Are Canadians having a Summer Banking Fling?

RateSupermarket.ca launches new tool that will help assess credit card needs

TORONTO, July 15, 2014 /CNW/ - In the fickle world of personal finance, loyalty doesn't always pay off. Today, RateSupermarket.ca launches a new calculator tool that will help Canadians assess their current credit card needs and provide recommendations on whether they should break-up or cheat on their bank.

"We're often sold on the idea that keeping all of our products with one bank will pay off in terms of lower fees and better rates," says Kelvin Mangaroo, president, RateSupermarket.ca. "But with credit card providers making unique and compelling offers, you might be able to get a better deal with another lender whose card is more aligned with your shopping needs."

With so many products available in the marketplace, consumers should be actively seeking a card that fits within their lifestyle and spending profile. In fact, RateSupermarket.ca estimates that holding the wrong credit card could cost the average Canadian up to $1000 per year.

RateSupermarket.ca recommends the following tips when shopping for a new credit card:

• If you are a traveler: Ensure your card provides travel and rental car insurance, and that points can easily be converted to rental cars, hotels and flights. Also look for a card that offers flexibility when booking travel.
• If you are a shopper: Look for bonus points. Browse your most recent credit card statements to determine where you are spending the most and find an option that offers ways to collect points with these retailers.
• If you are a commuter: Ensure you are getting the best mileage out of your card by collecting gas points and look for a credit card that allows you to convert points to gift cards for gas.
• If you are a student: Without a full time income, you should be looking for the lowest fees possible, and the chance to collect points at student-friendly retailers.
• If you are a retiree: Ensure you have a card with low fees, but also one that suits your lifestyle, whether you want to save on groceries, travel or golf a lot, or you simply want to spoil the grandchildren.

About RateSupermarket.ca:
Over 7 million Canadians have found their best rate for personal finance products on RateSupermarket.ca. Launched in 2008, RateSupermarket.ca is Canada's most comprehensive rate comparison site, offering visitors transparent access to the best mortgage rates as well as credit cards, bank accounts, insurance quotes and GIC rates.

Image with caption: "RateSupermarket.ca (CNW Group/RateSupermarket.ca)". Image available at: http://photos.newswire.ca/images/download/20140715_C7662_PHOTO_EN_42087.jpg

SOURCE: RateSupermarket.ca

For further information:

Contact:
Penelope Graham
PR Manager, RateSupermarket.ca
416-551-9445 ext 515
[e-mail]