Canadian Capital News:

Say No to Extended Warranties

December 10, 2004


We went shopping last Christmas for a digital camera at my favourite “no-sales-commission” retailer. The camera was on sale and when we decided to make the purchase, the sales person started pushing their 3-year extended warranty that would cost us $179 for a $999 camera. The camera came with a 1 year warranty, which can be doubled, if I charged it to my credit card. Though I hesitated a lot before declining the extended-warranty (it was a big purchase, after all), it turned out to be a smart move. I’ve used the camera fairly regularly over the past year, and it still has a year worth of coverage left. More interestingly, a better model (more mega-pixels, more features etc.) is listed at $899 and probably will be on sale for less.

BusinessWeek suggests that extended warranties makes sense only for very few things. They are pushed aggressively by retailers because they make fat profits on them. I think I’ll some money by almost always refusing to buy extended-warranties.

Canadian do-not-call registry

December 8, 2004


Most of us are annoyed with dinnertime calls from telemarketers asking us to subscribe to newspapers, buy time-shares and myriad other things. And we’ve been jealous of American’s do-not-call registry, where millions of households have signed-up.

The Toronto Star (registration required) is reporting that the federal government is finally going to introduce legislation for a national do-not-call registry. Now, they should find a way to prevent annoying dinnertime doorknocks.

No-Fee Bank Accounts

December 7, 2004


I am writing this blog, partly to share some money-saving tips. For years, I’ve been sick of the big banks charging monthly fees, transaction fees, ATM fees and an arm and a leg for a cheque book. Recently, I took the plunge and opened an account with President’s Choice and found it to be a very good deal.
I had to go to the local Loblaws store to open the account and they sent me a free chequebook in the mail in a few weeks. So far, I haven’t paid a single penny in bank fees. There is no fees for using the debit card in stores, no fees for internet banking or paying bills and no ATM charges if you withdraw from CIBC or PC machines. They even give me PC Points for paying bills over the internet.