It’s time for another question/answer. I know a lot of you like these so here we go. This one comes from who asks us:

Although i am looking for a Credit Card which : – has no Annual Fee – has one of the best reward points system – has acceptability everyone without any fussStill if your answer is otherwise, i would still be interested in what you have to say.Thanks in advance !!

Answer: There are a few several credit cards without any annual fee. Some banks have at least one.Canadian Tire Optima MasterCard is a good one, you get Canadian Tire money that you can spend, instantly, at any Canadian Tire store or Canadian Tire gas station. – But, their store card, like all other store cards charge ENORMOUSLY for late payment, up to 33 % interest.The card is a regular MasterCard, I have used it in scores of countries (when my American Express locked up. – I cancelled my American Express, forever, after that horrible experience.)But, if you pay ~ $ 100, annually, the TD Visa Infinite is the best. They don’t lock you in to any limited system when you want to reclaim your points. You can buy your travel ANYWHERE, as long as you use your Visa card. Their overdraft interest is awful but “only” ~21 %.1. If you use the TD bank travel agent, you use your points instantly2. If you buy travel anywhere else, you have to mail in your receipts and get compensation in a few days.Note, There are NO restrictions, no silly 1/2 – 1 h waiting waiting on line or “sold out” as if you use Aeroplan, which is still tied to a few credit cards – the singularly most restrictive point system, designed by your worst enemy.All credit cards start out with a low limit for first time users, but quickly go up as you use it and pay regularly.PLEASE be forewarned. All credit cards are a curse on humanity, if you use the credit from month to month. Don’t be misled by “low rates”, you will soon be paying 20 % – 34 % annual rate on ALL purchases, from the moment you use your card.So, keep a balance of $ 1,000, average, from month to month and you just threw away $ 200 – $ 330, forever, for nothing. If you need to borrow money – DO NOT KEEP any balance on your credit card. Just go in to your bank and open a “personal line of credit”, typically offered at a 4 % – 6 % annual rate. Again, don’t ask for a line of credit to pay off your credit card. You are already too late. No bank will lend you money to pay off a credit card. They are all in “cahoots” and want you to pay maximum interest, even if it is not to their bank.

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