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21 Best Credit Cards in Canada + Runners-Up for May 2024

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Author: Lauren Graves
Author: Tyler Wade

By Lauren Graves & Tyler Wade

Fact Checked: Scott Birke

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Updated: May 17, 2024

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View the best Canadian credit cards by category to find your best credit card.

The range of Canadian credit cards available is vast, spanning cards that earn flexible cash back and travel rewards to those with low interest rates and low credit score requirements. But how do you separate the best new credit cards from the rest? Use our list of the best credit cards in Canada to help you find the best card for your lifestyle.

Credit card categories
Best overall credit card

Best credit card in Canada overall

American Express Cobalt® Card

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5

15,000 pts

Fair

Earn up to 15,000 Membership Rewards points

Apply now

Earn 5 times he points on eligible eats and drinks in Canada, including groceries and food delivery. Spend cap applies.

5x

Earn 3 times the points on eligible streaming subscriptions in Canada.

3x

Get 2 times the points on eligible ride shares, transit & gas in Canada.

2x

Earn 1 additional point on eligible hotel and car rental bookings via American Express Travel Online

1x

Earn 1 point for every $1 in Card purchases everywhere else

1x

Get up to $100 USD hotel credit to use on amenities when charged to the room for a stay of 2 or more consecutive nights through The Hotel Collection from American Express Travel.

$100 USD

Purchase APR

21.99%

Cash Advance APR

21.99%

Annual Fee

$155.88

Foreign Transaction Fee

2.50%

Recommended Credit Score

Fair

Required Annual Personal Income

$0

Required Annual Household Income

$0

Pros

  • High earn rates (up to 5% return on spending!)

  • Flexible month-by-month fee structure

  • Free supplementary cards

  • 1:1 points transfer with selected hotels, airlines and frequent flyer programs

Cons

  • Accelerated earn rates only apply to purchases in Canada (not to purchases made abroad)

  • Amex has a more limited merchant acceptance rate than Visa and Mastercard

  • Slightly higher than average annual fee

Why we picked the Cobalt as the best credit card in Canada

The Amex Cobalt is one of the best credit cards for travel rewards in Canada and consistently awarded best Amex in Canada. Compared to other mid-tier travel cards, this option offers better value and versatility. From its high earn rate in everyday spending categories to its full suite of insurance offerings, this card is sure to be regularly used in your wallet.

While $155.88 is a higher annual fee for a mid-range card, they break it down into manageable monthly payments of $12.99 making it much more accessible to all.

Earn rate: Earn 5x the points per $1 spent on eligible eats and drinks in Canada, including groceries and food delivery (think groceries, cafes, restaurants and bars), earn 3x the points on eligible streaming subscriptions in Canada (e.g. Apple TV+, Crave, Disney+, Netflix, Spotify and more), earn 2x the points on eligible ride shares, transit & gas in Canada , and earn 1 point per dollar spent on everything else (plus 1 additional point on eligible hotel and car rental bookings via American Express Travel Online). This high earn rate also makes the American Express Cobalt the best credit card for travel points. However, it does not win the travel category because it lacks key travel perks like airport lounge access, no foreign exchange fees, and priority treatment at airports.

Insurance: Emergency medical, travel accident, flight delay, lost luggage, hotel burglary, rental car insurance and more—the Cobalt comes packed with travel insurance. It'll even pay up to $1,000 under mobile device insurance, in the event of theft, loss, or accidental damage anywhere in the world (you just have to have bought your phone with the card within 2 years from date of incident).

Looking for more of the best American Express Cards in Canada? Read our dedicated page of the best Amex cards in Canada to see all your options.

†Terms and conditions apply.

More of the other best credit cards in Canada

Scotiabank Momentum® Visa Infinite

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5.0

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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 additional cards.

$120 Annual Fee

Excellent Recommended Credit Score

$60,000 Required Annual Personal Income

TD® Aeroplan® Visa Infinite* Card

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4.0

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Earn up to $1,200 in value† including up to 50,000 Aeroplan points†. Conditions Apply. Account must be approved by June 3, 2024.

$139 Annual Fee

Excellent Recommended Credit Score

$60,000 Required Annual Personal Income

CIBC Aventura® Gold Visa

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4.0

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Get a total of up to 40,000 Aventura Points during your first year†

$139 Annual Fee

Good Recommended Credit Score

Best for travel

Best credit card for travel

Scotiabank Platinum American Express® Card

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4

up to 60K pts

Good

Earn up to $2,100* in value in the first 14 months, including up to 60,000 bonus Scene+ points

Expires

Nov 1, 2024

Apply now

Scene+ points for every $1 spent on all other eligible purchases

2x

No foreign transaction fees

0%

Complimentary airport lounge passes per year

10

Purchase APR

9.99%

Balance Transfer Rate

22.99%

Cash Advance APR

9.99%

Annual Fee

$399

Foreign Transaction Fee

0.00%

Recommended Credit Score

Good

Pros

  • The card offers a competitive low interest rate on purchases, cash advances, and balance transfers

  • Comprehensive insurance coverage

  • Complimentary Airport lounge access

  • No foreign transaction fees

  • Ideal for travelers as it has no foreign transaction fees

  • Offers a substantial welcome bonus that can be worth up to 60,000 Scene+ points

  • Enjoy premium perks like Hertz #1 Club Gold membership and concierge services.

Cons

  • High annual fee: At $399, the annual fee is steep, which could offset the rewards and benefits for some cardholders

  • Below average rewards rate: Lower compared to other cards with similar or lower annual fees

  • Limited American Express acceptance: Especially outside major cities

  • Rewards potential: The net rewards potential is relatively low when considering the high annual fee

  • Non-transferable points: Scene+ points cannot be transferred to other rewards programs

Why we picked the Scotia Platinum Amex as one of the best travel credit card in Canada

Among all the best travel credit cards in Canada, we like the Scotia Platinum Amex for its low APR and high number airport lounge access passes.

It's hard to beat a card that gives you high earn rates on everyday expenses and a flexible points program that allows you to use those points on any airline, anytime without restriction. Then, to avoid foreign transaction fees while travelling puts the Scotia Platinum Amex over the top.

Oh wait! The travel insurance is what really gives the Scotia Amex Platinum its winning status in the travel category. Not all cards, for a moderate annual fee, give you Emergency Medical travel insurance and Travel Accident insurance. But then, they throw in trip cancellation, flight delay, lost baggage, hotel burglary, rental car insurance, plus new mobile device insurance, purchase security and extended warranty—it's one of the best insurance packages I've seen making it one of the best travel credit cards in Canada.

It also gives you a whopping 10 airport lounge passes sure to please both you and your fellow travellers, be it a partner, a friend, or the whole family making it our winner for the best travel credit card in Canada.

More of the best credit cards for travel

Scotiabank Gold American Express®

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4.5

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Earn up to $650* in value in the first 12 months, including up to 40,000 bonus Scene+ points.

$120 Annual Fee

Very Good Recommended Credit Score

Scotiabank Passport® Visa Infinite*

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3.6

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Earn up to $1,300* in value in the first 12 months, including up to 40,000 bonus Scene+ points and first year annual fee waived

$150 Annual Fee

Good Recommended Credit Score

$60,000 Required Annual Personal Income

The Platinum Card

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4.5

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Earn 70,000 Membership Rewards® points1*

$799 Annual Fee

Excellent Recommended Credit Score

Read more: Best travel credit cards

Best for cash back

Best credit card for cash back

CIBC Dividend® Visa Infinite

Apply now

4

10% back

Good

Get a first-year annual fee rebate and earn 10% cash back welcome bonus of up to $250!†

Apply now

Earn 4% cash back on gas, EV charging, and groceries.

4%

Earn 2% cash back on dining, transportation, recurring payments or bills.

2%

Earn 1% cash back on all other purchases with no limit.

