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Compare the Best Credit Cards in Canada
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The Best Credit Cards in 2019
Finding the best credit cards in Canada
ItвЂ™s no secret вЂ“ youвЂ™re looking for something stable, flexible, reliable and of course, something that supports you and your spending habits. ItвЂ™s true, finding the best credit card sounds a lot like finding the perfect partner вЂ“ and every so often, it can be overwhelming.
Similar to dating, finding the best credit card in Canada can take time вЂ“ especially if you arenвЂ™t exactly sure whatвЂ™s important to you as a consumer. The best credit card for you may not be the first option you see on the market, so take your time, learn about the options and ask yourself what you want out of a potential credit card.
If youвЂ™re in the market for a new credit card or just simply want to compare how your current card stacks up to CanadaвЂ™s top credit cards, check out RateSupermarket.caвЂ™s comparison tool today.
Credit Card Essentials
While no two credit cards offer identical benefits and rates, they do make spending easy.
When you make a purchase with your credit card, you use a portion of your credit limit and when it hits your account itвЂ™s referred to as your credit card balance. Once you make a payment toward your balance, more credit is made available to you.
In order to avoid late-payment penalties on your credit card balance, you must pay a minimum payment by a certain date each month. Even though you have the option to pay down your credit card balance in installments, we recommend you pay off your balance in full every month. If you only pay the minimum month-to-month, you may accrue hundreds of dollars in avoidable fees over the course of the year.
Is there more than one type of credit card in Canada?
There are many options when it comes to Canadian credit cards вЂ“ and some are much more suitable for you than others.
Different credit cards offer different rates and incentives. Most cards can be categorized as one of the following:
- No-Fee Credit Card: No-fee credit cards have just that вЂ” no annual fee. Most no-fee credit cards have few rewards or incentives (if any) but if you just want a card that isnвЂ™t complicated and youвЂ™re not interested in earning rewards, then itвЂ™ll do the job. Some no-fee credit cards have a higher interest rate in comparison to cards with annual fees.
- Rewards Credit Card: Cash-back offers, travel points, merchandise related rewards вЂ“ all rewards cards promise different perks that benefits your spending. Unlike the no-fee credit card, rewards credit cards typically require the cardholder to pay an annual fee вЂ” even if you donвЂ™t use it during the year. The fee is reflective of the benefits you receive for using the card.
- Student Credit Card: Being a post-secondary student comes with many firsts. It may in fact be the first time youвЂ™re financially responsible for yourself. A student credit card can help you build a Canadian credit history and a good credit score which will play an significant role in many more important firsts to come in your lifetime вЂ“ like renting a condo, buying a car, getting a mortgage and more. Beware of cards with high interest rates and fewer rewards or benefits. If you wonвЂ™t be able to pay your full bill each month, a student credit card may cause you more harm than good as any financial blip you make will be reflected
- Business Credit Card: Similar to a personal credit card, a business credit card is an easy way for business owners to separate personal and professional debts. Your business credit card payments can also impact your personal credit score.
- Low Interest Credit Card: A card with a low interest rate will help you to save and discover money that you didnвЂ™t realize you had, all while keeping your spending in check. Be mindful of becoming complacent with the low rate charges you accrue each month.
- Low Balance Transfer Credit Card: Consolidating and organizing your credit cards has never been easier with a low balance transfer credit card. Low balance transfer credit cards allow you to transfer an existing balance and take advantage of a low rate (as low as 0% interest). On some balance transfer cards youвЂ™ll be charged interest on purchases you make before paying off the original amount you transferred over. Additionally, the low interest rates on balance transfer credit cards are temporary so look out for the expiration date.
- Secured Credit Card: A good option for Canadians who either need to start building credit or repair their damaged credit history. Secured credit cards require a security deposit to be placed on the credit card вЂ“ typically equal to the credit limit. Depending on the state of your credit history, you may qualify for a card that requires a partial or full deposit.
- Guaranteed Credit Card: Similar to a secured card, a guaranteed credit card will allow you to rebuild your credit with everyday purchases with your card вЂ“ while staying within your credit limit. However, you may not be required to place a security deposit. Guaranteed credit card limits are typically smaller than other cards.
