Get a $25 Cash Bonus
Earn up to 15% cashback on first-time purchases at Neo partners
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Get a $25 Cash Bonus
Earn up to 15% cashback on first-time purchases at Neo partners
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Get a $125 Cash Bonus
Earn an extra 10% back* (up to $100) when you spend up to $1,000 in everyday purchases within your first 2 months.* (Apply by October 31, 2023)
Plus, During your first 30 days, transfer balances and pay only 1.95% interest on the transferred balance for the first 6 months (19.95% after that)†.
Get a $100 Cash Bonus
Earn an extra 10% back* (up to $100) when you spend up to $1,000 in everyday purchases within your first 2 months.* (Apply by October 31, 2023).
Plus, during your first 30 days, transfer balances and pay only 1.95% interest on the transferred balance for the first 6 months (19.95% after that)†.
Choose between rewards and low interest.
Rewards credit cards are for people who pay off their balance and don't pay interest every month. While low interest cards are helpful for those who want to quickly pay off their existing credit card balance.
Choose between cash and travel rewards.
Cash+ cards reward you with cashback, statement credits or points that can be exchanged in retail stores. Travel cards reward you amazing travel related perks and benefits.
Are you willing to pay a fee?
Fee cards often offer superior rewards to no-fee cards, but we understand fees may not be for everyone. If you select "I Don't Mind" we will show you the best fee and no-fee cards.
View and compare your cards!
Use our tool to select the card that best fits your lifestyle!
Every year, RATESDOTCA audits and evaluates Canada's top credit cards, helping you find the best value based on your personal spending habits. This makes your search for the best credit card in Canada easy!
Our annual awards include the industry's leading credit card rewards programs with top perks, benefits and insurance coverage, all categorized for your convenience. Using our Best of Finance methodology, we deeply analyze more than one hundred credit cards to determine the winners. Every credit card is carefully compared by converting miles and points into cash value to assess its ranking fairly. Our team considers interest rates, welcome bonuses, annual fees, rebates and waivers — scanning the fine print for you.
| First year value* | Credit score required | Winner | ||
|---|---|---|---|---|
| $1,524 | Fair | American Express Cobalt® Credit Card | ||
| $1,525 | Excellent | CIBC Aventura® Visa Infinite* Card | ||
| $1,144 | Good | Scotiabank®* Gold American Express® Card | ||
| $1,524 | Fair | American Express Cobalt® Credit Card | ||
| $353 | Good | CIBC Select Visa* Card | ||
| $181 | Good | True Line® Gold Mastercard® | ||
| $745 | Excellent | BMO CashBack World Elite* Mastercard* | ||
| $359 | Fair | Tangerine World Mastercard® | ||
| $545 | Good | MBNA Rewards Platinum Plus® Mastercard® | ||
| $0 | No credit | No Fee Home Trust Secured Visa* Card | ||
| $364 | Good | BMO CashBack® Mastercard®* for Students | ||
| $476 | Fair | President’s Choice Financial® World Elite Mastercard® | ||
| $1,144 | Good | Scotiabank®* Gold American Express® Card | ||
| $1,524 | Fair | American Express Cobalt® Credit Card | ||
| $96 | No credit | KOHO Prepaid Mastercard® (KOHO Easy) | ||
| $924 | Good | MBNA Rewards World Elite ® Mastercard® | ||
| $1,525 | Excellent | CIBC Aventura® Visa Infinite* Card |
Most credit cards can be rewarding, offering cardholders travel points, cash back or low interest rates for making day-to-day purchases. However, some rewards programs stand out in the crowd with countless redemption options and more ways for cardholders to save money.
Our top picks feature flexible reward programs available to help cardholders maximize the value of their daily spending. Additionally, extra perks and benefits provide users with access to comprehensive travel insurance coverage, exclusive deals and, most importantly, high earn rates for everyday purchases like gas and groceries.
We compared the leading rewards credit cards using our Best of Finance methodology and ranked the cards with the highest first-year value, the most flexible rewards and robust benefits.
The American Express Cobalt® Credit Card is one of the most rewarding cards on the market, and it has a unique feature: a monthly fee. Cardholders pay a budget-friendly $12.99 a month to access top-tier rewards and exclusive offers.
Earn five points for every $1 spent on eligible restaurant, grocery, and food delivery purchases in Canada. Get three points for every $1 spent on eligible streaming subscriptions. Earn two points for every $1 spent on eligible travel and transit purchases and get one point for every $1 spent on all other purchases. Cardholders should notice their reward balance growing steadily from their usual everyday purchases.
According to our Best of Finance methodology, the average Canadian would earn a staggering $1,524 in rewards in the first year.
