Canadians are partial to paying with plastic, with just under 90% reporting to own a credit card, according to a 2020 Payments Canada report. Canadians’ credit card usage has surged to historic highs amidst the growing e-commerce market.
In 2019, credit cards became the most used point-of-sale payment method in the country for the first time. Yet, there are plenty of common misconceptions about credit cards that circulate today. In fact, in another survey, less than half of Canadians said they were credit card savvy.
So, how credit card savvy are you? Before you tap or insert your card, swipe through our myth-busting quiz to test your credit knowledge.
Be smart, be safe and educate yourself on how credit cards work. Cash back and rewards credit cards usually offer everyday savings and curated offers exclusive to cardholders.
However, you may find that a credit card with a low interest rate is a good fit — after all, rewards are not always the top credit card perk. Choosing the right credit card will depend on your spending habits.
Whatever kind of card you need, there’s one out there, and it’s only a click away. Find the credit card that matches your lifestyle by using our credit card comparison tool.