Financial Literacy Month-BMO's Tip of the Day: Credit Card Travel Insurance Protects You and Saves You Money
November 18 2012 - 08:00AM
Marketwired
To mark Financial Literacy Month, BMO Bank of Montreal is releasing
a series of financial tips throughout November. As part of BMO's
commitment to 'Making Money Make Sense', the 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 cards that offer
affordable emergency medical and travel insurance to save hundreds
of dollars and have peace of mind when you travel
out-of-country.
If you're travelling outside the country, you need medical
travel insurance. Always check with your credit card company to
confirm what travel and medical insurance is included with your
credit card before you travel. If insurance is not included with
your credit card, you can often purchase it through your credit
card company at very competitive rates.
"Cards like BMO's World Elite MasterCard offer excellent
coverage that can save customers hundreds of dollars on the cost of
coverage and potentially thousands if a serious medical emergency
arises while you're travelling," said Nick Mastromarco, Vice
President, BMO Bank of Montreal.
BMO Rewards World Elite MasterCard ($150 annual fee), provides
21 day out-of-country travel medical coverage for up to $2 million
in eligible expenses. It also provides travel insurance that
includes trip cancellation, trip interruption and car rental
insurance, a Priority Pass membership, which includes access to
more than 600 VIP airport lounges worldwide (over $200 USD value),
BMO Rewards, and a 15,000 points welcome bonus, which is equivalent
to a $285 travel credit.
Check www.bmo.com/worldelite for more details. Some restrictions
may apply, so always check with your credit card issuer to review
the details of your coverage before travelling out of country.
"CFEE commends BMO's ongoing efforts to support Financial
Literacy in Canada and promote ways in which Canadians can increase
their competence and confidence when managing their personal
finances on a day-to-day basis," said Gary Rabbior, President,
Canadian Foundation for Economic Education (CFEE).
BMO Financial Literacy Month Tips
November 1: Maximizing TFSA investments annually over 20 years
can save nearly $30,000 in taxes.
November 2: Utilize rewards to squeeze the most value out of
every dollar you spend this holiday season.
November 3: Choose an investment advisor who is right for you
and will help you meet your financial goals.
November 4: Use your RRSP to help make the down payment on your
first home.
November 5: Space out payments to avoid cash-flow problems.
November 6: Take advantage of the benefits of preferred
shares.
November 7: Consider investing in a Registered Retirement
Savings Plan (RRSP) and taking advantage of tax incentives when
saving for retirement.
November 8: Take advantage of Canada's numerous online personal
finance resources.
November 9: Before you head off on your winter vacation, be sure
you and your family are properly covered in the event of a medical
emergency.
November 10: Understand what you can hold in your RRSP.
November 11: Stick to the one-third rule when planning the
purchase of a home.
November 12: Secure your retirement by opening a Registered
Retirement Savings Plan (RRSP) as early as possible and contribute
to it on a regular basis.
November 13: As couples prepare for their wedding day, they
should have "The Financial Talk" to help the transition from "my
money" to "our money."
November 14: Using a combination of a credit card, debit card
and cash will give you convenience, security and flexibility when
you travel or shop in the United States.
November 15: Give the gift of securities and benefit from tax
savings.
November 16: To stay on track to reach your financial goals,
keep a well-diversified investment portfolio.
November 17: Take advantage of spousal RRSPs.
For more on financial literacy, Canadians can visit the
Government of Canada's Financial Literacy Month website, as well as
BMO's Financial Literacy online resource.
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.
Contacts: Media contacts: Jessica Park, Toronto (416)
867-3996jessica1.park@bmo.com Valerie Doucet, Montreal (514)
877-8224valerie.doucet@bmo.com Laurie Grant, Vancouver (604)
665-7596laurie.grant@bmo.com Internet: www.bmo.com Twitter:
@BMOmedia
Bank of Montreal (TSX:BMO)
Historical Stock Chart
From Feb 2024 to Mar 2024
Bank of Montreal (TSX:BMO)
Historical Stock Chart
From Mar 2023 to Mar 2024