If you are not redirected within 30 seconds, please click here to continue.
If you are not redirected within 30 seconds, please click here to continue.
If you are not redirected within 30 seconds, please click here to continue.
Each year we carefully compare each card by converting miles and points into cash value to fairly assess each card's ranking. Our team dives into the fine print, considering all interest rates, welcome bonuses, annual fees, rebates and waivers. Apart from a few unique circumstances, the credit cards with the highest first-year value rank at the top of each category.
Starting a new year is all about setting positive resolutions and re-evaluating our habits.
Oftentimes, our financial habits stay the same even as our priorities shift. For 2022, why not resolve to find out whether a different credit card could help you achieve your financial goals sooner?
It is important to consider whether your existing credit cards are providing enough overall value. If your cards’ rewards programs don’t align with your current priorities, it may be worth adding a new one to your arsenal.
Every year, RATESDOTCA evaluates the leading credit cards in Canada to find the products that offer the best value based on spending habits. Our goal is to provide consumers with all the tools necessary to choose the right card for their lifestyle.
The Best of Finance Awards showcase industry-leading credit card rewards programs with the country’s top perks, benefits, and insurance coverage. Using the Best of Finance methodology, we analyze over a hundred credit cards to determine our comprehensive list of winners.
We carefully compare the nominees by converting miles and points into cash value to assess each card’s ranking fairly. Our team dives into the fine print, considering all interest rates, welcome bonuses, annual fees, rebates, and waivers.
Apart from a few unique circumstances, the credit cards with the highest first-year value rank at the top of each category.
Without further ado, here are the 2022 Best of Finance winners:
Click any of the categories below to snap to that section
| Winner | First year value* | Credit score required | ||
|---|---|---|---|---|
| American Express Cobalt™ Credit Card | $1,361 | Fair | ||
| Tangerine World Mastercard® | $459 | Fair | ||
| MBNA Rewards Platinum Plus® Mastercard® | $503 | Good | ||
| CIBC Aventura® Visa Infinite* Card | $1,525 | Excellent | ||
| BMO CashBack World Elite* Mastercard* | $745 | Excellent | ||
| MBNA True Line® Gold Mastercard® | $181 | Good | ||
| CIBC Select Visa* Card | $353 | Good | ||
| No Fee Home Trust Secured Visa* Card | $0 | NA | ||
| American Express Cobalt™ Credit Card | $1,361 | Fair | ||
| BMO CashBack® Mastercard®* for Students | $364 | Good | ||
| American Express Cobalt™ Credit Card | $1,361 | Fair | ||
| Scotiabank®* Gold American Express® Card | $1,024 | Good | ||
| President’s Choice Financial® World Elite Mastercard® | $476 | Fair | ||
| Scotiabank®* Gold American Express® Card | $1,024 | Good | ||
| SimplyCash™ Card from American Express | $468 | Good | ||
| MBNA Rewards Elite® Mastercard® | $924 | Good | ||
| CIBC Aventura® Visa Infinite™ Card | $1,525 | Excellent |
*The RATESDOTCA Best of Finance methodology assumes the cardholder spends an average of $2,000 a month on their card to determine the first-year value. The calculation includes all welcome bonuses and promotional offers at the time of publishing.
Rewards credit cards continue to adapt to our ever-changing lifestyles, offering added flexibility and new redemption options. With a rewards card, you can rack up rewards quickly and redeem them for almost anything, with travel rewards consistently providing the best value for your points. When selecting our top picks, we also considered travel insurance and other perks, but it was ultimately the value of rewards or cash back that determined the ranking.
Winner – American Express CobaltTM Credit Card
Best Overall Rewards Credit Card for the third year in a row!
The American Express CobaltTM Credit Card has a monthly fee of $12.99, which is cheaper than most streaming services. Plus, if used correctly, this card can help you save money on discretionary purchases (a new 15-step skincare routine or a feast catered by Uber Eats, for example). This credit card stands above the others in this category, offering one of the highest rewards value of any card we have come across, especially regarding ongoing annual rewards. Earn five points for every $1 spent on eligible restaurant and food delivery purchases, 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. This card also features travel insurance, mobile device insurance and exclusive offers.
