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Discover the Best Credit Cards in Canada

Looking for a new credit card? Find one that matches your lifestyle.

Select your priority

Select your rewards preference

Select your annual fees

How to find the best credit card at RATESDOTCA

1

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.

2

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.

3

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!

Best Credit Cards 2024

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 80 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.

Best Credit Cards in Canada 2024

  First year value* Credit score required Winner  
$1,361 Fair American Express Cobalt® Credit Card
$1,536 Excellent CIBC Aventura® Visa Infinite* Card
$1,024 Good Scotiabank®* Gold American Express® Card
$1,361 Fair American Express Cobalt® Credit Card
$400 Good MBNA True Line Mastercard
$681 Excellent Scotiabank Platinum American Express Card
$940 Excellent AMEX SimplyCash Preferred Card
$409 Fair Tangerine World Mastercard®
$645 Good MBNA Rewards Platinum Plus® Mastercard®
$240 No credit Neo Secured Credit
$409 Good Tangerine Money-Back Card
$476 Fair President’s Choice Financial® World Elite Mastercard®
$1,024 Good Scotiabank®* Gold American Express® Card
$1,361 Fair American Express Cobalt® Credit Card
$96 No credit KOHO Prepaid Mastercard® (KOHO Easy)
$924 Good MBNA Rewards World Elite ® Mastercard®
$1,536 Excellent CIBC Aventura® Visa Infinite* Card
$388 Good BMO CashBack® Mastercard®
$1,361 Excellent American Express Cobalt® Card
$1,231 Excellent TD® Aeroplan® Visa Infinite* Card

Best Overall Rewards Credit Card

Credit cards offer 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 to help cardholders maximize the value of their daily spending. Additionally, extra perks and benefits provide users 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.

Winner: American Express Cobalt® Credit Card

The American Express Cobalt® Credit Card is one of the most reward-packed credit cards on the market. Cardholders pay a budget-friendly $12.99 monthly 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 (spending caps apply). Get three points for every $1 spent on eligible streaming subscriptions. Earn two points for every $1 spent on eligible travel and transit purchases. 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 an impressive $1,361 in rewards in the first year.

Many other cards offer higher first-year values due to their welcome bonuses, but the Cobalt® offers high recurring rewards. This means that in your second year of holding the card (after fees), you could earn $999 in rewards. Our analysis shows the Cobalt® card offers the most versatile points of any other card, so these are points you actually look forward to collecting and redeeming.

The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$362
+ Annual rewards
$1155
- Annual fee
$156
Total first year value
$1361
American Express Cobalt® Credit Card

card image
Welcome bonus
$362
AMEX Rewards points
Annual rewards
$1155
AMEX Rewards points
Annual fees:
$156
Interest rates:
21.99% on purchases • 21.99% on cash advances
2024 Winner – Best Overall Rewards Credit Card, Best Credit Card for Young Professionals, and Best Credit Card for Earning Travel Points and Best American Express Credit Card.
Particularly great for individuals who live in the city, eat out often or order in.
Details at a glance Collapse details
Welcome bonus
$362
Annual rewards
$1155
The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$362
+ Annual rewards
$1155
- Annual fee
$156
Total first year value
$1361
Annual fees:
$156
Interest rates:
21.99% on purchases
21.99 on cash advances
2024 Winner – Best Overall Rewards Credit Card, Best Credit Card for Young Professionals, and Best Credit Card for Earning Travel Points and Best American Express Credit Card.
Particularly great for individuals who live in the city, eat out often or order in.
Details at a glance Collapse details

Best Overall Travel Credit Card

Travel is back, and people are making up for lost time by experiencing great food and culture in new locales. It's never too late to start collecting travel points for your next sojourn. Travel points are added when you make everyday purchases on a travel credit card and can be redeemed for flights, hotel stays and vacation packages.

Travel 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.

Winner: CIBC Aventura® Visa Infinite* Card

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 $1,536 in rewards in the first year.

The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$900
+ Annual rewards
$636
- Annual fee (First Year Rebated)
$0
Total first year value
$1536
CIBC Aventura® Visa Infinite*

card image
Welcome bonus
$900
CIBC Aventura Rewards points
Annual rewards
$636
CIBC Aventura Rewards points
Annual fees:
$139 (First Year Rebated)
Interest rates:
20.99% on purchases • 22.99% on cash advances
This offer is not available for residents of Quebec.
2024 Winner – Best Overall Travel Credit Card and Best Overall Visa Credit Card
Earn points on all purchases and redeem on travel or statement credits
Details at a glance Collapse details
Welcome bonus
$900
Annual rewards
$636
The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$900
+ Annual rewards
$636
- Annual fee (First Year Rebated)
$0
Total first year value
$1536
Annual fees:
$139 (First Year Rebated)
Interest rates:
20.99% on purchases
22.99 on cash advances
This offer is not available for residents of Quebec.
2024 Winner – Best Overall Travel Credit Card and Best Overall Visa Credit Card
Earn points on all purchases and redeem on travel or statement credits
Details at a glance Collapse details

Best Credit Card With No Foreign Transaction Fees

Retailers around the globe are increasingly pivoting to cashless payments meaning travellers can forgo the foreign currency exchange line and pack a 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 to 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.

