Are Credit Cards In Canada Really Worth It?
Credit cards can be a convenient and flexible way to pay for goods and services, and they offer a range of benefits to users. Here are some of the key benefits of using credit cards:
- Rewards Programs: Many credit cards offer rewards programs that allow you to earn points, miles, or cash back on your purchases. These rewards can be redeemed for a variety of rewards, such as gift cards, merchandise, travel, or statement credits.
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- Convenience: Credit cards are accepted at a wide range of merchants and online stores, making it easy to make purchases wherever you are. You can also use credit cards to make purchases over the phone or online, which can be especially useful if you don’t want to carry cash or a checkbook.
- Interest-Free Periods: Credit cards typically offer an interest-free period on purchases, which means you won’t be charged interest as long as you pay your balance in full by the due date each month. This can be a great way to save money on interest charges and make your money go further.
- Fraud Protection: Credit cards offer protection against fraud, which means that if your card is lost or stolen, you won’t be responsible for any unauthorized charges. Most credit card issuers also have fraud protection systems in place to help detect and prevent fraudulent activity.
- Credit Building: Using a credit card responsibly can help you build a good credit history, which can be important for borrowing money in the future. A good credit score can help you qualify for lower interest rates on loans and credit cards, and may also be a factor in other areas of your life, such as renting an apartment or getting a job.
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Overall, credit cards can be a convenient and flexible way to pay for goods and services, and they offer a range of benefits to users. However, it is important to use credit cards responsibly and pay your balance in full each month to avoid interest charges and maintain a good credit score.
Here are some of the most popular credit cards in Canada these days:
- Scotiabank Momentum Visa Infinite Card: This credit card offers a high rate of cash back on everyday purchases and has no annual fee for the first year. It also comes with a range of perks, including travel insurance, rental car collision and loss damage insurance, and access to the Visa Infinite concierge service.
- American Express Platinum Card: The American Express Platinum Card offers a range of exclusive benefits, including access to more than 1,200 airport lounges worldwide, a credit for annual fees on an additional Platinum Card, and an annual travel credit. It also comes with a range of insurance coverage, including travel accident, baggage, and flight delay insurance.
- Capital One Aspire Travel World Mastercard: This credit card offers a high rate of rewards on travel and dining purchases, as well as a sign-up bonus of up to 50,000 points. It also comes with a range of travel insurance coverage, including trip cancellation, interruption, and delay insurance.
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- CIBC Aventura Visa Infinite Card: This credit card offers a high rate of rewards on travel and everyday purchases, as well as a sign-up bonus of up to 40,000 points. It also comes with a range of insurance coverage, including travel accident, baggage, and flight delay insurance.
- MBNA Rewards Platinum Plus Mastercard: This credit card offers a high rate of rewards on all purchases, as well as a sign-up bonus of up to 20,000 points. It also comes with a range of insurance coverage, including travel accident, baggage, and flight delay insurance.
When choosing a credit card, it is important to consider the interest rate, annual fee, and rewards program offered by the card. You should also consider whether the card offers any additional benefits, such as insurance coverage or access to airport lounges. Be sure to read the terms and conditions of the card carefully before applying, and make sure that you understand any fees or charges that may apply.