Some credit cards are free, while others require an annual fee for use, which can range from $10-$20 to $100-$150. It makes sense to choose a card that allows you to earn rewards points or simply get 1% to 4% of the amount paid back (cashback).

It is better not to get into credit card debt: the typical interest rate of 20% or even 30% per annum is still very expensive. To avoid paying interest, you need to stay within the grace period, which is usually three weeks. It is quite easy to keep track of your balance — your online bank account will show your credit card balance and purchases made with it. There you can also pay off the balance in full or in part. If you do not plan to pay off the balance in full, try to find low-rate credit cards, i.e., those with a reduced rate of 10%–15%.

With a credit card from one of the major payment systems (Visa, MasterCard, American Express, or Discover), it becomes easy to obtain credit cards from large retail chains, which offer additional discounts on their products. Walmart, TheBay, Sears, HomeDepot, Loblaws, Target, Canadian Tire, and many other stores offer their own credit cards.

Usually, the first credit card is issued with a limit of one to two thousand dollars, but if your credit rating is good, after a year or two, the maximum limit can be raised to 5-10 thousand dollars. Here, you need to strike a balance between the convenience of shopping and the risks associated with card theft or money theft. Almost every year, one retail chain or another becomes a target for fraudsters, putting tens or even hundreds of thousands of credit cards at risk.

When your card is about to expire (the expiration date is indicated on the front), the bank will send you a new one by mail without any reminders.