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Compare the best credit cards in Canada
RateSupermarket.ca enables you to compare a huge range of the best credit cards from low interest credit cards, Air Miles and reward credit cards to credit business cards. Search for credit cards by company, type or go and compare credit cards
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Includes all the top Canadian issuers: AMEX, Capital One & the major banks
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Credit card market overview - Take a look at our Canadian credit card market overview with all the latest facts and figures.
Credit cards glossary - visit our credit cards glossary to view all the terms and jargon that you may come across during your credit card search.
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Best credit cards in Canada
In this unprecedented time of financial turmoil, many Canadians are borrowing additional cash with their credit cards to purchase gas, groceries and even to pay day to day bills. However, unless you have taken a good look and compare credit cards interest rates associated with your own cards, you may be digging yourself into more debt than you need to
With the recent changes in the financial world, many of the credit card companies such as American Express and Capital One are taking a hard look at the interest rates and qualifications of their existing client base as well as the people that are applying on a day to day basis. Many people that have used a credit card for years from their bank, are finding that their interest rates have changed while others are finding that their accounts are cancelled. Still other people are taking a look at their terms and deciding to cancel the credit cards to go to one with better interest rates and terms.
It is in your best interest to compare credit card terms, interest rates and companies carefully. As Canada heads into a recession, and lenders scrutinize each loan in more detail, you will need to be sure that you're credit score is in top shape and that you read the minimum qualifications for cards and don't apply for multiple cards, as this could negatively impact you credit score. Some of the best credit card companies will offer low interest credit card rates and several other benefits such as earning points back on your purchases, low annual fees, cash advances and even travel discounts. There are many of these credit card companies out there. Some of the best credit cards available to the borrower will require a credit check and proof of the ability to make the payments. Some of them will also require that you pay the entire balance at the end of the month to replenish your credit line. Still others will have a payment plan. All of these credit cards do give the opportunity to pay off your balance when you make your payments. It will be your choice as to the way that you choose to go.
Some credit cards will require you to have a savings account with their company equal to the beginning credit line. Typically, these credit cards will also have a fee for getting the card and a high annual fee in which will eat up most if not all of the savings account balance. You will need to replenish the savings account and make the payments to be able to utilize the credit card. These credit cards are not the best for established borrowers with positive credit ratings, but they can be a lifesaver for those with poor credit or those without a credit history such as teenagers or students.
Regardless of your credit profile, there should be a credit card out there for you and just be sure to check the fine print, compare credit cards to make sure you're getting the best deal available to you. A credit card is very handy and can assist you in paying bills, and perks offered with reward credit cards providing cash when you need it and even reserving rental cars and travel arrangements, just make sure you use it wisely.
