Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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The 7 best credit cards for newcomers to Canada for 2023 + MORE Aug 12th
Credit Cards
The 7 best credit cards for newcomers to Canada for 2023
As a newcomer, you’ll want a credit card that offers you the best value without having a long Canadian credit history. Here’s a list of our favourite cash back, rewards, low-interest cards and more.
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The best high-interest savings accounts in Canada for 2026 + MORE Feb 10th
Savings comparison tool
Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
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The best high-interest savings accounts in Canada for 2024 + MORE Nov 4th
Savings comparison tool
Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
Why trust us
MoneySense is an award-winning magazine, helping Canadians navigate mo.... More »
The best no-fee credit cards in Canada for 2024 May 17th
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The best no-fee credit cards in Canada for 2024
From cash back to rewards points (and perks like no foreign transaction fees), here's a list of Canada's best no fee cards.
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Credit Memo vs. Debit Memo: What’s the Difference? Apr 8th
If you pay close attention to your bank statements, you may notice an item labelled, “credit memo”, from time to time. But without more information, it’s hard to know what the credit memo is for; why you received extra money in your account. The same goes for “debit memos.” Businesses also.... More »
How Many Credit Cards Is Too Many?
– ratesupermarket.ca
The average Canadian has two credit cards. So, if you were to peek into your neighbour’s wallet, it’s likely you would find at least two—in some cases, even more. Consumers are told to build up a credit history through the responsible use of credit cards, but is there a point where you have too many open accounts? It comes down to your personal financial habits and how you use the payment capabilities that cards provide.
Having multiple cards is a good idea
When reviewing your credit report, you’ll see a list of your open accounts and payment history. That includes things like personal loans, student loans, cell phone bills, mortgages, and yes—credit cards. Companies calculate your credit score based on several factors, including your credit utilization ratio, age of credit, payment history, credit mix, and credit inquires.
Here’s how having multiple cards can help your score.
Credit utilization ratio
The credit utilization ratio is the amount of credit you use against how much total credit you have available…
