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CashSurgeCashSurge increases the value of credit cards by introducing an additional cash bonus. We’ll pay you up to $150 every time you are approved for a CashSurge credit card.
Get a $100 Cash Bonus
Receive up to 30,000 MBNA Rewards bonus points:
This offer is not available for residents of Quebec. For residents of Quebec, please click here.
Get a $100 Cash Bonus
5,000 bonus points†† after you make $500 or more in eligible purchases within the first 90 days of your account opening. Plus, 5,000 bonus points†† once enrolled for paperless e-statements within the first 90 days of account opening
And 4 points†† for every $1 spent on eligible restaurant, grocery, digital media, membership and household utility purchases during the first 90 days (until $10,000 is spent annually in the applicable category)
This offer is not available for residents of Quebec. For residents of Quebec, please click here.
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Get a $50 Cash Bonus
Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first year*
Get a $50 Cash Bonus
Get up to 60,000 points worth $400 in travel rewards, a $50 anniversary lifestyle credit and the $120 annual fee waived in your first year – that's a $570 value achieved by your first anniversary.
Get a $50 Cash Bonus
Get 20,000 points when you spend $1,500 in the first 3 months - that's a $133 value!* Plus, earn up to 5,000 bonus points every year.
Get a 0.99% introductory interest rate on Balance Transfers for 9 months, 2% fee applies to balance amounts transferred.*
Get a $50 Cash Bonus
$60 cash back when you make a mobile wallet purchase within the first 90 days and 6 automatic payments within the first 8 months for your Rogers, Fido or Shaw postpaid service.
Get a $50 Cash Bonus
Earn 5% cash back for your first 3 months (up to $2,500 in spending). Plus, get a 0.99% introductory interest rate on Balance Transfers for 9 months, 2% fee applies to balance amounts transferred.*
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 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.
| First year value* | Credit score required | Winner | ||
|---|---|---|---|---|
| $1,361 | Fair | American Express Cobalt® Credit Card | ||
| $1,536 | Excellent | CIBC Aventura® Visa Infinite* Card | ||
| $1,194 | 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 | ||
| $790 | Excellent | AMEX SimplyCash Preferred Card | ||
| $645 | Good | MBNA Rewards Platinum Plus® Mastercard® | ||
| $180 | No credit | Neo Secured Mastercard | ||
| $476 | Fair | President’s Choice Financial® World Elite Mastercard® | ||
| $1,194 | 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 |
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.
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.
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.
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.
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.
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 $1,194 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 (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.
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!
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
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.
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 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.
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.
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:
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.
The SimplyCash® Card from American Express offers 4% cash back on gas and grocery purchases. You earn 2% 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 $790 in rewards annually with the SimplyCash® Card.
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.
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 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 $645 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's a person to do?
A secured credit card is an excellent first step. This handy little product can benefit those 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. However, 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.
Neo Secured Mastercard allows you to start with as little as $50 in security funds, bypassing hard credit checks. That’s because your credit limit is equal to the amount of security funds you set aside.
The offering comes with guaranteed approval and no annual fees, allowing you to build your credit history – provided you continue to pay on time. And thanks to Neo Financial’s Insights app, you can get a complete view of your spending habits, including your purchases, your average, and details by category.
You can also make use of flexible credit limits and earn cashback rewards on all your purchases, including:
Finally, you can enhance your rewards with perks and flexible monthly subscriptions that boost your cashback and unlock extra benefits for your account.
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.
As we move deeper into a subscription–based economy, you may have found yourself attached to several accounts – whether on a streaming platform, food delivery app or something else. Either way, all the accompanying expenses are likely taking a toll on your reward balance.
If your current rewards card isn’t specifically designed for online subscriptions and other expenses, you may be receiving a lower number of rewards or cash back than you otherwise could. Luckily, our top picks reward cardholders for their subscriptions as well as takeout and delivery purchases while offering some great perks for maintaining your favourite subscriptions.
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 everyday purchases, from takeout and delivery to streaming services. Get five Scotia Scene+ points for every $1 spent on eligible groceries, takeout, food subscription boxes, 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 $1,194 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
Young professionals are often 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.
