Monday, August 15, 2022

Which Is The Best Credit Card To Apply For

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How Is Credit Card Interest Calculated

When is the best time to apply for a credit card?

As weâve covered earlier, the term APR stands for Annual Percentage Rate and itâs effectively how banks calculate the interest you owe on a credit card if you carry a balance.

You might read the word âannualâ in Annual Percentage Rate and think that interest is owed once a year, but in reality, while interest is expressed annually itâs actually calculated daily and charged monthly. Confused? Letâs explain.

  • If has an APR of 15.99%, youâd owe interest daily at a rate of 0.0438%
  • To find a credit cardâs daily interest rate, simply divide its APR by the number of days in the year.

Sticking with the sample example, letâs say you owe a $3,000 balance on :

  • Your daily interest rate would be 0.0438%
  • You would owe $1.3142 in interest after one day and
  • Your total balance would increase to $3,001.3142 after one day .
  • The next day, your new balance of $3,001.3142 would also be charged 0.0438% â increasing your balance on day two to $3,002.69.

There are two key takeaways regarding how credit card interest works: First, itâs calculated daily, and second, interest compounds and youâll be charged interest on top of interest . So, while a few dollars extra in interest from one day to the next might not seem like much, over time, it can quickly balloon. Especially if you keep making new purchases on your credit card.

Remember though, if you pay off your cardâs balance in full every month, you wonât owe any interest at all.

If Your Application Is Refused

Providers dont have to give you a credit card. Your application may be refused if your credit score is low or you are not a good risk. Ask the provider to tell you which credit reference agency they used if you want to check your credit file.

For more information about how credit card providers decide whether to give you credit, see Being refused credit in .

Although credit card providers can decide not to give you credit, they are not allowed to discriminate against you when they make their decision. This means they aren’t allowed to refuse to give you credit just because of your race, sex, disability, religion, sexuality or where you live.

If you think you were discriminated against when you applied for a credit card, get advice from an adviser, for example, at a Citizens Advice Bureau. To search for details of your nearest CAB, including those that can give advice by e-mail, click nearest CAB.

Winner: Triangle Mastercard From Canadian Tire

  • No annual fee
  • 4% in Canadian Tire Money at Canadian Tire, Sport Chek, and participating Mark®/LâÃquipeur and Atmosphere locations
  • 1.5% in CTM on the first $12,000 spent at eligible grocery stores each year and up to 5¢ per litre back in CTM at Gas+ and participating Husky locations
  • 0.5% in CTM on everything else
  • Minimum income requirement: None

As youâd expect, the Triangle Mastercard offers huge bonuses when shopping at Canadian Tire and its network of partner stores , earning up to quadruple the Canadian Tire Money on pre-tax sales prices – making it the obvious choice for anyone who frequently shops at the retail giant. As an added plus, the no-fee Mastercard offers accelerated rewards at most grocery stores and at hundreds of Gas+ and Husky gas stations. You can redeem CTM for virtually anything Canadian Tire stocks on its shelves – from household essentials to consumer electronics, and more.

Aside from its solid earn rate at Canadian Tire and its affiliated retailers, we wanted to give the Triangle Mastercard a shoutout for its easy and instant approval process.

No-fee financing: The Triangle Mastercard offers in-store financing, allowing you to make a larger purchase from Canadian Tire and pay it off gradually in monthly installments with no additional interest. This is a huge win for shoppers whoâre on a budget and want to pace out payments without the burden of extra fees.

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Winner: Mbna Rewards World Elite

  • $120 annual fee
  • 2 MBNA points on all purchases
  • MBNA Points value: 1 point = 1 cent in travel rewards or 0.85-0.95 cents in e-gift cards
  • Receive 20,000 bonus pointsâ â after you make at least $2,000 in eligible purchases within the first 90 days of your account opening
  • Receive 10,000 bonus pointsâ â once enrolled for e-statements within the first 90 days of account opening
  • Income requirement: $80,000 or $150,000 as a household

If youâre laser-focused on finding a card that will offer the highest return on purchases made at Costco, youâll want to narrow down your choices to a handful of credit cards. Not only does Costco exclusively accept Mastercard but itâs not categorized as a grocery store either, which means you wonât rack up bonus rewards when shopping at the warehouse retailer.

TheMBNA Rewards World Elite Mastercard is the best Mastercard to use atCostco since it offers double the points on all purchases everywhere – including those made at the warehouse retailer or when shopping online. No other Mastercard can beat those returns, not even Costcoâs own co-branded credit card with Capital One.

Flexible redemption: While the MBNA rewards program is first-and-foremost a travel points card, the points program does also offer great value on e-gift card redemptions. You can net up to 0.85 cents to 0.95 cents per point when redeeming for e-gift cards from Amazon, Walmart, Home Depot, and more.

Does Sbi Credit Card Support International Transactions

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Yes, you can use your SBI Credit Card to carry out contactless, online as well as Point of Sales International transactions. SBI Card also provides the flexibility of activating or de-activating the International usage as per your convenience. You can also set the transaction limits for these transactions.

