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Store credit cards and Store applications

Store credit card reviews and credit card application details.

One of the ways to build a good credit rating is by getting a department store credit card account. There are offers from many major retailers, such as Hudson's Bay and Sears. One downside is that the interest rates on these cards can be as high as 21 percent and the limit is relatively low. Apart from that, they are very easy to get. It will be much easier to obtain a major credit card if you have had a store card before that. Some store credit cards charge no interest on balance transfers and purchases during the first six months.

Popular store cards in Canada include the Discover More card, True Earnings from Costco and Amex, and the Iberia Bank Visa Gold Cash Back Rewards Card. Discover More goes with no interest on balance transfers for the first year and a half, after which there is a cash back bonus on travel, grocery, gas, and even restaurant purchases. No annual fee is charged. Members of Costco pay no annual fee on the True Earnings card. There is no interest on purchases during the first six months. You get a 3 percent rebate on gas if your annual gas expenses exceed $3,000. The rebates on restaurant purchases amount to 3 percent. Rebates on travel buys are in the amount of 2 percent.

No annual fee is charged on the Iberia credit card. The low variable interest rate ranges from 9.25 percent to 15.25 percent depending on the prime rate. During the first six billing cycles, the interest rate on balance transfers is 1.99 percent. After that, it becomes equivalent to the purchase rate assigned based on your credit standing. Holders of this card enjoy up to $500,000 CAD in travel accident coverage, no limit on cash back, 1 percent back on all qualifying purchases, no expiration date on eligibility for good status accounts, and online access to account information.

Another store credit card offer is the Petro-Canada personal credit card. This financial product is also featured as a rewards card, allowing you to earn points at more than 1,400 Petro-Canada gas stations. You can then redeem them on travel purchases, snacks, free gas, and more. There is no annual fee. The annual rate, however, is a tad hefty 28.8 percent on purchases and cash advances. You also get free cards for family members, on which points accumulate as well.

Many Canadians have gone for the Home Depot consumer card. It is appropriate for small and large projects alike. No payments will be due on purchases in the excess of $299 after taxes for the first six months. The card is suited for clients who plan to carry out construction projects or make home improvements. Naturally, the product is intended for use at the Home Depot Stores only, but it comes with plenty of advantages. The bigger the purchases one makes, the less interest is charged on the card. Moreover, holders can choose to pay off the balance in full or make monthly payments.

NameTypeInterest RateAnnual Fee
The Hbc credit cardStore28.8%$0
IKEA credit cardStore25.99%$21
Home Depot Consumer Credit CardStore28.8%$0
The Home Depot Commercial Revolving CardStore24.99%$0
The Home Depot Commercial CardStore21.99%$0
Petro-Canada Personal Credit CardStore24%$0
Pre-Paid Petro Canada CardStore0%$0