Want to learn more about how the American Express Cobalt® Credit Card stands up against the competition? Read more from our "In the Ring" series:
In the Ring: American Express Cobalt Credit Card vs. Scotiabank Gold American Express Card
Travel is back and people are making up for lost time and experiencing great food and culture once again. This is the time to start building travel points for your next sojurn. Earn rewards for everyday purchases and redeem them for flights, hotel stays and vacation packages.
These cards also feature great additional perks, like shopping coverage, mobile device insurance and exclusive offers.
We compared the top travel credit cards using our Best of Finance methodology and ranked the cards that provided the highest first-year value
Cardholders of the CIBC Aventura® Visa Infinite* Card can access loads of travel perks, from four free annual airport lounge passes to a NEXUS application fee rebate every four years. This card also features travel insurance and Visa Infinite benefits, such as complimentary breakfast at over 900 properties worldwide and exclusive tours of Wine Country.
Pay no booking fees through the Aventura Travel Assistant and use points to cover airfare costs, including taxes and fees.
According to our Best of Finance methodology, the average Canadian would earn around $1,525 in rewards in the first year.
Travellers can forgo the foreign currency exchange line and pack a much smaller wallet for their next trip. These credit cards offer no foreign transaction fees on purchases, sparing cardholders the extra 1.5% to 3% providers typically charge. Only the exchange rate applies.
Cardholders also get the added convenience of tracking all their transactions from little trips to the grocery store, tours and excursions all in one place. Plus, travellers won’t get stuck with extra foreign coins and bills at the end of their trip.
These credit cards also feature various benefits and travel insurance to help make trips more comfortable and carefree. Spend points on flights, rental cars, hotel stays or merchandise and get the most out of your next adventure.
We compared the top credit cards with no foreign transaction fees using our Best of Finance methodology and ranked the cards that provided the highest first-year value.
The Scotiabank®* Gold American Express® Card offers a great return on spending. Earn five Scotia Scene+ points for every $1 spent on groceries, restaurant, food delivery and entertainment purchases. Get three Scotia Scene+ points for every $1 spent on gas, daily transit purchases and select streaming services and earn one Scotia Scene+ point for every $1 spent everywhere else.
Cardholders pay no foreign transaction fees on foreign currency purchases, typically around 2.5%. Only the exchange rate applies. Plus, access discounts through the Scotia Rewards Travel Service and get a wide range of travel insurance through the card.
According to our Best of Finance methodology, the average Canadian would earn around $1,144 in rewards in the first year.
Want to learn more about how the Scotiabank®* Gold American Express® Card stands up against the competition? Read more from our "In the Ring" series:
In the Ring: American Express Cobalt Credit Card vs. Scotiabank Gold American Express Card
Travel programs typically offer the best redemption value of all the rewards credit cards. Whether they offer rewards, points or miles, these cards will always provide more value than cash back cards. However, cardholders get the best value for their rewards when redeeming for travel rather than gift cards or statement credits — though the flexibility is nice to have.
Most programs allow members to redeem rewards for flights, vacation packages, upgrades and other travel savings. Some programs also allow point conversions to other popular travel programs. Additionally, many of our top picks feature insurance coverage and exclusive offers like lounge access or benefits at hotels and resorts.
We compared the best credit cards with travel points using our Best of Finance methodology and ranked the cards that provided the highest first-year value.
The American Express Cobalt® Credit Card is one of the best cards for amassing rewards, offering cardholders five points for every $1 spent on restaurants and food deliveries, three points for every $1 spent on eligible streaming subscriptions, two points for every $1 spent on eligible travel and transit and one point for every $1 spent anywhere else.
Not only that, but the Membership Rewards® program is incredibly flexible, allowing members to redeem points for almost anything — travel, merchandise and more. Eligible cards, including the American Express Cobalt® Credit Card, can access the Fixed Points Travel Program and American Express Travel Online for travel offers and special rates. Cardholders can even use Membership Rewards® to pay for taxes, fees and carrier surcharges.
According to our Best of Finance methodology, the average Canadian could earn around $1,524 in rewards in the first year.
Want to learn more about how the American Express Cobalt® Credit Card stands up against the competition? Read more from our "In the Ring" series:
In the Ring: American Express Cobalt Credit Card vs. Scotiabank Gold American Express Card
It is time to pay off your high-interest credit card debt; carrying a balance only costs you money.
Cardholders with outstanding debt can typically transfer their existing balance to another card with a balance transfer promotion to take advantage of lower interest rates.
Some introductory rates can be as low as 0% for a set time, anywhere from a few months to a year. Conditions apply, however. New purchases typically incur standard interest rates, and misuse, like missing payments, may forfeit the offer.
Cardholders must typically pay a balance transfer fee of around 1% for the service. However, the cost is generally less than the interest charges on a standard credit card with a 20.99% interest rate. If used responsibly, cardholders can focus on payments and reduce their debt faster.
