards, such as the BMO Student Price Card credit card, can help students maximize their savings because they provide immediate discounts at participating merchants and generate loyalty rewards on every purchase.
For example, BMO's no-fee student credit card includes a free SPC membership (a $9.00 value) which provides discounts of 10 to 15 per cent from hundreds of fashion, food, entertainment and lifestyle retailers across Canada. A student who uses a BMO SPC Credit Card to make purchases of $200 a month at participating retailers could earn rewards and discounts worth up to $381 per year.
However, Ms. Tascona cautions students not to let interest charges on credit card balances eat away at their hard-earned savings. "We always encourage students to pay off their credit card balances by the due date each month to avoid unnecessary interest charges."
To learn more about how BMO can help, during school and after graduation, stop by a BMO branch today or visit here for more details.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $542 billion as at July 31, 2012, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.
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