Why Comparing Credit Cards Ensures the Best Deal

Canadians are increasingly shifting their spending habits to a digital world. While the COVID-19 pandemic has accelerated this evolution, it was happening before the crisis. More people now value contactless payment and ecommerce purchases, and it looks like this is a permanent shift.

For Canadians making a switch to digital transactions, the good old-fashioned credit card is both a safe and familiar payment choice. Credit cards allow customers to explore a new era of contactless finances without compromising on traditional purchases. It’s possible to use a credit card to pay for products and services online or at a brick and mortar store.

That said, the credit card market is relatively complicated simply because there is so much choice. Dozens, if not hundreds, of credit cards are available in Canada, and no two are equal. Firstly, there are different types of credit card, such as rewards cards and balance transfer cards. Secondly, banks and financial institutions have different deals available.

Amid the economic turmoil millions are facing because of COVID-19 and lockdowns, understanding which financial solutions are best has become more important than ever. This is especially true in the saturated credit card market, which is why shopping around for credit cards is the best choice.

Choose the Right Type of Credit Card

As RATESDOTCA points out, using an online comparison tool can help customers find the best credit cards in Canada.  More importantly, comparison sites are becoming popular because they help consumers find the right credit card for their specific needs.

When comparing credit cards online, there are some things customers must consider:

Different Types of Credit Card

There are three different types of credit card available in Canada. Which you choose will depend on your individual needs:

  • Bank-issued Credit Cards: The most common credit card in Canada is one issued by a bank or other financial institution. As the most versatile solution, these credit cards can be used for all kinds of purchases and come with various perks. Depending on the card you choose, there are different annual fees, rewards programs, rebates, travel insurance, low interest offers, and other perks available.
  • Store Cards: As the name suggests, these credit cards are tied to a retail outlet or service provider. Customers use these cards exclusively at the carrier’s stores, although they usually have high interest rates for late balance payments. One of the benefits of this type of credit card is access to store discounts and reward programs.
  • Travel/Entertainment (charge) Cards: Because they have unlimited credit limits, these cards must be paid off in full through each payment cycle. That means cardholders are required to pay off their balance each month. Charge cards are known for carrying high annual fees and high interest penalties for late payments.

What Is the Credit Card For?

Whether you’re adding to a collection or getting your first credit card, it’s important to assess why you want a card. Your reasons should play a major role in deciding what type of credit card to compare and apply for. Common reasons to get a credit card include:

  • Building credit: Many first time borrowers use a credit card as a first step to building a robust credit score ahead of larger purchases such as a loan or mortgage. Cards with a low APR or no annual fees are useful for credit builders.
  • Frequent traveler: Credit cards are handy for travelers because they are an accepted payment in most parts of the world. Some cards offer specific travel-related perks, such as travel rewards, air miles, or hotel deals.
  • Balance transfers: Some people move funds between accounts or credit cards to make payments more efficient. For this purpose, a card with 0% balance transfers (or no-fee balance transfers) is a good choice.

Comparing Credit Cards Makes Sense

Many Canadians make the mistake of choosing the first credit card they are offered. Maybe its from their bank and they assume as an existing customer the bank will offer a good deal. Sometimes it’s just a matter of not knowing there are better offers available. The only way to find the best credit card deal is to compare cards.

While that sounds like a frustrating and time consuming prospect, especially if you’re not sure what to look for, comparing credit cards is easy. Thanks to online comparison sites, you can check a selection of credit cards based on your personal needs. It’s easy to check cards by type, lender, and bonuses.

Comparing credit cards ensures you get the best credit card to meet your needs, with the best perks included.


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Disability Insurance

Disability Insurance is a tool that many people should consider. There are options available that may be able to help you in various situations. In this article we will take a look at disability insurance to outline the way it works.

