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Compare credit cards for 2020

Compare rewards, cash back, low interest, balance transfer, secured credit cards and more.

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Name Product Purchase Interest Rate Cash Advance Rate Annual Fee Minimum Income Benefits with this card Description
American Express Cobalt Card
19.99%
21.99%
$120
N/A
Earn 5 Membership Rewards points per $1 spent at eligible grocery stores, restaurants, bars, cafés and food delivery services, and earn 2 Membership Rewards points per $1 spent at eligible gas stations, and on transit and travel purchases, and earn 1 Membership Rewards point per $1 spent elsewhere. Terms apply
In your first year as a new Cobalt Cardmember, earn 2,500 Membership Rewards points for each monthly billing period in which you spend $500 on your card (for a total of 30,000 points in a year). Plus, earn a total of 10x the points for every $1 spent on eligible purchases made at Amazon.ca (up to $500) in your first 3 months of Cardmembership (apply by January 13, 2021 to enjoy this perk).
BMO World Elite Mastercard
19.99%
22.99%
$0 annual fee for the first year ($150 thereafter)
$80,000
Get 3 BMO Rewards points per $1 spent on eligible travel, dining and entertainment purchases (up to $50,000 spend annually), and get 2 BMO Rewards points per $1 spent on all other eligible purchases (and once you reach the $50,000 annual spend).
Get up to $575 in value in your first year. Get a bonus of 40,000 BMO Rewards points ($285 travel value booked on bmorewards.com). Plus, get the $150 annual fee waived in the first year.
American Express Aeroplan Card
30% annual interest rate applies to balances not paid in full each month
N/A
$120
N/A
Earn 2x the points on eligible purchases made directly with Air Canada and Air Canada vacations, 1.5x the points on eligible dining and food delivery purchases and 1x the points on everything else.
Earn up to 15,000 Welcome Bonus Aeroplan points and a bonus Buddy Pass as a new cardmember.
SimplyCash Preferred Card from American Express
19.99%
21.99%
$99
N/A
Earn 2% cash back on all eligible purchases
Earn 10% cash back on all eligible purchases (up to $400 in cash back) for the first four months of Cardmembership.
BMO Preferred Rate Mastercard
12.99%
12.99%
$20
$15,000
Take advantage of an introductory balance transfer offer, annual fee waiver in the first year, and low purchase and cash advance interest rates.
Get a rate of 3.99% on balance transfers for 9 months with a 1% transfer fee. Plus, get the $20 annual fee waived in the first year.
BMO eclipse Visa Infinite
20.99%
23.99%
$0 annual fee for the first year ($120 thereafter)
$60,000
Earn 5x the BMO Points for every $1 spent on groceries, dining in and out, gas and transit.
Get up to 40,000 points and the $120 annual fee waived in the first year. Earn 25,000 points after you spend $3,000 in the first 3 months and get 15,000 points on your first anniversary.
Tangerine Money-Back Credit Card
1.95% intro APR for the first , 19.95% thereafter
19.95%
$0
$12,000
Earn 2% cash back in two categories of your choice (or three categories if you open a Tangerine Savings Account and directly deposit your cash back into the account), and 0.5% cash back on everything else.
Get a 1.95% interest rate on balance transfers for the first six months (valid within the first 30 days of account opening).
American Express Aeroplan Reserve Card
19.99%
21.99%
$599
N/A
Earn 3x the points on eligible purchases made directly with Air Canada and Air Canada Vacations, 2x the points on eligible dining and food delivery purchases in Canada, and 1x the points on everything else.
Earn up to 65,000 Welcome Bonus Aeroplan points and a $100 Statement Credit as a new cardmember.
American Express Business Edge Card
19.99%
21.99%
$99
N/A
Earn 3 Membership Rewards points for every $1 spent on eligible business essentials including office supplies, electronics, rides, gas, eats and drinks (up to an annual earn of 75,000 Membership Rewards), and earn 1 Membership Reward point for every $1 spent on all other eligible purchases
Earn up to 42,000 Membership Rewards points in your first year. Earn a Welcome Bonus of 30,000 Membership Rewards points when you spend at least $5,000 on eligible purchases within the first three months, and earn 1,000 Membership Rewards points each month (a total of 12,000 annually) when you spend a minimum of $3,000 on eligible purchases
American Express AIR MILES Platinum Credit Card
20.99%
21.99%
$120
N/A
Earn 1 AIR MILE for every $5 spent on eligible food, drink, gas and transit purchases (up to an annual spend of $30,000), and earn 1 AIR MILE for every $10 spent on all other eligible purchases (and after the $30,000 annual spend)
Earn a Welcome Bonus of 3,000 AIR MILES when you spend at least $1,500 in eligible purchases within the first three months.
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Finder’s free service makes it easy to compare credit cards. Here’s a comprehensive guide to help you navigate your choices and understand the features and fees that come with this convenient source of credit.

