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Choosing a Credit Card |
| Credit cards allow us to increase our consumer spending and provide a reliable source of funding in emergency situations. Each individual's credit spending and repayment habits will affect how much they will have to pay in interest every year. Find out which credit card is best for your needs and habits. |
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On face value, many credit cards seem similar. If you are the type of shopper who pays their balance as soon as they receive their credit card bill, a credit card with no annual or transaction fees would be best for you. However, depending on how you repay your bills and how frequently you use your credit card, interest rates and service fees can have a big impact on your bottom line.
Other factors may influence your choice of credit card. Many companies and financial institutions offer fidelity programs, discounts and other incentives to certain segments of the population such as students and high income earners. Your personal credit history may also limit your options. The Financial Consumer Agency of Canada provides you with information on many of these factors through their Credit Cards and You publications. To find out which card would cost you the least according to your spending habits, you may wish to use the Credit Card Interactive Tool provided by the Financial Consumer Agency of Canada. |
