Best Canadian Credit Cards

Shopping for the right credit card doesn’t have to be a chore. From cashback cards to travel rewards cards to low-interest cards, we’ve done extensive research, compared the Canadian credit card market, and hand-selected our top choices for the best credit cards in Canada.

What Are the Best Credit Cards in Canada?

Best Credit Card for Cash Back: Scotia Momentum® Visa Infinite* Card

Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases).¹ No annual fee in the first year, including on supplementary cards.¹ Offer ends June 30, 2023.

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Everyone loves cash back, so why not the best bang for your buck with the Scotia Momentum® Visa Infinite* Card? Earn 4% for every $1 you spend on grocery store purchases, recurring bill payments, and subscription purchases. Earn 2% for every $1 you spend on gas purchases and daily transit purchases, and 1% cash back on all other purchases with no cash back limit. The annual fee is $120, but that’s waived for the first year.¹

The extra perks you get are also fantastic. It comes with a great travel insurance package, mobile device insurance, purchase protection, extended warranty, and even concierge service.

The Details:

• Annual fee: $120 (First-year annual fee waived)
• Income Eligibility: Meet a minimum annual income of $60,000 or a minimum household income of $100,000 or minimum assets under management of $250,000
• Credit Score Required: Excellent
• Welcome offer: Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases).¹ No annual fee in the first year, including on supplementary cards.¹ Offer ends June 30, 2023.
• Earn Rate: Earn 4% for every $1 you spend on grocery store purchases, recurring bill payments, and subscription purchases. Earn 2% for every $1 you spend on gas purchases and daily transit purchases, and 1% cash back on all other purchases with no cash back limit.
• Additional benefits: Comprehensive travel insurance, mobile device insurance coverage, luxury hotel privileges, complimentary concierge services 24/7
• Purchase APR: 20.99% | Interest on Cash Advances: 22.99%

¹ Conditions Apply. Visit here for the Scotia Momentum® Visa Infinite* Card to learn more.

READ MORE: The Best Cash Back Credit Cards in Canada

Best Credit Card With No Annual Fee: Tangerine World Mastercard®

Apply for a Tangerine World Mastercard® by July 5th, 2023. If you're approved, you’ll earn an extra 10% back on up to $1,000 in everyday purchases made within your first 2 months.*

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Considering it’s a no annual fee credit card, the Tangerine World Mastercard® sure has a lot to offer cardholders. For one, you can earn some major cash back. Earn 2% Money-Back Rewards on your purchases in up to 3 categories of your choice, and 0.50% Money-Back Rewards on all other purchases.

Your cash back rewards are also paid out monthly – a big bonus considering you have to wait for an annual payout with other credit cards. Your money-back rewards are automatically deposited into the account of your choice every month or can be credited back onto your credit card statement. If you choose to deposit your rewards into the Tangerine Savings account, you’ll get a third 2% cash back category, allowing you to earn even more! If that’s not enticing enough, there’s an awesome promotion right now:

Apply for a Tangerine World Mastercard® by July 5th, 2023. If you're approved, you’ll earn an extra 10% back on up to $1,000 in everyday purchases made within your first 2 months.*

There’s some easy money to be made just by signing up, and it won’t cost you a thing!

In addition to earning cash back, the Tangerine World Mastercard® cardholders also get a suite of complimentary benefits, such as shopping protection, rental car loss/damage insurance, new mobile device insurance, and a complimentary membership to the Mastercard® Travel Pass Provided by DragonPass. Your complimentary membership gives you exclusive dining, retail, and spa offers in over 650 airports worldwide, along with access to over 1,300 airport lounges at $32 USD per visit.

The only downside is the minimum income eligibility requirement for this card is a bit steep for some: you must earn $60,000 individual or $100,000 household annual income or total balances of $250,000 or more in Tangerine Savings Account(s) and/or Investment Fund Account(s). If this is too high, take a look at the Tangerine Money-Back Credit Card instead. It offers the same great rewards and no annual fee, but only requires an annual income of $12,000 to qualify.

