MoneyLink: Canada Credit Cards

Canada Credit Card Industry

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.

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.

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. This content is part of the extensive resources on credit cards featured in EconomyWatch.com.

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.

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.

Canada Credit Cards: Top Rated

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

MBNA Platinum Plus MasterCard credit card:

Zero annual fee.
AIR (Annual Interest Rate: 17. 99% )
Inaugural interest rate comprises only 1.99% for the first 10 months on Balance Transfers and Cash Advances.
A credit limit up to $100,000.
Canadian residents, who have a Canadian credit file and have attained the age of majority based on their province of residence, are eligible to apply.
Applicants should not have a history of bankruptcies or delinquent accounts.
Only applicants with annual income of more than $35,000 will qualify.

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.

The MBNA Gold MasterCard

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.

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