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From huge sign-up bonuses to generous rewards, NerdWallet Canada’s picks for the best credit cards in Canada include top contenders across numerous card categories. Compare these options to find the ideal card for your spending habits and financial goals.
- The best credit cards in Canada
- Why you should trust us
- Summary of our selections
- More picks for different types of best credit cards in Canada
- Beginner’s guide to credit cards in Canada
TD® Aeroplan® Visa Infinite* Card
Our pick for the best airline credit card in Canada, with a strong intro offer of up to 55,000 Aeroplan points. Plus, your first year has no annual fee. T&Cs apply, must apply by May 28, 2023.
Best credit cards in Canada
Best travel card for daily spending + our pick for 1:1 point transfers
American Express Cobalt® Card
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Annual Fee$155.88$12.99 monthly fee.
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Interest Rates20.99% / 21.99%20.99% on purchases, 21.99% on cash advances.
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Rewards Rate1x-5x Points5x on eligible eats and drinks in Canada, including groceries and food delivery, 3x on on eligible streaming subscriptions in Canada, 2x on eligible transit & gas purchases in Canada and eligible travel purchases, and 1x on purchases everywhere else.
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Intro OfferUp to 30,000 PointsIn your first year as a new Cobalt Cardmember, you can earn 2,500 Membership Rewards® points for each monthly billing period in which you spend $500 in net purchases on your Card (up to 30,000 points).
Our Take
Why we like it
The American Express Cobalt Card boasts high rewards rates on everyday spending, a generous welcome bonus, comprehensive travel insurance coverage, flexible point redemption and plenty of specialty perks to keep things interesting all year long.
Pros
Cons
The American Express Cobalt Card boasts high rewards rates on everyday spending, a generous welcome bonus, comprehensive travel insurance coverage, flexible point redemption and plenty of specialty perks to keep things interesting all year long.
Pros
- Earn 150,000 points in the first year by spending up to $30,000 on eats, drinks and groceries. Combined with the 30,000 point intro offer, you could earn 180,000 points in your first year, which you could redeem for travel and more.
- Easily transfer the points you earn to popular airline and hotel loyalty programs, such as Aeroplan and Marriott Bonvoy.
Cons
- Airport lounge access isn’t provided, which may disappoint some frequent travellers.
- No travel medical coverage for cardmembers over the age of 65.
Product Details
- In your first year as a new Cobalt Cardmember, you can earn 2,500 Membership Rewards® points for each monthly billing period in which you spend $500 in net purchases on your Card. This could add up to 30,000 points in a year. That’s up to $300 towards a weekend getaway or concert tickets.
- Earn 5x the points on eligible eats and drinks in Canada, including groceries and food delivery.
- Earn 3x the points on eligible streaming subscriptions in Canada.
- Earn 2 points for every $1 spent on eligible transit & gas purchases in Canada and eligible travel purchases. That’s 2X the points on purchases that get you from point A to B.
- Earn 1 point for every $1 in Card purchases everywhere else. We won’t tell you where to spend, we’ll just reward you on your Card purchases.
- Transfer points 1:1 to several frequent flyer and other loyalty programs.
- Cobalt Cardmembers receive regular Perks such as bonus reward offers and access to great events.
- Access Front Of The Line® Presale & Reserved Tickets to some of your favourite concerts and theatre performances and special offers and events curated for Cardmembers with American Express® Experiences.
- American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details, current product information and Terms and Conditions, click the Apply now link. Conditions Apply.
Best cash back card + our pick for the best Mastercard
BMO CashBack® World Elite®* Mastercard®*
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Annual Fee$120Waived first year
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Interest Rates20.99% / 23.99%20.99% on purchases, 23.99% on cash advances (21.99% for Quebec residents).
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Rewards Rate1%–10%10% intro offer, then 5% on groceries*, 4% on transit including ride sharing, taxis and public transportation*, 3% on gas and electric vehicle charging*, 2% on recurring bill payments like your monthly phone bill or favourite streaming service*, 1% unlimited cashback on all other purchases*.
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Intro OfferUp to $260Receive 10% cash back in the first three months, up to $2,600 in purchases (equal to $260 cash back). Must apply by July 31, 2023. Terms and conditions apply.
Our Take
Why we like it
You won’t need a strategy to make the most out of this bonus-category card. The BMO CashBack® World Elite®* Mastercard®* spends like a flat-rate card thanks to stellar rates on four popular daily spending categories.
Pros
Cons
You won’t need a strategy to make the most out of this bonus-category card. The BMO CashBack® World Elite®* Mastercard®* spends like a flat-rate card thanks to stellar rates on four popular daily spending categories.
Pros
- Score generous cash-back rates for popular spending categories: 5% on groceries, 4% on transit, 3% on gas, 2% on recurring bills, and 1% on everything else.
- Feel protected with 13 types of insurance and fantastic travel benefits.
Cons
- Spending categories come with easily-hit spending caps, but the 1% base rate still earns you value once you hit your monthly bonus rate limits.
- The $120 annual fee is pretty steep. While we think you’ll more than make up for it through cash back savings, the no-fee BMO CashBack® Mastercard®* is a great alternative.
Product Details
- Welcome offer: Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first year.*
- Earn more cash back on the categories that mean the most: 5% on groceries.* 4% on transit including ride sharing, taxis and public transportation.* 3% on gas and electric vehicle charging.* 2% on recurring bill payments like your monthly phone bill or favourite streaming service.* 1% unlimited cashback on all other purchases.*
- Get the highest cash back earn rate on groceries in Canada.†
- Get valuable benefits and offers for digital everyday services from a variety of on-demand apps and subscription services.
- Extended Warranty Plus.*
- Purchase Protection Plus.*
- Complimentary membership in Mastercard Airport Experiences provided by LoungeKey.*
- Access over 1 million Wi-Fi hotspots around the world – all at no added cost, and no added fees or roaming charges.*
- Complimentary Roadside Assistance Program.*
- BMO CashBack World Elite Travel and Medical Protection.*
- BMO Concierge Service.*
- Unlock Mastercard Travel Rewards cashback offers when you travel and shop outside of Canada.
- *Terms and conditions apply.
- †Statement based on a comparison of the non-promotional grocery rewards earn rate on Canadian cash back credit cards as of June 1, 2022.
- 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.
Best intro offer
TD® Aeroplan® Visa* Infinite Privilege* Card
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Annual Fee$599
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Interest Rates20.99% / 22.99%20.99% on purchases, 22.99% on cash advances.
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Rewards Rate1.25x-2x PointsEarn 2 points† for every $1 spent on eligible purchases made direct through Air Canada® purchases (including Air Canada Vacations®). Earn 1.5 points† for every $1 spent on eligible gas, grocery, travel and dining purchases. Earn 1.25 points† for every $1 spent on all other purchases made with your Card.
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Intro OfferUp to 115,000 PointsEarn up to 115,000 Aeroplan points: Earn a welcome bonus of 20,000 Aeroplan points when you make your first purchase with your new card†. Earn an additional 60,000 Aeroplan points when you spend $7,500 within 180 days of Account opening†. Plus, earn an anniversary bonus of 35,000 Aeroplan points when you spend $12,000 within 12 months of Account opening†. Must apply by May 28, 2023.
Our Take
Why we like it
The TD® Aeroplan® Visa* Infinite Privilege* Card comes with strong travel insurance and perks, plus healthy earn rates on everyday purchases.
Pros
Cons
The TD® Aeroplan® Visa* Infinite Privilege* Card comes with strong travel insurance and perks, plus healthy earn rates on everyday purchases.
Pros
- Complimentary Visa Airport Companion membership with six airport lounge visits included each year.
- Tons of airport perks, including priority check-ins, boarding, baggage handling, airport upgrades, and airport standby.
Cons
- Substantial annual fee.
Product Details
- Intro offer: Earn up to 115,000 Aeroplan points†. Conditions Apply. Must apply online by May 28, 2023.
- Earn a welcome bonus of 20,000 Aeroplan points when you make. your first purchase with your new card†.
- Earn an additional 60,000 Aeroplan points when you spend $7,500 within 180 days of Account opening†.
- Plus, earn an anniversary bonus of 35,000 Aeroplan points when you spend $12,000 within 12 months of Account opening†.
- Earn 2 points† for every $1 spent on eligible purchases made direct through Air Canada® purchases (including Air Canada Vacations®).
- Earn 1.5 points† for every $1 spent on eligible gas, grocery, travel and dining purchases.
- Earn 1.25 points† for every $1 spent on all other purchases made with your Card.
- Earn points twice when you pay with your Card and provide your Aeroplan number at over 150 Aeroplan partner brands and at 170+ online retailers via the Aeroplan eStore.
- Global Airport Lounge Access†: Receive a complimentary membership to the Visa Airport Companion† Program hosted by Dragonpass International Ltd. and take advantage of six lounge visits included for each Cardholder per membership year at over 1,200 airport lounges worldwide. Enroll through the Visa Airport Companion App or through visaairportcompanion.ca
- Complimentary Visa Infinite Concierge† : On-call 24 hours a day, seven days a week, the Visa Infinite Concierge can help with any Cardholder request — big or small, to help you get the most out of life whenever you travel, shop and use your Card.
- Visa Infinite Luxury Hotel Collection†: Receive seven exclusive benefits when you book your stay through the Visa Infinite Luxury Hotel Collection featuring over 900 of the world’s most intriguing properties. Enjoy an additional 8th benefit at over 200 properties, exclusively for Visa Infinite Privilege cardholders.
- Travel Medical Insurance†: Up to $5 million of coverage for the first 31 days. If you or your spouse is aged 65 or older, you are covered for the first 4 days of your trip. Additional top-up coverage is available.
- Trip Cancellation/Trip Interruption Insurance†: For Trip Cancellation coverage of up to $2,500 per insured person, with a maximum of $5,000 for all insured persons, and for Trip Interruption coverage of up to $5,000 per insured person, with a maximum of $25,000 for all insured persons on the same covered trip.
- Flight/Trip Delay Insurance†: Up to $1,000 in coverage per insured person if your flight/trip is delayed for over 4 hours.
- Delayed and Lost Baggage Insurance†: For delayed baggage over 4 hours, up to $1,000 of coverage per insured person for the purchase of essentials, such as clothing and toiletries. For lost baggage, up to $2,500 of coverage per insured person.
- Common Carrier Travel Accident Insurance†: Up to $500,000 of coverage for covered losses while travelling on a common carrier (for example, a bus, ferry, plane, train or auto rental).
- Save time at the border with NEXUS: Enroll for a NEXUS and once every 48 months get an application fee rebate (up to $100 CAD)†. Additional Cardholders can also take advantage of this NEXUS rebate.
- To be eligible, $150,000 annual personal income or $200,000 household annual income is required. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.
- †Terms and conditions apply.
- This offer is not available for residents of Quebec.
- The Toronto-Dominion Bank (TD) is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete and current information on any TD product, please click the Apply Now button.
Best for gas + our pick for the best American Express card
SimplyCash® Preferred Card from American Express
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Annual Fee$119.88$9.99 monthly fee.
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Interest Rates20.99% / 21.99%20.99% on purchases, 21.99% on cash advances.
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Rewards Rate2%-4%Earn 4% cash back on eligible gas station purchases in Canada, 4% cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually) and 2% cash back on all other purchases.
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Intro OfferUp to $400In your first 10 months as a new SimplyCash® Preferred Card from American Express Cardmember, you can earn a $40 statement credit for each monthly billing period in which you spend $750 in purchases on your Card. This could add up to $400 in statement credits in the first 10 months.
Our Take
Why we like it
Get rewarded at the gas station and grocery store with 4% cash back, plus enjoy a high ongoing flat-rate of 2% cash back on everything else.
Pros
Cons
Get rewarded at the gas station and grocery store with 4% cash back, plus enjoy a high ongoing flat-rate of 2% cash back on everything else.
Pros
- The unlimited 2% cash-back earn rate is among the highest we evaluated.
- You can earn up to $400 in the first ten months.
Cons
- The bonus rewards rate on gas and groceries drops down to 2% after a $30,000 annual spend.
Product Details
- In your first 10 months as a new SimplyCash® Preferred Card from American Express Cardmember, you can earn a $40 statement credit for each monthly billing period in which you spend $750 in purchases on your Card. This could add up to $400 in statement credits in the first 10 months.
- Earn accelerated earn rates on eligible gas and grocery purchases.
- Earn 4% cash back on eligible gas station purchases in Canada, 4% cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually) and 2% cash back on all other purchases.
- Access events and special offers curated for Cardmembers with American Express® Experiences.
- Extensive insurance coverage and 24/7 Customer Service.
- 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.
Best for groceries + our pick for no foreign transaction fees
Scotiabank Gold American Express® Card
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Annual Fee$120Must open an account by April 30, 2023. Get an additional annual fee waiver by using the Scotiabank Preferred Package or Ultimate Package.Waived first year
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Interest Rates20.99% / 22.99%20.99% on purchases. 22.99% on cash advances.