The Details:

• Annual Fee: $0
• Minimum Income Eligibility: $60,000 individual or $100,000 household annual income or total balances of $250,000 or more in Tangerine Savings Account(s) and/or Investment Fund Account(s)
• Credit Score Required: Fair;Good
• Rewards: Earn 2% Money-Back Rewards on your purchases in up to 3 categories of your choice, and 0.50% Money-Back Rewards on all other purchases.
• Additional Perks: Mastercard® Travel Pass Provided by DragonPass, mobile device insurance, rental car collision insurance, zero liability, extended warranty, purchase protection
• Purchase APR: 19.95% | Cash Advance APR: 19.95%
• Welcome offer: Special 10% extra cash back rate on the first $1,000 spent with the card on everyday purchases (max. $100 cash back) in the first two months if you're approved, apply by July 5, 2023.*

*Terms and conditions apply

READ MORE: The Best No Annual Fee Credit Cards in Canada

Best Credit Card for Travel Rewards: Scotiabank Passport® Visa Infinite* Card

Earn up to $1,100* in value in the first 12 months, including up to 35,000 bonus Scene+ points and first year annual fee waived on your first supplementary card.¹ Earn 25,000 bonus Scene+ points by making at least $1,000 in everyday eligible purchases in your first 3 months. Plus, as a Scotiabank Passport Visa Infinite cardholder, you are eligible to earn an annual 10,000 Scene+ point bonus when you spend at least $40,000 in everyday net eligible purchases annually. Offer ends October 31, 2023.

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If you’re looking for an all-in-one travel rewards credit card, then the Scotiabank Passport® Visa Infinite* Card may appeal to you. First off, you’ll earn Scene+™ points with this card. You can use those points for merchandise and gift cards. However, you’ll get the most for your points when you redeem them for travel. The travel insurance package included is quite generous, so you’ll know you’re protected whenever you travel. To top things off, this travel card has no foreign transaction fees, so you can save big whenever you make a purchase that’s not in Canadian dollars.

Currently, the card features a strong welcome bonus: Earn up to $1,100* in value in the first 12 months, including up to 35,000 bonus Scene+ points and first year annual fee waived on your first supplementary card.¹ Offer ends October 31, 2023. It also allows you to rack up Scene+™ points with solid ongoing reward rates. Earn 3X Scene+ points on every $1 you spend on all eligible purchases¹ at Sobeys, IGA, Safeway, Foodland, FreshCo, Voilà by Sobeys, Voilà by IGA, Voilà by Safeway, Chalo! FreshCo, Thrifty Foods, IGA West, Les Marchés TradItIon, Rachelle Béry and Co-Op. Earn 2 Scene+ points on every $1 you spend on other eligible grocery stores, dining, entertainment purchases, and daily transit purchases (including buses, subways, taxis and more), and earn 1 Scene point on every $1 you spend on all other eligible purchases.

There is an annual fee of $150, but you also get a complimentary Visa Airport Companion Program membership with six complimentary lounge visits per year. That’s worth more than the annual fee. Pro-tip: the annual fee is waived when you sign up for the Scotiabank Ultimate Package.¹

The Details

• Annual Fee: $150
• Minimum Income Eligibility: You must have a minimum annual income of $60,000 or a minimum household income of $100,000 or a minimum assets under management of $250,000.
• Credit Score Required: Excellent
• Welcome Offer: Earn up to $1,100* in value in the first 12 months, including up to 35,000 bonus Scene+ points and first year annual fee waived on your first supplementary card.¹ Offer ends October 31, 2023.
• Other Perks: Visa Airport Companion Program membership and no foreign exchange fee markup
• Purchase APR: 20.99% | Cash Advance APR: 22.99%

¹ Conditions Apply. Visit here for the Scotiabank Passport® Visa Infinite* Card to learn more.

¹ For Ultimate Package: Conditions apply. Visit here to learn more.

READ MORE: The Best Travel Credit Cards in Canada

Best Credit Card for Groceries and Dining Out Rewards: The American Express Cobalt® Card

In your first year as a new Cobalt® Cardmember, you can earn 2,500 Membership Rewards® points for each monthly billing period in which you spend $500 in purchases on your Card. This could add up to 30,000 points in a year. That’s up to $300 towards a weekend getaway or concert tickets. Terms and conditions apply.

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The American Express Cobalt® Card is an essential card for food lovers who enjoy dining out frequently. As this card offers great opportunities to accumulate Membership Rewards® points. Get 5 points per $1 spent on eligible food and drink in Canada, including groceries and food delivery, 3 points per $1 spent on streaming services, 2 points per $1 on spent gas and transit like buses or taxicabs, 1 point per $1 spent on everything else, and 1 additional Membership Rewards® point for every $1 spent as a charge on your Express Cobalt® Card on any eligible hotel or any car rental bookings made through American Express Travel. Membership Rewards® points can be redeemed for travel, concerts and events, gift cards, merchandise, and more. Or just get a statement credit, so you can put points toward anything you purchase with your card.

