Pc Financial World Elite Mastercard*
Due to its association with Loblaws stores and Shoppers Drug Mart, the PC Optimum program offers members access to a wide variety of ways to earn PC Optimum Points, including gas, drug store and grocery purchases. With an earn rate of 30 points per $1 in Loblaws-owned stores , 45 per $1 at Shoppers Drug Mart, and 10 everywhere else, this card is one of the best no-fee cards for gas and groceries on the market. Its simple to redeem points. You simply show the card at checkout anywhere PC products are sold and get $10 back for every 10,000 points. Theres even an included package of travel and car rental insuranceand it carries no annual fee.;;;
- Annual fee: $0
- Earn rate: 30 points per $1 in Loblaws stores and PC Travel; 45 points per $1 spent at Shoppers Drug Mart; 30 points per litre at Esso; and 10 points everywhere else
- Income requirement: $80,000 or $150,000 , as well as a $15,000 minimum annual spending requirement
- Additional perks: Travel insurance; car rental coverage
Should You Get A Credit Card
When deciding if a credit card is right for you, its important to understand how credit cards work. You may want to think about your spending habits and how youll use it.;
It can be tempting to overspend on a credit card but, remember, anything you spend on a credit card must be paid back. And you may be charged interest on purchases if you dont repay the balance in full each month. If you use a credit card in other ways, such as withdrawing cash or a balance transfer, youre likely to have to pay interest even if your monthly balance is repaid.;;;
If used sensibly, a credit card can:
help you manage your spending between pay days
help you spread the cost of expensive purchases
be a useful tool for building your credit history
Explore: Tips for using a credit card
Chase Sapphire Preferred Card: Best For Travel Rewards
Sign-up bonus: 100,000 points when you spend $4,000 on purchases within the first three months of account opening. TPG values this bonus at $2,000, depending on how you redeem them; either by transferring them to an airline or hotel or directly through Chases travel portal.
- 5x total points on all travel purchased through Chase Ultimate Rewards
- 3x points on dining, including eligible delivery services, takeout and dining out
- 3x points on select streaming services
- 3x points on online grocery purchases
- 2x points on all other travel
- 1x point on all other purchases
Why its a great first credit card:;If youre an avid TPG reader, you know we recommend this card a lot and with good reason. After all, it is one of the;best credit cards;on the market, and it even won;Best Travel Rewards Credit Card in the 2020 TPG Awards. Those rewards rates on dining and travel add up quickly travel especially is a broad category;and includes everything from Uber to public transit to flights. The points youll earn can be transferred to;Chases various partners;or redeemed for 1.25 cents each through Chases travel portal.
Right now, Chase is offering some perks for Chase Sapphire Preferred cardholders, including new redemption options with the new;Pay Yourself Back feature;through Sept. 30, 2021. However, keep in mind that the Chase Sapphire Preferred typically requires you to have at least a little bit of credit history and;a decent credit score.
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How To Decide: What Is The Best Credit Card For Me
To decide which credit is the best for you, you need to look at your priorities. If you normally carry a balance or you want to reduce your debt, then a low-interest or balance transfer card should be the only types you consider.
People who always pay off their full balance every month need to decide whether a travel or cash-back card makes more sense for them. Travel cards can offer lucrative rewards, but if you dont like to travel, theres no point in you getting a travel credit card. If this sounds like you, then a cash-back card may be the way to go.
Now that youve got your category of card selected, take a look at the earn rate, additional, benefits and which type of points you earn for each card. If you happen to spend a lot on gas and groceries, then look for a card that has a high earn rate for those categories.
The annual fee should also be a consideration in your decision making, but if you think youre getting good value out of your additional benefits and youre making more back than you paid with the fee, then it shouldnt be a big deal.
Beware Of Really Bad Bad Credit Offers
Whatever you do, avoid credit cards aimed at people with really bad credit.
Pay attention to cards claiming to be for bad credit that charge annual fees of $100 or more. Theres really no reason to get these cards. Most of them are incredible rip offs with multi-hundred dollar fees, misleading claims, and terrible customer service.
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Why Is It Good To Have A Credit Card
Having a credit card can be extremely useful for a variety of different reasons. They can be valuable tools for cardholders when used correctly.
