How to compare credit cards, insurance and mortgages

Compare the total cost and conditions that match your needs, not a promotional ranking or headline rate alone.

Adapted from a guide first written for Quebec readers: passages specific to Quebec were removed. Rules in your province may differ.

A comparison is useful only when it reflects how you will actually use the product. Write down your needs first, then compare written offers using the same assumptions. A “best” ranking may be sponsored, incomplete or based on a profile unlike yours.

Credit cards

Compare annual fees, interest rates, grace-period conditions, foreign-currency fees, insurance coverage, reward value and redemption restrictions. Pay special attention to the cost if you carry a balance; rewards rarely offset high interest.

Insurance

Compare the insured amount, deductibles, exclusions, waiting periods, renewal terms and claims process. Ask whether an adviser or comparison platform receives compensation, and request the full policy wording before buying.

Mortgages

Look beyond the advertised rate: compare term, fixed or variable structure, payment frequency, prepayment privileges, portability, break penalties and discharge fees. A lower rate can cost more if the contract is restrictive.

Save dated quotes and ask the provider to confirm assumptions in writing. For complex or high-value decisions, consult a qualified, appropriately licensed professional and verify their registration with the relevant regulator.

Sources and limits

Sources: Financial Consumer Agency of Canada and Autorité des marchés financiers. Rates, fees, policies and offers change; verify current documents and a provider’s authorization before signing.

General information based on federal and national rules; provincial rules may differ. Confirm with the official body before acting.