Ever year at RATESDOTCA, we provide a list of the best credit cards in Canada after a rigorous comparison process. We analyze more than 100 credit cards, Canada’s top rewards programs, perks and benefits to bring you our Best of Finance Award winners.
We put our nominees to the test by comparing interest rates, welcome bonuses, annual fees, rebates and waivers within lifestyle-specific categories — so you don’t have to.
Here are the leading nominees for 2022’s Best of Finance Awards:
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The Best of Finance Award Nominees for 2022 Click on any category below to snap to that section. |
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Best Card with No Foreign Transaction Fees for Long-Stay Travellers |
Best Overall Rewards Card
Rewards credit cards offer many redemption options to suit any lifestyle.
- American Express Cobalt™ Credit Card
- American Express® Gold Rewards Card
- CIBC Aventura® Visa Infinite™ Card
- RBC Avion® Visa Infinite
- Scotiabank®* Gold American Express® Card
Best No-Fee Cash Back Card
No-fee credit cards have no annual fees and offer savings and additional benefits like shopping coverage, discounts, and exclusive perks.
Best No-Fee Travel Card
No-fee travel cards provide excellent value and allow you to redeem rewards for flights or vacation packages — and many come with travel insurance.
- BMO AIR MILES† Mastercard*
- MBNA Rewards Platinum Plus® Mastercard®
- Scotiabank®* American Express® Card
Best Overall Travel Card
Top travel credit cards offer insurance coverage and travel perks, such as international airport lounge access and free Wi-Fi hotspots worldwide.
- CIBC Aventura® Visa Infinite™ Card
- RBC Avion® Visa Infinite
- TD® Aeroplan® Visa Infinite* Card
Best Overall Cash Back Card
Cash back credit cardholders earn cash with every purchase. Depending on the card, deposit cash directly into your bank account or apply it as a statement credit.
- American Express Cobalt™ Credit Card
- BMO CashBack World Elite* Mastercard*
- Scotia Momentum® Visa Infinite* Card
- SimplyCash™ Preferred Card from American Express
Best Low Interest Card
Low interest credit cards allow you to pay less interest on your balance and make missing a payment less expensive.
Best Balance Transfer Card
Low interest balance transfer credit cards can help you pay off debt quicker by accruing less interest on your balance.
- CIBC Select Visa* Card
- Scotiabank Value® VISA* Card
- True Line® Gold Mastercard® credit card
Best Secured Card for Building Credit
A secured credit card generally requires a deposit; however, this type of card has high approval rates, allowing cardholders to improve their credit score with every payment.
Best Card for Young Professionals
Young working professionals need a credit card that can offer rewards for dining, entertainment and transportation purchases.
- American Express Cobalt™ Credit Card
- BMO eclipse Visa Infinite* Card
- Scotiabank®* Gold American Express® Card
Best Card for Students
These credit cards allow students to earn cash back or points on everyday purchases.
Best Card for Earning Travel Points
Earn travel points with these cards that offer redemption flexibility and high reward rates for programs like Aeroplan, AIR MILES, and American Express Membership Rewards®.
- American Express Cobalt™ Credit Card
- Scotiabank®* Gold American Express® Card
- TD® Aeroplan® Visa Infinite* Card
Best Card with No Foreign Transaction Fees for Long-Stay Travellers
Credit cards with no foreign transaction fees can save snowbirds and frequent international travellers time and money.
- HSBC World Elite® Mastercard®
- Scotiabank®* Gold American Express® Card
- Scotiabank Passport™ Visa Infinite* Card
Best Family Card for Gas and Groceries
These credit cards are best for those looking for the highest reward rates for gas and grocery purchases.
- American Express Cobalt™ Credit Card
- President’s Choice Financial® World Mastercard®
- Scotiabank®* Gold American Express® Card
Best Credit Card for Staying at Home and Ordering In
This category offers rewards for food delivery, takeout, and subscription purchases.
Best No-Frills Cash Back Card
No-fee, flat-rate rewards credit cards offer excellent cash back rates on all purchases, no matter the spending category.
Best Overall Mastercard
These top-ranking Mastercard credit cards are among our favourites in Canada.
- BMO CashBack World Elite* Mastercard*
- MBNA Rewards World Elite® Mastercard®
- Tangerine World Mastercard®
Best Overall Visa Card
Visa credit cards are one of the most widely accepted payment networks worldwide. Find a Visa credit card that fits your lifestyle.
- CIBC Aventura® Visa Infinite™ Card
- RBC Avion® Visa Infinite
- SCENE®* VISA* Card
The winners of the 2022 Best of Finance Awards will be announced in early February. Stay tuned.
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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, January 24, 2022. Read our full disclaimer.
