Thursday, March 16, 2023

Where To Get The Best Credit Card

Don't Miss

Blue Cash Preferred Card From American Express


Best for everyday family purchases

  • This card is best for: Modern, on-the-go families who spend a lot on groceries, gas, transit and streaming subscriptions.
  • This card is not a great choice for: People who prefer the simplicity of a flat-rate card that doesnt involve doing the mental mathematics of calculating rewards rates for special purchase categories.
  • What makes this card unique? Youll have a hard time finding a card with high-value rewards categories as family-focused as this ones. The categories dont rotate, so you wont have to change your spending habits according to the calendar.
  • Is the Blue Cash Preferred® Card from American Express worth it? The $95 annual fee is one of the few potential turn-offs, but Amex offers a $0 intro annual fee your first year. Even when the annual fee does take effect, the rewards earnings and benefits are likely to counteract the cost.

How Do Credit Cards Work

Its important to understand exactly what credit cards do, so you can use them to maximum advantage without falling into financial trouble. There are lots of benefits that come along with having a credit card. For example, they offer credit that can be used when you make a purchase, for balance transfers and/or cash advances. Essentially, your credit is like a short-term loan with a balance that comes due every month. As you pay down your balance, the credit available to you the following month starts to go back up to the maximum credit limit on your card.

A credit cards strongest advantage is convenience. Simply pay for your purchase with your credit card and you will be billed for the outstanding balance the following monthno cash in your wallet required. Other benefits include the ability to accrue rewards and pointssuch as cash back or travel pointsbased on a percentage of your purchases each month, usually between 1% to 4%, depending on which credit card you choose. You can then redeem those points for gift cards, travel or other items offered through the credit card companys online rewards catalogue.

Capital One Savorone Cash Rewards Credit Card

Best for dining and entertainment

  • This card is best for: People who want to turn their appreciation for food and fun into plus-rate cash rewards , plus 1% on all other purchases).
  • This card is not a great choice for: Grocery shoppers who are exclusive to superstores and wholesale clubs. The complexities of merchant category codes mean that grocery purchases at establishments like Target or Sams Club arent likely to qualify for the SavorOnes 3 percent rate.
  • What makes this card unique? Capital One provides access to presale tickets, discounts and more with dining, entertainment and sports experiences.
  • Is the Capital One SavorOne Cash Rewards Credit Card worth it? Pair the dining and entertainment rewards with the lack of an annual fee and the SavorOne provides a lot of bang for the buck.

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Mbna Rewards Platinum Plus Mastercard*

The MBNA Rewards Platinum Plus Mastercard offers a strong sign-up bonus for a no-fee card, and the 10,000 points on offer are easy to earn. All you need to do is spend $500 in grocery and restaurant purchases within 90 days of getting your card to receive the first 5,000 points. Sign up for paperless e-statements to receive the rest. MBNA Points are flexible and easy to redeem for a variety of things including travel, where you get the most bang for your buck at 100 points to claim $1 in travel. For reference, it takes 200 points to claim $1 in cash back.

  • Annual fee: $0
  • Welcome offer: For the first 90 days, you can get up to 10,000 points : 5,000 for registering for paperless e-statements, 5,000 for spending $500 in purchases with the card. Plus, earn 4 points for every $1 spent on eligible restaurant, grocery, digital media, membership and household utility purchases.
  • Earn rate:Earn 2 points for every $1 spent on eligible groceries and restaurants and 1 point per $1 on everything else.
  • Additional benefits: Purchase assurance and extended warranty

How To Improve Your Credit Score

Get Carded: Find the Best Credit Card for You

There are several steps you can take to try to improve your credit score. First, check your credit report to make sure there arent any errors that could be having an adverse effect. Paying your bills on time, every time will have the single biggest impact on your score. After payment history, the next biggest factor in your credit score is the amount of debt you have. Since credit reporting agencies dont have your income information, they use something called credit utilization instead of a debt-to-income ratio.

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Looking For The Right Credit Card

There are core questions that you need to answer before you start comparing credit cards. Firstly, do you pay off your balance in full each month? This is of critical importance, there is no sense earning reward points on a high interest credit card, when your interest payments alone far outstrip any of the benefits.

Secondly, how much are you likely to spend on average over a monthly period? It is important to get a clear understanding how you are going to use your card. Monthly spends are an important factor when looking at rewards or frequent flyer cards. You need to assess your spend, say $20,000 a year, then look at what actual rewards you would get from various cards based on your spend.

