The “Big Five” Canadian banks offer credit cards and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Did you know that there are many other options?
Latest News
EQ Bank aims to become a household name + MORE Feb 20th
Canada’s seventh-largest bank is a lender the vast majority of Canadians have never heard of. It has no branches, credit cards, or wealth management offerings.
That could all soon change, says Chadwick Westlake, who became chief executive of EQ Bank last August and already announced a transform.... More »
Why digital and virtual credit cards are safer than the real thing Jul 3rd
One of the biggest fears consumers have is losing a credit card, but a lost card is usually detected quickly and the account frozen. A bigger danger may lie in using your credit card to make payments online—especially if you are unfamiliar with the vendor or using a public Wi-Fi network that can b.... More »
What happens if you don’t file your taxes (and how to fix it) + MORE Mar 27th
Every year, many Canadians tell themselves they’ll file their taxes “soon.” But life can get busy, paperwork piles up, and before they know it, one missed deadline turns into several.
For one woman, “soon” turned into 14 years. She had worked at the same job for over 20 years, wit.... More »
The best GIC rates in Canada for 2026 Mar 31st
GIC comparison tool
Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance.
Why trust us
MoneySense is an award-winning magazine, helping Canadians navigate m.... More »
Newly employed? Know your tax deductions Jul 24th
Convocations and graduation ceremonies are over and new employment contracts are in place. Now, it’s time to understand the tax consequences—especially when take-home pay is a lot smaller than expected.
Most new employees can benefit from an onboarding process that includes information about .... More »
What New Year’s credit deals promise—and why you should be wary
– moneysense.ca
January is for fresh starts, but too many Canadians are held back by last year’s overspending. Lenders know about new year’s debt-hangovers, so you may be seeing more credit offers in your inbox—but be wary. Used incorrectly, that deal on a balance transfer or sign-up bonus could get you into even deeper financial trouble.
Credit card debt in Canada
If your last credit card statement dampened your seasonal joy, you’re not alone. According to TransUnion, consumer credit card debt rose 1.95% year over year in 2025, with even bigger jumps for mortgages, lines of credit, and auto loans. Wealthsimple reports that Canadians hold an average of $4787 in credit card debt, which can take time to pay off. And all the while credit card interest accumulates.
Mark Kalinowski, a Financial Educator at the Credit Counselling Society, points to compound interest, or “the interest paid on the interest.” When you pay only the minimum amount due or less than the full balance, interest accumulates…
