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Credit Card Companies that Can Take it to the Next Level

You may have already been reading my top credit card company rankings that I post every few months. The next one is coming out tomorrow. However, I did want to isolate 5 specific companies that I strongly believe that they have the potential to take their business model to the next level. I say this, because they have an opportunity to take over a larger market share because of what they have already established.

Below are my top 5 picks of who I think have the potential and should take their credit card portfolio to the next level. I ranked them according to my last top credit card company rankings.

1) Chase

Chase Canada is one that puzzles me the most. They have 2 very attractive existing credit cards. But that’s also all they have in their entire portfolio, 2 credit cards!!

I am actually very confident that if they were to introduce a 3rd credit card, it will be just as attractive. They could really make some noise in the industry, because their 2 products do not have any black marks on them, so I feel that their reputation is very much in tact.

Chase Canada, ride on this positive reputation and take your business model to the next level! Though, start with 1 new credit card.

2) Capital One

Capital One made their biggest splash when they landed a partnership with Costco. That was probably the best thing that happened to them, because now they are on the map. Every time you walk into a Costco, I am sure that you will see the words “Capital One” somewhere. Now that they made an impressive and became very noticeable, it’s time to ride on the momentum and take this business model to another level.

What I really hope to see is a new co-branded partnership with a loyalty program. Perhaps Hilton? American Airlines?

3) National Bank

National Bank is very frustrating to see. When you think top 5 banks, they are always on the outside looking in. You have to say the “Big 6” to really include National Bank. At some point, I hope that they get frustrated with that title and make a big splash to take on the big 5.

They are slowing trying to expand to the rest of the country (most of their current business is in Quebec). They could also team up with a strong loyalty rewards company to offer a competitive credit card that will make a dent on the market.

I really want to see National Bank take on the Big 5. It’s about time someone steps up to challenge them and I really believe that National Bank is the best positioned to do so!

4) President’s Choice Financial (PC Financial)

I have a very simple suggestion for PC Financial. Talk to Loblaws about keeping the Shoppers Optimum program and introduce a co-branded credit card. That will really solidify their business model.

I don’t even feel like I need to give PC Financial any other suggestion. That’s all they really have to do at this point. Now go make it happen!


If you have been to Toronto or Vancouver lately, you probably noticed a bunch of HSBC ads (especially at the airport) and branches around town. You would think that with that much marketing, they would have some stronger credit cards to offer. It’s time for HSBC to really step it up in that part of their business model. That would really push them ahead to catch up to the Big 6.

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