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Searching for the Best Credit Cards in Canada? These 5 Tips Can Help

Posted by Josephm09 on May 28th, 2020

A credit card is a smart financial tool if you know how to use it. Moreover, the world of credit cards has grown by leaps and bounds over the years. Providers in Canada now offer a host of benefits, deals, rewards, cashbacks, discounts, and more to the users.

But with every credit card claiming to offer the best advantages, how will you make a decision? Here are five expert tips that are sure to help-

1. Check Your Credit Score

Begin your research by first checking your credit score. It is a 3-digit number that represents your credit history or how responsible you have been with credit in the past. It can range from 0 to 900, and a score above 740 is generally considered excellent in Canada.

The higher your credit score is, the better will be the chances of getting approved for cards with higher limits and benefits. Knowing your credit score will make it easier for you to filter cards that you are eligible for.

2. Check the Interest Rates

Now that you have a list of some popular credit cards that you can apply for, the next step is to compare their interest rates. The interest rate can range from 10% to 20% and even more. Also, note that the interest rate is generally different for credit card purchases and cash advance.

You can also find credit cards with a lower introductory interest rate. If you are selecting one such credit card, make sure that you do check the interest rate after the introductory period as it can be higher than standard rates. 

3. Compare Annual Fees and Other Charges

The next important consideration is the annual fee. This, again, can vary between cards and providers. Some credit cards have a --content-- annual fee while others can charge up to 0 and even higher annually. Generally, cards with an annual fee are known to offer better benefits and rewards.

Apart from the annual fees, also check other charges such as foreign currency charges, dishonoured payment fees, over-the-limit fees, statement reprinting fees, and fees for an inactive account.

4. Go Through the Rewards and Benefits

There are many different types of credit cards available in Canada. For instance, there are exclusive travel credit cards, student credit cards, retail credit cards, secured credit cards, and more. To pick the best, you should go for one that comes with rewards and benefits that best match your spending habits.

For instance, if you generally use your credit card to pay for groceries, travel, entertainment, gas, etc. look for a card that offers benefits like cashback on such spends.

5. Go for a Reputed Provider

Last but not least is selecting a reputed card provider. In most cases, Canadians prefer applying for cards offered by banks in which they already have their savings or chequing accounts. But if you can find a better card from another provider, you definitely should consider it as long as the other provider is reputed as well.

Many of the card providers also have exclusive partnerships with airlines, retailers, and hotels to offer added benefits. You can consider such providers and credit cards as well.

Selecting the Right Credit Card in Canada

There is no single credit card in Canada that could be regarded as the “best” for everyone. In other words, the right credit card for you is the one that best meets your personal spending habits and requirements.

Select a credit card based on the points discussed in this post, and you are sure to make the right decision.

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