Credit Cards, Insights

Best Canadian Credit Cards in 2022

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If you are looking for the best Canadian credit cards, you have come to the right place! In this blog post, we will discuss all of the different options that are available to Canadian consumers. We will talk about the pros and cons of each card, and help you decide which one is right for you. So whether you are looking for a rewards card, a travel card or a cash back card, we have got you covered!

What Are Canadian Credit Cards?

Canadian credit cards are a type of financial product that allows consumers to borrow money from a lending institution and use it to make purchases. Credit cards can be used to make purchases anywhere that accepts credit cards as a form of payment. In addition, many Canadian credit cards offer rewards programs that allow cardholders to earn points or cash back on their purchases.

There are many different Canadian credit cards available, so it’s important to compare the features and benefits of each before you choose one. Some things you may want to consider include the interest rate, annual fee, reward program, and whether or not the card offers 0% intro APR on purchases or balance transfers.

What Are The Different Types of Canadian Credit Cards?

There are four different types of Canadian credit cards: secured, unsecured, rewards, and business.

Secured credit cards require a deposit, which is usually equal to your credit limit. This deposit acts as collateral in case you default on your payments.

Unsecured credit cards don’t require a deposit but often have higher interest rates and lower credit limits.

Rewards credit cards earn you points that can be redeemed for cash back, travel, or merchandise.

Business credit cards are designed for business expenses and often come with perks like employee cards and extended payment terms.

What Are The Benefits of Getting Canadian Credit Cards?

There are many benefits of getting Canadian credit cards. One of the main benefits is that you can use them to earn rewards. With most Canadian credit cards, you can earn points for every dollar you spend. These points can be redeemed for cash back, travel, or merchandise.

Another benefit of Canadian credit cards is that they offer a variety of perks and features. For example, some cards offer extended warranty protection on eligible purchases, while others come with roadside assistance coverage. Some cards also offer purchase protection, which means that if your card is lost or stolen, you will be reimbursed for any unauthorized charges.

Finally, Canadian credit cards can help you build your credit history. If you use your card responsibly and make all of your payments on time, you will likely see your credit score improve over time. This can help you qualify for better interest rates on loans and lines of credit in the future.

What Are The Best Canadian Credit Cards?

Now that you know the different types of Canadian credit cards, let’s take a look at the best ones in each category.

The Best Secured Credit Card

The BMO World Elite Mastercard requires a minimum deposit of $500 and has an annual fee of $150. It comes with a host of perks including travel insurance, extended warranty protection, and concierge service.

The Best Unsecured Credit Card

The American Express Cobalt Card has no annual fee and offers five points per dollar spent on groceries, restaurants, bars, and food delivery. You also get two points per dollar spent on gas, transit, and travel.

The Best Rewards Credit Card

The Scotia Rewards Visa gives you four points per dollar spent on gas, groceries, and entertainment. You also get two points per dollar spent on all other purchases. There is an annual fee of $95.

The Best Business Credit Card

The American Express Platinum Business Card has a high annual fee of $450 but comes with a host of perks including airport lounge access, comprehensive travel insurance, and flexible spending limits.

A few notable mentions:

  • Best No-Fee Card: Scotia Momentum Visa Infinite
  • Best Travel Card: American Express Platinum Card
  • Best Cash Back Card: Tangerine Money-Back Credit Card
  • Best Low Interest Rate Card: Desjardins Odyssey World Elite Mastercard
  • Best Business Card: American Express Cobalt Business Card

How to Decide Which Type of Canadian Credit Cards You Want?

There are a few different types of Canadian credit cards available, so it’s important to choose the one that best suits your needs. If you’re a student, for example, you might want a card with no annual fee and low interest rates. Or if you’re a frequent traveller, you might want a card that offers rewards like free travel insurance or hotel stays.

How Many Canadian Credit Cards Should Someone Have?

Ideally, you would have one credit card for every type of purchase you make. For example, a rewards card for everyday spending, a travel card for flights and hotels, and a cash back card for gas and groceries.

However, most people don’t have the patience or discipline to juggle multiple cards.

If you’re going to carry only one or two cards, make sure they offer the best overall value in terms of rewards and benefits.

What Credit Limit Do Canadian Credit Cards Have?

Most Canadian credit cards will have a credit limit of $500 to $5000. However, there are some that will have a higher limit, such as the American Express Gold Rewards Card which has a credit limit of $30,000.

Do Canadian Credit Cards Report to The Three Major Credit Bureaus?

The Best Canadian Credit Cards will report to the three major credit bureaus in Canada. This is important because it will help you build your credit history in Canada.

The Best Canadian Credit Cards will also come with a grace period. This means that you will not be charged interest on your purchases for a certain period of time. The Best Canadian Credit Cards will also have a low annual fee.

What is The Best Way to Use Canadian Credit Cards?

There are a couple different ways that you can use your Canadian credit card. The first way is to use it as a normal credit card, which means using it to make purchases and then making monthly payments.