1%

Save 10 cents per litre with CIBC and Journie Rewards (Ultramar, Chevron, Pioneer, Fas Gas)

10 cents

Purchase APR

20.99%

Balance Transfer Rate

22.99%

Cash Advance APR

22.99%

Annual Fee

$120

Recommended Credit Score

Good

Required Annual Personal Income

$60,000

Required Annual Household Income

$100,000

Pros

  • Very high cash back rates on eligible groceries and gas and electric vehicle charging

  • Lucrative welcome offer

  • Flexible cash back redemption policy

  • Premium Visa Infinite benefits†

  • No limit on the total cash back you can earn†

Cons

  • Maximum annual spending limits in accelerated cash back

  • High-ish annual fee

  • Mid-level income requirement

Why we picked the CIBC Dividend® Visa Infinite* Card as the best cash credit card in Canada

If we could build the ideal cash back rewards card, it would pretty much look like this. As far as rewards credit cards go, the CIBC Dividend® Visa Infinite* Card makes earning and redeeming cash back almost effortless. With high flat rates and no rotating categories, this is a general cash back card that deserves a top spot in your wallet.

You’ll earn between 1%† and 4%† cash back no limit on the total cash back you can earn†. After the Welcome Offer ends, you’ll earn 4% on some categories that probably take up a good portion of your spending, eligible gas, EV charging and groceries†; 2% on eligible transportation, dining purchases and recurring payments such as bills†; and 1% on all other eligible purchases†. CIBC sets you up for success with cash back categories that should naturally cover your spending on needs, wants and fun and keeps it simple by locking these categories in rather than switching them up.

This isn’t a bad card for travelling either with benefits like insurance and discounted car rentals† along with global perks like 1% cash back for every $1.00 spent on a CIBC Global Money Transfer™.

Although a $120 annual fee might seem steep for a credit card outside of the premium category, we feel that it’s worth paying for these high base earning rates. Plus, you can actually have this fee waived every year you also have a CIBC Smart Plus™ Account†. This is a chequing account with unlimited transactions and few fees.

To qualify for the CIBC Dividend® Visa Infinite* Card, you’ll need an individual income of $60,000 or more or a household income of $100,000†. Interest rates for this card are high at 20.99%† for its Annual Purchase Interest Rate and 22.99%† (for non-Quebec residents only) and for its Cash Advance and a Balance Transfer Annual Interest Rate at 22.99%† (for non-Quebec residents only), so we don’t recommend this card if there’s any chance you won’t be able to pay off your balance in full from month to month. But otherwise, consider it if you need a card for the bulk of your purchases.

  • Eligibility criteria

    +

    To be eligible for this offer:

    1) this offer must have been directly communicated to you from CIBC or from a partner/affiliate; and

    2) you must apply for the eligible card through the link provided in the CIBC or partner/affiliate communication to you.†

    This offer is reserved for you. Please do not forward it to anyone else.

    CIBC may approve your application, but you are not eligible to receive this Offer if you have opened, transferred or cancelled another Dividend card within the last 12 months.†

    †Terms and Conditions Apply

Compare the other best credit cards for cash back

BMO CashBack® World Elite® Mastercard

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4.0

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Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first anniversary*.

$120 Annual Fee

Excellent Recommended Credit Score

$80,000 Required Annual Personal Income

SimplyCash® Card from American Express

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3.5

Read Review
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Earn up to $100 in Statement Credits in your first 10 months as a new cardmember

$0 Annual Fee

Good Recommended Credit Score

$0 Required Annual Personal Income

TD Cash Back Visa Infinite* Card

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4.0

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Earn up to $500 in value†, including 10% in Cash Back Dollars in the first 3 months on Bonus Eligible Purchases up to a total spend of $3,500†. Conditions apply. Account must be approved by June 3, 2024.

$139 Annual Fee

Excellent Recommended Credit Score

$60,000 Required Annual Personal Income

Read more: Best cash back credit cards

Best for students

Best credit card for students

BMO CashBack® MasterCard®

Apply now

4

5% cash back

Good

Get 5% cash back in your first 3 months*

Expires

Jun 1, 2024

Apply now

Cardholders earn 3% (up to a monthly max of $500) cash back on groceries

3%

Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*

1%

Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*

0.5%

Purchase APR

20.99%

Cash Advance APR

22.99%

Annual Fee

$0

Recommended Credit Score

Good

Required Annual Personal Income

$15,000

Pros

  • No Annual Fee: A rare find in Canada for a cash back card

  • A generous 3% cash back on groceries (up to $500 monthly)

  • Easily redeem from $1, set up automatic redemptions, or use as a statement credit

  • Additional perks include discounts on rentals, free supplementary cards and show discounts

Cons

  • Outside of groceries and recurring payments, the standard earn rate drops to 0.5%

  • Monthly caps on top earn rates for groceries and recurring payments

  • A 2% balance transfer fee applies

  • The interest rate on the remaining balance transfer amount increases after the introductory period

Why we picked the BMO CashBack® MasterCard® as one of the best student credit cards in Canada

Consistently one of the best credit cards for students in Canada, the BMO Cash Back Mastercard understands what students need. Kicking it off with no annual fee is one thing, but you can earn up to $125 in cash back in your first three months with its 5% cash back welcome offer—essentially, they're paying you to use this card.

Then it rewards on the right categories without forcing you to shop at any particular store. You get 3% on cash back on all grocery stores and supermarkets (whatever's closest to you), 1% cash back on recurring bills (think Spotify, Netflix, cell phone, internet) and 0.5% cash back on everything else.

You also don't have to wait for your cash back, you can redeem it anytime. Some cards force you into monthly or annual pay outs. And, you can put that cash back towards your credit card or a BMO chequing or savings account or into a BMO investor line account (a great way to start investing early, even if it's hard when you're a student).

The only difference between the Student BMO CashBack Mastercard and the BMO CashBack Mastercard is the non-student version gives you a 0.99% balance transfer for 9 months—so if you're carrying credit card debt, pay it off faster with lower interest rates.

Finally, the extended warranty insurance and purchase protection makes buying your laptop and cell phone a little more comfortable knowing BMO has your back in case something bad happens.

And, if you do need a new laptop, you can use BMO PaySmart™ installment plans that turns your credit card purchases into smaller, interest-free monthly payments with a low fee.

More of the best credit cards for students in Canada

Tangerine Money-Back Credit Card

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5.0

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Get 10% cash back on up to $1,000 in everyday purchases made within 2 months. Pay only 1.95% balance transfer interest for the first 6 months.

$0 Annual Fee

Fair Recommended Credit Score

$12,000 Required Annual Personal Income

Neo Secured Credit Card

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4.0

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$25 customer sign up bonus welcome offer

$0 Annual Fee

Poor Recommended Credit Score

$0 Required Annual Personal Income

American Express Cobalt® Card

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5.0

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Earn up to 15,000 Membership Rewards points

$155.88 Annual Fee

Fair Recommended Credit Score

$0 Required Annual Personal Income

Read more: Best Student credit cards

Best balance transfers

Best credit card for balance transfers

MBNA True Line Mastercard

Apply now

4

0% intro rate

Good

Get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening.

Expires

Jan 1, 2025

Apply now

New cardholders can enjoy a 0% promotional annual interest rate† (a 3% transfer fee applies) for 12 months on any balance transfer✪ completed within 90 days of opening the account

0%

Purchase APR

12.99%

Balance Transfer Rate

12.99%

Cash Advance APR

24.99%

Annual Fee

$0

Recommended Credit Score

Good

Pros

  • Solid welcome offer: 12 months of 0% APR† on balance transfers✪ made within the first 90 days (3% transfer fee applies)

  • No annual fee or minimum income requirement

  • Low standard interest rate of 12.99% for all new purchases charged to the card

  • Some extra perks like fraud protection and a discount on car rentals

Cons

  • 3% balance transfer fee is comparatively high

  • Very high cash advance interest rate of 24.99%

  • No insurance benefits

  • Can’t transfer a balance owed to either MBNA or TD

Why we picked the MBNA True Line Mastercard as the best credit card for balance transfers

You just can't beat a 0% balance transfer offer (even with a 3% fee) because it gives you a whole year, 365 days to pay down that balance. And, there's no annual fee, so it's a credit card that really helps you pay down debt without costing you a big up front payment.

