Canadian credit cards are very similar to those offered in the United States. All of the major credit card companies offer credit cards to Canadians and some major retailers do as well. There may not be as many choices, but there are still plenty to choose from. It is just as important for a person to compare Canadian credit cards as it is for those in the United States. Credit problems can arise no matter which country you live in.
Visa and Mastercard are the most common credit cards. There are a couple popular choices in Canadian credit cards for each. The Horizon Plus Mastercard is a secured card, which means a person has to deposit money into a savings account which becomes the balance for the card. The Horizon Plus Mastercard is designed to help those suffering from bad credit or bankruptcy. It requires a minimum deposit of $500 and includes a processing fee and a monthly fee.
It is also not available to residents of Quebec. Another Mastercard choice is the Petro-Points Mastercard. This Mastercard offers rewards for discounts on gas purchases. The discount only applies to select Petro stations. Visa offers the Home Trust Secured Visa. This secured card can be opened for any amount between $1000 and $10,000. It also earns interest on any amount left unspent. This card in not available to residents of Quebec. Another Visa option is the TD Green Visa. This card has no annual fee and offers rewards on car rentals. These are only a sampling of some of the secured and unsecured Visa and Mastercard credit cards available in Canada.
As mentioned, it is important for every person to control their credit card debt. With the secured cards that is made easy since a person can not spend more than they have deposited in a savings account. However, unsecured cards offer the potential for careless spending. All balances need to be paid off and the longer a person takes to pay them off the higher their balance due becomes. To avoid the risk of credit troubles or bankruptcy a person needs to charge responsibly.
Canadian credit cards offer the same benefits as American credit cards. Canadians may be more limited in their choices, especially when it comes to reward programs, though. As far as having charging power, though, Canadian credit cards are still good wherever Visa or Mastercard is accepted.
Canadian Credit Card Processing
Canadian Credit Cards that Are Accepted Anywhere
Many credit cards for Canadians bear the Visa or Mastercard logos. If you're usually on the road or frequently take trips, having a swipe card with a Visa or Mastercard logo is very handy as most establishments accept these forms of payment worldwide.
Canadian credit cards also offer the same features as American credit cards do. If you're an immigrant or a resident in Canada and is looking for a credit card, make sure that you'll get one that provides credit reporting to the three major credit bureaus of Canada (Experian, Equifax, TransUnion).
What Kind of Canadian Credit Card do You Need?
See to it that it matches your needs. What type of card do you really need? Do you need a secured one to rebuild your credit history? Do you need a balance transfer card to consolidate debt? Or do you prefer a Canadian credit card with rewards? Don't just sign up for a Canadian card because it's popular. Make sure that it complements your lifestyle.
Also, if a Canadian credit card comes with an attractive introductory offer, be sure that the rates and fees would remain reasonable even beyond the introductory period. For example, some secured Canadian credit cards may offer zero interest for 3 to 6 months but before grabbing the opportunity, get to know the real deal. How much would the interest rate be after the 6-month zero interest period? Would you be stuck with a high interest rate card?
Comparing Credit Cards for Canadians
Don't forget to analyze the interest rates being offered along with the rest of the fees and costs associated with the card. Bear in mind that in any country or State, some issuers charge high interest rates on their clients. To avoid the wrong card, spend time analyzing your chosen credit cards Terms & Conditions.
One way to compare credit cards for Canadians easily and effectively is to check out online reviews. Use the internet to find out the information you need about a particular Canadian card. Doing so will help you narrow down your choices to three or 2 cards.
Afterwards, visit the official website of each card and review the fine print. This way, you can accurately compare your choices, not based on the interest rates alone, but based upon all the terms and features as well.
Lastly, make sure that your chosen card offers the most important provisions. A card that offers a lot of features doesn't always guarantee a good deal. Some of the features may be unnecessary or irrelevant for your lifestyle. The most important features are what matters most.
Examples are fraud liability protection, credit reporting, sufficient grace period and reliable customer service- these are the provisions you should look for in a credit card.
Both Morgan Hamilton & Liz Roberts are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Liz Roberts has sinced written about articles on various topics from Debts Loans, Credit Cards and Apply for Credit Card. Copyright 2009 New Horizon Business Services, Inc NHBS, Inc has been providing consumers and business owners with financing since 1989. Join our mailing list for. Liz Roberts's top article generates over 22200 views. Bookmark Liz Roberts to your Favourites.
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