The value of your points will change depending on what you redeem them for. Typically, your points are worth the most on travel rewards, followed by gift cards and merchandise. Occasionally, American Express runs promos where your points are worth more when using them for statement credits, so keep an eye out. You can also transfer points 1:1 to several frequent flyer and other loyalty programs.

In addition, the welcome bonus is generous for new cardholders: Earn up to 30,000 Membership Rewards® points in the first year (conditions apply)

The Details:

• Annual Fee: $155.88 ($12.99 monthly fee)
• Minimum Income Eligibility: N/A
• Credit Score Required: Fair;Good
• Welcome Bonus: Earn up to 30,000 Membership Rewards® points in the first year (conditions apply)
• Additional Perks: Travel insurance, shopping coverage, exclusive entertainment access, access to VIP benefits at the Hotel Collection from American Express®
• Purchase APR: 20.99% | Cash Advance APR: 21.99%

READ MORE: The Best Credit Cards for Groceries in Canada

Best Credit Card With Low-Interest Rate: MBNA True Line® Gold Mastercard® Credit Card

With a Purchase APR of only 8.99%, the MBNA True Line® Gold Mastercard® Credit Card offers one of the lowest interest rates on the market. Plus, the annual fee is only $39.

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What makes the MBNA True Line® Gold Mastercard® Credit Card our top choice for the best low-interest rate credit card in Canada? This card has a very low annual interest rate on purchases of 8.99%. That’s one of the lowest rates on the market, and the annual fee is only $39. It’s a good choice if you aren’t sure you can pay off your balance every month, potentially saving you dough on interest charges, which usually start at 19.99% for most other cards. But be careful with cash advances: the interest rate on those is a whopping 24.99%.

The Details

• Annual Fee: $39
• Minimum Income Eligibility: No Income Requirement.
• Credit Score Required: Fair;Good
• Additional Perks: Low annual interest rate
• Interest on Purchases: 8.99% | Interest on Cash Advances: 24.99% | Interest on Balance Transfers & Access Cheques: 8.99%✪

✪, Terms and Conditions apply.

This offer is not available for residents of Quebec. 

Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.

The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.

READ MORE: The Best Low-Interest Rate Credit Cards in Canada

Best Credit Card for Balance Transfers: CIBC Select Visa* Card

Transfer your credit card balance - Get 0% interest for up to 10 months with a 1% transfer fee† and a first year annual fee rebate.†

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Anyone who’s looking to reduce the amount of interest they’re paying should consider the CIBC Select Visa* Card. Right now, you’ll pay 0% interest for up to 10 months when you do a balance transfer at the time of application†. Although there’s a 1%† fee for balance transfers, it’s a small price to pay for the overall savings you’ll get. After the promotional period ends, you’ll pay just 13.99%† interest which is still lower than most credit cards.

The annual fee is just $29, but it’s rebated for the first year†, so there’s a lot of potential to save money with this card. As a balance transfer card, you’re not going to get many extra perks. All you really get is travel accident insurance and up to 25% off at participating AVIS locations†.

The Details:

• Annual Fee: $29 (first-year annual fee rebate)†
• Income Eligibility: $15,000 household†
• Credit Score Required: Good
• Welcome Offer: Transfer your credit card balance - Get 0% interest for up to 10 months with a 1% transfer fee† and a first year annual fee rebate.†
• Additional Benefits: Low-interest rate on purchases and cash advances; common carrier accident insurance coverage; three free additional cardholders†
• Purchase Annual Interest Rate: 13.99%† | Cash Advance Annual Interest Rate: 13.99%† | Balance Transfer Annual Interest Rate: 13.99%†

†Conditions apply 

Quebec Residents – Learn More about this CIBC product here.

Résidents du Québec – Pour en savoir plus sur ce produit CIBC, suivez ce lien.

READ MORE: The Best Balance Transfer Credit Cards

Best Business Credit Card: American Express® Business Edge™ Card

Small business owners and freelancers are smitten with the American Express® Business Edge™ Card, primarily because you can earn extra points on categories that actually matter to you. Earn 3x the points for Card purchases on eligible business essentials, including office supplies and electronics, rides and gas, and eats and drinks when your Welcome Offer ends. Caps and other conditions may apply. Earn 1x the points on all other purchases charged to the Card. The rewards add up!

Plus, the welcome bonus is very generous. Earn up to 67,000 welcome bonus Membership Rewards® points in your first year. That’s $670 in statement credits that can be reinvested in your business.