How credit cards work

Credit cards are a form of unsecured credit that allows you to borrow money from a credit provider without having to pay it straight away. You’ll have a minimum of 21 days to repay the balance before you’ll start to incur interest – with some cards offering up to 55 days interest-free. Credit cards are different from debit cards which are tied to actual money in a savings account. While banks are the first place most people will go for a credit card, there are many credit unions, stores, supermarkets, airlines and stand-alone credit card companies that issue credit cards too.

A wide range of credit cards exist on the market, including cash back, balance transfer, rewards, travel, no annual fee, no foreign transaction fee, student, business and many others. The right credit card for you will often depend on your lifestyle and your financial goals. There are also prepaid cards on the market.

In depth: How do credit cards work?

How to apply for a credit card

1. Figure out what you want and need

Think about what you will use your credit card for, how often you plan to use it and which rewards and perks are of interest to you. Consider balance transfer offers, interest rates, annual fees and rewards when you compare credit cards. Compare different types of credit cards to find the one that suits your needs best.

2. Shop around

There are hundreds of credit cards on the market. Once you’ve narrowed down your options to the type of credit card you’re interested in, compare eligibility requirements and other features like interest rates, annual fees and rewards programs.

3. Fill out the application

Once you’ve picked a card, apply online and follow the steps to complete the application. You’ll need to provide personal details including your contact details, income and your Social Insurance Number. Many credit cards offer near instant approval – which means you could know within 60 seconds or less whether you’ve been approved for the card or not.

4. Get approved and receive your card

Once you’ve been approved for your new credit card, you should receive it in the mail within 7-14 days. Clear instructions will state whether you need to call to activate your card or whether you can login to your online banking.

What cards are you looking for?

How to compare credit cards

To help you find the right card for you, there are a few factors to consider when you compare credit cards and your various options.

  • Your income. This is one of the biggest factors as credit card providers want to know you’re able to pay back your debt. Generally speaking, the higher your income (not necessarily from employment), the more likely you are to get approved.
  • Your credit score. Your credit score will play a big role in the type of credit cards available to you. The higher your credit score, the better the terms and rates that you’ll get. A score of 650 is often considered the “magic number” to get approved for a standard credit card.
  • Your age. You need to be at least 18 (or the age of majority in your province or territory) to apply for a credit card. If you’re young, you’re likely to have a limited credit history. You could consider student credit cards that will improve your credit score over time and qualify you for better deals.
  • Your personal interests. Some credit cards offer rewards that may compliment your lifestyle and interests. If you travel overseas, an Air Miles or travel credit card might be a good choice. If you frequently buy gas at a specific gas station, you could take advantage of a credit card that offers discounts.
  • Your financial situation. It’s not ideal to get credit cards just to fill the gap between income and expenses. Debt from credit cards can spiral out of control if the outstanding balance is not paid back regularly. Credit cards should instead be used to help you achieve your financial goals. For example, if you need to make a big purchase that you want to pay off over time, low purchase interest credit cards could help you do this without having to pay extra in interest.

