Are you carrying the right credit card? There are 73.9 million VISAs and MasterCards in circulation in Canada* - but not all plastic is created equal. The right credit card can actually make you richer - think cash back in your pocket and luxe travel rewards.
The wrong one, though, can have you shelling out hundreds more in interest charges over time. To help Canadian consumers pick their perfect plastic, here are the RATESDOTCA Best Credit Cards of 2013.
*CBA credit card statistics, October 2012
The Best Cash Back Rewards Credit Card
Why It's a Winner
This card earns cash rewards... and it earns them fast. With 4% cash back on everyday gas and grocery purchases, and 2% back on drug store purchases, you'll be racking up rewards on a daily basis. While this card does come with a $99 annual fee, it is waived for the first year, giving you 12 months of unrestricted earnings. A 6-month introduction rate for balance transfers will give also cardholders a boost paying down existing balances.
Rewards Breakdown
- 4% cash back on eligible gas and grocery purchases
- 2% cash back on drug store purchases and recurring payments
- 1% cash back on everything else
Runners Up:
| Month | Scotiabank | Shell | RBC | MBNA |
|---|---|---|---|---|
| 1 | $37.56 | $66.34 | $16.81 | $44.19 |
| 2 | $75.12 | $82.68 | $33.62 | $88.38 |
| 3 | $112.68 | $99.02 | $50.43 | $132.57 |
| 4 | $150.24 | $115.36 | $67.24 | $176.76 |
| 5 | $187.8 | $131.7 | $84.05 | $220.95 |
| 6 | $225.36 | $148.04 | $100.86 | $265.14 |
| 7 | $262.92 | $164.04 | $117.67 | $283.92 |
| 8 | $300.48 | $180.72 | $134.48 | $300.48 |
| 9 | $338.04 | $197.06 | $151.29 | $321.48 |
| 10 | $375.6 | $213.4 | $168.1 | $340.26 |
| 11 | $413.16 | $229.74 | $184.91 | $359.04 |
| 12 | $450.72 | $167.08 | $201.72 | $377.82 |
| 13 | $488.28 | $183.42 | $218.53 | $396.61 |
| 14 | $525.84 | $199.76 | $235.34 | $415.39 |
| 15 | $563.4 | $216.1 | $252.15 | $434.17 |
| 16 | $600.96 | $232.44 | $268.96 | $452.95 |
| 17 | $638.52 | $248.76 | $285.77 | $471.73 |
| 18 | $676.08 | $265.12 | $302.58 | $490.51 |
| 19 | $713.64 | $281.46 | $319.39 | $502.29 |
| 20 | $751.2 | $297.8 | $336.2 | $528.07 |
| 21 | $788.76 | $314.14 | $353.01 | $546.85 |
| 22 | $826.32 | $330.48 | $369.82 | $565.63 |
| 23 | $863.88 | $346.82 | $386.63 | $584.41 |
| 24 | $802.44 | $284.16 | $403.44 | $603.19 |
The Best Travel Rewards Credit Card
Why It's a Winner
Want to take that vacation now? You'll be able to book a short haul flight right away with the generous $300 travel value new cardholders receive upon signup. Rewards are easy to earn and redeem, with no restrictions on earnings (use your card and earn double rewards on the dollar, no matter the retailer or purchase type), and book your travel with any airline - no reserved rewards seating here!
Rewards Breakdown
- Earn 2 BMO Rewards for every $1 spent
- 30,000 BMO Rewards on sign up (a $300 value)
Runners Up
What You'll Earn With The Best Travel Rewards Credit Cards in Canada (over 2 years)
| Month | BMO | Scotiabank | RBC | Capital One | AMEX |
|---|---|---|---|---|---|
| 1 | $341.24 | $185.72 | $397.29 | $370.62 | $270.62 |
| 2 | $408.32 | $221.44 | $408.32 | $391.24 | $291.24 |
| 3 | $423.72 | $257.16 | $437.48 | $411.86 | $311.86 |
| 4 | $464.96 | $292.88 | $466.64 | $432.48 | $332.48 |
| 5 | $506.2 | $328.6 | $495.8 | $453.1 | $353.1 |
| 6 | $547.44 | $373.72 | $524.96 | $473.72 | $373.72 |
| 7 | $588.68 | $394.34 | $554.12 | $494.34 | $400.04 |
| 8 | $629.92 | $435.76 | $583.28 | $514.96 | $414.96 |
| 9 | $671.16 | $471.48 | $612.44 | $535.58 | $435.58 |
| 10 | $712.4 | $507.2 | $641.6 | $556.2 | $456.2 |
| 11 | $753.64 | $542.92 | $670.76 | $576.82 | $476.82 |
| 12 | $794.88 | $584.16 | $579.92 | $577.44 | $497.44 |
| 13 | $836.12 | $614.36 | $609.08 | $598.06 | $518.06 |
| 14 | $877.36 | $650.08 | $638.24 | $618.68 | $538.68 |
| 15 | $918.6 | $685.8 | $667.4 | $639.3 | $559.3 |
| 16 | $959.84 | $721.52 | $695.56 | $659.92 | $579.92 |
| 17 | $1001.08 | $757.24 | $725.72 | $680.54 | $600.54 |
| 18 | $1042.32 | $792.96 | $754.88 | $701.16 | $621.16 |
| 19 | $1083.56 | $828.68 | $784.04 | $721.78 | $641.78 |
| 20 | $1124.8 | $864.4 | $813.2 | $742.4 | $662.4 |
| 21 | $1166.04 | $900.12 | $842.36 | $763.02 | $683.02 |
| 22 | $1207.28 | $935.84 | $871.52 | $783.64 | $703.64 |
| 23 | $1248.52 | $971.56 | $900.68 | $804.26 | $724.26 |
| 24 | $1139.76/td> | $908.28 | $809.84 | $804.88 | $594.88 |
How We Did It: Rewards
To find the best rewards credit cards on the market, we used the following stats, based on the average Canadian household:
All credit card rewards earnings are calculated over a 24-month time frame, and include any limited time earning rates, credits, bonuses and annual fees.
The Best Low Interest Credit Card
Why It's a Winner
No gimmicky fees or limited time offers here - just straightforward low interest, designed to save you money over time. Cardholders will pay less on their balances with a 9.99% annual interest rate, including those transferred from another card. No annual fees mean no unpleasant surprises on your bill, too. This is a great option for those who need to pay down a balance, or just enjoy paying less than they need to!
Card Details
Runners Up
The Best Low Balance Transfer Credit Card
Why It's a Winner
Imagine - a whole year without earning credit card interest! It's possible with this low balance transfer option, which provides 12 months interest free on balances moved from another card. Taking advantage of this interest break is a great way to gain control of credit card debt and focus on paying the principal amount. All with no annual fee.
Card Details
Runners Up
How We Did It: Low Interest and Balance Transfers
Poll: What is the Best Credit Card Feature Overall?