• Earn 45,000 Welcome Bonus points when you charge $5,000 in purchases to your Card in your first three months of Cardmembership
• Plus, earn 10x the points for every $1 spent on eligible business essentials, including office supplies & electronics, rides & gas, eats & drinks within 6 months of Cardmembership, up to a maximum of 10,000 points.
• You can earn an extra 1,000 Membership Rewards points for each monthly billing period in which you spend $3,000 in purchases on your Card. This could add up to 12,000 extra points in a year.

There is an annual fee of $99, but supplementary cards are free. The additional benefits are sweet, too. Business management tools will be available as a cardholder so you can manage your funds. You’ll also get Car Rental Theft & Damage Insurance for vehicles with an MSRP of up to $85,000. The included Buyer’s Assurance® Protection Plan doubles your manufacturer’s warranty up to one additional year, while the Purchase Protection® Plan covers your eligible purchases from theft, loss, and damage for 90 days.

The Details:

• Annual Fee: $99
• Income Eligibility: N/A
• Credit Score Required: N/A
• Welcome Offer: Earn up to 67,000 welcome bonus Membership Rewards® points. Terms and conditions apply.
• Additional Benefits: Rewards on all spending, rental car insurance, free employee cards
• Interest on Purchases: 20.99% | Interest on Cash Advances: 21.99%

READ MORE: The Best Business Credit Cards in Canada

Canada’s Best Credit Cards in 2022 Summary

†Conditions apply

How Do Credit Cards Work?

It’s essential to understand how credit cards work, so you can use them to their maximum efficiency without getting into financial trouble. Access to a credit card brings many benefits, including:

Access to credit – A credit card is an ideal tool if you need to make an online purchase, transfer an existing credit balance, or access cash quickly via a cash advance. A credit card is a revolving credit tool, meaning you can continue to charge purchases while paying back the balance.

Convenience – Credit cards allow you to make everyday purchases using just a plastic card or even your phone, so you don’t need to carry cash for your daily purchases.

Build Credit – Opening a credit account and keeping it in good standing by making your monthly payments is an excellent way to build your credit score. A high credit score gives you access to competitive mortgage and car loan rates.

Rewards and Cash Back – Certain credit cards let you earn points, like Aeroplan miles, AIR MILES, or cash back, to reward your daily spending. Points or cash back accrue when charging purchases to your credit card. A good rewards credit card will let you earn between one and five points per dollar spent, or between 1% – 5% of your purchase value as cash back rewards. You can redeem your points for hotel stays, flights, electronics, and experiences.

How to Choose the Best Credit Card

When it comes to choosing the best credit card, there isn’t a “one-size fits all” solution for everyone. Choosing the right credit card depends on your priorities and your spending habits. Consider the following factors before making a decision:

How much are you willing to pay annually?

Most premium credit cards have an annual fee, typically ranging between $99 to as much as $699. It may seem outrageous to pay for the use of a credit card, but they often include valuable perks as part of the package, which can ultimately save you money. But if affordability is more important, you may want to go for a credit card with a low or no annual fee.

What type of credit card are you looking for?

With so many types of credit cards on the market, look for one that matches your lifestyle. Do you prefer to earn travel rewards or cash back on your card purchases? Do you spend a lot on groceries and gas? Or are you looking for a secured credit card to pay off your credit card debt faster? Whatever is important to you right now should inform your choice.

Does the credit card offer a welcome bonus or a rewards program?

A rewards credit card will maximize your spending by letting you accrue points and giving you access to unique perks. If you participate in a travel rewards program like Aeroplan or Air Miles, look for a credit card that will maximize your points-earning potential for these programs. Bonus if the rewards card includes a welcome offer that gives you a wack of bonus points or other perks just for signing up.

Are there special perks or benefits for cardholders?

Many credit cards come with special perks or benefits for the cardholder, such as insurance coverage, access to exclusive events, hotels, or discounts, rewards-earning potential, airline lounge passes, priority treatment on certain airlines, and more. Even with an annual fee, the perks add up and can save you money — provided that you use them!

If you’re still struggling to make a decision, you can also use our comparison tool to find a credit card that suits your needs and lifestyle.

Final Word

With so many credit cards on the market, finding the best one can be tricky. Just remember that there’s no “best” credit card for everyone, and finding a credit card that works for you requires a little research. Luckily, our in-depth analysis of the best credit cards in Canada will guide you and help you find one that suits your lifestyle.

This post was not sponsored. The views and opinions expressed in this review are purely my own.

American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply.

The Best Credit Cards by Category:

• The Best Travel Rewards Credit Cards
• The Best Balance Transfer Credit Cards
• The Best Low Interest Rate Credit Cards
• The Best Cash Back Credit Cards
• The Best AIR MILES Rewards Credit Cards
• The Best Aeroplan Credit Cards