Eligibility criteria

To apply for a credit card, you’ll need to make sure you meet the eligibility criteria. Just like with any other loan application, there’s no guarantee that the application will be approved. While eligibility criteria can vary between specific credit cards, it usually includes the following:

  • Age. Be at least 18 years of age, or the age of majority in your province or territory. If you’re under 18, you can usually become an authorized user on a parent or guardians credit card.
  • Residency. Be a Canadian citizen or a permanent resident with a Canadian residential address. However, some providers offer cards to temporary residents or those on certain visas – but either way you’ll need a Canadian address.
  • Credit score. Many credit cards have a minimum recommended credit score that you must meet in order to be eligible for approval. While it varies between cards, the average minimum credit score tends to sit around 650.
  • Income. Some credit cards will require that you make a certain amount of money each year in order to qualify. Minimum annual income usually sits around $12,000, while more prestigious cards can require minimum personal incomes of $60,000 – $80,000 a year.

What are the costs of a credit card?

  • Repayments. You’re free to repay as much as you like as often as you like. You’re required to make the minimum repayment when your statement is issued. The minimum repayment is usually 2% or $10 of your outstanding balance. You will pay a late payment fee if you don’t make the minimum repayment by the statement due date.
  • Annual fee. This is the cost to own a credit card. The annual fee ranges from $0 to hundreds of dollars depending on the credit card type. The credit card annual fee is typically deducted from your available credit and accrues interest at the purchase rate if it isn’t paid in the first statement period.
  • Interest rates. Interest is the price you pay to borrow money. Credit card interest rates are much higher than other types of financing because credit cards are an unsecured product; financial institutions have no recourse to take your assets if you default on your repayments.
  • Other fees. Other fees you may run into include late payment fees, overlimit fees (a fee for spending more than your credit limit), rewards program membership fees and cash advance fees. If you’re doing a balance transfer, you will also likely incur a balance transfer fee.

Important credit card features

To get the most out of the process when you compare credit cards and ultimately choose the right one for you, it is important to understand the different features that are included within credit card deals.

Credit limit

Your credit limit is the maximum amount you can spend on your credit card at any one time. Your limit is calculated by the card provider and will depend on various factors including your credit score and your annual income.

What happens when you go over your limit will vary depending on your card issuer, but at a minimum, you’ll usually be charged an additional fee and your credit score will be affected. Other penalties might include increased interest rates, reduced credit limit and freezing your credit card until your balance is back within the maximum amount allowed.

Credit card fees

Many credit cards charge an annual fee, however some providers might waive the fee for 12 months as part of a signup deal.

A balance transfer fee is levied when you transfer your balance from one credit card to a new one and is a percentage of the transfer amount. This rate is usually between 1% and 3%, but can be as low as 0% on some cards.

Additional fees are also levied when you withdraw cash from an ATM, exceed your credit limit and use your credit card overseas.

Interest rate

The interest charge on a credit card will be shown as the APR. APR stands for Annual Percentage Rate and is the amount you’ll pay to the card issuer on top of the money you borrow. The APR includes the interest rate as well as any fees and is averaged out over 12 months.

You’ll only pay interest if you don’t pay off your balance in full before the end of the interest-free grace period.

Grace period

Credit Cards often carry an interest-free grace period during which no interest will be charged on an outstanding balance. It can also be seen as the period from when the billing cycle closes to when the outstanding amount is due on that bill. The period varies greatly between card issuers and can be anything from 21 days to 55 days.

You’ll benefit from grace periods if you pay your balance off in full every month as it’s only applicable on new purchases and, in most cases, not available on cash advances or balance transfers.

Security

Credit cards are secured by a CHIP and PIN system for physical payments and by a 3 digit security code for online payments. If a fraudulent transaction does occur, your bank or credit provider has to refund you unless they have an adequate reason for refusing such a refund.

You can also get protection for any purchases you make up to 90 days usually with purchase protection.

Rewards

Rewards credit cards are a good way of getting compensated for making purchases with your credit card. The type of rewards will vary but may include cash back, miles and rewards points.

These rewards will either pay you back a percentage of your purchase at particular retailers or reward you in points for discounts and vouchers.

Compare credit cards by type or feature

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