Once your debt is paid off, you can continue to enjoy a low interest rate of 12.99% (which, sadly, also applies to any new balance transfers). Its cash advance fee of 24.99% is a deterrent and should be avoided.

If you buy something big, anything over $100, take advantage of the MBNA Payment Plan which breaks up big purchases into monthly payment terms of, 6. 12, or 18 months for a small fee.

More of the best credit cards for balance transfers

Scotiabank Value Visa

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4.0

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0% introductory interest rate on balance transfers for the first 10 months (12.99% after that; annual fee $29), plus no annual fee for the first year.¹

$29 Annual Fee

Fair Recommended Credit Score

$0 Required Annual Personal Income

BMO AIR MILES®† MasterCard®*

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Get 800 AIR MILES Bonus Miles!* That’s enough for $80 towards purchases with AIR MILES Cash*

$0 Annual Fee

Good Recommended Credit Score

$15,000 Required Annual Personal Income

BMO Preferred Rate Mastercard®*

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3.6

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Get a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee and BMO will waive the $29 annual fee in your first anniversary*.

$29 Annual Fee

Good Recommended Credit Score

$0 Required Annual Personal Income

Read more: Best balance transfer credit cards

Best for rewards

Best credit card for rewards

CIBC Aventura® Gold Visa

Apply now

4

up to 40K pts

Good

Get a total of up to 40,000 Aventura Points during your first year†

Apply now

Earn 2 points for every $1 spent on eligible travel purchased through the CIBC Rewards Centre†

2

Earn 1.5 points for every $1 spent at eligible gas stations, EV charging, grocery stores and drug stores†

1

Earn 1 point for every $1 spent on all other eligible purchases†

1

Purchase APR

20.99%

Balance Transfer Rate

22.99%

Cash Advance APR

22.99%

Annual Fee

$139

Recommended Credit Score

Good

Required Annual Household Income

$15,000

Pros

  • High value welcome offer

  • Minimal household annual income required

  • Exceptional points-redeemable travel opportunities and other perks

Cons

  • High annual fee (rebated for your first year)†

Why we picked the CIBC Aventura Gold as the best credit card for rewards

There are many rewards cards, but the CIBC Aventura Gold takes the gold for its perfect balance of a mid-tier annual fee ($139, free in the first year) and with loads of ultra flexible Aventura points (any airline, anytime). And the rewards keep piling up: NEXUS application fee rebate ($50), 4 Airport lounge passes (over $190 value), and three free authorized users ($50 each)—all told a value worth over $1,200.

But that's just the welcome offer.

You'll earn 2 points for every $1 spent on travel through CIBC Rewards Centre, 1.5 points on gas, EV charging, groceries (earn more with Journie Rewards by filling up with Pioneer, Chevron, FasGas and Ultramar), and drug stores, and 1 point on all other purchases per $1 spent.

Then let's tack on emergency medical, travel accident, flight delay, baggage, rental car, hotel burglary and mobile device insurance—and you are ready to reap the Aventura rewards.

More of the best credit cards for rewards

Scotiabank Gold American Express®

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4.5

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Earn up to $650* in value in the first 12 months, including up to 40,000 bonus Scene+ points.

$120 Annual Fee

Very Good Recommended Credit Score

MBNA Rewards World Elite Mastercard

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4.0

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Earn up to 30,000 bonus MBNA Rewards Points†† for cash back, gift cards and more.

$120 Annual Fee

Good Recommended Credit Score

$80,000 Required Annual Personal Income

American Express Cobalt® Card

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5.0

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Earn up to 15,000 Membership Rewards points

$155.88 Annual Fee

Fair Recommended Credit Score

$0 Required Annual Personal Income

Read more: Best rewards credit cards

Best for lounge access

Best credit card for airport lounge access

The Platinum Card

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4.5

70,000 pts

Excellent

Earn 70,000 Membership Rewards® points1*

Apply now

Earn 2 points for every $1 in Card purchases on eligible dining and food delivery in Canada

2x

points for every $1 in Card purchases on eligible travel

2x

point for every $1 in all other Card purchases

1x

Purchase APR

21.99%

Annual Fee

$799

Foreign Transaction Fee

2.50%

Recommended Credit Score

Excellent

Pros

  • Earn 5X Rewards Points for flights and on prepaid hotels booked with American Express Travel

  • Access to a wide range of luxury perks, including premium concierge service

  • Complimentary lounge membership providing access to over 1,200 airport lounges worldwide

  • Annual statement credits: $200 airline fee credit, $200 hotel credit, $240 digital entertainment credit

  • Special insurance coverages like trip cancellation/interruption, flight delay, lost or stolen baggage and rental car theft & damage.

  • Provides extended warranty (2 years) and purchase protection (120 days).

Cons

  • High annual fee of $799, one of the heftiest among Canadian cards

  • The rewards system can be complicated, especially for users not familiar with maximizing credit card points

  • Requires good to excellent credit for eligibility

Why we picked the Amex The Platinum as the best credit card for airport lounge access

With unlimited access to Airport lounges around the world, you should step into luxury and prestige of the Amex The Platinum. This card has everyone talking in the Money.ca headquarters and there are many reasons why.

For starters, the main drawback is its $799 annual fee. But, in "credit card math" land, it's basically free when you can earn up 100,000 Membership Rewards points (a value of $1,000). Amex also rewards its cardholders with a $200 annual travel credit and an annual $200 dining credit, so now the card is a profit centre (something like that anyway).

But its biggest perk is the American Express Global Lounge Collection giving you unlimited access to more than 1,300 airport lounges across 140 countries.

Make no mistake about it, this is a premium card and will require an good to excellent credit score, but there is no minimum income requirement (nor is there a pre-set spending limit because it's a charge card).

If you book with American Express Travel, you can get even more benefits with an average value of $550 US at over 1,300 properties giving you daily breakfast for two, late check-out, noon check-in, in-room wi-fi and room upgrades when available.

This card also fast tracks you to Hilton Honors gold status and Marriott Bonvoy Gold Elite Status. If you're flying out of Toronto's Pearson Airport, you can get through the security lane faster, complimentary valet service, and a 15% discount on parking.

The Platinum also includes a full suite of travel insurance coverage from out of province/country emergency medical up to $5,000,000 for 15 days, $500,000 travel accident insurance, trip cancellation insurance, trip interruption insurance, flight delay insurance, baggage delay, lost/stolen baggage, hotel burglary, and rental car insurance.

If that's not enough, consider The Platinum Card® has its own website—a dedicated hub curated for cardmembers to learn more about coverage and discover more special offers.

‡, ††, ✪, ***, Terms and Conditions apply

More of the best credit cards for airport lounge access

Scotiabank Passport® Visa Infinite*

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3.6

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Earn up to $1,300* in value in the first 12 months, including up to 40,000 bonus Scene+ points and first year annual fee waived

$150 Annual Fee

Good Recommended Credit Score

$60,000 Required Annual Personal Income

TD® Aeroplan® Visa Infinite Privilege* Card

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4.0

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Earn up to $2,900 in value† including up to 85,000 Aeroplan points†. Conditions Apply. Account must be approved by June 3, 2024.

$599 Annual Fee

Excellent Recommended Credit Score

$150,000 Required Annual Personal Income

Scotiabank Platinum American Express® Card

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4.0

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Earn up to $2,100* in value in the first 14 months, including up to 60,000 bonus Scene+ points

$399 Annual Fee

Good Recommended Credit Score

Read more: Best airport lounge credit cards

Best for no annual fee

Best credit card with no annual fee

Tangerine Money-Back Credit Card

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5

10% back

Fair

about new welcome offers by email

Apply now

Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)

2%

Get a Tangerine Savings account and add a 3rd 2% cash back category.