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Rewards Rate1x-6x PointsEarn 6X Scene+ points for each $1 CAD charged to your account on all eligible purchases¹ at Sobeys, IGA, Safeway, Foodland, FreshCo, Voilà by Sobeys, Voilà by IGA, Voilà by Safeway, Chalo! FreshCo, Thrifty Foods, IGA West, Les Marchés Tradition, Rachelle Béry and Co-Op. Earn 5X Scene+ points for every $1 CAD spent on eligible grocery stores, restaurants, fast food, and drinking establishments. Includes popular food delivery and food subscriptions. Earn 5X Scene+ points for every $1 CAD spent on eligible entertainment purchases. Includes movies, theatre, and ticket agencies. Earn 3X Scene+ points for every $1 CAD spent on eligible gas and daily transit. Includes rideshare, buses, taxis, subway, and more. Earn 1X Scene+ point for every $1 spent on every other purchase.
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Intro OfferUp to 45,000 PointsTo qualify for the 45,000 bonus Scene+ points offer: 1. Earn 25,000 bonus Scene+ points by making at least $1,000 in everyday eligible purchases in your first 3 months. 2. Plus, for a limited time, you are eligible to earn a 20,000 Scene+ point bonus when you spend at least $7,500 in everyday eligible purchases in your first year. Offer ends April 30, 2023.
Our Take
Why we like it
Not only does the Scotiabank Gold American Express card reward you with impressive rates in six popular spending categories, but it also comes with no foreign exchange fees.
Pros
Cons
Not only does the Scotiabank Gold American Express card reward you with impressive rates in six popular spending categories, but it also comes with no foreign exchange fees.
Pros
- No foreign exchange fee on any foreign currency purchases while travelling abroad or shopping online — you just have to pay the exchange rate.
Cons
- The bonus rewards rates drop down to the 1x flat rate after a $50,000 annual spend. This sounds like a lot, but much of your daily spending is probably included in the six bonus categories, so you might hit the limit faster than you’d think.
- Your points will expire if you don’t use them within 12 months of the purchase date.
Product Details
- Earn up to $850* in value in the first 12 months, including up to 45,000 bonus Scene+ points and first year annual fee waived¹ . Offer ends April 30, 2023.
- You will not pay 2.5% foreign transaction fees on any foreign currency purchases, including online shopping and when travelling abroad. Only the exchange rate applies.
- Earn 5X Scene+ points for every $1 CAD spent on eligible grocery stores, restaurants, fast food, and drinking establishments. Includes popular food delivery and food subscriptions.
- Earn 5X Scene+ points for every $1 CAD spent on eligible entertainment purchases. Includes movies, theatre, and ticket agencies.
- Earn 3X Scene+ points for every $1 CAD spent on eligible gas and daily transit. Includes rideshare, buses, taxis, subway, and more.
- Earn 1X Scene+ point for every $1 spent on every other purchase.
- You’ll earn 6X Scene+ points for each $1 CAD charged to your account on all eligible purchases¹ at Sobeys, IGA, Safeway, Foodland, FreshCo, Voilà by Sobeys, Voilà by IGA, Voilà by Safeway, Chalo! FreshCo, Thrifty Foods, IGA West, Les Marchés Tradition, Rachelle Béry and Co-Op.
- You must redeem a minimum of 5,000 points per travel-related rewards redemption, equivalent to $50 in travel savings. Points must be redeemed within 12 months of the purchase date.
- Discounted Priority Pass™ membership, which grants you access to over 1200 VIP lounges around the world.
- Score deals on shopping, dining, travel and more with Amex Offers®, and experience special events and discounts with American Express Invites®.
- Access to Amex Front Of The Line® presale and reserved tickets.
- To be eligible, $12,000 (individual) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.
- Terms and Conditions Apply. Click ‘Apply Now’ for complete details.
Best rewards card + our pick for the best Visa card
Scotia Momentum® Visa Infinite* Card
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Annual Fee$120Open a new Scotia Momentum® Visa Infinite* credit card account by April 30, 2023 to qualify.Waived first year
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Interest Rates20.99% / 22.99%20.99% on purchases, 22.99% on cash advances.
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Rewards Rate1%-10%10% intro offer (Ends April 30, 2023), Earn 4% for every $1 you spend on grocery store purchases, recurring bill payments, and subscription purchases. Earn 2% for every $1 you spend on gas purchases and daily transit purchases. Earn 1% cash back on all other purchases with no cash back limit.
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Intro OfferUp to $200Earn 10% cash back on all purchases for the first three months (up to $2,000 in total purchases). Must open a new account by April 30, 2023.
Our Take
Why we like it
Earn up to $1,000 in cash back on grocery shopping and recurring bill payments with a 4% rewards rate in both categories.
Pros
Cons
Earn up to $1,000 in cash back on grocery shopping and recurring bill payments with a 4% rewards rate in both categories.
Pros
- It’s rare for a credit card to offer 4% cash back on two major spending categories. It’s even rarer to set a $25,000 annual limit to that 4% — a $1,000 value — before reverting to the healthy 1% base rate.
- You can waive the $120 annual fee every single year by using the Scotiabank Ultimate Package.
Cons
- The cash back earned is hands-off. You have to wait until November, and then it’s only redeemable as a statement credit. If you have a Scotiabank account, that annual payout can be deposited into your bank account.
- The 4% rate won’t mean much to you if you don’t buy a lot of groceries or often buy your food at somewhere that Visa doesn’t classify as a grocery store or supermarket, such as Canadian Tire, FreshCo, London Drugs, Walmart and No Frills.
Product Details
- SPECIAL OFFER: Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). No annual fee in the first year, including on supplementary cards. Offer ends April 30, 2023.
- Earn 4% for every $1 you spend on grocery store purchases, recurring bill payments, and subscription purchases.
- Earn 2% for every $1 you spend on gas purchases and daily transit purchases.
- Earn 1% cash back on all other purchases with no cash back limit.
- Redeem cash back as a statement credit in November.
- Visa Infinite benefits, including Visa Infinite* Concierge, Visa Infinite* Luxury Hotel Collection, Visa Infinite* Dining Series, and entertainment and lifestyle offers.
- Save up to 25% off base rates at participating AVIS locations and at participating Budget locations in Canada and the U.S.
- Access to Scotia SelectPay™.
- To be eligible, $60,000 (individual) or $100,000 (household) annual income is required, or $250,000 minimum assets under management. Also, you must have a Canadian credit file and be a Canadian resident that is the age of majority in the province or territory where you live.
- Terms and Conditions Apply. Click ‘Apply Now’ for complete details.
Best points card
RBC ION+ Visa Credit Card
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Annual Fee$48$4 charged monthly (low Annual Fee of $48).
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Interest Rates19.99% / 22.99%19.99% on purchases (20.99% on April 1st), 22.99% on cash advances.
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Rewards Rate1x-3x PointsEarn 3X Avion points for every $1 spent¹ on: Grocery, Dining & Food Delivery – Satisfy your taste buds by earning points on groceries, dining out, food delivery.ⁱ Rides, Gas & EV Charging – Enjoy earning points on gas, rideshare, daily public transit, electric vehicle charging.ⁱⁱ Rides, Gas & EV Charging – Enjoy earning points on gas, rideshare, daily public transit, electric vehicle charging.ⁱⁱ Earn 1 Avion point for every $1 spent on all other qualifying purchases.¹
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Intro Offer12,000 PointsNew cardholders will earn 12,000 Avion points upon approval. Conditions apply. Must apply by April 3, 2023.
Our Take
Why we like it
One of RBC’s newest offerings, the RBC ION+ Visa is a solid, low-fee rewards card with generous earning rates on daily spending.
Pros
Cons
One of RBC’s newest offerings, the RBC ION+ Visa is a solid, low-fee rewards card with generous earning rates on daily spending.
Pros
- Earn unlimited 3x on a variety of common spending categories, like groceries, gas, food delivery, and even digital gaming.
- Get a monthly fee rebate every month when you have an RBC Signature No Limit Banking or RBC Advantage Banking for students account.
Cons
- Limited insurance offerings, but mobile device insurance is included.
Product Details
- Enjoy 12,000 Avion points upon approval. Apply by April 3, 2023.^
- Earn 3X Avion points for every $1 spent¹ on:
- Grocery, Dining & Food Delivery – Satisfy your taste buds by earning points on groceries, dining out, food delivery.ⁱ
- Rides, Gas & EV Charging – Enjoy earning points on gas, rideshare, daily public transit, electric vehicle charging.ⁱⁱ
- Streaming, Digital Gaming & Subscriptions– Stay entertained while earning points on streaming, gaming, eligible digital subscriptions, eligible digital downloads, and in-game purchases.ⁱⁱⁱ
- Earn 1 Avion point for every $1 spent on all other qualifying purchases.¹
- Annual Fee $48² ($4 charged monthly).
- Pay With Points – Redeem your Avion points to pay bills, your credit card balance or even send money to friends with Interac e-Transfer⁴. Minimum redemption is only $10, so you can use your points where you need them most.
- Save at Petro-Canada – Save 3¢/L on fuel and earn 20% more points when you pay with a linked RBC card.⁶
- Earn more Be Well points at Rexall – Earn 50 Be Well points for every $1 spent on eligible purchases at Rexall when you pay with your linked RBC card and scan your Be Well card.⁷
- Save Big on Delivery with DoorDash – Get a 3-month complimentary DashPass subscription – a value of almost $308. Enjoy unlimited deliveries with $0 delivery fees on qualifying orders of $15 or more when you pay with your eligible RBC credit card⁹. See how to save with DoorDash.
- Enjoy a Monthly Fee Rebate – Get a $4 rebate¹⁰ each month ($48/year) on the monthly fee of your credit card when you have an RBC Signature No Limit Banking or RBC Advantage Banking for students account.
- Mobile Device Insurance⁵ Included – Get 2 years of coverage up to $1,000 in the event your mobile device such as your cell phone is lost, stolen, accidentally damaged or experiences mechanical failure when you purchase your mobile device with this credit card.
- Purchase Security and Extended Warranty Insurance⁵ – Automatically protects eligible card purchases against loss, theft or damage within 90 days of purchase, and doubles the manufacturer’s original Canadian warranty by up to one additional year, to a maximum of five years.
- Corresponding legal references and product terms are available on the RBC website, which will be available and agreed upon in the customer onboarding process.
Best business card
American Express® Business Edge™ Card
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Annual Fee$99
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Interest Rates19.99% / 21.99%19.99% on purchases, 21.99% on cash advances.
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Rewards Rate1x-10x Points10x intro offer on eligible business essentials including office supplies & electronics, rides & gas, eats & drinks within the first six months (up to 10,000 points). Earn 3x the points for Card purchases on eligible business essentials including office supplies & electronics, rides & gas, eats & drinks when your Welcome Offer ends. Caps and other conditions may apply. Earn 1x the points on all other purchases charged to the Card.
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Intro OfferUp to 67,000 PointsEarn up to 67,000 welcome bonus Membership Rewards® points: Earn 45,000 Welcome Bonus points when you charge $5,000 in purchases to your Card in your first three months of Cardmembership. Plus, earn 10x the points for every $1 spent on eligible business essentials including office supplies & electronics, rides & gas, eats & drinks within 6 months of Cardmembership, up to a maximum of 10,000. You can earn an extra 1,000 Membership Rewards points for each monthly billing period in which you spend $3,000 in purchases on your Card. This could add up to 12,000 extra points in a year.
Our Take
Why we like it
There’s a lot of value packed into the American Express Business Edge Card: a manageable annual fee, impressive earn rates on common business purchases, and a wide range of perks and special offers, such as business and expense management tools and payment flexibility.
Pros
Cons
There’s a lot of value packed into the American Express Business Edge Card: a manageable annual fee, impressive earn rates on common business purchases, and a wide range of perks and special offers, such as business and expense management tools and payment flexibility.
Pros
- The generous welcome offer and 1,000-point monthly spend bonus should be attainable for many businesses.
- A healthy earn rate on several everyday business purchases, like office supplies, electronics and gas.
- Ability to add up to 99 supplementary cards — and up to $100,000 in coverage in case of employee misuse.
Cons
- Not all retailers accept American Express.
- Because of the relatively low spending limits associated with the 10x and 3x earn rates, the increased rewards may not be in effect for long for some businesses.
- Limited insurance coverage included.
Product Details
- Earn up to 67,000 welcome bonus Membership Rewards® points.
- Earn 45,000 Welcome Bonus points when you charge $5,000 in purchases to your Card in your first three months of Cardmembership.
- Plus, earn 10x the points for every $1 spent on eligible business essentials including office supplies & electronics, rides & gas, eats & drinks within 6 months of Cardmembership, up to a maximum of 10,000.
- You can earn an extra 1,000 Membership Rewards points for each monthly billing period in which you spend $3,000 in purchases on your Card. This could add up to 12,000 extra points in a year.
- That’s $670 in statement credits that can be reinvested in your business.
- Earn points that you can redeem in a variety of ways.
- Earn 3x the points for Card purchases on eligible business essentials including office supplies & electronics, rides & gas, eats & drinks when your Welcome Offer ends. Caps and other conditions may apply.
- Earn 1x the points on all other purchases charged to the Card.
- Use points to offset business expenses. Membership Rewards® allows you to offset business expenses by covering the cost of purchases made on your Card, in full or in part. Redeem points for statement credits and to book flights, hotels, and car rentals.
