Best Credit Card Canada- What is “Best” Depends on You

By: EconomyWatch Content Team   Date: 21 January 2010

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If you were asked what the best credit card Canada is what would your answer be? Not everyone would have the same answer to this question because not everyone is looking for the exact same thing in a credit card. Some people are looking for a card with no annual fee (or a low annual fee) while someone else may care more about finding a card with a low interest introductory period. People who travel a great deal may be looking for travel rewards while others may want cash back or a low fee to transfer a balance.

The best credit card Canada can refer to which one is most recommended and has the most to offer the majority of consumers but it can also refer to which card is most appropriate for you. A person with excellent credit has the most choices for cards while a person with fair credit has slightly less choice. Individuals who have credit that is either deemed as poor or bad have the least choices of everyone.

All credit cards in Canada have certain criteria for applicants and that is why every card is not necessarily suitable for everyone. You have to take into consideration a number of factors including your credit history, your income level, what you plan to use the card for and whether or not you plan to pay your balance off in full every month. All of these factors make a difference in what constitutes the best credit card Canada. The “best” depends on your unique set of circumstances.

If you are looking for a no fee travel reward credit card then the Blue Sky American Express card is an excellent choice. This card is a good choice because of its level of flexibility. The Blue Sky card has a points system that provides you with credit for any type of travel that gets charged to your card. As far as the rewards are concerned this best credit card Canada gives you 1.25 points for every dollar you spend on your credit card. You can redeem points for any type of travel whether it be flights, car rentals or hotel bookings. There are no blackout dates to worry about. Every 10,000 points equals $100. If you do the math then this works out to be a 1.25 percent return on the spending that you do.

Another extra that is particularly exciting for this card is that it comes with travel accident insurance. A drawback of the Blue Sky American Express card is that it is not accepted in as many places as is MasterCard or Visa. As well there are plenty of extras that it does not have. Despite its drawbacks, the Blue Sky card could definitely be considered a best credit card Canada.


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