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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 $150 Cash Bonus
Earn an extra 10% back* (up to $100) when you spend up to $1,000 in everyday purchases within your first 2 months.* (Apply by October 31, 2024).
Plus, during your first 30 days, transfer balances and pay only 1.95% interest on the transferred balance for the first 6 months (19.95% after that)†.
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Get a $150 Cash Bonus
Earn an extra 10% back* (up to $100) when you spend up to $1,000 in everyday purchases within your first 2 months.* (Apply by October 31, 2024)
Plus, During your first 30 days, transfer balances and pay only 1.95% interest on the transferred balance for the first 6 months (19.95% after that)†.
Get a $100 Cash Bonus
You could get a 0% promotional annual interest rate ("AIR")† for 12 months on balance transfers✪ completed within 90 days of account opening, with a 3% transfer fee.
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.
