In many a Canadian POS Blog post, we’ve championed the need for Canadian merchants to accept credit cards in their stores. There’s simply no refuting this one simple truth: it’s beneficial for your business to ditch its cash-only ways. By doing so, you open your business up to so many more shoppers – the majority of which don’t even carry cash on them anymore!
In many of our blogs, we’ve also highlighted the many reasons that Canadians enjoy using their credit cards as their preferred methods of payment. Among them is the obvious fact that paying with credit allows you additional time to actually pay for the items you’ve purchased. In some cases, cardholders simply utilize the month within which they’ve made their purchases to make full payments once their credit card bills are due.
Many consumers like to extend their payments over time. Even though this results in interest charges, there is a still a comfort felt by not being forced to pay off high balances in full. Of course, this is far from the only benefit of being a credit card holder. For most people who use credit cards, attaining reward points is a top perk. There is a wide variety of credit card rewards out there. Collecting points that are put towards travel expenses are among the most popular.
But which cards are the most highly-sought after?
According to the Bank of Montreal, Canadians are being offered up to 800 Air Miles, which is worth $80 in Air Miles Cash redemption, just for signing up. Cardholders also receive a 1.99% introductory interest rate on Balance Transfers for 9 months, two times the Miles for every $20 spent at participating Air Miles partners and one mile for every $20 spent everywhere else.
We also took to CreditCards.com to find out about some of the most popular credit card rewards in the United States. “From groceries to gas to gadgets, rewards cards help you earn cash, points or miles from your everyday purchases,” notes the site, “You can redeem your rewards for cash, shopping or travel. We analyzed 1,640 different rewards cards to give you the best recommendations.”
Topping the website’s list of 10 best rewards credit cards is the Capital One® Venture® Rewards Credit Card. This top-choice card offers its users ten times the miles when spending at thousands of different hotels. They also earn two times the miles on every day purchases.
The Discover it® Cash Back card is also widely respected. Ranked amongst the Top 3 cards on the list, this card offers cardholders “5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate,” informs CreditCards.com. Users of the card also automatically get 1% unlimited cash back on all other purchases.