There are more credit card options in Canada than you can shake a stick at! Stay on top of the best rates and plans right here.
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Why Ontario is seeing more consumer insolvencies than the rest of Canada Sep 22nd
The monthly budget has become a balancing act for many Ontario households. Mortgage or rent payments take up a large share of income, groceries and transportation costs continue to add up, and debt payments can leave little room for an unexpected expense.
As credit counsellors, this pressure is b.... More »
There are a lot of factors to consider when choosing a new credit card, with the annual fee being one of the most important. There’s no point in paying for a rewards credit card if you’re not coming out ahead, which is why it’s so important to determine a card’s break-even point—the amount of money you’d have to spend in order to justify paying the card’s fee.
Let’s walk through how to calculate your break-even point and find the credit card that best aligns with your spending style.
TL;DR When is a credit card annual fee worth it?
A credit card’s annual fee is only worth paying if the rewards and perks you actually use outweigh the cost. A higher fee doesn’t necessarily mean better value.
For light or occasional credit card users, the rewards earned may not be enough to offset the fee. A no-fee card would probably be the smarter choice.
But if you regularly spend a lot in bonus categories like groceries, gas, travel, or dining, a great rewards card can easily deliver more value than its annual fee through points, cash back, insurance coverage, and other perks…
