FCAC Invites Canadians to Employ Their Credit Cards Cleverly

The Financial Consumer Agency of Canada released today the most recent update of its Credit Cards and You comparison tool. The interactive tool, which includes more than 200 credit cards, helps consumers choose the credit card best suited to their needs by enabling them to compare annual fees, interest rates and other features."In these tough economic times, some consumers will no doubt find it difficult to pay the entire balance on their credit cards," said FCAC Commissioner Ursula Menke. "Although credit cards are a very useful payment method, it is more important than ever that Canadians use them wisely to avoid accumulating further debt."

As the new year sets in, FCAC invites consumers to review their credit habits and needs by asking themselves a few questions: How many credit cards do you have? Do you know what the annual interest rate is for each one of your cards? What kind of transactions do you usually make? Are you able to pay off the entire balance on all your cards at the end of the month? Have you ever had significant credit card debts? The answers to these questions can help consumers determine what kind of card would be the most appropriate for them and how they should be using it.