Winner: Scotiabank®* Gold American Express® Card

The Scotiabank®* Gold American Express® Card offers a great return on spending. Earn five Scotia Scene+ points for every $1 spent on groceries, restaurants, 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, the card allows users to access discounts through the Scotia Rewards Travel Service and purchase a wide range of travel insurance.

According to our Best of Finance methodology, the average Canadian would earn around $1,024 in rewards in the first year.

The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Cash bonus
$75
+ Welcome bonus
$400
+ Annual rewards
$744
- Annual fee
$120
Total first year value
$1099
Scotiabank®* Gold American Express® Card

card image
Welcome bonus
$400
Scotia Scene+ Points
Annual rewards
$744
Scotia Scene+ Points
Annual fees:
$120
Interest rates:
20.99% on purchases • 22.99% on cash advances
Get a $75 CashSurge from RATESDOTCA
2024 Winner – Best No Foreign Transaction Fees Credit Card for Long Stay Travellers and Best Credit Card for Subscriptions
Details at a glance Collapse details
Welcome bonus
$400
Annual rewards
$744
The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Cash bonus
$75
+ Welcome bonus
$400
+ Annual rewards
$744
- Annual fee
$120
Total first year value
$1099
Annual fees:
$120
Interest rates:
20.99% on purchases
22.99 on cash advances
Get a $75 CashSurge from RATESDOTCA
2024 Winner – Best No Foreign Transaction Fees Credit Card for Long Stay Travellers and Best Credit Card for Subscriptions
Details at a glance Collapse details

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

Back to top

Best Credit Card for Earning Travel Points

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 (but it's nice to have the option).

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.

Winner: American Express Cobalt® Credit Card

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 taxes, fees and carrier surcharges.

According to our Best of Finance methodology, the average Canadian could earn around $1,361 in rewards in the first year!

The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$362
+ Annual rewards
$1155
- Annual fee
$156
Total first year value
$1361
American Express Cobalt® Credit Card

card image
Welcome bonus
$362
AMEX Rewards points
Annual rewards
$1155
AMEX Rewards points
Annual fees:
$156
Interest rates:
21.99% on purchases • 21.99% on cash advances
2024 Winner – Best Overall Rewards Credit Card, Best Credit Card for Young Professionals, and Best Credit Card for Earning Travel Points and Best American Express Credit Card.
Particularly great for individuals who live in the city, eat out often or order in.
Details at a glance Collapse details
Welcome bonus
$362
Annual rewards
$1155
The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$362
+ Annual rewards
$1155
- Annual fee
$156
Total first year value
$1361
Annual fees:
$156
Interest rates:
21.99% on purchases
21.99 on cash advances
2024 Winner – Best Overall Rewards Credit Card, Best Credit Card for Young Professionals, and Best Credit Card for Earning Travel Points and Best American Express Credit Card.
Particularly great for individuals who live in the city, eat out often or order in.
Details at a glance Collapse details

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

Back to top

Best Balance Transfer Credit Card

Carrying a balance costs you — sometimes dearly if you carry it long enough. It's time to pay off your high-interest credit card debt.

Cardholders with outstanding debt can 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. Misusing the card (missing payments, for example) may void the introductory offer altogether.

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 debt faster.

We compared balance transfer rates in Canada using our Best of Finance methodology and ranked the cards that provided the most savings.

Winner: MBNA True Line Mastercard

With the True Line® Mastercard®, you'll pay 0% interest on balance transfers for 12 months, plus a 3% fee to transfer. It goes up to 12.99% after the first year. This is simply the best balance transfer offer on the market!

The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Cash bonus
$100
+ Welcome bonus
$0
+ Annual savings
$400
- Annual fee
$0
Total first year value
$500
MBNA True Line® Mastercard®

card image
Welcome bonus
$0
 
Annual savings
$400
 
Annual fees:
$0
Interest rates:
12.99% on purchases • 24.99% on cash advances
Get a $100 Cash Bonus from RATESDOTCA (Offer ends June 28, 2024)
2024 Winner – Best Balance Transfer Credit Card
Details at a glance Collapse details
Welcome bonus
$0
Annual savings
$0
The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Cash bonus
$100
+ Welcome bonus
$0
+ Annual savings
$400
- Annual fee
$0
Total first year value
$500
Annual fees:
$0
Interest rates:
12.99% on purchases
24.99 on cash advances
Get a $100 Cash Bonus from RATESDOTCA (Offer ends June 28, 2024)
2024 Winner – Best Balance Transfer Credit Card
Details at a glance Collapse details

Best Low-Interest Credit Card

The best way to avoid paying costly interest charges is to pay off your credit card balance in full each statement period. However, that isn't always possible. Sometimes, you may carry a balance month-over-month even if you're aggressively paying off debt. In that case, interest would start to accrue on the unpaid balance at an annualized rate that compounds daily.

