Compare Best Credit Cards in Canada

While most people make general references to credit cards there are actually many different types. Some are considered better than others. Here is a top ten list that encompasses the different types of credit cards. For those who want to take advantage of what are considered to be the most beneficial.

1. MBNA Platinum Plus Mastercard ( Best low interest credit card)
2. Simply Cash Card-American Express ( Bes No  annual fees credit card)
3. PC Financial Mastercard (Best Balance Transfer Credit Card)
4. Home Trust Secured Visa Card ( Best Secured Credit Card)
5. BMO Rewards Business Mastercard (Best Business Credit Card)
6. Scotia Bank Gold American Express (Best Fixed Points Rewards Credit Card)
7. Canadian Tire Triangle World Elite Mastercard ( Best Store Credit Card)
8. BMO SPC Cashback Mastercard (Best Student Credit Card)
9. Mango Prepaid Credit Cards (Best Prepaid Credit Card)
10. The American Express Cobalt Credit Card ( Best Travel Credit Card)

 Best Low-Interest Credit Card For 2018

MBNA Platinum Plus Mastercard

Our number one choice for the best low interest credit card based on the one year interest free for balance transfers. This allows an individual to save a lot of money on interest during that year. In addition to this are the many other perks that come with this credit card such as;

• Peace of Mind Perks:  cash advances, emergency cash,24 hr. customer service
• Away From Home: lost luggage and document assistance, legal assistance
• Insurance Coverage: common carrier & accidental death benefits
• Shopping Benefits: Purchase Assurance

Best No Annual Fee Credit Card For 2018

Simply Cash Card – American Express

*For first six months.

There are several cards that have no annual fees. But, this Simply Cash Card has some extra important benefits along with the no annual fee that led us to categorizing it as the best in this category.

• For a six month period, there is a low 1.99% interest on the cash balance transfer
• 1.25% Welcome rate
• Bonus cash back for referrals
• Car rental theft and damage insurance
• Advanced and Reserved Ticket Access

Best Balance Transfer Credit Card For 2018

PC Financial Mastercard

Our number one choice as a balance transfer card for several reasons. The first six months it carries a 0.97% interest rate on the balance transfer.  At the end of the six months the interest rate on the balance transfer is the same as what they use for the cash advance which is lower than many of the other cards. The additional advantages they offer are those that many people want in a card;

• No Annual fee
• PC Optimum Points: every 10,000 points can be redeemed for $10. Worth of free items
• Point Pooling

Best Secured Credit Card For 2018

Home Trust Secured Visa Card

*Or $5. Per month.

**annual fee/no annual fee

*** annual fee/no annual fee

This is the best choice for those looking for secured credit cards based on the lower interest rate that this Company is offering. Also, because it allows for options as to how one wants to pay the annual fee.  There are no extra rewards with this card as it primarily used by those who are trying to build their credit.

Best Business Credit Card For 2018

BMO Rewards Business Mastercard

*first year free

Small business owners want to save whenever they can. We chose this card for being one of the newest cards for the small business owner because it offers the first year free for annual fees. Plus it has a good interest rate. Added advantages are;

• Chance to earn 3 BMO rewards points on select purchases
• For every dollar spent card holder can earn1.5 BMO rewards points
• Card can be used at Costco Canada stores
• Travel Protection

Best Fixed Points Rewards Credit Card For 2018

Scotiabank Gold American Express

We chose the Scotia Bank Gold American Express card as the best-fixed points award card partly because it received the best awards credit card for 2017. Also, because it offers a faster opportunity to build points.

• Earn 4 points on select purchases
• One point for every dollar spent on other purchases
• Can book trips through Scotia Awards travel service
• Concierge services
• Travel Insurance

Best Store Credit Card For 2018

Canadian Tire Triangle Mastercard

The new Canadian Tire Triangle World Elite Mastercard is surpassing many of the other store credit cards. For this reason we have chosen it as our top pick for the store credit card category.  The added advantages to this card are;

• Shopping at Cdn. Tire, Sportscheck or Marks allows for a 4% cashback in Canadian Tire money
• Grocery purchases give 3$ back
• Discounts on Cdn. Tire fuel
• 1% back on all other purchases
• Roadside Assistance Plan
• Concierge Service

Best Student Credit Card for 2018

BMO SPC Cashback Mastercard

This card has made it to our top ten list as number one choice for students because of the cashback feature that comes with this card. Some of the additional features include;

• 4% cashback welcome offer for the first four months
• 1% cashback on other purchases
• 10 to 15% discounts at select stores
• No annual fee

Best Prepaid Credit Card for 2018

Mango Prepaid Debit Card

There are several ways to get prepaid credit cards. We have chosen Mango because of some of the extra offerings it provides. Such as the 6% interest being offered with a Mango savings account. Although some terms are applicable.

