HELP NEEDED: Best Canadian Credit Cards?
Just moved to Canada, and discovered that my U.S. credit cards charge a
transaction fee for every purchase to convert back to U.S. dollars.
Bummer.
Any advice on Canadian credit cards? We pay off our cards at the end of
every month (no on-going balance), and have appreciated 1% rebates from
AmEx (Costco) and GE Rewards in the U.S.
-We have Costco Amex here so I think you could switch to the Canadian version
without any problem. Only thing is some places don't accept AmEx.
President's Choice Mastercard is good if you live in an area with Zehrs,
Loblaws, or Great Canadian Superstore. The card is free and through the card
and online bank you accrue points that can be used for many things but the
best and easiest use is to redeem them for groceries.
Watch out for the lower fee CIBC gold airline cards. You only get points
half as fast as the higher fee cards.
Depending on where you live and whether you plan to travel, the new WestJet
Mastercard might be worth it.
-I second the PC MasterCard, 1% back in rewards that can be cashed in on
groceries. It's as good as money.
I also highly recommend their no fee daily banking. Free unlimited checks,
free unlimited (Canadian)debit transactions, free transactions at PC & CIBC
bank machines, free online banking. Some things (in addition to the CC) earn
you points as well. Your first direct deposit gives you $10 worth of points.
You also earn points paying bills online.
They also have a free high interest savings account. 2.15% interest.
One word of warning. If they can't find a credit rating, you will have
restrictive limits:
$200 debit / day, $200/ day ATM withdrawal, and 10 business days to clear
ATM deposits (direct deposits are cleared immediately.)
For more info: www.pcfinancial.ca
I also recommend the Crappy Tire MC. 1% back in rewards that can be redeemed
at Crappy Tire (really Canadian Tire--It's a store that's half automotive
parts, half hardware, half sports equipment type stuff)
These two offer better return than most other reward programs, give you
useful stuff, all without an annual fee, with a card that's accepted at most
places.
Sometimes people have problems with getting credit in Canada when they
immigrate, even from the US. If you can get your account switched over from
a company that deals with both countries (like your Costco Amex), you're
laughing. Other cards like Citibank and MBNA have counterparts in Canada,
and can usually be switched over. If you don't have an account with them,
you might be able to convince them to pull your American credit rating if
you apply.