With a recession upon Canada, the Bank of Canada has chopped the prime rate by 0.75%.

Reward programs are an important part of choosing the right credit card. Not all rewards programs are created equal and some rewards programs might not be appropriate for all cardholders.

Rewards credit cards allow you to accumulate points or miles towards purchasing flights, hotels, rental cars, merchandise and other free stuff. Generally, you have to accumulate enough points to buy your desired freebie. Some rewards programs have a portal or catalog with a limited selection of items that you can purchase through them.

There is a new kind of card in Canada called a pre-paid card. Make no mistake, a pre-paid card is not a credit card but can be used anywhere that Visa or MasterCard is accepted.

We have added a balance transfer category to the credit cards and a new menu item on the left hand navigation. Credit cards that have special introductory balance transfer interest rates are now categorized for easy comparison. You can view the new category of credit cards here.