25 Oct, 2018, 06:00 ET
Annual Award uncovers which products can put the most money back into Canadians' pockets
TORONTO, Oct. 25, 2018 /CNW/ - RateSupermarket.ca announces the winners of the 2018 Best of Finance Awards in the credit card, bank account, and investment product categories.
As a rate comparison site that works to help Canadians save on personal finance products, RateSupermarket.ca also aims to help its consumers understand why certain products match their personal portfolio.
"The financial services market is a very crowded space and each credit card, bank account, and investment product comes with its own pros and cons," says Janine White, vice-president of Marketplaces, RateSupermarket.ca. "We strive to help Canadian consumers make an informed decision by highlighting the best of the best every year. RateSupermarket.ca Best of Finance Awards can help consumers understand if the credit cards and products they use are catering to their financial needs and rewards preferences."
Reasons for choosing a specific credit card or banking product may vary depending on each consumer's unique lifestyle. However, this annual review is meant to highlight the products that ultimately put the most money back in the consumer's wallet. Dozens of products were examined for each category, and the top performers proved to help Canadians save more money and earn more in rewards. Categories include Best Rewards Card, Best Card for Groceries, Best Card with Travel Perks, Best Chequings Account, and Best Savings Account.
As department stores and specialty retailers continue to enter the banking space, this year's RateSupermarket.ca Best of Finance also marks the introduction of a new category: Best Store Credit Card.
The top ranked credit cards and products in the most popular categories:
Best Rewards Card
Scotia Momentum® VISA Infinite* card
Best Rewards Card with No Fee
MBNA Rewards Platinum Plus® Mastercard®
Best Card with Travel Perks
Scotiabank®* Gold American Express® Card
Best Card for Groceries
President's Choice Financial® Mastercard®
Best Store Card
President's Choice Financial® World Elite Mastercard®
Best Chequings Account
Tangerine Chequing Account
Best Savings Account
EQ Bank Savings Plus Account
To assess the credit card winners, RateSupermarket.ca converted miles, points, and cash-back values 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 as well as monthly fees into account.
RateSupermarket.ca also canvased its consumers via Facebook to vote on the Fan Favourite Credit Card award. After receiving an enormous response in its favour, the President's Choice Financial® Mastercard® was the most popular amongst those who participated in the poll. Voters cited the card's no annual fee, the potential to earn extra cash-back, and the ability to redeem for free groceries easily at President's Choice affiliates, as reasons why they like this card.
RateSupermarket.ca ranking of the Best of Finance Awards annually since 2012.
Click here for the full list of 2018 Best of Finance winners.
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 11 million Canadians the best mortgage rates, credit cards, bank accounts and GIC rates. RateSupermarket.ca is a division of Kanetix Ltd.
360 Adelaide Street West, Suite 100
Toronto, ON, M5V 1R7
For further information: Jenny Ng, Mansfield Inc., [email protected], or 647-989-4685
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