Best Travel Credit Card for 2018

The American Express Cobalt Credit Card

There are several good reasons for choosing the American Express Cobalt credit card as the first pick in the travel credit card category. The main reason being for the impressive points system they have in place. There is a chance for card owners to earn up to 30,000. Bonus points in the first year. Other perks that come with this card are;

• The opportunity to earn points on eat and drinks
• There is a chance to earn 2x points on travel and transit
• Points accumulate on other types of purchases
• Access to some special events
• Travel hotel benefits
• Multiple options for point redemption

Choosing the best credit card comes down to what the wants and needs are of each credit card applicant.

Helpful Information for Comparing Credit Cards in Canada

It seems like there are not too many people in Canada that don’t have a least one credit card. The lending institutions have made every effort to see to this. Plastic money has become the common way for the general public to do the majority of their financial transactions. For those that doubt this it just means looking at the statistics for Canada credit card use.

• As of the end of 1977 there were 8.2 million credit cards in circulation
• At the end of 2017 there were 74.3 million in circulation
• Statistics show that as of the end of 2017 37.1 million on those cards carried balances
•  In 1977 the average sale that went on a Canadian credit card was $30.48
• By the end of 2017 the average sale that went on a credit card in Canada was $97.77
• The number of merchants accepting credit cards in Canada in 1977 was 271,150
• By the end of 2017 the number of merchants accepting credit cards grew to 1,738,922

With this statistics like this there is no question as to how popular credit cards in Canada have become.

Why Do You Need to Compare Credit Cards?

There is a tendency for a lot of individuals to sign up for a credit card whenever the opportunity arises.  The general public is often approached in stores to sign up for the credit card they offer. Or, offers for credit cards commonly come through the mail.

The Canadian credit card is an important resource, but is one if not used properly can become a problem rather than a solution.

People that are going to apply for a Canada credit card are signing a contract with that company that is issuing it. As with any contract it should be ready carefully.

All credit cards are not the same. They all offer the opportunity to use them in place in money. But from this point on they can differ greatly.

What Type of Card is It?

There are several different types of credit cards. Some of the more common ones are:

• Canada low interest rate cards
• Canada no annual fee credit cards
• Canada balance transfer credit cards
• Canada travel credit cards
• Canada store credit cards

Then there are Canadian credit cards that are designed for specific classifications of card users, such as

• Canada student credit cards
• Canada Business credit cards
• Canada Secured credit cards

Some individuals want a high end credit card that is going to allow them to have a higher credit limit. These cards have a higher demand on them for meeting the financial qualifications of the applicants. These are premium cards usually classified as;

• Platinum
• Gold
• Titanium

What to Look For When Comparing Credit Cards

Reading the contract that you as a user will need to abide by will be full of information. All of this information is what you want to use for comparison purposes.

The interest rate:

There can be some variances in the interest rate on Canadian credit cards. Even a small vaiance can make a substantial difference on the monthly payments. If one is not going to be paying their card off each month.

What is the credit limit?:

The credit limit is important. It is tempting to go for a credit card with a high credit limit. This is where a lot of people get themselves into trouble financially. A higher credit limit can lead to unnecessary spending.

Fees :

There can be all types of extra fees that are over and above the monthly interest rates: These can consist of;

• Cash advance fees – fixed, percentage both
• Extra card fees
• Currency exchange fees
• Cash transaction charges for – wire transfer, money orders, travel checks,prepaid checks,gaming transactions, balance transfer fees,
•  Penalties & Fees – reprinting fees, transaction fees, over the limit fees, dishonoured payment fees, inactive account fees, interest rate increases

Extra Benefits:

You want to look at what you are possibly going to be paying. But, at the same time you want to see what you are going to be getting by way of extra benefits with the card that you are applying for. Extra benefits can consist of;

• Lower interest rate
• Welcome bonus
• No annual fee
• No charge for extra cards
• Discounts on purchases
• Cash back
• Bonuses
• Points
• Air Miles

What is the Best Way to Compare Credit Cards?

The best way to compare credit cards is to first make a list of your wants and needs. Ask yourself a few questions.

1. What do I want to use this credit card for? For example, for travelling, for car expenses, for emergencies.
2. What is the most I can afford to spend on a credit card? You need to know what the monthly payments would be if you maxed out your card. The payments have to remain within what you could afford to pay.
3. What special benefits do I want this card to have? Some people really like cash back. Others like to collect air miles.

Once you have determined this then you can look at using some resources that are available to you.

Resources for Comparing Canada Credit Cards

Compile Your Own Credit Card Calculator Chart:

You can draft a chart like this that will help you to keep all the information you gather organized.

Use an Online Canada Credit Card Calculator

You can use a credit card calculator. You can customize this type of resources to fit your specific needs to help you find a credit card that is going to most suit your needs. This can help to cut down the amount of research you need to do.

Use a Premade Chart:

There are online resources that have done the work for you when it comes to gathering all of the details needed and compiling them into a credit card reference chart. Some of these are compiled according to the different card types.

No matter which resource you choose the bottom line is that it is to your advantage to do a credit card comparison. Before you make your final decision.