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Compare Credit Cards in Canada

Best Credit Cards Finder

Looking for the Best Credit Card in Canada?


Choosing the right credit card can make a huge difference in the fees and interest you pay and the rewards you earn. It can also be a challenge to find the best card for your financial situation and current credit rating.

While credit card companies often showcase the best features on their websites, you’ll have to spend tons of time reading over the small print to find the rest of the details. This can make it very difficult to compare one card to another.

Fortunately, Insurdinary.ca makes comparing credit cards easy. Insurdinary lets you compare the details of each card, side by side, so you save time and make an informed decision.

What to Know Before Choosing a Credit Card


Make sure you know what you’re looking at when you compare credit cards in Canada so there are no surprises. Knowing the fees and processes associated with each card is crucial to making the right choice.

 

Interest Rate

Your interest rate varies by card. This interest is charged on the carried balance, and can usually be avoided if you pay the balance in full before the end of the grace period. Interest is often higher on cash advances, compared to card purchases.

 

Fees

Many cards carry an annual fee. There may also be fees for late payments or one time fees for cash advances. Cash advance fees are in addition to the interest rate charged for the advance.

 

Sign Up Process

Sign up and approval processes vary by card. Some are extensive, with credit rating, assets, and income are all being considered for approval. Other cards have lower requirements and simple approval processes.

 

Whether You Are Pre-Approved

You may have received notices about pre-approval for credit cards in the past. Pre-approval is an estimate, since the company has not yet received permission to pull your credit information.

 

Your Credit Score

Be careful not to apply for too many cards at one time, or for cards that are likely to be denied. Too many inquiries from lenders in a short period can negatively impact your credit rating.

Credit Cards – Frequently Asked Questions


You may have some common questions regarding comparing credit cards in Canada. Hopefully, our answers will make your decision a bit easier.

How can I redeem card rewards points?

One of the biggest differences between rewards cards is the way you can redeem your points. Some can be redeemed as a statement credit toward your balance, while others can be redeemed for airmiles, hotel points, gift cards, or other perks. Some can even be transferred to other rewards programs, like frequent flier or hotel VIP clubs.

Can a credit card help me improve my credit score?

Used responsibly, credit cards can help build your credit. Available credit is a factor in your credit score, and opening a new card can increase that number. Percentage of credit used is another factor, so keeping your balance low will also benefit your credit rating.

Are there cards specifically for those with low or no credit?

Those with little credit history or negative history can use a credit card to help build credit. The most likely cards in this case would be secured or guaranteed cards, since they use your deposit to support your line of credit.

What’s the best way to avoid fees and negative impacts on credit?

Timely payments are the most important factor in avoiding fees and credit damage. Set up automated payments to ensure you never miss a due date. To minimize or eliminate interest, set your auto payment before the end of the grace period each month and set it to cover your balance, not just the minimum due.

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