Ratehub.ca's Best Credit Cards in Canada

It’s easy to find the best credit cards in Canada by using Ratehub.ca’s credit card comparison chart. By selecting your monthly spending and preferences, we’ll match you with the best credit cards for your needs. Once you’ve picked the card you want, we’ll walk you through the steps to apply for it.

Top Cash Back Card

Top Balance Transfer Card

Top Travel Card

Top Rewards Card

Top Cash Back Card

Image of Scotia Momentum® Visa Infinite* Card

Top Balance Transfer Card

Image of MBNA True Line® Mastercard® credit card

Top Travel Card

Image of TD® First Class Travel® Visa Infinite* Card

Top Rewards Card

Image of Scotiabank®* Gold American Express® Card

Earn 10% cash back on purchases for the first 3 months.

You could get a 0% promotional annual interest rate (“AIR”)† for 10 months on balance transfers✪

Limited Time Welcome Bonus: Get up to 80,000 TD Points (a travel value of $400).

Earn 15,000 bonus points ($150 value) with your first $1,000 in everyday purchases.

Get more details Compare all cards Get more details Compare all cards Get more details Compare all cards Get more details Compare all cards

Not sure which card to choose?

Let us help you!

Rewards cards Purchase interest rate Annual fee First year rewards (up to) Min. required income
Best travel credit cards
American Express® Business Gold Rewards Card View details American Express® Business Gold Rewards Card
30%
$250
$180
$0.00 Get more details
MBNA Rewards Platinum Plus® Mastercard® View details MBNA Rewards Platinum Plus® Mastercard®
19.99%
Cash advance 24.99%
$0
$190
$0.00 Get more details
American Express® Air Miles Platinum® Credit Card View details American Express® Air Miles Platinum® Credit Card
19.99%
Cash advance 22.99%
$65
$357
$0.00 Get more details
Scotia Momentum® Visa Infinite* Card View details Scotia Momentum® Visa Infinite* Card
19.99%
Cash advance 22.99%
$99
$510
$60,000.00 Get more details
BMO CashBack MasterCard® View details BMO CashBack MasterCard®
19.99%
Cash advance 22.99%
$0
$180
$15,000.00 Get more details
American Express® Gold Rewards Card View details American Express® Gold Rewards Card
30%
$150
$532
$0.00 Get more details
PC Financial® World Elite Mastercard® View details PC Financial® World Elite Mastercard®
19.97%
Cash advance 22.97%
$0
$180
$80,000.00 Get more details
CIBC Dividend Visa Card View details CIBC Dividend Visa Card
19.99%
Cash advance 22.99%
$0
$161
$0.00 Get more details
Harley-Davidson Mastercard® View details Harley-Davidson Mastercard®
19.99%
Cash advance 22.99%
$0
$90
$0.00 Get more details
SCENE® Visa* Card View details SCENE® Visa* Card
19.99%
Cash advance 22.99%
$0
$402
$12,000.00 Get more details
CIBC Aerogold Visa Infinite View details CIBC Aerogold Visa Infinite
19.99%
Cash advance 22.99%
$120
$435
$60,000.00 Get more details
Scotia Momentum® No-Fee VISA card View details Scotia Momentum® No-Fee VISA card
19.99%
Cash advance 21.99%
$0
$152
$12,000.00 Get more details
BMO Air Miles World Elite MasterCard® View details BMO Air Miles World Elite MasterCard®
19.99%
Cash advance 22.99%
$120
$432
$80,000.00 Get more details
National Bank World MasterCard® View details National Bank World MasterCard®
19.99%
Cash advance 22.99%
$115
$145
$60,000.00 Get more details
National Bank World Elite® MasterCard® View details National Bank World Elite® MasterCard®
19.99%
Cash advance 22.99%
$150
$370
$80,000.00 Get more details
MBNA Rewards World Elite® View details MBNA Rewards World Elite®
19.99%
Cash advance 24.99%
$120
$371
$80,000.00 Get more details