Learn more: Best Overall Rewards Credit Card
Many no-fee credit cards offer hundreds of dollars in savings and additional benefits like shopping coverage, discounts and exclusive perks. A no-fee card can be beneficial as either a primary credit card or a secondary card that you use on a particular spending category to complement another card that has an annual fee. Our top picks have the most cash back rewards coupled with no annual fees.
Winner — Tangerine World Mastercard®
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.
.png)
Learn more: Best No-Fee Cash Back Credit Card
The top travel rewards programs are not exclusive to cards that charge annual fees. While it may take a little longer to accumulate enough rewards for a flight or vacation package, no-fee cards still provide value. Many no-fee travel cards also come with several travel perks and insurance — not a bad card to have handy if your primary card does not offer these benefits.
Winner — MBNA Rewards Platinum Plus® Mastercard®
The MBNA Rewards Platinum Plus® Mastercard® is a top no-fee reward earner for points and redemption options include travel or statement credits. Cardholders earn two points for every $1 spent on eligible restaurant, grocery, digital media, membership, and household utility purchases, up to a $10,000 annual cap in each category. Earn one point for every $1 spent on all other eligible purchases. This card also features perks like mobile device insurance and additional support in the form of shopping coverage and car rental discounts.
Learn more: Best No-Fee Travel Credit Card
The best travel rewards credit cards offer insurance coverage for peace of mind while out of the province or country. Our top picks have powerful rewards for travel redemption and include additional perks to make planning trips easy and airport visits more luxurious. Cardholders can access airport lounges worldwide, free Wi-Fi hotspots and exclusive offers.
Winner — CIBC Aventura® Visa InfiniteTM Card
Best Overall Travel Credit Card for the second year in a row!
The CIBC Aventura® Visa InfiniteTM Card helps cardholders breeze through airport security with a NEXUS application fee rebate every four years when they enroll in the service. This feature is only available on a select number of travel cards. On top of a strong, flexible rewards structure, cardholders also get a complimentary Priority Pass Membership and four free airport lounge visits annually. According to our Best of Finance methodology, you can earn up to $1,536 in rewards value during the first year of using this card. The high rewards value and the generous welcome bonus makes this card our clear winner.
Learn more: Best Overall Travel Credit Card
The best cash back cards are transparent about their earn rates — what you see is what you get. Cardholders for our top picks don’t have to decipher their reward balance; they earn a percentage of each purchase to be applied for as a statement credit or deposited directly into an associated savings account.
Winner — BMO CashBack World Elite* Mastercard*
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.
.png)
Learn more: Best Overall Cashback Credit Card
If you carry a balance month-over-month, a low interest credit card can ensure you pay less interest than a standard credit card with a 19.99% interest rate and make payments more manageable. We don’t recommend using a low interest card to borrow money every month. However, this type of card can be helpful to pay off your balance or if you tend to miss a payment here or there. A low interest credit card can give you peace of mind, knowing you are paying far less interest than a standard credit card.
Winner — True Line® Gold Mastercard® credit card
The True Line® Gold Mastercard® credit card has a standard annual interest rate of 8.99% on balance transfers and purchases. That is less than half the rate of a standard rewards credit card, allowing you to quickly pay down your credit card balance.
Learn more: Best Low Interest Credit Card
Switching to a low interest balance transfer credit card can help people pay off their debt faster as they work toward being debt-free. An excellent introductory balance transfer promotion can boost those efforts, assisting cardholders in accelerating their payments and paying less interest. We focused on the balance transfer interest rate and the length of the balance transfer offer to choose our winner for this category.
Winner — CIBC Select Visa* Card
The CIBC Select Visa* Card offers cardholders a 0% introductory interest rate on balance transfers for up to 10 months with a 1% balance transfer fee. This promotion is the best rate on the market. The annual fee is also waived for the first year.
Learn more: Best Balance Transfer Credit Card
A secured credit card can help those who find it challenging to get approved for credit. This type of card is secured with a deposit, set by the cardholder, ranging from around $200 to upwards of $10,000. As the cardholder keeps up with payments, their credit score should improve.
Winner — No Fee Home Trust Secured Visa* Card
The No Fee Home Trust Secured Visa* Card offers cardholders the opportunity to build or rebuild their credit for no annual fee and a minimum-security deposit of $500. Members can pay bills online and use the card anywhere Visa is accepted.
