A recent national survey found that 85% of Canadians have a credit card, and 58% have more than one card. But 31% of those consumers don’t even know the annual interest rate charged on the card they use. Thankfully, it doesn’t have to be like this.
In addition to the information in your monthly statements, there is a lot of information online.
Get daily National news
At the website for the Financial Consumer Agency of Canada, you can use online tools that compare different credit cards to help you choose the one that’s right for you.
Always shop around before selecting your credit card. They are very different, from benefits to fees, and penalties.
Interest rates are very high, so consumers should try to reduce the number of credit cards they carry and the limits on them. And of course, use them only if you can pay the balance off in full every month.
For more information call the Financial Consumer Agency of Canada at 1-866-461-3222 or visit http://www.moneytools.ca.
© July 26, 2007: Global News Edmonton
Comments
Want to discuss? Please read our Commenting Policy first.