- Transfer points to frequent flyer and hotel programs, including one-to-one to Aeroplan®* and Avios.
- Make the most out of a full suite of business management tools that give you more control over your business – anytime and anywhere.
- Leverage your cash flow with the option of carrying a balance or paying in full each month.
- Employee Card Misuse Protection is a benefit created specifically for business owners and it provides coverage of up to $100,000 per Basic Cardmember in the event an employee misuses their Supplementary Card for unauthorized charges.
- Access coverage that can protect your business purchases when you charge the full price of eligible items to your American Express Business Edge™ Card.
- Protect your eligible purchases against accidental physical damage and theft for up to 90 days with Purchase Protection® Plan.
- Double the manufacturer’s original warranty up to one additional year with Buyer’s Assurance® Protection Plan.
- 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.
Best no-fee points card
MBNA Rewards Platinum Plus® Mastercard®
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Annual Fee$0
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Interest Rates19.99% / 24.99%19.99% on purchases, 24.99% on cash advances.
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Rewards Rate1x-4x PointsEarn 4 points†† for every $1 spent on eligible restaurant, grocery, digital media, membership and household utility purchases during the first 90 days, and 2 points‡ for every $1 spent on eligible purchases in those categories thereafter – in both cases, these earn rates apply until $10,000 is spent annually in the applicable category. 1 point‡ for every $1 spent on all other eligible purchases.
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Intro OfferUp to 10,000 PointsEarn 5,000 bonus points†† ($25 in cash back value) after you make $500 or more in eligible purchases within the first 90 days of your account opening. Earn 5,000 bonus points††($25 in cash back value) once enrolled for paperless e-statements within the first 90 days of account opening.
Our Take
Why we like it
The MBNA Rewards Platinum Plus Mastercard offers bonus rewards on common spending categories, along with flexible options for redemption.
Pros
Cons
The MBNA Rewards Platinum Plus Mastercard offers bonus rewards on common spending categories, along with flexible options for redemption.
Pros
- Flexible redemption options, including cash back, brand-name merchandise, gift cards, charitable donations and travel, and points never expire.
- You can receive up to 10,000 Birthday Bonus Points every year.
Cons
- Accelerated earn rate drops to 2x after the first 90 days, and 1x after $10,000 in spending. Considering how many categories fit into the cap, hitting the limit will be easy for families and big spenders.
- Lack of travel insurance may disappoint some cardholders.
Product Details
- Earn 4 points†† for every $1 spent on eligible restaurant, grocery, digital media, membership and household utility purchases during the first 90 days, and 2 points‡ for every $1 spent on eligible purchases in those categories thereafter – in both cases, these earn rates apply until $10,000 is spent annually in the applicable category.
- Earn 1 point‡ for every $1 spent on all other eligible purchases.
- 5,000 bonus points†† ($25 in cash back value) after you make $500 or more in eligible purchases within the first 90 days of your account opening.
- 5,000 bonus points††($25 in cash back value) once enrolled for paperless e-statements within the first 90 days of account opening.
- Each year, you will receive Birthday Bonus Points‡ equal to 10% of the total number of Points earned in the 12 months before the month of your birthday, to a maximum Birthday Bonus each year of 10,000 Points.
- Redeem points‡ for cash back, brand-name merchandise, gift cards from participating retailers, charitable donations, and travel.
- Mobile Device Insurance*** With Mobile Device Insurance, you’ve got up to $1,000 in coverage for eligible mobile devices in the event of loss, theft, accidental damage or mechanical breakdown.
- No annual fee.
- ‡, ††, ✪, ***, Terms and Conditions apply.
- This offer is not available for residents of Quebec.
- Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.
Best travel credit cards in Canada
Best airline card
TD® Aeroplan® Visa Infinite* Card
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Annual Fee$139Apply online by May 28, 2023. Terms and conditions apply.Waived first year
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Interest Rates20.99% / 22.99%20.99% on purchases, 22.99% on cash advances.
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Rewards Rate1x-1.5x PointsEarn 1.5 points† for every $1 spent on eligible gas, grocery and direct through Air Canada® purchases (including Air Canada Vacations®) made with your card. Earn 1 point† for every $1 spent on all other Purchases made with your Card.
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Intro OfferUp to 55,000 PointsEarn up to 55,000 Aeroplan points†: Earn a welcome bonus of 10,000 Aeroplan points when you make your first purchase with your new card†. Earn 30,000 Aeroplan points when you spend $5,000 within 180 days of Account opening†. Plus, earn an anniversary bonus of 15,000 Aeroplan points when you spend $7,500 within 12 months of Account opening†. Must apply by May 28, 2023.
Our Take
Why we like it
The TD Bank Aeroplan Visa Infinite Card provides access to exclusive food, golf and drink experiences, making it an excellent choice for shoppers with a taste for the finer things. The $7,500 spending target in the first year should put the introductory point offers within reach for many cardholders.
Pros
Cons
The TD Bank Aeroplan Visa Infinite Card provides access to exclusive food, golf and drink experiences, making it an excellent choice for shoppers with a taste for the finer things. The $7,500 spending target in the first year should put the introductory point offers within reach for many cardholders.
Pros
- A low annual fee and unique perks, including 10% off car rentals at Avis and Budget.
- Earn points twice when you provide your Aeroplan number.
Cons
- Opportunities for earning more than 1.5x the points are rather limited.
- Some perks, like a once-every-four-years NEXUS rebate, might not blow your hair back.
Product Details
- Intro offer details: Earn up to 55,000 Aeroplan points†. Plus, first year no Annual Fee†. Conditions Apply. Must apply by May 28, 2023.
- To receive the first-year annual fee rebate, you must activate your Card and make your first Purchase on the Account within the first 3 months after Account opening and you must add your Additional Cardholders by May 29, 2023.
- Earn 1.5 points† for every $1 spent on eligible gas, grocery and direct through Air Canada® purchases (including Air Canada Vacations®) made with your card.
- Earn 1 point† for every $1 spent on all other Purchases made with your Card.
- Earn points twice when you pay with your Card and provide your Aeroplan number at over 150 Aeroplan partner brands and at 170+ online retailers via the Aeroplan eStore (www.aeroplan.com/estore).
- Interest Rates: 20.99% on purchases and 22.99% on cash advances.
- Earn big rewards on the little things: Earn 50% more Aeroplan Points and 50% more Stars at participating Starbucks® stores. Simply link your TD Aeroplan Visa Infinite Card to your Starbucks® Rewards account. Conditions apply.
- Your Aeroplan Points do not expire as long as you are a TD® Aeroplan® Visa Infinite* Cardholder in good standing.
- Travel lightly through the airport and save on baggage fees†: Primary Cardholders, Additional Cardholders, and travel companions (up to eight) travelling on the same reservation will all enjoy their first checked bag free (up to 23kg/50lbs) when your travel originates on an Air Canada flight.
- Complimentary Visa Infinite Concierge†: On-call 24 hours a day, seven days a week, the Visa Infinite Concierge can help with any Cardholder request — big or small, to help you get the most out of life whenever you travel, shop and use your Card.
- Visa Infinite Luxury Hotel Collection†: Receive seven exclusive benefits when you book your stay through the Visa Infinite Luxury Hotel Collection featuring over 900 of the world’s most intriguing properties.
- Travel Medical Insurance†: Up to $2 million of coverage for the first 21 days. If you or your spouse is aged 65 or older, you are covered for the first 4 days of your trip. Additional top-up coverage is available.
- Trip Cancellation/Trip Interruption Insurance†: For Trip Cancellation coverage of up to $1,500 per insured person, with a maximum of $5,000 for all insured persons, and for Trip Interruption coverage of up to $5,000 per insured person, with a maximum of $25,000 for all insured persons on the same covered trip.
- To be eligible, a $60,000 annual personal income or $100,000 household annual income is required. You must also be a Canadian resident and be the age of majority in the province or territory where you live.
- †Terms and conditions apply.
- This offer is not available for residents of Quebec.
- The Toronto-Dominion Bank (TD) is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete and current information on any TD product, please click the Apply Now button.
Best premium travel card
The Platinum Card® from American Express
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Annual Fee$699
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Interest RatesVariesThis card also has a Flexible Payment Option (FPO), which lets you carry a portion of your balance with interest on eligible purchases. Card members must pay all charges not included in their FPO balance in full.
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Rewards Rate1x-3x Points3x on eligible dining in Canada, 2x on eligible travel and 1x on everything else.
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Intro OfferUp to 80,000 PointsNew Platinum® Cardmembers, earn 60,000 Welcome Bonus points after you charge $6,000 in net purchases to your Card in your first 3 months of Cardmembership. Plus, earn 20,000 points when you make a purchase between 14 and 17 months of Cardmembership.
Our Take
Why we like it
This precision-cut and engraved metal Platinum Card boasts a generous intro offer, strong earn rates on rewards, and an impressive array of premium benefits and perks.
Pros
Cons
This precision-cut and engraved metal Platinum Card boasts a generous intro offer, strong earn rates on rewards, and an impressive array of premium benefits and perks.
Pros
- From special reservations to insider tips, you can enhance your travel experiences with complimentary, personalized service from Platinum Concierge — available 24/7.
- Benefit from a full suite of Platinum-level travel perks, such as worldwide airport lounge access, the Global Dining Collection, and more.
Cons
- Unless you plan to travel a lot, it may be difficult to offset the high $699 annual fee.
- No travel medical coverage for cardmembers over the age of 65.
Product Details
- Unlock special experiences with the Platinum Card®.
- Earn up to 80,000 Membership Rewards® points – that’s up to $800 towards a weekend away.
- New Platinum® Cardmembers, earn 60,000 Welcome Bonus points after you charge $6,000 in net purchases to your Card in your first 3 months of Cardmembership.
- Plus, earn 20,000 points when you make a purchase between 14 and 17 months of Cardmembership.
- Earn 3 points for every $1 in Card purchases on eligible dining and food delivery in Canada, 2 points for every $1 in Card purchases on eligible travel, and 1 point for every $1 in all other Card purchases.
- You will have access to a $200 CAD Annual Travel Credit to use towards any single travel booking of $200 or more charged to your Platinum Card and made on www.americanexpress.ca/travel or through Platinum Card® Travel Service.
- Take full advantage of The American Express Global Lounge Collection™ which unlocks access to over 1,200 airport lounges worldwide. This includes The Centurion® Lounge network, Plaza Premium Lounges, and hundreds of other domestic and international lounges designed to enhance your travel experience.
- Enjoy flexible ways to use your points such as statement credits for any eligible purchase charged to your Card, new travel purchases booked on American Express Travel Online through the Flexible Points Travel Program, and eligible flights through the Fixed Points Travel Program.
- Transfer points 1:1 to several frequent flyer and other loyalty programs.
- Enjoy complimentary benefits that offer an average value of $550 USD at over 1,000 extraordinary properties worldwide when you book Fine Hotels + Resorts.
- Platinum Cardmembers can enjoy access to special events and unique opportunities.
- Enjoy premium benefits at the Toronto Pearson Airport such as discount on parking.
- You will also have access to many leading hotel and car rental companies’ loyalty programs. Our partners include Marriott International, Hilton Hotels and Resorts, Radisson Hotel Group Americas, Hertz and Avis.
- Interest applies in accordance with your Cardmember Agreement, Information Box, and Disclosure statement if the total New Balance is not paid by the Payment Due Date each month. All payments must be received by the Payment Due Date shown on the monthly statement.
- 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.
Best for travel bookings
American Express® Aeroplan® Reserve Card
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Annual Fee$599
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Interest Rates20.99% / 21.99%20.99% on purchases, 21.99% on cash advances.
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Rewards Rate1.25x-3x Points3x on eligible purchases made directly with Air Canada and Air Canada Vacations, 2x on eligible Dining and Food Delivery purchases in Canada, and 1.25x on everything else.
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Intro OfferUp to 85,000 PointsNew American Express® Aeroplan®* Reserve Cardmembers can earn up to 85,000 Aeroplan points: Earn 55,000 Aeroplan points after spending $6,000 in net purchases on your Card within the first 6 months of Cardmembership. Plus, you can also earn 5,000 Aeroplan points for each monthly billing period in which you spend $1,000 in purchases on your Card for the first 6 months of Cardmembership. That could add up to 30,000 Aeroplan points.
Our Take
Why we like it
Comprehensive travel insurance, Air Canada benefits, impressive earn rates and unlimited rewards make the American Express Aeroplan Reserve Card a strong choice for frequent travellers.
Pros
Cons
Comprehensive travel insurance, Air Canada benefits, impressive earn rates and unlimited rewards make the American Express Aeroplan Reserve Card a strong choice for frequent travellers.
Pros
- Strong earn rates with unlimited rewards.
- Air Canada airport benefits, like Maple Leaf Lounge access, a free checked bag, Priority Airport Check-In, Priority Boarding for you and up to eight travel companions.
Cons
- A high $599 annual fee.
- The highest earn rate only applies to Air Canada travel purchases, so this card might not be a good fit if you prefer another airline.
