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6 months ago

Find Your Credit Card Match

by Kevin Silver

Picking a credit card is just like prom season - you shouldn’t settle for the first offer that comes your way.


We all got that letter in the mail - “You’ve been preapproved for a credit card with [insert bank you’ve been with since you were a child]”.

That card had 20% interest and zero perks, but still, it was exciting. You saw your full name in gold lettering on a shiny piece of plastic and you were flattered, and maybe even felt obligated to accept. Maybe you did, maybe you didn’t, but you should know by now - you can do better.

How? Well, a classic piece of advice goes, “If you want a successful long-term relationship, you need to understand what you want”. And a credit card is just another long-term relationship. So ask yourself, what do I want in a credit card? What am I into?

I’m into Traveling

Whether you plan a trip once a year, or you’re traveling the world in 90 days, travel rewards credit cards are an attractive choice.

While most travel cards have an annual fee, if you travel regularly, you’ll offset that cost in future savings. What savings you ask? Health insurance, car rental insurance, luggage insurance, and other insurances you had no idea existed. And of course, if you collect enough points, you can pay for flights and hotels outright.

I Want To Be Able To Carry A Balance Now And Then

If you want the freedom of carrying a balance without being raked over the coals, you should consider a low-interest credit card. Yes, they are out there (with rates as low as 5.99%), and can be very handy to have around the holiday season.

I Like Shopping

Think of your favourite store. Chances are it has a rewards credit card that’ll allow you to collect points. And you can exchange those points for goods and services! To encourage loyalty, rewards cards often boast very high returns on in-store spending – upwards of 5%.

I Want Cold Hard Cash

Can’t be bothered with collecting points? Not loyal to any particular store? We respect that. And you guessed it, there’s a card for you too. Cashback credit cards can collect between 0.5% and 2% on purchases made anywhere. Depending on the card, cashback will be credited automatically to your account, or you can request a cheque payment at your convenience.

While credit cards are a helpful and convenient tool, they have their limits. Literally. If you need to make a purchase your card can’t cover, and you can’t increase your credit limit, Magical Credit can help.

To find out if you’re eligible for a short term loan between $500-$20,000, fill out our online application, or call 1-877-213-2088.


Magical Installment Loans: We offer installment loans in the amount of $1,500- $20,000 that have a 12-60 month term with an APR 19.99% min - 46.8% max. On $1,500 borrowed for a 1 year term at 3.9% per month, the total cost of borrowing including a $194 fee is $896.00. The total amount to be paid back with interest and fee is $2,396.00. AB License #349796 and BC License #83626

NOTE: Our installment loans are open, so you can pay off your loan at any time with no penalty. You will only pay interest up to the date you pay it off.

Magical Cash Loans - Ontario, British Columbia, Northwest Territories, Nunavut, and Yukon Residents only: We offer Magical Cash Loans in the amount of $100-$1,500.00. The cost of borrowing is $15.00 per $100.00 for each $100.00 borrowed. On a $1,000.00 loan for 14 days, the cost of borrowing is $150.00. The total to payback is $1,150.00 which is an annual percentage rate of 391.07%. ON License #4741412. BC License#85919.

The Loan must be paid in full by the end of term, no extensions or exceptions, no automatic renewals. Failure to pay your debt on time will impact your future credit with Magical Credit Inc. and other credit lenders. All delinquencies will be reported to the Credit Bureaus.

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