American Express® AeroplanPlus® Platinum Card View details American Express® AeroplanPlus® Platinum Card
%
$499
$351
$0.00 Get more details
SimplyCash™ Card from American Express View details SimplyCash™ Card from American Express
19.99%
Cash advance 22.99%
$0
$405
$0.00 Get more details
TD® First Class Travel® Visa Infinite* Card View details TD® First Class Travel® Visa Infinite* Card
19.99%
Cash advance 22.99%
$120
$470
$60,000.00 Get more details
TD® Aeroplan® Visa Platinum* Card View details TD® Aeroplan® Visa Platinum* Card
19.99%
Cash advance 22.99%
$89
$201
$0.00 Get more details
MBNA Smart Cash Platinum Plus® Mastercard® View details MBNA Smart Cash Platinum Plus® Mastercard®
19.99%
Cash advance 24.99%
$0
$270
$0.00 Get more details
Tangerine Money-Back Credit Card View details Tangerine Money-Back Credit Card
19.95%
Cash advance 19.95%
$0
$243
$12,000.00 Get more details
TD® Aeroplan® Visa Infinite* Card View details TD® Aeroplan® Visa Infinite* Card
19.99%
Cash advance 22.99%
$120
$582
$60,000.00 Get more details
American Express® AIR MILES® Gold Business Card View details American Express® AIR MILES® Gold Business Card
19.99%
Cash advance 22.99%
$0
$127
$0.00 Get more details
CIBC Aventura® Visa Infinite* Card View details CIBC Aventura® Visa Infinite* Card
19.99%
Cash advance 22.99%
$120
$262
$60,000.00 Get more details
TD® Aeroplan® Visa Infinite Privilege* Card View details TD® Aeroplan® Visa Infinite Privilege* Card
19.99%
Cash advance 22.99%
$399
$190
$200,000.00 Get more details
Scotiabank VISA Business Card View details Scotiabank VISA Business Card
19.8%
Cash advance 19.80%
$75
$115
$0.00 Get more details
PC Financial® World Mastercard® View details PC Financial® World Mastercard®
19.97%
Cash advance 22.97%
$0
$180
$60,000.00 Get more details
CIBC Dividend Visa Infinite Card View details CIBC Dividend Visa Infinite Card
19.99%
Cash advance 22.99%
$99
$101
$60,000.00 Get more details
Scotiabank®* Gold American Express® Card View details Scotiabank®* Gold American Express® Card
19.99%
Cash advance 22.99%
$99
$915
$12,000.00 Get more details
ECHO® Cashback MasterCard® View details ECHO® Cashback MasterCard®
19.99%
Cash advance 22.99%
$30
$231
$0.00 Get more details
BMO® AIR MILES® MasterCard® View details BMO® AIR MILES® MasterCard®
19.99%
Cash advance 22.99%
$0
$108
$15,000.00 Get more details
TD Platinum Travel Visa* Card View details TD Platinum Travel Visa* Card
19.99%
Cash advance 22.99%
$89
$246
$0.00 Get more details
SimplyCash™ Preferred Card from American Express View details SimplyCash™ Preferred Card from American Express
19.99%
Cash advance 22.99%
$99
$441
$0.00 Get more details
Scotiabank® American Express® Card View details Scotiabank® American Express® Card
19.99%
Cash advance 22.99%
$0
$299
$12,000.00 Get more details
BMO World Elite MasterCard® View details BMO World Elite MasterCard®
19.99%
Cash advance 22.99%
$150
$617
$80,000.00 Get more details
Scotia Momentum® VISA View details Scotia Momentum® VISA
19.99%
Cash advance 21.99%
$39
$266
$12,000.00 Get more details
Walmart Rewards™ Mastercard® View details Walmart Rewards™ Mastercard®
19.89%
Cash advance 21.49%
$0
$195
$0.00 Get more details
Desjardins Student Cash Back Visa View details Desjardins Student Cash Back Visa
19.9%
Cash advance 19.90%
$0
$25
$0.00 Get more details
ScotiaGold Passport® VISA View details ScotiaGold Passport® VISA
19.99%
Cash advance 22.99%
$110
$120
$12,000.00 Get more details
Desjardins Odyssey World Elite Mastercard View details Desjardins Odyssey World Elite Mastercard
19.9%
Cash advance 19.99%
$130
$140
$80,000.00 Get more details