Product Details
- New American Express® Aeroplan®* Reserve Cardmembers can earn up to 85,000 Aeroplan points:
- Earn 55,000 Aeroplan points after spending $6,000 in net purchases on your Card within the first 6 months of Cardmembership.
- Plus, you can also earn 5,000 Aeroplan points for each monthly billing period in which you spend $1,000 in purchases on your Card for the first 6 months of Cardmembership. That could add up to 30,000 Aeroplan points.
- New Cardmembers: Earn up to $2,700 in value within your first year. Spend applies to bonus point offers valued at up to $1,700.
- New Cardmembers: Receive up to $100 CAD in statement credits every four years when a NEXUS application or renewal fee is charged to your American Express Aeroplan Reserve Card.
- Standard Earn Rate: Earn 3X the points on eligible purchases made directly with Air Canada®* and Air Canada Vacations®*.
- Standard Earn Rate: Earn 2X the points on eligible Dining and Food Delivery purchases in Canada.
- Earn 2X the points on eligible purchases with Rocky Mountaineer®**. Plus, you could receive a Complimentary Hotel Room Category Upgrade, on the first and last night, and a Complimentary Upgrade from SilverLeaf to GoldLeaf class of service when you book directly with Rocky Mountaineer using your Aeroplan Reserve Card.
- Standard Earn Rate: Earn 1.25X the points on everything else.
- Get through the airport quicker with Air Canada Priority Check-In, Air Canada Priority Boarding and Air Canada Priority Baggage Handling.
- Receive one Annual Worldwide Companion Pass when you spend $25,000 in net purchases prior to your Card anniversary date; your Pass entitles you to buy an accompanying Air Canada economy class ticket for a companion at a fixed base fare from $99 to a maximum of $599 CAD (plus taxes, fees, charges, and surcharges).
- Enjoy access to select Air Canada Maple Leaf Lounges™* and Air Canada Café™ in North America for you and a guest, with a same day ticket on a departing Air Canada or Star Alliance flight.
- Enjoy your eligible first checked bag free for up to 9 people travelling on the same reservation on Air Canada flights.
- Roll over any unallocated Aeroplan Elite™* Status Qualifying Miles and unused eUpgrade Credits to the following year to enjoy during your travels.
- American Express® Experiences opens doors for you to access a number of special events, including special dining experiences, VIP parties, advance film screenings and more.
- Get more from your travel experience at Toronto Pearson International Airport with:
- Access to Pearson Priority Security Lane.
- Complimentary valet service at the Express Park and Daily Park.
- 15% discount on parking rates at the Express Park and Daily Park.
- 15% discount on Car Care Services.
- Get access to more than 1,200 Priority Pass™ airport lounges and enjoy an oasis of comfort before your flight, regardless of your airline or cabin class.
- 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.
Best AIR MILES card
BMO AIR MILES®† World Elite®* Mastercard®*
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Annual Fee$120Waived first year
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Interest Rates20.99% / 23.99%20.99% on purchases and 23.99% on cash advances (21.99% for Quebec residents).
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Rewards Rate0.08x-0.25x MilesEarn 3x the Miles for every $12 spent at participating AIR MILES Partners and 2x the Miles for every $12 spent at any eligible grocery store.* Earn 1 reward mile for every $12 in credit card purchases, everywhere you spend.*
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Intro Offer2,000 MilesSpend $3,000 in the first three months to earn 2,000 AIR MILES Bonus Miles. Waive the $120 annual fee in the first year. Applications must be received by July 31, 2023. Terms and conditions apply.
Our Take
Why we like it
With airport perks, travel benefits, 24/7 concierge access, and an impressive standard earn rate — 1 AIR MILE for every $12 spent — the BMO AIR MILES®† World Elite®* Mastercard®* offers frequent flyers a luxury travel experience at a great value.
Pros
Cons
With airport perks, travel benefits, 24/7 concierge access, and an impressive standard earn rate — 1 AIR MILE for every $12 spent — the BMO AIR MILES®† World Elite®* Mastercard®* offers frequent flyers a luxury travel experience at a great value.
Pros
- Airport lounge access with a complimentary membership in Mastercard Airport Experiences provided by LoungeKey.
- Strong insurance policy, including up to $2 million in out-of-province/out-of-country emergency medical insurance.
Cons
- This card doesn’t offer accelerated earn rates on certain spending categories.
Product Details
- Welcome offer: Get 2,000 AIR MILES Bonus Miles and we’ll waive the $120 annual fee for the first year.*
- Get 3x the Miles for every $12 spent at participating AIR MILES Partners and 2x the Miles for every $12 spent at any eligible grocery store*.
- Earn 1 reward mile for every $12 in credit card purchases, everywhere you spend.*
- Get valuable benefits and offers for digital everyday services from a variety of on-demand apps and subscription services.
- Use your card at Costco.*
- Extended Warranty.
- Access over 1 million Wi-Fi hotspots around the world – all at no added cost, and no added fees or roaming charges.*
- Complimentary membership in Mastercard Travel Pass provided by DragonPass.*
- Use less Miles with our exclusive 25% discount on one worldwide AIR MILES flight redemption during the calendar year.*
- BMO AIR MILES World Elite Travel and Medical Protection.*
- BMO Concierge Service.*
- Unlock Mastercard Travel Rewards cashback offers when you travel and shop outside of Canada.
- *Terms and conditions apply.
- 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.
Best hotel card
Marriott Bonvoy® American Express®* Card
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Annual Fee$120
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Interest Rates19.99% / 22.99%19.99% for purchases, 21.99% for cash advances.
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Rewards Rate2x-5x Points5x points every $1 in eligible Card purchases at hotels participating in Marriott Bonvoy®. 2x points for every $1 in all other Card purchases.*
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Intro Offer50,000 PointsNew Marriott Bonvoy® American Express®* Cardmembers earn 50,000 Marriott Bonvoy® points after you charge $1,500 in purchases to your Card in your first three months of Cardmembership. Subject to change at any time.
Our Take
Why we like it
The Marriott Bonvoy® American Express®* Card helps travellers earn free stays and experiences at some of the world’s ritziest hotels, restaurants and spas, while also providing helpful insurance options and flexibility in how Marriott Bonvoy® points can be used.
Pros
Cons
The Marriott Bonvoy® American Express®* Card helps travellers earn free stays and experiences at some of the world’s ritziest hotels, restaurants and spas, while also providing helpful insurance options and flexibility in how Marriott Bonvoy® points can be used.
Pros
- Solid earn rates should help members of the Marriott Bonvoy® program score free hotel stays.
- Marriott Bonvoy® points can be transferred to frequent flyer miles with some airlines, including Air Canada’s Aeroplan.
- Access to American Express® Experiences and several varieties of insurance.
Cons
- You’ll need to be a Marriott Bonvoy® member to take advantage of the card’s most valuable benefits.
- American Express isn’t always as widely accepted as some other credit cards, so using the Marriott Bonvoy® American Express®* — and collecting points — everywhere you go might not always be possible.
Product Details
- New Marriott Bonvoy® American Express®* Cardmembers earn 50,000 Marriott Bonvoy® points after you charge $1,500 in purchases to your Card in your first three months of Cardmembership. Subject to change at any time
- Earn 5 points for every $1 spent in eligible Card purchases at hotels participating in Marriott Bonvoy®.
- Earn 2 points for every $1 spent in all other Card purchases.
- Receive an Annual Free Night Award for up to 35,000 points at eligible hotels and resorts worldwide every year after your first anniversary.
- No annual fee on Additional Cards.
- Redeem points for free nights with no blackout dates at over 7,000 of the world’s most desired hotels.
- Automatic Marriott Bonvoy Silver Elite status membership.
- Receive 15 Elite Night Credits each calendar year with your Marriott Bonvoy® American Express®* Card. These can be used towards attaining the next level of Elite status in the Marriott Bonvoy program.
- Enjoy an automatic upgrade to Marriott Bonvoy Gold Elite status when you reach $30,000 in purchases on the Card each year or when you combine 10 qualifying paid nights within one calendar year with the 15 Elite Night Credits from your card.
- 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.
Best Aeroplan card
CIBC Aeroplan® Visa Infinite Card
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Annual Fee$139Get a one-time annual fee rebate ($139) for you (the primary cardholder) and up to three authorized users ($50 each).Waived first year
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Interest Rates20.99% / 22.99%20.99% on purchases, 22.99% on cash advances.
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Rewards Rate1x-1.5x Points1.5x on gas, groceries and direct Air Canada purchases, and 1x on all other purchases.
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Intro OfferUp to 45,000 PointsEarn 10,000 Aeroplan points when you make your first purchase. Spend $1,000 or more during your first four monthly statement periods and earn another 35,000 points. Offer applies to new cardmembers only.
Our Take
Why we like it
While it’s a little light on exclusive perks, the CIBC Aeroplan Visa Infinite card offers an interesting collection of benefits that should be more than enough to keep many users satisfied.
Pros
Cons
While it’s a little light on exclusive perks, the CIBC Aeroplan Visa Infinite card offers an interesting collection of benefits that should be more than enough to keep many users satisfied.
Pros
- An admirable amount of insurance coverage considering the card’s relatively low annual fee.
- Families can combine their Aeroplan points.
Cons
- Few opportunities to earn double points on purchases, even during the introductory period.
- Beyond the free first checked bag allowance and access to Visa Infinite’s lineup of food, beverage and luxury hotel offers, juicier travel perks are in short supply.
Product Details
- Intro offer details: Earn 10,000 Aeroplan points when you make your first purchase. Spend $1,000 or more during your first four monthly statement periods and earn another 35,000 points. Offer applies to new cardmembers only.
- 1.5x Aeroplan points for every dollar spent on gas, groceries and direct Air Canada purchases, including Air Canada Vacations, up to a maximum annual spend of $80,000.
- 1x Aeroplan point for every dollar you spend on all other purchases.
- Earn points twice by providing your Aeroplan number at over 150 Aeroplan partners and more than 170 online retailers through the Aeroplan eStore.
- Points can be redeemed for flights, car rentals and hotel bookings, as well as merchandise and gift cards available in the Aeroplan eStore.
- $139 annual fee, which can be reduced each year if you have a CIBC Smart Plus account.
- Access to Visa Infinite offers, including exclusive benefits at luxury hotels, gourmet restaurants and wineries in British Columbia, Ontario and Sonoma Valley.
- Car rental discounts of up to 25% at participating Avis and Budget locations worldwide.
- The Aeroplan Family Sharing plan allows Aeroplan members in the same household to combine their points and speed up the delivery of their next flight reward.
- Primary cardholders hoping to reach Aeroplan Elite Status can receive 1,000 Status Qualifying Miles and 1 Status Qualifying Segment for every $10,000 in eligible purchases.
- Access to CIBC Pace It, an installment plan designed to help you pay off large or unexpected purchases over time at a lower interest rate.
- 13 types of insurance provided, including 15-day travel medical benefits (three days if you’re 65 or older on your departure date) — worth up to $5 million in coverage per insured person.
- Preferred rates: 20.99% for purchases, 22.99% for cash advances.
- To be eligible, $60,000 (individual) or $100,000 (household) annual income is required. You must also be a Canadian resident of the age of majority in the province or territory where you live who has not declared bankruptcy in the last seven years.
Best no-fee travel card
CIBC Aeroplan® Visa Card
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Annual Fee$0
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Interest Rates20.99% / 22.99%20.99% on purchases, 22.99% on cash advances (21.99% for Quebec residents).
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Rewards Rate0.67x-1x Points1x per $1 spent on gas, groceries and Air Canada travel purchases, and 1x per $1.50 spent on all other purchases.
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Intro Offer10,000 PointsEarn 10,000 Aeroplan points when you make your first purchase. New cardmembers only.
Our Take
Why we like it
Most cards make you choose between low fees or valuable travel rewards, but the CIBC Aeroplan Visa offers both.
Pros
Cons
Most cards make you choose between low fees or valuable travel rewards, but the CIBC Aeroplan Visa offers both.
Pros
- An attractive intro offer that could be enough for a one-way economy class flight in North America.
- Your Aeroplan membership will help you earn points twice as fast at Aeroplan partners and retailers in the Aeroplan eStore when you pay with your Aeroplan credit card.
Cons
- To get the best value, you’ll have to be loyal to Air Canada and the Aeroplan rewards program.
- Earn rate on included categories is lower than some other no-fee cards.
Product Details
- 1x Aeroplan points per dollar on gas, groceries and Air Canada travel purchases, up to $40,000 annual spend.
- 1x Aeroplan points per $1.50 spent on all other purchases, including gas, groceries and Air Canada travel purchases that exceed the $40,000 threshold.
- Earn points twice at over 150 Aeroplan partners and 170+ online retailers through the Aeroplan eStore.
- Aeroplan Points never expire and can be redeemed for a variety of travel, merchandise, gift card, and other rewards offered by Aeroplan’s participating partners and suppliers.
- $0 annual fee.
- Primary Aeroplan credit cardholders may get access to preferred pricing, which means you can book flight rewards for even fewer points.
- Get three free months of Uber Pass for discounts on rides, meals and more.
- Earn 1 Aeroplan point for every $6 spent on CIBC Global Money Transfer, with no transaction fees or interest as long as you pay your balance on time.