Our top picks in this category are tailored to ambitious individuals who need a credit card that rewards them for their busy lifestyles, which meant comparing rewards earned for dining, entertainment and transportation purchases. These cards also feature offers for everyday savings and exclusive experiences.
Winner — American Express CobaltTM Credit Card
Best Credit Card for Young Professionals for the third year in a row!
The American Express CobaltTM Credit Card features American Express® Experiences for front-of-the-line presale tickets, special offers and in-demand events. On top of that, the rewards on this card are second to none, focusing on eating out, nights in the town and frequent city travel. Cardholders get five points for every $1 spent on food and drinks. Earn three points for every $1 spent on eligible streaming subscriptions. Get two points for every $1 spent on eligible transit purchases, including taxis and rideshare services, and one point for every $1 spent on all other purchases.
The right student credit card can support young scholars’ financial independence and set them up for success post-graduation. Students can earn cash back or points for making everyday purchases and have more money in their pockets.
Winner — BMO CashBack® Mastercard®* for students
Best Student Credit Card for the third year in a row!
The BMO CashBack® Mastercard®* for Students offers cash back for day-to-day essentials like groceries, recurring bill payments and school supplies. The reward structure is straightforward: earn a percentage of each purchase back, which is ideal for new credit users. By taking advantage of the promotional cash back rate that comes with the welcome bonus, students can easily kickstart their savings.
Learn more: Best Student Credit Card
Our top picks for this category focus on the highest reward earn rates for popular rewards programs like Aeroplan, AIR MILES and American Express Membership Rewards®. These programs offer more flexibility than ever before regarding point redemption. Cardholders can cash in their rewards for travel and vacation packages as well as gift cards, merchandise and, in some cases, cash rewards.
Winner — American Express CobaltTM Credit Card
Best Credit Card for Earning Travel Points for the second year in a row!
This winner should come as no surprise after also winning our award for the top rewards card. The American Express CobaltTM Credit Card rewards cardholders at an extraordinary rate for everyday purchases and offers an almost unlimited array of redemption options. Plus, this card features shopping, mobile device and travel insurance coverages.
If you are a snowbird or spend a considerable time out of the country for work or play, your credit card can be a great tool to simplify travel. Credit cards that offer no foreign transaction fees can save cardholders around 2% to 3% on foreign currency purchases made abroad and online. The exchange rate still applies, but you can skip trips to pesky foreign banks or currency exchange booths.
Winner — Scotiabank®* Gold American Express® Card
Best Credit Card with No Foreign Transaction Fees for Long Stay Travellers for the second year in a row!
The Scotiabank®* Gold American Express® Card has a lot to offer travellers. Get the Best Price Guarantee on airfare through the Scene+ Travel Service, access a comprehensive list of travel insurance coverage and pay no foreign transaction fees. This card also features excellent earn rates on flexible rewards points that can be used for travel purchases or converted into cash back. Best of all, you don’t pay any foreign transaction fees on any purchases made in foreign currency in person and online. Just another way the Scotiabank®* Gold American Express® Card helps you save money effortlessly.
Running a household is a lot of work, especially during a pandemic. Families are always rushing to get important work and errands done while saving money on day-to-day essentials. This category focuses on the credit cards that have the best rewards structure for gas and grocery purchases.
Winner — President’s Choice Financial® World Elite Mastercard®
Best Family Credit Card for Gas and Groceries for the second year in a row!
The President’s Choice Financial® World Elite Mastercard® allows cardholders from the same household to combine points, meaning families can earn and redeem rewards together. Earn points for groceries, gas and drugstore purchases, and cash them in once you’ve earned 1,000 points for a $10 value. You can earn and redeem PC Optimum points on eligible purchases made at stores such as Loblaws, Shoppers and Esso.
Plus, if you are already a PC Optimum member, you can leave the loyalty card at home and use your credit card to earn points instead. Get even more rewards with personalized offers through the PC Optimum app.
If you are like most of us at RATESDOTCA, your purchases may look a little different these days, with most transactions originating at home. Our top picks in this category reward you for your food delivery, takeout, and even subscription purchases. With the right credit card, you’ll earn rewards for all the things that make for a great night at home.
