Roll out the red carpet: awards season has arrived with the annual Best of Finance rankings. The awards, which highlight the best banking products for consumers, kick off December with the top credit cards available in Canada.

The right credit card, when used appropriately, can be a powerful financial tool. Whether Canadians are looking to earn high-value rewards, offset daily spending, or control lingering debt, it’s important to select a card with features that will aid in achieving those financial goals.

And without further ado, meet this year’s best credit cards:

The best cash back rewards credit cards

WINNER: Scotia Momentum® VISA Infinite Card

2nd Place: MBNA Smart Cash Mastercard® Credit Card

3rd Place: SimplyCash™ Card from American Express®

The best travel rewards credit cards

WINNER: BMO® World Elite™ Mastercard®*

2nd Place: Scotiabank®* Gold American Express® Card

The best low interest credit cards

WINNER: MBNA TrueLine Mastercard® credit card

2nd Place: The American Express® AIR MILES®* Credit Card

3rd Place: RBC Visa‡ Classic Low Rate Option

The best low balance transfer credit cards

WINNER: MBNA Platinum Plus® Mastercard® credit card

2nd Place: Scotiabank Value® VISA card

3rd Place: RBC® Cash Back Mastercard‡

Best of Finance awards methodology

To select the winners, each credit card’s value was extrapolated over a 24-month period, taking into account all promotional rates, bonus gifts, annual purchase rates and fees to determined the total value earned or saved. Calculations were based on the median Canadian household income* and average Canadian household spending expenditures as reported by Statistics Canada**.

*http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/famil108a-eng.htm

**http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/famil131a-eng.htm

You answered: what's the best credit card rewards type?

Penelope Graham

A first-time homeowner and newbie investor, Penelope Graham is the quintessential millennial, navigating the world of personal finance and wealth management. A self-professed monetary policy nerd, she follows the often-controversial housing market closely and specializes in mortgage, credit card and personal finance news.

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