Understanding Bank Churning in Canada
"Churning" is the practice of opening bank accounts or credit cards specifically to collect the signup bonus. While perfectly legal, it requires careful organization. Banks often have "clawback" clauses, meaning you must keep the account open for a specific period (usually 6-12 months).
At Premium Rewards, we emphasize sustainable banking. We don't encourage opening accounts you don't need. However, if you are looking for a new primary bank, why not get paid $300 or $400 for the switch?
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