Top 5 Credit Cards in Canada
A recent study by TransUnion shows that Canadians are increasingly binging on credit card to buy big-ticket items and meet financial obligations. However, most of credit card holders choose to have just a small number of credit cards which they utilize the maximum. So, which of these credit cards are the most dominant in the market? This guide is all about credit cards in Canada, their benefits and why should choose your credit card wisely.
Benefits of Credit Card
A credit card acts much like a bank and mortar bank that extends loans to borrowers and earn an interest on the principal amount. But unlike with loans from mainstream bankers, credit card companies charge lower interest rates and also give their loyal
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Such rewards aren’t common with other lenders such as banks and credit unions.
More purchasing options
With a credit card, you can purchases over the internet, via your phone or in person depending on the situation or location. This is advantageous over cash where you can only make your purchases in person.
A boost to your credit score
Paying your installments in time and keeping your credit low is a sure way to boost your credit score and thus qualify for better loan facilities with other lenders.
Choosing a credit card
There are scores of credit cards to choose from. But not all of them suit you. Here, then, is a checklist to go by when choosing a credit card.
- The Annual Percentage Rate
Different credit card companies have varying costs of borrowing. Comparing the APR on different cards helps you know which card is cheaper.
- Loyalty points
Some cards will give you loyalty points every time you make a purchase. You can then redeem the loyalty points. The best credit card is one that offers the best point reward
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Some of comparison websites you can leverage on include www.which.co.uk and www.moneyfacts.co.uk.
Top 5 Credit cards to check on:
• Rogers Platinum MasterCard.
Has a $25 welcome bonus, 1.75% cash back rewards and flexibility in transactions. The Rogers Platinum Mastercard is one of the few credit cards offering as much as 4% cash backs for any purchases that you make in made in a foreign currency.
• Home Trust Preferred Card.
This is yet another credit card giving off one percent cash back. You can earn as much cash backs as your purchases can allow since no upper limit is fixed. As a cardholder, you won’t pay any annual fees as is common with other credit cards.
• Scotiabank Passport Visa Infinite Card.
Well, for those who have a soft spot for traveling, Scotiabank credit card offers you a chance to earn rewards on your travels. What’s even more exciting is that the company offers $250 worth of welcome bonus points.
• MBNA Platinum Plus Mastercard.
The MBNA credit card boosts of round-the-clock-fraud protection, access to ATMs worldwide and 24/7 customer support. There are no annual fee charged on