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BMO Bank of Montreal

BMO Bank of Montreal

November 01, 2011 13:16 ET

BMO Celebrates Financial Literacy Month-Making Money Make Sense Every Day

TORONTO, ONTARIO--(Marketwire - Nov. 1, 2011) - BMO Bank of Montreal is releasing a series of financial tips throughout November to celebrate Financial Literacy Month in Canada. As part of Making Money Make Sense and BMO SmartSteps, BMO's tips are designed to help individuals and families save money and manage their day-to-day finances more effectively.

BMO strongly supports the recommendations of the federal government's Task Force on Financial Literacy. As Jacques L. Ménard, Chairman of BMO Nesbitt Burns and Task Force Vice-Chair noted: "Achieving real progress will require concerted and cooperative efforts among all stakeholders: from individual Canadians to governments at all levels, from a small non-profit helping new Canadians flourish to financial services providers and businesses throughout the economy."

BMO's tip of the day:

The average Canadian credit card balance is $3,600. At an annual interest rate of 19.5 per cent, your net interest costs would exceed $700 over the course of the year. In some cases, making only the minimum payment can mean it takes up to 50 years to pay off the balance.

  • Whenever possible, pay off the entire balance each and every month.
  • If you must maintain a balance, consider a credit card with a low interest rate option. BMO currently offers several credit cards with a low interest rate option, such as 12.9 per cent for a $35 annual fee, with a choice of included rewards. BMO also offers a Preferred Rate MasterCard at 11.9 per cent with $20 annual fee.

For more on financial literacy, BMO encourages Canadians to visit http://www.financialliteracymonth.ca/ and http://www.bmo.com/home/about/banking/corporate-responsibility/customers/financial-literacy.

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