Credit Cards

Top 4 Credit Cards for Millennials

best millennial credit cards

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The best credit cards for millennials are well-suited to this generation's lifestyle, as well as offer rewards and bonuses that you'll actually use.

Let’s be real: financial advice aimed at the “Baby Boomers” generation isn’t always helpful for finding the best credit card to fit your lifestyle. As a millennial, money may be tight: you may still be a student, paying off students loans, or not earning the highest salary you ever will in your career. Even though you’re sticking to a budget, you may still like to travel and live it up a little — as long as your rent and groceries are paid first, of course.

With these considerations in mind, we set out to find the best Canadian credit cards for millennials and narrowed the list down to our top five best credit cards. These cards are well-suited to millennial lifestyles, as well as deliver many perks and bonuses that you’ll actually use.

Top 4 Best Credit Cards for Millennials in Canada 2022

Credit CardBest ForCredit Card
Tangerine Money-Back Credit CardCash Back RewardsRead More
Scotiabank®* Gold American Express® cardTravel RewardsRead More
BMO eclipse Visa Infinite* CardLifestyle RewardsRead More
SCENE® Visa* CardEntertainment PerksRead More

Tangerine Money-Back Credit Card: Best For Cash Back Rewards

Nothing is as flexible as cash in your hand. Until recently, cash-back credit cards weren’t offering the right mix of good reimbursement rates, eligible spend categories, and low (or no) annual fees. It seems that the Tangerine Money-Back Credit Card has finally hit the sweet spot with these perks:

  • $0 annual fee
  • Earn 2% cash back on two eligible Tangerine spending categories (groceries, gas, drug store, restaurants, recurring bill payments, furniture, home improvements, hotels, entertainment, public transportation/parking)
  • 0.5% cash back on everything else

This program is a winner based on its simplicity. Upon sign-up, choose two of money-back categories plus get a third when you have your Money-Back Rewards deposited into your Tangerine Savings Account. It’s that easy!

If that’s not enticing enough, there’s an awesome promotion right now: apply for the Tangerine Money-Back Credit Card by May 31, 2022 and earn an extra 10% back (up to $100) when you spend up to $1,000 in everyday purchases 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!

The fact is, you can use cash for anything you need and this flexibility along with decent reimbursement rates is why it tops this list. There are no restrictions or complicated rules to follow. It’s just money back in your pocket—and it doesn’t cost you a thing.

*Terms and Conditions apply

Scotiabank®* Gold American Express® card: Best For Travel Rewards

The Scotiabank®* Gold American Express® card has some serious points-earning potential that can be put towards your next trip. For every $1 you spend on eligible grocery stores, restaurants, fast food, drinking establishments, and entertainment, you’ll earn a crazy-good 5X Scene+ points; 3X points per $1 spent on eligible gas, daily transit, and select streaming services; and any other purchases come in at 1X Scene+ point per $1 spent.

The annual fee of $120 is a bit steep, which is a bit of a bummer — but there is no fee for the first year for new cardholders. This card is a winner in our books, as it provides amazing benefits, such as no foreign transaction fees, comprehensive travel insurance, and Amex Front Of the Line® access. Plus, for a limited time, this card has an incredible welcome bonus for new cardholders: earn up to 45,000 bonus Scene+ points in your first year (that’s up to $450 towards travel): Earn 25,000 bonus Scene+ points by making at least $1,000 in everyday eligible purchases in your first 3 months from account opening. Plus, for a limited time, you are eligible to earn a 20,000 Scene+ point bonus when you spend at least $7,500 in everyday eligible purchases in your first year. Must apply by July 4, 2022. Terms and conditions apply.

What’s also exceptional about this credit card is the flexibility in rewards redemption. All you have to do is login to the system and select the “Apply Points to Travel” option. Then just use your accumulated points to offset any travel cost (flights, rental cars, hotels, etc.) charged on your credit card. It’s that easy – no black-out periods or annoying restrictions. It’s no wonder the Scotiabank®* Gold American Express® card is often ranked as the best travel credit card in Canada.