RateSupermarket.ca allows you to compare and apply for credit cards all in one place.
What are some features and benefits of balance transfer credit cards in Canada?
Balance transfer credit cards can be a great tool for paying down credit card debt on one card by transferring the balance to another card with a lower interest rate.
- Reduce your debt. You can dedicate a larger portion of your monthly payments to principal rather than interest charges.
- Save. By paying no interest or low interest for the promotional period, you could potentially save hundreds and sometimes thousands of dollars in interest fees.
- Extras. Earn rewards such as cash-back and points toward travel, groceries and gas on some balance transfer credit cards.
- Additional fees. ItвЂ™s important to keep in mind that balance transfer fees may apply. Depending on the rate being offered on the card, it may be more financially savvy to stick it out on your old card вЂ“ or just compare it to others until you find one that works for you. Other fees that may be applied are additional purchase fees вЂ“ which will apply to any purchase you make with the card before you pay off your remaining balance.
What are some features and benefits of Canadian credit cards?
All credit cards offer common basic benefits whether they are Mastercard, Visa or American Express.
These benefits include but are not limited to:
- Worldwide acceptance
- Protection against purchases you did not authorize when your card is lost or stolen
- Around the clock access to customer service if your card is stolen
- Emergency card replacement
- Concierge services
- Travel insurance
- Access to deals through incentive programs
How do I find the best Canadian credit card?
WeвЂ™ll say it once, weвЂ™ll say it again вЂ“ your lifestyle is different than your parents, siblings, friends and partner вЂ“ so what works for them, may not work for you. ThatвЂ™s why itвЂ™s best to compare your options and see the best fit.
- Looking to fix bad credit? Compare these .
- Hoping to travel more often? Compare the Best 2018 Travel Credit Cards in Canada.
- Interested in learning more about Mastercard? Compare the Best Canadian Mastercard Credit Cards in 2018
- Want to see if Visa is right for you?Compare the Best Canadian Visa Credit Cards in 2018.
Still interested in learning more about the best credit cards in Canada? RateSupermarket.ca makes it easy to compare the best credit cards on the market. Our site allows you to conveniently assess features, fees and interest rates of different cards.
Who are the major credit card lenders in Canada?
Just like credit cards, there are many credit card lenders. Lenders or issuers are typically a bank or credit union who offer credit cards to consumers. They have the right to change your interest rates and reward points on purchases and cash advances.
Below is a list of major credit card lenders in Canada:
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Our Best Picks for 2018
Shopping for a new card? See how much you could be earning and saving with RateSupermarket.ca’s 2018 Best of Finance picks.
| Best Rewards Card||В® Visa Infinite* Card”>||Scotia Momentum В® Visa Infinite* Card|
| Best Rewards Card with No Fee||В® Mastercard В® “>||MBNA Rewards Platinum Plus В® Mastercard В®|
| Best Card for Carrying a Balance||в„ў Credit Card”>||American Express Essential в„ў Credit Card|
| Best Card for Balance Transfers||в„ў Credit Card”>||American Express Essential в„ў Credit Card|
| Best Card for Building Credit||Home Trust Secured Visa Card|
| Fan Favourite for Best Credit Card||В® Mastercard В® “>||PresidentвЂ™s Choice Financial В® Mastercard В®|
| Best Card for Students||В®* VISA* Card”>||SCENE В®* VISA* Card|
| Best Card with Travel Perks||В® * Gold American Express В® Card”>||Scotiabank В® * Gold American Express В® Card|
| Best Card for Groceries||В® Mastercard В® “>||PresidentвЂ™s Choice Financial В® Mastercard В®|
| Best Gas Rewards Card with No Fee||В® Visa Infinite* Card”>||Scotia Momentum В® Visa Infinite* Card|
| Best Store Card||В® World Elite Mastercard В® “>||PresidentвЂ™s Choice Financial В® World Elite Mastercard В®|
Want to learn more about Canada’s best finance products? Check out our full list of 2018 Best of Finance winners »