Updated for 2019: The Best Canadian Credit Cards

Most people agree that credit cards are necessary for modern living. To get the best interest rates, reliable security, and additional perks from your credit card you need to have a stellar credit record. Without that, it’s pretty hard to find a great deal on credit cards in Canada. But with a little ingenuity it can still be done.

Secured credit cards, which offers the best interest rates and additional perks, requires a security deposit before it can be issued to you. This is refundable after a predetermined amount of time, if your payment history remains exemplary. So Rule Number One for getting the most out of your Canadian credit card according to Finance Fox is to always stay within your card limits and never miss a payment. If and when you want to upgrade to a non-secured credit card (which people do for various reasons, such as the tax benefits involved) your security deposit will be refunded once the full balance of the card is paid off. 

The best of the best in secured credit cards in Canada is undoubtedly the TD Security Credit Card. There’s no income qualification, but you will have to open a basic TD Savings account and deposit a minimum of $500.00 (Canadian) in it. The basic annual fee is 29.00 (Canadian). Purchase APR is pegged at 25 point 24 percent, which compared to most Canadian secured credit cars available to the general public is the best deal going. It’s important to remember that Canadian financial institutions are among the most conservative in the world, and do not throw percentages to the winds like their American cousins down south.

If you hanker for a secured card with no annual fee you should apply for Home Trust Security Visa. There’s no income qualification, and the interest rate is pegged at nineteen point ninety-nine percent annually.