PC Financial® Mastercard® View details PC Financial® Mastercard®
19.97%
Cash advance 22.97%
$0
$180
$0.00 Get more details
American Express® Platinum Card® View details American Express® Platinum Card®
30%
Cash advance 22.99%
$699
$26
$40,000.00 Get more details
Best cash back credit cards
American Express® Business Gold Rewards Card View details American Express® Business Gold Rewards Card
30%
$250
$180
$0.00 Get more details
MBNA Rewards Platinum Plus® Mastercard® View details MBNA Rewards Platinum Plus® Mastercard®
19.99%
Cash advance 24.99%
$0
$190
$0.00 Get more details
American Express® Air Miles Platinum® Credit Card View details American Express® Air Miles Platinum® Credit Card
19.99%
Cash advance 22.99%
$65
$357
$0.00 Get more details
Scotia Momentum® Visa Infinite* Card View details Scotia Momentum® Visa Infinite* Card
19.99%
Cash advance 22.99%
$99
$510
$60,000.00 Get more details
BMO CashBack MasterCard® View details BMO CashBack MasterCard®
19.99%
Cash advance 22.99%
$0
$180
$15,000.00 Get more details
American Express® Gold Rewards Card View details American Express® Gold Rewards Card
30%
$150
$532
$0.00 Get more details
PC Financial® World Elite Mastercard® View details PC Financial® World Elite Mastercard®
19.97%
Cash advance 22.97%
$0
$180
$80,000.00 Get more details
CIBC Dividend Visa Card View details CIBC Dividend Visa Card
19.99%
Cash advance 22.99%
$0
$161
$0.00 Get more details
Harley-Davidson Mastercard® View details Harley-Davidson Mastercard®
19.99%
Cash advance 22.99%
$0
$90
$0.00 Get more details
SCENE® Visa* Card View details SCENE® Visa* Card
19.99%
Cash advance 22.99%
$0
$402
$12,000.00 Get more details
CIBC Aerogold Visa Infinite View details CIBC Aerogold Visa Infinite
19.99%
Cash advance 22.99%
$120
$435
$60,000.00 Get more details
Scotia Momentum® No-Fee VISA card View details Scotia Momentum® No-Fee VISA card
19.99%
Cash advance 21.99%
$0
$152
$12,000.00 Get more details
BMO Air Miles World Elite MasterCard® View details BMO Air Miles World Elite MasterCard®
19.99%
Cash advance 22.99%
$120
$432
$80,000.00 Get more details
National Bank World MasterCard® View details National Bank World MasterCard®
19.99%
Cash advance 22.99%
$115
$145
$60,000.00 Get more details
National Bank World Elite® MasterCard® View details National Bank World Elite® MasterCard®
19.99%
Cash advance 22.99%
$150
$370
$80,000.00 Get more details
MBNA Rewards World Elite® View details MBNA Rewards World Elite®
19.99%
Cash advance 24.99%
$120
$371
$80,000.00 Get more details
American Express® AeroplanPlus® Platinum Card View details American Express® AeroplanPlus® Platinum Card
%
$499
$351
$0.00 Get more details
SimplyCash™ Card from American Express View details SimplyCash™ Card from American Express
19.99%
Cash advance 22.99%
$0
$405
$0.00 Get more details
TD® First Class Travel® Visa Infinite* Card View details TD® First Class Travel® Visa Infinite* Card
19.99%
Cash advance 22.99%
$120
$470
$60,000.00 Get more details
TD® Aeroplan® Visa Platinum* Card View details TD® Aeroplan® Visa Platinum* Card
19.99%
Cash advance 22.99%
$89
$201
$0.00 Get more details
MBNA Smart Cash Platinum Plus® Mastercard® View details MBNA Smart Cash Platinum Plus® Mastercard®
19.99%
Cash advance 24.99%
$0
$270
$0.00 Get more details
Tangerine Money-Back Credit Card View details Tangerine Money-Back Credit Card
19.95%
Cash advance 19.95%
$0
$243
$12,000.00 Get more details
TD® Aeroplan® Visa Infinite* Card View details TD® Aeroplan® Visa Infinite* Card
19.99%
Cash advance 22.99%
$120
$582
$60,000.00 Get more details
