RateSupermarket.ca recognizes Canada's best credit cards and banking products with their annual financial product review.
TORONTO, Oct. 23, 2017 /CNW/ - RateSupermarket.ca announces the winners of the 2017 Best of Finance awards in the credit card, bank account, and investment product categories.
Reasons for choosing a specific credit card or banking product will vary depending on each consumer's unique lifestyle. However, this annual product review aims to make it easier for Canadians to understand which financial products match their personal portfolio and ultimately puts the most money back in their wallet.
While dozens of products were examined for each category, the top performers proved to help Canadians spend less and save more of their money, as well as earn more in rewards. Categories include Best Rewards Card, Best Card for Groceries, Best Card with Travel Perks, Best Savings Account, and Best Tax-Free Savings Account.
"With so many unique choices in the market, Canadians should review the features of their own credit cards, bank accounts and investment products," says Janine White, Vice-President of Marketplaces, RateSupermarket.ca. "The Best of Finance awards is a great way for consumers to understand if they are taking the right steps to meet their financial needs and rewards preferences."
To assess the credit card winners, RateSupermarket.ca converted miles, points and cash back into dollar figures. Interest rates, balance transfer rates and annual fees were examined, and each product's fine print was carefully deciphered. These figures were then compared against one another, using everyday expenditures, such as gas and groceries that the average Canadian spends over a 12- and 24-month period. The credit cards that provided the most cash value ranked at the top of their category.
The bank account and investment products were evaluated based on total interest earned over a five-year savings term while taking a typical initial balance and monthly fees into account.
This year's Best of Finance also marks the introduction of two new categories: Fan Favourite for Best Credit Card and Best Rewards App.
The inaugural winner of Fan Favourite for Best Credit Card is the Tangerine Money-Back Credit Card. To determine the winner, consumers participated in a Facebook poll and voted on their favourite credit card. Voters cited the card's two per cent cash back, easy redemption process, and no annual fee as reasons why they like this card.
The Best Rewards App winner is Drop. As finance-related mobile applications grow in popularity, this is an exciting new category. The winner was selected by comparing apps that work with the sole purpose of rewarding users with savings, coupons, points, cash back, or gift cards for completing certain tasks.
The credit cards that came out on top in some of the most popular categories:
The banking and investment products that came out on top in some of the most popular categories:
Best Cashable GIC
ICICI Bank Canada
Best Chequing Account
Scotiabank Momentum Chequing Account
About RateSupermarket.ca (www.RateSupermarket.ca)
Launched in 2008, RateSupermarket.ca is Canada's one-stop shop for the best rates on personal finance products; offering over 7 million Canadians the best mortgage rates, credit cards, bank accounts and GIC rates. RateSupermarket.ca is a division of Kanetix Ltd.
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