What Intimation You Should Be Aware of Credit Cards in Canada During COVID-19?

As COVID-19 has taken the whole world by a shock, there are many cases where individuals are observing a slide in mortgage interest rates. Today many Canadian residents have found that due to COVID-19 pandemic spread, there are many banks and credit unions which have lowered the limits of most of the Credit Cards of Canada. There is no denying that there are a number of people who love to go with credit cards to fill their gap of money needs as per credit cards governing guidelines.

In this blog, let’s get some glimpse of the common question of intimation that one should be aware of before applying for particular credit cards in Canada.

Q. What Does it Mean to Be Pre-approved for Credit cards in Canada?

Receiving a pre-approved credit card offer means that a credit card issuer has verified all your documents and processed all the formalities required to go on with credit cards in Canada that’s trending and can help you save larger amount. There are many cases where you will still need to apply in order to actually receive a new credit card, at which point there are both possibilities of acceptance and denial accordingly.

Q. Why Does Your APR go up If You’re Making Payments on Time?

There are a few reasons your Annual Percentage Rate cannot match the regular payments you are submitting in taking the benefit of credit cards of Canada. These overall include a lowering down in your credit score, the end of a card-related promotion, a change in the prime rate if you have a variable-rate card, on or before your payment circle.

Q. How Many Credit Cards Should I have in Order to Build Credit?

There is no perfect number of credit accounts to build a solid credit history. There are many factors that need to consider primmest to level up the issue of credit cards. There are also many cases where you will need to fix the issues to look at optimizing your credit utilization ratio, possibly by adding cards or requesting higher limits. One should always remember that a utilization ratio is the amount of total debt you’re carrying compared to your total credit limits.

Wrapping Up 

Hence, if you, as an able financial personal is looking to grab more information on top credit cards in Canada to get the best of offers and discounts, never hesitate to connect with RateShop.ca! Recognized by Canadian Mortgage Professional as one of the “Top Independent Brokerages in 2020”, you can seek all information on credit cards, cheap money transfers, and other financial dealings accordingly.

Is Getting into Comparing of Credit Card in Canada a Worthy Decision?

It’s no secret that if you’re looking for something stable, flexible, reliable, and of course, something that supports you and your spending habits- Credit cards is what’s come to people’s mind. To be on the safer side with payments, it’s always worthy to compare credit cards before you make any final decision to go with a top credit card company in Canada. Most of the people in Canada who are residing in Toronto and Ontario are seeking active guidance from investment and mortgage professionals to get a clear picture of the same. When we talk about the above question, most people consider the decision on the truth side, as no one wants to land with the wrong choice.

In this blog, let’s look at some of the top trending credit cards in Canada that individuals can apply for.

American Express Cobalt Credit Card 

There is no denying that most of the people in Canada want to compare credit cards and then apply, and it is undoubtedly a wise decision. With American Express Cobalt Credit Card, you can get the reward points that are five times more than the purchase at eligible restaurants and bars, plus a rare bonus of two times the rewards points for transit purchases. With this, the annual fee on this card is payable in monthly increments, which makes budgeting easier too!

Scotia Momentum Visa Infinite Credit Card

In this credit card option, people can earn 10% cash back on the primary installment of $2,000 when it is ineligible purchases you spend on the new account opening with this credit card option. There is no denying that in this purchase option, one is eligible for different purchases, including- fewer refunds, returns, or other similar credits- but it doesn’t include payments and cash advance that help the people suffer badly.

TD Cash Back Visa Infinite Card

If you’re looking to pocket some severe savings on your everyday spending without the hassle of dealing with points or loyalty programs, then the TD Cash Back Visa Infinite could make for a great addition to your wallet.

With 3% cashback on gas, groceries and recurring bills, and 1% on everything else, it’s arguably one of the best credit cards in Canada for household purchases – particularly for families who spend big on restocking the fridge and regularly commute vast distances between work, school, and home.

Wrapping Up 

Hence, there is no denying that the above-mentioned credit cards are always considered as the best solution to fund your savings at a crucial time. If you, as a user, are looking to get more information on to compare credit cards and apply for the right ones in Canada, never fail to connect with RateShop.ca. Recognized by CMP as one of the “Top Mortgage Brokerages in 2020”, you can use the website to get all information on credit cards in Canada!