Credit Cards with the Most Perks

by John Stevenson on November 12, 2013

In Canada, credit cards with the most perks are offered to business and individual customers with an excellent payment and credit history, stable job or successful, established business, and high income level.

Types of Cards with Perks

Rewards, travel, and cashback cards usually offer plenty of rewards and perks. Prepaid and secured products come with less perks.  Most cards with attractive interest rates and perks require a high annual income of $100,000 or more. In exchange, holders are offered benefits and perks such as car rental insurance, medical insurance, airport lounge access, and many others. Travel cards usually include extensive coverage and insurance policies such as delayed and lost baggage and trip cancellation insurance. Frequent travelers also benefit from free hotel bookings, car rental insurance, and premium event seating. Other credit cards offer purchases in drug stores, gas stations, and other outlets. The cashback varies depending on the retailer or items purchased. Retailers and credit card companies also offer merchandise cards that allow customers to redeem points for purchases, whether merchandise, office supplies, gift cards, electronics, or anything else. You get more points if you are making regular purchases at a specific retailer. Prepaid cards are usually offered to customers with tarnished credit who are considered risky borrowers.

Other Benefits and Perks

Issuers offer an array of perks and benefits such as companion tickets, cell phone protection, priority service at the airport, and concierge service. Other perks include priority status in hotel programs, free checked bags, and travel fee credits. Some issuers reimburse holders for in-flight meals, seat fees, change fees, and other charges. Others offer fee waivers for different programs. Issuers also offer perks such as free checked bags to help customers save on airfare. This is a major expense, especially if you are a frequent traveler. Other issuers advertise privileges such as baggage and boarding, security screening, and priority check-in privileges. Except for a larger seat, holders enjoy all privileges offered to first class passengers. They skip lines at airports and enjoy comfortable travel.

Where to Get Cards with Perks

Credit card companies and banks such as Toronto-Dominion, the Canadian Imperial Bank of Commerce, and Bank of Montreal offer products with attractive rates and beneficial features.

Regardless of the perks offered, it is important to weigh your options. Some products allow holders to earn a large amount of rewards points but come with high interest rates and hefty fees and penalty charges. With other cards, there is a limit on the amount of points that can be earned.

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