We compared balance transfer rates in Canada using our Best of Finance methodology and ranked the cards that provided the most savings.
The CIBC Select Visa* Card offers one of the best promotional balance transfer rates on the market. New cardholders can get a 0% introductory interest rate on balance transfers for up to 10 months with a 1% transfer fee. This special offer can help cardholders pay down their balance quicker and avoid spending as much on interest charges.
Based on our Best of Finance methodology, the average Canadian would spend around $353 less in interest charges on a $2,000 balance when compared to a standard credit card with a 20.99% interest rate.
The best way to avoid paying costly interest charges is to pay off your credit card balance in full each statement period. However, that is not always possible, and sometimes, you may carry a balance month-over-month. In that case, interest would start to accrue on the unpaid balance at a set rate, compounded daily.
Most credit cards charge a standard annual interest rate of around 20.99% on purchases, which can add up quickly.
Although the welcome offers and perks of some credit cards can be enticing, the mounting interest charges can outweigh any advantages if you carry a balance. Switching to a low interest credit card may offer cardholders the opportunity to tackle their debt faster and pay less interest. This decision can put cardholders in a healthier financial position for the future.
We compared low interest credit cards in Canada using our Best of Finance methodology and ranked the cards that provided the most potential savings.
The True Line® Gold Mastercard® offers cardholders an 8.99% standard annual interest rate on balance transfers and purchases for an annual fee of $39.
According to our Best of Finance methodology, this low interest credit card would save the average Canadian around $181 in interest in the first year.
Cash back credit cards are straightforward: cardholders earn a small percentage of each purchase back in rewards. Still, there are differences between the two types of cash back cards:
Cash back is usually applied as a statement credit every month or once per year on a specific date. It can also be deposited directly into a savings account.
We compared the top cash back credit cards using our Best of Finance methodology and ranked the cards that provided the highest first year value.
The BMO CashBack World Elite* Mastercard* offers you a whopping 5% cash back on food and essential purchases, along with 3% cash back on gas and 4% cash back on transit purchases. Best of all, you can earn 1% cash back on all other purchases with no cap at all and 2% cash back on all recurring bill payments. Your annual fee is also waived for the first year.
According to our Best of Finance methodology, you can earn $745 in rewards annually with the BMO CashBack World Elite* Mastercard*. This card also includes travel benefits such as airport lounge access provided by LoungeKey, an unusual feature for a cash back card. The year-over-year annual rewards combined with the added benefits, makes the BMO CashBack World Elite* Mastercard* our top pick.
Want to learn more about how the Scotia Momentum® Visa Infinite* Credit Card stands up against the competition? Read more from our "In the Ring" series:
In the Ring: Scotia Momentum Visa Infinite Card vs. BMO CashBack World Elite Mastercard
Just because a card charges no fee doesn’t mean it offers no value. Many no-fee credit cards offer hundreds of dollars in cash back for making everyday purchases and feature additional benefits like shopping coverage or exclusive offers.
We compared the top no-fee cash back credit cards using our Best of Finance methodology and ranked the cards that provided the highest first-year value.
The Tangerine World Mastercard® is a no-fee cash back card that offers you the rare ability to customize accelerated earning categories to maximize your rewards. You can earn 2% cash back in up to three “Money-Back Categories” of your choice, with great options including groceries, gas, parking, and more. The Tangerine World Mastercard® is the clear winner because of the rewards flexibility and the rich welcome bonus it gives cardholders.
Find the best top travel rewards programs with these no-fee cards. While they feature slightly lower earn rates than their counterparts with a fee, they still provide excellent value and great perks.
Plus, these cards can slide into your wallet as a primary or secondary credit card, and you don’t have to worry about another annual expense. You can use the card as often or sparingly as you like without having to justify its worth.
We compared the top no-fee travel credit cards using ourBest of Finance methodology and ranked the cards that provided the highest value while also considering additional complimentary travel perks and benefits.
The MBNA Rewards Platinum Plus® Mastercard® offers cardholders four points for every $1 spent on eligible grocery, restaurant, digital media, membership, and household utility purchases for the first 90 days, up to the $10,000 annual spend cap in each category. After, earn two points for every $1 spent in these categories until the $10,000 cap is met annually and one point for every $1 spent on all other purchases.
This card also features $1,000,000 travel accident insurance, unexpected return home insurance and car rental accident insurance.
According to our Best of Finance methodology, the average Canadian could earn around $545 in rewards in the first year.
It can be challenging to get approved for credit, particularly if you have little or no credit history. But to build a credit history, you often need access to credit. So, what is a person to do?
A secured credit card is an excellent first step. This handy little product can benefit those who are new to credit or need to improve their credit, and it works much like a standard credit card. Cardholders can usually pay bills, purchase items in-store and online, and access a credit limit. However, the credit limit is determined by a deposit set by the cardholder and is secured on the card.
