As much as one can be a fan of governmental agencies, I'm quite partial to the Financial Consumer Agency of Canada (FCAC) and its website, Moneytools.ca. The site from FCAC, a regulatory agency established by the federal government, offers up several effective finance tools for the average consumer.
On Thursday the FCAC said it has updated its credit card selector tool to include current information on more than 250 credit cards from 28 different issuers. The tool lets you compare the costs, advantages and rewards of most credit cards available in Canada. The interactive tool sorts the different products into categories and compares their conditions, options, rewards and other features in an easy-to-read, side-by-side format. You can also download simple tables to compare different gold and platinum cards, U.S. dollar credit cards or student credit cards.
If you're in the market for a new credit card, make sure you don't get taken in by the rewards that several offer. In particular, the "Introductory interest rates on some credit cards may be appealing," says FCAC Commissioner Ursula Menke, "but remember to ask how long these promotional rates last. Most reduced rates end after a set period of time."
Ms. Menke advises consumers to ask the credit card issuer some critical questions before selecting a card.
"Find out which types of transactions are covered by the introductory offer. Ask what the regular interest rate will be when the introductory offer expires and if there are any other circumstances that could cause the introductory offer to end. Make sure you understand how your payments will be applied to your balance, and don't forget to ask the card issuer about any fees and other conditions linked to the offer," the Commissioner says.