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Credit Card Deals For Demanding Public

[10/26/2007]
Credit Card Deals For Demanding Public

Do you live in Canada? Do you travel to Canada? Do you spend money in Canada? If you gave a positive answer for at least one of these questions you need a Canadian credit card.

No doubt that nowadays credit cards are an absolutely necessary financial tool. They became an integral part of Canadian lifestyle. For years and years plastic money has been popular for a number of reasons. Simplicity, safety and convenience. It has been estimated that an average Canadian has 2 credit cards compared with 4 cards that a typical American possesses.

There are several curious facts about Canadian credit cardholders. According to Canadian Bankers Association - the main representative body of banks in Canada - Canadians use their credit cards wisely. This means that:

  • approximately 70% of Canadians pay off their credit card monthly balance regularly. This means that Canadians pay little interest or even no interest at all;
  • those who do carry a balance, pay off 25%-35% of the total amount of debt. Not just the minimum.

When talking about Canadian financial products in general and credit cards in particular it is important to note, that Canadian credit card market is the most competitive in the world. There are approximately 5200 financial institutions that offer different products and services. For Canadians this means that a vast variety of financial products, among them credit card deals, are offered at very competitive prices.

Well, it is always not so easy to please demanding public, but quite possible. There are many good credit card offers and among them there is American Express Air Miles Credit Card. With more than 150 years of operation on Canadian market, AmEx is a leading provider of travel related services. For a number of reasons Air Miles card can be a good option.

  • First of all, it is a rewards card with no annual fee. You will earn 100 free miles with the first purchase and then for every $20 you will get 1 free mile.
  • Secondly, it is a good card for balance transfers for it has an introductory period of six months with APR of 3.99%.
  • Thirdly, the credit limit can be as high as $75000. The necessary personal income should be no less than $15000.
  • And finally, this plastic allows you to make purchases in order to collect miles in more than 9600 locations all over Canada. Is not that a really beneficial deal?

Though, there is one disadvantage that you should be aware of. Annual percentage rate for purchases is 18.5% which is quite high. But if you do not carry balance this is not going to matter a lot. Anyway, one of the rewards credit cards' rules is that you should try to never carry a balance. Otherwise the interest rate will wipe out all rewards.

Using wisely any credit card will help you to make a good credit score and to get maximum benefits. That is why it is important to know your rights and responsibilities.


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News about Credit Cards

COMMENTS

Anna Landis [06:29 AM, October 30, 2007]

I own an american express air miles credit card. It has no annual fee and gives you all those rewards. I'm absolutely happy about my card.

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