Financial Literacy Month-BMO's Tip of the Day: Take Advantage of Credit Card Travel Insurance to Lower Costs
TORONTO, ONTARIO--(Marketwire - Nov. 8, 2011) - To mark Financial Literacy Month, which was launched by Finance Minister Jim Flaherty, BMO Bank of Montreal is releasing a series of financial tips throughout November. As part of Making Money Make Sense and BMO SmartSteps, BMO's tips are designed to help individuals and families save and manage their day to day finances more effectively.
BMO's tip of the day: Take advantage of credit card travel insurance features to save hundreds of dollars on travel to some of the most popular holiday destinations.
Average cost of purchasing travel insurance, including medical travel insurance, rental car collision waiver, trip cancellation insurance, and trip interruption insurance from a third-party insurer for a two-week holiday for two adults travelling from Toronto to Miami, Florida. |
$ |
622 |
|
Annual fee for a BMO World Elite MasterCard. |
$ |
(150 |
) |
Cost for World Elite card holder of purchasing travel insurance, including medical travel insurance, rental car collision waiver, trip cancellation insurance, and trip interruption insurance from a third party insurer for a two-week holiday for two adults. |
$ |
0 |
|
Savings for BMO World Elite MasterCard cardholder |
$ |
472 |
|
"A BMO survey shows 61 per cent of Canadians plan to travel this fall or winter. Travellers should make sure to lower their travel costs by using travel insurance options available on their credit card," says Rebecca Tascona, Director, Credit Card Products, BMO Bank of Montreal. "Some age restrictions may apply, and if your card doesn't already include travel insurance benefits, check to see if your credit card issuer provides an option to add them."
BMO Financial Literacy Month Tips
November 1: Pay more than the minimum payment on a credit card balance.
November 2: Become mortgage-free faster by choosing a shorter amortization.
November 3: Get a head start by contributing to a child's Registered Education Savings Plan (RESP) early on.
November 4: Invest in a Tax-Free Savings Account (TFSA) to grow your savings faster by reducing the taxes you pay.
November 7: Switch from monthly to weekly mortgage payments to become mortgage-free faster and save on interest costs.
For more on financial literacy, BMO encourages Canadians to visit http://www.financialliteracymonth.ca/en and http://www.bmo.com/home/about/banking/corporate-responsibility/customers/financial-literacy.