Credit cards are a staple among consumers and their spending needs. Credit card purchases make up a huge margin of all spending in Newfoundland, Labrador, and every other corner of the Canadian marketplace. Indeed, spenders all around the world rely on credit card lenders to make routine purchases every single day. Your personal utilization will depend largely on the circumstances that you find yourself in, but many consumers find that, when leveraged intelligently, credit cards offer a unique financial strength to their users.
The benefits of a credit card are obvious. Unlike the debit card that’s linked directly to your chequing account, a credit card is borrowed with the help of a line of credit. This means that you will have to pay the money back, of course, but that purchases made aren’t drawn directly from your available funds. When planning travel or other large purchases, the use of a credit card is a great way to defray the overall cost by paying it back in increments. Finding the best credit card for Canada residents is something that doesn’t have to be difficult, though. All it takes is a bit of research and an understanding of your specific repayment obligations from month to month.
Whether you’re a resident of St. John, Nova Scotia, Newfoundland, or Labrador Canada, finding the perfect credit card that will meet your fiscal needs is a critical decision. Yet, it’s one that shouldn’t be taken lightly.
Many cards offer excellent benefits but come along with high-interest rates, annual fees, and other drawbacks that make a comparison of credit card options an exceptionally important part of the overall decision-making process. While Canadian credit applicants are better overall spenders than their U.S. neighbors in North America, credit limits, credit scores, and other factors remain an important thing to keep track of for maximum financial health and continued credit history. From benefits to annual fees or foreign transaction fees, the entire picture must be taken into account in order to select the best credit card for you and your needs.
The Tangerine Money-Back Credit Card is a great option for Canadian applicants. The online bank (Formerly ING Direct) offers an annual fee-free card that provides up to 2% back on purchases in select categories. With the Tangerine credit card, you can select the categories that you spend the most on for the 2% boost while earning 0.5% on the remaining spending that you do with the card.
In addition to the credit card offerings provided by Tangerine, the bank is a haven for Canadian savers as well. The online bank gives excellent savings account rates to those looking to tack on a new savings space, and with this account, you can unlock extra categories that will earn the full 2% return (three in total).
Scotia Momentum Visa Infinite
This Scotiabank card comes loaded with a huge 4% cashback offer on groceries and bills with a sliding scale for other purchases (2% on things like transportation and gasoline costs, and 1% on all other purchases). While the Scotiabank card offers a huge boost to your cashback earning potential, it also charges a $120 annual fee. This is waved during the first year of use, and the cashback offer is boosted to 10% for the first three months on all spending!
This card is often leveraged for travel or other holiday-related purchases, or for weekly shopping by consumers in order to bring in the exciting cashback offer on the things that everyday Canadians buy on a regular basis anyway.
Credit cards can be leveraged as an excellent financial instrument for lowering the overall costs associated with daily living. Making smart spending choices with a credit card is the best way to reduce your financial burden in both the short and long term.