Best Credit Cards in Canada (and how to use them)

Today I’m excited to have one of the top personal finance bloggers in Canada on the show.

Tom Drake is the president of Drake Media Inc. and the owner and manager of dozens of personal finance sites, including his primary site: MapleMoney where you can learn more about the best credit cards in Canada, as well as other personal finance best practices.

He has been called the godfather of personal finance, and today I’m thrilled to have him on the show to talk all about the best practices when it comes to using credit cards, as well as the top credit cards that he recommends.

Links and Resources

• Top Tools and Resources for Financial Independence (for Canadians): Sign up anywhere on www.BuildWealthCanada.ca for a free guide on all the top tools and sites that I’ve personally used to help us achieve financial independence in our early 30s. They’re also what we use now to optimize and manage our finances, and ensure that we’re paying the lowest fees while getting solid returns on our investments.
• Kornel's investing course with free sample lessons at www.BuildWealthCanada.ca/invest
• Tom's site: MapleMoney (formerly Canadian Finance Blog)

Questions Covered:

1. What are some best practices when it comes to credit card use?
2. Some credit cards have perks like extended warranty on purchases or travel insurance. How do you take advantage of these benefits? Is it a hassle to claim them?
3. Many credit cards are free while others have a fee but have better rewards. Is there an easy way of determining whether it’s worth to get the paid option?
4. What if you can’t pay off your entire balance at the end of the month? What are some options you’d recommend if you actually need to borrow some money (i.e. HELOC, secured loan, unsecured loan).
5. Your thoughts on saving for an emergency fund vs paying off credit card debt.
6. What are the advantages and disadvantages of having credit cards?
7. Should we be concerned about credit limit utilization? (ex. keeping credit limit utilization under 30%)
8. What are the top credit cards in Canada that you’d recommend?