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Credit Card Insurance Guide
Published by My Rate Compass Team | Updated Jan 23, 2021
Credit Card Insurance Canadian credit card companies offer a variety of insurance options for cardholders. In order to take advantage of the insurance, you must use an eligible card for the booking or purchase. Look at the various options out there,  to have a better understanding of the benefits that come with credit cards. Collision and Damage Insurance When you rent a car, the rental

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Credit Card Basics
Published by My Rate Compass Team | Updated Jan 06, 2021
What is a Credit Card? How Do Credit Cards Work? Issuers vs. Networks Comparing Credit Cards How to Apply for a Credit Card What is a Credit Card? When a business such as a bank lends you money it is called credit. A credit card essentially allows you to spend the bank’s money and pay them back later, all through the use of a small plastic card. Credit cards are convenient, secu

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How to Choose a Business Credit Card?
Published by My Rate Compass Team | Updated Apr 29, 2020
Did you know that small businesses comprise 98.2% of all Canadian companies? With these numbers, getting appropriate funding is key for business and economic expansion. A business credit card is a good option for a start-up looking for additional funding or a small business that has plans for expansion. In addition, getting a credit card for business is a good way to establish credit history under

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How to Choose a Student Credit Card?
Published by My Rate Compass Team | Updated Apr 29, 2020
There is a great paradox when it comes to student credit cards: One, you have to be a student to get one. Two, being a student doesn’t automatically qualify you for one. Getting a credit card for students is a real head-scratcher, but this guide can help you navigate through the basics on how to choose a student credit card and find the best student credit cards in canada. What is a studen

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Balance Transfer Credit Card Guide
Published by My Rate Compass Team | Updated Dec 05, 2020
A balance transfer credit card could be your solution to paying off your existing debt faster. But is it the right type of credit card for you? We lay it down for you - the upside and downside of balance transfer cards – to help you decide.   What is a balance transfer credit card? A balance transfer card is a type of credit card with little to no interest rate. Banks and issuers u

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How to compare credit card rewards program in Canada?
Published by My Rate Compass Team | Updated Jun 30, 2020
Are you getting the most out of your credit card? If you are using your credit card for daily expenses and are paying off your balance each month, then you might want to look into the different credit card rewards programs. What are the different types of credit card rewards? There are different rewards for different cards. The most common are cash back, travel points, store points, and free gas

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Types of Credit Cards
Published by My Rate Compass Team | Updated Jul 20, 2020
Types of Credit Card Previously, owning a credit card was  easy: one card for one person and for all transactions. Today, you can own two or more credit cards depending on your lifestyle. With a range of fees, interest rates, and reward programs,  it’s now more important to know which credit card best suits your lifestyle and financial situation. You may be wondering: Which

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6 Tips to Responsibly Use your Credit Card
Published by My Rate Compass Team | Updated Dec 03, 2020
How to responsibly use your credit card A credit card is a great way to make purchases and track your spending, but it can also be an easy way to get into a lot of debt.  When it comes to swiping your credit card for purchases, the only time you really know you’ve spent too much, is if your card has reached its limit and is declined. In my opinion a credit card should always be seen as

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The Best Scotiabank Credit Cards in 10 Categories
Published by My Rate Compass Team | Updated Jan 19, 2021
Best Scotiabank Credit Cards in Canada   As the third largest bank in Canada, the Bank of Nova Scotia—A.K.A. Scotiabank—offers an impressive roster of credit cards to suit their customers’ needs. There are currently 18 credit cards to choose from, and we’ve rounded up the best in 10 categories to help you choose the one that’s right for you.   Best Sco

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Credit Cards: How to Apply & Tips for Approval
Published by My Rate Compass Team | Updated Jun 18, 2020
  Credit cards are a useful financial tool for many Canadians. They can help you build credit, pay an unexpected or emergency expense and facilitate daily spending among many other things. In addition, credit cards are one of the most commonly used financial products. If you’re interested in getting a credit card, below is a step by step guide on how to apply for a credit card along wi

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Prepaid Credit Cards: Everything You Need to Know
Published by My Rate Compass Team | Updated Sep 08, 2020
Prepaid Credit Cards Canada In the world of personal finance, you may have heard of prepaid cards. If you haven’t, you’ve come to the right place to learn all about them! Prepaid cards come in the form of both debit and credit cards. Their primary benefit is that they can be used by individuals who aren’t eligible for regular banking products. To learn more, continue reading

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Who accepts American Express in Canada?
Published by My Rate Compass Team | Updated Aug 07, 2020
Who accepts American Express in Canada? American Express credit cards are rated among the best credit cards in Canada in many categories and have outstanding rewards, features and benefits. They are also widely accepted across Canada. Below is a high-level list of retailers who accept American Express in Canada: Grocery Stores: Walmart , Metro, Sobeys, Whole Foods Mark

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How Does Credit Card Interest Work in Canada?
Published by My Rate Compass Team | Updated Sep 27, 2020
Credit Card Interest Rates Explained   A credit card is a great financial tool that comes with a lot of features and benefits. The interest rate is by far the most important component of a credit card since it has a big impact on your borrowing cost when you carry a balance. Improving your knowledge about credit card interest rate is essential. Below you will find some information to unders

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Credit Card Debt
Published by My Rate Compass Team | Updated Sep 27, 2020
Are you planning on getting a credit card? Do you own a credit card already and just want to avoid debt?   Every credit card owner is at the risk of debt. Too much debt on a credit card can take years to pay off. If you are a new credit card owner, or if you find yourself entangled in the mess already, this article can help.   Tips to Avoid Credit Card Debt   Have an emergency

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