3

Earn 0.50% on all your other everyday purchases.

0.5%

Purchase APR

19.95%

Balance Transfer Rate

1.95%

Cash Advance APR

19.95%

Annual Fee

$0

Foreign Transaction Fee

2.50%

Recommended Credit Score

Fair

Required Annual Personal Income

$12,000

Pros

  • No annual fee

  • Choose the spending categories where you want to earn the most cash back

  • Unlimited cash back—no maximum spending limit for any purchase category

  • Cash back is paid out monthly rather than annually

  • Periodically includes a special welcome offer where you can get extra cash back

  • 1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*

Cons

  • Regular cash back rates are still lower than what you can get from a card with an annual fee

  • Limited extra perks or benefits beyond the cash back and balance transfer promotion

  • Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart

  • Tangerine does not have any physical bank branches

Why we picked the Tangerine Money-Back Credit Card as the best no fee credit card in Canada

What's better than a credit card with no-annual fee? One that rewards you with unlimited cash back rewards on everyday purchases (that you pick).

Until April 30th, 2024, you can get 10% cash back in your first two months (up to $100). It's a big reason why of all the credit cards with no annual fee, Tangerine is our winner for Canadian credit cards.

Now, Tangerine has a unique approach to cash back. Instead of telling you where you'll earn the most cash back and limiting you to certain categories they select, they instead give you the options. There are 10 categories to pick from: grocery, furniture, restaurants, hotel-motel, gas, recurring bills, drug stores, home improvement, entertainment, and public transportation and parking. So, just pick where you spend the most amount of money and start reeling in the cash. Anything outside those categories earns 0.50% cash back.

Your cash back can be applied to your credit card balance OR you can put it into a free Tangerine Savings account which unlocks a third 2% cash back category—talk about win-win.

Another little bonus, during your first 30 days, you can transfer existing credit card balances for a low 1.95% interest for 6 months which makes switching credit cards even easier.

I'm also a big fan of the Tangerine app. I have my emergency fund there as well as many sinking funds for different purposes (renovations, car maintenance, and more). The interface is user friendly and it's all free.

Finally, this credit card gives you purchase assurance to cover loss, theft or damage on most new insured items for 90 days after purchase and extended warranty which doubles the manufacturer's warranty.

More of the best credit cards with no annual fee

MBNA Rewards Platinum Plus Mastercard

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4.0

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Earn 4 points per $1 spent on eligible restaurant, grocery, digital media, membership, and household utility purchases until $10,000 is spent annually. You could also receive up to 10,000 bonus points.

$0 Annual Fee

Good Recommended Credit Score

American Express® Green Card

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4.5

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Earn 10,000 Membership Rewards® points1*

$0 Annual Fee

Good Recommended Credit Score

$0 Required Annual Personal Income

RBC Cash Back Mastercard

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4.1

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Enjoy 0.99% introductory interest rate on cash advances and balance transfers for the first 10 months

$0 Annual Fee

Good Recommended Credit Score

Read more: Best no annual fee credit cards

Best for bad credit

Best credit card for bad credit

Neo Secured Credit Card

Apply now

4

$25 on signup

Poor

$25 customer sign up bonus welcome offer

Apply now

Up to 15% on first new purchases with Neo partners

15%

With Neo Partners

5%

on gas and groceries

1%-3%

Streaming, ridesharing, and food delivery services

3%-4%

With retail partners

2%-3%

On everything else

0.5%

Variable APR

19.99% - 26.99%

Cash Advance APR

24.99% - 28.99%

Annual Fee

$0

Recommended Credit Score

Poor

Required Annual Personal Income

$0

Required Annual Household Income

$0

Pros

  • No annual fee

  • Low minimum security deposit

  • Cash back rewards on purchases

  • Instant approval regardless of credit score

Cons

  • Only reports to TransUnion

  • High APR range

Why we picked the Neo Secured card as the best secured credit card

Guaranteed approval, avoid a hard credit check, and get started with as little as $50—sounds like an ideal card.

Neo goes further and offers up to 5% cash cash with its partners (and there are many)

  • A list of Neo Partners for more cash back

    +

    Fast food: Subway, Boston Pizza, Papa John's Five Guys, Booster Juice, Hero Certified Burgers and more

    Restaurants: Joey's, Earl's The Keg, Cora's, Shoeless Joe's and more

    Grocery stores: Loblaws (No Frills, too), Walmet, Real Canadian Superstore

    Clothing: Gap, Old Navy, Lululemon, Roots, Hudson Bay, and more.

    Streaming with Netflix, Spotify, Amazon Prime. Get gas from Shell, Esso, and Petro Canada.

    These partners just keep adding up to great cash back.

The "everyday" cash back is 1% in gas and groceries, even they aren't partnered.

And, you get all this with no annual fee and a sweet app with smart financial tools that help you build back your credit, fast.

More of the best credit cards for bad credit (secured cards)

Capital One Guaranteed Secured Mastercard

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4.5

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$59 Annual Fee

Poor Recommended Credit Score

$0 Required Annual Personal Income

Home Trust Secured Visa

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4.5

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No annual fee

$0 Annual Fee

Good Recommended Credit Score

$0 Required Annual Personal Income

KOHO Extra

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4.0

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$84 Annual Fee

Fair Recommended Credit Score

$0 Required Annual Personal Income

Read more: Best secured credit cards

Best for no fx

Best credit card in Canada for no foreign transaction fees

Scotiabank Gold American Express®

Apply now

4.5

up to 40K pts

Very Good

Earn up to $650* in value in the first 12 months, including up to 40,000 bonus Scene+ points.

Expires

Jul 2, 2024

Apply now

Scene+ points on every $1 you spend at Sobeys, Safeway, Freshco, Foodland and more

6x

Scene+ points for every $1 you spend on dining, food delivery and other eligible grocery stores. Includes popular food delivery and food subscriptions.

5x

Scene+ points for every $1 you spend in Canada eligible entertainment purposes. Includes movies, theatre and ticket agency stores.

5x

Scene+ points for every $1 CAD you spend in Canada on eligible gas and daily transit options. Includes ride shares, buses, subway, taxis and more.

3x

Scene+ points for every $1 CAD you spend in Canada on eligible select streaming services.

3x

Scene+ point for every $1 spent on all other eligible everyday purchases.

1x

Purchase APR

20.99%

Balance Transfer Rate

22.99%

Cash Advance APR

22.99%

Annual Fee

$120

Foreign Transaction Fee

0.00%

Recommended Credit Score

Very Good

Pros

  • Lots of daily spend options to earn multiplied point bonuses

  • Swanky Amex perks like Front of the Line presale concert tickets

  • Save on foreign transaction fees when abroad

  • Fantastic insurance coverage, especially for travel

Cons

  • Relatively low-value welcome bonus

  • $120 annual fee that chews into your point value substantially

  • Scene points redeem poorly for travel

Why we picked the Scotiabank Gold American Express® Card as the best card for no fx fees

Of all the Canadian credit cards with no foreign transaction fees, the Scotiabank Gold American Express® Card is a good option for those looking to spend abroad without incurring extra fees from foreign transaction charges.

You also get a sweet welcome bonus if you meet specific spending thresholds, which should be easy given the card's rewards structure is heavily geared towards everyday spending. You get 6 points per dollar at Sobeys, Safeway, Freshco, Foodland and more, 5 points per dollar at restaurants, for food delivery, and for entertainment from movies to theatre tickets. You also get 3 points per dollar on your commute (gas, transit, rideshares, etc.) and for every dollar you spend on select streaming services (think Netflix). And finally 1 Scene+ point for every $1 spent on all other eligible everyday purchases.

While there is an annual fee, it's not as high as you might expect with its travel insuance coverage, though we would like to see better than "we'll pay your membership" for airport lounges, in other words, give me some passes to those lounges!

