Our Credit Card Rating Methodology

There are over 200 credit cards available in Canada with a multitude of features and benefits which make it challenging for consumers to compare effectively and choose the right cards for their needs. Our goal is to provide unbiased and comprehensive credit card reviews. 

At My Rate Compass we are rating each credit card to guide our users to assess and make an informed choice. Our editors determine the credit card ratings based on key factors that are the most relevant for Canadian consumers such as: benefits, features, interest rates, annual fees, insurance, rewards, perks, introductory offers, and how a credit card compares with other cards in its category.

Credit cards are assigned a score between 0 and 5 to measure their overall quality.


  • 4.6 or higher: Outstanding
  • 4 to 4.5: Excellent
  • 3.5 to 4: Good
  • 3 to 3.5: Average
  • 2 to 3: Below average
  • 2 and under: Poor



We rate each credit card based on all key features of the card within the perspective of the primary category they are assigned to such as Cash back, Travel, Rewards, Balance Transfer etc. and we measure against similar cards in the same category.


Rating Evaluation in Key Credit Cards Categories

 

Cash-back Credit Cards: 

For cash back credit cards our editors analyze the value and complexity of the rewards program. Our editorial team tend to prefer simple, flat-rate cash back programs but evaluates the potentially high returns of more complex programs with rotating cash back categories or spending caps. In addition, we consider sign-up bonuses/welcome offers and annual fees relative to the value of rewards.


Travel Credit Cards: 

When rating this category our editorial team evaluates credit cards mainly on the value of their sign-up bonus/welcome offer, earn rate and ongoing travel rewards. Editors consider the bonus and rewards against those of other credit cards in this category and factor in features important to cardholders in this category such as annual fees, travel insurance, lounge access, no foreign transaction fees, redemption options, flight upgrades etc.


Balance transfer Credit Card: 

Our editors consider key elements such as the duration of the introductory interest rate for a balance transfer period relative to other credit cards in this category, as well as any balance transfer fee. Standard and penalty APRs are also factors in the balance transfer credit card rating. The best balance transfer credit cards offer the most savings for consumers with the longest introductory periods and lowest fees.

 

Low interest Credit Cards: 

For low interest credit cards our editors analyze mostly the introductory interest rate offer on purchases and cash advances when applicable and the ongoing interest rates in these 2 categories. The editorial team also evaluates the annual fee and if there are other features and benefits on the card such as insurance or rewards. Overall, we favor credit cards with the lowest ongoing interest rates and annual fees as well as the longest introductory low rates.

 

Secured and Bad Credit:

 For credit cards in this category, our editorial team assesses the credit score requirements and the total cost of ownership (including annual fees, monthly maintenance fees). We also heavily evaluate the interest rate on purchases and cash advances along with credit-building features, such as regular reporting to Equifax and Transunion, that can help cardholders improve their credit scores and get access to other financial products.

 

Business Credit Cards: 

In this category our editors are looking at mainly the Rewards value and the standard interest rates on purchases and cash advances since business owners often use their business credit cards to track expenses, earn, and maximize rewards on business expenses or to effectively manage cash flow. We also assess the sign-up bonuses/welcome offers and other perks that could be valuable to businesses owners such as insurance, discounts at specific stores etc.


Learn more about our editorial guidelines here.