What is Disability Insurance

Disability insurance is a way for you to be covered and make an income if you are unable to work due to a disability. Each plan has a definition of a disability and the qualifications needed to be met in order to be covered. You may need to work with a physician to submit information to the insurance company.

Types of Insurance

There are two main types of disability insurance, short term and long term. Short term is coverage for a worker for a short period of time, as the name states. The typical time frame is about 3-6 weeks. It will offer a portion of your salary for this time period. Short term might be good for a surgery or procedure that won’t allow you to work. Long term disability is just like short term but obviously for a longer period of time, around 6 months or more. A long term plan may be good for someone who has an illness like cancer.

Ways to Get

Disability Insurance can be acquired many different ways. There are private companies that sell.  Most private insurance companies where you may find home, car or health insurance offer plans. You can have luck finding information online. It can also be offered by social security/the government. Social Security offers special programs for those suffering from major illness. That way everyone can be taken care of in the event of an unforeseen event.


When shopping around for disability insurance, it is important to review the terms. Once you do your research you will learn a lot of the key terms.

Elimination Period- This is the period of time that must pass before your policy can take into effect. Basically when your policy starts you can not ask for coverage until the elimination period is over. Elimination period vary, can be anywhere from 2 weeks to 9 months. 

Any Occupation/Own Occupation– This term used in disability coverage explains the circumstances of your disability. Are you unable to do any form of work or are you only unable to do your own occupation or own line of work. This is a key element of coverage.

Benefit Period- The benefit period is the length of time you will receive the portion of your salary payments and benefit.


The price of a policy depends on many things, many of them being the terms mentioned above. 

Hopefully this provides you with an outline of disability insurance and can help you determine if it is right for you.

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Moving Your Home Business Out of the Home? 4 Tips for Choosing the Right Commercial Mortgage

Your home business has turned out to be a lucrative venture. In fact, you need more space than your basement or spare room can provide. Now is the time to find a small commercial property and take your company to the business district. As you consider your options, choose the financing wisely. Put these tips to good use and your commercial mortgage by CloverMortgage will be just what you need.

Take a Good Look at Your Credit Scores

Assuming your business has been around long enough to establish a credit history, you can bet that lenders will want to look closely at what the current business credit score happens to be. Some may also want information about your personal credit score since you are the business owner. Before submitting an application, do check all of your scores. Doing so will ensure you can answer any questions that the lenders may ask after reviewing the credit reports.

Look in the Right Parts of Town

There are a number of factors that go into choosing the right commercial property. Location is one of them. Ideally, you want to focus on areas that are predicted to continue appreciating in value. That can be an older business district located near residential areas that are currently enjoying an upswing in value. As the property values in the area continue to improve, the commercial property that you buy now could be worth quite a bit more in a few years.

If you’re not sure where to look for an ideal property, take the time to review Canada’s housing market predictions and identify up and coming residential areas located near commercial areas. If the trend for an area is anticipated to last for several years, that’s where you want to invest in a commercial structure.

Consider How Much You Need to Borrow

Don’t expect lenders to cover the entire purchase price of the commercial property. Most will extend loans anywhere between 55% and 80% of the current market value. That means you will need your own cash for the deposit.

Keep in mind that they type of commercial property does make a difference. For example, you are likely to get a loan for a larger percentage of the purchase price if you’re buying an office building versus a farming establishment.

Pay Down Current Debt

Along with your credit scores, do expect lenders to be interested in the difference between what you owe and how much revenue the business takes in on a monthly basis. This is sometimes referred to in the banking industry as the debt service coverage ratio. Essentially, the lender wants to ensure there’s enough cash left over after you pay on current debts to make the mortgage payment.

If possible, pay off some of your current debts before applying. The positive comments left on your credit reports will help your cause. It also frees up more of your collected revenue and makes it easier to prove that you do have the resources to manage the mortgage payments efficiently.

Plan your next move carefully. Doing so will make it easier to finance the purchase of the commercial property and position your business for future growth.

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