GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Travellers' Cheques


Synonyms:fixed amount cheques
Filed Under: financial-banking
Tags: banking
 

Definition of travellers' cheques

travellers' cheques
1. Travellers' cheques are accepted just like cash, but they offer more security to travellers because they can be replaced if lost or stolen. These cheques can be purchased through your bank. Some banks charge a fee for travellers' cheques while others include the fee in customer service packages.

Related Terms and Acronyms:

  • Air Miles   One of the most popular rewards issued by airline-affiliated co-branded cards. Air miles are earned with every use of the card, and then transferred monthly to the cardholder's account with that airline.
  • cash cards   Cash cards, similar to pre-paid phone cards, contain a set amount of value, which can be read by a special cash card reader. Participating retailers will use the reader to debit the card in increments until the value is gone. The cards are like cash -- they have no built-in security, so if lost or stolen, they can be used by anyone.
  • cheque (CK)   A written order for payment of a certain amount of money.
      ➥  Bank account transaction code.
  • travel insurance   Insurance that covers a number of events that can occur when an individual is travelling out of the province or country.

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Important Tip on Credit Card Debt
Credit card interest rates average at around 18.9 per cent. You, like many other Canadians, may have over ten thousand dollars charged to your credit card, but, if you only make the minimum required monthly payment of 2 per cent ($200 the first month) that $10,000 in credit card debt will ultimately take more than 57 years and cost around 40,000 dollars to fully pay off.

Using a home equity loan will allow you to eliminate the high interest credit card (and by eliminate we mean cut up) and consolidate the debt to a low interest rate mortgage payment.