Tangerine World Mastercard
- Enjoy a 10% cashback welcome bonus
- Earn unlimited cashback with no caps on earning potential
- No annual fee
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
A credit card allows you to charge purchases to your card which you’ll then pay for later. Each month you’ll get a statement showing what you spent over the previous month, and you can either pay off your balance in full or just pay the minimum monthly payment (typically 2-3% of your outstanding balance).
Unlike a loan with a rigid repayment schedule and a fixed end date, credit cards give you some flexibility and are open-ended. The credit’s there when you need it, and you can pay off your debt as fast or as slowly (within reason) as you like.
There are plenty of situations when a credit card could be a smart choice. For starters, used carefully, they can be a cheap – or even free – way to borrow. But even if you don’t need to borrow money, there are other benefits you may want to consider.
Some credit cards come with purchase protection, theft insurance and extended warranties so if something happens to great new TV you just bought you may be able to get a refund through your card issuer or their insurance provider.
If you’re young or new to credit, then you probably won’t have much of a credit record. If you’re planning to get a mortgage or perhaps car finance sometime in the future, then to get a decent rate, you’ll need to show that you’re capable of borrowing money and repaying it on time. A credit card is one way to demonstrate help build credit.
But even if you have excellent credit and you don’t need to borrow, a credit card could still work for you. Plenty of cards come with perks or rewards – from loyalty points or cashback through to airport lounge access or travel insurance.
Some of the best ways to use a credit card are outlined below:
To find the right credit card to suit your wants and needs, it’s good learn the types of credit cards on the market. Here are some of the main type of credit cards available in the Canada, along with the key benefits they offer.
These cards let you transfer existing debt and enjoy a low interest rate on it for a promotional period. If you already have a credit card or loan debt, a balance transfer card could help you get debt-free faster and/or more cheaply.
These cards reward you for every purchase you make, either in cashback (account credit) or in points to redeem with participating merchants. They can also offer a world of perks but tend to be less-suited to ongoing borrowing.
If you’re anticipating a hefty expenditure, a low interest rate card could let you spread the cost over several months without paying the sky-high rates of store cards.
If you’re heading overseas or you’re planning to make non-cash transactions, these cards can offer fee-free currency conversions (most credit cards charge you for this).
These cards are designed for those with damaged or very limited credit records. Rates are typically a bit higher and credit limits a bit lower, but it’s usually easier to get your application across the line.
Used carefully, these cards can offer a small financial buffer and can help kick-start a positive credit record. They’re generally available alongside your student current account.
These cards are affiliated with a specific airline so they’re best for loyal customers. You’ll earn points/miles on all your day-to-day spending to redeem against flights, companion tickets, upgrades and more.
These cards are designed specifically to help you keep track of business expenses and manage employee spending, but they can also earn you reward points or offer perks for you and your business.
There are credit cards to suit almost anybody, but you’ll need to be 18 or older and a Canadian resident in most cases, unless you meet the criteria for credit cards for foreign workers with work permits.
Credit cards are offered at the issuer’s discretion – in other words, when you apply for one, the card issuer will weigh up your application, and if it thinks you’re a safe bet, it’ll offer you a card. Card issuers normally state their minimum criteria (which could include a minimum income or being an existing customer) but meeting these criteria isn’t a guarantee of approval.
For really premium cards, you’re likely to need a decent income and a good track record of borrowing responsibly (a high credit score), but credit builder credit cards and student credit cards are much easier to get approved for. If you’re not sure what your credit score is and what’s in your credit report, you can find out free with Finder.
If your credit card application is approved, your specific circumstances will determine what credit limit (that’s the maximum debt you can build up on the card) the issuer will offer you. Your personalized limit will depend on factors like your credit score, and your income and outgoings.
Once you’ve held a credit card for a few months or years, you might want to raise a request to increase your credit limit. Any increase will be at the card issuer’s discretion, but if you’ve been using your card sensibly (making repayments on time) and your circumstances haven’t changed for the worse, there’s a reasonable chance your request will be approved. Some card issuers will even pro-actively suggest a credit limit increase after a while.
One of the downsides of credit cards is that the fee structure can be a bit complicated. But do your homework and use them correctly, and credit cards can be a cheap form of borrowing (if you pay off your balance each month), or can even earn you benefits.
Looking for a new credit card? Choose from this complete list of credit card companies in Canada from banks and financial providers like Scotiabank or Tangerine, networks like American Express and more. Below is a running list of credit card issuers in Canada with links to their card offerings and reviews.
Note that while we try to keep this credit card list up to date, it may not be a comprehensive listing of all Canadian credit card providers at the time of reading, and that it may become out of date as brands merge, new brands are introduced or other changes take place.
Have a particular credit card provider in mind? Click the logo to compare its suite of credit cards.
Secured credit cards could be an option. But you could qualify for an unsecured card if you lower your debt.Read more…
Find out how you can make the most out of your Aeroplan rewards membership when you get an Aeroplan credit card.Read more…
Use rewards from your everyday purchases to get movie tickets, free dining, travel perks and more.Read more…
Earn accelerated rewards on categories that matter to you and your partner, such as gas, dining, groceries and travel.Read more…
With a Visa Infinite credit card, you’ll have access to a premium concierge service offering rewards and benefits to help make your life easier while you travel.Read more…
Find out which payment options Walmart accepts, including Visa, MasterCard and American Express.Read more…
From personal and payday loans to lines of credit, compare loans for bad credit in Edmonton.
This guide provides step-by-step instructions on how to buy Sui, lists some exchanges where you can get it and provides daily price data on (SUI).
This guide provides step-by-step instructions on how to buy Pepe, lists some exchanges where you can get it and provides daily price data on (PEPE).
This guide provides step-by-step instructions on how to buy Arbitrum, lists some exchanges where you can get it and provides daily price data on (ARB).
This guide provides step-by-step instructions on how to buy SSV Network, lists some exchanges where you can get it and provides daily price data on (SSV).
This guide provides step-by-step instructions on how to buy USDD, lists some exchanges where you can get it and provides daily price data on (USDD).
This guide provides step-by-step instructions on how to buy Blur, lists some exchanges where you can get it and provides daily price data on (BLUR).
This guide provides step-by-step instructions on how to buy FLOKI Inu, lists some exchanges where you can get it and provides daily price data on (FLOKI).
This guide provides step-by-step instructions on how to buy Aptos, lists some exchanges where you can get it and provides daily price data on (APT).
This guide provides step-by-step instructions on how to buy EthereumPoW, lists some exchanges where you can get it and provides daily price data on (ETHW).
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.