- Use the CIBC Pace It feature to make installment payments on large purchases.
- Four types of insurance are provided: car rental collision and loss damage insurance, purchase security and extended protection insurance, and common carrier travel accident insurance.
- Preferred rates: 20.99% for purchases, 22.99% for cash advances.
- To be eligible, $15,000 (household) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.
Best for USD purchases
CIBC U.S. Dollar Aventura® Gold Visa* Card
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Annual Fee$35 USDWaived first year
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Interest Rates20.99 / 22.9920.99% for purchases, 22.99% for cash advances (if you reside in Quebec 21.99%).
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Rewards Rate0.5x-1x Points1 Aventura travel point for every $1 spent on travel purchased through the CIBC Rewards Centre, and Aventura travel point for every $2 spent on all other purchases.
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Intro OfferUp to 10,000 PointsGet up to 10,000 Aventura Points (up to $100 in travel value). Earn 7,500 Aventura points after making your first purchase. Earn an additional 500 Aventura Points (up to 2,500 points) after completing each of the activities within 60 days of account approval: Share your email address with CIBC, Sign up for eStatements for your new Aventura Visa card, Add an authorized user on your new Aventura Visa card, Hold any eligible CIBC Chequing Account, Add your Aventura Visa card with Apple Pay® or Samsung Pay® or Google Pay™.
Our Take
Why we like it
Skip foreign currency conversion fees on USD purchases and earn flexbile rewards when shopping U.S. retailers in-store or online.
Pros
Cons
Skip foreign currency conversion fees on USD purchases and earn flexbile rewards when shopping U.S. retailers in-store or online.
Pros
- Make payments in USD with no foreign transaction fees.
- Flexible rewards redemption options.
- Car rental, purchase security and common carrier accident insurance included.
Cons
- Foreign currency conversion fees still apply to purchases made in other international countries, so this card only benefits Canadians who frequently make USD purchases.
Product Details
- Welcome offer: Get up to 10,000 Aventura Points (up to $100 in travel value). Get 500 Aventura Points for completing each of the following activities within 60 days of CIBC Aventura® Visa* card account approval: share your email address with CIBC, sign up for Aventura Visa card eStatements, add an authorized user on the Aventura Visa card, hold any eligible CIBC Chequing Account, and add the Aventura Visa card with Apple Pay® or Samsung Pay® or Google Pay™. 7,500 Aventura Points after you make your first purchase. Plus, get a one-time annual fee rebate ($35 US) for you (the primary cardholder) if your account is in good standing and you hold an eligible CIBC premium personal credit card and either the CIBC US$ Personal Account or the CIBC Bank USA Smart Account (offered by CIBC Bank USA), in good standing.
- Earn 1 Aventura travel point for every $1 spent on travel purchased through the CIBC Rewards Centre.
- Earn 1 Aventura travel point for every $2 spent on all other purchases.
- Redeem Aventura Points for airfare, hotel stays, merchandise, gift cards and more.
- Use your Aventura Points to help pay down your credit card balance or contribute them to select financial products.
- $35 USD annual fee. One-time annual fee rebate available in your first year as a cardholder.
- No currency conversion fees for USD purchases.
- If your new purchase is lost, stolen or damaged within the first 90-days, your purchase may be protected by Purchase Security Insurance.
- Preferred rates: 20.99% for purchases, 22.99% for cash advances (21.99% for Quebec residents).
- Get Avis® and Budget® auto discounts.
- Travel insurance and purchase protection are included with your card.
- No foreign transaction fees.
- To be eligible, $15,000 household annual income is required. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.
Best low interest rate credit cards in Canada
Best for low interest rates
Scotiabank Platinum American Express® Card
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Annual Fee$399
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Interest Rates9.99%9.99% on purchases and cash advances.
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Rewards Rate2x PointsEarn 2X Scene+™ points for every $1 you spend on all your eligible purchases.
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Intro OfferUp to 60,000 PointsTo qualify for the 60,000 bonus Scene+ points: 1. Earn 50,000 bonus Scene+ points by making at least $3,000 in everyday eligible purchases in your first 3 months. 2. Plus, for a limited time, you are eligible to earn a 10,000 Scene+ point bonus when you spend at least $10,000 in everyday eligible purchases in your first 14 months. Offer ends April 30, 2023.
Our Take
Why we like it
With low rates and a generous rewards program, the Scotiabank Platinum American Express card is a unicorn for frequent travellers seeking luxury perks, premier travel benefits and exceptional interest rates on purchases and cash advances.
Pros
Cons
With low rates and a generous rewards program, the Scotiabank Platinum American Express card is a unicorn for frequent travellers seeking luxury perks, premier travel benefits and exceptional interest rates on purchases and cash advances.
Pros
- Low interest rates, no foreign transaction fees, and an impressive insurance package that includes comprehensive travel insurance coverage and newly-added mobile device insurance.
- Luxury travel privileges include 10 free VIP airport lounge visits per year with a complimentary Priority Pass membership.
Cons
- The $399 annual fee is quite a bit higher than other rewards cards, but frequent travellers seeking a low rate on purchases and cash advances can easily make the yearly cost worthwhile.
Product Details
- Earn up to $2,100* in value in your first 14 months, including up to 60,000* bonus Scene+ points. Offer ends April 30, 2023.
- You will not pay 2.5% foreign transaction fees on any foreign currency purchases, including online shopping and when travelling abroad. Only the exchange rate applies.
- Earn 2X Scene+™ points for every $1 CAD you spend on all your eligible purchases.
- Scene+ points can be redeemed for travel purchase, merchandise and other non-travel rewards such as gift cards and prepaid cards.
- You must redeem a minimum of 5,000 points per travel-related rewards redemption, equivalent to $50 in travel savings. Points must be redeemed within 12 months of the purchase date.
- $399 annual fee.
- Redeem points for any flight, any time through Scene+ Travel, a full-service travel agency. Plus, take advantage of a best price guarantee on airfare.
- Get a Hertz #1 Club Gold membership for special privileges and rental car benefits at over 8,500 locations in 147 countries.
- Enjoy culinary events and experiences, entertainment, luxury fashion, tours, and more through American Express benefits, including American Express Invites, Platinum VIP offers and access to 24/7 premium concierge services for restaurant reservations, show tickets, and gift purchases.
- Lounge access at over 600 VIP airport lounges around the world with a complimentary Priority Pass membership, which includes 10 free visits per year.
- 12 types of insurance provided, including 31-day travel medical benefits — up to $2 million in coverage — for you, your spouse and any dependent children under the age of 65. 10-day coverage available for those over the age of 65.
- Preferred rates: 9.99% for purchases, 9.99% for cash advances.
- To be eligible, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.
- Terms and Conditions Apply. Click ‘Apply Now’ for complete details.
Best low-rate rewards card
HSBC +Rewards™ Mastercard®
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Annual Fee$25Annual fee rebate for the first year*
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Interest Rates11.90%11.90% on purchases and cash advances.
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Rewards Rate1x-2x Points2x on dining and entertainment, and 1x on everything else.
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Intro OfferUp to 35,000 PointsEarn 35,000 points* when you spend $2,000 within 6 months of account opening ($175 travel value). Must apply by February 28, 2023. Conditions apply.
Our Take
Why we like it
This low-interest and low-annual fee rewards card offers bonus points on dining and entertainment purchases, as well as several types of insurance.
Pros
Cons
This low-interest and low-annual fee rewards card offers bonus points on dining and entertainment purchases, as well as several types of insurance.
Pros
- At 11.9%, you’ll benefit from a lower interest rate on purchases and cash advances than many other rewards cards.
- Redeem points for travel, as gift cards or as financial rewards.
Cons
- Despite the low interest rate, there’s no balance transfer promotional period.
- Travel and medical insurance coverage costs an additional $69 per year.
Product Details
- Get up to $200 in total value* for the first year! Must apply by February 28, 2023. Conditions apply.
- Earn 2 Points for every $1 spent on eligible dining or entertainment purchases.
- HSBC’s lowest interest rate for purchases, cash advances and balance transfers.
- Price Protection Service – find a lower price within 60 days of your purchase, the difference will be refunded, up to $500 per eligible item.
- Primary Cardholder Annual Fee: $25.
- Annual Interest on Purchases: 11.9%.
- Authorized User Annual Fee: $10 Per Card.
- *Terms and Conditions apply.
- ®/TM Mastercard and World Elite are registered trademarks, and the circles design is a trademark of Mastercard International Incorporated. Used pursuant to license.
Best card for balance transfers
MBNA True Line® Mastercard® credit card
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Annual Fee$0
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Interest Rates12.99% / 24.99%12.99% on purchases, balance transfers and access cheques. 24.99% on cash advances.
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Intro Interest Rates0% intro for 12 months on balance transfers0% introductory interest rate for 12 months on balance transfers completed within 90 days.
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Balance Transfer Fee3%3% of the amount transferred, or a minimum of $7.50, applies to each transaction.
Our Take
Why we like it
With a strong intro offer, no annual fee and a low interest rate of 12.99%, the MBNA True Line Mastercard is an affordable, no-frills way to transfer balances, pay for purchases and build credit.
Pros
Cons
With a strong intro offer, no annual fee and a low interest rate of 12.99%, the MBNA True Line Mastercard is an affordable, no-frills way to transfer balances, pay for purchases and build credit.
Pros
- Interest-free balance transfers for a full year.
- Save money while building credit with the no-fee credit card.
Cons
- Higher interest rate compared to the 8.99% offered on the MBNA True Line® Gold Mastercard®, which charges an annual fee.
- Few extra benefits and no rewards program.
Product Details
- No annual fee.
- Standard Annual Interest Rates of 12.99% on eligible purchases, 12.99% on balance transfers✪, and 24.99% on cash advances.
- You could get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening.
- Around-the-clock fraud protection.
- Use available credit on your credit card to transfer funds right to your chequing account.
- †, ✪, Terms and Conditions apply.
- This offer is not available for residents of Quebec.
- Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.
Best starter credit cards in Canada
Best basic credit card for beginners
American Express® Green Card
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Annual Fee$0
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Interest Rates20.99% / 21.99%20.99% on purchases, 21.99% on cash advances.
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Rewards Rate1x-2x Points2x on eligible hotel and car rental bookings, and 1x on all other eligible purchases.
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Intro Offer10,000 PointsEarn 10,000 Membership Rewards points when you spend $1,000 in the first three months. New cardmembers only.
Our Take
Why we like it
The American Express Green Card has a simple rewards program with an accelerated earn rate on hotel and rental car bookings, and it’s easy to transfer your points to other loyalty programs for maximum redemption value. Oh, and the card itself is made from 99% recycled plastic.
Pros
Cons
The American Express Green Card has a simple rewards program with an accelerated earn rate on hotel and rental car bookings, and it’s easy to transfer your points to other loyalty programs for maximum redemption value. Oh, and the card itself is made from 99% recycled plastic.
Pros
- No limits on rewards spending, and more ways to redeem your points than other no-fee rewards credit cards on this list.
- Cardholders who enjoy VIP treatment will enjoy access to a multitude of perks through American Express Experiences.
Cons
- Reward earn rates are lower than some other no-fee credit cards.
- Lacks some of the travel perks and insurance options offered by other cards.
Product Details
- Get the Card that lets you live in the moment while getting ready for the future.
- The American Express® Green Card lets you go for it with every swipe or tap of your Card.
- As a new American Express® Green Cardmember, you can earn a Welcome Bonus of 10,000 Membership Rewards® points when you charge $1,000 in purchases to your Card in the first 3 months of Cardmembership. That’s $100 towards groceries or concert tickets.
- Earn 1x the points on Card purchases.
- Charge an eligible purchase to your Card and redeem your Membership Rewards points for a statement credit (All eligible purchases: 1,000 points = $10 statement credit).
- With American Express Experiences and Front Of The Line®, American Express Cardmembers get access to amazing events in Canada.
- Transfer points 1:1 to several frequent flyer and other loyalty programs.
- 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.
Best card for fair credit
Tangerine Money-Back Credit Card
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Annual Fee$0
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Interest Rates19.95%19.95% on purchases and cash advances.
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Rewards Rate0.5%-15%15% intro offer, 2% unlimited cash back on up to three categories. 0.50% unlimited cash back on everything else.
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Intro OfferUp to $150Apply for a Tangerine Money-Back Credit Card by January 31, 2023 and earn an extra 15% back* on up to $1,000 in everyday purchases made within your first 2 months.
Our Take
Why we like it
You can earn unlimited cash back at a 2% rate in up to three categories of your choice — all while earning 0.50% back on everything else.
Pros
Cons
You can earn unlimited cash back at a 2% rate in up to three categories of your choice — all while earning 0.50% back on everything else.
Pros
- You can tailor the 2% rewards to your spending by choosing up to three categories from Tangerine’s list of 10, which includes basics like gas and groceries as well as unusual picks like furniture and home improvement.
- Transfer balances within your first 30 days and pay only 1.95% interest on the transferred balance for the first six months (19.95% after that).
Cons
- 2% cash back is a competitive rate, but many cards offer double the rewards on specific categories.