Thirdly, what sort of credit card deals or bonuses would be most useful for me? Banks are fighting for business more and more. These days you can get great deals on bonus points, no annual fee and 0% credit card rates. This varies all the time so its a good idea to review the market over a period of time, rather than just jumping into things. Though if an offer is right for you or too good to be true then it probably wont last very long. Great offers come to market and sometimes leave as quickly as they came. Though the market appears to becoming more stable with offers typically staying around for a number of months before they expire.

Winner: Scotiabank*gold American Expresscard

The Scotiabank®*Gold American Express®Card rewards cardholders for their everyday purchases, from takeout and delivery to streaming services. Get five Scotia Rewards points for every $1 spent on eligible grocery, fast food, food subscription and entertainment purchases. Earn three Scotia Rewards points for every $1 spent on gas, transit and select streaming services, like Netflix. Get one Scotia Rewards point for every $1 spent on all other purchases.

Rack up rewards quickly and redeem them for thousands of options, including travel, merchandise, gift cards and statement credits. Plus, pay no foreign transaction fees on purchases made abroad or online in foreign currency. Only the exchange rate applies.

According to our Best of Finance methodology, the average Canadian would earn around $1,244 in rewards in the first year.

  • Earn three points for every $1 spent on eligible dining and takeout purchases.
  • Earn two points for every $1 spent on eligible travel purchases.
  • Earn one point for every $1 spent on all other purchases.

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What Are The Three Credit Bureaus

There are three credit reporting agencies in the U.S.:

  • Experian
  • Equifax
  • TransUnion

Each of these agencies may use a slightly different method of reporting your credit behavior so its not uncommon to have a slightly different credit score with each agency. All three companies serve the same function: to analyze your credit behavior to generate a three-digit credit score used to determine your creditworthiness and in turn, the rates youll be offered on loans like a credit card or a mortgage.

What Credit Score Do You Need To Get A Top Credit Card

What Credit Card Should I Get? How to Find the Best Credit Card

Top cards, such as the Chase Sapphire Reserve® and the The Platinum Card® from American Express will require very good to excellent credit to qualify. These top cards certainly won’t be your first credit card, but you can work toward qualification after exercising good credit habits on starter cards first.

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What Are The Pros And Cons Of Credit Cards


  • Spread the cost if you suddenly find you need a new boiler or an expensive car repair, you could pay on your card. Spreading the repayments over a few months can make it more affordable in the short-term but youll pay interest on top.
  • Widely accepted credit cards are easy to use and are accepted in more places than prepaid cards and charge cards. Some cards also offer rewards like air miles, cashback and reward points for your spending.
  • Safer than cash if your card is stolen, you can cancel it with the provider. If its used fraudulently you might be able to get your money back too, unlike stolen cash.


  • Debts can soon mount up people can get into serious debt when it comes to the misuse of credit cards. You should use them carefully, not spending more than you can afford to pay back.
  • High interest payments credit cards can have high rates of interest that can make purchases far more expensive if you only make the minimum repayment – and its important to be aware of fees and charges. Find out more about some of the charges that can affect .
  • More expensive than other options depending on how much you want to borrow and for how long, a personal loan can be a cheaper option as the interest rate can be lower than a credit card, depending on your credit rating. See more on personal loans.

For Flat Rate: Td First Class Travel Visa Infinite Card*

Some people want to earn points when they travel, as well as on an ongoing basis. If this sounds like you, then the TD First Class Travel Visa Infinite Card is our top choice. You can rack up TD Rewards points throughout the year and then easily make a redemption through Expedia for TD. With this card, youll get 3 points per $1 spent on all your everyday purchases and 9 points per $1 spent when you make online purchases through Expedia for TD. That means youre earning a 1.5% and 4.5% return respectively in travel points. Expedia For TD is just like the regular Expedia platform, so youll have no problem finding ways to redeem your points.

With the annual fee of $120 rebated for the first year and a welcome bonus of up to 100,000 pointswhich has a travel value of up to $670 $500 when you book travel purchases through ExpediaForTD.comthis is one of the best travel credit card offers available right now.

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Rbl Bank Restarts Credit Card Issuances

RBL Bank on Wednesday restarted credit card issuances on Visaâs payment network. It needs to be mentioned here that the Reserve Bank of India had banned Mastercard from issuing any new cards on July 14. The lender stated that the technology integration was achieved in record time to restart new issuances and seemed confident of issuing 12 â 14 lakh credit cards in FY22. For RBL Bank, credit cards contribute 37.5 of the retail book. Itâs credit card book had grown by 17% to Rs.12,039 crore as of June. In the month of July, the bank had 30.69 lakh cards outstanding.

