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
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