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BMO Bank of Montreal

BMO Bank of Montreal

November 15, 2011 09:00 ET

Financial Literacy Month-BMO's Tip of the Day: Students Should Pay Down Credit Cards and Use Discounts to Save Money

TORONTO, ONTARIO--(Marketwire - Nov. 15, 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: Students, pay off your credit card balances and take advantage of student discounts to save money.

A student who spends $200 a month in credit card purchases at retailers participating in the Student Price Card program, and pays off their balance in full each month, could earn rewards and discounts worth up to $381 per year.

"For students, every cent counts. That is why we want them to be aware of BMO's no-fee SPC MasterCard. It provides a free SPC membership, providing 10 to 15 per cent discounts at hundreds of fashion, food, entertainment, and travel retailers across Canada, and the option to receive AIR MILES reward miles or cash back loyalty rewards on their cards," says Jennifer Weisman, Head of Credit Card Marketing, BMO Bank of Montreal. "For many students, this can add up to hundreds of dollars worth of savings every year."

BMO Financial Literacy Month Tips

November 1: Pay more than the minimum payment on a credit card balance.

November 2: Choose a shorter amortization for your mortgage.

November 3: Contribute to a child's Registered Education Savings Plan (RESP) as early as possible.

November 4: Invest in a Tax-Free Savings Account (TFSA) to maximize your savings.

November 7: Switch to weekly mortgage payments to save interest and become debt-free faster.

November 8: Take advantage of credit card travel insurance to lower costs.

November 9: Start early and contribute often to your investment account, rather than waiting to invest.

November 10: Use a line of credit to consolidate high-interest debt and save on interest costs.

November 14: Canadians can give the gift of securities and benefit at tax time.

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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