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Rewards Cards are the best bet for people who pay off their balance and don't pay interest every month.
Low Interest Cards are helpful for individuals who are working to pay off their credit card balance.
Cash+ cards reward you with cashback, statement credits or points that can be exchanged in retail stores.
Travel cards reward you with points to be used for travel purchases and may come with travel perks like complimentary lounge visits.
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, compare the potential rewards or savings based upon your spending habits and the Perks and Insurance that come with each card.
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 Best of Finance Awards include the industry's leading credit card rewards programs with top perks, benefits and insurance coverage, all categorized for you convenience. Using the Best of Finance methodology, we deeply analyze over a hundred credit cards to determine the list of winners. Every credit card is carefully compared by converting miles and points into cash value to assess its ranking fairly. Our dedicated team considers all interest rates, welcome bonuses, annual fees, rebates and waivers — scanning the fine print for you.
| First year value* | Annual fee | Winner | |
|---|---|---|---|
| $1,560 | $120 | American Express Cobalt™ Credit Card | |
| $1,536 | $139 (First year rebated) | CIBC Aventura® Visa Infinite™ Card | |
| $1,244 | $120 (First year waived) | Scotiabank®* Gold American Express® Card | |
| $1,560 | $120 ($10 per month) | American Express CobaltTM Credit Card | |
| $353 | $29 | CIBC Select Visa* Card (First year waived) | |
| $181 | $39 | True Line® Gold Mastercard® | |
| $717 | $120 (First year waived) | Scotia Momentum® Visa Infinite* Card | |
| $383 | $0 | BMO CashBack® Mastercard®* | |
| $503 | $0 | MBNA Rewards Platinum Plus® Mastercard® | |
| $0 | $0 | No Fee Home Trust Secured Visa* Card | |
| $364 | $0 | BMO CashBack® Mastercard®* for students | |
| $476 | $0 | President’s Choice Financial® World Elite Mastercard® | |
| $1,244 | $120 (First year waived) | Scotiabank®* Gold American Express® Card | |
| $1,560 | $120 | American Express Cobalt™ Credit 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 CobaltTM 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 $10 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. 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 $1,560 in rewards in the first year.
While travel still seems like a distant dream right now, it will be back one day. When the world opens back up, people will be making up for lost time and experiencing great food and culture once again.
In the meantime, cardholders can continue to build their reward balances for better days. 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 InfiniteTM 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 $1,536 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 Rewards points for every $1 spent on groceries, restaurant, food delivery and entertainment purchases. Get three Scotia Rewards points for every $1 spent on gas, daily transit purchases and select streaming services and earn one Scotia Rewards 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 $1,244 in rewards in the first year.
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 CobaltTM Credit Card is one of the best cards for amassing rewards, offering cardholders five points for every $1 spent on restaurants and food deliveries, 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 CobaltTM 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 $1,560 in rewards in the first year.
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 19.99% 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 19.99% 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 19.99% 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.
New cardholders of the Scotia Momentum® Visa Infinite* Card can earn 10% cash back on up to $2,000 in purchases in the first three months. Regularly earn 4% cash back on grocery purchases, recurring bill payments and subscription services. Get 2% cash back on gas and daily transit and 1% back on everything else.
This card also features travel insurance, mobile device insurance and concierge services.
According to our Best of Finance methodology, the average Canadian would earn roughly $717 in rewards in the first year.
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 BMO CashBack® Mastercard®* offers cardholders up to 5% cash back on all purchases for the first three months, up to $2,500 in spending. After the first three months, get 3% cash back on the first $500 in grocery purchases and 1% back on the first $500 in recurring bill payments monthly. Get 0.5% unlimited cash back on all other purchases.
This card rewards cardholders for buying everyday essentials and features basic shopping coverage, all for no annual fee.
According to our Best of Finance methodology, the average Canadian would earn around $383 cash back in the first year.
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 our Best 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 $503 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 our Best 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 five Scotia Rewards points for every $1 spent on eligible grocery, fast food, food subscription and entertainment purchases. Earn three Scotia Rewards points for every $1 spent on gas, transit and select streaming services, like Netflix. Get one Scotia Rewards 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 $1,244 in rewards in the first year.
Often, young professionals are tech-savvy, ambitious individuals looking to make their mark on the world — working hard during the day and spending as much time as they can with friends in the evenings (albeit virtually these days).