More of the best credit cards with no foreign transaction fees

Scotiabank Passport® Visa Infinite*

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3.6

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Earn up to $1,300* in value in the first 12 months, including up to 40,000 bonus Scene+ points and first year annual fee waived

$150 Annual Fee

Good Recommended Credit Score

$60,000 Required Annual Personal Income

Rogers™ World Elite Mastercard

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4.1

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$25 Welcome Bonus in cash back rewards upon first card purchase within 3 months of receiving your card2

$0 Annual Fee

Excellent Recommended Credit Score

$80,000 Required Annual Personal Income

Home Trust Preferred Visa

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4.5

Read Review
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No annual fee and no foreign exchange fees

$0 Annual Fee

Good Recommended Credit Score

$15,000 Required Annual Personal Income

Read more: Best no foreign transaction fee credit cards

Best for travel insurance

Best credit card for travel insurance

Scotiabank Gold American Express®

Apply now

4.5

up to 40K pts

Very Good

Earn up to $650* in value in the first 12 months, including up to 40,000 bonus Scene+ points.

Expires

Jul 2, 2024

Apply now

Scene+ points on every $1 you spend at Sobeys, Safeway, Freshco, Foodland and more

6x

Scene+ points for every $1 you spend on dining, food delivery and other eligible grocery stores. Includes popular food delivery and food subscriptions.

5x

Scene+ points for every $1 you spend in Canada eligible entertainment purposes. Includes movies, theatre and ticket agency stores.

5x

Scene+ points for every $1 CAD you spend in Canada on eligible gas and daily transit options. Includes ride shares, buses, subway, taxis and more.

3x

Scene+ points for every $1 CAD you spend in Canada on eligible select streaming services.

3x

Scene+ point for every $1 spent on all other eligible everyday purchases.

1x

Purchase APR

20.99%

Balance Transfer Rate

22.99%

Cash Advance APR

22.99%

Annual Fee

$120

Foreign Transaction Fee

0.00%

Recommended Credit Score

Very Good

Pros

  • Lots of daily spend options to earn multiplied point bonuses

  • Swanky Amex perks like Front of the Line presale concert tickets

  • Save on foreign transaction fees when abroad

  • Fantastic insurance coverage, especially for travel

Cons

  • Relatively low-value welcome bonus

  • $120 annual fee that chews into your point value substantially

  • Scene points redeem poorly for travel

Why the Scotia gold wins for travel insurance

On top of its excellent welcome bonus, high earn rates in everyday categories, and no foreign transaction fees, the Scotia Gold Amex takes the crown for the best credit card for travel insurance. Why?

Well, it has all the travel insurance categories as well as purchase insurance, mobile device insurance, and rental car insurance. It ticks all the boxes which you won't find on some travel credit cards that omit emergency medical or travel accident and may also neglect to mention they don't have trip interruption or cancellation insurance (which should be a standard if you're offering travel insurance).

All you have to do is charge at least 75% of your trip expenses to your card.

  • Here's the list of all its insurance offerings:

    +

    Travel emergency medical insurance: $1 million each for sudden or unexpected illness or injury for you and your family. If you're under 65, you get up to 25 days. If you're older than 65, you get up to 3 consecutive days.

    Travel accident insurance: $500,000 for you, your spouse, and eligible children are automatically insurance against accidental loss or dismemberment.

    Trip cancellation/Trip Interruption insurance: $1,500 for you, your spouse and your dependent children (max $10,000 per trip) and are forced to cancel or interrupt your trip for medical or non-medical causes.

    Flight delay insurance: $500 per insurance person on the same trip for any delayed flight or missed connection which lasts four hours or more.

    Delayed and lost baggage insurance: (Must charge the full cost of your ticket to the card). If your checked luggage is delayed or lost, you have coverage up to a maximum of $1,000.

    Rental car collision loss/damage insurance: (Must charge the full cost of the rental) You're covered for cars up to $65,000 for 48 consecutive days.

    Hotel/Motel burglary insurance: You must charge the cost of the hotel to your card and any amount the hotel or motel doesn't cover, Scotia will pick up the difference up to $1,000.

    New mobile device insurance: Charge the full cost of your new mobile device to your card and you're covered up to $1,000 in the event your cell phone or tablet is lost, stolen, accidentally damaged, or experiences mechanical failure.

    Purchase security & extended warranty protection: Most items purchased with your card are insured against theft, loss or damaged for 90 days from the purchase date and the manufacturer's warranty is doubled (typically from one year to two years).

See more of the best credit cards with travel insurance

Scotiabank Platinum American Express® Card

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4.0

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Earn up to $2,100* in value in the first 14 months, including up to 60,000 bonus Scene+ points

$399 Annual Fee

Good Recommended Credit Score

RBC Avion Visa Infinite

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3.2

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Get 35,000 welcome Avion points on approval

$120 Annual Fee

Very Good Recommended Credit Score

$60,000 Required Annual Personal Income

BMO Ascend™ World Elite®* Mastercard®

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4.0

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Get up to 90,000 points and the annual fee waived in your first anniversary for both the primary cardholder and authorized users.*

$150 Annual Fee

Excellent Recommended Credit Score

$80,000 Required Annual Personal Income

Read more: Best travel insurance credit cards

Best for groceries

Best credit card for groceries

Scotiabank Momentum® Visa Infinite

Apply now

5

10% back

Excellent

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 additional cards.

Apply now

For every $1 you spend on grocery store purchases, recurring bill payments and subscription purchases

4%

For every $1 you spend on gas and daily transit purchases

2%

Cash back on all other purchases with no cash back limit

1%

Purchase APR

20.99%

Balance Transfer Rate

22.99%

Cash Advance APR

22.99%

Annual Fee

$120

Foreign Transaction Fee

2.50%

Recommended Credit Score

Excellent

Required Annual Personal Income

$60,000

Required Annual Household Income

$100,000

Pros

  • High earn rate on everyday spending categories

  • Comprehensive travel and purchase insurance

  • Visa Infinite perks such as concierge, events, and special offers

  • 25% Car rental discounts at Avis and Budget

  • Mobile device insurance

  • Up to $200 welcome bonus

Cons

  • Income requirements are higher: $60k personal or 100k household

  • Cash back can only be redeemed once a year

Why we picked the Scotia Momentum Infinite as the best credit card for groceries

While you might expect the PC World Elite Mastercard (great for Loblaws, No Frills, Shoppers Drug Mart) or any of Scotia's Scene+ cards with rewards at FreshCo and Sobeys, the fact is, it's hard to beat the right 4% cash back on groceries with the Momentum card.

You'll also get 4% cash back on subscription services like Netflix and Spotify as well as recurring bill payments. You'll also earn 2% cash back on gas, transportation, and commuting and 1% cash back on everything else.

And for the first 3 months, you'll earn a whopping 10% cash back on all purchases (up to $2,000 in total purchase so $200 credit) and pay no annual fee in the first year, including additional cards.

The card comes loaded with travel insurance and mobile device insurance, too.

More of the best credit cards for groceries

Scotiabank Gold American Express®

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4.5

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Earn up to $650* in value in the first 12 months, including up to 40,000 bonus Scene+ points.

$120 Annual Fee

Very Good Recommended Credit Score

BMO CashBack® MasterCard®

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4.0

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Get 5% cash back in your first 3 months*

$0 Annual Fee

Good Recommended Credit Score

$15,000 Required Annual Personal Income

CIBC Dividend® Visa Infinite

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4.0

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Get a first-year annual fee rebate and earn 10% cash back welcome bonus of up to $250!†

$120 Annual Fee

Good Recommended Credit Score

$60,000 Required Annual Personal Income

@moneydotca Uncovering the Secrets: Are Credit Card Points Truly Rewarding or Just a Scam? A #creditcardpoints #personalfinance #fyp #tiktokfinance #creditcard #money ♬ this feeling - Øneheart

Read more: Best grocery store credit cards

Best for gas

Best credit card for gas

TD Cash Back Visa Infinite* Card

Apply now

4

10% back

Excellent

Earn up to $500 in value†, including 10% in Cash Back Dollars in the first 3 months on Bonus Eligible Purchases up to a total spend of $3,500†. Conditions apply. Account must be approved by June 3, 2024.

