Top 3 Credit Card Mistakes Canadians Make

Credit cards can be powerful tools — or dangerous traps. Here are 3 mistakes to avoid.

1. Only Paying the Minimum

Paying just the minimum means interest piles up fast.
Example: A $2000 balance at 20% interest could take 10+ years to pay off if you only make minimum payments.

2. Maxing Out Your Limit

Using more than 30% of your limit signals risk. A maxed-out card can drop your score significantly.

3. Ignoring the Fine Print

Annual fees, foreign transaction fees, or introductory rates that expire — these can cost you more than the rewards you earn.

Quick Fixes

• Pay more than the minimum, even if just a bit.
• Keep balances under 30% of your limit.
• Choose a card that fits your lifestyle (travel, cash back, no fee).

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