The second way is to use your Canadian credit card like a debit card, which means that you will only be able to spend the money that you have in your account.

If you are looking for the best Canadian credit cards, then you should definitely consider using one of the two methods mentioned above.

Using your Canadian credit card like a debit card is probably the best way to go if you are looking to save money on interest payments.

However, if you are looking to build up your credit score, then using your Canadian credit card as a normal credit card is probably the best way to go.

Whichever method you choose, make sure that you use your Canadian credit card wisely and you should be able to get the most out of it.

Do The Best Canadian Credit Cards Have Any Annual Fees?

The answer to that question is a resounding yes! In fact, most of the best Canadian credit cards have annual fees. However, these annual fees are generally worth it when you consider the perks and rewards that come with them.

Some of the best Canadian credit cards offer great rewards like cash back, travel points, and even free hotel stays. So if you’re looking for a great way to save money on your next vacation, be sure to check out some of the best Canadian credit cards. You might be surprised at how much you can save!

Do The Best Canadian Credit Cards Have Rewards Programs?

The answer is yes! The best Canadian credit cards have rewards programs that can save you money on your everyday purchases. There are many different types of rewards programs available, so it’s important to choose the one that best suits your needs.

Some of the most popular rewards programs include cash back, points, and miles. Cash back programs allow you to earn a percentage of cash back on all of your purchases.

Points programs allow you to accumulate points which can be redeemed for merchandise, travel, or cash back. And finally, miles programs let you earn miles which can be used for flights, hotel stays, or rental cars.

Do The Best Canadian Credit Cards Offer 0% APR?

There are a lot of credit cards out there that offer 0% APR for a certain period of time. This can be a great way to save money on interest, but you need to make sure you pay off your balance before the intro period ends. Otherwise, you’ll be stuck with a high interest rate and a big bill.

The best Canadian credit cards will have 0% APR for at least 12 months. Some cards will even offer 0% APR for up to 21 months. That’s a long time to not have to worry about interest! Just make sure you pay off your balance before the intro period ends, or you’ll be stuck with a high interest rate.

Do The Best Canadian Credit Cards Come With Sign-Up Bonuses?

The best Canadian credit cards come with sign-up bonuses, but not all of them do. It really depends on the card and the issuer. Some issuers are more generous than others when it comes to sign-up bonuses. And some cards are just better overall than others.

So, if you’re looking for the best Canadian credit card, make sure to check out the sign-up bonus offers. They could be worth hundreds of dollars, and that’s money that you can use to help pay down your debt or build up your savings.

Best Canadian Credit Cards With Bad Credit

No matter what your credit score is, there’s a Canadian credit card out there for you. If you have bad credit, there are still plenty of options to choose from. Here are some of the best Canadian credit cards for people with bad credit:

The Home Trust Secured Visa Card

This is a great option for people with bad credit who want to rebuild their credit score. The card comes with a low interest rate and no annual fee.

The Capital One Guaranteed Mastercard

This is another great option for people with bad credit who want to rebuild theircredit score. The card comes with a low interest rate and no annual fee.

The National Bank of Canada Credit Builder Mastercard

This is a great option for people with bad credit who want to rebuild their credit score. The card comes with a low interest rate and no annual fee.

The ScotiaLine Mastercard

This is a great option for people with bad credit who want to rebuild their credit score. The card comes with a low interest rate and no annual fee.

These are just some of the best Canadian credit cards for people with bad credit. If you have bad credit, don’t worry – there are still plenty of options out there for you!

Do Amex Have Canadian Credit Cards?

Yes, American Express offers several credit cards that are available to Canadian residents.

The Amex EveryDay Credit Card from American Express, for example, is a great option for those who want to earn rewards on their everyday purchases.

Other Amex credit cards include the Blue Sky Credit Card and the Starwood Preferred Guest Credit Card. You can learn more about each of these credit cards on the American Express website.

So, if you’re looking for a great Canadian credit card, be sure to check out the options from American Express. You’re sure to find one that meets your needs and helps you save money on your everyday expenses.

Is It Easy to Qualify for Canadian Credit Cards?

No, it’s not easy to qualify for Canadian credit cards. In order to qualify, you’ll need a good credit score and a steady income.

The best Canadian credit cards are reserved for those with excellent credit scores and a strong financial history. If you don’t have either of these things, you’ll likely be turned down for a Canadian credit card.

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About Jermaine Hagan (The Plantsman)

Jermaine Hagan, also known as The Plantsman is the Founder of Flik Eco. Jermaine is the perfect hybrid of personal finance expert and nemophilist. On a mission to make personal finance simple and accessible, Jermaine uses his inside knowledge to help the average Joe, Kwame or Sarah to improve their lives. Before founding Flik Eco, Jermaine managed teams across several large financial companies, including Equifax, Admiral Plc, New Wave Capital & HSBC. He has been featured in several large publications including BBC, The Guardian & The Times.

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