- to do a comparison of which credit cards have the best options, interest rates, promotions, rewards and annual fees follow the link to the Financial Consumer Agency of Canada.
The Financial Consumer Agency of Canada has done all of the leg work for you.
All you have to do is choose the credit card or banking services that are right for you. www.fcac-acfc.gc.ca
"Whose hand is in your pocket?"
I actually have a little chuckle every time I see the Capital One commercial on television. The commercial asks, "whose hand is in your pocket?" Capital One is trying to make you believe that you are better off with a Capital One card than you are with other bank credit cards.
Capital One Charges interest on Debt
Repayment:
Funny thing is, if you end up on a formalized debt repayment plan
Capital One is one of the few credit card companies who will still
charge interest while you repay your debt. In 2004, they were
charging 9.9% interest on all debt repayment plan balances for
a Capital One credit card.
Many Other Bank Credit Card companies reduce interest to Zero:
While many other bank credit card companies reduce interest to zero to allow your payments to be deducted from the principal of your debt so that you can be debt free sooner, Capital One charges interest for the duration of your debt repayment period.
Are you aware of the different interest rates being charged for the different types of credit cards?
- Department store credit cards such as Sears, Zellers, or Wal-Mart charge interest rates of 28% per year.
- Most bank MasterCard and Visa cards charge interest around 19% unless you are able to sign up for the lower rates offered by some MasterCard and Visa carriers. The lower rates are around 10.5%.
If extra's are offered such as:
- travel insurance,
- points,
- air miles or
- any type of reward
offered will usually involve some type of fee being charged by the credit card company. These things are not usually offered for free.
