So which Canadian credit card is best for your financial circumstances? If you have a good credit rating and regular verifiable income, then consider either unsecured cards from American Express Canada or Bank of America Canada. If you have bad credit or no credit, consider a guaranteed secured MasterCard or Visa until you can repair your credit to better historic levels.

"Credit cards have become a necessary financial tool in Canada," concludes James. Counseling consumers for free, the Canadian financial advisor sees lots of different financial situations. "If someone uses credit properly, it can be a great way to improve your Canadian credit rating for a loan, line of credit or mortgage," he says. "But always treat the card with respect!"

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