Business Banking 101: Credit Cards

What is a credit card?

Credit cards are a versatile tool. They can be used to shop, travel, pay bills, manage cashflow, build your credit history, and establish your credit score. You can use them for online purchases as well as in-store ones. 1st Choice Savings partners with Collabria Financial Services® to bring our members a variety of credit cards. Each card contains a unique set of information:

• Credit card number

• Cardholder's name

• Expiration date

• A SEC (Standard Entry Class) Code (Visa*)

How do they work?

To use your credit card, all you need to do is make a purchase. This can be in-store or online. Every time you use your credit card, you are in essence, borrowing funds. Your card has a set amount of funds available for you to use (credit limit). You will receive a credit card statement once a month outlining your transactions and the current balance owing on your account.

When it comes to paying off your card, there are a few options. Based on the balance of your card, you will be given a minimum payment amount that must be made each month. If you can afford to make a bigger payment or pay off your card, you will save money by paying less or no interest on the revolving balance.

Limits & Interest Rates

Every credit card has a specific limit that you can spend, and that amount will vary depending on the user and the card itself. Your limit is set for you when you initially receive your card. In most circumstances, your credit limit is determined by your creditworthiness and the ability to repay your debt. You can find your credit limit on the initial documents you received when you got your credit card, on your monthly statements, or on MyCardInfo or CardWise, your digital account management platform. If you come across a situation where you require an increase in your limit, contact Collabria Cardholder Services at 1.855.341.4643 (Canada and U.S.) to request a higher limit. Please note that you will have to be operating your account in a sound manner for over six months to be eligible for the increase.

Each card has a pre-determined interest rate. The annual interest rate is a measure of the cost of credit expressed as a yearly rate. Interest is charged on the unpaid balance and added to your card. Your annual interest rate is determined by the credit card product selected.

What are the different types of business credit cards?

We offer three different cards designed to meet the needs of our business members. Each card offers different features so you can find the perfect card to suite your business needs. We have cards specific to low-rates, cash back, and earning rewards¹. Here are the different business cards we offer our members:

Which card is best suited for me?

Now that you know the type of credit cards we offer, it is time to make the important decision of choosing the card for you. Some things to think about when choosing your card are your lifestyle, your current business spending habits, annual fees, and interest, and what’s important to help you grow your business. There is a card selector tool available to you that will help you choose the right card that fits within your lifestyle. Visit our website here to find your card.

What's next?

If you are ready to get started and apply for a credit card, you can visit your local branch or select the card you would like to apply for, and click ‘Apply Here’ on this page.

1 Reward points are earned on net purchases only. Any Cash-like Transactions including Cash Advances, Balance Transfers, and interest charges, fees, payments, credit or debit adjustments and any amount other than Purchases that may be charged to your Account with your Card or Convenience Cheques, do not qualify for Points. For more information visit collabriacreditcards.ca/rewards.

Collabria trademark is Collabria Financial Services’ property

Collabria Financial Services Inc. (“Collabria”) is an independent entity from your credit union with no ownership interest in the other. If you choose to obtain Collabria credit card services through a referral from your credit union, it will receive compensation from Collabria.

*Trademark of Visa Int., used under license.