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 Cobalt® Credit Card rewards cardholders for an urban lifestyle. Get five points for every $1 spent on restaurant and food delivery purchases in Canada. Earn three points for every $1 spent on eligible streaming subscriptions. 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 $1,361 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
This type of card is popular among consumers trying to restrict their credit usage. Prepaid credit cards are backed by a pre-existing balance, which you supply by loading your money onto the credit card before you can use it. The user doesn’t assume any debt following the transaction, and the purchase is not subject to any interest charge. The user also earns points for every transaction and gets an opportunity to build a credit history while earning other benefits unique to the card.
The KOHO Prepaid Mastercard® (KOHO Easy) is a rare prepaid no-credit card that earns you cashback rewards (0.5% on all purchases) for no annual fee. The user also earns 5% cash back on select KOHO partnered merchants like food, drink and merchandize. This card also offers its users the advantage of a low foreign exchange fee (1.5%). The KOHO Prepaid Mastercard® is widely considered a good tool for consumers to develop strong financial habits. It even offers a low-fee option to help the cardholder build their credit score. According to our Best of Finance methodology, the average Canadian would earn around $120 in cash-back rewards annually.
Mastercard offers you one of the largest payment networks in the world, allowing you to make payments easily 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 2024.
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 a unique annual birthday bonus, mobile insurance and rental car discounts. According to ourBest 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 Mastercard Credit Cards
Visa credit cards are hugely popular as they are widely accepted in more than 200 countries and territories. Visa credit cards offer 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.
The CIBC Aventura® Visa Infinite* Card card is a great travel rewards card that allows you to quickly rack up points due to a generous welcome bonus and points program. It offers good earning rates across various categories and flexible redemption on points.
The CIBC Aventura® Visa Infinite card also offers a very generous welcome bonus in the first three months of having the card, which, if you played your cards right, could add up to $900 you could put towards travel. It is the maximum redemption value for 45,000 Aventura Points on a long-haul economy-class airfare purchase.
Card users will also receive one statement credit up to a maximum value of $100 CAD when NEXUS application fee is charged to an eligible card, regardless of NEXUS application approval. Other perks include lots of additional travel perks and benefits including Mobile insurance and NEXUS rebate.
According to ourBest of Finance methodology, you can earn up to $1,536 in rewards in the first year, making this the best Visa credit card in Canada.
Learn more: Best Visa Credit Cards
Settling in a new country can be an exciting but challenging experience. Canadian banks have some of the most lucrative offers for newcomers and immigrants are always on the lookout for deals to save the last dollar. What better than finding the right credit card for your financial needs that helps you save while meeting all your needs? Here's our pick for the best credit card for newcomers to Canada in 2024:
The BMO CashBack® Mastercard® is our pick for the best card for newcomers because of its generous welcome offer: 5% cash back in your first three months. Newcomers can also get a 0.99% introductory interest rate on balance transfers for nine months (a 2% fee applies to balance amounts transferred). Users also get 3% cash back on grocery purchases, 1% cash back on recurring bill payments and 0.5% unlimited cash back on all other purchases.
There is no annual fee, and newcomers can enjoy the most cash back on groceries in Canada without paying an annual fee. Per our Best of Finance methodology, newcomers get $388 in first-year value.
American Express is known to be a high-end credit card brand offering elite rewards and lucrative perks to users.
The American Express Cobalt® Credit Card is one of the best credit cards on the Canadian market. Get five times the points at coffee shops, bars, restaurants, grocery stores, and even food delivery services. Earn three times the points on select streaming subscriptions and two times the points for every dollar spent on public transport, taxis, rideshare, and gas. Also, access exclusive benefits for members of the American Express Cobalt® Credit Card. Based on our Best of Finance methodology, the average Canadian will earn an astonishing $1,361 in rewards for the first year. That is a staggering return for such a reasonably priced card. Once you have your points, you can redeem them for almost anything — even on Amazon purchases.
Learn more: Best Overall American Express Card
Aeroplan credit cards are a great saving hack for frequent travellers. You can earn great annual rewards value and travel perks with an Aeroplan credit card if you are on the go most of the time. Here are the best Aeroplan credit cards you can find in Canada:
With theTD® Aeroplan® Visa Infinite* Card, you can earn up to $1,300 in value, including up to 40,000 Aeroplan points. There are many more features, and more make it the best Aeroplan credit card available in Canada. With this card, you can enjoy travelling lightly through the airport and saving on baggage fees (check your first bag for free!). Users can also enroll in NEXUS and, once every 48 months, get an application fee rebate of up to $100.
