Which Credit Card is the Best One for You?
Shopping for a credit card can be exhausting. Not sure what is the right choice for you? We've broken down some of the best options on the market that are targeted to suit your specific needs. Take a look...
Living out of a suitcase? You might want to pick up one of these. Rated by Rewards Canada as the top travel rewards cards for 2014, each card has built-in features designed specifically for travellers. Pick the one that works best for you:
Top Travel Points Credit Card (with annual fee): Capital One Aspire Travel World MasterCard
Top Travel Points Credit Card (with no annual fee): American Express Blue Sky Credit Card
Top Hybrid Credit / Charge Card (with annual fee): American Express Gold Rewards Card
Top Airline Credit / Charge Card: TD Aeroplan Visa Infinite Card
Like to use your credit card a lot (i.e., ALL THE TIME)? You might want to consider picking up a cash back rewards card. Scotiabank's Momentum Visa Infinite is one of the most competative cards at the moment with a 4% return on gas and grocery, 2% return on drugstore purchases and bills and 1% return on all other purchases. Luxe extras include access to the Visa Infinite Luxury Hotel Collection as well as Visa Infinite Dining and Music series. Happy spending!
Whether it's NHL, CFL, MLB or NBA, MBNA and Scotiabank have got you covered. Represent your favourite team everytime you open your wallet with one of these customized jersey cards. More than just a conversation starter, this card will help you earn points towards sports gear and tickets making it a win-win situation for avid fans.
With fuel prices continually on the rise, it's never been a better time to pick up a gas rewards card, particularly if you spend the bulk of your day behind the wheel. CIBC and RBC both offer options based on which station makes the most sense to you (Esso or Petro Canada) and every dollar you spend will go towards earning you a much deserved break on fuel.
Food and toiletries are an essential part of day-to-day life so wouldn't it be nice to get some stuff for free every once in a while? If you find yourself constantly standing in line at the checkout of Shoppers Drug Mart or any Loblaws brand grocery store, a grocery rewards card may be right for you. PC Financial and RBC each have options depending on where you shop the most.
Who doesn't love catching the latest blockbuster? If movie night is your favourite day of the week, Scotiabank has you covered with their popular Scene Visa. There is no annual fee and everytime you use it you will earn points towards free movies at any Cineplex theatre --because going to the movies can get expensive!
Another one for the proud card flasher, MBNA offers university MasterCard that lets you celebrate your alma mater. Whether you graduated from McGill, Dalhousie or the University of Calgary, pulling out this card will remind you of your glory days as well as earn you point towards cash, travel, merchandise, gift cards and charitable donations --now that you're all grown up.
Whether you're obsessed with online shopping at U.S. retailers or spend your weekends cris-crossing the border, it may be worth applying for a U.S. dollar Visa. TD has an excellent option that allows you to make purchases and pay bills in U.S. dollars without worrying about conversion rates. As a bonus, the card also offers a number of travel benefits like baggage and medical insurance as well as emergency cash advances.
Probably one of the biggest things people look at when shopping for a credit card is low interest rates. How to find the best rate depends on what exactly you're using the card for. If you're looking for the lowest interest rate on purchases, the Desjardins Visa Modulo Gold currently has the lowest in the country at 9.9% which extends to cash advances and balance transfers. The MBNA TrueLine MasterCard comes in just a little higher at 9.99% but doesn't have an annual fee. Those with good credit may prefer the TD Emerald Visa which looks at prime plus between 1.75% and 9.75%, depending on your credit assesment.