Expires

Jun 4, 2024

Apply now

Earn 3% cash back on groceries, gas, and recurring bill payments†

3%

Earn 1% cash back on all other purchases†

1%

Earn 50% more Starbucks Stars when you link your TD card to your Starbucks account.†

50%

Purchase APR

20.99%

Balance Transfer Rate

22.99%

Cash Advance APR

22.99%

Annual Fee

$139

Recommended Credit Score

Excellent

Required Annual Personal Income

$60,000

Required Annual Household Income

$100,000

Pros

  • Solid welcome offer

  • High earn rate for 3 popular categories

  • Can use cash back right away

  • useful automotive benefits

Cons

  • Maximum spend limit for 3% cash back

  • High annual fee for a cash back card

Why we picked the TD Cash Back Visa Infinite* Card as the best credit card for gas

Ok, so the CIBC Dividend Visa Infinite or Amex Simply Cash Preferred credit cards have a 4% cash back on gas compared to TD's 3%. However, if you're on the road enough where you value gas, you can save even more with free roadside assistance with TD.

Comparatively, at its most basic level, CAA charges $75 per year. So, we'll gladly save the 1% on $7500 worth of gas and take that free service and peace of mind with our credit card.

If that's not enough of a sell, know that for the first 3 months, you get 10% cash back on gas. All while getting your first year annual fee waived.

See more of the best credit cards for gas

CIBC Dividend® Visa Infinite

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4.0

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Get a first-year annual fee rebate and earn 10% cash back welcome bonus of up to $250!†

$120 Annual Fee

Good Recommended Credit Score

$60,000 Required Annual Personal Income

SimplyCash® Preferred Card

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4.0

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Welcome Bonus of up to $400 in Statement Credits

$119.88 Annual Fee

Excellent Recommended Credit Score

Tangerine Money-Back Credit Card

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5.0

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Get 10% cash back on up to $1,000 in everyday purchases made within 2 months. Pay only 1.95% balance transfer interest for the first 6 months.

$0 Annual Fee

Fair Recommended Credit Score

$12,000 Required Annual Personal Income

Read more: Best gas credit cards

Best for sign-up offer

Best credit card welcome bonus

TD First Class Travel® Visa Infinite* Card

Apply now

4

max 100K pts

Good

Earn up to $800 in value†, including up to 100,000 TD Rewards Points† and no Annual Fee for the first year†. Conditions Apply. Account must be approved by June 3, 2024.

Expires

Jun 3, 2024

Apply now

Earn 8 TD Rewards Points for every $1 you spend through ExpediaForTD†

8 Points

Earn 6 TD Rewards Points for every $1 you spend on groceries and restaurants.†

6 Points

Earn 4 TD Rewards Points for every $1 you spend on recurring bill payments.†

4 Points

Earn 2 TD Rewards points for every $1 you spend using your card.†

2 Points

Each year, received a birthday bonus equal to 10% of the total number of points earned over the 12 preceding months.†

10% Bonus Points

Get an annual TD Travel Credit when you book at Expedia For TD†

$100

The annual fee is in USD

USD

Purchase APR

20.99%

Balance Transfer Rate

22.99%

Cash Advance APR

22.99%

Annual Fee

$139

Recommended Credit Score

Good

Required Annual Personal Income

$60,000

Required Annual Household Income

$100,000

Pros

  • Major combined value for the welcome bonus (up to $800†)

  • Good base earn rate on all purchases

  • Huge earn rate when you book travel through Expedia® For TD†

  • Very flexible redemption options

  • $100 TD Travel Credit†

  • Visa Infinite Benefits

  • Great savings on annual fees for accountholders of TD’s All-Inclusive Banking Plan

Cons

  • Does not provide free lounge access

  • Charges foreign transaction fees

Why we picked the TD First Class Travel® Visa Infinite* Card as the top welcome bonus

It's the points. You get up to 100,000 TD Rewards Points† and pay no Annual Fee for the first year†. Conditions Apply. Account must be approved by June 3, 2024.

You also get a birthday bonus of up to 10,000 TD Rewards Points† and a $100 TD Travel Credit when booking through Expedia® For TD—a strong contender for one of the best websites to book travel.

See more of the best credit cards for welcome bonuses

American Express ® Aeroplan ®

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4.0

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Earn up to 50,000 Welcome Bonus Aeroplan®* points

$120 Annual Fee

Good Recommended Credit Score

$0 Required Annual Personal Income

BMO CashBack® World Elite® Mastercard

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4.0

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Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first anniversary*.

$120 Annual Fee

Excellent Recommended Credit Score

$80,000 Required Annual Personal Income

CIBC Dividend® Visa Infinite

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4.0

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Get a first-year annual fee rebate and earn 10% cash back welcome bonus of up to $250!†

$120 Annual Fee

Good Recommended Credit Score

$60,000 Required Annual Personal Income

Read more: Best promotions for credit cards

Best for U.S. shopping

Best USD credit card in Canada

BMO U.S. Dollar Mastercard®*

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3

Very Good

about new welcome offers by email

Apply now

Purchase APR

20.99%

Annual Fee

$49

Recommended Credit Score

Very Good

Required Annual Personal Income

$15,000

Pros

  • Savings on foreign transaction fees: Ideal for transactions in U.S. dollars, saving users the usual 2.5% foreign transaction fee

  • Annual fee rebate: The annual fee is rebated the following year if you spend US$3,000 per year.

  • Additional card options: You have the option to get additional cards for family members or employees for free.

Cons

  • Limited rewards: No cash back or travel points.

  • U.S. dollar payments: Balances must be paid in U.S. dollars.

  • Credit score requirements: A higher credit score may be required to qualify for this card.

  • Limited insurance included: Purchase protection for 90 days and extended warranty, but no travel insurance.

Why we picked the BMO U.S. Dollar Mastercard as the best USD credit card

The BMO U.S. Dollar Mastercard®* stands out as a prime choice among U.S. dollar credit cards in Canada, particularly for individuals who frequently engage in transactions in U.S. dollars. Its most compelling feature is the waiver of the annual fee for users who spend at least US$3,000 per year, transforming it into a cost-effective solution for those who regularly shop on American websites or travel to the United States. While the card does not offer rewards on purchases, this drawback is mitigated by the significant savings on foreign transaction fees, typically around 2.5%, that cardholders would otherwise incur. Additionally, the option to add extra cards for family members or employees at no additional cost enhances its appeal for managing expenses more efficiently.

The BMO U.S. Dollar Mastercard®* is especially suited for frequent travelers to the U.S. and avid online shoppers on U.S.-based sites. Despite its lack of a rewards program and the requirement for payments to be made in U.S. dollars, the card's ability to save on foreign transaction fees and its simple criteria for annual fee waiver make it an attractive option. The inclusion of basic credit card insurances, such as extended warranty and purchase protection, adds another layer of value, even though it falls short in offering comprehensive travel insurance. For BMO customers, the card presents an easy way to manage U.S. dollar expenses without the additional burden of conversion fees, making it a practical choice despite its limitations.

See more great US Dollar credit cards

TD U.S. Dollar Visa* Card

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2.0

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$39 Annual Fee

Good Recommended Credit Score

$0 Required Annual Personal Income

Scotiabank U.S. Dollar Visa Card

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3.0

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No U.S. dollar currency conversion fee

$35 Annual Fee

Good Recommended Credit Score

Best for Air Miles

Best credit card for AIR MILES

BMO AIR MILES®† World Elite®* MasterCard®*

Apply now

4.5

2,000 miles

Excellent

Get 2,000 AIR MILES Bonus Miles and BMO will waive the $120 annual fee for the first anniversary*.