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Natasha Macmillan Senior Business Manager Of Everyday Banking

Natasha is the Business Director of Everyday Banking at Ratehub.ca. With over a decade of business, strategy and execution experience in the financial services industry, Natasha has worked with numerous public and private enterprises across North America. Her passion for finance and education brought her to Ratehub.ca, where she works closely with Canadaâs top financial institutions – from banks to credit unions – to help ensure our over 1,200,000 monthly users get matched with the right credit cards and personal financing accounts.

Using A Comparison Website

You can use a comparison website to see what different credit card providers are offering. This can help you choose the right card for you. There are lots of comparison websites and not all credit cards will be shown on all sites. So you may need to look around for a particular product.

You can find details of some comparison websites in Further help and information.

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Capital One Savor Cash Rewards Credit Card

Earn a one-time $300 cash bonus once you spend $3,000 on purchases within 3 months from account opening

Does NOT earn transferable points

Does NOT earn automatic elite status

  • Verdict: The Capital One® Savor® Cash Rewards Credit Card makes it easy to earn a large bonus with a reasonable minimum spending requirement within three months. This card is ideal for foodies, with generous rewards on dining and grocery spending.
  • Best way to redeem it: Redeem your rewards for cash back or purchases made through Amazon.com or Paypal.
  • What its worth: $300 in cash back
  • Who’s eligible to earn the bonus: You can only have two personal Capital One credit cards, and you can only get approved for one new credit card from this issuer every six months.
  • Other rewards you’ll earn: Earn unlimited 4% cash back on dining, entertainment & popular streaming services, plus 3% at grocery stores and 1% on other purchases.

Tip: While the points arent transferable, this card offers multiple valuable ways to redeem your rewards.

Pros

  • Grocery bonus category excludes Walmart and Target

Make Sure Your Credit Application Is Complete

Apply for Credit Card With BankBazaar

When an issuer is deciding whether to grant you a credit card, your credit score is a big factor. But it’s not the only factor. Typically, credit card applications also ask you to supply information about your debts and income. Although you shouldn’t overstate your income or understate your debt, you can improve your chances of being approved by making sure the information on your application is accurate, comprehensive and complete. If you earn income outside of your primary employment, for example from a side gig, perhaps be sure to include it. Likewise, include income from your partner or spouse if you’re 21 or over, credit card issuers are allowed to consider overall household income as part of your application.

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Spend Above 2500 & Pay In Parts With Easy & Convenient Emis

Multiple ways to convert your transaction to EMI

While Purchasing

Offline – Convert at the point-of-sale terminals at select merchant stores

Online – Convert on the bankâs OTP Page for all online transactions

Post Purchase

Mobile Banking Login to the app and easily convert at flexible tenures.

Phone Banking â Call 18605001111

What To Do If Your Credit Card Application Is Declined

If your application is rejected, you shouldnt apply for another credit card straight away. Like with all credit cards, applying for several instant approval credit cards in a short period and having rejected applications on your credit file can further damage your .

Instead, you might want to try the following:

  • Review the cards eligibility requirements.
  • Review your credit score and credit history.
  • Contact the provider if you cant narrow down the reasons why you werent approved.
  • Spend time improving your credit history or comparing other credit cards.
  • Apply for another credit card after a few months once youve improved your credit score.
  • Rejected applications can hurt your credit score even further, so its important to consider these conditions before applying.

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    Lower Interest Rates On Idfc First Bank Credit Cards

    Usually, Credit Cards charge interest rate as high as 42% p.a, in case you carry forward your outstanding balances beyond the payment due date.

    IDFC FIRST Bank Credit Cards offer lower interestrates ranging between 9% to 36% per annum.

    For credit card, the interest rates are typically stated as a yearly rate, called the annual percentage rate . No Interest is charged if you pay your balance in full each month by the due date.We recommend that you always pay Total Amount Due to avoid any charges. Paying Minimum Amount Due each month is mandatory.

    Chase Freedom Unlimited: Best For Attainable Bonus + High

    How to Pick The Best Credit Cards

    Why we picked it: Chase recently revamped its popular no annual fee Freedom Unlimited card to include lucrative bonus categories. In addition to a flat 1.5% cash back on general purchases, cardholders now earn 5% cash back on Lyft purchases , 5% cash back on travel booked through Chase Ultimate Rewards, 5% cash back on grocery store purchases on up to $12,000 spent in the first year, 3% cash back on dining and 3% cash back on drug store purchases.

    Pros: The Freedom Unlimited also features a sign-up bonus with one of the lowest spend thresholds on the market: Cardholders earn $200 cash back after spending $500 in their first three months. It also touts a 15-month 0% introductory APR on purchases .

    Cons: Depending on your spending habits and your level of commitment, you could conceivably earn more with a rotating bonus category cash back card, like the Chase Freedom Flex. You also could potentially earn more, at least in the long term, with the Citi Double Cash Card, which, as we previously mentioned, offers a full 2% cash back on all purchases .

    Who should apply? Anyone seeking a general purpose cash back card with a sign-up bonus will be well-served by the Chase Freedom Unlimited. Its also a good companion card to people who have other Chase credit cards, given the issuer lets you transfer points between accounts.

