Why Get a Credit Cards for Canadian?Have you just moved to Canada? Are you studying in Canada? If you’re a newimmigrant in Canada, have you considered opening a credit card account? Reportsshow that the average Canadian owns at least one to three credit cards.Although acquiring multiple credit cards is not bad, it isn’t recommended foreveryone. Before applying for more than one credit card, carefully consider yourlifestyle, spending habits and your purpose for getting a credit card.
Why Get a Credit Card?
Using credit cards is certainly a more convenient way to shop. Shopping with creditcards is simpler and safer than paying with cash. In case your card gets lost orstolen, you can easily call your credit card issuer to have your account blocked andprevent unauthorized use of your card.Now that internet shops have become popular and more people prefer to shoponline, having a credit card is certainly an advantage. Credit cards also come inhandy when making reservations such as on purchasing airline tickets, getting hotelaccommodations or renting a car. For people who frequently travel, carrying acredit card is surely a big help.Canadian credit cardscan also help you build your personal credit history. How?Find one that reports your payments to the three major credit bureaus in Canada:Equifax, Experian and TransUnion. By opening a credit card account, and by wiselymanaging your account, you can build a solid credit history in your name.
Research Before Making A Choice
Just like in the US, there are many companies and banks that issuecredit cards inCanada. Don’t just pick a card out of popularity or gut feeling. Instead, do yourown research and compare your choices.When comparing credit cards, don’t just focus on the low interest rate. Check outall the fees that could be associated with your card. For instance, annual fees mayrange from $15 to as much as $150. Consider this, would you be willing to pay$150 a year just to keep your card active?Aside from the fees, study the features offered by each card. Does it provide aliability protection in case of fraudulent use? Can you be assured of 24/7 customerservice? Does the features of the card complement your needs and lifestyle?Bear in mind that advertisements generally present the best points about the card.However, if you want to know everything, including the weak points about a card,you’ll need to spend time reading and reviewing the contract.
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