Best credit cards

On a basic level, all a credit card needs to do is serve as your access point to your line of credit. However, if you settle for the basics, you’ll be missing out on a whole host of perks that many cards now offer. The Canadian credit market is hotter than ever right now, and consumers who know what they’re doing have an opportunity to secure some great deals for themselves when applying for their next credit card. We’ve collected lists of the best credit cards Canada has out there; all you have to do is choose one.

It Pays To Choose Wisely

You know you’re going to be carrying a credit card no matter what, so you have to make a decision regardless. By strategically choosing one that offers bonuses or features that you want, you can make your money go further without lifting a finger yourself. Just do what you normally do, and your credit card will either rack up rewards for you or cost you less in fees than it normally would. Doesn’t that sound great?

Affordable Cards

There are several considerations someone might have in mind when choosing a credit card, and which of them matter most to you depends on what your life and spending habits look like. For some people, a great card is one with a small or non-existent annual fee, or with very low interest rates on balances carried over more than one billing period. These cards minimize the amount it costs you to have access to credit, which makes them perfect for people on tight budgets who need reliable ways to stretch every penny.

Although they might let you achieve significant savings compared to other cards, prioritizing this aspect of your credit cards will often come at the cost of getting rewards for your purchases. These cards are still beneficial if you are very cost-conscious or use your card fairly infrequently, but you should consider other criteria if possible to ensure that you aren’t missing out.

Best credit cards Canada

Reward Cards

Some cards use a different method of attracting customers – they offer specific rewards based on your use of the card. The most common types of rewards are:

  • free gas
  • travel points
  • points to spend at specific retailers
  • cash

Travel credit cards are excellent for those who enjoy regular vacations or like to visit far-away family. Many budget-conscious people enjoy cards that give them free gas, since that is a daily necessity that they then do not have to worry about accounting for themselves. The retailer-specific points can be excellent for frequent shoppers, especially if the store in question sells many types of merchandise. Finally, cash-back cards are universally popular because their rewards can be used for anything a person wants. Reward accumulation is usually based on a percentage of your spending and may be locked to certain categories like groceries or recurring bills.

These cards are exciting because they provide tangible bonuses, but proceed with some caution: virtually all reward cards carry an annual fee, though it’s perfectly possible to receive much more in reward compensation than what you pay. How large of a fee is acceptable to you will depend on how much you regularly charge to the card. If it’s a card with designated reward categories, you should make sure that they line up with your highest spending categories.

Find the Best Credit Cards Canada Has to Offer

We know all this information is a lot to take in. That’s why we make it easy to find a great option for your next credit card. We examine and evaluate all the lenders we work with to find you the best offerings on the market, no matter what you value in a card.