    Read our full Chase Freedom Unlimited review or jump back to this cards offer details.

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    Faqs On Best Credit Cards

  • Which credit card helps to track my credit score?

    The FinBooster: YES Bank – BankBazaar Co-branded Credit Card gives you access to a free real-time dashboard through which you can track your spends and credit score, thereby helping you maintain a good credit report.

  • Which credit card is the best for online shopping in India?

    You have a lot of options for shopping credit cards in India. Depending on your need, you can choose SBI SimplySave Credit Card, Citi Cashback Card and or HSBC Visa Platinum Credit Card, to name a few.

  • Which credit card in India has rewards program?

    The system of reward points varies from one credit card to another. For the best reward points you can choose the FinBooster: YES Bank – BankBazaar Co-branded Credit Card, HDFC Freedom Credit Card, IndusInd Bank Platinum Aura Edge Visa Credit Card, or Citi Cashback Card, to name a few.

  • Which credit card in India offers the best travel benefits?

    Many credit cards in India comes with basic travel benefits which include lounge access at the airport, accelerated reward points on travel bookings, etc. However, there are many credit cards which offer added benefits on travel such as HDFC Bank Regalia credit card, etc.

  • Do top credit cards have higher annual fees?

    No, there is a range of credit cards offered by different banks which offer many benefits at a nominal annual and joining fee. Some of the credit cards are HDFC Bank Moneyback credit card etc.

  • Review Your Credit Report

    You’re legally entitled to a free annual credit report from each credit bureau . Go to AnnualCreditReport.com to request it.

    Once you have your credit reports, review them for errors that could be damaging your credit score. If you find any errors, visit the website of the credit bureau that issued the report to file a dispute.

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    The 15 Best Credit Cards In Canada For 2021

    Reading up on credit cards? Wondering whatâs the best card for me? In under 60 seconds, CardFinder narrows down your top matches without impacting your credit score, no SIN required

    Every year, Ratehub.ca rounds up the best credit cards in the country to help Canadians wade through the financial weeds to find the card most suited to their spending habits and lifestyle.

    Like clothing, credit cards arenât one-size-fits-all. Weâve said this before â the best one for you depends on your financial situation and maybe one that saves you money via a low interest rate, balance transfer offer or cash back, or provides value through rewards points that can be redeemed for travel and merchandise.

    Alongside a few standout new mentions, several of the best credit cards in Canada for 2020 have also made it on our list for 2021 because they continue to offer great value.

    Capital One Quicksilver Cash Rewards Credit Card: Best Flexible Rewards Credit Card For First

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    Why we picked it: This popular Capital One credit card has all the features you should look for in a first rewards credit card: no annual fee, no foreign transaction fees, a straightforward but competitive rewards program, a generous cash back sign-up bonus with a low spending threshold and , a free credit monitoring service.

    Pros: You earn 1.5% cash back on all purchases. More notably, those rewards are quite easy to redeem: Capital One doesnt impose redemption minimums and you have a bevy of options to choose from, including gift cards, checks and statement credits.

    Cons: That 1.5% cash back on all purchases is good, but not exactly best-in-class for flat-rate cash back credit cards. You can earn more with the Citi® Double Cash Card, which offers a full 2% cash back on purchases .

    Who should apply? The straightforward rewards program, minimal fees and free credit monitoring make the Quicksilver an excellent choice if youre in the market for your very first rewards credit card.

    Who should skip? As we intimated, rewards card maximizers can certainly earn more cash back with other cards. If you have fair credit, you will likely have a hard time qualifying for the Quicksilver. You can, however, consider the Capital One QuicksilverOne Cash Rewards Credit Card, which touts similar features, albeit for a $39 annual fee and likely a lower credit limit.

    Read our full Capital One Quicksilver Cash Rewards Credit Card review or jump back to this cards offer details.

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    Best Credit Card For Flights

    For frequent flyers, you arguably canât do better than the TD First Class Travel Visa Infinite due to its flexible airline options and high return on travel spending.

    Cardholders who book through TD and Expediaâs co-branded website ExpediaforTD can earn and redeem 9 points per dollar on flights, accomodations, and other travel-related expenses like car rentals and all-inclusive vacations. For all other purchases, this card offers 3 TD points per dollar. Plus, TD points donât expire, meaning you can continue to collect until you have enough to pay for that pricey flight or hotel youâve had your eye on.

    The TD First Class Travel Visa Infinite also provides new cardholders with a first-year annual fee rebate and an extremely attractive points bonus: 20,000 TD points after making your initial purchase on the card and another 60,000 TD points when you spend at least $1,000 within the first 90 days. Plus, youâll also get a 0% promotional interest rate on travel purchases for the first 6 months .

    Why we like it:

    This card offers a regular earn rate of 4.5% per dollar on any purchase made on the ExpediaforTD website – one of the most lucrative reward values for travel spending and more than double the travel rewards rate offered by many other cards on the market.

    Card travel insurance benefits:

    Additional perks:

    Cardholders can get up to 10% off car rentals from select Avis and Budget locations as well as purchase security and extended warranty coverage.

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