18 Credit Cards Terms Explained

Mohamed Konate

Mohamed Konate, MBA Mohamed Konate is a licensed Mortgage Agent (FSRA #10530, Mortgage Alliance) and Life & Health Insurance Broker (Elite Harvest Financial) based in Whitby, Ontario, serving families and businesses across the Durham Region and throughout Ontario. With over 15 years of experience in the Canadian financial industry — including senior roles at major banks — Mohamed combines deep expertise in mortgages, life insurance, and financial strategy to help clients buy homes, renew or refinance their mortgages, and protect their families with tailored insurance solutions. He is also the founder of MyRateCompass.ca, a trusted Canadian personal finance website offering unbiased insights and practical tools to empower consumers. Mohamed holds both a Bachelor’s and MBA in Business Administration from Quebec universities, and is passionate about making complex financial decisions simple and accessible. 👉 Learn more about working with Mohamed – Mortgage Broker in Ontario 👉 Connect at EliteHarvestFinancial.ca

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Published by Mohamed Konate | Updated Dec 14, 2023

18 Credit Cards Terms Explained

Reading Time: 2 Min Annual Fee The yearly amount charged for the use of a credit card. APR-Annual Percentage Rate APR is an acronym for: Annual Percentage Rate. It is the interest rate that a customer is charged on any outstanding balance. Balance Transfer The process of transferring an unpaid balance from one open credit card account to another,… Continue reading

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Published by Mohamed Konate | Updated Jul 20, 2025

Credit Score 101

Reading Time: 4 Min Here’s everything you need to know about credit score basics: why it’s important, how to get it, and how to improve your score. Fact: Two-thirds of the households in Canada have debt, according to a 2017 report by the Royal Bank of Canada. Household debt includes mortgages, lines of credit, car loans, personal loans, and personal… Continue reading

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Published by Mohamed Konate | Updated Nov 24, 2023

Credit Card Basics

Reading Time: 4 Min What is a Credit Card? When a business such as a bank lends you money it is called credit. A credit card essentially allows you to spend the bank’s money and pay them back later, all through the use of a small plastic card. Credit cards are convenient, secure, and help build your credit… Continue reading

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Published by Mohamed Konate | Updated Nov 24, 2023

Credit Card Insurance Guide

Reading Time: 4 Min Credit Card Insurance Canadian credit card companies offer a variety of insurance options for cardholders. In order to take advantage of the insurance, you must use an eligible card for the booking or purchase. Look at the various options out there, to have a better understanding of the benefits that come with credit cards. Collision… Continue reading

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