Apply now

Cardholders earn an accelerated 3x the Miles per $12 spent at participating AIR MILES partners*,

3x

2x the Miles for every $12 spent at any eligible grocery store*

2x

reward mile for every $12 in credit card purchases, everywhere you spend*

1x

discount on one worldwide AIR MILES flight redemption during the calendar year.*

25%

Purchase APR

20.99%

Balance Transfer Rate

23.99%

Cash Advance APR

23.99%

Annual Fee

$120

Recommended Credit Score

Excellent

Required Annual Personal Income

$80,000

Required Annual Household Income

$150,000

Pros

  • Offers the largest Air Miles sign-up bonus on the market with a waived annual fee for the first anniversary*

  • High earn rates of up to 3x the Miles on eligible purchases

  • Exclusive travel discounts like 25% off one worldwide AIR MILES flight redemption annually

  • Airport lounge access through complimentary Mastercard Travel Pass membership

  • Comprehensive insurance package which covers medical, trip, flight delay, lost luggage and more

  • Additional Perks include Boingo Wi-Fi, BMO Concierge, digital subscriptions, and cash back promotions

Cons

  • An $80,000 personal/$150,000 household income is needed to qualify

  • Ideal for AIR MILES loyalists, may not suit those with a casual approach

  • The fixed redemption value for flights may not appeal to everyone

  • Optimal value only when frequently shopping at AIR MILES partners

Why we picked the BMO Air Miles World Elite as the best credit card for Air Miles

While it may not win the best travel credit card in Canada, if you're an Air Miles loyalist, you can't go wrong with this card.

With an annual fee waiver for the first anniversary, a huge sign up bonus, and high earn rates, it'll have you collecting Air Miles quickly.

Once a year, Air Miles will give you a 25% discount on a flight when using your miles to fly. Then, while travelling, enjoy airport lounge access, comprehensive travel insurance, and additional perks like Boingo Wi-Fi (essential if you forgot to download your Netflix specials to your tablet or phone).

It does have a higher income requirement, so you may want to look at the our best travel credit cards in Canada where you'll find a few Amex cards that don't require a minimum income (but do require a good to great credit score).

More of the best credit cards for Air Miles

BMO AIR MILES®† MasterCard®*

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Get 800 AIR MILES Bonus Miles!* That’s enough for $80 towards purchases with AIR MILES Cash*

$0 Annual Fee

Good Recommended Credit Score

$15,000 Required Annual Personal Income

BMO AIR MILES Mastercard - Student

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3.8

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Get 800 AIR MILES Bonus Miles!* That’s enough for $80 towards purchases with AIR MILES Cash*

$0 Annual Fee

Good Recommended Credit Score

$0 Required Annual Personal Income

Read more: Best Air Miles credit cards

Best for Aeroplan

Best credit card for Aeroplan

TD® Aeroplan® Visa Infinite* Card

Apply now

4

up to 50K pts

Excellent

Earn up to $1,200 in value† including up to 50,000 Aeroplan points†. Conditions Apply. Account must be approved by June 3, 2024.

Expires

Jun 4, 2024

Apply now

for every $1 spent on eligible gas, grocery and direct through Air Canada® purchases (including Air Canada Vacations®)†

1.5 points

Earn 1 point for every $1 you spend on all other purchases†

1 point

Earn points twice with Aeroplan partner brands and on the Aeroplan eStore.†

2x

Earn 50% more Aeroplan points at Starbucks when you link your card to your account.†

50%

NEXUS application fee rebate every 48 months†

1

checked bag free for you and up to 8 travel companions†

1st

Purchase APR

20.99%

Balance Transfer Rate

22.99%

Cash Advance APR

22.99%

Annual Fee

$139

Foreign Transaction Fee

2.50%

Recommended Credit Score

Excellent

Required Annual Personal Income

$60,000

Required Annual Household Income

$100,000

Pros

  • The card has a high earn rate for Aeroplan Points, generating 1.5 points† per $1 spent on eligible purchases.

  • Insurance offered includes coverage in the categories that travellers need, and is generally better than its Aeroplan peers at a similar annual fee level.

Cons

  • No airport lounge membership or free lounge access.

  • Aeroplan points can’t be redeemed for flights outside the Star Alliance network, nor can they be redeemed for cash credit. This makes them less flexible than some competing travel rewards programs.

Why we picked the TD Aeroplan Visa Infinite* as the best credit card for Aeroplan points

The best credit cards for Aeroplan aren't always an Aeroplan credit card because you can transfer other points into Aeroplan like Amex Membership Rewards and Marriott Bonvoy.

However, this year's best co-branded Aeroplan credit card has to go to the TD Aeroplan Visa Infinite* card.

With a sizeable welcome bonus, including an annual fee waiver, a NEXUS application fee rebate, and free first checked bags for you and up to 8 travel companions, it's the best Aeroplan credit card for Money.ca.

However, it if you prefer more luxury and don't mind a higher price tag, check out our other picks for the best credit cards for Aeroplan below. The Amex Platinum, despite its high price tag, carries a lot of perks and benefits that may be worth the investment.

See more of the best credit cards for Aeroplan

TD® Aeroplan® Visa Infinite* Card

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4.0

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Earn up to $1,200 in value† including up to 50,000 Aeroplan points†. Conditions Apply. Account must be approved by June 3, 2024.

$139 Annual Fee

Excellent Recommended Credit Score

$60,000 Required Annual Personal Income

American Express ® Aeroplan ®

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4.0

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Earn up to 50,000 Welcome Bonus Aeroplan®* points

$120 Annual Fee

Good Recommended Credit Score

$0 Required Annual Personal Income

CIBC Aeroplan® Visa* Card

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3.7

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Earn up to 10,000 Aeroplan points (up to $200 in value)

$0 Annual Fee

Fair Recommended Credit Score

Read more: Best Aeroplan credit cards

Best Low-interest card

Best credit card in Canada for low-interest rates

MBNA True Line Gold Mastercard

Apply now

4

1.5% back

Good

Get up to 1.5% cash back on your day-to-day purchases

Apply now

8.99% interest rate on purchases and 8.99%✪ on balance transfers

8.99

Purchase APR

8.99%

Balance Transfer Rate

8.99%

Cash Advance APR

24.99%

Annual Fee

$39

Recommended Credit Score

Good

Pros

  • Low interest rate on purchases and balance transfers

  • 24/7 customer service

  • Proactive fraud protection

Cons

  • $39 annual fee

  • Penalty interest rate if minimum payments are missed

Why we picked the MBNA True Line Gold Mastercard as the best credit card for low interest

Well, if you're looking for a low interest rate credit card in Canada, it's not subjective, it's fact.

The MBNA annual percentage rate (APR) is a a low 8.99%.

Now, it's sister card, the non-gold, MBNA True Line Mastercard is best paired with the MBNA True Line Gold thanks to its balance transfer offer of 0% interest for an entire year.

So, if you're in credit card debt now, you can snap up the balance transfer offer with the MBNA True Line to pay off the debt and use the MBNA True Line Gold as your go-to card for new expenses. It's the best of both worlds!

See more of the best credit cards with low interest

MBNA True Line Mastercard

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4.0

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$0 Annual Fee

Good Recommended Credit Score

CIBC Select Visa

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5.0

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$29 Annual Fee

Good Recommended Credit Score

BMO Preferred Rate Mastercard®*

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3.6

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$29 Annual Fee

Good Recommended Credit Score

$0 Required Annual Personal Income

Read more: Best low interest credit cards

Best prepaid cards

Best prepaid credit card in Canada

EQ Bank Card

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3

Fair

about new welcome offers by email

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cash back on purchases

0.5%

interest on your balance

2.5%

Purchase APR

0.00%

Annual Fee

$0

Foreign Transaction Fee

0.00%

Recommended Credit Score

Fair

Required Annual Personal Income

$0

Required Annual Household Income

$0

Why we picked the EQ Bank card as the best prepaid card in Canada

A welcome newcomer to the scene (and a long-desired product from EQ Bank), the EQ Bank card gives everything you want in a prepaid credit card—no annual fee, 0.5% cash back on purchases and 2.5% interest on money you hold on the card.

