Questions to answer before you apply for, keep or cancel a cashback or points credit card in Canada.
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Use this checklist before you apply for a rewards card, at each annual fee renewal and before you cancel. Tick each item as you check it against your own statements and the issuer's documents. It is grouped into your spending, the card's terms, the numbers, your rights and the steps before cancelling.
Why these items. A rewards card only pays off when the rewards you actually redeem exceed the annual fee and any interest. The single most important line is whether you pay in full: on a balance of $2,000 carried all year at 20.99%, interest of about $420 wipes out the rewards of most households. The application information box, required for banks by the Financial Consumer Protection Framework Regulations, puts the rates and fees in one place, so start there.
Worked example (illustrative). A household spending $2,200 a month compares a no-fee 1% card ($264 a year) with a $120-fee card paying 4% on groceries, 2% on gas and 1% elsewhere ($582 a year). After the fee, the second card returns about $462, so it is worth it for this household, but only if the balance is paid in full.
Limits. The checklist is general information, not financial advice, and it does not rank cards or issuers. See the Quebec rules and the official sources.
Worked Examples and Checklists
A step-by-step checklist for applying for a rewards credit card in Canada: eligibility, the information box, credit checks, documents, consent and what to do if you are declined.
Mistakes, Complaints and Official Sources
The complaint route for credit card problems in Canada: the issuer's internal process, OBSI as the external body for banks since November 2024, the FCAC's role and Quebec and provincial routes.
Card Costs, Comparison and 2026 Rules
What federally regulated banks must disclose on credit card applications, agreements and monthly statements under the Bank Act and SOR/2021-181, including the minimum payment estimate.
Mistakes, Complaints and Official Sources
Your liability for unauthorized credit card charges under the Bank Act and Quebec law, how zero-liability policies work, how to dispute a charge and how to avoid common card scams.
Mistakes, Complaints and Official Sources
The common patterns that turn a rewards card into a cost, from carried balances and cash advances to expired points and scams, with the federal and provincial bodies that set the rules.
