With its discounts, cash back offers, and rewards, choosing the right credit card can help you save hundreds of dollars every year. There are many different types of credit cards in Canada; each serves a different purpose and provides specific benefits to the cardholder. When choosing a credit card for yourself, you should always make sure to look for one that best suitsyour needs the best and gives you the greatest rewards.
Not sure which type of credit card you should get? Here are the major types of credit cards that you can choose from.
1. Low-Interest Credit Cards
A low-interest credit card is an excellent option for people who want to pay back the owed amount over a few months. It can be used for big purchases and balance transfers to reduce interest payments. Typically, these credit cards also have a no or low annual fee, so these are also great options.
2. No Fee Credit Cards
A no-fee credit card is a great way to keep your expenses and interest payments in check. You typically pay interest on purchases, cash advances, and balance transfers, and with these credit cards, you only have to pay minimal charges.
3. Rewards Credit Cards
Rewards come with nearly all credit cards. Essentially, you earn in credit card currency for every dollar spent. This currency can be points, miles, or any other credit card-specific currency. For example, you may earn 5 points every time you use your credit card to buy an airline ticket. In the end, you can redeem these points in exchange for a reward.
4. Balance Transfer Credit Cards
Balance transfer credit cards are typically low-interest credit cards that you can use to transfer the balance on your high-interest credit cards. With a minimal balance transfer fee, you can reduce the interest payments on the debt amount.
5. Secured Credits Cards
A secured credit card is the best option for people with no credit history or a low credit score. This type of credit card is backed by a regular cash deposit or an income that acts as collateral in case the credit cardholder is unable to make payments.
Compare Different Types of Credit Cards on Great Canadian Rebates
If you’re planning to get a credit card for yourself or your business, start by comparing the different types of credit cards available in Canada. Great Canadian Rebates is the best way to compare all the details of all the major credit cards in the country. We’ve made this online platform so you can not only find but also do a side-by-side comparison of the credit cards in Canada. You can also apply for them through our platform and get amazing credit card rebates when your application gets approved.