Chaya Cooperberg
I'm quite fond to the Financial Consumer Agency of Canada (FCAC) and its website, Moneytools.ca, as much as one can be a fan of governmental agencies. The website from FCAC, a regulatory agency created by the federal government, offers up many effective finance tools for the average consumer.
The FCAC said it has brought its credit card selector tool up to date to include fresh information on more than 250 credit cards from 28 different credit card companies. The tool lets you compare the costs, benefits and rewards of most credit cards available in Canada. The interactive tool organize the different products into categories and analyze and compare their conditions, rewards, options and other features in an easy-to-read, side-by-side type of format. Simple tables are also available for downloads to compare different U.S. dollar credit cards, gold and platinum cards, or student credit cards.
If you're looking for a new credit card, make sure you're not tempted by the rewards that several companies offer. Specifically, the "Introductory interest rates on some credit cards may be appealing," FCAC Commissioner Ursula Menke said, "just remember to ask how long these promotional rates last. Most promotional rates end after a set period of time."
Ms. Menke recommends that consumers ask the credit card issuer some important questions before selecting a card.
"Find out which types of transactions are included in the introductory offer. Ask what will be the regular interest rate when the introductory offer expires and if there are any other circumstances that could cause the introductory offer to end. Make certain you understand how your payments will be applied to your balance, and don't forget to ask the card issuer about any fees and other conditions linked to the offer," Ms. Menke says.
VIA Globe and Mail
Keyword: credit cards