American Express® AIR MILES® Gold Business Card View details American Express® AIR MILES® Gold Business Card
19.99%
Cash advance 22.99%
$0
$127
$0.00 Get more details
CIBC Aventura® Visa Infinite* Card View details CIBC Aventura® Visa Infinite* Card
19.99%
Cash advance 22.99%
$120
$262
$60,000.00 Get more details
TD® Aeroplan® Visa Infinite Privilege* Card View details TD® Aeroplan® Visa Infinite Privilege* Card
19.99%
Cash advance 22.99%
$399
$190
$200,000.00 Get more details
Scotiabank VISA Business Card View details Scotiabank VISA Business Card
19.8%
Cash advance 19.80%
$75
$115
$0.00 Get more details
PC Financial® World Mastercard® View details PC Financial® World Mastercard®
19.97%
Cash advance 22.97%
$0
$180
$60,000.00 Get more details
CIBC Dividend Visa Infinite Card View details CIBC Dividend Visa Infinite Card
19.99%
Cash advance 22.99%
$99
$101
$60,000.00 Get more details
Scotiabank®* Gold American Express® Card View details Scotiabank®* Gold American Express® Card
19.99%
Cash advance 22.99%
$99
$915
$12,000.00 Get more details
ECHO® Cashback MasterCard® View details ECHO® Cashback MasterCard®
19.99%
Cash advance 22.99%
$30
$231
$0.00 Get more details
BMO® AIR MILES® MasterCard® View details BMO® AIR MILES® MasterCard®
19.99%
Cash advance 22.99%
$0
$108
$15,000.00 Get more details
TD Platinum Travel Visa* Card View details TD Platinum Travel Visa* Card
19.99%
Cash advance 22.99%
$89
$246
$0.00 Get more details
SimplyCash™ Preferred Card from American Express View details SimplyCash™ Preferred Card from American Express
19.99%
Cash advance 22.99%
$99
$441
$0.00 Get more details
Scotiabank® American Express® Card View details Scotiabank® American Express® Card
19.99%
Cash advance 22.99%
$0
$299
$12,000.00 Get more details
BMO World Elite MasterCard® View details BMO World Elite MasterCard®
19.99%
Cash advance 22.99%
$150
$617
$80,000.00 Get more details
Scotia Momentum® VISA View details Scotia Momentum® VISA
19.99%
Cash advance 21.99%
$39
$266
$12,000.00 Get more details
Walmart Rewards™ Mastercard® View details Walmart Rewards™ Mastercard®
19.89%
Cash advance 21.49%
$0
$195
$0.00 Get more details
Desjardins Student Cash Back Visa View details Desjardins Student Cash Back Visa
19.9%
Cash advance 19.90%
$0
$25
$0.00 Get more details
ScotiaGold Passport® VISA View details ScotiaGold Passport® VISA
19.99%
Cash advance 22.99%
$110
$120
$12,000.00 Get more details
Desjardins Odyssey World Elite Mastercard View details Desjardins Odyssey World Elite Mastercard
19.9%
Cash advance 19.99%
$130
$140
$80,000.00 Get more details
PC Financial® Mastercard® View details PC Financial® Mastercard®
19.97%
Cash advance 22.97%
$0
$180
$0.00 Get more details
American Express® Platinum Card® View details American Express® Platinum Card®
30%
Cash advance 22.99%
$699
$26
$40,000.00 Get more details
Best store credit cards
American Express® Business Gold Rewards Card View details American Express® Business Gold Rewards Card
30%
$250
$180
$0.00 Get more details
MBNA Rewards Platinum Plus® Mastercard® View details MBNA Rewards Platinum Plus® Mastercard®
19.99%
Cash advance 24.99%
$0
$190
$0.00 Get more details
American Express® Air Miles Platinum® Credit Card View details American Express® Air Miles Platinum® Credit Card
19.99%
Cash advance 22.99%
$65
$357
$0.00 Get more details
Scotia Momentum® Visa Infinite* Card View details Scotia Momentum® Visa Infinite* Card
19.99%
Cash advance 22.99%
$99
$510
$60,000.00 Get more details
BMO CashBack MasterCard® View details BMO CashBack MasterCard®
19.99%
Cash advance 22.99%
$0
$180
$15,000.00 Get more details