- Tangerine is a virtual bank with no physical bank branches.
Product Details
- 2% on two categories of your choice: grocery, furniture, restaurants, hotel-motel, gas, recurring bill payments, drug store, home improvement, entertainment, or public transportation and parking.
- Get a third cash-back category by choosing to have your rewards deposited into a Tangerine Savings Account.
- 0.50% on everything else.
- Redeem cash back monthly as a statement credit or deposited into a Tangerine Savings Account.
- No annual fee.
- Transfer balances within your first 30 days and pay only 1.95% interest on the transferred balance for the first six months (19.95% after that). 1% balance transfer fee applies to the amount transferred.
- Get free cards for any authorized users on your account.
- It only includes purchase assurance and extended protection insurance. For more insurance, consider the Tangerine World Mastercard which requires a minimum personal income of $60,000. If you meet this requirement, you will automatically be considered for the World card if you apply for the Money-Back card.
- Preferred rates: 19.95% for purchases and cash advances.
- To be eligible, a $12,000 (individual) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.
Best prepaid card
KOHO Premium Reloadable Prepaid Mastercard
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Annual Fee$84$9 monthly fee/$84 annual fee, + a 30-day free trial.
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Rewards Rate0.5%-8%Up to 8% at select KOHO partners. 2% on transportation, groceries and restaurants, and 0.5% on everything else.
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Min. Deposit$0No minimum purchase amount required.
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Maximum Deposit$200,000KOHO Maximum Card Balance Limit for KOHO users who have opted into earning interest is $200,000. For users who have not opted into earning interest, the maximum card balance is $40,000.
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Intro OfferFree 30-day trialTry KOHO Premium at no cost with a 30-day free trial.
Our Take
Why we like it
KOHO offers two tiers of prepaid cards: a standard card and a premium card. Both combine the benefits of a debit card and a credit card with cash back rewards, limited fees and the ability to build credit. Plus, KOHO doesn’t charge interest — instead, they let you earn interest on every dollar you save in your KOHO account.
Pros
Cons
KOHO offers two tiers of prepaid cards: a standard card and a premium card. Both combine the benefits of a debit card and a credit card with cash back rewards, limited fees and the ability to build credit. Plus, KOHO doesn’t charge interest — instead, they let you earn interest on every dollar you save in your KOHO account.
Pros
- An app that tracks your spending, helps with budgeting, offers free financial coaching, and the ability to earn 1.2% interest on your entire account.
- Access to a credit building service that reports your payments for only $10 per month — a rare feature for a prepaid card.
Cons
- KOHO is a tech-focused company, so if you’re uncomfortable with digital banking, it may not be the right choice.
- KOHO isn’t a credit card, which means you can’t borrow any money. You can only access the funds already in your account.
Product Details
- Up to 8% cash back at select KOHO partners.
- 2% cash back on transportation, groceries and restaurants.
- 0.5% cash back on everything else.
- Cash back is instantly added to your KOHO Savings account.
- $9 monthly fee/$84 annual fee, + a 30-day free trial.
- No foreign exchange fees.
- 1 free international ATM withdrawal per month.
- Subscribe to Credit Building for $10/month in-app.
- Earn 1.2% interest on every dollar you save in your KOHO account.
- A new look. Get an optional snappy new vertical Premium card! Accepted everywhere Mastercard is.
- Price match. We offer in-app price protection to get the absolute lowest possible price on your Purchases
- Priority customer support. Premium users always skip the line
- Personalized financial coaching on demand. Ask our in house certified financial coach any money question you have.
- To be eligible, you must be a Canadian resident of the age of majority in the province or territory where you live.
Best for Newcomers to Canada
Scotiabank® Scene+™ Visa* Card
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Annual Fee$0
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Interest Rates19.99% / 22.99%19.99% for purchases, 22.99% for cash advances.
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Rewards Rate1x-2x PointsEarn 2x Scene+ points for every $1 you spend on credit card purchases at Cineplex™ theatres or at cineplex.com. Earn 2X Scene+ points for each dollar charged to your account on all eligible purchases¹ at Sobeys, IGA, Safeway, Foodland, FreshCo, Voilà by Sobeys, Voilà by IGA, Voilà by Safeway, Chalo! FreshCo, Thrifty Foods, IGA West, Les Marchés Tradition, Rachelle Béry and Co-Op. Earn 1x Scene+ point for every $1 you spend on your everyday credit card purchases.
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Intro OfferUp to 10,000 PointsTo qualify for the 10,000 bonus Scene+ points offer: 1. Earn 5,000 bonus Scene+ points by making at least $750 in everyday eligible purchases in your first 3 months. 2. Plus, for a limited time, you are eligible to earn a 5,000 Scene+ point bonus when you spend at least $5,000 in everyday eligible purchases in your first year. Offer ends April 30, 2023.
Our Take
Why we like it
Perfect for movie-goers, you’ll earn Scene+ points on everyday spending and 2x the points each time you make a Cineplex purchase. Points can be redeemed for more than just movie tickets — rewards include merchandise, dining, entertainment, airfare and even hotel stays.
Pros
Cons
Perfect for movie-goers, you’ll earn Scene+ points on everyday spending and 2x the points each time you make a Cineplex purchase. Points can be redeemed for more than just movie tickets — rewards include merchandise, dining, entertainment, airfare and even hotel stays.
Pros
- No annual fee.
- Earn up to 10,000 Scene points within the first year.
- Flexible point redemption program.
Cons
- Insurance coverage isn’t included — it must be opted into.
- No option to earn cash back.
Product Details
- Earn up to 10,000 bonus Scene+ points within your first year.¹ Offer ends April 30, 2023.
- Earn 2x Scene+ points for every $1 you spend on credit card purchases at Cineplex™ theatres or at cineplex.com
- Earn 1x Scene+ point for every $1 you spend on your everyday credit card purchases.
- You’ll earn 2X Scene+ points for each dollar charged to your account on all eligible purchases¹ at Sobeys, IGA, Safeway, Foodland, FreshCo, Voilà by Sobeys, Voilà by IGA, Voilà by Safeway, Chalo! FreshCo, Thrifty Foods, IGA West, Les Marchés Tradition, Rachelle Béry and Co-Op.
- Redeem Scene+™* points for travel, shopping, entertainment, dining, banking, and more.
- As a SCENE®* Visa* Cardholder, you can save up to 25% off base rates at participating AVIS locations and at participating Budget locations in Canada and the U.S. when you pay with your SCENE®* Visa* card.
- No annual fee.
- Preferred rates: 19.99% for purchases, 22.99% for cash advances.
- To be eligible, $12,000 (individual) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.
- Terms and Conditions Apply. Click ‘Apply Now’ for complete details.
Best secured card + our pick for bad credit
Home Trust Secured Visa Card
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Annual Fee$0 / $59$0 annual fee with a 19.99% interest rate. $59 annual fee with a 14.90% interest rate.
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Interest Rates14.90% / 19.99%14.90% on purchases, 19.80% on cash advances
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Min. Deposit$500
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Maximum Deposit$10,000
Our Take
Why we like it
The Home Trust Secured Visa offers a straightforward, no-frills experience for credit builders. Plus, there are two secured credit card options to fit a variety of needs: a no-fee card, and a low-interest card with a $59 annual fee.
Pros
Cons
The Home Trust Secured Visa offers a straightforward, no-frills experience for credit builders. Plus, there are two secured credit card options to fit a variety of needs: a no-fee card, and a low-interest card with a $59 annual fee.
Pros
- Low interest rate.
- Payments are reported to both credit bureaus.
Cons
- You’ll need to budget for the annual fee.
- No ability to earn rewards on purchases.
Product Details
- $59 annual fee.
- No fee option available with a higher interest rate.
- $500 minimum security fund deposit required.
- $10,000 maximum security fund deposit.
- Hard credit checks are made on Home Trust Secured Visa applications.
- Credit activity, including every payment, is reported to TransUnion and Equifax, the two major consumer credit bureaus in Canada.
- Ability to upgrade to an unsecured credit card.
- Manage your account and billing with online banking.
- Cardholders can choose between a card with no annual fee and 19.99% interest or an annual fee of $59 and 14.90% interest.
- Protection against fraud through Visa’s Zero Liability Policy.
- Preferred rates: 14.90% for purchases, 19.80% for cash advances.
- To be eligible, you must have a source of income and cannot currently be in bankruptcy. You must be able to provide security funds and be a Canadian resident of the age of majority in the province or territory where you live. The Home Trust Secured Visa Card is not available to Québec residents.
Best for students + our pick for a no-fee card
Simplii Financial™ Cash Back Visa Card
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Annual Fee$0
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Interest Rates19.99% / 22.99%19.99% on purchases, 22.99% on cash advances.
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Rewards Rate0.5%-10%10% intro offer. 4% at restaurants, bars and coffee shops, 1.5% on gas, groceries, drugstores and pre-authorized payments, and 0.5% on everything else.
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Intro OfferUp to $50Earn 10% bonus cash back at restaurants and bars in your first four months (up to $50).
Our Take
Why we like it
The $0-annual-fee Simplii Financial Cash Back Visa Card earns bonus cash-back on the purchases you make almost every day.
Pros
Cons
The $0-annual-fee Simplii Financial Cash Back Visa Card earns bonus cash-back on the purchases you make almost every day.
Pros
- New cardmembers can earn a 9.99% introductory annual interest on purchases for the first six months.
Cons
- The 0.5% base rate isn’t exactly impressive, but it only applies after you hit the annual spending limits of bonus categories.
- It only includes purchase security and extended protection insurance.
Product Details
- 4% on restaurant, bar and coffee shops, up to $5,000 per year.
- 1.5% on gas, groceries, drugstores and pre-authorized payments, up to $15,000 per year.
- 0.5% on everything else.
- Plus, for your first 4 months, enjoy 10% bonus cash back at restaurants and bars up to $500 spend. Get 4% cash back after that.
- Redeem cash back as a statement credit in December.
- No annual fee.
- Cash back when you send money abroad with a Simplii Financial Global Money Transfer. No transaction fees and no interest charges.
- Purchase security and extended protection insurance provided.
- Preferred rates: 19.99% for purchases, 22.99% for cash advances.
- To be eligible, a $15,000 (individual) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident (excluding Quebec) that is the age of majority in the province or territory where you live.
Best store rewards credit cards in Canada
Best Amazon.ca online shopping
Amazon.ca Rewards Mastercard®
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Annual Fee$0
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Interest Rates19.99% / 22.99%19.99% for purchases, 22.99% for cash advances.
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Rewards Rate1%-5%5% intro offer. 2.5% on Amazon.ca and Whole Foods Market store purchases for Prime members (1.5% for non-Prime members). 1% on eligible foreign currency transactions and everywhere else Mastercard is accepted.
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Intro OfferUp to $150Get 5% back at Amazon.ca, Whole Foods Market stores in Canada, grocery stores and restaurants! Valid for the first 6 months, on your first $3,000 in eligible purchases.
Our Take
Why we like it
Ideal for Amazon shoppers with 2.5% back on all eligible Amazon.ca and Whole Foods purchases. Plus, Amazon Prime members get 2.5% back on eligible foreign currency transactions.
Pros
Cons
Ideal for Amazon shoppers with 2.5% back on all eligible Amazon.ca and Whole Foods purchases. Plus, Amazon Prime members get 2.5% back on eligible foreign currency transactions.
Pros
- No annual fee.
- Apply rewards to eligible Amazon.ca purchases.
Cons
- Amazon Prime membership required for higher earn rate.
Product Details
- Welcome offer: Get 5% back at Amazon.ca, Whole Foods Market stores, grocery stores, and restaurants for 6 months after approval, on first $3,000 in eligible purchases.
- Earn rewards on eligible purchases at Amazon.ca — including Whole Foods Market stores in Canada.
- After the welcome offer ends, eligible Prime members get 2.5% back on eligible purchases at Amazon.ca and Whole Foods Market stores.
- Eligible Prime members always get 2.5% back on eligible foreign currency transactions to help cover foreign transaction fees.
- After the welcome offer ends, non-Prime members get 1.5% back on eligible purchases at Amazon.ca and Whole Foods Market stores. Always get 1% back on eligible foreign currency transactions to help cover foreign transaction fees.
- Receive 1% back on eligible purchases everywhere else Mastercard is accepted.
- Rewards can be redeemed at Amazon.ca and applied directly to eligible Amazon.ca items.
- No annual credit card fee.
- The MBNA Payment Plan can make it more convenient to pay for large purchases and manage a budget. Pay for eligible credit card purchases of $100 or over by making monthly payments. Choose from three Payment Plan terms: 6, 12 or 18 months. Conditions and fees apply.
- Preferred rates: 19.99% for purchases, 22.99% for cash advances.
- To be eligible, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.
Best for Costco in-store shopping
CIBC Costco® Mastercard®
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Annual Fee$0
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Interest Rates19.75% / 21.49%19.75% for purchases, 21.49% for cash advances.
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Rewards Rate1%-3%3% at restaurants and at Costco gas, 2% at other gas stations and at Costco.ca, and 1% on all other purchases including at Costco.