16 September 2021

Factors Influencing Your Credit Card Rate

How to Get Free Flights: the Best Credit Cards for Miles

Credit card companies offer customers a range of interest rates that can vary based on a number of factors. Your credit score is typically the first thing credit card companies look at because it represents how likely you are to repay your debts as agreed.;Your including:

  • Your payment history
  • The length of your credit history
  • New credit youve opened
  • Your credit mix

Interest rates also depend on prevailing market interest rates. If you have a card with a variable interest rate, your interest rate can go up and down as the market interest rate changes.

Related: Best Credit Cards for People With Good Credit

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Cibc Dividend Visa For Students

Annual fee: $0

Welcome bonus: Make your first purchase within the first 4 months and you’ll receive $30 cash back.

Rewards: Get 2% cash back on grocery purchases; 1% on gas, transportation, dining and recurring payments and 0.5% cash back on all other purchases.

Perks: Get extra protection on new purchases, by doubling the manufacturer warranty up to one year on most purchases. Cardholders eligible for an SPC membership get free access to SPC+, which offers bigger discounts and special experiences.

Best For Balance Transfer: Citi Simplicity

Either $5 or 3% of the amount of each transfer, whichever is greater.
Rewards Earning Rate This card does not offer a rewards program.
  • Why We Chose It
  • Pros & Cons

We chose the Citi Simplicity as the best balance transfer card primarily due to its exceptionally long 18-month 0% APR introductory period along with consumer-friendly terms like no annual fee and no late fees or penalty rates. While Simplicity offers no rewards, we don’t consider that a negative in the case of a balance transfer card, as rewards can tempt counterproductive additional spending when trying to dig out from debt. Citi does charge a 3% balance transfer fee, but the length of the introductory period justifies the extra cost in terms of savings potential.

  • Outstanding 0% APR offer for 18 months from account opening on balance transfers

  • 0% introductory APR offer on new purchases for 18 months from account opening

  • No late fees, penalty rates, or annual fees

  • High fee for balance transfers

  • 3% foreign transaction fee

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Blue Cash Preferred From American Express: Best For Gift Cards

If youre looking for that perfect gift for your childs friend whos entering college and you arent sure what to get them, a gift card might be the way to go. This way they can outfit their dorm room just the way they like. And while you can always go directly to a store and purchase a gift card, it may be easier to just buy it at your local supermarket. No need to make an extra trip when the gift card carousels at many grocery stores offer a slew of options, such as Amazon, Target, Best Buy, Nordstrom, The Gap and many more.

But this is also where the Blue Cash Preferred Card from American Express comes in handy, because it shines when it comes to your local supermarket. Youll earn 6% cash back at U.S. supermarkets on up to $6,000 per year in purchases . That means you could earn as much as $360 in bonus cash back on all your U.S. supermarket shopping each year, including any gift card purchases.

Related: Earn up to $300 bonus cash back with these Amex Blue Cash credit cards.

Just be aware that when you use gift cards, youll be losing any credit card benefits on your purchases, such as extended warranty and purchase protection. Even if you use a credit card that offers those benefits when purchasing the gift card, the perks dont follow through when the gift card is actually redeemed.

Best Overall Rewards Credit Card

The 5 BEST Credit Cards For Beginners in 2020

Most credit cards can be rewarding, offering cardholders travel points, cash back or low interest rates for making day-to-day purchases. However, some rewards programs stand out in the crowd with countless redemption options and more ways for cardholders to save money.

Our top picks feature flexible reward programs available to help cardholders maximize the value of their daily spending. Additionally, extra perks and benefits provide users with access to comprehensive travel insurance coverage, exclusive deals and, most importantly, high earn rates for everyday purchases like gas and groceries.

We compared the leading rewards credit cards using our Best of Finance methodology and ranked the cards with the highest first-year value, the most flexible rewards and robust benefits.

Air Canada benefits + mobile device insurance + travel insurance

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How Do I Cancel A Credit Card

Theres a number of reasons you might want to cancel a credit card, for example:

  • Youve finished paying off the balance at the end of a 0% interest free deal
  • The interest is too high and youve moved your balance to another card with a better rate
  • You have more credit cards than you need

While it may seem to make sense to cancel cards youre not using, it could affect your credit rating. Thats because if you cancel an old card but have outstanding balances on other cards and loans, youll effectively be using more of the overall credit available to you. Read about the pros and cons of cancelling credit cards.

If you want to cancel your credit card, its not enough to simply snip it up into tiny pieces. This just means youve stopped using the card, but your account remains open. You should contact your credit card provider and let them know you want to close the account. Youll also need to pay off any balance left on your card. The account may stay active for a few days to allow for any remaining transactions to come through. Once you receive your final statement, check it to make sure the last payments are shown and the balance is fully cleared.

Once the card is cancelled, cut through the number and name and throw it away.

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