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What is a credit card?
A credit card lets you spend money that you can pay back over time, usually with interest.
Unlike a debit card—where you need money in the bank—a credit card gives you a set amount you can spend (or borrow) known as your credit limit. You also get regular statements (usually monthly) with a due date by which you need to make repayments.
In Canada, you must be at least the age of majority in your province or territory (18 or 19 years old) to apply for a credit card in your name.
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"When comparing credit cards, decide what’s most important to you. Is it a low interest rate? Low annual fee? Bonus frequent flyer points? Maybe a balance transfer deal? For instance, I pay my balance in full each month, so I ignore the interest rates and don’t look at balance transfer offers. Instead, I aim to find cards with a great points earning rate. Knowing exactly what you want, makes it easier to find the right card for you."
What types of credit cards are there?
There are five main types of credit cards. Every card is slightly different, so you should compare credit cards to find the best credit card that has the features that matter to you.
Card type | Principal use | Pros | Cons |
---|---|---|---|
Pay off existing debt with no/low interest | Save money on interest and pay down debt faster | Minimal perks and no interest-free days on new purchases | |
Earn points on your spending | Get rewarded for money you’d spend anyway | High interest rates & annual fees | |
Credit without an upfront cost | Costs nothing if you pay it off in full or don’t use it at all | Minimal perks and higher interest rates | |
Pay off purchases over time while paying less interest | Saves you money if you carry a balance from month to month | Minimal perks | |
Managing cash flow and separating spending | Offer distinct features for business (like accounting feeds) | Stricter eligibility requirements |
Credit card guides and resources
Applying & credit score
Managing your card
How to compare credit cards
Here’s a breakdown of features and charges you should look at when doing a credit card comparison.
- Find the right type of card. Want Aeroplan Points? Get a frequent flyer card that lets you earn points when you spend. Need a simple, cheap card for everyday spending? Look at low rate or no annual fee cards.
- Look at the purchase rate. Credit cards charge high interest rates—but only if you don’t pay the card off on time.
- Don’t forget the annual fee. Most cards charge a yearly fee. It can be as low as $0 or as high as $400+ for a fancy card with lots of perks and benefits.
- Count your interest-free days. One of the best features of credit cards, interest-free “grace periods” let you buy something today and pay no interest for at least 21 days (the details are a little complicated, though).
- Look at all the perks and benefits the card offers. Some credit cards give you rewards points or frequent flyer points, purchase protection, complimentary travel insurance, cashback on your spending or other rewards. The more perks a card offers, the higher the annual fee. So, if you don’t use them, you’re wasting money.
Credit cards 101
There are plenty of confusing terms in credit card land. Here’s a quick explainer:
- Balance transfer rate. The interest rate you’ll pay if you transfer a balance from one card to another. Some introductory offers give you 0% APR on your balance for a limited time, but you may pay a one-time fee.
- Cash advances. Try not to withdraw cash from an ATM or use your card to gamble or buy foreign currencies. These transactions are considered cash advances, and they come with a fee plus a higher interest rate (which you get charged immediately).
- Credit card network. The payment system that processes all your credit card transactions. In Canada, most cards are either Visa, Mastercard or American Express.
- Foreign transaction fees. This is the fee you’ll be charged on purchases made in a foreign currency overseas or online. Some cards have 0% foreign fees.
- Minimum repayment. You can repay all your card spending each month. Or, you can pay it off slowly (and get charged interest). The minimum repayment is the lowest amount you must pay by the due date. Miss this, and you’ll get charged a fee.
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"Maintaining these records helps you track your spending, verify transactions and catch any errors or fraudulent activities promptly. They are also useful for budgeting, filing taxes and providing proof of purchase or payment if disputes arise. Keeping organized and accessible records of your statements, whether in digital or paper form, ensures you have a comprehensive financial history that can be referenced whenever necessary."
Pros & cons of credit cards
Pros
- Flexibility. If you have a big purchase to make, a credit card can be a financial buffer, letting you buy it and then repay it over time. If it’s used wisely, it can be interest free.
- Convenience. Credit cards allow you to buy what you need, when you need it. You can use them to shop in-store, online and overseas with security features to protect against fraud.
- Rewards. Everyone loves perks. A credit card can help you get frequent flyer points, cashback on your groceries, flight upgrades or even gift cards.
Cons
- Debt. Credit card interest adds up quickly if you don’t pay your balance on time, which could cost you hundreds (or thousands) of dollars and take a long time to pay back.
- Can be expensive. The average interest rate for a Canadian credit card is between 19.99% and 25.99%, according to RBC. In comparison, the average interest rate for a personal loan is 9.32%.
- Sneaky fees and surcharges. Beware of fees for going over your credit limit, making late payments, withdrawing cash from your card, making purchases in foreign currencies and more.
Bottom line? Credit cards have a mix of great perks and understandable risks. A good rule of thumb is to compare credit cards to ensure you get one with the features you need, while having a plan for paying it off and using the benefits.
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We've helped thousands of people compare offers and find a credit card. We'll never ask for your personal information. We're here to help you make a decision.Find a credit card company in Canada
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