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Learn MoreThinking about signing up for a credit card? Whether it’s your very first one or you’ve already got a card or two, there are many things to consider.
There isn’t one-size-fits-all for credit cards – you’ll want to find one that suits your lifestyle and needs. Weigh the options and choose the best one for you.
Here are some things to consider when researching a credit card:
Some cards have annual fees, and the amount varies. It might seem logical to avoid them, but there are advantages to cards with annual fees that could be suitable for you.
Generally, cards have annual fees to offset the costs of providing helpful features, such as premium rewards, benefits, and other services. If you’re smart about using your card and know how to get the maximum benefits, it could justify the cost of the annual fee.
Some cards also offer an annual fee rebate for the first year, so look out for that as well.
Rewards differ from card to card—opt for those with rewards systems that suit your lifestyle. For example, if you spend lots at the grocery store, choose a credit card with a reward system that favours money spent on groceries.
If you prioritize travel and can’t imagine skipping your annual beach holiday in February, select a card with optimal travel rewards, such as on flight and hotel costs.
Some cards are more favourable than others toward US dollars. If you spend significant time across the border or shopping online from American companies, consider cards with features that complement purchases in USD.
If you rely on payment plans for large purchases, look out for cards with lower interest rates. That way, you won’t be paying substantial interest if you take a little longer to pay it off.
High interest rates might seem like something to avoid entirely, but they tend to come with the top rewards programs. If you are able to pay off large purchases right away, those cards could be great for you.
Be sure to check out available promotions for new sign-ups. For example, you might get extra points if you sign up within a certain time. Sometimes the first annual fee is waived upon sign-up as well.
Check out Special Offers | Cambrian for the latest promotions! Terms and conditions apply.
There are a variety of credit card options available to members through Cambrian’s partnership with Collabria Financial Services. A handy tool for finding the right one for you is Cambrian’s online credit card selector. It offers options to select from and then uses your answers to suggest a specific Cambrian Credit Union Mastercard.
The card selector tool is a great starting point, but remember to research all the options so you can make the best decision for yourself.
If you don’t qualify for specific credit cards, read this article to learn about how to improve your credit score.
Still confused? Consider booking a meeting with an advisor to get personalized advice.
We would be happy to discuss your unique situation with you.
Our goal is to make complex topics like this one, simple.
