19 Best Credit Cards in Canada + Runners-Up for April 2024
View the best Canadian credit cards by category to find your best credit card.
The range of Canadian credit cards available is vast, spanning cards that earn flexible cash back and travel rewards to those with low interest rates and low credit score requirements. But how do you separate the best new credit cards from the rest? Use our list of the best credit cards in Canada to help you choose.
Best card for:
Best credit card in Canada overall
American Express Cobalt
5x the points on eligible eats and drinks in Canada, including groceries and food delivery. Spend cap applies.
3x the points on eligible streaming subscriptions in Canada
2x the points on eligible ride shares, transit & gas in Canada
1x additional point on eligible hotel and car rental bookings via American Express Travel Online
1x point for every $1 in Card purchases everywhere else
$100 USD up to $100 USD hotel credit to use on amenities when charged to the room for a stay of 2 or more consecutive nights through The Hotel Collection from American Express Travel
$155.88 Annual Fee 12.99/mo
21.99% Purchase APR on purchases
21.99% Cash Advance APR
2.50% Foreign Transaction Fee
Fair Recommended Credit Score
$0 Required Annual Personal Income
$0 Required Annual Household Income
Why we picked the Cobalt as the best credit card in Canada
The Amex Cobalt is one of the best credit cards for travel rewards in Canada and consistently awarded best Amex in Canada. Compared to other mid-tier travel cards, this option offers better value and versatility. From its high earn rate in everyday spending categories to its full suite of insurance offerings, this card is sure to be regularly used in your wallet.
While $155.88 is a higher annual fee for a mid-range card, they break it down into manageable monthly payments of $12.99 making it much more accessible to all.
Earn rate: Earn 5x the points per $1 spent on eligible eats and drinks in Canada, including groceries and food delivery (think groceries, cafes, restaurants and bars), earn 3x the points on eligible streaming subscriptions in Canada (e.g. Apple TV+, Crave, Disney+, Netflix, Spotify and more), earn 2x the points on eligible ride shares, transit & gas in Canada , and earn 1 point per dollar spent on everything else (plus 1 additional point on eligible hotel and car rental bookings via American Express Travel Online). This high earn rate also makes the American Express Cobalt the best credit card for travel points. However, it does not win the travel category because it lacks key travel perks like airport lounge access, no foreign exchange fees, and priority treatment at airports.
Insurance: Emergency medical, travel accident, flight delay, lost luggage, hotel burglary, rental car insurance and more—the Cobalt comes packed with travel insurance. It'll even pay up to $1,000 under mobile device insurance, in the event of theft, loss, or accidental damage anywhere in the world (you just have to have bought your phone with the card within 2 years from date of incident).
Looking for more of the best American Express Cards in Canada? Read our dedicated page of the best Amex cards in Canada to see all your options.
†Terms and conditions apply.
More of the other best credit cards in Canada
Scotiabank Momentum® Visa Infinite
$120 Annual Fee
Excellent Recommended Credit Score
$60,000 Required Annual Personal Income
TD® Aeroplan® Visa Infinite* Card
Earn up to $1,200 in value† including up to 50,000 Aeroplan points†. Conditions Apply. Account must be approved by June 3, 2024.
$139 Annual Fee
Excellent Recommended Credit Score
$60,000 Required Annual Personal Income
CIBC Aventura® Gold Visa
Get a total of up to 40,000 Aventura Points during your first year†
$139 Annual Fee
Good Recommended Credit Score
Best credit card for travel
Scotiabank Platinum American Express Card
2x Scene+ points for every $1 spent on all other eligible purchases
0% No foreign transaction fees
10 Complimentary airport lounge passes per year
$399 Annual Fee
9.99% Purchase APR
9.99% Cash Advance APR
22.99% Balance Transfer Rate
0.00% Foreign Transaction Fee
Good Recommended Credit Score
Welcome Offer Ends Oct 31, 2024
Earn up to $2,100* in value in the first 14 months, including up to 60,000 bonus Scene+ points
Learn moreWhy we picked the Scotia Platinum Amex as one of the best travel credit card in Canada
Among all the best travel credit cards in Canada, we like the Scotia Platinum Amex for its low APR and high number airport lounge access passes.
It's hard to beat a card that gives you high earn rates on everyday expenses and a flexible points program that allows you to use those points on any airline, anytime without restriction. Then, to avoid foreign transaction fees while travelling puts the Scotia Platinum Amex over the top.
Oh wait! The travel insurance is what really gives the Scotia Amex Platinum its winning status in the travel category. Not all cards, for a moderate annual fee, give you Emergency Medical travel insurance and Travel Accident insurance. But then, they throw in trip cancellation, flight delay, lost baggage, hotel burglary, rental car insurance, plus new mobile device insurance, purchase security and extended warranty—it's one of the best insurance packages I've seen making it one of the best travel credit cards in Canada.
It also gives you a whopping 10 airport lounge passes sure to please both you and your fellow travellers, be it a partner, a friend, or the whole family making it our winner for the best travel credit card in Canada.
More of the best credit cards for travel
Scotiabank Gold American Express®
Earn up to $650* in value in the first 12 months, including up to 40,000 bonus Scene+ points.
$120 Annual Fee
Very Good Recommended Credit Score
Scotiabank Passport® Visa Infinite*
Earn up to $1,300* in value in the first 12 months, including up to 40,000 bonus Scene+ points and first year annual fee waived
$150 Annual Fee
Good Recommended Credit Score
$60,000 Required Annual Personal Income
The Platinum Card
Earn 70,000 Membership Rewards® points1*
$799 Annual Fee
Excellent Recommended Credit Score
Read more: Best travel credit cards
Best credit card for cash back
CIBC Dividend Visa Infinite
4% Earn 4% cash back on gas, EV charging, and groceries.
2% Earn 2% cash back on dining, transportation, recurring payments or bills.
1% Earn 1% cash back on all other purchases with no limit.
10 cents Save 10 cents per litre with CIBC and Journie Rewards (Ultramar, Chevron, Pioneer, Fas Gas)
$120 Annual Fee First year rebated. Each additional card is $30 per year, max 3.
20.99% Purchase APR non-Quebec residents†
22.99% Cash Advance APR non-Quebec residents†
22.99% Balance Transfer Rate non-Quebec residents†
Good Recommended Credit Score
$60,000 Required Annual Personal Income
$100,000 Required Annual Household Income
Welcome Offer
Get a first-year annual fee rebate and earn 10% cash back welcome bonus of up to $250!†
Learn moreWhy we picked the CIBC Dividend® Visa Infinite* Card as the best cash credit card in Canada
If we could build the ideal cash back rewards card, it would pretty much look like this. As far as rewards credit cards go, the CIBC Dividend® Visa Infinite* Card makes earning and redeeming cash back almost effortless. With high flat rates and no rotating categories, this is a general cash back card that deserves a top spot in your wallet.
You’ll earn between 1%† and 4%† cash back no limit on the total cash back you can earn†. After the Welcome Offer ends, you’ll earn 4% on some categories that probably take up a good portion of your spending, eligible gas, EV charging and groceries†; 2% on eligible transportation, dining purchases and recurring payments such as bills†; and 1% on all other eligible purchases†. CIBC sets you up for success with cash back categories that should naturally cover your spending on needs, wants and fun and keeps it simple by locking these categories in rather than switching them up.
This isn’t a bad card for travelling either with benefits like insurance and discounted car rentals† along with global perks like 1% cash back for every $1.00 spent on a CIBC Global Money Transfer™.
Although a $120 annual fee might seem steep for a credit card outside of the premium category, we feel that it’s worth paying for these high base earning rates. Plus, you can actually have this fee waived every year you also have a CIBC Smart Plus™ Account†. This is a chequing account with unlimited transactions and few fees.
To qualify for the CIBC Dividend® Visa Infinite* Card, you’ll need an individual income of $60,000 or more or a household income of $100,000†. Interest rates for this card are high at 20.99%† for its Annual Purchase Interest Rate and 22.99%† (for non-Quebec residents only) and for its Cash Advance and a Balance Transfer Annual Interest Rate at 22.99%† (for non-Quebec residents only), so we don’t recommend this card if there’s any chance you won’t be able to pay off your balance in full from month to month. But otherwise, consider it if you need a card for the bulk of your purchases.
Compare the other best credit cards for cash back
BMO CashBack® World Elite® Mastercard
Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first year.
$120 Annual Fee
Excellent Recommended Credit Score
$80,000 Required Annual Personal Income
SimplyCash® Card from American Express
Earn up to $100 in Statement Credits in your first 10 months as a new cardmember
$0 Annual Fee
Good Recommended Credit Score
$0 Required Annual Personal Income
TD Cash Back Visa Infinite* Card
Earn up to $500 in value†, including 10% in Cash Back Dollars in the first 3 months on Bonus Eligible Purchases up to a total spend of $3,500†. Conditions apply. Account must be approved by June 3, 2024.
$139 Annual Fee
Excellent Recommended Credit Score
$60,000 Required Annual Personal Income
Read more: Best cash back credit cards
Best credit card for students
BMO CashBack MasterCard
3% Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
1% Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
0.5% Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
$0 Annual Fee
20.99% Purchase APR
22.99% Cash Advance APR 21.99% for Quebec residents
Good Recommended Credit Score
$15,000 Required Annual Personal Income
Why we picked the BMO CashBack® MasterCard® as one of the best student credit cards in Canada
Consistently one of the best credit cards for students in Canada, the BMO Cash Back Mastercard understands what students need. Kicking it off with no annual fee is one thing, but you can earn up to $125 in cash back in your first three months with its 5% cash back welcome offer—essentially, they're paying you to use this card.
Then it rewards on the right categories without forcing you to shop at any particular store. You get 3% on cash back on all grocery stores and supermarkets (whatever's closest to you), 1% cash back on recurring bills (think Spotify, Netflix, cell phone, internet) and 0.5% cash back on everything else.
You also don't have to wait for your cash back, you can redeem it anytime. Some cards force you into monthly or annual pay outs. And, you can put that cash back towards your credit card or a BMO chequing or savings account or into a BMO investor line account (a great way to start investing early, even if it's hard when you're a student).
The only difference between the Student BMO CashBack Mastercard and the BMO CashBack Mastercard is the non-student version gives you a 0.99% balance transfer for 9 months—so if you're carrying credit card debt, pay it off faster with lower interest rates.
Finally, the extended warranty insurance and purchase protection makes buying your laptop and cell phone a little more comfortable knowing BMO has your back in case something bad happens.
And, if you do need a new laptop, you can use BMO PaySmart™ installment plans that turns your credit card purchases into smaller, interest-free monthly payments with a low fee.
More of the best credit cards for students in Canada
Tangerine Money-Back Credit Card
Get 10% cash back on up to $1,000 in everyday purchases made within 2 months. Pay only 1.95% balance transfer interest for the first 6 months.
$0 Annual Fee
Fair Recommended Credit Score
$12,000 Required Annual Personal Income
Neo Secured Credit Card
Up to 15% on first new purchases with Neo partners
$0 Annual Fee
Poor Recommended Credit Score
$0 Required Annual Personal Income
American Express Cobalt® Card
Earn up to 15,000 Membership Rewards points
$155.88 Annual Fee
Fair Recommended Credit Score
$0 Required Annual Personal Income
Read more: Best Student credit cards
Best credit card for balance transfers
MBNA True Line® Mastercard®
0% New cardholders can enjoy a 0% promotional annual interest rate† (a 3% transfer fee applies) for 12 months on any balance transfer✪ completed within 90 days of opening the account
$0 Annual Fee
12.99% Purchase APR
24.99% Cash Advance APR
12.99% Balance Transfer Rate
Good Recommended Credit Score
Welcome Offer Ends Dec 31, 2024
Get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening.
Learn moreWhy we picked the MBNA True Line Mastercard as the best credit card for balance transfers
You just can't beat a 0% balance transfer offer (even with a 3% fee) because it gives you a whole year, 365 days to pay down that balance. And, there's no annual fee, so it's a credit card that really helps you pay down debt without costing you a big up front payment.
Once your debt is paid off, you can continue to enjoy a low interest rate of 12.99% (which, sadly, also applies to any new balance transfers). Its cash advance fee of 24.99% is a deterrent and should be avoided.
If you buy something big, anything over $100, take advantage of the MBNA Payment Plan which breaks up big purchases into monthly payment terms of, 6. 12, or 18 months for a small fee.
More of the best credit cards for balance transfers
Scotiabank Value Visa
0% introductory interest rate on balance transfers for the first 10 months (12.99% after that; annual fee $29), plus no annual fee for the first year.¹
$29 Annual Fee
Fair Recommended Credit Score
$0 Required Annual Personal Income
BMO AIR MILES®† MasterCard®*
Get 800 AIR MILES Bonus Miles!* That’s enough for $80 towards purchases with AIR MILES Cash*
$0 Annual Fee
Good Recommended Credit Score
$15,000 Required Annual Personal Income
BMO Preferred Rate Mastercard®*
Get a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee5 and BMO will waive the $29 annual fee for the first year.*
$29 Annual Fee
Good Recommended Credit Score
$0 Required Annual Personal Income
Read more: Best balance transfer credit cards
Best credit card for rewards
CIBC Aventura® Gold Visa* Card
2 Earn 2 points for every $1 spent on eligible travel purchased through the CIBC Rewards Centre†
1 Earn 1.5 points for every $1 spent at eligible gas stations, EV charging, grocery stores and drug stores†
1 Earn 1 point for every $1 spent on all other eligible purchases†
$139 Annual Fee
20.99% Purchase APR non-Quebec residents†
22.99% Cash Advance APR for non-Quebec residents†
22.99% Balance Transfer Rate for non-Quebec residents†
Good Recommended Credit Score
$15,000 Required Annual Household Income
Why we picked the CIBC Aventura Gold as the best credit card for rewards
There are many rewards cards, but the CIBC Aventura Gold takes the gold for its perfect balance of a mid-tier annual fee ($139, free in the first year) and with loads of ultra flexible Aventura points (any airline, anytime). And the rewards keep piling up: NEXUS application fee rebate ($50), 4 Airport lounge passes (over $190 value), and three free authorized users ($50 each)—all told a value worth over $1,200.
But that's just the welcome offer.
You'll earn 2 points for every $1 spent on travel through CIBC Rewards Centre, 1.5 points on gas, EV charging, groceries (earn more with Journie Rewards by filling up with Pioneer, Chevron, FasGas and Ultramar), and drug stores, and 1 point on all other purchases per $1 spent.
Then let's tack on emergency medical, travel accident, flight delay, baggage, rental car, hotel burglary and mobile device insurance—and you are ready to reap the Aventura rewards.
More of the best credit cards for rewards
Scotiabank Gold American Express®
Earn up to $650* in value in the first 12 months, including up to 40,000 bonus Scene+ points.
$120 Annual Fee
Very Good Recommended Credit Score
MBNA Rewards World Elite Mastercard
Earn up to 30,000 bonus MBNA Rewards Points†† for cash back, gift cards and more.
$120 Annual Fee
Good Recommended Credit Score
$80,000 Required Annual Personal Income
American Express Cobalt® Card
Earn up to 15,000 Membership Rewards points
$155.88 Annual Fee
Fair Recommended Credit Score
$0 Required Annual Personal Income
Read more: Best rewards credit cards
Best credit card for airport lounge access
American Express The Platinum Card
2x Earn 2 points for every $1 in Card purchases on eligible dining and food delivery in Canada
2x points for every $1 in Card purchases on eligible travel
1x point for every $1 in all other Card purchases
$799 Annual Fee Includes $200 annual travel credit and $200 annual dining credit
20.99% Purchase APR The Preferred rate of 20.99% applies to your Flexible Payment Option balance.
2.50% Foreign Transaction Fee
Excellent Recommended Credit Score
Why we picked the Amex The Platinum as the best credit card for airport lounge access
With unlimited access to Airport lounges around the world, you should step into luxury and prestige of the Amex The Platinum. This card has everyone talking in the Money.ca headquarters and there are many reasons why.
For starters, the main drawback is its $799 annual fee. But, in "credit card math" land, it's basically free when you can earn up 100,000 Membership Rewards points (a value of $1,000). Amex also rewards its cardholders with a $200 annual travel credit and an annual $200 dining credit, so now the card is a profit centre (something like that anyway).
But its biggest perk is the American Express Global Lounge Collection giving you unlimited access to more than 1,300 airport lounges across 140 countries.
Make no mistake about it, this is a premium card and will require an good to excellent credit score, but there is no minimum income requirement (nor is there a pre-set spending limit because it's a charge card).
If you book with American Express Travel, you can get even more benefits with an average value of $550 US at over 1,300 properties giving you daily breakfast for two, late check-out, noon check-in, in-room wi-fi and room upgrades when available.
This card also fast tracks you to Hilton Honors gold status and Marriott Bonvoy Gold Elite Status. If you're flying out of Toronto's Pearson Airport, you can get through the security lane faster, complimentary valet service, and a 15% discount on parking.
The Platinum also includes a full suite of travel insurance coverage from out of province/country emergency medical up to $5,000,000 for 15 days, $500,000 travel accident insurance, trip cancellation insurance, trip interruption insurance, flight delay insurance, baggage delay, lost/stolen baggage, hotel burglary, and rental car insurance.
If that's not enough, consider The Platinum Card® has its own website—a dedicated hub curated for cardmembers to learn more about coverage and discover more special offers.
‡, ††, ✪, ***, Terms and Conditions apply
More of the best credit cards for airport lounge access
Scotiabank Passport® Visa Infinite*
Earn up to $1,300* in value in the first 12 months, including up to 40,000 bonus Scene+ points and first year annual fee waived
$150 Annual Fee
Good Recommended Credit Score
$60,000 Required Annual Personal Income
TD® Aeroplan® Visa Infinite Privilege* Card
Earn up to $2,900 in value† including up to 85,000 Aeroplan points†. Conditions Apply. Account must be approved by June 3, 2024.
$599 Annual Fee
Excellent Recommended Credit Score
$150,000 Required Annual Personal Income
Scotiabank Platinum American Express® Card
Earn up to $2,100* in value in the first 14 months, including up to 60,000 bonus Scene+ points
$399 Annual Fee
Good Recommended Credit Score
Read more: Best airport lounge credit cards
Best credit card with no annual fee
Tangerine Money-Back Credit Card
2% Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
3 Get a Tangerine Savings account and add a 3rd 2% cash back category.
0.5% Earn 0.50% on all your other everyday purchases.
$0 Annual Fee $0 for additional cardholders
19.95% Purchase APR
19.95% Cash Advance APR $3.50 within Canada, $5.00 outside Canada
1.95% Balance Transfer Rate 1.95% interest for first 6 months, 19.95% after that.
3.00% Balance Transfer Fee 3.00% of the amount transferred, or minimum of $5.00
2.50% Foreign Transaction Fee
Fair Recommended Credit Score
$12,000 Required Annual Personal Income
Welcome Offer Ends Apr 30, 2024
Get 10% cash back on up to $1,000 in everyday purchases made within 2 months. Pay only 1.95% balance transfer interest for the first 6 months.
Learn moreWhy we picked the Tangerine Money-Back Credit Card as the best no fee credit card in Canada
What's better than a credit card with no-annual fee? One that rewards you with unlimited cash back rewards on everyday purchases (that you pick).
Until April 30th, 2024, you can get 10% cash back in your first two months (up to $100). It's a big reason why of all the credit cards with no annual fee, Tangerine is our winner for Canadian credit cards.
Now, Tangerine has a unique approach to cash back. Instead of telling you where you'll earn the most cash back and limiting you to certain categories they select, they instead give you the options. There are 10 categories to pick from: grocery, furniture, restaurants, hotel-motel, gas, recurring bills, drug stores, home improvement, entertainment, and public transportation and parking. So, just pick where you spend the most amount of money and start reeling in the cash. Anything outside those categories earns 0.50% cash back.
Your cash back can be applied to your credit card balance OR you can put it into a free Tangerine Savings account which unlocks a third 2% cash back category—talk about win-win.
Another little bonus, during your first 30 days, you can transfer existing credit card balances for a low 1.95% interest for 6 months which makes switching credit cards even easier.
I'm also a big fan of the Tangerine app. I have my emergency fund there as well as many sinking funds for different purposes (renovations, car maintenance, and more). The interface is user friendly and it's all free.
Finally, this credit card gives you purchase assurance to cover loss, theft or damage on most new insured items for 90 days after purchase and extended warranty which doubles the manufacturer's warranty.
More of the best credit cards with no annual fee
MBNA Rewards Platinum Plus Mastercard
Earn 4 points per $1 spent on eligible restaurant, grocery, digital media, membership, and household utility purchases until $10,000 is spent annually. You could also receive up to 10,000 bonus points.
$0 Annual Fee
Good Recommended Credit Score
American Express® Green Card
Earn 10,000 Membership Rewards® points1*
$0 Annual Fee
Good Recommended Credit Score
RBC Cash Back Mastercard
Enjoy 0.99% introductory interest rate on cash advances and balance transfers for the first 10 months
$0 Annual Fee
Good Recommended Credit Score
Read more: Best no annual fee credit cards
Best credit card for bad credit
Neo Secured Credit
15% Up to 15% on first new purchases with Neo partners
5% With Neo Partners
1%-3% on gas and groceries
3%-4% Streaming, ridesharing, and food delivery services
2%-3% With retail partners
0.5% On everything else
$0 Annual Fee Option to pay $4.99/month for premium membership to unlock higher cash back rewards
19.99% - 26.99% Variable APR
24.99% - 28.99% Cash Advance APR Plus a $2.50 fee in Canada, $5 fee anywhere else
Poor Recommended Credit Score
$0 Required Annual Personal Income
$0 Required Annual Household Income
$50 Min Security Deposit
Why we picked the Neo Secured card as the best secured credit card
Guaranteed approval, avoid a hard credit check, and get started with as little as $50—sounds like an ideal card.
Neo goes further and offers up to 5% cash cash with its partners (and there are many)
The "everyday" cash back is 1% in gas and groceries, even they aren't partnered.
And, you get all this with no annual fee and a sweet app with smart financial tools that help you build back your credit, fast.
More of the best credit cards for bad credit (secured cards)
Capital One Guaranteed Secured Mastercard
$59 Annual Fee
Poor Recommended Credit Score
$0 Required Annual Personal Income
Home Trust Secured Visa
No annual fee
$0 Annual Fee
Good Recommended Credit Score
$0 Required Annual Personal Income
KOHO Extra
$84 Annual Fee
Fair Recommended Credit Score
$0 Required Annual Personal Income
Read more: Best secured credit cards
Best credit card in Canada for no foreign transaction fees
Scotia Amex Gold
6x Scene+ points on every $1 you spend at Sobeys, Safeway, Freshco, Foodland and more
5x Scene+ points for every $1 you spend on dining, food delivery and other eligible grocery stores. Includes popular food delivery and food subscriptions.
5x Scene+ points for every $1 you spend in Canada eligible entertainment purposes. Includes movies, theatre and ticket agency stores.
3x Scene+ points for every $1 CAD you spend in Canada on eligible gas and daily transit options. Includes ride shares, buses, subway, taxis and more.
3x Scene+ points for every $1 CAD you spend in Canada on eligible select streaming services.
1x Scene+ point for every $1 spent on all other eligible everyday purchases.
$120 Annual Fee $29 for each supplementary card
20.99% Purchase APR
22.99% Cash Advance APR
22.99% Balance Transfer Rate
0.00% Foreign Transaction Fee
Very Good Recommended Credit Score
Welcome Offer Ends Jul 1, 2024
Earn up to $650* in value in the first 12 months, including up to 40,000 bonus Scene+ points.
Learn moreWhy we picked the Scotiabank Gold American Express® Card as the best card for no fx fees
Of all the Canadian credit cards with no foreign transaction fees, the Scotiabank Gold American Express® Card is a good option for those looking to spend abroad without incurring extra fees from foreign transaction charges.
You also get a sweet welcome bonus if you meet specific spending thresholds, which should be easy given the card's rewards structure is heavily geared towards everyday spending. You get 6 points per dollar at Sobeys, Safeway, Freshco, Foodland and more, 5 points per dollar at restaurants, for food delivery, and for entertainment from movies to theatre tickets. You also get 3 points per dollar on your commute (gas, transit, rideshares, etc.) and for every dollar you spend on select streaming services (think Netflix). And finally 1 Scene+ point for every $1 spent on all other eligible everyday purchases.
While there is an annual fee, it's not as high as you might expect with its travel insuance coverage, though we would like to see better than "we'll pay your membership" for airport lounges, in other words, give me some passes to those lounges!
More of the best credit cards with no foreign transaction fees
Scotiabank Passport® Visa Infinite*
Earn up to $1,300* in value in the first 12 months, including up to 40,000 bonus Scene+ points and first year annual fee waived
$150 Annual Fee
Good Recommended Credit Score
$60,000 Required Annual Personal Income
Rogers™ World Elite Mastercard
$25 Welcome Bonus in cash back rewards upon first card purchase within 3 months of receiving your card2
$0 Annual Fee
Excellent Recommended Credit Score
$80,000 Required Annual Personal Income
Home Trust Preferred Visa
No annual fee and no foreign exchange fees
$0 Annual Fee
Good Recommended Credit Score
$15,000 Required Annual Personal Income
Read more: Best no foreign transaction fee credit cards
Best credit card for travel insurance
Scotiabank Gold American Express® Card
6x Scene+ points on every $1 you spend at Sobeys, Safeway, Freshco, Foodland and more
5x Scene+ points for every $1 you spend on dining, food delivery and other eligible grocery stores. Includes popular food delivery and food subscriptions.
5x Scene+ points for every $1 you spend in Canada eligible entertainment purposes. Includes movies, theatre and ticket agency stores.
3x Scene+ points for every $1 CAD you spend in Canada on eligible gas and daily transit options. Includes ride shares, buses, subway, taxis and more.
3x Scene+ points for every $1 CAD you spend in Canada on eligible select streaming services.
1x Scene+ point for every $1 spent on all other eligible everyday purchases.
$120 Annual Fee $29 for each supplementary card
20.99% Purchase APR
22.99% Cash Advance APR
22.99% Balance Transfer Rate
0.00% Foreign Transaction Fee
Very Good Recommended Credit Score
Welcome Offer Ends Jul 1, 2024
Earn up to $650* in value in the first 12 months, including up to 40,000 bonus Scene+ points.
Learn moreWhy the Scotia gold wins for travel insurance
On top of its excellent welcome bonus, high earn rates in everyday categories, and no foreign transaction fees, the Scotia Gold Amex takes the crown for the best credit card for travel insurance. Why?
Well, it has all the travel insurance categories as well as purchase insurance, mobile device insurance, and rental car insurance. It ticks all the boxes which you won't find on some travel credit cards that omit emergency medical or travel accident and may also neglect to mention they don't have trip interruption or cancellation insurance (which should be a standard if you're offering travel insurance).
All you have to do is charge at least 75% of your trip expenses to your card.
See more of the best credit cards with travel insurance
Scotiabank Platinum American Express® Card
Earn up to $2,100* in value in the first 14 months, including up to 60,000 bonus Scene+ points
$399 Annual Fee
Good Recommended Credit Score
RBC Avion Visa Infinite
Get 35,000 welcome Avion points on approval
$120 Annual Fee
Very Good Recommended Credit Score
$60,000 Required Annual Personal Income
BMO Ascend™ World Elite®* Mastercard®
Get up to 90,000 points and the annual fee waived in the first year for both the primary cardholder and authorized users.*
$150 Annual Fee
Excellent Recommended Credit Score
$80,000 Required Annual Personal Income
Read more: Best travel insurance credit cards
Best credit card for groceries
Scotiabank Momentum Visa Infinite
4% For every $1 you spend on grocery store purchases, recurring bill payments and subscription purchases
2% For every $1 you spend on gas and daily transit purchases
1% Cash back on all other purchases with no cash back limit
$120 Annual Fee $50 per supplementary card
20.99% Purchase APR
22.99% Cash Advance APR
22.99% Balance Transfer Rate
2.50% Foreign Transaction Fee
Excellent Recommended Credit Score
$60,000 Required Annual Personal Income
$100,000 Required Annual Household Income
Why we picked the Scotia Momentum Infinite as the best credit card for groceries
While you might expect the PC World Elite Mastercard (great for Loblaws, No Frills, Shoppers Drug Mart) or any of Scotia's Scene+ cards with rewards at FreshCo and Sobeys, the fact is, it's hard to beat the right 4% cash back on groceries with the Momentum card.
You'll also get 4% cash back on subscription services like Netflix and Spotify as well as recurring bill payments. You'll also earn 2% cash back on gas, transportation, and commuting and 1% cash back on everything else.
And for the first 3 months, you'll earn a whopping 10% cash back on all purchases (up to $2,000 in total purchase so $200 credit) and pay no annual fee in the first year, including additional cards.
The card comes loaded with travel insurance and mobile device insurance, too.
More of the best credit cards for groceries
Scotiabank Gold American Express®
Earn up to $650* in value in the first 12 months, including up to 40,000 bonus Scene+ points.
$120 Annual Fee
Very Good Recommended Credit Score
BMO CashBack® MasterCard®
Get 5% cash back in your first 3 months*
$0 Annual Fee
Good Recommended Credit Score
$15,000 Required Annual Personal Income
CIBC Dividend® Visa Infinite
Get a first-year annual fee rebate and earn 10% cash back welcome bonus of up to $250!†
$120 Annual Fee
Good Recommended Credit Score
$60,000 Required Annual Personal Income
@moneydotca Uncovering the Secrets: Are Credit Card Points Truly Rewarding or Just a Scam? A #creditcardpoints #personalfinance #fyp #tiktokfinance #creditcard #money ♬ this feeling - Øneheart
Read more: Best grocery store credit cards
Best credit card for gas
TD Cash Back Visa Infinite* Card
3% Earn 3% cash back on groceries, gas, and recurring bill payments†
1% Earn 1% cash back on all other purchases†
50% Earn 50% more Starbucks Stars when you link your TD card to your Starbucks account.†
$139 Annual Fee First additional cardholder is $50. After that, each card is $0.
20.99% Purchase APR APR for purchases 20.99%†
22.99% Cash Advance APR APR for cash advances 22.99%†
22.99% Balance Transfer Rate APR for balance transfers 22.99%†
Excellent Recommended Credit Score
$60,000 Required Annual Personal Income
$100,000 Required Annual Household Income
Welcome Offer Ends Jun 3, 2024
Earn up to $500 in value†, including 10% in Cash Back Dollars in the first 3 months on Bonus Eligible Purchases up to a total spend of $3,500†. Conditions apply. Account must be approved by June 3, 2024.
Learn moreWhy we picked the TD Cash Back Visa Infinite* Card as the best credit card for gas
Ok, so the CIBC Dividend Visa Infinite or Amex Simply Cash Preferred credit cards have a 4% cash back on gas compared to TD's 3%. However, if you're on the road enough where you value gas, you can save even more with free roadside assistance with TD.
Comparatively, at its most basic level, CAA charges $75 per year. So, we'll gladly save the 1% on $7500 worth of gas and take that free service and peace of mind with our credit card.
If that's not enough of a sell, know that for the first 3 months, you get 10% cash back on gas. All while getting your first year annual fee waived.
See more of the best credit cards for gas
CIBC Dividend® Visa Infinite
Get a first-year annual fee rebate and earn 10% cash back welcome bonus of up to $250!†
$120 Annual Fee
Good Recommended Credit Score
$60,000 Required Annual Personal Income
SimplyCash® Preferred Card
Welcome Bonus of up to $400 in Statement Credits
$119.88 Annual Fee
Excellent Recommended Credit Score
Tangerine Money-Back Credit Card
Get 10% cash back on up to $1,000 in everyday purchases made within 2 months. Pay only 1.95% balance transfer interest for the first 6 months.
$0 Annual Fee
Fair Recommended Credit Score
$12,000 Required Annual Personal Income
Read more: Best gas credit cards
Best credit card welcome bonus
TD First Class Travel® Visa Infinite* Card
8 Points Earn 8 TD Rewards Points for every $1 you spend through ExpediaForTD†
6 Points Earn 6 TD Rewards Points for every $1 you spend on groceries and restaurants.†
4 Points Earn 4 TD Rewards Points for every $1 you spend on recurring bill payments.†
2 Points Earn 2 TD Rewards points for every $1 you spend using your card.†
10% Bonus Points Each year, received a birthday bonus equal to 10% of the total number of points earned over the 12 preceding months.†
$100 Get an annual TD Travel Credit when you book at Expedia For TD†
USD The annual fee is in USD
$139 Annual Fee Annual fee is in USD. First additional cardholder is $50, subsequent cardholders are $0.
20.99% Purchase APR APR for purchases 20.99%†
22.99% Cash Advance APR APR for cash advances 22.99%†
22.99% Balance Transfer Rate APR for balance transfers 22.99%†
Good Recommended Credit Score
$60,000 Required Annual Personal Income
$100,000 Required Annual Household Income
Welcome Offer Ends Jun 3, 2024
Earn up to $800 in value†, including up to 100,000 TD Rewards Points† and no Annual Fee for the first year†. Conditions Apply. Account must be approved by June 3, 2024.
Learn moreWhy we picked the TD First Class Travel® Visa Infinite* Card as the top welcome bonus
It's the points. You get up to 100,000 TD Rewards Points† and pay no Annual Fee for the first year†. Conditions Apply. Account must be approved by June 3, 2024.
You also get a birthday bonus of up to 10,000 TD Rewards Points† and a $100 TD Travel Credit when booking through Expedia® For TD—a strong contender for one of the best websites to book travel.
See more of the best credit cards for welcome bonuses
American Express ® Aeroplan ®
Earn up to 50,000 Welcome Bonus Aeroplan®* points
$120 Annual Fee
Good Recommended Credit Score
$0 Required Annual Personal Income
BMO CashBack® World Elite® Mastercard
Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first year.
$120 Annual Fee
Excellent Recommended Credit Score
$80,000 Required Annual Personal Income
CIBC Dividend® Visa Infinite
Get a first-year annual fee rebate and earn 10% cash back welcome bonus of up to $250!†
$120 Annual Fee
Good Recommended Credit Score
$60,000 Required Annual Personal Income
Read more: Best promotions for credit cards
Best USD credit card in Canada
BMO U.S. Dollar Mastercard
$35 Annual Fee USD, rebated if you spend $1,000 USD per year on your card
20.99% Purchase APR
Very Good Recommended Credit Score
$15,000 Required Annual Personal Income
Why we picked the BMO U.S. Dollar Mastercard as the best USD credit card
The BMO U.S. Dollar Mastercard®* stands out as a prime choice among U.S. dollar credit cards in Canada, particularly for individuals who frequently engage in transactions in U.S. dollars. Its most compelling feature is the waiver of the annual fee for users who spend at least US$1,000 per year, transforming it into a cost-effective solution for those who regularly shop on American websites or travel to the United States. While the card does not offer rewards on purchases, this drawback is mitigated by the significant savings on foreign transaction fees, typically around 2.5%, that cardholders would otherwise incur. Additionally, the option to add extra cards for family members or employees at no additional cost enhances its appeal for managing expenses more efficiently.
The BMO U.S. Dollar Mastercard®* is especially suited for frequent travelers to the U.S. and avid online shoppers on U.S.-based sites. Despite its lack of a rewards program and the requirement for payments to be made in U.S. dollars, the card's ability to save on foreign transaction fees and its simple criteria for annual fee waiver make it an attractive option. The inclusion of basic credit card insurances, such as extended warranty and purchase protection, adds another layer of value, even though it falls short in offering comprehensive travel insurance. For BMO customers, the card presents an easy way to manage U.S. dollar expenses without the additional burden of conversion fees, making it a practical choice despite its limitations.
See more great US Dollar credit cards
TD U.S. Dollar Visa* Card
$39 Annual Fee
Good Recommended Credit Score
$0 Required Annual Personal Income
Scotiabank U.S. Dollar Visa Card
No U.S. dollar currency conversion fee
$35 Annual Fee
Good Recommended Credit Score
Best credit card for AIR MILES
BMO AIR MILES World Elite Mastercard
3x Cardholders earn an accelerated 3x the Miles per $12 spent at participating AIR MILES partners*,
2x 2x the Miles for every $12 spent at any eligible grocery store*
1x reward mile for every $12 in credit card purchases, everywhere you spend*
25% discount on one worldwide AIR MILES flight redemption during the calendar year.*
$120 Annual Fee
20.99% Purchase APR
23.99% Cash Advance APR 21.99% for Quebec residents
23.99% Balance Transfer Rate
Excellent Recommended Credit Score
$80,000 Required Annual Personal Income
$150,000 Required Annual Household Income
Welcome Offer
Get 2,000 AIR MILES Bonus Miles and we’ll waive the $120 annual fee for the first year*.
Learn moreWhy we picked the BMO Air Miles World Elite as the best credit card for Air Miles
While it may not win the best travel credit card in Canada, if you're an Air Miles loyalist, you can't go wrong with this card.
With a first year annual fee waiver, a huge sign up bonus, and high earn rates, it'll have you collecting Air Miles quickly.
Once a year, Air Miles will give you a 25% discount on a flight when using your miles to fly. Then, while travelling, enjoy airport lounge access, comprehensive travel insurance, and additional perks like Boingo Wi-Fi (essential if you forgot to download your Netflix specials to your tablet or phone).
It does have a higher income requirement, so you may want to look at the our best travel credit cards in Canada where you'll find a few Amex cards that don't require a minimum income (but do require a good to great credit score).
More of the best credit cards for Air Miles
BMO AIR MILES®† MasterCard®*
Get 800 AIR MILES Bonus Miles!* That’s enough for $80 towards purchases with AIR MILES Cash*
$0 Annual Fee
Good Recommended Credit Score
$15,000 Required Annual Personal Income
BMO AIR MILES Mastercard - Student
Get 800 AIR MILES Bonus Miles!* That’s enough for $80 towards purchases with AIR MILES Cash*
$0 Annual Fee
Good Recommended Credit Score
$0 Required Annual Personal Income
Read more: Best Air Miles credit cards
Best credit card for Aeroplan
TD Aeroplan Visa Infinite*
1.5 points for every $1 spent on eligible gas, grocery and direct through Air Canada® purchases (including Air Canada Vacations®)†
1 point Earn 1 point for every $1 you spend on all other purchases†
2x Earn points twice with Aeroplan partner brands and on the Aeroplan eStore.†
50% Earn 50% more Aeroplan points at Starbucks when you link your card to your account.†
1 NEXUS application fee rebate every 48 months†
1st checked bag free for you and up to 8 travel companions†
$139 Annual Fee Additional cardholder is $75.†
20.99% Purchase APR APR for purchases 20.99%†
22.99% Cash Advance APR APR for cash advances 22.99%†
22.99% Balance Transfer Rate APR for balance transfers 22.99%†
2.50% Foreign Transaction Fee Foreign transaction fee: 2.50%†
Excellent Recommended Credit Score
$60,000 Required Annual Personal Income
$100,000 Required Annual Household Income
Welcome Offer Ends Jun 3, 2024
Earn up to $1,200 in value† including up to 50,000 Aeroplan points†. Conditions Apply. Account must be approved by June 3, 2024.
Learn moreWhy we picked the TD Aeroplan Visa Infinite* as the best credit card for Aeroplan points
The best credit cards for Aeroplan aren't always an Aeroplan credit card because you can transfer other points into Aeroplan like Amex Membership Rewards and Marriott Bonvoy.
However, this year's best co-branded Aeroplan credit card has to go to the TD Aeroplan Visa Infinite* card.
With a sizeable welcome bonus, including an annual fee waiver, a NEXUS application fee rebate, and free first checked bags for you and up to 8 travel companions, it's the best Aeroplan credit card for Money.ca.
However, it if you prefer more luxury and don't mind a higher price tag, check out our other picks for the best credit cards for Aeroplan below. The Amex Platinum, despite its high price tag, carries a lot of perks and benefits that may be worth the investment.
See more of the best credit cards for Aeroplan
TD® Aeroplan® Visa Infinite* Card
Earn up to $1,200 in value† including up to 50,000 Aeroplan points†. Conditions Apply. Account must be approved by June 3, 2024.
$139 Annual Fee
Excellent Recommended Credit Score
$60,000 Required Annual Personal Income
American Express ® Aeroplan ®
Earn up to 50,000 Welcome Bonus Aeroplan®* points
$120 Annual Fee
Good Recommended Credit Score
$0 Required Annual Personal Income
CIBC Aeroplan® Visa* Card
Earn up to 10,000 Aeroplan points (up to $200 in value)
$0 Annual Fee
Fair Recommended Credit Score
Read more: Best Aeroplan credit cards
Best credit card in Canada for low-interest rates
MBNA True Line Gold Mastercard
8.99 8.99% interest rate on purchases and 8.99%✪ on balance transfers
$39 Annual Fee
8.99% Purchase APR
24.99% Cash Advance APR
8.99% Balance Transfer Rate
Good Recommended Credit Score
Why we picked the MBNA True Line Gold Mastercard as the best credit card for low interest
Well, if you're looking for a low interest rate credit card in Canada, it's not subjective, it's fact.
The MBNA annual percentage rate (APR) is a a low 8.99%.
Now, it's sister card, the non-gold, MBNA True Line Mastercard is best paired with the MBNA True Line Gold thanks to its balance transfer offer of 0% interest for an entire year.
So, if you're in credit card debt now, you can snap up the balance transfer offer with the MBNA True Line to pay off the debt and use the MBNA True Line Gold as your go-to card for new expenses. It's the best of both worlds!
See more of the best credit cards with low interest
BMO Preferred Rate Mastercard®*
$29 Annual Fee
Good Recommended Credit Score
$0 Required Annual Personal Income
Read more: Best low interest credit cards
Best prepaid credit card in Canada
EQ Bank card
0.5% cash back on purchases
2.5% interest on your balance
$0 Annual Fee
0.00% Purchase APR
0.00% Foreign Transaction Fee
Fair Recommended Credit Score
$0 Required Annual Personal Income
$0 Required Annual Household Income
Why we picked the EQ Bank card as the best prepaid card in Canada
A welcome newcomer to the scene (and a long-desired product from EQ Bank), the EQ Bank card gives everything you want in a prepaid credit card—no annual fee, 0.5% cash back on purchases and 2.5% interest on money you hold on the card.
In case you missed it, EQ is now offering 4% interest on your money in your EQ bank account when you setup payroll to land in your account. And the same applies to the card.
There are no monthly fees, no foreign exchange fees, and no ATM fees with this card—it's all no fee.
More of the best credit cards for prepaid
Koho Mastercard
$0 Annual Fee
Poor Recommended Credit Score
$0 Required Annual Personal Income
Read more: Best prepaid credit cards
How do credit cards work?
Let’s get back to basics for a moment and talk about how credit cards actually work from the application process to paying off your balance.
Applying for a credit card
When you apply for a credit card, you are typically authorizing a credit card issuing to do a hard credit check to determine your eligibility. They’ll analyze your credit file for the following:
- Borrowing history and payments
- Credit history and mix of accounts
- The total amount of debt you owe
- The age of your credit accounts
Overall, they’re looking for your creditworthiness, or how likely you are to repay your debt.
If you’re approved, you’ll be assigned a credit limit based on what the issuer believes you would reasonably be able to pay back based on your credit experience and cash flow. This credit limit, also referred to as a credit line or spending limit, is the total amount you’re permitted to spend on your card. You may not be permitted to exceed this limit.
Traditional credit cards are unsecured, meaning they don’t require you to make a deposit when opening. Instead, they have credit and income criteria they’re looking for to decide if you’re a good candidate for new credit. Secured cards, on the other hand, work differently. They do require you to make a deposit as a form of collateral, which protects the issuers in the event that you’re not able to pay back what you owe. Issuers are far more likely to accept applicants with lower credit scores and more imperfect credit histories for secured cards because of this.
While many secured card applications still include a credit check, these cards typically determine your credit limit based on the amount you deposit rather than your credit. Usually, your security deposit is equal to your credit line. So if you deposit $1,000, you can spend up to $1,000.
Spending with a credit card
A credit card is a revolving line of credit. Essentially, you can use it and pay it off for as long as your account is still open. Each time you pay back what you owe, your credit limit resets and you can borrow up to your credit limit again. In some cases, you can exceed your credit limit, but this depends on what your card issuer is willing to let slide.
Every time you put money on your card, you’re going into debt until you repay your balance. How long you carry that debt is up to you.
Making credit card payments
You make credit card payments every month to repay some or all of your balance. You can either make the minimum payment, which is calculated as a percentage of your balance (usually 2% or 3%), a full payment of the statement balance, or a custom amount between these two. Paying off your full balance each month is key to avoiding debt and interest.
Most issuers grant cardholders an interest-free payment grace period (usually 21 days), after which at least the minimum payment is required. After the grace period, interest begins to accrue on any remaining debt.
Building credit with a credit card
Using credit affects your credit. Issuers report your payment activity to the credit bureaus, which can work against you or in your favour depending on if you’re staying on top of your payments.
If you make your credit card payments on time every month, your score should steadily increase. If you make your payments after the due date or miss them entirely, your score may rapidly fall. Other factors such as how much of your credit limit you use, how many other credit accounts you have, and how old your credit cards are can affect your credit.
The more responsible you are with your credit card and the less debt you carry, the more creditworthy you appear in the eyes of lenders. Remember that everything lands on your report eventually and avoid maxing out your cards, missing payments, etc.
Read more: 7 Ways To Improve Your Credit Score
How does credit card interest work?
Credit card interest is charged when you don’t pay off your balance in full. You’ll pay the regular purchase APR on whatever portion of your credit card balance remains on your account after its posted due date. Every month, you’ll receive a statement that tells you how much you’ve spent and what you owe. More specifically:
- What your full statement balance is or the total amount you spent in the previous statement period
- The minimum payment you’re required to make
- When the minimum payment is due
You need to pay at least the minimum payment to keep your account in good standing. But if you pay only the minimum, you’ll owe interest on what remains of your statement balance.
Take this example. Say your credit card charges a regular purchase APR of 19.99%. Over the course of a month, you spend $2,000 on that card. Your minimum payment is $20, and this is what you pay on the due date. You carry the remaining balance of $1,980 into the next statement period. You’ll continue owing interest on this amount until it’s paid off in full. If you take six months to repay the balance and don’t spend any more on the card until then (or for the sake of this example make other payments), you will pay a total of $117.09 in interest for a grand total of $2,097.09.
Credit card interest rates are usually variable, so they can change at the issuer’s discretion. Click the link below for more information about how interest is calculated.
Read more: Understanding and Calculating Credit Card Interest
Types of credit cards in Canada
As you can probably guess from the fact that we’ve chosen 14 different credit cards just for this list, there are a lot of different types of credit cards. On the surface, credit cards all serve the same purpose of giving us an easy way to spend money and borrow. But when you get down to the details, different cards can help borrowers achieve very different end goals.
Take a look at the seven main categories of cards.
Rewards credit cards
Rewards cards pay you in some way when you spend. This can be in the form of cash back, travel, or points. Redemption options and earnings rates will vary by card, but the general idea is that you’re earning something on some or all of your spending. Rewards cards often earn the most rewards in a certain category such as groceries or travel.
Branded credit cards
Branded credit cards are offered by credit card issuers in partnership with other corporations such as retailers, airlines, or hotels. These typically earn the most rewards for loyalty programs specific to the associated brand and may also offer perks like preferred bookings, discounts, or priority treatment.
Student and beginner credit cards
Credit card issuers for student and starter cards don’t expect to see applicants with polished, well-rounded credit histories and shiny credit scores. There’s definitely a time and a place for starter cards. College students, new immigrants to Canada, and people rebuilding after bankruptcy are just a few examples of those who might benefit from these cards.
Balance transfer cards
Balance transfer credit cards are different from your typical credit card. They’re not meant to replace your other cards but rather provide a vehicle for debt repayment. By transferring multiple card balances to one single balance transfer credit card, you can save on interest and make your life easier as you work to pay back what you owe. These cards often offer promotional 0% APRs for a set number of months from account opening so you don’t have to start paying interest right away.
Low-interest credit cards
Like a balance transfer credit card, a low-interest credit card is designed to give you a break. But rather than a low introductory rate, these have regular APRs that are lower than comparable cards so that when you do carry a balance, you won’t owe as much interest in the long run. These can be smart for people who struggle with debt and overspending.
Secured credit cards
Secured cards are unlike unsecured cards in that they require refundable security deposits when you sign up. But functionally, secured and unsecured cards work in the same way.
You can spend up to your limit and will owe a portion of your balance each statement period. You’re responsible for making your payments on time and your activity is reported to the bureaus. Secured cards are easier to get, so they can be better for those with bad or brand-new credit.
Business credit cards
Business cards can help business owners and entrepreneurs simplify their business-related spending and save money on certain expenses. For example, if you travel a lot for work, you could get a business card that offers benefits for frequent travel. If you spend a lot on marketing, you could get a rewards card that earns points in this category.
Business cards can fit into almost any of the categories already mentioned but are specifically for business owners
Most popular credit cards in Canada by usage
The most favored credit cards vary depending on the type, such as travel rewards, cashback offers, or low-fee options. Recent insights from YouGov categorize the top cards by their payment networks, including Visa and Mastercard, with an additional analysis by age group to assist you in choosing the most suitable option for those within your age bracket.
For younger demographics, specifically ages 18-24 and 25-35, Visa emerges as the preferred provider, capturing 33% and 41% of the market share in these age groups, respectively. In contrast, Mastercard holds a 16% and 27% share for the same age ranges. Conversely, among the older population (55 and over), Mastercard leads with a 37% market share, surpassing Visa's 33%. When considering all age groups combined, both payment networks maintain nearly equal market shares, with Mastercard at 33.44% and Visa slightly ahead at 34.4%.
What credit card should I get? | 5 ways to compare the best credit cards in Canada
When choosing the right credit card for you, you should be mindful of the good and the bad. Try to look into all of the following details when comparing your options.
Fees
Any fees your card has will eat into your rewards earning – and budget. This is why it’s important to be mindful of annual fees, foreign transaction fees, and more when thinking about signing up for a card.
But free isn’t always better. Often, great cards are worth paying for. A card’s value can easily cancel out an annual fee in just a month or two if it includes a variety of statement credits, discounts, and perks. Consider what fees you’re willing to pay for the benefits of having a particular card.
Read more: Why Pay for a Credit Card with an Annual Fee?
Credit card rewards
One of the most significant features of any reward/cash-back card is how fast and easy it is to earn rewards/cash. Overall, the higher the earn rate, the better.
However, to really understand a card’s value, it’s essential to know what points are actually worth in real-world terms as well as how easy they are to use. Flexible redemption is almost always more important than higher rates. Bonus points (sorry) if rewards can be transferred to other programs.
Credit card perks
Cards can offer a wide variety of perks. Often, the type of card dictates what types of perks you may get. For example, a card that earns travel rewards may include complimentary travel insurance. Low-interest credit cards may include purchase protection.
Whenever you get to the perks section of a card’s sales page, you should think as realistically as possible. Sure free stuff is nice, but which perks are you actually going to use and which ones are you going to forget you have? Which ones do you already pay for that you could save money on and which ones would you never pay for but use if you had them for free?
Examples of credit card perks include:
- Extended warranties
- Insurance (e.g. travel interruption insurance)
- Emergency assistance services (e.g. roadside dispatch)
- Airport lounge access
- Free checked bags
- Hotel upgrades
- Early/Late check-in
- Concierge services
Credit card interest
APRs are a huge factor for any kind of credit card, especially for people who don’t pay off their balance in full each statement period. Pay close attention to how much interest you might pay if you carry a balance, make a balance transfer, request a cash advance, or miss a due date on your card payment.
Credit card sign-up bonuses
The bigger the welcome bonus, the better. But we generally favour substance over flash, and we’re critical of cards that won’t deliver repeated value over time. Even the best credit card sign-up bonus won’t make a mediocre card worth signing up for, so don’t sign up for a card to get a bonus unless you would sign up if it didn’t have that bonus too.
Read more: Best credit card offers
Best credit card company (or what you need to know about credit card customer service)
When selecting the best credit card, it's crucial to evaluate the quality of customer service, which encompasses the ease of accessing support and the variety of contact methods available. As we reflect on our own experiences at Money.ca, customer service and hold times are critically important. When we ask some of our writers about their best and most frustrating moments, long wait times is a consistent theme.
To shore up our best credit card rankings, we charted J.D. Power’s Canada Credit Card Satisfaction Studies from 2018, 2019, 2020, 2021, 2022, and 2023. In addition to some credit card issuers consistently performing better than others, like Tangerine, 2023 highlights a declining trend in customer satisfaction across Canadian issuers.
If customer satisfaction was the only determining factor, the best credit card issuers in Canada would continually be Tangerine, Canadian Tire Financial, and PC Financial. Traditional issuers like RBC credit cards and BMO credit cards consistently rank in the middle or the bottom with MBNA bringing up the rear.
How to sign up for a credit card in Canada
To apply for a credit card in Canada, you’ll need to fill out an application. Typically, this asks for the following items:
- Your personal information including your full legal name and date of birth
- Your Social Insurance Number (SIN)
- Your permanent address
- Details about your income and employment (often including how much you earn and the terms of your employment)
After providing these details, the issuer of the card you’re applying for will review your application. If you qualify or disqualify automatically, you’ll receive a near-instant decision. If the issuer has concerns about some of the information you’ve given or just needs to take a closer look at your application, you may be asked to wait a few business days for a final decision.
Before you fill out any application, check for prequalification if it’s an option. This is a good idea because applications almost always do hard credit checks, which can negatively impact your credit, especially if you have several new ones together on your credit report. Prequalification uses a soft credit check, which doesn’t impact your credit.
If you’re approved, you’ll usually receive your physical card in the mail a week or two after applying. Some cards offer a digital version you can start using right away.
Note: Got a sign-up bonus you think you can easily qualify for? Make sure to adjust your spending as needed to hit the spending requirements for the bonus, within reason. Maybe swap a bill payment or two over to this new card or use this one for the majority of your grocery purchases for a few weeks.
Activate your card when it arrives and start using it right away.
Tips for using a credit card
Credit cards can empower you to spend more freely and even save money on your expenses. But they can also be dangerous. If you’re not careful, you can quickly go into debt or damage your credit with a credit card.
Here are five tips for using credit safely.
Pay your bill on the same day every month – Rather than trust yourself to remember to pay your bill when it’s due, set yourself a reminder for the same day each month. Or, better yet, schedule your payments to come out of a linked bank account automatically before or on the due date.
Make more than your minimum payment – Whenever you can, try to pay off your full statement balance each month rather than the minimum payment. Though you can get away with only paying the minimum, you’ll get charged interest on the rest of your balance.
Check your statements often – Get into a habit of reading through your credit card transactions on a regular basis, maybe weekly or biweekly. This way, you have a better idea of your spending habits and can catch any suspicious charges as early as possible.
Watch your credit score – You can check your credit score at any time without impacting your credit, and this is an especially great idea if you’re working to improve your score. Even if your credit is in good shape, it doesn’t hurt to keep an eye on how it’s changing.
Use it like a debit card – Some of the best advice we can give credit card users new and old is to pretend your card is actually a debit card. Use only what you know you have in the bank and pay it off right away. Do your best to stay well under your credit limit.
Should you get a credit card?
Above all, a credit card is a convenient tool that can have serious consequences on your financial life. It’s important to remember that when you use a card, you’re taking out a temporary loan from your issuer. This is a big deal and you shouldn’t take using your credit card lightly.
Credit cards have both pros and cons. They, of course, offer purchasing convenience, and smart use of a card can help you build a solid credit score and thus make it easier to be approved for a loan or a mortgage in the future. Add to that the potential for rewards and freebies and there are a lot of reasons to sign up for one.
But the possible downsides are just as dramatic, often even more. Poor credit card use can lead to overspending, unsustainable debt levels, and bad credit that can take years to repair.
If you feel nervous about your ability to use a credit card safely and responsibly, consider an alternative until you’re ready.
Read more: Credit Card Alternatives: Debit Cards, Prepaid Cards and Charge Cards
Canadian credit card debt
From December 2023 to January 2024, Canadians cut their credit card debt by 3.12% to $101 billion down from its previous high of $105 billion, which is typical behaviour after the holiday spending and Christmas bonuses come in.
But credit card debt was still up from a year prior by 12.76% from just over $90 billion.
While this rise could indicate economic growth in some areas, it could also signal Canadians resorting to more consumer debt in an attempt to keep up with inflation and a lack of wage growth to match the disparity.
American vs. Canadian credit cards
American and Canadian credit card products are surprisingly different. Some cards are available to both Americans and Canadians while others are available in only one country.
Many U.S. credit cards do permit Canadian citizens to apply, but there are a few barriers to consider. One is your credit. U.S. and Canadian credit histories are separate, and your Canadian credit history (unfortunately) won’t usually count when you’re applying for a U.S. card. So if you’ve got your eye on an American credit card as a Canadian citizen, get to work on your U.S. credit for a better chance of approval.
Read more: U.S. Credit Cards That We’re Unabashedly Jealous of in Canada
Credit card issuer vs. credit card network
If you’re going to make the most of your credit cards, it’s important to understand the distinction between an issuer and a network. A credit card issuer is a financial institution (like a bank or credit union) that issues and manages your credit card. They approve or deny your application, establish a card’s earning rate and perks, and process your payments.
While there are hundreds of different issuers in Canada, there are only three main networks: Visa, Mastercard, and American Express. (Discover is also a network somewhat popular in the U.S., but few Canadian merchants accept their cards.) Networks set the fees that merchants pay for processing a credit card transaction. American Express is both an issuer and a network while Visa and Mastercard are networks only.
For a breakdown of the best of each network, check out our top credit card picks for Visa, Mastercard and American Express in Canada.
Best Canadian credit card FAQs
Summary: Best credit cards in Canada
Canadian credit cards come in many different shapes and sizes. Okay, so they’re all pretty much the same shape and size, but they’re really varied in terms of what they require, what they offer, and who they’re best for.
If you’re searching for your next credit card or your very first one, be sure to give yourself plenty of time to make the decision. Finding the right card for you is well worth it.
BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
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.
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. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment
More of Canada's best credit cards
Best credit cards by bank
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