A credit card in Canada is revolving credit. You can spend, repay and spend again. The cheap path is to clear the statement every month. The expensive path is to revolve a balance at the full purchase APR.
Three numbers that actually matter
- Annual fee — what you pay for the card even if you never revolve.
- Purchase APR — what you pay if a balance sits past the due date.
- Cash-advance and foreign-use costs — often much higher than purchases.
Rewards only beat a fee if you use the rewards and you do not revolve. An introductory period ends; price the card on the rate that follows.
When a loan wins
If the balance will take more than a few months to clear, an instalment on personal loans is often cheaper than revolving. Use the loan calculator, then compare cards or match. Issuers here are licensed in Canada under OSFI and the FCAC.
Scotiabank Platinum American Express Card
from Scotiabank
- Consumer
- Reward points
2 Scene+ points/$ on eligible purchases; 5 points/$ on eligible hotels and car rentals booked through Scene+ Travel.
- APR
- 9.99%
Annual fee: CAD 399. Purchase interest: 9.99%. Cash advances: 9.99%. Rates and fees may change; see issuer information box. We do not receive commission on this link. Eligibility and final terms are determined by the issuer.
Scotiabank Value Visa Card
from Scotiabank
- Consumer
This card focuses on borrowing costs or USD spending rather than a points or cashback programme.
- APR
- 13.99%
Annual fee: CAD 29. Purchase interest: 13.99%. Cash advances: 13.99%. Rates and fees may change; see issuer information box. We do not receive commission on this link. Eligibility and final terms are determined by the issuer.
Scotiabank Value Visa Card (for students)
from Scotiabank
- Consumer
This card focuses on borrowing costs or USD spending rather than a points or cashback programme.
- APR
- 13.99%
Annual fee: CAD 29. Purchase interest: 13.99%. Cash advances: 13.99%. Rates and fees may change; see issuer information box. Student eligibility requirements apply. We do not receive commission on this link. Eligibility and final terms are determined by the issuer.
Written for readers in Canada. Bankmatch is paid by providers and never by readers; that does not change what we write.