Find the Best Credit Cards Canada Has to Offer

Looking for the best credit cards in Canada? Whether you want cash back, rewards, miles, low interest or no annual fee, we 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.
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What is the best credit card?

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.

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.

Other than affordability and rewards from top credit cards Canada, you can get a lot more. Below are some of the benefits you get from using the top credit card in Canada.

Warranty extension and price protection

Credit cards offer the option of extending warranties and protection of any purchases made. They offer protection when a problem arises with the product purchased. In addition, most credit cards extend the manufacturer’s warranties, therefore, protection on your purchases. Other top credit cards offer warranty for products not covered by one hence if a product gets damaged, the credit card issuer replaces the product for you. Other credit cards offer purchase price protection. This is where when you purchase a product then the store where you bought the product decides to lower the price within a certain period after you purchase the product, the credit card provider refunds you the price difference. This ensures that all your purchases are protected and you might end up spending less than you anticipated.

Protection against unauthorized purchases

One thing that is common with all the top credit cards is that you are not liable to any unauthorized purchases made using your card. Credit card companies are a great line of defense between you and fraudsters, therefore, the best way to protect yourself when making any purchases online. As compared to debit cards, credit cards allow you to continue with your purchases even when your card has been used without your authorization because it does not affect your account balance. Other than unauthorized purchases, you might have made a purchase on a store but for some reason, the purchase was not as you expected and need a refund. If the store refuses to refund the money, you can always ask the credit card company to reverse your purchase, hence get your money back. Credit cards are therefore among the best line of defense when it comes to purchasing products or services. However, before signing up to any credit card, we recommend that you read and understand the terms and condition to see if they are suitable and if they provide the right amount of protection.

How do you qualify for the top credit cards Canada?

Credit cards can be a tool of destruction in the wrong hands. If you have a tendency of spending beyond your means, you might want to lay off on getting one. However, if you are good with managing your finances and want to grow your credit score, credit cards are the perfect tool for that. Below are the main requirements you need to fulfill in order to get one;

• Basic personal information that includes name, date of birth (should be 18 years and above), physical address and social insurance number (SIN).
• Employment status and for how long
• A breakdown of your income and its sources
• Details of other credit cards you are currently using or used in the past.
• Details of any other financial obligation that you pay on a monthly basis such as car loan or a mortgage

Getting the best out of the top credit cards in Canada

As already seen, credit cards can be a source of harm if used inappropriately. However, with the right usage, they offer great rewards. Below are a few of the ways you can get the best out of these credit cards;

• Understand the terms and condition for a specific card before applying. Different cards come with different terms that include fees, interest rates, rewards, penalties, and protection. Understanding all these will help you understand what you are getting into before making the plunge. Always make sure you understand each one of them and if not, you have the option of getting clarification from the card issuer. This is the only way to make sure that you protect yourself from financial constraints.
• Use the credit cards for the purpose of building your credit score. Credit cards if used responsibly are great at improving one’s credit score. All you need to do is make sure that you make purchases using the card and make timely payments of the monthly bill. Also, ensure that you make full payment of these amounts. Credit card issuers report your payment progress to credit reporting agencies which determines your credit score. You can opt to automate your monthly bill payment where the payment goes directly from your bank account hence eliminating the human error of forgetting. You can also schedule on your calendar to make sure you do not forget.

Having one of the top credit cards Canada eases the financial burden and takes care of emergencies when they arise. However, they need careful usage to get the best out of them. Therefore, whenever you take one, it is important to use it responsibly and only when it is necessary.

Some Words of Caution

As we said just above, there are risks to using any credit card even in spite of their many benefits. Even the best credit cards Canada have the potential to cause you harm if you aren’t careful about how you use them. You should still get them, of course, but taking extra care never hurt anyone.

The most obvious concern to be aware of is the potential costs of the card. Thanks to the surprisingly potent effects of compound interest, credit card debt tends to shoot up very quickly if it isn’t paid down diligently and regularly. What was once just a few hundred dollars in debt can and will become thousands if you don’t take care to make sure that it doesn’t. If you don’t want to end up indirectly paying far more than you anticipated that you would whenever you buy anything with your card, you’ll need to keep on top of every statement as it comes in and pay off as much of the balance listed there as you can. This is all a normal part of being a responsible credit user, so the sooner you get used to it, the better.

The other major risk is hit your credit score could take if things go wrong. Just as your new credit card could be used to help you build your credit, so too could it hurt your existing score if you’re too careless about how you use it. Obviously, you want to keep making your payments on time in order to avoid losing credit for infractions there, but there are other things that can cause your credit score to drop that you might not even know about. For instance, charging too much to your card at one time (more than a certain percentage of your limit, usually about 30%) can make your credit drop even if you practice perfect credit card holder behaviour otherwise. That’s why if you get one of these cards, you’ll want to make sure you use it as little as possible and constantly monitor your credit score for any changes. If you keep a close eye on things, any fluctuations that might happen will likely still be small enough when you catch them that you will be able to easily reverse them.

Want One of These Best Credit Cards Canada? We Can Help

So now you know what the best credit cards in Canada look like and how to use them to their best advantage – now what? The next step is to actually get one to add to your wallet. Even among the best of the best, though, you’ll have plenty of options to choose from and you may not be sure of which to go for just yet. While you can’t really go wrong with highly-rated cards that offer plenty of advantages to their holders, some will always suit you better than others.

The tool you see above this text can help you to find not only the best credit cards Canada has to offer but also the best among those to fit your current needs and financial situation. It’s easy to use, too – you could have a long and detailed list of card prospects in front of you in under a minute if you know what you’re looking for. Everything is already broken down into a set of search fields for you and all you have to do is select which option you need from the list under each. Simply enter the relevant information into it as you see fit and click the search button, then read the displayed information at your leisure. By the end of the process, you should have found the perfect credit card for you without having had to do any of the research for it at all.

You can survive without one of the best credit cards Canada, but why should you have to? Apply for one of your own today and you’ll soon realize why it never makes sense to settle for anything less than the best.