American Express® Gold Rewards Card View details American Express® Gold Rewards Card
30%
$150
$532
$0.00 Get more details
PC Financial® World Elite Mastercard® View details PC Financial® World Elite Mastercard®
19.97%
Cash advance 22.97%
$0
$180
$80,000.00 Get more details
CIBC Dividend Visa Card View details CIBC Dividend Visa Card
19.99%
Cash advance 22.99%
$0
$161
$0.00 Get more details
Harley-Davidson Mastercard® View details Harley-Davidson Mastercard®
19.99%
Cash advance 22.99%
$0
$90
$0.00 Get more details
SCENE® Visa* Card View details SCENE® Visa* Card
19.99%
Cash advance 22.99%
$0
$402
$12,000.00 Get more details
CIBC Aerogold Visa Infinite View details CIBC Aerogold Visa Infinite
19.99%
Cash advance 22.99%
$120
$435
$60,000.00 Get more details
Scotia Momentum® No-Fee VISA card View details Scotia Momentum® No-Fee VISA card
19.99%
Cash advance 21.99%
$0
$152
$12,000.00 Get more details
BMO Air Miles World Elite MasterCard® View details BMO Air Miles World Elite MasterCard®
19.99%
Cash advance 22.99%
$120
$432
$80,000.00 Get more details
National Bank World MasterCard® View details National Bank World MasterCard®
19.99%
Cash advance 22.99%
$115
$145
$60,000.00 Get more details
National Bank World Elite® MasterCard® View details National Bank World Elite® MasterCard®
19.99%
Cash advance 22.99%
$150
$370
$80,000.00 Get more details
MBNA Rewards World Elite® View details MBNA Rewards World Elite®
19.99%
Cash advance 24.99%
$120
$371
$80,000.00 Get more details
American Express® AeroplanPlus® Platinum Card View details American Express® AeroplanPlus® Platinum Card
%
$499
$351
$0.00 Get more details
SimplyCash™ Card from American Express View details SimplyCash™ Card from American Express
19.99%
Cash advance 22.99%
$0
$405
$0.00 Get more details
TD® First Class Travel® Visa Infinite* Card View details TD® First Class Travel® Visa Infinite* Card
19.99%
Cash advance 22.99%
$120
$470
$60,000.00 Get more details
TD® Aeroplan® Visa Platinum* Card View details TD® Aeroplan® Visa Platinum* Card
19.99%
Cash advance 22.99%
$89
$201
$0.00 Get more details
MBNA Smart Cash Platinum Plus® Mastercard® View details MBNA Smart Cash Platinum Plus® Mastercard®
19.99%
Cash advance 24.99%
$0
$270
$0.00 Get more details
Tangerine Money-Back Credit Card View details Tangerine Money-Back Credit Card
19.95%
Cash advance 19.95%
$0
$243
$12,000.00 Get more details
TD® Aeroplan® Visa Infinite* Card View details TD® Aeroplan® Visa Infinite* Card
19.99%
Cash advance 22.99%
$120
$582
$60,000.00 Get more details
American Express® AIR MILES® Gold Business Card View details American Express® AIR MILES® Gold Business Card
19.99%
Cash advance 22.99%
$0
$127
$0.00 Get more details
CIBC Aventura® Visa Infinite* Card View details CIBC Aventura® Visa Infinite* Card
19.99%
Cash advance 22.99%
$120
$262
$60,000.00 Get more details
TD® Aeroplan® Visa Infinite Privilege* Card View details TD® Aeroplan® Visa Infinite Privilege* Card
19.99%
Cash advance 22.99%
$399
$190
$200,000.00 Get more details
Scotiabank VISA Business Card View details Scotiabank VISA Business Card
19.8%
Cash advance 19.80%
$75
$115
$0.00 Get more details
PC Financial® World Mastercard® View details PC Financial® World Mastercard®
19.97%
Cash advance 22.97%
$0
$180
$60,000.00 Get more details
CIBC Dividend Visa Infinite Card View details CIBC Dividend Visa Infinite Card
19.99%
Cash advance 22.99%
$99
$101
$60,000.00 Get more details
Scotiabank®* Gold American Express® Card View details Scotiabank®* Gold American Express® Card
19.99%
Cash advance 22.99%
$99
$915
$12,000.00 Get more details