- Fraud security
- Earning rewards
There are horror stories about what happens when owning a credit card backfires. Paying late or missing a payment altogether can result in huge penalty fees and large amounts of debt. However, all it takes is a little self-control to avoid having to worry about paying off credit card debt. If you need help managing your money, take advantage of a free credit coaching session or use our free personal finance tools!
Key Information You Should Get
When you are given information about a credit card, it should include a summary box with standard key information about the card. This should include the interest free period, interest rate and other charges. This is so that you can easily compare different cards.
You can find more information about the credit card summary box including an explanation of what all the terms mean, on the UK Cards Association’s website at: www.theukcardsassociation.org.uk.
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Submit Your Credit Card Application
Apply online for the fastest decision. You may even be approved instantly if you clearly meet the issuers criteria. You should receive your card within 7-10 business days of being approved.
Learning how to get a credit card for the first time is a rite of passage for young adults after turning 18 years old. And its a lot easier than you might think. The key is to choose wisely, by focusing on offers for people with limited credit and secured credit cards, which provide nearly guaranteed approval.
How Credit Cards Work
Travel credit cards;can help you earn points and miles. In other words, these pieces of plastic are putting you one step closer to a free trip to your dream destination, wherever that might be.
There are many ways to pick up points and miles, from flying on airlines or staying at hotels to;online shopping portals;when making online purchases. However, the biggest and the best way is through sign-up bonuses and welcome offers. This is a fancy way of saying, if you spend a certain amount of money in a certain amount of time, youll earn a certain amount of points.
Related:;3 mistakes people make when they get their first credit card
It varies from card to card, which well break down shortly. Nothing happens if you dont hit the minimum spending requirements to earn the bonus; youll just miss out on a big haul of points or miles. You will, though, get points for whatever spending you do put on it. Again, this varies from card to card.
A lot of credit cards will also offer bonus points for spending on certain categories of purchases. For example, if you get 3x on dining and your dinner costs $15, youd earn 45 points. Those 45 points wont get you anywhere by themselves, but they do add up over time.
Of course, points and miles arent the only reason why having credit cards is important for your overall financial health. They also help you build credit.
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Your First Step In Building Credit May Require You To Make A Deposit
by issuing you a line of credit that you can use to make purchases. You are then required to pay back the loan ideally in full at the end of each billing cycle . But because you are just starting out, credit card issuers prefer to have a way to pay back your credit line until you prove a history of trustworthiness.
Until credit newbies are able to get a regular credit card card, they start with a secured card.;;
The two types of cards are nearly identical, but with a secured card you are required to make a minimum deposit to receive your credit limit. Secured credit cards are geared toward those with limited or no credit history at all. Since your limit is equal to the amount of money you deposit, which is typically $200, they help you learn how to get in the habit of borrowing and paying back. They are a good way to establish credit and they also help raise your credit score.
There are a handful of good options when it comes to the best secured credit cards out there, but CNBC Select ranked the Discover it® Secured Credit Card as the best starter card because cardholders can earn cash back, receive a generous welcome bonus, use the card overseas without incurring added fees and more all for no annual fee.
Choose A Rewards Card That Matches Your Needs
Student credit cards with rewards are just one type of the hundreds of rewards cards available. With so many different rewards cards to choose from, it can be challenging to find the right card. Since rewards are earned based on the amount of your purchases, identify what you want out of your credit card and apply for cards that make the most sense for your lifestyle and spending habits. For example,;Discover it ® Chrome;gives you 2 percent cashback on gas stations and restaurants on up to $1,000 in combined purchases each quarter.
Be sure to pay attention to annual fees when evaluating rewards card offers. If you find yourself carrying a balance consistently, you may want to switch to a non-rewards card with a lower APR.
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Limit The Number Of Applications
Be wary of applying for too many credit cards at once. Too many credit providers inquiring about your history in a short period of time can have a negative impact on your score. It may appear that you are either having a hard time being accepted or are about to take on more debt. These are known as hard inquiries into your credit history. Soft inquiries such as requesting your own credit report, employers checking your background and lenders looking to pre-approve you for a loan do not have the same negative effect.
Avoid signing up for too many credit cards at once by only applying for the ones youre most likely to qualify for based on your current credit score.
