As an annual RATESDOTCA tradition, we thoroughly compare and analyze more than 100 credit cards to formulate a list of the Best Credit Cards in Canada. We put rewards programs, perks, and benefits to the test to bring you our top picks each year.
All our nominees are evaluated based on interest rates, welcome bonuses, annual fees, rebates, and waivers — with a category for every type of spender.
Here are the nominees for 2023’s Best Credit Cards in Canada:
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The Best Credit Cards in Canada for 2023 Click on any category below to snap to that section. |
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Best Card with No Foreign Transaction (FX) Fees for Long-Stay Travellers |
Best Overall Rewards Card
Redeem rewards according to your lifestyle. Depending on the rewards credit card, your points can help pay for entertainment, travel, or statement credits. The nominees for Best Overall Rewards Card are:
- American Express Cobalt® Credit Card
- American Express® Gold Rewards Card
- CIBC Aventura® Visa Infinite* Card
- RBC Avion® Visa Infinite Card
- Scotiabank®* Gold American Express® Card
Best No-Fee Cash Back Card
Opting for a no-fee cash back credit card can mean benefiting from discounts, special offers, and even fraud protection in some cases — without the annual fee. The nominees for Best No-Fee Cash Back Card are:
Best No-Fee Travel Card
A no-fee travel credit card can sometimes offer travel insurance. But your points can always help cover your airfare. The nominees for Best No-Fee Travel Card are:
Best Overall Travel Card
The best overall travel credit cards can allow you to redeem points on flights and accommodation and offer well-rounded travel insurance. Plus, benefit from complimentary airport lounge service and other exclusive perks. The nominees for Best Overall Travel Card are:
Best Overall Cash Back Card
Earn cash back on groceries, gas, and all other purchases. Once you’ve accumulated some cash, apply the amount directly to your chequing account or credit card statement, depending on the card. The nominees for Best Overall Cash Back Card are:
- BMO CashBack World Elite* Mastercard*
- CIBC Dividend® Visa Infinite*
- SimplyCash® Preferred Card from American Express
Best Low-Interest Card
Pay less interest on your credit card if you miss a payment with standard rates from 8.99%. The nominees for Best Low-Interest Card are:
Best Balance Transfer Card
Pay off high-interest debt faster with one of these low-interest credit cards. The nominees for Best Balance Transfer Card are:
Best Card for Building Credit
Those looking to build or repair their credit score can do so easily by making a monetary deposit and keeping up with routine payments. The nominees for Best Card for Building Credit are:
Best Card for Young Professionals
Young professionals can earn points for living a busy lifestyle. Get rewarded for dining in and out, entertainment, and getting around the city. The nominees for Best Card for Young Professionals are:
- American Express Cobalt® Credit Card
- BMO eclipse Visa Infinite* Card
- Scotiabank®* Gold American Express® Card
Best Card for Students
Students who may be on a tight budget can earn points on the daily essentials, with no annual fee. The nominees for Best Card for Students are:
- BMO CashBack® Mastercard®* for students
- CIBC Dividend® Visa* Card for Students
- Tangerine Money-Back Credit Card
Best Card for Earning Travel Points
Earn points with flexible redemption options for rewards programs like AMEX Membership Rewards, Scotia Scene+ Rewards, and Aeroplan. The nominees for Best Card for Earning Travel Points are:
- American Express Cobalt® Credit Card
- Scotiabank®* Gold American Express® Card
- TD® Aeroplan® Visa Infinite* Card
Best No Foreign Transaction (FX) Fees Card for Long-Stay Travellers
No foreign transaction fees make travel more rewarding and efficient for snowbirds and frequent flyers. The nominees for Best No Foreign Transaction Fees Card are:
- HSBC World Elite® Mastercard®
- Scotiabank®* Gold American Express® Card
- Scotiabank PassportTM Visa Infinite* Card
Best Family Card for Gas and Groceries
Earn high reward rates for every dollar you spend on groceries and gas. The nominees for Best Family Card for Gas and Groceries are:
- American Express Cobalt® Credit Card
- PC® World Elite Mastercard®
- Scotiabank®* Gold American Express® Card
Best Card for Staying at Home and Ordering In
If food delivery services, takeout, and streaming services are a standard part of your daily routine, these cards can help you earn in the process. The nominees for Best Card for Staying at Home and Ordering In are:
Best Prepaid Credit Card
Prepaid credit cards require no credit check and can offer cash back and low foreign exchange fees. The nominees for Best Prepaid Credit Card are:
Best Overall Mastercard
These Mastercard credit cards are among the best in Canada — and our favourites haven’t wavered from last year. The nominees for Best Overall Mastercard are:
- BMO CashBack World Elite* Mastercard*
- MBNA Rewards World Elite® Mastercard®
- Tangerine World Mastercard®
Best Overall Visa Card
A Visa credit card can expand your spending capabilities, internationally. One of these picks is sure to suit your spending habits. The nominees for Best Overall Visa Card are:
The winners of each category will be announced during the first week of 2023.
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Rates, product information and reward estimates are subject to change at any time and do not constitute financial advice. This post was not sponsored. RATESDOTCA may receive a referral fee from our partners or affiliate links featured on the site; however, our editorial choices are objective and free from bias. The opinions expressed in this article are purely those of RATESDOTCA; thus, the credit card issuers and partners are not responsible for any editorials or reviews that may appear. Please visit the associated brand’s website for complete and current terms and conditions on any product or service mentioned. The information in this article is accurate as of the date of this posting, December 8, 2022. Read our full disclaimer.
