In August 1968, the first all-purpose Canada credit card was introduced in the market. It was called Chargex. The name was replaced in 1979 by Visa. In a little over a decade, the card was adopted by more than 6 million users. Bank of Montreal introduced Mastercharge (now MasterCard) in 1973. In 2008, there were 31 million Visa cards in circulation in Canada and an even higher number of MasterCard credit cards, since the latter has a larger number of big issuers.
Canada has a wide range of credit cards and credit card types. There are more than 200 credit cards issued in Canada.
Canada has one of the world's most developed and robust banking and financial services industries in the world. So it stands to reason Canada has a comprehensive and established range of credit cards, ideal for any type of consumer, from students to corporations. Canadian credit cards include store cards, airline cards, rewards cards, low interest rate credit cards, and all types of Visa, Mastercard, and American Express cards.
Some of the banks that issue credit cards in Canada are MBNA Canada, HomeTrust, HSBC, BMO Bank of Montreal, CapitalOne Bank Canada, Scotiabank, TD Canada Trust, Laurentian Bank Canada, ICICI Bank, CIBC, Caisses Desjardins, and RBC Royal Bank.
One of the best ways to select a credit card is via the Financial Consumer Agency of Canada (FCAC) website. This site is run by the Government of Canada and contains a database of all availabe credit cards in Canada. It allows people to compare the various credit cards in Canada available and select the one most appropriate for their needs.
The FCAC website is updated every quarter, or four times a year. Visitors can view the information on the many credit cards in Canada in a .pdf table that compares each credit card, or they can browse the various cards via a sort of credit card wizard tool.
This interactive tool asks various questions concerning the user's financial needs and habits such as,
"What kind of credit card are you looking for?
-Regular credit cards (standard, gold, platinum)
-Specialized credit cards (Student, U.S. dollar, retail, secured or charge card)"
After you have answered all the questions it will suggest the most appropriate card.
Here is a list of the best Canadian Credit Cards along with their main features:
Here are a few links to Canada Credit Cards Online Payment information:
Can't find your credit card payment online information page? Search EconomyWatch Credit Cards.