Financial Tips
March 5, 2017 Athlete Session
Presented by RBC Royal Bank
Rob Hotel, Community Manager Winnipeg East
Lyndsey Marshall, Assistant Branch Manager Regent & Rougeau
Click here to access a PDF of the presentation.
When looking at creating a budget, savings plan or applying for a loan, always keep your goals in mind and know you can meet with a Financial Advisor to help you through the process.
Lyndsey Marshall | lyndsey.marshall@rbc.com
Rob Hotel | rob.hotel@rbc.com
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- Overdraft protection
- Is like a small loan, designed to be temporary, with an extremely high interest rate
- This protects you should your spending put your account in the negative
- How you manage your money, and bank account, can affect your credit score
- Even before you get your first credit card or loan
- Online banking is safer than cards
- RBC accounts are insured – should your online account get hacked (someone accesses it without your password), you will be fully reimbursed
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- Use of a credit card is the easiest way to build credit, however it is also the easiest way to destroy credit
- Use your credit card at least once a month, paying it off on time, to build your credit
- Outstanding payments on credit cards hurt your credit score, regardless of the size
- ex $10 outstanding is just as bad as $1,000 outstanding
- Your initial credit card limit is typically set based on your life stage and income/employment
- You must be 18 + yrs to get a credit card
- TIP – use your credit card like you would your bank card
- Avoid spending more than you can pay off
- Similar to overdraft protection (see point under Did you know?) credit cards are designed for short term and have high interest rates
- All RBC credit cards have fraud protection and purchase security
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- Account Selector – Need help choosing an account that’s right for you?
- Choose a Credit Card – Unsure what the best card for you is?
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- Paperless statements – stay in your account for seven years
- Complimentary credit score check, via TransUnion
- If you get your credit score checked at a place of business, not only will it cost you money, it will decrease your score
- RBC Georgia – banking in the USA
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