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RateSupermarket.ca Unveils Awards for Best Credit Cards, Banking Products

May 21, 19
3 mins
Young coworkers on their phones at a co-working space

This week, RateSupermarket.ca came out with their Best of Finance Winners: The Best Credit Cards and Banking Products of 2019. From generous rewards to huge cash back incentives, the list covers the best credit cards and bank products that outshine the others.

Everyone wants a credit card that puts more cash in your wallet and has the best travel reward features. But, shopping for credit cards can take time to compare and consumers need good credit in most cases to benefit from card features. That’s where RateSupermarket.ca’s list comes in.

RateSupermarket.ca runs an annual audit that compares banking accounts and credit cards offered in Canada. The Awards then recognize banks that offer the best personal finance products to consumers. In selecting winners, RateSupermarket.ca converted cash back incentives, points and miles into dollars. They factor in annual fees, balance transfer rates and interest rates. And, they carefully review the fine print each bank is offering with their credit cards. Cards offering the highest cash value for consumers rank the highest.

Award Highlights

Credit Cards

A few cards that rank highest on the list of The Best Credit Cards of 2019 include:

Scotia Momentum Visa Infinite Card won for Best Rewards Card. Rewards earned after a two-year time period totalled $1,048.70. RBC Cash Back MasterCard won for Best Rewards Card with No Annual Fee. Rewards after a two-year time period totalled $500.59. RBC’s card also ranked high because it had a low-income requirement. Other standouts include CIBC’s Aventura Visa Infinite Card voted Best Card with Travel Perks. Rewards after two-years totalled $1,216.63.

Looking for the Best Grocery Card? It’s the American Express Cobalt Credit Card. Cardholders can see rewards after two-years that total $1,194.68. Equally impressive is the Scotia Momentum Visa Infinite Card. This was voted Best Gas Rewards that came out to $1,048.70 after two-years.

President’s Choice Financial World Elite Mastercard won for Best Store Card with rewards totalling $976.91. The card voted Fan Favourite went to President’s Choice Financial Mastercard. While the Best Prepaid Card winner is KOHO Prepaid Visa Card.

Often, when consumers shop for credit cards, they're not aware that they should have a strategy. Meaning, if they're planning a trip they should look for the best travel rewards credit card or the best gas credit card. If they have a less than perfect credit, they should shop for a credit card that can help them rebuild credit.

Other award categories that are on RateSupermarket.ca's list include:

The Best Rewards Card for Carrying a Balance award went to National Bank Syncro Mastercard with savings of $296.98. MBNA True Line Mastercard Credit Card won for Best Card for Balance Transfers. Interest saved when paying off the balance totalled $270.17. The Best Card for Building Credit award goes to Home Trust Secured Visa Card. While BMO SPC Cashback Mastercard won for Best Card for Students where rewards after two-years totalled $464.

Consumers can use the article link here to sign up for any of the cards listed above.

Banking

For the Best Banking Products of 2019 category, a few banks that rank highest on RateSupermarket.ca's awards list include:

Best Savings Account was awarded to Motive Financial. While Scotia One Chequing Account won for Best Chequing Account. The Best Cashable GIC award went to Oaken Financial.

RateSupermarket.ca runs the audit annually to find the best banking account and credit card products for consumers. The RSM awards show how important it is to shop around for the best credit rates.

RATESDOTCA Team

The RATESDOTCA editorial team are experienced writers focused on sharing stories and bringing you the latest news in insurance and personal finance. Our goal is to provide Canadians with the information and resources they need to make better insurance and financial decisions.

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