This week, we look at things you need to know before breaking a mortgage, interest on cash advanced, and sharing your PIN. The column is sponsored by Mason Financial, who offers a free initial consultation including a complementary budget.

Before breaking a mortgage

Should you switch your mortgage to get a better rate elsewhere?

You may benefit from better rates and lower payments by switching your mortgage, but double-check your mortgage contract first! Switching your mortgage can result in heavy penalties and fees.

Be sure you know all of the penalties and fees before switching your mortgage.

Know your rights and responsibilities:

• While your mortgage contract must clearly disclose the cost of breaking it, it is your responsibility to understand your mortgage contract before switching.

Interest on cash advances

Why do you owe so much interest on your credit card after taking a cash advance?

Interest charges on your credit card start as soon as you take out a cash advance to make that “must have” purchase; leaving you with a big surprise on your statement 14 days later!

While your credit card agreement must disclose how credit card interest is calculated, it’s your responsibility to read and understand your card agreement before using your credit card for cash advances.

Sharing your PIN

Should you share your PIN with anyone?

Whether it’s your parents, siblings, your spouse, your children, or your best friend, the only person that should know your PIN is you!

While your bank should must protect you from fraud, it is your responsibility to never share your PIN. Understanding your financial rights and responsibilities means no surprises. Find out more at Canada.ca/it-pays-to-know.

Related

• Four in ten millennials own their own home: HSBC study
• Financial Literacy: Have a savings plan
• Financial Literacy: Know your rights
• Financial Literacy: Live within your means
• Financial Literacy: Start with a budget
• November is Financial Literacy Month
• It’s that time of year: RRSPs versus TFSAs