This Page's Content Was Last Updated: November 10, 2022
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What You Should Know
Retail stores offer credit cards to their customers to incentivize shopping by earning rewards.
Retail store credit card holders often get exclusive offers, deals and access to VIP sales from the stores.
Retail Store credit cards typically don’t have an annual fee.
Most retail credit cards are relatively easier to qualify for.
Loyal customers of certain retail stores in Canada can benefit from getting a credit card offered by the store. Store credit cards offer exclusive deals, offers and perks to their credit card holders, while also offering rewards on everyday purchases at their stores.
You can apply for most store credit cards in store or online, with many of them offering instant approval. Most store credit cards are easy to qualify for and you can qualify for most of them with a fair credit score. However, some advanced credit cards that offer greater benefit or higher rewards have greater eligibility criteria such as higher income requirements.
We have picked some of the best basic and premium credit cards offered by the popular retail stores and group of stores in Canada. We have also included some credit cards offered by popular brands.
Canadian Resident having reached mature age in the province of residence.
Have a credit file.
About Retail Store Credit Cards
What are retail store credit cards?
Retail stores and groups of retail stores offer credit cards that can earn faster rewards for you depending on your shopping habits. These credit cards offer benefits in different forms such as discounts, cash back, reward points, VIP sales and exclusive offers.
For example, if you shop at a particular grocery store every week, using the credit card offered by the store to make your purchases might earn you reward points that you can redeem against your future purchases.
Most store credit cards are co-branded with Visa or Mastercard and can be used to shop everywhere they are accepted.
What are the benefits of store credit cards?
Store credit cards can have the many benefits such as:
Most store credit cards have no annual fees.
Most store credit cards are easy to qualify for.
You can earn reward points on purchases at the stores and at partner stores, that can be redeemed at these stores for future purchases.
If you qualify for the premium cards, you can earn better rewards.
Store credit cards also report to credit bureaus and can help build your credit score.
You can get access to exclusive offers and VIP sales.
Few credit cards also offer benefits such as purchase insurance, free returns, extended warranty, rental car collision/damage insurance and travel emergency medical insurance.
What are the drawbacks of store credit cards?
Store credit cards can have the following drawbacks:
Most store credit cards have lower credit limits.
Most store credit cards have very limited insurance benefits.
Some store credit cards can have high interest rates.
The rewards can be limited to certain stores and you may not earn any rewards at other stores.
Other Alternatives Available to Canadians
Other Rewards and Cash Back Credit Cards
Apart from store credit cards, there are some other credit cards that offer great rewards and savings on everyday purchases. The top credit cards that you can get are:
AMEX Cobalt: This popular credit card offers 5X reward points on food and drinks, 3X points on streaming services and 2X points on travel and transit. This card has a monthly fee of $12.99, but also comes with a comprehensive list of insurances.
Neo Credit Card: Neo Financial offers a secured and an unsecured card, both offering an average of 5% cash back at partners and a 0.5% guaranteed cash back. Through the neo app, you can find out the merchant partners near you and the cash back they are offering.
The Home Depot Project Loan: If you are planning a home renovation or any sort of home project, and intend to shop for it at The Home Depot, you can get a credit of up to $50,000 by getting a project loan card. The card allows you to make purchases for 6 months and pay the loan off over the following 60 months. The card can be used in-store, online and for select Home Services.
Credit Cards available to Canadians in the U.S.
Some other popular credit cards that Canadian citizens residing in the U.S. can get their hands on are:
Apple Card: The apple card is not launched in Canada yet but is available to Canadian citizens residing in the U.S. This free credit card offers cash back of 2% (more with partners) when you use an Apple watch or iPhone to pay. It can be used to buy apple products with a 3% cash back and allows you to pay for them in interest free installments.
Best Buy Credit Cards: There are two credit cards offered by the electronics retail chain Best Buy. These cards offer 5% back in rewards when shopping at Best Buy. The ‘My Best Buy Visa Card’ also offers 3% back in rewards on gas, 2% on groceries and 1% on other purchases.
If you shop at a retail store regularly that offers a credit card, you can get one and start earning rewards on your everyday purchases. Store credit cards generally offer faster rewards at their stores with easy redemption. Before applying for a store credit card, you should carefully study the rewards structure that it offers and assess if it would be beneficial for you.
The calculators and content on this page are provided for general information purposes only. WOWA does not guarantee the accuracy of information shown and is not responsible for any consequences of the use of the calculator.