June 21, 2016
HowToSaveMoney.ca names the best overall credit card for Canadians in 2016
SAINT JOHN, NB -- 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.