Big banks slash mortgage rates this week to reflect lower bond yields in Canada + MORE Jan 12th

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. 

What do you need to apply for a credit card?

Basic application information

Whether you apply online or in person, you’ll need to have the following on hand:

Full legal nameDate of birthEmail addressCanadian home address: In some cases, you might also have to supply data about how long you’ve lived there, plus past addresses…

Nearly all of the country’s big banks slashed their advertised fixed mortgage rates this week, in some cases by as much as 70 basis points (or 0.70%).

An anticipated decline in interest rates over the course of 2024 should help soften the impact of mortgage renewal payment shocks, according to RBC President and CEO Dave McKay.