Master the Cards
February 15, 2012 by Michael Hill
Filed under Special Features
According to recent data released by Moneris Solutions, Canada’s largest debit and credit card processor, spending through its debit and credit card machines in last year’s fourth quarter rose 5.8 per cent compared to 2010’s. It seems Canadians loosened up a bit for the holidays. It’s ok to splurge from time to time, but with the uncertain economic times, living within your means is not only wise, but essential. That means finding the right credit card for your lifestyle. Depending on your qualifications, you may have a beefy buffet of plastic to pick through, or, your selection may be as lean as a vegan menu. So how do you decide? We’ve asked three credit card connoisseurs to track down the perfect pieces of plastic to help you live within your means.
When it comes to an all-around solid, plain-vanilla credit card, Ben Woolsey, director of marketing and consumer research at Canada. CreditCards.com, feels this card shines. With a fixed 9.99% annual interest rate on both purchases and cash advances, you can responsibly spend without sweating high interest charges. Other perks, such as a no annual fee and 24-hour fraud protection, make this card a safe bet for frugal spenders.
www.mbna.ca
If you’re eyeing low interest rates, the team at BankNerd.ca, a news provider on the Canadian banking industry, suggests this little gem. It gives a low interest rate of TD Prime +1.75% up to TD Prime +9.75%. At the time of writing this article, Prime is at 3%, meaning the rate on this card would be 4.75%- – a great option for new families trying to manage their debt.
www.td.com
When it comes to an all-around solid, plain-vanilla credit card, Ben Woolsey, director of marketing and consumer research at Canada.CreditCards.com, feels this card shines. With a fixed 9.99% annual interest rate on both purchases and cash advances, you can responsibly spend without sweating high interest charges. Other perks, such as a no annual fee and 24-hour fraud protection, make this card a safe bet for frugal spenders.
www.mbna.ca
www.mbna.ca
For anyone with good credit who’s trying to pay down his or her debt, this card is one to look at. Woolsey suggests it for the lengthy low introductory rate: 0% interest on balance transfers for the first 10 months. It has no annual fee, and for those who qualify, a substantial line of credit as well.
www.mbna.ca
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