Most credit cards charge a standard annual interest rate of around 20.99% on purchases, which can add up quickly.

Although some credit cards' welcome offers and perks can be enticing, the mounting interest charges can outweigh any advantages if you carry a balance. Switching to a low-interest credit card may allow cardholders 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.

Winner: Scotiabank®* Platinum American Express® Card

The Scotiabank®* Platinum American Express® Card has a 9.99% annual interest rate (many credit cards charge between 19% to 20.99%). This interest rate extends to cash advances (typically 24%) and balance transfers. It also doesn't charge foreign exchange fees, making it a great card for anyone looking to trim costs. On top of that, cardholders can also earn valuable Scotia Scene+ Points on all their purchases.  New card holders can earn over $1,000 in rewards value within the first year.  Frequent card swipers who know how to use credit responsibly will get the best value from this card, as the annual cost to hold this card is $399.

The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$600
+ Annual rewards
$480
- Annual fee
$399
Total first year value
$681
Scotiabank®* Platinum American Express® Card

card image
Welcome bonus
$600
Scotia Scene+ Points
Annual rewards
$480
Scotia Scene+ Points
Annual fees:
$399
Interest rates:
9.99% on purchases • 9.99% on cash advances
2024 Winner – Best Low Interest Credit Card
Enjoy flexible rewards along with low interest rates
Details at a glance Collapse details
Welcome bonus
$600
Annual rewards
$480
The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$600
+ Annual rewards
$480
- Annual fee
$399
Total first year value
$681
Annual fees:
$399
Interest rates:
9.99% on purchases
9.99 on cash advances
2024 Winner – Best Low Interest Credit Card
Enjoy flexible rewards along with low interest rates
Details at a glance Collapse details

Best Overall Cash-Back Credit Card

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:

  • Category cash back: This type of card rewards the user for shopping in specific spending categories like gas or groceries at an accelerated rate — for example, 4% cash back for some purchases and 1% back on everything else. Routine shoppers can maximize their rewards with a category card.
  • Flat-rate cash back: This card rewards the user for all their purchases, no matter the category, at one rate. For example, earn 1.25% cash back on everything you buy. Cardholders who shop broadly may benefit the most from this type of card.

Cashback 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.

Winner: AMEX SimplyCash® Preferred Card

The SimplyCash® Card from American Express offers 2% cash back on gas and grocery purchases. You earn 1.25% cash back on all other purchases.

The program is simple, and that's what makes it great. According to our Best of Finance methodology, you could potentially earn $940 in rewards annually with the SimplyCash® Card. Earn up to $400 in statement credits in your first four months with 4% cash back on gas/groceries and 2% on all other purchases.

The card includes access to a decent travel insurance package and AMEX's well-known entertainment perks. You can earn more cash by way of Amex's friend referral bonus.

The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$400
+ Annual rewards
$660
- Annual fee
$120
Total first year value
$940
SimplyCash® Preferred Card from American Express

card image
Welcome bonus
$400
AMEX Cashback Rewards
Annual rewards
$660
AMEX Cashback Rewards
Annual fees:
$120
Interest rates:
21.99% on purchases • 21.99% on cash advances
2024 Winner – Best Overall Cash Back Credit Card
Earn accelerated earn rates on eligible gas and grocery purchases
Details at a glance Collapse details
Welcome bonus
$400
Annual rewards
$660
The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$400
+ Annual rewards
$660
- Annual fee
$120
Total first year value
$940
Annual fees:
$120
Interest rates:
21.99% on purchases
21.99 on cash advances
2024 Winner – Best Overall Cash Back Credit Card
Earn accelerated earn rates on eligible gas and grocery purchases
Details at a glance Collapse details

Best No-Fee Cash Back Credit Card

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.

Winner: Tangerine World Mastercard®

The Tangerine World Mastercard® is a no-fee cash-back card that offers 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.

The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Cash bonus
$150
+ Welcome bonus
$100
+ Annual rewards
$309
- Annual fee
$0
Total first year value
$559
Tangerine World Mastercard®

card image
Welcome bonus
$100
Money-Back Rewards
Annual rewards
$309
Money-Back Rewards
Annual fees:
$0
Interest rates:
19.95% on purchases • 19.95% on cash advances
Get a $150 CashSurge from RATESDOTCA
2024 Winner – Best No-Fee Cash Back Credit Card
Details at a glance Collapse details
Welcome bonus
$100
Annual rewards
$309
The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Cash bonus
$150
+ Welcome bonus
$100
+ Annual rewards
$309
- Annual fee
$0
Total first year value
$559
Annual fees:
$0
Interest rates:
19.95% on purchases
19.95 on cash advances
Get a $150 CashSurge from RATESDOTCA
2024 Winner – Best No-Fee Cash Back Credit Card
Details at a glance Collapse details

Best No-Fee Travel Credit Card

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 car