The cardholder is responsible for paying their statement each month and will also owe interest if they carry a balance. With each payment made on time, the positive information is reported to the credit bureaus in Canada and should slowly build or increase the cardholder's credit score.
Over time, the cardholder may qualify for unsecured products and should be able to get their initial deposit back.
We compared secured credit cards in Canada using our Best of Finance methodology and ranked the cards that provided the highest value. Though, in this case, we felt that annual rewards and savings were not the most important benefits. Cardholders would get the best value from a no-fee card that focused strictly on building credit.
The No Fee Home Trust Secured Visa Card* allows cardholders to build or rebuild their credit for no annual fee. Cardholders can set their credit limit based on a deposit ranging from as low as $500 to as high as $10,000. Shop online, pay bills and use the card anywhere Visa is accepted — just like an unsecured card.
If you keep up with the payments, your credit rating should improve, whether you are just starting to build your credit or your credit score needs some repair.
Home Trust also offers the Home Trust Secured Visa* Card with a lower interest rate for a $59 annual fee. However, appealing as this may seem, cardholders looking to rebuild credit should aim to pay off their credit card balance in full each month. The No Fee Home Trust Secured Visa* Card is one of the safest and best options.
Students are often overloaded with expenses and costly fees throughout their post-secondary education — tuition, expensive; student housing, expensive; textbooks, expensive. Not to mention the mile-long list of program requirements like laptops and any newfangled technology that is all the rage that year.
The list only continues with cost-of-living expenses like groceries or transportation. Fortunately, students have a few options to score some extra cash and save money. Many grocery stores and retailers provide student discounts, typically around 10% for groceries and possibly more at events.
Students can also get cash back or points with the right rewards credit card. Student credit cards usually have no fee and few eligibility requirements. Some cards require proof of enrollment in a post-secondary institution, but typically do not require a credit check and have high approval rates.
We compared the leading student credit cards using ourBest of Finance methodology and ranked the cards that provided the highest value.
The BMO CashBack® Mastercard®* for students rewards scholars at an accelerated rate for essential purchases like groceries and provides a straightforward introduction to credit. There is no need to decipher the value of rewards; you will get a percentage of each purchase back and have more money in your wallet.
Get up to 5% cash back for the first three months. Conditions apply. After your first three months, earn 3% cash back on your first $500 in grocery purchases and 1% cash back on your first $500 in recurring bill payments each month. Earn 0.5% unlimited cash back on everything else.
According to our Best of Finance methodology, the average Canadian could earn around $364 cash back in the first year.
The right credit card can benefit the entire family. Whether it’s earning groceries at your favourite store or redeeming rewards for streaming services, top credit cards can save you money where you least expect it.
We compared the leading credit cards for grocery and gas purchases using our Best of Finance methodology and ranked the cards that provided the highest first-year value.
Cardholders of the President’s Choice Financial® World Elite Mastercard® can earn points on their grocery purchases at President’s Choice banner brands including, Loblaws, No Frills, Real Canadian Superstore and Zehrs, as well as their drugstore purchases at Shoppers Drug Mart. Earn at least 30 points per litre at Esso and Mobil gas stations.
Cardholders also have two ways to earn rewards faster. The first is to present their PC Optimum card at the checkout and double dip on points. The second is by creating a “household” within the PC Optimum app and pooling points to earn and redeem rewards as a family.
According to our Best of Finance methodology, the average Canadian would earn around $476 in rewards in the first year.
Life has certainly changed a lot since March 2020, and most likely, your spending habits have as well. You may be adding items to your cart from the comfort of your couch instead of in-store and ordering more food straight to your doorstep. But what you may not realize is that it can take a toll on your reward balance.
These small lifestyle changes may decrease the number of rewards or cash back you would otherwise see in your wallet. Luckily, our top picks reward cardholders for their takeout and delivery purchases and offer some great perks for staying at home.
We compared the best credit cards for delivery and takeout purchases using our Best of Finance methodology and ranked the cards that provided the highest first-year value.
The Scotiabank®* Gold American Express® Card rewards cardholders for their everyday purchases, from takeout and delivery to streaming services. Get up to six Scotia Scene+ points for every $1 spent on eligible grocery, fast food, food subscription and entertainment purchases. Earn three Scotia Scene+ points for every $1 spent on gas, transit and select streaming services, like Netflix. Get one Scotia Scene+ point for every $1 spent on all other purchases.
Rack up rewards quickly and redeem them for thousands of options, including travel, merchandise, gift cards and statement credits. Plus, pay no foreign transaction fees on purchases made abroad or online in foreign currency. Only the exchange rate applies.
According to our Best of Finance methodology, the average Canadian would earn around $1,144 in rewards in the first year.
