With so many credit cards to choose from, Ratesupermarket.ca's inaugural "best of finance" awards aims to lend Canadians a hand when searching for the right one.The website compares and lists winners for top credit cards and other finance products such as mortgage rates and savings accounts using criteria based on overall value, features, competitive rates and ease of use.
"The goal of the awards was to provide consumers with insight to the best personal finance products on the market, and outlining the features that qualified them," said Kelvin Mangaroo, president of the site.
"Our consumers look to us to provide this market transparency so they can make informed decisions about their personal finance needs."
And the winner is ...
The award for best new credit card in Canada in 2012 went to the Scotiabank Gold American Express Card, which "packs a one-two punch of very high rewards and return and unparalleled travel features," writes Penelope Graham, one of the site's editors.
The card earns four times the travel points on every dollar and extra rewards on purchases at gas stations, restaurants, for dining and entertainment. It also offers discounts on airfare, hotels, as well as cruises. New sign ups also receive 20,000 bonus points, or a $200 value.
But Graham also flags the fine print and highlights the fees associated with the card, suggesting the card is best for "a serious traveler who makes a point of paying down their balance on a regular basis."
Credit card categories ranged from best new credit card, to best travel fee card, cashback offer -- with or without an annual fee -- to best student card.
Mangaroo says the site is an independent source of information and the rankings were based solely on merit.
Ratesupermarket.ca ranked credit cards in the following categories:
The best reward credit cards of 2012
- Cash Back No-Fee Credit Card:Smart Cash MasterCard® Credit Card
- Cash Back Fee Credit Card: Scotia Momentum® VISA Infinite
- Travel No Fee Credit Card: Capital One Aspire Travel Platinum MasterCard
- Travel Fee Credit Card: RBC Royal Bank® Visa Infinite† Avion®
- Specialty No Fee Credit Card: Scotiabank SCENE Visa Card
- Specialty Fee Credit Card: American Express Gold Rewards Charge Card
The best low interest credit cards of 2012
- Low Interest No Fee Credit Card: MBNA TrueLine MasterCard
- Low Interest Fee Credit Card: Scotiabank Value® VISA card
- Low Balance Transfer: Platinum Plus® MasterCard® Credit Card
The best credit cards of 2012
- Best Student Credit Card: Scotiabank SCENE Visa
- Best New Credit Card: Scotiabank Gold American Express Card