ECHO® Cashback MasterCard® View details ECHO® Cashback MasterCard®
19.99%
Cash advance 22.99%
$30
$231
$0.00 Get more details
BMO® AIR MILES® MasterCard® View details BMO® AIR MILES® MasterCard®
19.99%
Cash advance 22.99%
$0
$108
$15,000.00 Get more details
TD Platinum Travel Visa* Card View details TD Platinum Travel Visa* Card
19.99%
Cash advance 22.99%
$89
$246
$0.00 Get more details
SimplyCash™ Preferred Card from American Express View details SimplyCash™ Preferred Card from American Express
19.99%
Cash advance 22.99%
$99
$441
$0.00 Get more details
Scotiabank® American Express® Card View details Scotiabank® American Express® Card
19.99%
Cash advance 22.99%
$0
$299
$12,000.00 Get more details
BMO World Elite MasterCard® View details BMO World Elite MasterCard®
19.99%
Cash advance 22.99%
$150
$617
$80,000.00 Get more details
Scotia Momentum® VISA View details Scotia Momentum® VISA
19.99%
Cash advance 21.99%
$39
$266
$12,000.00 Get more details
Walmart Rewards™ Mastercard® View details Walmart Rewards™ Mastercard®
19.89%
Cash advance 21.49%
$0
$195
$0.00 Get more details
Desjardins Student Cash Back Visa View details Desjardins Student Cash Back Visa
19.9%
Cash advance 19.90%
$0
$25
$0.00 Get more details
ScotiaGold Passport® VISA View details ScotiaGold Passport® VISA
19.99%
Cash advance 22.99%
$110
$120
$12,000.00 Get more details
Desjardins Odyssey World Elite Mastercard View details Desjardins Odyssey World Elite Mastercard
19.9%
Cash advance 19.99%
$130
$140
$80,000.00 Get more details
PC Financial® Mastercard® View details PC Financial® Mastercard®
19.97%
Cash advance 22.97%
$0
$180
$0.00 Get more details
American Express® Platinum Card® View details American Express® Platinum Card®
30%
Cash advance 22.99%
$699
$26
$40,000.00 Get more details
Best travel credit cards
View details
Cash advance
Get more details
Best cash back credit cards
View details
Cash advance
Get more details
Best store credit cards
View details
Cash advance
Get more details
Balance transfer cards Balance transfer rate Annual fee Min. required income
22.99%
Cash advance 22.99%
$0 $15,000.00 Get details Compare all cards
22.99%
Cash advance 22.99%
$65 $0.00 Get details Compare all cards
12.99%
Cash advance 12.99%
$20 $15,000.00 Get details Compare all cards
22.99%
Cash advance 22.99%
$0 $15,000.00 Get details Compare all cards
13.99%
Cash advance 13.99%
$29 $0.00 Get details Compare all cards
22.99%
Cash advance 22.99%
$115 $60,000.00 Get details Compare all cards
22.99%
Cash advance 22.99%
$150 $80,000.00 Get details Compare all cards
22.99%
Cash advance 22.99%
$0 $0.00 Get details Compare all cards
19.95%
Cash advance 19.95%
$0 $12,000.00 Get details Compare all cards
8.99%
Cash advance 24.99%
$39 $0.00 Get details Compare all cards
22.99%
Cash advance 22.99%
$30 $0.00 Get details Compare all cards
22.99%
Cash advance 22.99%
$0 $15,000.00 Get details Compare all cards
12.99%
Cash advance 12.99%
$29 $12,000.00 Get details Compare all cards
12.9%
Cash advance 12.90%
$35 $0.00 Get details Compare all cards
8.99%
Cash advance 8.99%
$0 $15,000.00 Get details Compare all cards
22.99%
Cash advance 22.99%
$99 $0.00 Get details Compare all cards
21.99%
Cash advance 21.99%
$39 $12,000.00 Get details Compare all cards
12.9%
Cash advance 12.90%
$30 $0.00 Get details Compare all cards
12.99%
Cash advance 24.99%
$0 $0.00 Get details Compare all cards
%
Cash advance 22.99%
$699 $40,000.00 Get details Compare all cards
View details after months
Cash advance
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If you need any help comparison shopping, read our frequently asked questions below:

