Applying for a credit card: What you need to know + MORE Oct 6th

If you find yourself in debt, you’re not alone: Nearly three-quarters of Canadians have some type of outstanding debt, according to Statistics Canada. It’s a natural part of the financial life cycle, especially when buying a car, paying for post-secondary costs or buying a home.

And who doesn’t want to find a way to save more? Countless studies show Canadians are not saving enough towards retirement, and many current retirees report wishing they had socked away more along the way.

Whether you’re juggling credit card balances or trying to boost your savings, here are some strategies to help you get there faster.

1. Set a goal

If you’re serious about saving, you need to set a goal so you know what you’re saving for. Whether it’s a trip to Japan you hope to take in a few months or saving up for retirement, having a very specific goal will help you stay motivated and on track.

2. Track your dollars

The best way to get on track to saving is to spend less than you earn…

You don’t think about your credit rating opening doors for you—until it abruptly swings one shut. However, in order to appreciate what you could do differently to improve your credit rating, it helps to understand what exactly that is.

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There are many great reasons to carry a credit card. Beyond the convenience and purchase protection included with many credit card purchases, they’re also important financial tools for establishing your credit history and borrowing money—both of which you’ll need if you want to make a major purchase, get a loan or take out a mortgage. “The longer you have a credit account open and in use, the better it is for your score. Your credit score may be lower if you have credit accounts that are relatively new,” reports the Financial Consumer Agency of Canada (FCAC). Applying for a credit card is a financial commitment to be taken seriously, but the process is considerably simpler than applying for a mortgage or a personal loan. If you want to know how to apply for a credit card, and how to find the right card for you, you’ve come to the right place. 

Find your next credit card*

See cards tailored for you from over 12 banks and card issuers
No impact to your credit score
Get an answer in under 60 seconds

Find my perfect cardYou will be leaving MoneySense…