Credit Cards For Canadians

Financing a business can be a big challenge. However, with the help of a lender or an investor, business financing does not have to be an impossible feat. If you plan to venture into business, one of the first things you may prepare for is finding the right source of start-up capital. In this article, let's consider some of the most common methods of business financing that you can turn to.


Traditional Business Loans


Despite the popularity of conventional business financing options, experts still recommend the traditional ways of financing such as business loans or bank loans. When it comes to business loans, a borrower can choose between a secured loan and an unsecured loan.

A secured business loan is one that requires collateral while an unsecured business loan does not. Some homeowners prefer to apply for a secured loan to enjoy lower rates. On the other hand, those who are not willing to put their properties at risk opt for an unsecured loan even if it means paying for higher rates.

Read More Viable Steps to Financing a Business

Have you just moved to Canada?  Are you studying in Canada?  If you're a new immigrant in Canada, have you considered opening a credit card account?  Reports show that the average Canadian owns at least one to three credit cards. 


Although acquiring multiple credit cards is not bad, it isn't recommended for everyone.  Before applying for more than one credit card, carefully consider your lifestyle, spending habits and your purpose for getting a credit card.



Why Get a Credit Card?


Using credit cards is certainly a more convenient way to shop.  Shopping with credit cards is simpler and safer than paying with cash.  In case your card gets lost or stolen, you can easily call your credit card issuer to have your account blocked and prevent unauthorized use of your card.


Now that internet shops have become popular and more people prefer to shop online, having a credit card is certainly an advantage.  Credit cards also come in handy when making reservations such as on purchasing airline tickets, getting hotel accommodations or renting a car.  For people who frequently travel, carrying a credit card is surely a big help.

Canadian credit cards can also help you build your personal credit history.  How?  Find one that reports your payments to the three major credit bureaus in Canada: Equifax, Experian and TransUnion.  By opening a credit card account, and by wisely managing your account, you can build a solid credit history in your name.



Research Before Making A Choice


Just like in the US, there are many companies and banks that issue credit cards in Canada.  Don't just pick a card out of popularity or gut feeling.  Instead, do your own research and compare your choices. 


When comparing credit cards, don't just focus on the low interest rate.  Check out all the fees that could be associated with your card.  For instance, annual fees may range from $15 to as much as $150.  Consider this, would you be willing to pay $150 a year just to keep your card active?


Aside from the fees, study the features offered by each card.  Does it provide a liability protection in case of fraudulent use?  Can you be assured of 24/7 customer service?  Does the features of the card complement your needs and lifestyle?


Bear in mind that advertisements generally present the best points about the card.  However, if you want to know everything, including the weak points about a card, you'll need to spend time reading and reviewing the contract.

Canada is a country occupying most of northern North America, extending from the Atlantic Ocean in the east to the Pacific Ocean in the west and northward into the Arctic Ocean. It is the world's second largest country by total area,[6] and shares land borders with the United States to the south and northwest.

The land occupied by Canada was inhabited for millennia by various groups of aboriginal people. Beginning in the late 15th century, British and French expeditions explored, and later settled along, the Atlantic coast. France ceded nearly all of its colonies in North America in 1763 after the Seven Years' War. In 1867, with the union of three British North American colonies through Confederation, Canada was formed as a federal dominion of four provinces.[7][8][9] This began an accretion of additional provinces and territories and a process of increasing autonomy from the United Kingdom, highlighted by the Statute of Westminster in 1931, and culminating in the Canada Act in 1982 which severed the vestiges of legal dependence on the British parliament.

A federation comprising ten provinces and three territories, Canada is a parliamentary democracy and a constitutional monarchy, with Queen Elizabeth II as its head of state. It is a bilingual and multicultural country, with both English and French as official languages at the federal level. Technologically advanced and industrialized, Canada maintains a diversified economy that is heavily reliant upon its abundant natural resources and upon trade-particularly with the United States, with which Canada has had a long and complex relationship. It is a member of the G8, NATO, the Commonwealth of Nations, the Francophonie, and the United Nations.

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