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Intro OfferN/A
Our Take
Why we like it
This card is ideal for Costco members with its cash back program that rewards everyday spending with cash back rewards that can be redeemed at Costco.
Pros
Cons
This card is ideal for Costco members with its cash back program that rewards everyday spending with cash back rewards that can be redeemed at Costco.
Pros
- Can serve as your Costco membership card.
- Payment plans available for purchases of $100 or more.
Cons
- Must have an existing Costco Wholesale membership to be eligible.
- Cash back gift certificates are only issued once annually.
Product Details
- 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.
- No annual fee.
- Pay for purchases of $100 or more with CIBC Pace It low-rate Installment Plans, spreading payments over a fixed term. Take advantage of special Installment Plan interest rates with no installment fees on eligible Costco purchases in Canada and at Costco.ca.
- Make quick and secure payments using Apple Pay®, Google Pay™ and Samsung Pay® when you add your new card to your mobile wallet.
- Redeem your annual cash back gift certificate at any Canadian Costco warehouse.
- Get 0.25% cash back for every $1 spent on a CIBC Global Money Transfer™. There are no transaction fees, and interest won’t be charged, as long as the balance is paid by the payment due date.
- Preferred rates: 19.75% for purchases, 21.49% for cash advances.
- To be eligible, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live. You must also have a valid Costco Wholesale membership.
Best for Loblaw’s in-store shopping
President’s Choice Financial World Elite Mastercard
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Annual Fee$0
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Interest Rates20.97% / 22.97%20.97% on purchases, 22.97% on cash advances (21.97% for Quebec residents).
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Rewards Rate10x-45x Points45x at Shoppers Drug Mart, 30x at Loblaw grocery stores, at least 30x per litre at Esso Mobil gas stations, 30x at PC Travel, and 10x everywhere else.
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Intro OfferN/A
Our Take
Why we like it
This card offers incredible accelerated earn rates on spending at the types of retailers people use every day — drug stores, grocery stores and gas stations — in addition to a high earn rate on trips booked through President’s Choice Travel.
Pros
Cons
This card offers incredible accelerated earn rates on spending at the types of retailers people use every day — drug stores, grocery stores and gas stations — in addition to a high earn rate on trips booked through President’s Choice Travel.
Pros
- Quickly rack up points toward free groceries, gas, drug store purchases and travel.
- A rare World Elite Mastercard with no annual fee.
Cons
- Points can only be earned and redeemed at participating Loblaw-owned stores, Shopper’s Drug Mart/Pharmapix, and Esso gas stations. You must wait until you have at least 10,000 points before redeeming rewards, and you can’t transfer them to other loyalty programs.
- No airport lounge access, despite being a World Elite card.
Product Details
- 45x PC Optimum points per dollar on Shoppers Drug Mart purchases.
- 30x PC Optimum points per dollar on Loblaw-brand grocery store purchases.
- 30x PC Optimum points per dollar per litre of gas purchased at Esso Mobil.
- 30x PC Optimum points per dollar on PC Travel purchases.
- 10x PC Optimum points per dollar on all other purchases.
- Redeem a minimum of 10,000 points for free products and groceries at participating stores (in person and online).
- No annual fee.
- 24/7 concierge service to make dinner reservations, reserve event tickets, deliver gifts and more.
- Access to identity theft services to help you avoid identity theft or restore your identity if stolen.
- Four types of insurance provided, including 10-day travel medical benefits for those under age 65.
- Preferred rates: 20.97% for purchases, 22.97% for cash advances.
- To be eligible, $80,000 (individual) or $150,000 (household) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.
Best for Canadian Tire in-store shopping
Triangle™ World Elite Mastercard®
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Annual Fee$0
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Interest Rates19.99% / 22.99%19.99% on purchases, 22.99% on cash transactions (21.99% in Quebec).
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Rewards Rate1%-4%4% at Canadian Tire or its affiliated stores, 3% at grocery stores (on the first $12,000 per year), and 1% on grocery stores after that. Plus, collect 5¢-7¢1 per litre at Gas+/Essence+ locations.
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Intro OfferN/A
Our Take
Why we like it
The Triangle™ World Elite Mastercard® is the ideal choice for shoppers hoping to collect and redeem as much Canadian Tire Money as possible. The roadside assistance package cardholders get access to is a nice perk, too.
Pros
Cons
The Triangle™ World Elite Mastercard® is the ideal choice for shoppers hoping to collect and redeem as much Canadian Tire Money as possible. The roadside assistance package cardholders get access to is a nice perk, too.
Pros
- Solid Canadian Tire Money earn rates on groceries, sports equipment and other merchandise at participating stores.
- No annual fee.
- Access to various insurance plans.
Cons
- Not much added value if you don’t shop at Canadian Tire or its affiliated stores.
- Large families could burn through their accelerated earn rates on groceries sooner than they’d like.
- Earning Canadian Tire Money on gas purchases could be challenging if you don’t live near an eligible gas station.
Product Details
- Collect 3% in Canadian Tire Money on the first $12,000 spent at eligible grocery stores per year and 1% on eligible grocery purchases after that.
- Collect 4% in Canadian Tire Money on qualifying purchases at Canadian Tire, Sport Chek, Mark’s/L’Equipeur, Atmosphere, Party City, Sports Rousseau, Hockey Experts, L’Entrepot du Hockey and participating Sports Experts stores.
- Collect 7 cents in Canadian Tire money per litre of premium fuel, and 5 cents per litre on all other fuel types purchased at Gas+/Essence+ locations.
- Canadian Tire Money can be redeemed at Canadian Tire, Sport Chek, Atmosphere, Sports Rousseau, Hockey Experts, L’Entrepot du Hockey and participating Mark’s/L’Equipeur and Sports Experts stores.
- No fee, no interest financing on qualifying purchases of $150 or more at participating stores. Conditions apply.
- No-receipt returns at participating stores.
- Access to member-only events and personalized offers.
- Priority queuing when calling the Triangle call centre.
- Enrollment in the Triangle World Elite Mastercard Roadside Assistance Gold Plan, which includes 5 service calls per year and unlimited tows to any Canadian Tire Auto Service Centre within towing limits.
- Car rental collision/loss damage waiver insurance.
- Extended warranty insurance for eligible purchases.
- Eligibility: Must be a Canadian resident and the age of majority in the province/territory of residence.
- No annual fee.
- No fee for obtaining a supplementary card on the same account.
- Interest rates: 19.99% on purchases, 22.99% on cash transactions (21.99% in Quebec).
Methodology to choose the best credit cards in Canada
NerdWallet Canada selects the best credit cards based on overall consumer value and their suitability for specific kinds of consumers. Factors in our evaluation methodology include annual and other fees, rewards rates, the earning structure (for example, flat-rate rewards versus bonus categories), redemption options, bonus offers for new cardholders, introductory and ongoing APRs, and other noteworthy features such as airline or hotel perks or the ability to transfer points. Charge cards are not included on this list.
Summary of the best credit cards in Canada
| CATEGORY | CARD NAME | ANNUAL FEE | Intro offer |
|---|---|---|---|
| Best airline card | TD® Aeroplan® Visa Infinite* Card | $139 | Up to 55,000 Points |
| Best rewards card | BMO CashBack® World Elite®* Mastercard® | $120 | Up to $260 |
| Best cash back card | Scotia Momentum® Visa Infinite* card | $120 | Up to $200 |
| Best points card | RBC ION+ Visa | $48 | 12,000 Points |
| Best premium travel card | The Platinum Card® from American Express | $699 | Up to 80,000 Points |
| Best travel card for daily spending | American Express Cobalt® Card | $155.88 | Up to 30,000 Points |
| Best for travel bookings | American Express® Aeroplan®* Reserve Card | $599 | Up to 85,000 Points |
| Best Aeroplan card | CIBC Aeroplan® Visa Infinite* Card | $139 | Up to 45,000 Points |
| Best AIR MILES card | BMO AIR MILES World Elite Mastercard | $120 | 2,000 Miles |
| Best airline card | TD® Aeroplan® Visa Infinite* Card | $139 | Up to 55,000 Points |
| Best hotel card | Marriott Bonvoy® American Express®* Card | $120 | 50,000 Points |
| Best for 1:1 point transfers | American Express Cobalt® Card | $155.88 | Up to 30,000 Points |
| Best for gas | SimplyCash® Preferred Card from American Express | $119.88 | Up to $400 |
| Best for groceries | Scotiabank®* Gold American Express® card | $120 | Up to 45,000 Points |
| Best Amazon.ca online shopping | Amazon.ca Rewards Mastercard® | $0 | Up to $150 |
| Best for Canadian Tire in-store shopping | Triangle World Elite Mastercard | $0 | N/A |
| Best for Costco in-store shopping | CIBC Costco® Mastercard® | $0 | N/A |
| Best for Loblaw’s in-store shopping | President’s Choice Financial World Elite Mastercard | $0 | N/A |
| Best for USD purchases | CIBC U.S. Dollar Aventura® Gold Visa* Card | $35 USD | Up to 10,000 Points |
| Best no foreign transaction fee card | Scotiabank®* Gold American Express® card | $120 | Up to 45,000 Points |
| Best no-fee card | Simplii Financial™ Cash Back Visa* Card | $0 | Up to $50 |
| Best no-fee cash back card | Simplii Financial™ Cash Back Visa* Card | $0 | Up to $50 |
| Best no-fee points card | MBNA Rewards Platinum Plus® Mastercard® | $0 | Up to 10,000 Points |
| Best no-fee travel card | CIBC Aeroplan® Visa* Card | $120 | Up to 60,000 Points |
| Best low-rate rewards card | HSBC +Rewards™ Mastercard® | $25 | Up to 35,000 Points |
| Best low-rate card | Scotiabank®* Platinum American Express® card | $399 | Up to 60,000 Points |
| Best card for balance transfers | MBNA True Line®Mastercard® | $0 | N/A |
| Best intro offer | TD® Aeroplan® Visa Infinite Privilege* Card | $599 | Up to 115,000 Points |
| Best Visa card | Scotia Momentum® Visa Infinite* card | $120 | Up to $200 |
| Best Mastercard | BMO CashBack® World Elite®* Mastercard® | $120 | Up to $260 |
| Best American Express card | SimplyCash® Preferred Card from American Express | $119.88 | Up to $400 |
| Best business card | American Express® Business Edge™ Card | $99 | Up to 67,000 Points |
| Best for Newcomers to Canada | Scotiabank® Scene+™ Visa* Card | $0 | Up to 10,000 Points |
| Best student card | Simplii Financial™ Cash Back Visa* Card | $0 | Up to $50 |
| Best basic credit card for beginners | American Express® Green Card | $0 | 10,000 Points |
| Best card for fair credit | Tangerine Money-Back Credit Card | $0 | Up to $150 |
| Best credit card for bad credit | Home Trust Secured Visa Card | $0 / $59 | N/A |
| Best secured card | Home Trust Secured Visa Card | $0 / $59 | N/A |
| Best prepaid card | KOHO Premium Reloadable Prepaid Mastercard | $84 | Free 30-day trial |
Different types of best credit cards
Looking for certain types of credit cards? Check out more of our picks for different categories of best credit cards:
- The best travel credit cards
- The best rewards credit cards
- The best cash back credit cards
- The best business credit cards
- The best no-fee credit cards
- The best student credit cards
- The best Aeroplan credit cards
- The best AIR MILES credit cards
- The best credit cards for bad credit
- The best secured credit cards
- The best prepaid cards
- The best metal credit cards
Frequently asked questions about credit cards in Canada
What is the best Visa and Mastercard in Canada?
NerdWallet’s top rated Visa card is the Scotia Momentum® Visa Infinite* card, which is considered best for cash back bonus rewards. The MBNA Rewards Platinum Plus® Mastercard® is one of our top rated Mastercards, considered best for those who want a no-fee rewards card.
How do I find the best credit card?
To choose the best credit card for you, it’s important to think about your spending habits, income and credit score. Knowing the things on which you most frequently spend money — like gas, groceries or travel — will help you choose a card that offers the best rewards rates for those purchases. Being aware of your income and credit score will ensure that you narrow your search to credit cards with eligibility requirements that you can meet.
Beginner’s guide to credit cards in Canada
By Barry Choi and Shannon Terrell
A credit card is part of daily life for many Canadians. Using your card to pay for purchases can be more convenient than using cash. Plus, with the best credit cards, you can manage your expenses and earn rewards at the same time.
How credit cards work
Think of credit cards as a short-term loan from your credit card provider. You make purchases with your card and pay for them later.
One thing that makes credit cards appealing is that there’s an interest-free period. As long as you pay for all charged purchases in full by your statement due date, you won’t have to pay interest in exchange for borrowing the issuer’s money for a few weeks.
A typical credit card transaction would look something like this:
- You charge a purchase to your card
When making purchases, choose credit as your form of payment. You’ll then tap, insert or swipe your card to initiate the payment. You may also be required to enter your pin number. If you’re making payments online, you’ll need to enter all your card information manually. - Wait for your purchase to be authorized
The payment terminal will contact your credit card company to confirm the purchase amount. - The merchant gets paid
Once approved, your credit card provider sends the merchant the funds. The merchant does pay a small fee to your credit card provider for this service. - You get your bill and pay Once your bill arrives, it’ll list your transactions, minimum payment requirement and due date. If you only make the minimum payment, you may see some interest charges on your next bill. To avoid this extra cost, pay your bill in full by that date so no interest is charged.
