What are the best strategies to compare Canadian credit card interest rates?

When comparing credit card interest rates, consider the Annual Percentage Rate (APR), which determines how much it will cost you if you don't pay it off each month. Look for cards with a lower APR if you plan to carry a balance. Compare introductory rates and make sure you consider how they might change after the introductory welcome offer period has expired.

How do balance transfer credit cards differ and how should I compare them?

Canadian balance transfer credit cards offer low or 0% introductory APRs on transferred balances for a set period of time — usually 6 months or less. To compare these offers, take a loot at the length of the introductory period, the balance transfer fee (typically 3-5% of the transferred amount), and the regular APR after the introductory period ends.

What should I look for when comparing credit card reward programs?

When comparing reward programs, consider the type of rewards (cash back, points, miles etc.), the earning rate, and any caps or expiration dates on rewards. If these are rewards points or miles, consider the redemption options and how they'd work for your personal situation and financial goals, plus any restrictions on how rewards can be used. To learn more, check out our best travel rewards programs guide,

How can I compare credit card fees and charges?

To compare credit card fees, look at the annual fee, late payment fees, foreign transaction fees, and balance transfer fees. Some cards may waive the annual fee for the first year or offer lower fees for certain transactions, but it's important to consider how you'll be using this card to find the best option for your spending habits.

What factors should I consider when comparing credit card benefits and perks?

Compare common credit card benefits like travel insurance, purchase protection, extended warranties, and concierge services. Evaluate the value of these perks based on your spending habits, lifestyle and how you'll be spending with your new credit card. Some cards also offer exclusive access to events, while others offer discounts with certain retailers.

How do I compare Canadian credit cards for international use?

For international use, compare foreign transaction fees, which can range from 0-3%. Look for Canadian credit cards that offer travel benefits such as no foreign transaction fees, chip-and-PIN capability, travel insurance, and emergency assistance. Also, consider the global acceptance of the card's network (Visa, Mastercard, etc.) to ensure it's accepted where you plan to use it.

How do I get the best Canadian credit card welcome offers?

Money.ca has a Canadian credit card offers page, which we update every month, which features the best welcome bonus offers and top credit card deals available in Canada.

What are the different credit card companies in Canada?

You have the big 5 banks: TD, RBC, Scotiabank, CIBC, and BMO. Then you have subsidiary brands like Tangerine (Scotia) and MBNA (TD), store cards like Rogers Bank, Canadian Tire, and Walmart, and upstarts like KOHO, Brim, EQ, and NEO.

Is one credit card network better than the others?

Visa and Mastercard are the most widely accepted networks. These cards are accepted just about anywhere in the world you go and can be used online with most retailers.

What minimum income do you need to qualify for a credit card?

Credit cards may or may not have strict income requirements. Depending on the card you’re applying for, these requirements could be low – $15,000 is a fairly common minimum – or much higher – $100,000 or more. As a rule, the more premium the card, the higher the minimum accepted income.

What is the best credit card to establish credit?

For establishing credit in Canada, a great option is the Home Trust Secured Visa. It offers a choice between two interest rate and annual fee options, making it suitable for those building credit. This card requires a minimum credit score of 300, making it accessible to those with limited or no credit history. It's important to choose a card that reports to credit bureaus and to manage it responsibly to build a good credit history

Which bank is the best to get a credit card?

In Canada, top banks for credit cards include Scotiabank for high rewards, Tangerine for no-fee and customizable options, American Express for flexible rewards and cash back, and TD Bank for travel benefits. Other notable banks are CIBC, RBC, BMO, and National Bank, each offering diverse card options

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By Cory Santos & Lisa Jackson

Last updated December 09, 2024

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