Citi Double Cash Card: Best For Cash Back
Rewards:;Earn 2% back on all purchases 1% when you buy and 1% when you pay your bill each month.
Why its a great first credit card:;Similar to the Chase Freedom Unlimited, this is a great card to start with because its easy to pair later on when you start to dig into more;transferable rewards currencies.;Right off the bat, youre earning 2% cash back on everything, which is a stellar flat rewards rate. That 2% adds up really quickly when you use this for most of your monthly expenses.
However, the Citi Double Cash is another card that allows you to;convert those rewards into points;when paired with an eligible card.
If you have a;Citi ThankYou point-earning card;such as the;Citi Prestige® Card;or;Citi Premier® Card,;your rewards can become ThankYou points, which are more valuable than straight cash back due to their ability to be redeemed through the Citi travel portal or by;transferring to 16 airline partners.;The one major downside to this card is that you dont get a sign-up bonus but youll want to think about the long-term 2% rewards rate from this card.
The information for the Citi Prestige Card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Sign-up bonus:;Earn $200 after you spend $500 on purchases in the first three months of account opening
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What’s The Best Age To Get Your First Credit Card
by Lyle Daly | Updated July 21, 2021 – First published on Oct. 21, 2019
Many or all of the products here are from our partners. We may earn a commission from offers on this page. Its how we make money. But our editorial integrity ensures our experts opinions arent influenced by compensation. Terms may apply to offers listed on this page.
The age when you get your first credit card is more important than you’d think.
Most of us get a credit card at some point, but the age when it happens varies for everyone. Maybe you got a card as an authorized user on a parent’s account when you were a teenager. Maybe you got one as a college student or right after you graduated. Or perhaps you held off until well past the age of 25.;
Even though this subject may seem inconsequential, it can have a significant impact on your finances for years to come. After researching when consumers got their first credit cards, we found that it correlates to salaries, credit card debt, and much more.
Home Trust Secured Visa*
You might be new to Canada, have a problematic credit history, or are just starting out on your own financially. There are many reasons why you might need to build or rebuild your creditbut whatever the case, youll want to take steps towards achieving a healthy credit score. Thats where the no-fee Home Trust Secured Visa can come in. Unlike with conventional credit cards, its easy to be approved for a secured cardyou just need to be a resident of Canada and have a deposit. The Home Trust Secured Visa tops our list for its low minimum deposit and $0 annual fee. With this card, building your credit score is simple and affordable.;
- Annual fee: $0
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Tips For Using Your Credit Card
Your credit card account;has been assigned a the maximum total balance you’re allowed to charge on your credit card. You can make purchases or charges up to your credit limit. The only way to exceed this limit is if you opted in to having over-the-limit charges processed. If not, your card will be declined for any purchase that would put you over your credit limit. Even if youve opted in, your credit card issuer will likely only let you charge a certain amount past your credit limit, and you might receive a fee or penalty APR.
Even though you can charge up to your credit limit, that isnt the most responsible way to use your credit card. Your card issuer may take back some of your credit limit amount if you run up your balance too soon. Using too much of your credit limit also harms your credit score, the number that tells lenders how risky you are as a borrower. The more of your credit you’re using every month, the more risky you lookeven if you pay your balance in fulland your score will reflect that.
Lenders like to see your credit card utilization ratiothe percentage of your credit limit you spend each monthstay below 30%. The lower you can keep this percentage while still actively using your credit card, the better it will be for your credit score.
What To Look For In A First Credit Card
What you need from your first credit card will depend on how you plan to use it. You can find out more about some common credit card uses below.
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How To Manage Your First Credit Card
Its important to manage your account carefully to keep your benefits and protect your credit score:;
- If you dont make your payments on time or go over your agreed credit limit, in addition to fees and charges, you could lose any introductory or promotional interest rates on your account. If that happens, your standard account interest rates and fees will apply instead.;
- Your credit score could also be affected, which may make it harder to borrow in future, so its important to keep track and manage your account well.;
- You must make at least the minimum payment on time each month, but we recommend paying as much as possible to reduce your balance and the amount of any interest you pay overall. This could also help you to avoid falling into persistent debt.;
- Unless a 0% promotional rate applies, to avoid paying interest on purchases you need to pay off your monthly statement balance in full and on time every month.