Winner — Scotiabank®* Gold American Express® Card
Best Credit Card for Staying Home and Ordering In for the second year in a row!
The Scotiabank®* Gold American Express® Card offers five Scene+ points for every $1 spent on groceries, food delivery, fast food, food subscription purchases and select meal kit services from companies such as Skip the Dishes and Hello Fresh. It also offers three Scene+ points for every $1 spent on eligible streaming services like Netflix.
Flat-rate rewards credit cards offer the same percentage of cash back for all purchases, no matter the spending category. For example, a cardholder would earn one rate for every $1 spent on gas, pet supplies, furniture and subscriptions, instead of one for certain purchases and another for everything else. Our top picks focus on cards that offer one simple cash back rate across all purchases and the highest first-year value.
Winner — SimplyCash™ Card from American Express
Best No-Frills Cash Back Credit Card for the second year in a row!
The SimplyCash™ Card from American Express offers 1.25% cash back on purchases and features basic shopping coverage. Cardholders can also access American Express® Experiences for presale tickets, exclusive offers and curated events.
Learn more: Best No-Frills Cash Back Credit Card
Mastercard offers you one of the largest payment networks in the world, allowing you to easily make payments wherever you go. When you use a Mastercard credit card, you are protected from any unauthorized transactions through Mastercard’s Zero Liability coverage. Here’s our top pick for the best Mastercard of 2022.
Winner — MBNA Rewards World Elite® Mastercard®
The MBNA Rewards World Elite® Mastercard® offers you five points for every $1 spent on groceries, restaurants, digital media and utilities. Best of all, you can earn one point on every $1 spent on everything else. This card also comes with great insurance perks such as mobile device insurance and rental car coverage. According to our Best of Finance methodology, you can earn up to $924 in rewards in the first year. This makes the MBNA Rewards World Elite® Mastercard® the most rewarding Mastercard credit card.
Learn more: Best Overall Mastercard
Visa credit cards are hugely popular as they are widely accepted in more than 200 countries and territories. Visa credit cards offer you a secure and convenient way to pay for what you need, anywhere and anytime. Visa’s Zero Liability policy protects you from any fraudulent transactions. We’ve analyzed the top Visa credit cards in Canada to find the best pick.
Winner — CIBC Aventura® Visa InfiniteTM Card
The CIBC Aventura® Visa InfiniteTM Card is a great travel rewards card that allows you to quickly rack up points due to a generous welcome bonus and points program. You can earn two points for every for every $1 spent on travel purchased through the CIBC Rewards Centre and 1.5 points for every $1 spent at eligible gas stations, grocery stores and drug stores. Earn one point for every $1 spent on all other eligible purchases. You can also take advantage of mobile device insurance and the NEXUS application fee rebate, both extremely valuable benefits for travellers. According to our Best of Finance methodology, you can earn $1,536 in the first year, making this the best Visa credit card in Canada.
Learn more: Best Overall Visa
The RATESDOTCA Best of Finance methodology has evolved over the last 12 years. Here is how we calculate our winners today:
Our team analyzed 80 credit cards using 100+ data points over several weeks to determine the first-year value of each card.
Rewards credit card categories
To calculate the first-year value for each Canadian rewards credit card, we assume cardholders spend $2,000* a month on the card across the following categories:
*Source: Statistics Canada
Additional assumptions:
The Best of Finance methodology assumes the cardholder redeems their rewards for the highest point value. The RATESDOTCA comparison tool assumes the user redeems their points for travel when “travel” is selected and statement credits when “cash+” is selected to determine the first-year value.
Best Overall Rewards Credit Card category
We weigh each card’s perks, bonuses and benefits to calculate the Best Overall Rewards Credit Card.
Each category is weighted as follows:
Best Low-Interest Credit Card category
To calculate the first-year value of low-interest credit cards, we assume the following:
Best Balance Transfer Credit Card category
To calculate the value of balance transfer credit cards, we assume the following:
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. Read our full disclaimer.
*RATESDOTCA may receive compensation when you click on links to those products or services. however, our content and calculations are objective and free from bias. The opinions expressed are purely those of RATESDOTCA; thus, partners are not responsible for any editorials or reviews that may appear. For current term and conditions on any advertiser or partner’s product, please visit their website.
Stay on top of our latest offers, relevant news and tips!