*RateSupermarket.ca is now RATESDOTCA. Besides a name change, how you compare the best credit cards and mortgage rates remains the same. Continue to access the best rates from Canadian mortgage brokers and lenders, credit card offers and promotions, and money news and tips as always.
Before choosing a particular credit card or bank account or investment account, you likely do your research to find out which one will give you the best return based on your lifestyle and budget. And with so many products on the market, we here at RATESDOTCA a try to make that decision-making process as easy as possible for our customers.
The Best of Finance Awards annually recognizes some of the top products in the personal finance industry, and helps you – the customer – ultimately find your best match.
In picking the winners of the 2017 Best of Finance Awards, we compared interest rates, annual fees, and return/ reward potential to come up with a list of the best credit cards and bank accounts currently on the market. The top performers proved to help Canadians spend less and save more of their money, as well as earn more in rewards.
This year’s Best of Finance also marks the introduction of two new and exciting categories: Fan Favourite for Best Credit Card, and Best Rewards App.
In addition to the products we highly regard, this year, we wanted to give our consumers a say in which credit cards best perform for them. The winner of the Fan Favourite for Best Credit award was determined through a Facebook poll that asked customers to vote on their favourite card.
The Best Rewards App winner was selected after we internally compared finance-related mobile apps that work with the sole purpose of rewarding users with savings, coupons, points, cash back, or gift cards for completing certain tasks.
So without further ado, here are the 2017 Best of Finance winners:
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To calculate the return earned on each Canadian rewards credit card, we assumed a total monthly spend on the card of $1,149.82*, divided into the following categories:
*Source: Statistics Canada
To calculate the value of low interest credit cards, we assumed the following:
To calculate the value of low balance transfer credit cards, we assumed the following:
To determine the top performing savings accounts, chequing accounts, TFSAs and GICs, we calculated the total interest earned, based on the following: