Canada Credit Cards

By: EconomyWatch   Date: 6 October 2010

About The Author

EconomyWatch

The core Content Team our economy, industry, investing and personal finance reference articles.

EconomyWatch, Content Team

 

  • Dot Div
  •      

Almost all financial institutions and leading banks in Canada offer Canada Credit Cards. These credit cars may offer varied advantages, such as low interest rates, cash back, discounts and frequent flyer miles. The features of Canada Credit Cards are based on the profiles of the applicants, such as student and business.

Canada's Credit Card Industry

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.

Top Rated Canada Credit Cards

Here is a list of the best Canadian Credit Cards along with their main features:

MBNA Gold MasterCard Credit Cards:

  • No annual fee.
  • Low AIR of 9.99% only.
  • Balance transfer fee of 1% of the transaction amount.
  • Credit limit of up to $100,000.
  • Canadian resident with good credit history can apply.
  • Introductory interest rate of 3.9% for the first four months.
  • Interest rate of PlatinumPlus applicable after first four months of issue.

BMO Mosaik MasterCard No Fee CashBack:

  • No annual fee.
  • AIR: 19.50% .
  • Cardholders earn 1.5% CashBack at Shell outlets and 0.5% CashBack on all card purchases.
  • Instant small purchase payment with MasterCard PayPass Tap & Go feature.

American Express Air Miles Platinum Credit Card:

  • Most lucrative travel reward card.
  • Annual fee: $50.
  • Purchase rate of 18.50 % and 19.99 % on cash advances.
  • Introductory balance transfer charge of 4.99 % for the first six months.
  • AIR MILES reward program: 1 reward mile = $10 in Card purchase at AIR. MILES partner store and $15 in Card purchase anywhere in Canada.

CIBC Aero Classic Visa Card:

  • Annual fee: $29.
  • AIR: 19.50%.
  • Aeroplan Miles reward program: Cardholders receive one Aeroplan Mile for every card transaction worth $ 2.
  • They can earn double Aeroplan Miles if they use their card at participating CIBC Bonus Rewards establishments.

Capital One Reward Miles MasterCard: No Annual Fee

  • No annual fee.
  • Flexible AIR which is equivalent to prime + 13.55 %.
  • No balance transfer charge.
  • One reward mile is awarded for every dollar spent through the card.
  • The reward miles never expire and can be redeemed anytime.

BMO Mosaik MasterCard Silver AIR MILES Reward Option

  • Annual fee: $70.
  • Low AIR of 11.90%.
  • Extra reward miles for purchases at Shell outlets.
  • Cardholders earn one reward mile for every $20 spent from their card.
  • Bonus of 100 AIR MILES reward miles.

And now you can pay your Credit Card Payment Online!

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.

‘BMO Credit Cards’ are trademarks of the Bank of Montreal, to find more, log on to www.bmo.com
‘MBNA Credit Cards’ are trademarks of MBNA America Bank. Know more at www.bankofamerica.com
‘Capitalone Credit Cards’ are trademarks of Capital One Small Business. Know more at- www.capitalone.com
‘American Express Credit Cards’ are trademarks of American Express Company. To know more visit: www.americanexpress.com
‘CIBC Credit Cards’ are trademarks of The Canadian Imperial Bank of Commerce, learn more at www.cibc.com
Find out more about Canada Credit Cards.

  • Dot Div
  •      

Most Popular in Canada Credit Cards

Related Links
blog comments powered by Disqus