BEST CREDIT CARDS CANADA

Last Updated: March, 2020

If you’re in the market for a brand-new card, now’s a great time to shop around. Many of the best Canadian credit cards are luring new customers with lucrative welcome bonuses, competitive terms and other useful perks. 

Not all credit cards are a good value, so it’s smart to compare offers. You’ll also want to think about what you’re looking for in a credit card. 

The best card for you will depend on your spending and credit habits, monthly budget, current debt levels and future plans.

HOW TO COMPARE CREDIT CARDS

Before you start comparing offers, first ask yourself what you want and need in a credit card.

Are you looking for a simple, low commitment cash back card to use for everyday expenses? A TD Canada Trust credit card that offers extra cashback on gas and groceries may be a good fit.

Or, are you looking for help fund your next vacation? In that case, an annual fee travel card, such as the American Express Cobalt Card, could help catapult you toward a free flight or hotel stay.

A store credit card, such as a Canadian Tire credit card or a Best Buy credit card, could be the right choice for you if you’re looking to shave the cost of household purchases.

No matter what kind of card you’re looking for, you have plenty of options. There’s a card for every type of applicant, including new Canadians, college students, parents with large families, borrowers with bad credit, rewards enthusiasts and intrepid travellers. You can even get a card for shopping south of the border.

WHAT ARE THE BEST CREDIT CARDS IN CANADA?

It depends on who’s looking. Although many objective factors go into a quality credit card, such as a healthy rewards rate and a low annual percentage rate (APR), there are also subjective factors that will colour your experience.

For example, if you prefer to keep things simple, you may not be happy with a card that comes with a complicated rewards program, even if that card offers the most generous rewards.

With that said, there are common things to look for when comparing new cards.

If you’re shopping for a rewards card, for example, you’ll want to look for a high point, cashback or air miles rate, a solid welcome offer and a user-friendly rewards program. Or, if you plan to carry a balance, you’ll want to look for a low APR and affordable fees or a lengthy 0% APR offer.

Also, look at any other charges you might incur. The last thing you want is to pick a flashy air miles card and then get hit with unaffordable costs.

THE BOTTOM LINE

Choose whichever card best fits your current situation. As your life progresses, you may find the cards you’re using are no longer a good fit. For example, if your health doesn’t let you travel much anymore, then a travel card isn’t your best option. But if you’re simply on temporary hiatus and hope to revisit your favourite vacation spot one day, then a travel card could still be best.

Over time, your needs will shift, and so, too, should your credit cards. When comparing credit cards, focus on the year ahead and what you want out of it. Do you want to trim debt this year, build a better credit score or get discounts on everyday living expenses? Or are you focused on earning free flights?

Your answers will help determine which cards deserve a closer look. Also, be sure to keep an eye out for new promotions. Card issuers are always trying to win over new applicants by advertising generous promotions

STUDENT CREDIT CARDS

Student credit cards help first-time borrowers build a positive credit history and practice managing credit. Establishing a good credit score early in life can also

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