SAINT JOHN, NB--(Marketwired - June 21, 2016) - HowToSavemoney.ca is first to name the best overall credit card for Canadians. 124 Canadian credit cards were analyzed and ranked to help consumers achieve more than 10 times the net dollar value in rewards compared to the lowest ranked cards.
Five years of progressive research and analysis combined with the development of a score-based system to rank rewards credit cards has led to this announcement.
Over 40 factors were tracked for each credit card in order to achieve a complete and extensive comparison. These factors were grouped into three categories: rewards, insurance coverage, and perks with scores assigned to each using an unbiased formula. Then, a final overall score out of 5 was computed for each card to determine which card is truly best.
"Credit cards and reward points are complicated. So it's hard to do a fair comparison," said Stephen Weyman, Founder of HowToSaveMoney.ca. "Just walking into a bank and taking whatever credit card they offer could be a major rip off. My comprehensive scoring system makes it easy for consumers to compare cards using one simple number."
In addition to the Best Overall card, top cards are listed in the following categories: Cash Back, No Fee Cash Back, Travel, No Fee Travel, AIR MILES, Aeroplan, Insurance Coverage, and Perks.
"There is no one size fits all when it comes to credit cards but there is a one size fits most," said Weyman. "The number one card is the right choice for consumers who want a great balance of rewards, flexibility, insurance coverage, fees, bonuses, and perks."
Best Canadian Credit Card Awards:
|Best Overall||American Express Gold Rewards Card|
|Best Cash Back||MBNA Rewards World Elite MasterCard|
|Best No Fee Cash Back||MBNA Smart Cash World MasterCard|
|Best Travel||American Express Gold Rewards Card|
|Best No Fee Travel||MBNA Rewards MasterCard|
|Best AIR MILES||BMO AIR MILES World Elite MasterCard|
|Best Aeroplan||American Express Gold Rewards Card|
|Best Insurance Coverage||BMO CashBack World Elite MasterCard|
|Best Perks||The Platinum Card|
To learn more about all the top cards, visit the Best Credit Cards in Canada 2016 awards page.
HowToSaveMoney.ca, launched in 2010 and one of Canada's leading personal finance resources, publishes comprehensive guides for Canadian consumers who want to get the best value for their money. HowToSaveMoney.ca focuses on consumer awareness and training so they have more of their hard earned dollars left over for retirement, debt, family, hobbies, and travel.