*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.
RATESDOTCA aims to help its consumers understand which financial products match their personal portfolio. That’s why we recognize the best of the best every year at our Best of Finance awards, helping you save money and put even more in your wallet.
You work hard for your money, so when it comes to banking, you want to make the most informed decision before applying for a new product. Of course, reasons for choosing a specific credit card or banking product will vary depending on your unique lifestyle and budget. And doing your research before signing on the dotted line is crucial. But with so many options available, it may be hard to choose the one that’s right for you.
That’s why we at RATESDOTCA annually review the market and recognize some of the top-performing credit cards and banking products at our Best of Finance awards – ultimately making your decision easier when it comes time to change investments or apply for a new credit card.
In choosing the winners of the 2018 Best of Finance Awards, we converted miles, points and cash back into dollar figures. Interest rates, balance transfer rates and annual fees were examined, and each product’s fine print was carefully deciphered. The credit cards that provided the most cash value ranked at the top of their category. The bank account and investment products were evaluated based on total interest earned over a five-year savings term while taking a typical initial balance and monthly fees into account. And to determine the winner of the Fan Favourite Credit Card award, we, once again, took to Facebook and asked our consumers to vote on which credit cards best perform for them.
As department stores and specialty retailers continue to enter the banking space, it’s clear that the market has more to offer than cards and products from the “Big Six” banks. As such, we also added a new category to this year’s Best of Finance: Best Store Card.
So without further ado, here are the 2018 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: