If you are new to the world of credit cards, you may feel overwhelmed by constant advertising and a plethora of terms and cards being offered. How do you choose which one is best for you, and do you really need one? We're here to help.
Having a credit card (and using it sensibly) can set you up for financial success. A credit card offers a tool for you to build a strong credit history and credit score, which is vital to securing favourable terms for loans such as a mortgage. Here’s what you need to know to get a credit card and use it responsibly.
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American Express Cobalt® Card
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
Amazon.ca Rewards Mastercard
2.5% cash back (unlimited) at Amazon.ca, Whole Foods and no foreign currency fees for Prime members
1.5% cash back (unlimited) for non-prime members at Amazon.ca and Whole Foods
10% rental car discounts at Avis and Budget Rent A Car locations in North America
$0 Annual Fee
19.99% Purchase APR
22.99% Cash Advance APR
Fair Recommended Credit Score
$0 Required Annual Personal Income
$0 Required Annual Household Income
American Express Aeroplan Reserve
3X the points on eligible purchases made directly with Air Canada®* and Air Canada Vacations®*
2X the points on eligible Dining and Food Delivery purchases in Canada
1.5X the points on everything else
$599 Annual Fee
21.99% Purchase APR on purchases
21.99% Cash Advance APR on funds advances
2.50% Foreign Transaction Fee
Good Recommended Credit Score
$0 Required Annual Personal Income
Welcome Offer
New American Express® Aeroplan®* Reserve Cardmembers can earn up to 85,000 Aeroplan points.
Learn more
American Express EssentialTM Credit Card
$25 Annual Fee
12.99% Purchase APR
12.99% Cash Advance APR
12.99% Balance Transfer Rate
Fair Recommended Credit Score
$0 Required Annual Personal Income
American Express ® Aeroplan ®
2x the points on eligible purchases made directly with Air Canada®* and Air Canada vacations®*
1.5x the points on eligible Dining and Food Delivery purchases in Canada
1x the points on everything else
$120 Annual Fee
2.50% Foreign Transaction Fee
Good Recommended Credit Score
$0 Required Annual Personal Income
American Express® Aeroplan®* Business Reserve Card
3x Aeroplan Points For eligible direct purchases with Air Canada®* and Air Canada Vacations®*
2x Aeroplan Points on eligible hotel and car rentals (in Canada)
1.25x Aeroplan Points on everything else
$599 Annual Fee $199 for supplementary Aeroplan ®*Business Reserve Cards ($0 for Aeroplan®*Business Reserve No Fee)
21.99% Purchase APR on purchases
21.99% Cash Advance APR
Good Recommended Credit Score
American Express® Business Edge
3x points for every $1 spent on eligible office supplies & electronics, rides & gas, eats & drinks (up to a maximum of 75,000 Membership Rewards points, 1x point thereafter)
1x points for every $1 spent on everything else
10x points - Welcome offer for every $1 spent on eligible office supplies & electronics, rides & gas, eats & drinks in your first 6 months up to 10,000 points
$99 Annual Fee
20.99% Purchase APR
21.99% Cash Advance APR
Good Recommended Credit Score
American Express® Business Gold Rewards Card
10,000 points each quarter when you charge $20,000 in net purchases to your Card
1x on every $1 spent on everything else
$199 Annual Fee Option to add Employee Business Gold Rewards Cards for $50 annually*
20.99% - 30.00% Variable APR This charge Card has both Due in Full and Flexible Payment Option balances.
Good Recommended Credit Score
American Express® Gold Rewards Card
2 Earn 2 MR points per $1 dollar spent on travel (flights, hotels, car rentals, cruises and more)
2 Earn 2 MR points per $1 spent in everyday purchases (gas, groceries and drugstore purchases)
1 Earn 1 MR point per $1 dollar spent on everything else
1 Earn 1 additional MR point for every dollar charged on bookings made through Amex Travel Online
$250 Annual Fee Includes annual $100 travel credit and 1 free additional card.
21.99% Purchase APR on purchases
21.99% Cash Advance APR
2.50% Foreign Transaction Fee
Very Good Recommended Credit Score
American Express® Green Card
1 MR point Earn 1 Membership Rewards point per $1 spent.
1 bonus point Earn 1 additional MR point for every dollar charged to your card with Amex Travel Online.
$0 Annual Fee No annual fee
20.99% Purchase APR
21.99% Cash Advance APR
Good Recommended Credit Score
BMO AIR MILES Mastercard - Student
$0 Annual Fee
20.99% Purchase APR
22.99% Cash Advance APR 21.99% for Quebec residents
Good Recommended Credit Score
$0 Required Annual Personal Income
$0 Required Annual Household Income
Welcome Offer
Get 800 AIR MILES Bonus Miles!* That’s enough for $80 towards purchases with AIR MILES Cash*
Learn moreBMO AIR MILES®† MasterCard®*
3 miles Get 3 Miles for every $25 spent with AIR MILES Partners.
2 miles Get 2x the Miles for every $25 at grocery stores and supermarkets.
4 miles Double up your Shell Go+ Miles on eligible fuel and in-store purchases.
$0 Annual Fee
20.99% Purchase APR
22.99% Cash Advance APR 21.99% for Quebec residents
22.99% Balance Transfer Rate 0.99% introductory interest rate for 9 months (fee applies)*
2.00% Balance Transfer Fee
Good Recommended Credit Score
$15,000 Required Annual Personal Income
Welcome Offer
Get 800 AIR MILES Bonus Miles!* That’s enough for $80 towards purchases with AIR MILES Cash*
Learn moreBMO 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 moreBMO Ascend™ World Elite®* Mastercard®
5x 5x the points for every $1 spent on eligible travel purchases*
3x 3x the points for every $1 spent on eligible dining and entertainment purchases and recurring bill payments*
1x 1 point for every $1 spent everywhere else*
$150 Annual Fee
20.99% Purchase APR
23.99% Cash Advance APR
23.99% Balance Transfer Rate 21.99% for Quebec residents
2.50% Foreign Transaction Fee
Excellent Recommended Credit Score
$80,000 Required Annual Personal Income
$150,000 Required Annual Household Income
Welcome Offer Ends May 31, 2024
Get up to 90,000 points and the annual fee waived in the first year for both the primary cardholder and authorized users.*
Learn moreBMO CashBack® Business Mastercard®*
1.75% cash back when you pay at the pump or shop in-store at Shell®††
1.5% cash back on gas, office supplies and cellphone and internet bill payments†
0.75% cash back on all other purchases
$0 Annual Fee
19.99% Purchase APR
22.99% Cash Advance APR
Very Good Recommended Credit Score
Welcome Offer
Get 10% cash back on gas, office supplies and cellphone and internet bill payments for 3 months!1 Plus, get a 0.00% introductory interest rate on Balance Transfers for 9 months with a 3% transfer fee.† Offer is valid until March 31, 2024.
Learn moreRBC Avion Visa Infinite
1 Earn 1 Avion point for every dollar you spend*.
25% extra Avion points on eligible travel purchases
$1,500 mobile device insurance
3¢/L savings on fuel at Petro-Canada and always earn 20% more Avion points
50 Be Well points for every $1 spent on eligible products at Rexall
20% off at Hertz and earn 3x the Avion points
$0 delivery fees for 12 months from DoorDash
$120 Annual Fee $50 for each additional card
20.99% Purchase APR
22.99% Cash Advance APR
22.99% Balance Transfer Rate
Very Good Recommended Credit Score
$60,000 Required Annual Personal Income
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 moreTD 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 moreScotiabank American Express
3x Scene+ points on every $1 you spend at Sobeys, Safeway, Freshco and more
2x Scene+ points¹ for every $1 you spend on restaurants, fast food, drinking establishments and other eligible grocery stores. Includes popular food delivery and food subscriptions.
2x Scene+ points¹ for every $1 you spend on eligible entertainment purchases. Includes movies, theatre and ticket agencies stores.
2x Scene+ points¹ for every $1 you spend on eligible gas and daily transit. Includes ride shares, buses, subway, taxis and more
2x Scene+ points¹ for every $1 you spend on eligible select streaming services
1x Scene+ point for every $1 spent on all other eligible everyday purchases.
$0 Annual Fee Additional cards are $0
19.99% Purchase APR
22.99% Cash Advance APR
22.99% Balance Transfer Rate
2.50% Foreign Transaction Fee
Good Recommended Credit Score
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
National Bank World Elite® Mastercard®
5 points for every dollar spent at grocery stores and restaurants
$5,000,000 Maximum for the out-of-province-of-residence emergency medical coverage for up to 60 days
$150 Annual Fee
20.99% Purchase APR
22.49% Cash Advance APR
22.49% Balance Transfer Rate
Very Good Recommended Credit Score
$80,000 Required Annual Personal Income
$150,000 Required Annual Household Income
CIBC Aeroplan® Visa* Card
1 point for every $1 you spend on eligible gas, electric vehicle charging, groceries and with Air Canada directly, including through Air Canada Vacations®
1 point for every $1.50 you spend on all other purchases.
2x Earn points twice at over 150 Aeroplan partners and over 170 online retailers through the Aeroplan eStore.
$0 Annual Fee $0 for up to 3 additional cards
20.99% Purchase APR non-Quebec residents†
22.99% Cash Advance APR non-Quebec residents†
Fair Recommended Credit Score
$15,000 Required Annual Household Income
Capital One Guaranteed Secured Mastercard
$59 Annual Fee
21.90% Purchase APR
21.90% Cash Advance APR
21.90% Balance Transfer Rate
Poor Recommended Credit Score
$0 Required Annual Personal Income
$0 Required Annual Household Income
$75 Min Security Deposit
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
Home Trust Preferred Visa
1% Earn 1% cash back on all purchases with no cap.
$0 Annual Fee
21.99% Purchase APR
21.99% Cash Advance APR
21.99% Balance Transfer Rate
0.00% Foreign Transaction Fee
Good Recommended Credit Score
$15,000 Required Annual Personal Income
Scotiabank Passport® Visa Infinite*
3x Scene+ points on every $1 you spend at Sobeys, Safeway, IGA, Foodland and participating Co-ops and more
2x Scene+ points for every $1 you spend on other eligible grocery stores, dining, eligible entertainment purchases and eligible daily transit options (including ride shares, buses, subways, taxis and more)
1x Scene+ point for every $1 spent on all other eligible everyday purchases
$150 Annual Fee
20.99% Purchase APR
22.99% Cash Advance APR
22.99% Balance Transfer Rate
5.00% Balance Transfer Fee
0.00% Foreign Transaction Fee
Good Recommended Credit Score
$60,000 Required Annual Personal Income
$100,000 Required Annual Household Income
Welcome Offer Ends Jul 1, 2024
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
Learn moreBMO 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
BMO CashBack® Mastercard®* for students
3% Earn 3% cash back on groceries
1% Earn 1% cash back on recurring bill payments like your mobile phone, streaming and subscription services
0.5% Earn 0.5% cash back on all other purchases
$0 Annual Fee
20.99% Purchase APR
22.99% Cash Advance APR 21.99% for Quebec residents
Good Recommended Credit Score
$0 Required Annual Personal Income
$0 Required Annual Household Income
BMO CashBack® World Elite® Mastercard
5% Groceries: 5% cash back up to $500 spent per month ($25 in cash back)*
4% Transit: 4% cash back up to $300 spent per month ($12 in cash back)*
3% Gas: 3% cash back up to $300 spent per month ($9 in cash back)*
2% Recurring Bills: 2% cash back up to $500 spent per month ($10 in cash back)*
1% Everything Else: 1% cash back, unlimited*
$120 Annual Fee
20.99% Purchase APR
23.99% Cash Advance APR 21.99% for Quebec residents
23.99% Balance Transfer Rate
2.90% Foreign Transaction Fee
Excellent Recommended Credit Score
$80,000 Required Annual Personal Income
$150,000 Required Annual Household Income
Welcome Offer
Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first year.
Learn moreBMO Eclipse Visa Infinite
5x the points for every $1 spent on groceries, gas, dining in and out and transit.*
10% Earn 10% more points when you add an authorized user to your account.*
$50 annual lifestyle credit to spend however you want*
$120 Annual Fee One Hundred And Twenty - annual fee waived in the first year
20.99% Purchase APR
23.99% Cash Advance APR 21.99% for Quebec residents
23.99% Balance Transfer Rate
Very Good Recommended Credit Score
$60,000 Required Annual Personal Income
$100,000 Required Annual Household Income
Welcome Offer Ends May 31, 2024
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!*
Learn moreBMO eclipse Visa Infinite Privilege
5 Cardholders earn an impressive 5 BMO Rewards points per $1 spent in essential categories like travel, dining, gas, groceries, and pharmacy*. This bonus applies up to an annual threshold of $50,000.
1 You’ll earn 1 BMO Rewards point per $1 spent in these categories after that threshold as been met. Other purchases will earn 1 BMO Rewards point per $1 spent*.
$499 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
$150,000 Required Annual Personal Income
$200,000 Required Annual Household Income
BMO Preferred Rate Mastercard®*
0.99% 0.99% introductory interest rate on balance transfers for 9 months with a 2% transfer fee and a first year annual fee waiver
$29 Annual Fee Waived with balance transfer offer or BMO Performance chequing account
13.99% Purchase APR
15.99% Cash Advance APR
0.99% Balance Transfer Rate 0.99% introductory interest rate on balance transfers for 9 months with a 2% transfer fee and waive the first year annual fee
2.00% Balance Transfer Fee
Good Recommended Credit Score
$0 Required Annual Personal Income
$0 Required Annual Household Income
Welcome Offer
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.*
Learn moreBMO Rewards Mastercard
Discontinued This card has been discontinued.
$0 Annual Fee
20.99% Purchase APR
22.99% Cash Advance APR 21.99% for Quebec residents
0.99% Balance Transfer Rate Introductory interest rate for 9 months with a 2% transfer fee
2.00% Balance Transfer Fee
Good Recommended Credit Score
$15,000 Required Annual Personal Income
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
Capital One Aspire Travel™ Platinum Mastercard®
1x Earn 1 Reward Mile for every $1 spent.
$0 Annual Fee Add an authorized user for $0.
21.90% Purchase APR
21.90% Cash Advance APR
21.90% Balance Transfer Rate
Fair Recommended Credit Score
Capital One Guaranteed Mastercard
$59 Annual Fee
21.90% Purchase APR
21.90% Cash Advance APR
21.90% Balance Transfer Rate
Poor Recommended Credit Score
$0 Required Annual Personal Income
$0 Required Annual Household Income
Capital One Smart Rewards™ Mastercard®
5 points for every $1 paid toward your balance.
$0 Annual Fee $0 for any additional cards
21.90% Purchase APR
21.90% Cash Advance APR
21.90% Balance Transfer Rate
Fair Recommended Credit Score
$0 Required Annual Personal Income
$0 Required Annual Household Income
Capital One® Low Rate Guaranteed Mastercard®
$79 Annual Fee
14.90% Purchase APR
21.90% Cash Advance APR
14.90% Balance Transfer Rate
Poor Recommended Credit Score
$0 Required Annual Personal Income
$0 Required Annual Household Income
CIBC Aeroplan® Visa Infinite* Card
1.5 pts for every $1 you spend on eligible gas, electric vehicle charging, groceries and with Air Canada directly, including through Air Canada Vacations®
1 pt for every $1 you spend on all other purchases.
2x Earn points twice at over 150 Aeroplan partners and more than 170 online retailers through the Aeroplan eStore.
$139 Annual Fee Free with CIBC Smart Plus™ Account. $50 for each additional card (up to 3).
20.99% Purchase APR non-Quebec residents†
22.99% Cash Advance APR 21.99% for Quebec residents
Very Good Recommended Credit Score
$60,000 Required Annual Personal Income
$100,000 Required Annual Household Income
Welcome Offer
Up to 50,000 Aeroplan points ($1,000 in travel value), free first checked bag, and an annual fee rebate
Learn moreCIBC Aeroplan® Visa Infinite Privilege* Card
1.5 points for every $1 you spend on eligible gas, electric vehicle charging, groceries, travel and dining.
2 points for every $1 you spend with Air Canada directly, including through Air Canada Vacations®
1.25 points for every $1 you spend on all other purchases.
2x Earn points twice at over 150 Aeroplan partner brands and over 170 online retailers through the Aeroplan eStore.
$599 Annual Fee $149 each for up to 9 additional cards
20.99% Purchase APR non-Quebec residents†
22.99% Cash Advance APR non-Quebec residents†
Excellent Recommended Credit Score
$150,000 Required Annual Personal Income
$200,000 Required Annual Household Income
Welcome Offer
Get up to 70,000 Aeroplan® points (up to $1,400 in travel value,) free checked bags, complimentary lounge access, and more.
Learn more
CIBC Aventura® Gold Visa
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
CIBC Aventura® Visa
1 point for every $1 spent at eligible gas stations, EV charging, grocery stores and drug stores†
1 point for every $1 spent on travel purchased through the CIBC Rewards Centre†
1 point for every $2 spent on all other purchases†
$0 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
Welcome Offer
Get up to 10,000 Aventura Points (up to $100 in travel value†); Earn up to 2,500 Aventura Points† for completing bonus activities within 60 days from your account approval† 7,500 Aventura Points after you make your first purchase within first 4 months.†
Learn moreCIBC Aventura® Visa Infinite
2 Earn 2 points per $1 spent on travel purchases through the CIBC Rewards Centre†
1.5 Earn 1.5 points for every $1 spent on eligible purchases at eligible gas stations, EV charging, grocery stores, and drug stores. Available on the first $80,000 in net annual card purchases on your account.
1 After exceeding $80k in purchases, cardholders will earn 1 point per $1 spent in these categories until the annual limit resets each December.
$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
Welcome Offer
Join and get up to $1,500 in value including a first year annual fee rebate!†
Learn moreCIBC Aventura® Visa Infinite Privilege* Card
3 points for every $1 spent on travel purchased through CIBC Rewards Centre
2 points for every $1 spent on eligible dining, entertainment, transportation, gas, electric vehicle charging, and groceries
1.25 points for every $1 spent on all other purchases
6 complimentary visits at 1,200+ lounges globally through Visa Airport Companion Program
$200 annual Travel Credit
2 NEXUS Application Fee rebates
$499 Annual Fee $99 for each additional card (up to 9)
20.96% Purchase APR non-Quebec residents†
22.99% Cash Advance APR non-Quebec residents†
Very Good Recommended Credit Score
$150,000 Required Annual Personal Income
$20,000 Required Annual Household Income
Welcome Offer
Get a total of up to 80,000 Aventura Points† (up to $1,600 in travel value) during your first year
Learn moreCIBC Costco®† Mastercard®
3% cash back at restaurants and at Costco gas
2% cash back at other gas stations and at Costco.ca
1% cash back on all other purchases including at Costco
$0 Annual Fee Up to 3 additional cardholders for $0
20.75% Purchase APR non-Quebec residents†
22.49% Cash Advance APR non-Quebec residents†
Good Recommended Credit Score
$15,000 Required Annual Personal Income
Welcome Offer
Earn up to 3% cash back on eligible purchases everywhere Mastercard is accepted.
Learn moreCIBC Dividend Platinum® Visa* Card
3% cash back on eligible gas, electric vehicle charging, and groceries.
2% cash back on eligible transportation, dining and recurring payments.
1% cash back on all other eligible purchases.
90 days purchase security from damage and theft on eligible items purchased with your card.
1 year on top of the original manufacturer's warranty
$500,000 common carrier accident insurance
$65,000 MSRP for rental cars for up to 48 consecutive days
$99 Annual Fee First year annual fee rebate†
20.99% Purchase APR non-Quebec residents†
22.99% Cash Advance APR non-Quebec residents†
22.99% Balance Transfer Rate non-Quebec residents†
Very Good Recommended Credit Score
$15,000 Required Annual Personal Income
$15,000 Required Annual Household Income
Welcome Offer
Get a first-year annual fee rebate and earn 10% cash back welcome bonus of up to $200!†
Learn moreCIBC Dividend® Visa
2% Get 2% cash back on eligible grocery purchases†
1% cash back on eligible gas, EV charging, transportation, dining purchases and recurring payments†
0.5% 0.5% cash back on all other purchases†
$0.10 Save up to 10 cents off per litre on gas with CIBC and Journie Rewards at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations.†
$0 Annual Fee $0 for each additional card (3 card maximum)
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
$15,000 Required Annual Household Income
Welcome Offer
Get 5% cash back for the first 4 statements on net purchases of up to $2,000 (up to $100 cash back).†
Learn moreCIBC 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 moreCIBC Select Visa
0% Pay 0% interest for up to 10 months with a 1% transfer fee.†
$29 Annual Fee First year annual fee rebate. $0 for up to 3 additional cards.†
13.99% Purchase APR
13.99% Cash Advance APR
13.99% Balance Transfer Rate Promotional offer: 0% interest for up to 10 months with a 1% transfer fee†
1.00% Balance Transfer Fee 1% transfer fee†
Good Recommended Credit Score
$15,000 Required Annual Household Income
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†
Learn moreHome Trust Secured Visa
$0 Annual Fee Opt for $59 annual fee and pay 14.90% APR interest
19.99% Purchase APR
21.99% Cash Advance APR
Good Recommended Credit Score
$0 Required Annual Personal Income
$0 Required Annual Household Income
$500 Min Security Deposit
Koho Mastercard
1% cash back on groceries and transportation
3% interest earned on your account balance
$0 Annual Fee Option to add credit building (price available in app)
0.00% Purchase APR
0.00% Cash Advance APR
Poor Recommended Credit Score
$0 Required Annual Personal Income
$0 Required Annual Household Income
Simplii Financial™ Cash Back Visa* Card
4% on eligible restaurant, bar and coffee shop purchases, up to $5,000 per year.†
1.5% on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year† - after that 0.5% unlimited.
0.5% on all other credit card purchases with no limit on how much you can earn.†
$0 Annual Fee for primary cardholder and up to 3 additional cards
20.99% Purchase APR ‡ Purchase Interest Rate
22.99% Cash Advance APR ‡ Cash Advance Interest Rate
22.99% Balance Transfer Rate ‡ Balance Transfer Interest Rate
2.50% Foreign Transaction Fee
Good Recommended Credit Score
$15,000 Required Annual Household Income
Welcome Offer Ends Apr 26, 2024
20% cash back† on eligible gas, groceries, drugstore purchases and preauthorized payments for your first 3 months. Up to $500 spend. †Terms and conditions apply.
Learn moreMarriott Bonvoy® Business American Express®* Card
5x points per $1 on eligible Marriott purchases at participating Marriott Bonvoy hotels*
3x points per $1 on eligible gas, dining, and travel On eligible purchases once your Welcome Offer ends, or the cap is reached*
2x points per $1 on everything else*
5x points - Welcome offer reward rate per $1 on eligible gas, dining, and travel purchases in your first 6 months (up to 15K pts)*
$150 Annual Fee Supplementary Cards have an annual fee of $50 each*
20.99% Purchase APR
21.99% Cash Advance APR
Good Recommended Credit Score
Welcome Offer
Earn 50,000 Welcome Bonus points after you charge $1,500 in net purchases to your card in your first three months of Cardmembership. Subject to change at any time
Learn moreMBNA Rewards Platinum Plus Mastercard
10,000 Get up to 10,000 MBNA Rewards points†† as an introductory bonus (see details below)
$0 Annual Fee
19.99% Purchase APR
24.99% Cash Advance APR
22.99% Balance Transfer Rate
Good Recommended Credit Score
Welcome Offer
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.
Learn moreMBNA Rewards World Elite Mastercard
30,000 MBNA offers up to a 30,000-point welcome bonus
5 You get five points‡ per dollar spent on groceries, restaurants, digital media, memberships, and household utilities
1 All other purchases outside those categories earn one point per $1 spent.
$120 Annual Fee
19.99% Purchase APR
24.99% Cash Advance APR
22.99% Balance Transfer Rate
Good Recommended Credit Score
$80,000 Required Annual Personal Income
$150,000 Required Annual Household Income
Welcome Offer
Earn up to 30,000 bonus MBNA Rewards Points†† for cash back, gift cards and more.
Learn moreMBNA Royal Canadian Legion Rewards Mastercard
2 points Earn 2 points for every $1 spent at restaurants, grocery stores, on digital media memberships, and household utility purchases up until $10,000 per year
1 point Get 1 point for every dollar spent on all other eligible purchases
10% Each year get Birthday Bonus Points equal to 10% of the total number of points you earned in the year prior (max 10,000).
$0 Annual Fee
19.97% Purchase APR
24.99% Cash Advance APR
22.99% Balance Transfer Rate
Good Recommended Credit Score
MBNA Smart Cash Platinum Plus Mastercard
2% Earn 2% on gas and groceries ($500 monthly spend cap)
0.5% Get 0.5% cash back on all other purchases
$0 Annual Fee Up to 9 additional card with no annual fee
19.97% Purchase APR
24.99% Cash Advance APR
22.99% Balance Transfer Rate
Good Recommended Credit Score
Welcome Offer
Earn 5% Cash Back on gas and groceries for the first 6 months (until $500 spend cap reached)
Learn moreMBNA Smart Cash World Mastercard
2% Earn cash 2% on gas and groceries ($500 monthly cap)
1% Earn 1% cash back on all other purchases
9 Include up to 9 authorized users with no additional annual fee
$39 Annual Fee
19.99% Purchase APR
24.99% Cash Advance APR
22.99% Balance Transfer Rate
Good Recommended Credit Score
$60,000 Required Annual Personal Income
$100,000 Required Annual Household Income
Welcome Offer
Earn 5% Cash Back on gas and groceries for the first 6 months ($500 spend cap)
Learn moreMBNA 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
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 moreMeridian Visa* Cash Back Card
$0 Annual Fee
19.50% Purchase APR
21.99% Cash Advance APR
Good Recommended Credit Score
$0 Required Annual Personal Income
Meridian Visa* Platinum Cash Back Card
$49 Annual Fee
19.50% Purchase APR
21.99% Cash Advance APR
Fair Recommended Credit Score
$0 Required Annual Personal Income
Meridian Visa* Platinum Travel Rewards Card
$49 Annual Fee
19.50% Purchase APR
21.99% Cash Advance APR
Good Recommended Credit Score
Meridian Visa Infinite* Travel Rewards Card
$99 Annual Fee
19.50% Purchase APR
21.99% Cash Advance APR
Good Recommended Credit Score
$60,000 Required Annual Personal Income
$100,000 Required Annual Household Income
Marriott Bonvoy® American Express®
5 points for every dollar in eligible Card purchases at hotels participating in Marriott Bonvoy®
2 points for every $1 in all other Card purchases
$120 Annual Fee
20.99% Purchase APR
21.99% Cash Advance APR
2.50% Foreign Transaction Fee
Good Recommended Credit Score
Meridian Visa Infinite Cash Back Card
4% The Meridian Visa Infinite* Cash Back Card earns cash back on multiple levels, collecting 4.00% on all grocery and gas purchases;
2% 2.00% cash back on pharmacy purchases and on recurring bills
1.00% elsewhere. 1.00% cash back elsewhere.
$99 Annual Fee
19.54% Purchase APR
21.99% Cash Advance APR
Excellent Recommended Credit Score
$60,000 Required Annual Personal Income
Meridian Visa US Dollar Card
$65 Annual Fee
19.50% Purchase APR
21.99% Cash Advance APR
Good Recommended Credit Score
$0 Required Annual Personal Income
$0 Required Annual Household Income
Scotiabank Gold American Express®
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 moreScotiabank 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 moreScotiabank U.S. Dollar Visa Card
25% Save 25% off base rate at Avis and Budget locations in North America
$35 Annual Fee $0 for each additional card
19.99% Purchase APR
22.99% Cash Advance APR
22.99% Balance Transfer Rate
0.00% Foreign Transaction Fee
Good Recommended Credit Score
Neo Credit
1% cashback on gas and groceries, no matter where you pay for them.
Up to 15% On first-time purchases at participating partners with new offers added regularly.
Up to 5% cashback on food delivery, streaming and rideshare, restaurants, bars, and cafes and retail partners
$0 Annual Fee Option to pay $4.99 per month to increase cashback to 3% on has and groceries
19.99% - 29.99% Variable APR Dependent on your application, credit profile, and province.
22.99% - 31.99% Cash Advance APR Variable based on your credit profile
Good Recommended Credit Score
Neo Secured Credit Card
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
PC Insiders™ World Elite Mastercard®
40 points per $1 at Loblaw banner stores
50 points per $1 at Shoppers Drug Mart
70 points per litre at Esso and Mobil gas stations
10 points per $1 everywhere else
$0 online grocery delivery and pick up
$120 Annual Fee Additional card fee: $0
21.99% Purchase APR
22.97% Cash Advance APR In Quebec, 21.97%.
2.50% Foreign Transaction Fee
Very Good Recommended Credit Score
$80,000 Required Annual Personal Income
$150,000 Required Annual Household Income
PC® Mastercard®
10 points Earn 10 points per $1 spent everywhere
2 cents Earn 2c per litre in PC Optimum points at Esso and Mobil
30 points Earn 30 points per $1 when purchasing travel through President’s Choice
25 points Earn 25 points per $1 at Shoppers Drug Mart and Pharmaprix
$0 Annual Fee
21.99% Purchase APR *Standard Rate. *Basic rates may apply; see details on provider's site.
22.97% Cash Advance APR
22.97% Balance Transfer Rate
Good Recommended Credit Score
PC® World Elite Mastercard
45 points * 45 points per $1 spent at Shoppers Drug Mart/Pharmaprix
30 points At least 30 points per litre of gas purchased at Esso™ or Mobil™ stations
30 points At least 30 points per $1 spent on PC Travel services
30 points 30 points per $1 spent at Loblaw Banner Grocery Stores (includes Loblaws, No Frills, Valu-Mart, Independent Grocers, Zehrs, Real Canadian Superstore, Fortinos, etc.)
$0 Annual Fee
21.99% Purchase APR
22.97% Cash Advance APR
21.99% Balance Transfer Rate
Fair Recommended Credit Score
$80,000 Required Annual Personal Income
Tangerine World Mastercard®
2% Earn 2% cash back in two categories of your choice (e.g. groceries, restaurants, gas, entertainment, recurring bill payments and more)
3 Get a Tangerine Savings account and get a 3rd 2% cash back category.
$0 Annual Fee
19.95% Purchase APR
19.95% Cash Advance APR
1.95% Balance Transfer Rate 1.95% for first 6 months (19.95% after that)
3.00% Balance Transfer Fee 3% of the amount transferred, or minimum of $5
2.50% Foreign Transaction Fee
Fair Recommended Credit Score
$60,000 Required Annual Personal Income
Welcome Offer Ends Apr 30, 2024
Get an extra 10% cash back on up to $1,000 in everyday purchases within your first 2 months. Get 1.95% interest on balance transfers for your first 6 months.
Learn moreWestJet RBC World Elite Mastercard
2% Earn 2% back in WestJet dollars on WestJet flights or WestJet vacation packages.
1.5% Earn 1.5% back in WestJet dollars for everyday purchases.
Wi-Fi access to over 1 million Wi-Fi hotsports around the world with Boingo Wi-Fi for Mastercard
1 annual companion voucher (starting at $119)
3¢/L savings at Petro-Canada and 20% more Petro-Points
$0 delivery fees for 12 months from DoorDash
$119 Annual Fee $59 for additional cards
20.99% Purchase APR
22.99% Cash Advance APR
Good Recommended Credit Score
$80,000 Required Annual Personal Income
$150,000 Required Annual Household Income
WestJet RBC Mastercard
1.5% Earn 1.5% back in WestJet dollars on WestJet Flights and vacation packages
1% Earn 1% back in WestJet dollars on everyday purchases
$0.03 Link your Petro-Points card and save save 3¢/L on fuel and 20% more Petro Points
50 get 50 Be Well points for every $1 spent on eligible products at Rexall
$199 Get an annual round-trip companion voucher for $199 (plus taxes, etc.) for travel within North America (excluding Hawaii)
$39 Annual Fee
19.99% Purchase APR
22.99% Cash Advance APR
Good Recommended Credit Score
TD® Aeroplan® Visa Platinum* Card
1 Earn 1 Aeriplan point for every $1 you spend on gas, grocery, and Air Canada purchases (e.g. Air Canada Vacations)
1 Earn 1 point for every $1.50 you spend everywhere else.
2x Earn points twice with over 150 Aeroplan partner brands
50% Earn 50% more Aeroplan points when you link your card with your Starbucks account
$89 Annual Fee Additional cardholder is $35
20.99% Purchase APR
22.99% Cash Advance APR
Excellent Recommended Credit Score
$0 Required Annual Personal Income
$0 Required Annual Household Income
Welcome Offer Ends Sep 3, 2024
Earn up to $500 in value†, including up to 20,000 Aeroplan points† and no Annual Fee for the first year†. Conditions Apply. Account must be approved by September 3, 2024.
Learn moreTD® Aeroplan® Visa Infinite Privilege* Card
2 points for every $1 spent on eligible gas, grocery and direct through Air Canada® purchases (including Air Canada Vacations®)†
1.5 points for every $1 you charge to your Card on eligible gas, groceries, travel and dining purchases.†
1.25 points for every $1 you charge to your Card on all other purchases.†
6 lounge visits included for each Cardholder per membership year at over 1,200 airport lounges worldwide with DragonPass†
2x Earn points twice when you provide your Aeroplan number to Aeroplan partner brands and on the Aeroplan eStore†
50% more Aeroplan points at Starbucks when you link your TD card with your Starbucks® Rewards account.†
$100 Get a NEXUS application fee rebate every 48 months.†
1st checked bag free for you and up to eight companions when your travel originates on an Air Canada flight.†
10% savings at Avis and Budget in North America, 5% off internationally†
$599 Annual Fee
20.99% Purchase APR APR for purchases 20.99%†
22.99% Cash Advance APR APR for cash advances 22.99%†
3.00% Balance Transfer Fee
2.50% Foreign Transaction Fee
Excellent Recommended Credit Score
$150,000 Required Annual Personal Income
$200,000 Required Annual Household Income
Welcome Offer Ends Jun 3, 2024
Earn up to $2,900 in value† including up to 85,000 Aeroplan points†. Conditions Apply. Account must be approved by June 3, 2024.
Learn moreTD Rewards Visa* Card
4 Points Earn 4 TD Rewards Points for every $1 you spend on travel through ExpediaForTD.com†
3 Points Earn 3 TD Rewards Points for every $1 you spend on groceries and restaurants†
2 Points Earn 2 TD Rewards Points for every $1 you spend on recurring bills†
1 Points Earn 1 TD Rewards Point for every $1 you spend on all other purchases†
50% Earn 50% more TD Rewards Points and 50% more Stars at Starbucks†
$0 Annual Fee Additional cardholder is $0
19.99% Purchase APR APR for purchases 19.99%†
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
$0 Required Annual Personal Income
$0 Required Annual Household Income
Welcome Offer Ends Jun 3, 2024
Earn a value of $50† in TD Rewards Points† to use on eligible Amazon.ca purchases plus, no Annual Fee. Conditions Apply. Account must be approved by June 3, 2024
Learn moreTD® Aeroplan® Visa Infinite* Card
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 more
TD Platinum Travel Visa* Card
6 TD Rewards points for every $1 spent on travel with ExpediaForTd.com
4.5 TD Rewards Points for every $1 spent on groceries and dining out
3 TD Rewards Points for every $1 spent on recurring bill payments
1.5 TD Rewards Points for every $1 spent on everything else
$89 Annual Fee Waived for the first year
20.99% Purchase APR
22.99% Cash Advance APR
2.50% Foreign Transaction Fee
Good Recommended Credit Score
$0 Required Annual Personal Income
$0 Required Annual Household Income
TD Low Rate Visa* Card
10% savings off the lowest available base rate in Canada at Avis and Budget Rent A Car.
50% More Stars at participating Starbucks® stores.
$25 Annual Fee $0 for additional cardholder
12.90% Purchase APR 24.99% applies if you miss a minimum payment before it due date twice in any one year.
12.90% Cash Advance APR 27.99% applies if min. payment is not received by due date twice within any 12 consecutive periods.
Fair Recommended Credit Score
Welcome Offer Ends Sep 3, 2024
Get an 8.99% promotional interest rate on Purchases for the first 6 months from Account opening
Learn moreScotiabank Value Visa
$29 Annual Fee $0.00 each Supplementary Card
12.99% Purchase APR
12.99% Cash Advance APR
12.99% Balance Transfer Rate
2.50% Foreign Transaction Fee
Fair Recommended Credit Score
$0 Required Annual Personal Income
$0 Required Annual Household Income
Welcome Offer Ends Oct 31, 2024
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
Learn moreScotiabank® Scene+™ Visa*
2x Scene+ points on every $1 you spend at Sobeys, Safeway, Foodland & Participating Co-ops, FreshCo and more.
2x Scene+ points4 for every $1 you spend at Home Hardware, Home Building Centre, Home Hardware Building Centre, Home Furniture locations in Canada and online at homehardware.ca.
2x Scene+ points for every $1 you spend at Cineplex◊ theatres or at cineplex.com.
1x Scene+ point for every $1 spent on all other eligible everyday purchases
25% Save up to 25% off base rates at participating Avis locations and participating Budget locations in North America.
$0 Annual Fee $0 for each additional card
20.99% Purchase APR
22.99% Cash Advance APR
22.99% Balance Transfer Rate
2.50% Foreign Transaction Fee
Good Recommended Credit Score
Scotia Momentum Mastercard credit card
1% Earn 1% cash back on eligible gas station, grocery store, drug store, and recurring payments
0.5% Earn 0.5% cash back on all other purchases.
25% Save up to 25% at Avis and Budget locations in North America
$0 Annual Fee $0 for each additional card
20.99% Purchase APR
22.99% Cash Advance APR
Fair Recommended Credit Score
Scotia Momentum No-Fee Visa Card
1% Cash back at gas stations, grocery stores, drugs stores, and on recurring payments.
0.5% Cash back on all other eligible purchases.
25% Off base rates at Avid and Budget locations in North America.
$0 Annual Fee $0 for each additional card
19.99% Purchase APR
22.99% Cash Advance APR
22.99% Balance Transfer Rate
2.50% Foreign Transaction Fee
Fair Recommended Credit Score
Welcome Offer Ends Oct 31, 2024
Earn 5% cash back on all purchases for the first 3 months (up to $2,000 in total purchases); Plus, get a 0% introductory interest rate on balance transfers for the first 6 months (22.99% after that; annual fee $0)
Learn moreScotia Momentum® Visa* Card
2% cash back for every $1 you spend on all eligible gas stations, grocery store, drug store purchases and recurring bill payments.
1% cash back on all other eligible purchases.
25% savings off base rates at participating AVIS locations and at participating Budget locations in North America.
90 days of purchase security on most items purchased with your card.
1 extra year on top of manufacturer's warranty.
$39 Annual Fee $15 for each supplementary card
19.99% Purchase APR
22.99% Cash Advance APR
22.99% Balance Transfer Rate
Fair Recommended Credit Score
RBC Avion Visa Infinite Privilege
1.25 Avion points for every $1 you spend
3¢/L savings at Petro-Canada and always earn 20% more Avion points
50 Be Well points for every $1 spent on eligible products at Rexall
20% savings at Hertz and earn 3x the Avion points
$0 delivery fees for 12 months from DoorDash
$399 Annual Fee
20.99% Purchase APR
22.99% Cash Advance APR 21.99% if you reside in Quebec
2.50% Foreign Transaction Fee
Very Good Recommended Credit Score
RBC Avion Visa Platinum
1 Avion point for every dollar you spend qualifying purchases, plus earn bonus points through purchases at selected retailers using your Avion Rewards credit card.
3 cents per litre savings on fuel and 20% more Petro-Points at Petro-Canada gas stations
50 Be Well points for every $1 spent on eligible products at Rexall
20% savings and 2x the Avion points with Hertz rental cars.
$0 delivery fees for 12 months from DoorDash with a DashPass subscription
$500,000 Travel accident insurance
48 consecutive days of rental car insurance for cars up to $65,000 MSRP
$1,000 of trip cancellation insurance for each covered person, up to an overall maximum of $5,000
$250 of flight delay insurance per covered person to a maximum of $500 total per occurrence.
$500 for delayed baggage insurance per occurrence for each covered person to a maximum of $25,000 per occurrence.
$2,500 for hotel/motel burglary insurance per occurrence.
1 year of manufacturer's extended warranty insurance
$50,000 purchase security insurance for loss or accidental physical damage to insured items purchase with your card for ninety (90) days from the date of purchase.
$120 Annual Fee $50 for each additional card
20.99% Purchase APR
22.99% Cash Advance APR
Good Recommended Credit Score
RBC Cash Back Mastercard
2% Up to 2% unlimited cash back on groceries
1% Up to 1% unlimited cash back on everything else
$0.03 Link your card and instantly save 3¢/L on fuel and 20% more Petro-Points at Petro Canada
50 Get 50 Be Well points for every $1 spent on eligible products at Rexall
$0 Annual Fee No annual fee
20.99% Purchase APR
22.99% Cash Advance APR $3.50 fee
22.99% Balance Transfer Rate
3.50% Balance Transfer Fee
Good Recommended Credit Score
RBC ION Visa
1.5x Avion points for every $1 spent on groceries, transportation (gas, rideshare, transit, EV charging), and streaming services and subscriptions
1 Avion point for every $1 spent on all other qualifying purchases
1 year extension on manufacturer's warranty
90 days of purchase security protection
3¢/L savings at Petro-Canada
50 Be Well points at Rexall for every $1 spent
3 month DashPass subscription to enjoy unlimited deliveries with $0 delivery fees from DoorDash.
$0 Annual Fee $0 for additional cards
20.99% Purchase APR
22.99% Cash Advance APR
Fair Recommended Credit Score
RBC Visa Platinum
$0 Annual Fee
20.99% Purchase APR
22.99% Cash Advance APR
Fair Recommended Credit Score
RBC Visa Classic Low Rate Option
$20 Annual Fee
12.99% Purchase APR
12.99% Cash Advance APR
12.99% Balance Transfer Rate
3.50% Balance Transfer Fee $5.00 fee for cash advances outside of Canada
Fair Recommended Credit Score
Welcome Offer
No annual fee for the first year and get a 0.99% introductory interest rate for the first 10 months on balance transfers and cash advances
Learn moreRBC Cash Back Preferred World Elite Mastercard
1.5% Earn up to 1.5% cash back on your spending without limit.
$0.03 Link your card and instantly save 3¢/L on fuel and get 20% more Petro-Points
50 Get 50 Be Well points for every $1 spent on eligible products at Rexall
$99 Annual Fee
20.99% Purchase APR
22.99% Cash Advance APR
22.99% Balance Transfer Rate
Good Recommended Credit Score
$80,000 Required Annual Personal Income
$150,000 Required Annual Household Income
RBC ION+ Visa
3 Avion Ion points† per $1 on qualifying grocery, dining, food delivery, gas, rideshare, public transit, EV charging, streaming, digital gaming and online subscriptions
1 Avion Ion point per $1 on all other purchases
$48 Annual Fee $4 per month
20.99% Purchase APR
22.99% Cash Advance APR 21.99% for residents of Quebec
22.99% Balance Transfer Rate 21.99 for Quebec residents
Good Recommended Credit Score
RBC British Airways Visa Infinite
2 points Earn double Avios for every $1 CAD you spend on British Airways purchases
1 point Earn 1 Avios for every $1 CAD you spend on your card
1 Earn 1 annual companion voucher when you spend $30,000 annually (or 50% off a solo ticket).
$165 Annual Fee
20.50% Purchase APR
22.99% Cash Advance APR
22.99% Balance Transfer Rate
Good Recommended Credit Score
$60,000 Required Annual Personal Income
$100,000 Required Annual Household Income
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 moreRogers™ World Elite Mastercard
3% Earn 3% unlimited cash back on purchases made in U.S. dollars.
1.5% Earn 1.5% unlimited cash back on everything else.
$0 Annual Fee To maintain eligibility, you must spend at least $15,000/year.
19.99% Purchase APR Increasing to 20.99% April 2024
22.99% Cash Advance APR
22.99% Balance Transfer Rate
Excellent Recommended Credit Score
$80,000 Required Annual Personal Income
$150,000 Required Annual Household Income
Welcome Offer
$25 Welcome Bonus in cash back rewards upon first card purchase within 3 months of receiving your card2
Learn moreWalmart Rewards™ Mastercard®
1.25% back in Walmart Rewards on all purchases made in-store or online at Walmart
1% back in Walmart Rewards at any gas station
1% everywhere else
$0 Annual Fee
20.89% - 26.99% Variable APR 20.89 for Quebec residents
22.97% - 27.99% Cash Advance APR 21.97% for Quebec residents
2.50% Foreign Transaction Fee
Good Recommended Credit Score
$12,000 Required Annual Personal Income
Walmart Rewards™ World Mastercard®
3% back in Walmart Rewards on all purchases from Walmart.ca
1.25% back in Walmart Rewards on all purchases made in-store at Walmart
1.25% back in Walmart Rewards at any gas station
1% everywhere else
$0 Annual Fee None
20.89% - 26.99% Variable APR 20.89% for Quebec residents
22.97% - 27.99% Cash Advance APR 21.97% for Quebec residents
2.50% Foreign Transaction Fee
Good Recommended Credit Score
$100,000 Required Annual Household Income
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Compare Canadian credit cards by category
Your friends may want a travel credit card, while you'd rather earn cash back. Not to worry, there hundreds of credit cards to serve each unique purpose.
| Credit card category | Description |
|---|---|
| Best overall credit cards | A curated list of the best credit cards for each category, by type, by rewards and more. |
| Cash back credit cards | Feel the sting of every purchase? Switch to a cash back card. Every swipe earns you money back—simple savings, no strings attached. |
| Best travel credit cards | Love to travel but hate the costs? A travel credit card reduces expenses with free miles, upgrades, and lounge access—travel smarter. |
| No annual fee credit cards | Tired of fees eating your savings? Opt for a no annual fee card. Keep more of your money while enjoying essential credit benefits. |
| Balance transfer credit cards | Drowning in high-interest debt? A balance transfer card offers low or no interest, giving you the breathing room to pay down balances faster. |
| No foreign exchange fee credit cards | Upset by foreign transaction fees? With a no foreign exchange fee card, shop globally without the extra costs—save on every international purchase. |
| Low interest credit cards | Stressed by high interest rates? A low interest credit card eases the burden, offering significantly lower rates to help manage your finances better. |
| Student credit cards | Struggling with student budgeting? A student credit card helps build credit early and offers rewards tailored to student life—manage money smarter. |
| Grocery credit cards | Fed up with rising grocery bills? Earn cash back or points on every supermarket spend with a grocery-focused credit card. Save as you shop. |
| Gas credit cards | Feeling the pinch at the pump? A gas credit card rewards you with cash back or points on fuel—drive more, save more. |
| Restaurant credit cards | Dine out often? Make every meal rewarding with a restaurant credit card, offering cash back or points on your culinary adventures. |
| Travel insurance credit cards | Concerned about travel uncertainties? A card with comprehensive travel insurance brings peace of mind, covering delays, losses, and emergencies. |
| Lounge access credit cards | Airport waits dragging you down? Elevate your travel with a card offering complimentary airport lounge access. Relax or work in comfort before you fly. |
| Aeroplan credit cards | Flying frequently but not reaping the rewards? An Aeroplan credit card accumulates miles for every dollar spent, fast-tracking your next flight. |
| Air Miles credit cards | Want your purchases to take you places? An Air Miles credit card earns you miles for every spend, bringing your dream destinations closer. |
| Purchase protection and extended warranty credit cards | Worried about your purchases? Get a credit card that extends warranties and protects against damage or theft. Shop with confidence and security. |
| Store credit cards | Shop your favourite stores often? Store credit cards maximize rewards on everyday purchases, from groceries to gadgets, enhancing your shopping experience. |
| Rewards credit cards | Crave more from your spending? Perks and rewards cards offer exclusive benefits, from cash back to luxury travel perks—turn spending into earning. |
| Prepaid credit cards | Need control over your spending? A prepaid credit card lets you load funds in advance, ensuring you only spend what you plan—perfect for budgeting. |
| Secured credit cards | Building or repairing credit? A secured credit card requires a deposit that sets your limit, helping establish a positive credit history safely. |
| Newcomer credit cards | New to Canada and building credit? Opt for a newcomer credit card designed to help immigrants establish credit quickly without prior history. |
Compare credit card networks in Canada
In Canada, we have 3 major credit card networks: Amex, Mastercard, and Visa. Each network has their own requirements from income to credit score and offer a variety of perks to match your dreams and desires.
Compare credit cards by bank
For some, they like to keep their credit card with their bank of choice. However, know that you don't have to and sometimes you're limiting yourself. For those that want the freedom to choose, we help our lists help you find the credit card that suits you best.
| Bank (sorted alphabetically) |
|---|
| BMO credit cards |
| CIBC credit cards |
| KOHO credit cards |
| MBNA credit cards |
| PC credit cards |
| RBC credit cards |
| Scotiabank credit cards |
| TD credit cards |
How to choose a credit card
Choosing a credit card is a little like dating – it’s all about finding a perfect match.
The Canadian market is saturated with credit cards, each offering great deals and incentives for cardholders. Ultimately, you want to find “The One” that’s compatible with your lifestyle.
How can you be sure you’re choosing the right credit card? Before committing, here are our guidelines for finding the best credit card for you.
With a solid income (above $80,000 personal, $160,000 household) and high credit score (760+), you can apply and likely be approved for the most luxurious credit cards on offer (if you're ok with paying the higher annual fees).
But, some credit cards are there to help pay off debt (e.g. balance transfers), build credit (e.g. secured credit cards), or to get the most cash back from your purchases.
Here are 7 quick tips to help you choose a credit card.
1. Check your credit score
Start by checking your credit score. Why? Because your number determines your eligibility to apply for credit cards. If you don’t meet the minimum credit score requirement, strike a prospective card from your list.
Generally speaking, credit scores in Canada vary from 300 to 900 and are calculated based on a range of factors. The higher your number, the more appealing your credit application. Here’s a quick overview of the credit scoring in Canada and how it could impact your credit card application:
- Excellent (741-900): The world is your oyster! Expect quick approval for your application, the lowest interest rates, high credit limits, and access to the best credit cards in Canada.
- Good (690-740): You’re still in the good books. You won’t have much trouble getting approved, and credit cards with low-interest rates, rewards, and excellent benefits are within reach.
- Fair/Average (660-689): You’ve got choices, but some premium credit cards offering rewards or other perks are likely off-limits until you improve your score. Look at the best credit cards for a fair credit score.
- Below Average (575-659): Your options are limited. You likely won’t be approved for credit cards with premium perks or lucrative rewards.
- Poor (0-574): If you fall into this category, most credit cards will be off-limits. Get back on track by applying for a secured or unsecured credit card for bad credit and paying your bill regularly and on-time.
Once you know your number, it will either shrink or widen the pool of credit cards that are available to you. If your score is poor or below average, consider it a wake-up call: apply for one of the best credit cards for bad credit in Canada and prioritize re-building your credit history.
2. Decide about debt
If you’re dealing with debt, a balance transfer credit card may be the best credit card for you. Because the introductory interest rate on balance transfers is so low, it buys you more time to pay down the principal and save a bundle on interest charges. A balance transfer credit card may be your best bet if:
- You’re carrying a balance on one or more credit cards;
- The interest rate on your current credit card is 18% or higher
- You’re not able to pay off your outstanding balance immediately
- You want to aggressively tackle your debt within the near future
There are plenty of excellent balance transfer credit cards in the Canadian market, but ideally, find one that offers both a low introductory interest rate (0% to 12.99%) and a long promotional period (9 months or more). It’s even better if the card has no annual fee and a low-interest rate after the promo expires just in case you’re still carrying a balance.
| Comparing Canadian credit card to a great balance transfer offer | Current card | MBNA True Line Mastercard (in promo period) |
|---|---|---|
| Outstanding balance | $5,000 | $5,000 |
| Interest rate | 19.99% | 0% for 12 months |
| Annual fee | $120 | $0 |
| Fixed payment to pay off card in 12 months | $463.15 | $416.67 |
| 1-year interest paid | $557.78 | $0 |
| Total cost to pay off balance (including annual fee) | $5,677.78 | $5,000 |
3. Examine your payment practices
Take a peek at your payment practices to help find a credit card that suits your budget. For instance, if you regularly pay your balance in full every month, a high-interest rate may be acceptable. But one of the best low-interest rate credit cards might be your best bet if:
- You tend to carry a balance
- You need flexibility on payments
- You plan on making a large purchase and want to spread your payments over several months
- You are motivated to pay off debt and minimize interest charges
If the above applies, seek a low-interest credit card offering a rock-bottom rate (below 18% APR) on new purchases, rather than the typical APR of 18% or higher. There are many options for a low-interest credit card: some cards offer ultra-low interest rates for a limited time (e.g. 6 months) but with no annual fee. Others might have an annual fee but boast a regular low-interest rate. There are even credit cards with variable interest rates tied to Canada’s prime rate. So how do you choose a low-interest credit card?
Comparison of the total cost of current credit card vs. low-interest rate card over 12 months
| Credit card comparisons - average card vs. low interest rate | Current card | MBNA True Line Gold Low interest card at 8.99% |
|---|---|---|
| Outstanding balance | $5,000 | $5,000 |
| Interest rate (% and $ monthly) | 19.99% | 8.99% |
| Annual fee | $0 | $39 |
| Average monthly payment (to clear balance in 12 months) | $463.15 | $437.23 |
| 1-year interest paid | $557.78 | $246.61 |
| Total cost to pay off balance (including annual fee) | $5,557.78 | $5,285.81 |
This table depicts how much a low-interest credit card can save you overall on interest. Although the “current card” doesn’t have an annual fee, the low-interest card saves you almost half the interest paid over the year, despite its annual fee (which is quite low considering.)
Use our credit card interest calculator below to better understand how a low-interest card can help you save. Put in the current balance you owe, the interest you’re paying on the balance and how you’d like to calculate your interest (by monthly payment or period of time). When you’ve finished, click “calculate” and see how much time or how much interest you’ll be paying (in cash).
4. Scrutinize your spending
Choosing the best Canadian credit card can be confusing, but studying your spending habits can help nail down what card will benefit you the most. Do you make frequent purchases at one particular retailer (like Costco, Loblaws, or Canadian Tire)? Is your credit card statement filled with flight, hotel, and other travel-related expenses? Or are the bucks going towards groceries and gas? There are credit cards that reward specific spending categories, so if you understand where your money is going, you could save (or even earn!) a bundle by putting the right card in your pocket.
Realistically, you probably won’t find one credit card that ranks #1 in every spending category, but you can cover all your bases by having more than one credit card in your wallet.
5. Consider the card’s value
If you’re struggling to choose between credit cards, take a step back and assess the card’s overall value. Here are some questions to ask:
What is the welcome bonus worth? Sign-up incentives – like bonus points, additional cash back, or a first-year annual fee waiver – certainly sweeten the pot. But it must be an incentive that you can actually use for it to have value. For instance, an Aeroplan credit card with bonus points is worthless if you’re not an Aeroplan member (or at least flying with Air Canada).
Is the annual fee justifiable? Rewards credit cards frequently charge an annual fee, typically ranging from $120 to as high as $699 (!). However, look for value: What’s the point-earning potential? Does the card include travel, new mobile device, or car rental insurance? Is there an annual fee rebate in the first year? These extras may cancel out the cost of an annual fee.
Are the perks worth it? Some premium cards come with high annual fees, but are the extra perks really worth the price? These little luxuries may include complimentary airline lounge access, enhanced hotel experiences, priority treatment on certain airlines, or access to exclusive entertainment events. These can add great value if you use them frequently, but if these perks don’t matter to you, you might want to consider getting a card with a lower annual fee.
So just make sure you do the math. Add up the actual cost of what a card is offering. For instance, what would travel medical insurance cost per year? What’s the running rate for mobile phone repairs? How much is an airline lounge membership? What’s a first-year annual fee waiver worth? Then, compare the value of the top credit cards you’re considering. The numbers don’t lie and can help you decide whether (and which) credit card is worth it.
6. What are the types of credit cards?
Look before you leap! Get to know popular credit card categories in Canada:
Low-interest credit cards
A low-interest credit card offers a very low standard interest rate on new purchases (typically between 8.49% and 12.99%). The rate is not promotional and doesn’t expire. If you tend to carry a balance or need to spread out your payments over several months, a low-interest credit card is a smart way to minimize the amount of interest you’ll pay.
0% APR credit cards
These cards take low interest to another level. The 0% APR typically is not a permanent feature. Like many other credit card bonus offers, this is given for an introductory period, which could be anywhere from 3 to 12 months.
No-fee cards
It’s sometimes worth paying an annual fee for a credit card if the combined value of the card’s rewards and features outweigh the annual fee level. But no-annual-fee cards are an excellent option for those looking to keep expenses down any way they can. Though there are many attractive free rewards or cashback credit cards out there, they have lower earning power and less attractive features than their premium counterparts, however, the minimum credit score and income requirements are often correspondingly lower as well.
Balance transfer credit cards
Balance transfer credit cards let you transfer (usually for a small fee) some or all of your high-interest debt to a new card and enjoy a temporarily low interest rate on the transferred amount – typically between 0% to 12.99% for a span of 6 to 12 months. How it works: simply move your existing balance from a higher interest credit card to the new credit card with a lower interest rate.
Although a balance transfer can potentially save you a massive amount in interest payments, it’s not always a financially shrewd step in every circumstance, and you should weigh a number of important considerations before determining if a balance transfer is the right move for you.
More: How to know if you should do a balance transfer
Lifestyle rewards credit cards
A rewards credit card allows you to earn incentives for eligible purchases charged onto the card. Some cards are tied to one loyalty program (e.g. AIR MILES, Aeroplan, Optimum Points, Scotia Rewards, etc.), while others offer cash back, flight rewards, merchandise discounts, statement credits, free hotel stays, or other benefits. Some are even designed to remunerate specific spending categories – like groceries, gas, dining out, or travel. The pay-off is plenty!
Travel credit cards
Popular among frequent fliers, travel credit cards offer points or miles that can be redeemed for travel-related rewards like free flights, upgrades and hotel stays. They often feature perks that would especially appeal to globetrotters, such as premium travel insurance packages, airport lounge access and discounts on rental cars. The amount of the rewards generated by the card (the ‘earn rate’) can be a flat rate based on your overall spending or can vary depending on specific spending categories.
More: Best travel rewards program in Canada
Cash back credit cards
A cash back credit card is a type of rewards credit card that offers cash incentives. How it works: whenever you make an eligible purchase on your credit card, you earn a percentage back on the total purchase price – usually between 0.5% to 4%. Redemption is straightforward: cash back rewards are usually credited to your credit card statement on an annual or monthly basis. But some may allow you to deposit your cash back into your bank account. The best cash back credit cards also have lucrative welcome bonuses, offering limited time “cash back top-ups” as high as 10% for new cardholders.
No foreign transaction fee credit cards
Most Canadian credit card companies charge a 2.5% to 3% foreign transaction fee to purchases made outside the country. But some credit cards waive or offset foreign transaction fees – otherwise known as a “no foreign transaction fee credit cards.” If you travel or make purchases abroad, a no foreign transaction fee credit card could save you money.
Student credit cards
A wonderful way to establish a credit score, student credit cards are designed specifically for university/college students who have no credit history and no regular income. They tend to have a low credit limit, less (but still attractive) reward-earning potential, an easy application process and no annual fee.
Business credit cards
Business credit cards focus on the specific needs of cardholders who run a company. Rather than offering rewards for spending on things like groceries or ride-share programs, they typically feature perks and up the earn rate of categories business owners can really use, like travel expenses, group cell phone plans, office supplies and internet use. Many have nice extras like zero-liability employee cards, longer interest-free grace periods and generous insurance packages.
More: Best business credit cards in Canada
Credit cards for bad credit
There are secured or unsecured credit cards that can help establish, re-establish, or repair your credit histories and/or scores. It’s usually easy to get approved, as the credit score required is usually quite low (0 to 659). While lacking all the frills of a premium card, you’ll get the convenience and security of using a credit card.
Unlike regular credit cards (a.k.a unsecured cards), secured credit cards require that cardholders provide a cash deposit—of an equal or greater amount than their credit limit—to guarantee repayment of their balance. They are an ideal way for people with a poor credit score or no credit history to repair a record of heavy debt and credit mismanagement.
Prepaid cards
Prepaid cards are best when you don’t want to risk going into debt. You preload the card with the amount you wish to spend. The drawback is that a prepaid card does not have any impact on your credit score.
Secured cards
Secured cards are often issued to people with poor credit histories or have no credit whatsoever.
The credit card is backed by a cash deposit from the cardholder. But just like the regular credit cards, you have a monthly minimum payment and once you pay, your viable credit goes up again.
Student credit cards
As the name suggests, student credit cards are intended for students. They serve as an introduction to credit, offering a lower spending limit than most credit cards, and a chance to build up your credit score at the same time.
Is it OK to have multiple credit cards?
Absolutely! It’s a smart idea to have more than one credit card in your wallet. Firstly, some retailers only accept select credit card brands, so a backup (or two!) makes sure you’re not left in the lurch. For instance, Costco Canada only accepts Mastercard, so if you’re a frequent shopper there, stick one of the best Costco credit cards in your wallet.
Secondly, if you have multiple cards, you can use them strategically to maximize your rewards earnings. For instance, designate one card for travel purchases, another one for drug store and/or grocery purchases, one for cash back on miscellaneous purchases, and so forth. You can never have too many credit cards – as long as you use them responsibly and avoid unfettered spending sprees.
Credit card basics
As of the end of 2023, the average Canadian has a credit card balance of $4,265, which is a 9% increase compared to the previous year.
While you want to avoid debt, there are times where it makes sense to put expenses on your credit card. Buying items with your credit card, and paying them off can help to build your credit history and your credit score. Some credit cards even offer rewards and perks, like cash back and travel insurance.
Let’s break down what you need to become a wise credit card holder.
Credit score
Your credit score is a three-digit number that lenders such as banks use to judge your ability to repay your debts. The score ranges from 300 to 900, with a higher number being better.
When you get your first credit card it usually takes three to six months for a credit score to be generated. When you apply for your first credit card, you will not have a credit score yet. This is because your credit score is only calculated when a lender or other entity requests it to evaluate your creditworthiness. Over time you can either improve it with how you manage your debt.
Do you miss payments? Do you max out your credit card? It’s generally recommended to use less than 35% of the maximum limit on the card. So if the card’s limit is $10,000, try to put less than $3,500 on it at a time.
Should you get a credit card?
With great power comes great responsibility. A credit card is a powerful tool that can help you build good credit and secure important loans like a mortgage. At the same time, when misused, it can become a quick ticket into debt.
But if you are good at paying your bills on time, there are lots of reasons to get a credit card.
There are five benefits of using credit cards:
- 1.
Using credit cards can help you build your credit history. When you have a high credit score, lenders and creditors will find it easy to allow you to borrow money.
- 2.
Some credit cards come with extra perks, such as cash back, travel insurance or gas savings.
- 3.
Credit card users can earn free flights, free nights at hotels, or gift cards through bonus or points programs.
- 4.
Some credit cards even give you cash back after earning you a percentage of money back from your spending with the card. You can earn anywhere from 0.5% to 3% back from every purchase.
- 5.
Credit cards offer an easier option for paying for goods when overseas, serving as a more convenient alternative to debit (which usually won’t work in other countries) and avoiding the trouble of exchanging cash.
How to compare credit card offers
Credit cards come in different colours, interest rates and limits. There is the “Elite,” “Infinite,” “Platinum,” or “Black.” So how to choose? Here’s how to decide what should be in your wallet and how to choose the best credit card in Canada for your financial needs.
Define your needs
First, you need to think about how you’ll use the card, and see where you stand. Do you need cash advances? Do you need to simply reduce the cost of your high-interest debt? Do the annual fees make up for the credit card's other key features?
Understand your credit card interest rates
For example, a secured credit card is pointless for someone with a high credit score, but it can be the perfect solution to build a good credit history.
Whenever you have a balance on your credit card, you will pay interest. For credit cards, you are charged the annual percentage rate (APR), which is the same as the interest rate when it comes to credit card debt. The lower the APR, the less interest you’ll pay on your balance.
APR typically ranges from 19.99% to 25.99%. The rate itself is dependent on market conditions, inflation, costs of long-term deposits, competition for funds, and Bank of Canada policy.
The APR rate won’t matter to you if you’re confident that you’ll pay off your balance in full every month. But if you expect to carry a balance regularly, it may be the number one thing you look at.
For example, if you have a $2,000 balance on a card with a 20% APR, you’d pay $400 in interest every year. On a card with a 16% APR, you’d pay $320.
Another note, you can find the APR range that credit cards can charge through the terms and conditions agreements on the carrier’s website, and you don’t need to apply for the card to see the terms.
You won’t know your individual APR until you complete a full application and get approved, as your credit rating plays a factor in the rate you qualify for.
Watch for fees
It isn’t only the APR that you have to worry about when getting a credit card. There are other fees that you need to be fully aware of.
There are many fees, including but not limited to:
Annual fee: Some cards come with a fee you pay every year for the pleasure of owning and using the card. The annual fee can be worth it, if benefits like cash-back, balance it out.
Late fee: Depending on the lender, you may be charged a late fee, or charges for not making at least the minimum payment on time. Others charge this as a percentage of the amount you owe or just as a flat fee.
Balance transfer fee: Some cards will charge you this if you move your balance from one card to the other.
Foreign transaction fee: While you can use most credit cards overseas, some will charge you this fee for any transactions across the border.
Cash advance fee: Taking a cash advance (withdrawing cash from your credit limit) can sometimes charge a much higher fee than a regular transaction.
What are the most popular cards?
The most popular credit cards will be different based on the category of the card, such as travel, cashback, low fees, etc. However, recent data from YouGov breaks down the most popular cards by payment network such as Visa and Mastercard. We’ve further split this data by age to help you make the best decision based on the popular fit for similar shoppers in your cohort.
In younger cohorts, like 18-24 and 25-35, it’s no surprise that Visa is the preferred card with 33% and 41% of the market share respectively, compared to Mastercard with 16% and 27% of the market for the same age groups. Oppositely, for older generations (55+), Mastercard owns more of the market with 37% over Visa with 33%. Overall across all ages, the two payment networks own similar shares of the market with Mastercard owning 33.44% and Visa owning 34.4%.
How long does it take to get a credit card?
Generally, it can take anywhere from one to three weeks to get a credit card after you have applied for it. The time is influenced by multiple factors, including your credit score and the method you’re using to apply.
When applying for a card, the issuer will typically outline the minimum credit score that you need to apply. If you meet these requirements, you'll often be instantly approved by an automated system.
Keep in mind that this is for online applications. If you decide to apply by snail mail, the approval process will likely take a few extra days.
If you don’t meet the requirements, then your application will need to be reviewed manually, which can take seven to 10 business days. Some issuers have a “reconsideration line” that you can contact in order to speed up this process.
Once approved, the actual shipment of the card usually takes another seven to 10 business days. Some card issuers also offer expedited shipping.
APR vs. interest rate
Your APR is your “annual percentage rate.” For your credit card, your APR and your interest are essentially the same. The APR will represent the amount of interest you pay annually on your balance.
Like your interest, it is displayed as a percentage and the rate that you get is affected by your credit history and credit score.
For other types of loans, such as mortgages, your APR is your interest plus other fees, such as mortgage broker fees.
Credit card rewards
Aside from travel or cash-back rewards, there are other perks that you can get from owning and using a credit card.
These other options include:
- Gas rewards cards: Gas rewards credit cards are really useful for getting discounts at gas stations.
- Hotel rewards cards: You can get discounts for hotels or specific hotel chains with a hotel credit card.
- Airline rewards cards: Collect travel rewards, which you can use for airfare, or for travel bonuses like access to first-class airport lounges.
There are also bonuses and features that you may not consider, like insurance on car rentals and travel. Free upgrades on flights, in hotels or discounts when shopping at certain stores. Some cards even offer concierge services, Uber credits, cell phone protection or free credit checks.
Rewards cards tend to have higher interest rates than regular credit cards, so It’s important to consider how much money you’ll save by getting one.
Can you lose your rewards?
Rewards cards come with conditions that are not too different from a regular credit card.
Missing payments can lead to a loss of your rewards, so can account inactivity. If you have a rewards card, be sure to use it at least once every few months.
Card issuers are also wary of people racking up points with their purchases, only to then return the goods they purchased. To avoid that conundrum, returning goods you purchased will lead to you losing the rewards you accumulated.
There are also cases of people getting cards with big sign-up bonuses, and then canceling the cards shortly after, which is called "credit card churning". To combat this, many cards’ sign-up bonuses come with conditions, such as a minimum amount of time from sign up to canceling. If you’re going to get a reward card, hold onto it for at least a year before canceling.
Also, be wary of cards that have an expiry date for their points. This situation is more common if you’re collecting rewards via a points program. Be sure to read the fine print and avoid any surprises on your purchases.
You must also stay up-to-date on the terms of your card. There are instances of the issuer changing the rules or conditions that come with their cards. Such changes require a time period notice, so it pays to pay attention to any communications you receive from the card issuer.
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