The Details

  • Annual Fee: $120
  • Income Eligibility: Minimum of $12,000 annual income
  • Credit Score Required: Good to Excellent
  • Welcome Bonus: Earn up to 45,000 bonus Scene+ points in your first year (that’s up to $450 towards travel). Terms and conditions apply.
  • Other Perks: No foreign transaction fees, comprehensive travel insurance, Amex Front of the Line® access
  • Purchase APR: 19.99% | Cash Advance APR: 22.99%

BMO eclipse Visa Infinite* Card: Best For Lifestyle Rewards

If you’re looking for a credit card that gets you valuable and flexible rewards that fit your urbanite lifestyle, consider the BMO eclipse Visa Infinite* Card. With this card, you’ll earn 5 BMO Rewards points for every $1 you spend on groceries, dining out, gas and transit purchases*, and 1 point per $1 on everything else*. BMO Rewards points are simple to redeem—just visit—and can be applied towards travel at a rate of 150 points per dollar. Alternatively, you can redeem your BMO Rewards for merchandise or gift cards, or use the Pay with Points program to apply your points to purchases made on your card. You can even deposit their value into a BMO investment account. That said, the value per point is lower than travel redemptions.

This is a good card for people who like to treat themselves. When you sign up you’ll get a first-year annual fee waiver* plus a Welcome Offer of up to 60,000 BMO Rewards points*. Plus, every cardholder gets a $50 “lifestyle credit”* each and every year that they can spend however they wish. With Visa Infinite perks that gain you access to special dining and wine events, we bet you can find something to splash out on. You’ll also automatically receive perks at luxury hotels and have access to the Visa Infinite complimentary concierge. Take note of the included comprehensive travel insurance and the new mobile device coverage of up to $1,000*.

The Details

  • Annual Fee: $120 (first-year annual fee waived)*
  • Minimum Income Eligibility Requirement: $60,000 individual or $100,000 per household
  • Credit Score Required: Very Good
  • Welcome Bonus: Get up to 60,000 points worth $400 in travel rewards, a $50 lifestyle credit and the $120 annual fee waived in the first year – that’s a $570 value in your first year!*
  • Other Perks: Travel insurance*, new mobile device insurance*, annual $50 “lifestyle credit”*, Visa Infinite perks*
  • Purchase APR: 20.99% | Cash Advance APR: 23.99% (21.99% for Quebec Residents)

*Terms and conditions apply

SCENE® Visa* card: Best For Entertainment Perks

There are a lot of credit cards aimed at students, but what they all typically offer is a quick way to get into debt. Even if you’re at the beginning of your credit history, it’s possible to make your spending work for you—and that’s what the SCENE® Visa* card excels at the most.

  • No annual fee
  • Earn Scene+ points that can be redeemed towards free movies
  • Earn 5,000 bonus Scene+ points with your first $750 in everyday purchases in first 3 months (terms and conditions apply)
  • Low income requirement ($12,000/year)

A high earn rate and redemption ease make this a really attractive option for those who enjoy movies, shopping, and restaurants. SCENE® Visa* card cardholders earn 5 Scene+ points for every $1 spent on credit card purchases at Cineplex theatres (Cineplex, Scotiabank theatres, Famous Players, SilverCity, Galaxy, Cinema City, etc) or at You can also earn 1 Scene+ point for every $1 spent on your everyday credit card purchases.

The redemption rate is super-low (starting at 1,000 points), which means you can basically use this card for everyday purchases and skim the points for things that make you happy—like movies and meals. Best yet? The points never expire.

Summary of the Best Credit Cards for Millennials

Credit CardAnnual FeePurchase Interest RatePoints or Rewards ProgramSign up BonusMinimum IncomeMore Info
Tangerine Money-Back Credit Card$019.95%Cash backApply by May 31, 2022 and earn an extra 10% back (up to $100) when you spend up to $1,000 in everyday purchases within your first 2 months.*$0Visit Site
Scotiabank®* Gold American Express® card$120 (first year annual fee rebate)19.99%Scene+ pointsEarn up to 45,000 bonus Scene+ points in your first year (that’s up to $450 towards travel). Terms and conditions apply.$12,000Visit Site
BMO eclipse Visa Infinite Card$120 (first year annual fee waived)*20.99%BMO Rewards pointsGet up to 60,000 points worth $400 in travel rewards, a $50 lifestyle credit and the $120 annual fee waived in the first year - that's a $570 value in your first year!*$60,000Visit Site
SCENE® Visa* card$019.99%Scene+ PointsEarn 5,000 bonus Scene+ points with your first $750 in everyday purchases in first 3 months (terms and conditions apply)$12,000Visit Site

Final Words

Despite what the media might have you believe, millennials aren’t a monolith. There’s a wide age spread included in this group, from folks just applying to university to those learning how to how to save money for retirement. Some of you may be saving to travel the world, while others might be buying your first home. Whatever your millennial money goals are, it’s much easier to achieve them when you’ve got the right plastic in your wallet.

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