Ideally, you’d be able to pay your bill in full each month, so these interest charges would not apply. If you’re worried about your ability to do so, seek out a low-interest card to reduce your financial risk.
How credit card interest works
Credit card companies charge interest on unpaid balances. You don’t owe any interest when you pay your card’s balance in full. But what happens if you don’t pay off your credit card balance? Let’s take a look.
Say your card has a 19% interest rate — which is pretty standard. You pay $100 to buy a pair of concert tickets for yourself and a friend. But how much interest will those tickets accrue if you don’t pay your credit card balance and your card’s grace period has passed?
Here’s how to calculate credit card interest:
- Find your daily rate. Your card’s 19% interest rate is an annual rate. To find your daily rate, divide your annual interest rate by the number of days in one year.
- 19% / 365 = 0.00052
- Find your daily interest accrual. Next, determine how much daily interest you’ll accrue on your unpaid balance by multiplying your daily rate by your average daily balance — which in this case, is the $100 you spent on concert tickets.
- 0.00052 x $100 = $0.05
- Multiply by the number of days in your billing cycle. To determine how much interest your unpaid balance accrues over one month, multiply daily interest by the number of days in your billing cycle.
- $0.05 x 30 = $1.50
How credit card rewards work
With certain credit cards, you can earn rewards when you make a purchase. The type of rewards you earn and your earn rate differ by card, however.
Types of rewards you can earn
The types of rewards you can earn can generally be broken down into four categories:
- Cash back. For every purchase you make, get a set percentage back in cash. The pay-out date for your cash back earned differs depending on the card. It can be monthly, annually or when you reach a minimum threshold.
- Travel benefits. Credit card travel rewards programs let you earn points or miles when you make purchases. You can use your rewards to offset the cost of flights, hotels, car rentals, vacation packages and more.
- General rewards. Most rewards programs offer the option to redeem the points you’ve earned for general merchandise, gift cards, experiences, entertainment, financial rewards, and more.
- Store perks. Many merchants have a co-branded credit card. The points you earn can be used in-store or online at any participating stores. Groceries and merchandise are typical redemption options for store rewards cards.
Earn rates
The earn rate is a critical factor when it comes to getting rewards. Every rewards card has a base earn rate, but some cards also have higher earn rates on certain highly lucrative purchases. Knowing the difference between the two can help you maximize your rewards.
- Base earn rate. You’ll get this for any purchase that doesn’t fall into an increased earn rate category, or after you’ve hit any applicable limits in those categories. For example, you might get 1% cash back or 1 point per dollar spent.
- Accelerated earn rate. Getting extra points on bonus categories that line up with your regular spending is a great way to rack up rewards even faster. For example, some of Canada’s best cash-back credit cards may give you 4% back on groceries or 2% on gas.
The rewards process
Earning rewards can look different depending on the card and issuer, but generally speaking, the process works like this:
- Make a purchase with your credit card. The purchase must be considered eligible by the issuer to earn rewards.
- Your rewards are calculated. Depending on the merchant category and your earn rate, your credit card provider calculates how many rewards you’ve earned. They’ll also factor in any promotions where you’ll earn additional rewards.
- Rewards are deposited into your account. Cash-back rewards may be immediately visible in your account, but you may not be able to cash them out until a certain date or when you hit a certain threshold. If you’re earning travel or store rewards, you’ll either see your points immediately or at the end of the month when your statement posts.
- Redeem your rewards. In most cases, redeeming your rewards requires you to log in to your account. Redeeming cash back may only take a few clicks, but if you’re looking to redeem travel rewards, you may need to go through a travel portal or book the travel first.
Tracking your rewards
In most cases, logging in to your account will allow you to see how many rewards you’ve earned. Most credit card providers show how many points you’ve earned for each transaction as well as a running total, so you’ll know exactly where you stand. Additionally, credit card statements often have a more detailed breakdown of any extra rewards that you may have earned.
Your rewards typically show up when the transaction posts. Bonus rewards earned from special promotions should show up on your monthly statement. It’s also worth mentioning that any special rewards you get, such as a companion voucher, may take longer to appear in your account.
As for your welcome bonus, you usually need to track that on your own. For example, let’s say you need to spend $3,000 in the first three months of card membership to get your intro offer. Although you’ll usually get your bonus immediately after passing the minimum spend requirement, it’s up to you to check if points land after you’ve spent enough.
What credit cards are the most accepted in Canada?
Visa and Mastercard are the most accepted credit cards in Canada, although two major retailers don’t take Visa: Costco and No Frills.
If you carry an American Express card, you may want a backup form of payment — it tends to be less frequently accepted in Canada.
What’s better, a Mastercard or Visa?
It’s hard to declare a winner between Mastercard and Visa because these payment giants are credit card networks — not credit card issuers. Mastercard and Visa are among the most popular and well-established credit card processing networks in the world and share a lot in common. They’re both widely accepted and process billions of transaction dollars annually.
Mastercard and Visa predominantly work behind the scenes. They partner with card issuers, like banks and credit unions, to offer cards to the public. Eligibility requirements, rewards, and signup bonuses are all determined by card issuers.
Is it okay to have two credit cards in Canada?
The short answer: yes. The long answer? The number of credit cards you have will depend on your spending habits, credit score and personal preferences.
There are benefits and drawbacks to carrying two or more credit cards. A few things to keep in mind:
- Applying for a new Canadian credit card requires a hard credit check, which will likely drop your credit score by a few points.
- Holding more than one credit card may improve your credit score if you use your cards responsibly.
- Carrying more than one card means you’ll have access to multiple credit sources, which could lead to an increased risk of debt.
Can Americans get a Canadian credit card?
Yes. Several Canadian banks offer non-resident and newcomer credit cards, including RBC, Scotiabank, TD, and more. These card programs are designed for newcomers and temporary residents and typically don’t require a credit check.
US citizens can also explore secured or prepaid credit card options. These Canadian credit cards require cash deposits before they can be used and can be a practical option for those paying a visit to the Great White North.
Types of credit cards in Canada
A wide variety of credit cards are available in Canada, and each can be used as a tool to achieve various financial goals. People who always pay their bills on time may want a rewards credit card, whereas someone looking to rebuild their credit may prefer a secured credit card. Since your personal situation could change at any time, it’s a good idea to understand how the different types of credit cards work.
Rewards credit cards
Rewards credit cards can be broken down into the following categories:
- Cash back. You’ll get cash back on every purchase you make. See our picks for the best cash back credit cards in Canada.
- General rewards. The points you earn can be used for gift cards, merchandise, experiences and sometimes travel. See our picks for the best general rewards credit cards in Canada.
- General travel. The points you earn can be used for any type of travel redemption. See our picks for the best travel credit cards in Canada.
- Airline rewards. Co-branded airline rewards can be used on a specific airline and its partners.
- Hotel rewards. Points earned through hotel credit cards can be used at any participating property.
- Store rewards. Use the points you’ve earned for groceries, merchandise and more.
No-fee credit cards
No-fee credit cards come with no annual fee. They can be any type of credit card, but often feature rewards or a low interest rate. Some no-fee cards are geared towards students and have easier requirements.
Balance transfer credit cards
Balance transfer credit cards typically come with a low introductory interest rate. Because of this, you can use them to move your balance from a credit card with a high rate to one with a lower rate, allowing you to pay down debt faster
Low-interest credit cards
Low-interest credit cards often have an interest rate of between 8% – 16%. This is significantly lower than standard interest rates, so low-interest credit cards can be helpful for people who may carry a balance.
Student credit cards
Student credit cards typically have more relaxed qualification requirements and often charge no annual fee. They’re a good choice for students who may be looking to build their credit or establish good spending habits.
Secured credit cards
If you’re unable to qualify for an unsecured credit card, you might be able to get one of the best secured credit cards. These cards require you to deposit security funds that act as your credit card limit. As you make your payments regularly, using a secured credit card can build your credit score.
Black credit cards
Despite the name, what unites black credit cards isn’t colour; it’s exclusivity. Black cards are deluxe credit cards — the crème de la crème — typically available by invitation only to high earners and splashy spenders. The eligibility criteria for a black credit card differs by card provider, but typically, applicants need an excellent credit score and spending habits of at least six figures annually.
Aeroplan credit cards
Millions of Canadians are members of Aeroplan, the loyalty program associated with Air Canada. There are several ways to become an Aeroplan member, but the easiest is carrying an Aeroplan personal or business credit card. The best Aeroplan credit cards make it easy to earn points that can be used for special perks and benefits. Armed with one of these travel cards, your trip may be more enjoyable and affordable than ever.
How to choose the right credit card
With so many credit cards available, narrowing down your choices can be a challenge. When choosing a credit card, there are numerous factors to consider — chief among them: card requirements.
Different cards carry different credit score and income requirements. To ensure you meet the eligibility criteria, learn how to check your credit score. And be mindful of personal or household income requirements, too — you’ll often encounter these criteria with high-tier luxury cards.
Credit card features to compare
Consider the following when deciding which credit card is right for you:
- Annual fee. Decide if you want to pay an annual fee or not. Cards that have an annual fee typically come with better benefits.
- Rewards. The type of rewards you want to earn will quickly help you narrow down your choices.
- Earn rate. Try to choose a card with increased earn rates in the categories where you naturally spend more.
- Welcome bonus. If you’re comparing similar cards, choose the one with a better sign-up offer.
- Additional perks. See if there are any additional benefits you want, such as no foreign transaction fees, travel insurance, extended warranty, etc.
How to apply for a credit card
When you apply for a credit card, there’s no guarantee you’ll be approved. The credit card provider needs to assess your financial profile to determine if you’re creditworthy. The application process will typically look something like this:
- Fill out an application. This can be done online or at your financial institution. The application will ask for some basic information, such as your name, date of birth, address, social insurance number, employer and income.
- Your information is checked. The credit card issuer will check your credit history and verify the information that you provided.
- A decision is made. If you apply online, instant approval (or disapproval) is possible, but there’s also a chance the credit card issuer will ask you to contact them to provide additional information.
- Your card is mailed out. Your credit card will immediately be mailed out and will typically arrive within 14 business days.
- Activate your card. Once your card arrives, you’ll need to activate it by logging into your account or calling the number on your card. Once activated, you can use your card to make purchases.
Tips for maximizing your credit card rewards
Get the most out of your credit card rewards with the following tips:
- Know how to earn points. Not all purchases may be treated equally — at least not in the eyes of your card issuer. Some purchases may earn you more points than others, so familiarize yourself with your card’s rewards program.
- Explore redemption options. Card rewards range from travel perks to cold hard cash. If you’re card shopping, take a look at the reward options before signing up.
- Capitalize on limited-time promotions. Keep an ear out for time-sensitive promotional periods when your points may be worth more.
- Watch out for expiration dates. Some points expire after a prolonged period of card inactivity, so keep your card in good standing to maintain your point balance.
Credit card companies in Canada
Here are some widely known credit card issuers in Canada, along with their networks and notable cards. Credit card issuers are companies that lend money and provide credit cards. These issuers belong to credit card networks, which maintain the infrastructure that makes credit card transactions possible.
| Credit Card Issuer | Network |
|---|---|
| American Express | American Express |
| ATB Financial | Mastercard |
| BMO | Mastercard |
| Brim Financial | Mastercard |
| Canadian Tire Bank | Mastercard |
| Canadian Western Bank | Visa & Mastercard |
| Capital One | Mastercard |
| CIBC | Visa |
| Coast Capital Savings | Visa |
| Desjardins | Visa & Mastercard |
| Home Trust | Visa |
| HSBC | Mastercard |
| KOHO | Mastercard |
| Laurentian Bank | Visa |
| Manulife | Visa |
| MBNA | Mastercard |
| Meridian | Visa |
| Mogo | Visa |
| National Bank | Mastercard |
| Neo Financial | Mastercard |
| PC Financial | Mastercard |
| Plastk | Visa |
| RBC | Visa & Mastercard |
| Refresh Financial | Visa |
| Rogers | Mastercard |
| Scotiabank | Visa & American Express |
| Simplii Financial | Visa |
| STACK | Mastercard |
| Tangerine | Mastercard |
| TD Bank | Visa |
| Vancity | Visa |
| Walmart | Mastercard |
| Wealthsimple | Mastercard |
| Wise | Visa |
DIVE EVEN DEEPER
15 Best Cash Back Credit Cards in Canada for 2023
The best cash-back credit cards in Canada deliver high earn rates, multiple rewards catefories and premium perks.
25 Best Rewards Credit Cards in Canada for 2023
Compare the best rewards credit cards in Canada across numerous rewards categories, including travel, cash back and more.
26 Best Travel Credit Cards in Canada for 2023
The best travel credit cards in Canada have strong earn rates, great bonus offers, and useful perks and benefits, like travel insurance.
15 Best No-Fee Credit Cards in Canada for 2023
The best no-fee credit cards in Canada deliver great value and perks without charging an annual fee.