Our top picks reward cardholders who are trying to do it all. Earn cash back or rewards for everyday purchases like trips to the store, rideshares to meetings and interviews, takeout and even binge-watching movies or TV shows on Netflix.
We compared the best credit cards for young professionals using our Best of Finance methodology and ranked the cards that provided the highest first-year value.
The American Express CobaltTM Credit Card rewards cardholders for their busy lifestyles. Get five points for every $1 spent on restaurant and food delivery purchases in Canada. Get two points for every $1 spent on eligible travel and transit, including rideshare services. Earn one point for every $1 spent on all other purchases.
Members can access Cobalt Perks and American Express® Experiences for exclusive offers, presale tickets and curated events.
According to our Best of Finance methodology, the average Canadian would earn around $1,560 in rewards in the first year
*Rates, product information, and reward estimates are subject to change at any time and do not constitute financial advice. This post was not sponsored. The views and opinions expressed in this review are purely those of RATESDOTCA. Information in this article is accurate as of the date of this posting, May 18, 2021. Read our full disclaimer.
Before beginning your credit card search ask yourself the following questions to narrow down your selection criteria
Each Canadian credit card comes with different terms and conditions, but all of them offer similar basic features and benefits. This applies to Canadian Mastercard, Visa and American Express credit cards.
These features and benefits include:
When it comes to picking the best credit card for you, you must truly understand your spending habits and credit card eligibility. If you are a new credit card user, then you might want to look for a no-frills credit card to start building your credit score. If you’re a small business owner who is looking to make important business investments, then a business credit card will help you better carry out your business purchases. Frequent traveler? A travel card might be more in line with your spending habits and interests.
At RATESDOTCA, you can conveniently compare the top credit cards in Canada by sorting them by features such as interest rates, rewards type and annual fee.
Applying for a credit card in Canada is easy and simple. Whether you’re a new Canadian resident or a post-secondary student, finding the right credit card is very important.
Follow these four steps to find the best credit card today:
1) Understand your credit card needs: Decide what kind of purchases you intend to make with your credit card. Understanding your purchases can help you look for the perfect credit card that can offer you great perks such as, reward points and cashback offers.
2) Determine your eligibility: What is your credit score? Do you have a comprehensive credit history? Or are you a new credit card user in Canada? A high credit score, coupled with a fair amount of credit card experience will increase your eligibility.
3) Compare all credit cards: Compare the best credit cards by assessing the key features and benefits to see if they appeal to you and your needs. Don’t jump at the first option you find. Explore and compare different credit cards on the market and choose the one that best suits your needs.
4) Apply online: At RATESDOTCA, you can select the credit card you want and apply online on the credit card issuer’s website.
In Canada, credit scores are officially calculated by two major credit bureaus, Equifax and TransUnion. These credit unions assess the information in your credit file to calculate your credit score. Your credit file has information about your payment frequency, loan history, and credit card debt. Credit scores range from 300 to 900. The higher your credit score, the better your chances of being approved for a credit card. High scores indicate that you’re less likely to miss any payments.
Here’s a simple breakdown of credit scores in Canada:
How fast you get approved for a credit card in Canada depends on your credit report and credit score. If you have a high credit score, you can expect instant approval. Usually, credit card approvals take anywhere between 5-7 days. In some cases, it can also take up to 30 days.
When it comes to credit cards in Canada, you have several different options to choose from. Each type of credit card offers you a unique advantage.
Learn about all the credit cards available in Canada.
Pro tip: You can also use a combination of rewards credit cards to meet your lifestyle needs. A no-fee credit card can function as a great secondary card for people who want to avoid any annual fee on their second credit card.
A balance transfer credit card allows you to transfer your existing credit card debt to another card and take advantage of a low interest rate. The interest rate may come with a time limit of 180 days, a few month or a year. By using a balance transfer credit card, you can reduce your credit card debt at a faster rate and rebuild your credit score.
If you use your balance transfer credit card for any new purchases before you pay off your existing credit card debt, you’ll be charged a standard interest rate, most cards charge a rate of 19.99% or more.
Also, be aware of the applicable transfer fee that comes with the new card. The transfer fee can be anywhere between 3%–5% of the amount of your total credit card debt.
Credit card lenders are financial institutions who offer credit cards to customers. They are authorized to change interest rates and rewards points on any purchases and cash advances at their discretion.
The major credit card lenders serving customers in Canada are:
