Canadian Credit Cards - Which Ones are Best for You?

Recently, I reviewed our credit card plans and concluded that a change was warranted.  Why?

• our spending habits have changed and we make more bill payments via credit cards
• many new competing credit cards are available.

I was faced with the issue of having to compare various credit card plans.  I visited many web sites in order to learn more and, after several hours, found a great deal of repetition.  

However, one web site stood out from its peers:  CAN I PAY LESS?

http://canipayless.com

The site is managed by a Canadian start-up and is run out of Ottawa, Ontario. 

http://www.techvibes.com/blog/can-i-pay-less-credit-card-rewards-2013-04-10 

The company states:

How We Compare Credit Cards Better Than Others

Credit cards have a lot of rules and point systems, some more complicated than others (like up to 5% cash back). We've ranked our recommendations by real world dollars by programming every credit card rule and point system into our site.

Most people have more than one credit card. We are the first site to figure out multi-card reward values. Our site offers information that would take hours to calculate manually, all customized to you.

What's The Catch?

If you pay off your credit card in full every month, Can I Pay Less saves you money by finding the best credit card rewards. It may take 10 minutes to apply for the perfect credit card but if it pays you $300/yr then it's well worth the time! For every dollar you spend you will know you are getting the most reward values.

If you pay interest on your credit card balance, then the catch is you shouldn't be using a reward credit card. You can save money by building good spending habits where you pay off your purchases immediately. Once good spending habits are in place, we'll find you an awesome reward card which will earn you even more money.

You are asked to estimate your monthly spending according to several categories e.g. groceries, pharmacy, travel, gas, bills, entertainment etc. Further, you are asked to provide some other information such as your income and desired number of cards. 

Using this information, the site recommends an optimum combination of cards to maximize your "rewards" in terms of $$$. It also enables you to compare the recommended cards with your present suite of cards.  

Of course, there is more to credit cards than financial rewards e.g. extended warranties, travel insurance etc. so it makes sense to undertake your due diligence before finalizing your choice.

As part of my due diligence, I also back-checked the recommended cards with a few friends in an effort to determine the level of client service.  

As a result of this process, I now have a different set of cards in my wallet.  

The CAN I PAY LESS? site is well worth visiting as one of the first steps in reviewing your credit card plans.  Note: I have no connection with this business.

It goes without saying that you should never carry a balance on your cards.  

In addition to credit cards, you should also review other aspects of your financial/legal life at a minimum of every five years, including:

• wills
• home/car/life/travel insurance
• banking arrangements
• line of credit
• internet provider

And if you find a better deal somewhere else, it's amazing how obliging your current plan manager can be in order to retain your business.  The bottom line: don't be taken for granted.  If you don't ask, you don't receive .... the trick is knowing when to ask!  If you have information about the services offered by competing companies, it will greatly assist you in your quest for a better deal. And always be polite: the person on the other end of the line will generally respond more positively to callers who are well-informed, and appreciative of the service they can perform - if asked nicely.