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LendingArch is here to help you find the right credit card, whether you’re looking for travel rewards points, air miles, Aeroplan miles, cash back rewards, credit rebuilding cards, U.S dollar cards, or a card that helps you manage your business.

Using our comparison tool, above, easily compare credit cards and the features that matter to you most, checking out exclusive offers only available with LendingArch. Through our relationship with the lenders, we make it easy for you to get a great deal and save money.

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How Do Credit Cards Work?

If you’re reading this — and you’re a Canadian Citizen — then you may be looking to obtain your first credit card, downsize from the cards you already have, or you may be seeking a better option than what you currently have. Shopping around and comparing card options is important and can save you thousands.

So, what is a credit card and how does it work? It seems like a basic question, doesn’t it?

Surprisingly, millions of people around the world are unsure of how to obtain their own card or lack the knowledge of how they work, their pitfalls, and their benefits.

In Canada, every person is assigned a credit score. The score ranges from 300 (which is given to those just getting started in establishing credit) to 900 (the best and highest score.) The average score is around 650. When a person turns the age of majority in their province, he or she becomes eligible for loans and credit cards, which is typically when most begin establishing their credit score and history. But, regardless of your age, credit can be built and rebuilt with hard work and a firm understanding of how to build credit.

As an example, let’s say that someone has a credit score of 500. She applies for a credit card and is approved for a $5,000 limit on the card at a 29% interest rate. While using that card for a year, charging $500 to $1,000 per month, she pays the balance every month when it is due. By utilizing her card in this way, her credit score and card limit would gradually increase due to her timely payment history. Alternately, if she wouldn’t have paid on time and/or was late with payments, then her credit score would have declined, making it harder to increase her credit score and limits.

Every credit card is unique and offers different features and benefits. For instance, some cards provide travel rewards points, while others may offer cash back rewards.

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