Your Aeroplan points will not expire as long as you are a TD® Aeroplan® Visa Infinite Primary Cardholder in good standing. You can earn 1.5 points for every $1 spent on eligible gas, grocery and direct through Air Canada® purchases (including Air Canada Vacations®) made with your card. Earn 1 point for every $1 spent on all other Purchases made with your card. You can earn 50% more Aeroplan points at Starbucks when you link your TD card with your Starbucks® Rewards account.
According to our Best of Finance methodology, the card offers a first-year value of $1,370.
Learn more: Best Overall Aeroplan Credit Card
Credit card providers are financial institutions, like banks or credit unions, that work with credit card networks to issue credit cards to consumers. Some examples of such providers would include Scotiabank and Home Trust. Each provider offers unique card options, and the one you pick depends on your personal financial needs, such as annual credit card fee preferences and rewards preferences.
We have narrowed down the best credit cards from Canada’s leading providers. Compare our top picks to see which features match your needs.
| Credit Card | Credit score required | Great features | ||
|---|---|---|---|---|
|
American Express |
American Express Cobalt® Credit Card | Fair | Earn 5x AMEX membership rewards on groceries, restaurants, and food delivery purchases. | |
|
BMO Bank of Montreal |
BMO Eclipse Visa Infinite* Card | Good | Earn 5x the BMO rewards points on groceries, gas, dining and transit purchases. | |
|
CIBC |
CIBC Aventura® Visa Infinite* Card | Excellent | Earn 1.5x Aventura points on groceries, gas, and drugstore purchases. | |
|
Home Trust |
Home Trust Secured Visa* Card | Fair | If you keep up with your card payments your credit score will improve. | |
|
MBNA |
MBNA Rewards World Elite® Mastercard® | Good | Earn 5x rewards points on groceries, restaurants, memberships, digital media, and household utilities purchases. | |
|
President's Choice Financial |
President's Choice Financial® World Elite Mastercard® | Fair | 30 PC points for every $1 spent at Loblaws/Shoppers Durg Mart. Earn 10 PC points for every other $1. | |
|
Royal Bank of Canada |
RBC Avion® Visa Infinite Card | Good | Earn 1.25x RBC rewards points on travel, and 1 RBC rewards point on all other purchases. | |
|
Scotiabank |
Scotiabank®* Gold American Express® Card | Good | Earn 5x Scotia Scene+ points on groceries, restaurants and entertainment purchases. | |
|
Tangerine |
Tangerine World Mastercard® | Fair | Earn 2% money back on all purchase in up to 3 categories of your choice. | |
|
TD Canada Trust |
TD® Aeroplan® Visa Infinite* Card | Good | Get 1.5x Aeroplan points for every $1 spent on gas, grocery and eligible travel purchases. |
Credit card networks process credit card transactions between merchants and issuers. For example, when you use a Mastercard credit card to pay for a new T-shirt at a store, your network, in this case, Mastercard, provides the infrastructure to collect the funds and transfer them to the store merchant.
The most popular credit card networks in Canada are Visa, Mastercard and American Express. Credit cards from these networks are globally accepted, but it is important to note that not all merchants in Canada accept American Express cards, although their acceptance rate has improved. Most American Express card holders also have another credit card from Visa or Mastercard for this reason.
Here are our top picks for credit cards from every network.
| Credit Card | Credit score required | Great features | ||
|---|---|---|---|---|
|
American Express |
American Express Cobalt® Credit Card | Fair | Earn 5x AMEX membership rewards on groceries, restaurants and food delivery purchases. | |
|
Visa |
CIBC Aventura® Visa Infinite* Card | Excellent | Earn 1.5x Aventura points on groceries, gas, and drugstore purchases. | |
|
Mastercard |
MBNA Rewards World Elite® Mastercard® | Good | Earn 5x rewards points on groceries, restaurants, memberships, digital media and household utilities purchases. |
With Canadian credit cards, the benefits you receive depend on the type of credit card you choose.
Here are some of the most common features and benefits of Canadian credit cards.
We can’t talk about the features and benefits of credit cards without touching on the downsides. Here are some pitfalls of using credit cards and some suggestions on how to avoid them.
Before beginning your credit card search ask yourself the following questions to narrow down your selection criteria
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:
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:
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