Financial Consumer Agency of Canada Updates Credit Card Selector Tool

A new Financial Consumer Agency of Canada tool may help consumers choose the credit card most suited to their needs. The interactive tool is available through FCAC’s website and will assist consumers in comparing costs, advantages and reward programs for over 250 credit cards from close to thirty different card issuers. Even student cards and secured cards are included in the comparison.

The goal of the selector tool was to help consumers make more educated decisions about which card would work best for them, taking into account numerous factors like conditions, rewards and other options. Once a consumer utilizes the tool their information is sorted according to their priorities.

The new tool comes at a time when even the government is making moves to protect consumers and merchants from unfair payment processing practices. A code of conduct for credit and debit card processing was announced late last year by Finance Minister Jim Flaherty.

For their part, the FCAC via their commissioner, Ursula Menke, advises consumers, “Avoid making a decision based solely on the rewards or advantages you are looking for. Take the time to carefully consider interest rates and conditions.”