When was the last time you checked to see how your credit cards (or any of the cards you were thinking about getting) stacked up to the other ones available to Canadian consumers? There are a lot of good deals out there, and for all you know, you might not be aware of some of the best ones out there. Keep reading to learn more about what you’ll gain when you compare credit cards Canada and how you can do that quickly and easily with nothing more than a laptop, tablet or smartphone.
Better Interest Rates
For the most part, Canadian credit card interest rates hover around closely around a single standard and rarely diverge from it. On pretty much any standard rewards card that isn’t targeted at consumers with poor credit, you’ll be paying interest of 19.99% on purchases and a rate a few percentage points higher on balance transfers and cash advances. These rates are not low, but they are very uniform and there is usually no need to seek out an alternative to them if they are not specifically causing you trouble.
However, that doesn’t mean that there is never any cause for looking around for a different rate. Some people truly can’t afford to pay more than the bare minimum in interest rates because they are already stretched too thin as it is. If you’re one of them, you might be interested in looking at low-interest cards, a variation of credit cards of which you’ll find plenty in Canada. When you get into this sub-specialty of cards, interest rates suddenly start to vary, and in some cases they vary a lot. You can get cards that only give you a few percentage points off your standard rate as a discount, and some that slice that rate in half or even go lower than that. When you’re trying so hard to save money, it’s in your best interest that you shop around for the best deals you can possibly get.
There are many different types of rewards you can get from credit cards, but few cards will give you access to more than one of those types at a time. That’s why it’s important for you to think about what kind of rewards you want when you go to compare credit cards Canada. If you’re not sure of where to start, you could go for a standard rewards program, which lets you use the points you earn to get yourself things like:
- gift cards
- tickets to live events
- and much more.
Because of your wide range of choices, these programs are usually pretty universally liked. They can take you through multiple phases of your life without having to be changed out because your tastes changed, which makes them a great choice for people who intend to carry the card they get around with them for a long time to come.
However, they’re far from the only choice out there. If you have something more specific in mind, you might try something like a travel rewards card, which allows you to put points toward travel expenses like flights, hotel accommodation or car rental fees. The points may or may not expire and may or may not be limited in what expenses they can cover. Each card has different rules about how exactly you can do this, so be sure to read up on those specifics during your comparison process. If you’d rather have rewards that no one will ever turn down, though, you might consider getting a cash back card.
One of the things that many people overlook about credit cards is their benefits. With the right card, you can get anything from car rental insurance and discounts to free airport lounge passes and travel medical insurance. Depending on what you’re into, you could find a card that adds a lot to your life beyond utility and rewards. Benefits aren’t always advertised as openly as other aspects of credit cards like the rewards or the interest rates, either, so it can be helpful to focus on this aspect specifically if you’re trying to compare credit cards Canada. It could help you find some hidden gems that don’t look too much different from the basic cards that most providers offer but actually have some extra value to offer you if you’re wise enough to choose them. It’s just one more facet of your quest to get the best possible deal available to you.
A credit card could look great on paper, but it’s of no use to you unless you can actually get it in your hands. That’s why it can help to take a look at which of the many credit cards on the market you could possibly get. If your credit score is poor, your options will be much more limited. If you got your current cards at a time prior to your latest credit-building efforts, however, there may be better cards that are now available to you that you have no idea about. If your income has risen over time, that might also qualify you for different and potentially better cards. It’s more of a logistical necessity than the other characteristics on this list, but you’ll still be happy to know more about your options and how realistic they are.
The Easy Way to Compare Credit Cards Canada
While doing the research is important, pulling together all of the information you need to know about Canadian credit cards to make an informed choice is a lot of work. You’ll be glad to hear that Bonsai Finance has done it for you. We make it easy to compare credit cards Canada all in one interface, so you can set the cards you’re looking at side by side and see what each has to offer over the others. If you like one enough to commit to it, you can apply for that one right then and there. When you’ve sized them all up and decided on one, you’ll know it’s the best card out there for you, and nothing beats the confidence that certainty can give you.