Finding the best credit cards in Canada is important. With so many offers and deals to choose from it can be quite a chore to sift through all of the information out there for the best ones for you. You want the best credit cards for you but there are so many of them to choose from that finding the one that’s right for you can be a little overwhelming. It doesn’t have to be that way though. Let’s take a look at the best credit cards in Canada by categories to help you make the right decision for your needs.
Balance Transfer Offers: The best credit cards in Canada by category are balance transfer cards. If you need to consolidate your debt or just transfer your high interest balances to a lower interest rate card, this is the way to go. Balance transfer cards offer low interest, low transfer amounts and the lowest ongoing fees and charges. With many credit cards with a zero or low interest period, the time to get started is now. With balance transfer cards you are also getting the benefit of an extended period of time with zero balance transfer fees. Balance transfer cards give you what you need in a credit card.
Payday Loans: Even if you have poor credit or no credit history, you may qualify for one of the payday loans available. These kinds of credit cards offer cash advances when you need them and they are available 24 hours a day, seven days a week. These cash advance loans are much easier to qualify for compared to balance transfer and low interest rates. And the benefit is you never need to pay interest on your payday loan!
Low Interest: With a zero or low interest period you can save up to three percent in interest by paying off your balance every month. This means you will be saving a lot more than the interest rates charged on credit cards with high interest rates over your entire repayment period. You will also need to decide how long you want to pay your balance off every month. Some people like to do it all at once, but it is best to spread it out to fit your lifestyle. If you have enough money to pay off your balance in full every month, you can spread it out until you have a large balance and have the funds to pay off the entire loan.
No Late Payment Fee: If you are able to pay off your card every month and do not incur any late payment fees, then this is the card for you. These types of cards have no late payment fee, so you will not be charged any additional fees if you cannot pay off your balance in full every month. Some cards will charge a late payment fee if you are late even one time, but if you pay off your balance in full every month there are no due date and no fees. Choose one of these cards if you want to avoid fees and have an easy way to get your finances back under control.
No Balance Transfer: These credit cards have no balance transfer fees. They simply allow you to keep your balance low and your payments low, so that you are better able to manage your expenses and your debt. Choose one of these if you want a card that has no balance transfer fees and will allow you to keep your expenses low. These are some of the easiest to manage and you will be better able to keep track of your debt as you do not have to make a due date each month and you do not have to worry about being charged a late fee.
Terms & Conditions: Some of the best credit cards in Canada have no annual fee but you must meet certain credit score and eligibility requirements. Make sure you read the terms and conditions before you apply. Some cards require a low credit score or some other type of criteria, so check them out before you apply. The easiest way to ensure you get approved is to read all the details. Find out what you need to do to qualify for the card.
Rewards: Most credit cards offer a variety of reward programs. Choose one that offers low interest rate rebates or some other reward with low interest rate. Choose one that offers a variety of perks such as air miles, cash back, or any other type of rebates and rewards program that you like. All of these things will help you to keep your expenses low and your credit score high, which helps you qualify for a low interest rate on your new card.
