One of the best ways to save money is to shop around, but we often don’t bother and so we pay a premium for convenience.
A new comparison website called, CanIPayLess.com helps Canadians find the best deals on credit cards, mortgage rates, gas prices and even pharmaceuticals.
Here’s how the site works:
There’s four main features designed to help you save money. The first, and most unique, feature on the site is the credit card finder, which explains how to get the most cash back possible.
Related: Why Cash Back Beats Travel Rewards
Finding the best rewards credit card can be complicated without knowing exactly how the card will be used. Furthermore, the combination of using multiple credit cards can produce another level of complexity.
CanIPayLess.com compares credit card benefits in the simplest terms, cash. The powerful credit card comparison tool uses over 100,000 calculations to convert points, rewards and miles to cash.
It takes into consideration any welcome bonus and annual fee and then recommends the best credit card – or combination of credit cards – based on your spending habits.
Related: Best Cash Back Credit Cards
When I plugged in my spending into the credit card tool, the site recommended I use the MBNA Smart Cash MasterCard as my top credit card, and carry the Capital One Aspire Travel World MasterCard as a secondary card.
That’s because the Smart Cash card is best for spending on gas and groceries (2% cash back), and the Capital One Aspire card gives you 2% back on all other spending. The annual fee on the Capital One Aspire card is offset by a generous sign-up bonus and anniversary spending bonus.
Other features on CanIPayLess.com
You can also find the lowest gas prices on CanIPayLess.com.
There’s nothing that stands out about the mortgage comparison tool page, but it tracks Canadian lender rates every day, and is accurate and up-to-date.
An interesting feature is the medicine and drug comparison page, which lists brand name drugs and their generic counterpart. The site claims that generic drugs are often the same as the brand name, and customers can save up to 50 per cent by going with the generic option.
Benson Wong, the Toronto entrepreneur behind CanIPayLess.com, says he’s always been a conscientious shopper and wanted to help others have an easy way to get a good deal.
Canadians can benefit from using CanIPayLess.com because every industry requires a different strategy to expose the best price, and Wong has gone to painstaking measures to research and compare prices.
“This site saves people time and money, since I’ve already done the research for them,” says Wong.
Wong has big plans for CanIPayLess.com, which includes a feature for every single category of spending.
“I want to help everyone save as much money as I do. I also want to focus on quality and accuracy so these features will be released in the near future when they meet my standards and expectations,” says Wong.