Selecting and applying for a credit card can be overwhelming. Terms like gold, elite, and platinum can seem arbitrary, the differences between them confusing. To help clarify, we’ve assembled a quick-and-dirty reference guide for the different tiers of Canada’s most popular credit cards, MasterCard and Visa.
Features and perks: Nothing fancy. Holders can use their card in more than 200 countries, plus at ATMs to withdraw cash. Zero Liability policy is included — a cardholder’s liability for unauthorized purchases is $0. Other benefits are dependent on card type and issuer.
Fees: Depends on the card type and issuer, but most start at $0.
What you need to apply: No minimum income requirement for some cards.
Examples:
An all-around basic card with no annual fee and modest reward earnings with 0.05 Air Miles earned on the dollar. New signups get a 400 Air Miles bonus, and the credit card can be used in conjunction with the Air Miles rewards card to double up on points at the till.
A favourite of savvy grocery shoppers - this card earns points toward free food at Loblaws and Great Canadian Superstore locations, plus merchandise from Joe Fresh. With one point earned on the dollar, it's a solid and practical rewards choice for the fee-averse shopper.
Features and perks: All the features of a standard MasterCard.
Fees: Depends on the card type and issuer, but can be $0 or around $99/year for some cards.
What you need to apply: Excellent credit history and a minimum requirement of either a personal income of $60,000/year or a household income of $100,000/year for most cards.
Examples:
Are you serious rewards earner? For a $120 annual fee, you'll be earning two rewards miles on all purchases, with no retailer or category restrictions. New signups get a sweet 35,000 bonus point gift (a $350 travel credit), and the card also comes outfitted with Travel Emergency Medical and Travel Cancellation insurance.
A great option for the regular commuter; this card earns three cash back points on the dollar on purchases at Shell locations, and 1.25 cash back points earned everywhere else. New signups get a $25 cash back point bonus upon first purchase, and the card also includes Car Rental Collision insurance, flight delay and baggage insurance.
Features and perks: All the features of a standard and World MasterCard, plus:
Fees: Depends on the card type and issuer, but can go up to $150/year for some cards.
What you need to apply: Excellent credit history and a minimum requirement of either a personal income of $70,000/year or a household income of $120,000/year for most cards.
Examples:
For a $150 annual fee, you'll earn two BMO travel points on the dollar, and new signups will receive a $300 travel credit. BMO also uses a restriction-fee redemption model, meaning no blackouts, per-capacity seat limitations and includes lounge access with an included Priority Pass membership. This card also includes comprehensive travel insurance coverage such as rip cancellation/trip interruption/trip delay insurance, and car rental collision damage waiver for up to 21 days.
This card charges a $89 annual fee and earns two mbna rewards points on eligible purchases. New signups will also receive a 10,000 point bonus with first eligible purchase, and there is no rewards earnings cap.
Features and perks: Pretty basic. Holders can use their card in more than 170 countries, plus at ATMs to withdraw cash. Zero Liability policy is included — a cardholder’s liability for unauthorized purchases is $0. Book a hotel room and receive a guaranteed reservation, no matter how late you check in. Other benefits are dependent on card type and issuer.
Annual fees: Depends on the card type and issuer, but most start at $0.
What you need to apply: A minimum requirement of a personal income of $12,000/year for most cards.
Examples:
This no-fee option doesn't earn rewards, but offers a very competitive promotional 3.99% balance transfer rate for the first six months on balances moved over from another card (it goes up to 16.99% after that). The regular interest rate is also lower than the market average at 16.99%.
The very popular SCENE program is famous for earning free movies - no wonder it's such a hit with students and those on a tight entertainment budget. The card earns five points on the dollar when used at Cineplex locations, will score you 10% off at the concession stand, and earns one point on the dollar on all other purchases.
This no-nonsense no-fee option offer basic spending power and includes a few small perks such as a discount at Avis Rental Car and travel accident insurance.
Features and perks: All the features of a Visa Classic card, plus:
Fees: Depends on the card type and issuer, but can be $0 or around $110/year for some cards.
What you need to apply: A minimum requirement of a personal income of $35,000/year for most cards.
Examples:
An ideal card for drivers, cardholders will also receive membership to the Deluxe TD Auto Club and earn one point on the dollar for all purchases. The card also includes a no-fee balance transfer option, comprehensive travel insurance, and preferred rates for Avis and Budget car rentals.
This card has no annual fee, and includes some small earning potential: 0.5 RBC Rewards per dollar on all purchases, which can be redeemed for merchandise, travel and gift certificates. This card also includes travel and car rental collision insurance.
It's saddled with a steeper $110 annual fee ($99 for the first year), but this is one fast-earning rewards card; cardholders get five Scotia Rewards on the dollar on travel-related purchases, and one point on the dollar for everything else. Also included comprehensive travel insurance and 5% cash back travel rebates.
Features and perks: All the features of a Visa Classic card, plus:
Fees: Depends on the card type and issuer, but can be up to around $120/year for some cards.
What you need to apply: A minimum requirement of a personal income of $35,000/year (up to $60,000) or a household income of $60,000/year for most cards.
Examples:
No annual fee, car rental discounts of up to 25% at participating Avis and Budget locations and extended purchasing power.
Cardholders will pay a $99 annual fee, receive 15,000 Bonus TD Points upon approval and earn three TD points on the dollar for all purchases.
Features and perks: All the features of a Visa Gold and Platinum cards, plus:
Fees: Depends on the card type and issuer, but can be up to around $120/year for some cards.
What you need to apply: A minimum requirement of a personal income of $60,000/year or a household income of $100,000/year for most cards.
Examples:
Cardholders will pay a $120 annual fee, get 15,000 Bonus Aventura Points on first use of card and an additional 5,000 bonus points when you have at least $500 in purchases during your first three monthly statement periods. Earns one point on the dollar, and 1.5 points on gas and grocery purchases.
For a $120 annual fee, cardholders will earn three TD points on the dollar on all purchases, with triple points earned on travel purchases made through TD's Expedia portal. and will receive a $100 travel credit upon sign up. Features a flexible redemption model with No seat restrictions, blackout periods or advance booking requirements.