You might have grown up believing credit cards are bad and should only be used for emergencies. However, this is not entirely true. While credit cards are not for everyone, certainly not for those who don’t know how to spend within their means and pay their bills on time, they can be a good tool for people who can utilize them effectively.

Travellers can get a good travel credit card that saves them money on foreign transaction fees, while people who shop online can get a cashback credit card to subsidize their purchases. If you spend responsibly, getting a credit card should be on top of your bucket list. Let’s take a look at some reasons why you need a credit card in Canada today.

Helps Build Credit

One of the biggest reasons you need a credit card is that it will help you build a strong credit profile that allows you to get future credit products. Things like mortgages, rental agreements, car loans and others require a good credit score and getting a credit card will help you build a strong profile.

Provides Better Security

A credit card also provides better security during online purchases. Even if you have the necessary cash in your bank account to make the purchase, using a credit card can be a more viable option considering security. If your credit card information gets into the wrong hands and you see fraudulent transactions, you can immediately notify your card issuer and get everything sorted.

If you use a debit card, these fraudulent charges are directly deducted from your checking account, which can impact your ability to carry out any future financial transaction. It could also take longer to sort everything out with your bank or financial institution.

Credit Card Rebates

Most credit cards offer rebates and cashback when you spend money on dining, shopping, travelling, etc. This makes getting a credit card even more lucrative. You can get a travel credit card if you are a frequent traveller that will get you a certain percentage of cashback or miles that you can use as credits towards future travel.

However, make sure to pay off your balance at the end of each billing cycle to avoid interest charges to fully utilize a rewards or travel credit card.

Applying For a Credit Card in Canada

If you’re planning to get your hands on some of the best Canadian cashback credit cards, head to Great Canadian Rebates. Our comprehensive online platform lets you see the latest cashback and rewards details and places where you can redeem your points. Visit our website for more information.