Why should I compare credit cards?

It’s important to compare credit cards so you can find the right card for your specific needs. The best credit card for you may not be the best credit card for someone else; it all depends on how much you make, how much spending you do with your card, and what rewards and features are important to you. For example, if you spend $2,000/month on your card and pay it off each month, you may want to find a great rewards credit card. On the other hand, if you only have a limited income or if there’s a chance you won’t be able to pay off your balance each month, you may want to look at no fee or low interest credit cards, instead. There are many different types of credit cards on Ratehub.ca, so input your spending and find the right one for you.


How does credit card interest work?

Credit card interest is charged to your credit account if you do not pay off your full balance each month by the payment due date listed on your credit card statement. If you miss the due date, you will be charged interest on the entire balance of your statement. Even if you pay off $999 of a $1,000 balance, you will be charged interest on the full $1,000 balance – not just on the $1 that’s leftover. The interest rate on a credit card is typically 19.99% for purchases and, if you can’t pay off your full balance, it goes back and begins to accrue on the date you made each transaction. For this reason, it’s important you only use your credit card when you know you can afford to pay it back in full by the payment due date to avoid high interest rates and penalties.


Why do some credit cards have an annual fee?

Annual fees are attached to some credit cards because you have to pay for the privilege of having the card in order to receive its rewards. Most annual fees range from $20 to $120, but they can go as high as $399. Typically, the higher the annual fee for a credit card, the greater the rewards it offers. Popular credit card reward programs offer travel, cash back and gas savings.


Should I get a rewards credit card?

If you pay off the full balance of your credit card (not just the minimum payment) by the payment due date and use your card responsibly, you could maximize the benefits of using your credit card by earning some great rewards. Of course, it’s important to be aware of the annual fee and understand how to value the points in your credit card’s rewards programs. But if you spend enough money, the rewards could far outweigh the credit card’s annual fees. If you don’t plan on using your card very often, don’t value the rewards or will not take advantage of them, a card with an annual fee might not be the best choice for you. In this case, consider a no fee credit card that still offers some rewards.