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Here is how to ask a personal finance question, get the answers, and receive a Hardbacon t-shirt in the mail.

1. Make sure that we didn’t already answer the question

For your question to be eligible, just make sure that we didn’t already answer it. To be sure, visit the relevant categories (listed below) to see if your question or a related one isn’t already there.

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Submit your question, your contact information, and the category of the question!

3. Wait for our confirmation email

It will take 24 to 48 for someone from our Editorial team to get your question, verify that we didn’t already answer the question, and answer it. Once that is done, you’ll get an email with the answer to your question along with a form to fill out so that you can get your free t-shirt in the mail!

Some questions we’ve already answered

How do I calculate interest on a credit card?

To calculate the amount of interest to be paid each month on your balance, you must convert your annual interest rate into a monthly rate. To do this, divide your annual rate by 12, since there are 12 months in a year. For example, if you have a credit card balance of $1,000 (and your annual interest rate is 19.99%), you would do the following calculation: 19.99% / 12 = 1.7 2. 1.7 / 100 = 0.017 3. $1,000 x 0.017 = $17 A credit card with a balance of $1,000 will cost you about $17 in interest per month. That said, the interest on a credit card is calculated each day based on your average daily balance. So if you carry a credit card balance, your monthly payments will be slightly more than $17, depending on how much you spend in the current month. To calculate your payments without breaking your brain, use our credit card payment calculator.

How do credit cards work?

Credit cards give you instant access to a loan. Every time you make a purchase with your credit card, you are borrowing money. Your credit card comes with a credit limit; the maximum amount of money you can access. When you use your credit card to make a purchase, it reduces the amount of credit you are entitled to. The balance you owe on your credit card earns interest and you are required to make a minimum payment each month to keep your account in good standing. Your credit card company sends you a monthly statement detailing the amount of credit used, the amount remaining, your transaction history and the minimum amount due.

How do I calculate interest on a credit card?

To calculate the amount of interest to be paid each month on your balance, you must convert your annual interest rate into a monthly rate. To do this, divide your annual rate by 12, since there are 12 months in a year. For example, if you have a credit card balance of $1,000 (and your annual interest rate is 19.99%), you would do the following calculation: 19.99% / 12 = 1.7 2. 1.7 / 100 = 0.017 3. $1,000 x 0.017 = $17 A credit card with a balance of $1,000 will cost you about $17 in interest per month. That said, the interest on a credit card is calculated each day based on your average daily balance. So if you carry a credit card balance, your monthly payments will be slightly more than $17, depending on how much you spend in the current month. To calculate your payments without breaking your brain, use our credit card payment calculator.

How to dispute an item on my credit report?

There are several reasons why you may need to file a dispute on your credit report. Some of the most common reasons include inaccuracies in personal identification details, closed accounts still being displayed as open, accounts being assigned to you because of identity theft, or errors in the number or quantum of debts outstanding. When this happens, you have two options. You can file the dispute online with the specific credit agency (Equifax or TransUnion) by going to their website, opening a new dispute, and submitting the required documentation. Alternatively, you can also mail in your dispute with supporting documentation. Additionally, TransUnion also allows you to submit a dispute via phone.  

How can I get my free credit report?

There are multiple ways to obtain your credit report for free in Canada. The most common way is to request a free credit report from the two main credit reporting agencies in Canada, Equifax and TransUnion. If you are a customer of RBC, Desjardins, BMO or CIBC, these banks have also partnered with these agencies to offer free reports to customers. Alternatively, you can also use the services of fintech providers such as Borrowell, Mogo and CreditKarma.  

What is the fastest way to build my credit?

There are several benefits to having a verified credit score like easier access to debt and favourable pricing on new debt. The fastest way to build credit is by getting a secured credit card. With a secured credit card, the lender will require the borrower to make an upfront cash deposit that is collateral for the debts incurred on the card. As you start making payments on time, you will be assigned a credit score that will progressively rise with regular payments.  Additionally, if you already have existing debt, paying off this debt in full or through regular payments can also enable you to start building your credit score quickly.

Ask us an original personal finance question and get a FREE Hardbacon t-shirt.

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