In case you missed it, EQ is now offering 4% interest on your money in your EQ bank account when you setup payroll to land in your account. And the same applies to the card.

There are no monthly fees, no foreign exchange fees, and no ATM fees with this card—it's all no fee.

More of the best credit cards for prepaid

Koho Mastercard

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3.9

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$0 Annual Fee

Poor Recommended Credit Score

$0 Required Annual Personal Income

Neo Credit

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4.5

Read Review
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$0 Annual Fee

Good Recommended Credit Score

Read more: Best prepaid credit cards

Best newcomers

Best credit card for newcomers in Canada

BMO CashBack® MasterCard®

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4

5% cash back

Good

Get 5% cash back in your first 3 months*

Expires

Jun 1, 2024

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Cardholders earn 3% (up to a monthly max of $500) cash back on groceries

3%

Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*

1%

Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*

0.5%

Purchase APR

20.99%

Cash Advance APR

22.99%

Annual Fee

$0

Recommended Credit Score

Good

Required Annual Personal Income

$15,000

Pros

  • No Annual Fee: A rare find in Canada for a cash back card

  • A generous 3% cash back on groceries (up to $500 monthly)

  • Easily redeem from $1, set up automatic redemptions, or use as a statement credit

  • Additional perks include discounts on rentals, free supplementary cards and show discounts

Cons

  • Outside of groceries and recurring payments, the standard earn rate drops to 0.5%

  • Monthly caps on top earn rates for groceries and recurring payments

  • A 2% balance transfer fee applies

  • The interest rate on the remaining balance transfer amount increases after the introductory period

The BMO CashBack® MasterCard®* is a great no annual fee card with cash back rewards available to newcomers. Enjoy 3% cash back on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases. All newcomers in Canada can take advantage of BMO's Newcomers to Canada program, which is designed for foreign workers, new immigrants and international students residing in Canada. 

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

*Terms and conditions apply

†Based on a comparison of the non-promotional grocery rewards earn rate on cash back credit cards with no annual fee as of January 4, 2023.

Read more: Best credit card for newcomers in Canada

Best for new grads

Best credit card for new grads

CIBC Dividend® Visa Infinite

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4

10% back

Good

Get a first-year annual fee rebate and earn 10% cash back welcome bonus of up to $250!†

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Earn 4% cash back on gas, EV charging, and groceries.

4%

Earn 2% cash back on dining, transportation, recurring payments or bills.

2%

Earn 1% cash back on all other purchases with no limit.

1%

Save 10 cents per litre with CIBC and Journie Rewards (Ultramar, Chevron, Pioneer, Fas Gas)

10 cents

Purchase APR

20.99%

Balance Transfer Rate

22.99%

Cash Advance APR

22.99%

Annual Fee

$120

Recommended Credit Score

Good

Required Annual Personal Income

$60,000

Required Annual Household Income

$100,000

Pros

  • Very high cash back rates on eligible groceries and gas and electric vehicle charging

  • Lucrative welcome offer

  • Flexible cash back redemption policy

  • Premium Visa Infinite benefits†

  • No limit on the total cash back you can earn†

Cons

  • Maximum annual spending limits in accelerated cash back

  • High-ish annual fee

  • Mid-level income requirement

Why we picked the CIBC Dividend as the best card for recent graduates

Congratulations on your graduation. Now that you're sure to have a steady income, it's time to start paying down that student debt and what better way to do it than with a higher end cash back credit card. 

Earn cash back for your everyday spending in categories you frequently use like groceries, gas or transit, and recurring bills. 

Yes, it has an annual fee, but the rewards are still higher even after you pay the fee. 

If you're looking to specifically pay down credit card debt, we recommend the MBNA True Line credit card for its balance transfer offer. (Jump to that section to read all about it)

Read more: Best credit card for new grads

Expert tip

Expert Tip: How to choose the best Canadian credit card

Consider your personal spending habits when choosing the best credit card for you. What to look for when choosing the best credit card can be daunting, but if you break it down by your goals and your spending habits then it will be easier to decide. Consider this: are you more likely to use points? Or would you prefer cash back? Do you spend more money on groceries or do you like eating out? Do you have loyalty to any specific brands or are you willing to shop around? Choosing the best credit card means choosing the one that you are personally going to get the most value from based on your lifestyle. Take the time to consider where you shop and compare earning rates, partners, and of course, rewards value.

—Hannah Logan, Money.ca credit card, saving and travel expert

  • Methodology: How we chose the best credit cards in Canada

    +

    Money.ca rates credit cards on a scale of 1 to 5 (with 5 being the best) and are based on the following criteria: annual percentage rate (APR), annual fee, balance transfer fee, foreign transaction fee, penalty fee and APR, rewards programs, sign-up bonuses, customer service, security, additional features, acceptance, and credit score requirements. For more, read Money.ca’s complete review methodology.

    Different categories of cards are rated using different weightings and each card is rated according to its primary category. Money.ca’s business relationships have no effect on ratings.

Credit card trends by age

Most popular credit cards in Canada by usage

The most favored credit cards vary depending on the type, such as travel rewards, cashback offers, or low-fee options. Recent insights from YouGov categorize the top cards by their payment networks, including Visa and Mastercard, with an additional analysis by age group to assist you in choosing the most suitable option for those within your age bracket.

For younger demographics, specifically ages 18-24 and 25-35, Visa emerges as the preferred provider, capturing 33% and 41% of the market share in these age groups, respectively. In contrast, Mastercard holds a 16% and 27% share for the same age ranges. Conversely, among the older population (55 and over), Mastercard leads with a 37% market share, surpassing Visa's 33%. When considering all age groups combined, both payment networks maintain nearly equal market shares, with Mastercard at 33.44% and Visa slightly ahead at 34.4%.

On customer service

Best credit card company for customer service

When selecting the best credit card, it's crucial to evaluate the quality of customer service, which encompasses the ease of accessing support and the variety of contact methods available. As we reflect on our own experiences at Money.ca, customer service and hold times are critically important. When we ask some of our writers about their best and most frustrating moments, long wait times is a consistent theme.

To shore up our best credit card rankings, we charted J.D. Power’s Canada Credit Card Satisfaction Studies from 2018, 2019, 2020, 2021, 2022, and 2023. In addition to some credit card issuers consistently performing better than others, like Tangerine, 2023 highlights a declining trend in customer satisfaction across Canadian issuers.

If customer satisfaction was the only determining factor, the best credit card issuers in Canada would continually be Tangerine, Canadian Tire Financial, and PC Financial. Traditional issuers like RBC credit cards and BMO credit cards consistently rank in the middle or the bottom with MBNA bringing up the rear.

Credit card debt stats

Canadian credit card debt

From December 2023 to January 2024, Canadians cut their credit card debt by 3.12% to $101 billion down from its previous high of $105 billion, which is typical behaviour after the holiday spending and Christmas bonuses come in. 

But credit card debt was still up from a year prior by 12.76% from just over $90 billion. 

While this rise could indicate economic growth in some areas, it could also signal Canadians resorting to more consumer debt in an attempt to keep up with inflation and a lack of wage growth to match the disparity. 

FAQs

Summary: Best credit cards in Canada

Canadian credit cards come in many different shapes and sizes. Okay, so they’re all pretty much the same shape and size, but they’re really varied in terms of what they require, what they offer, and who they’re best for.

If you’re searching for your next credit card or your very first one, be sure to give yourself plenty of time to make the decision. Finding the right card for you is well worth it.

Best Canadian credit card FAQs

  • What are the different credit card companies in Canada?

    +

    You have the big 5 banks: TD, RBC, Scotiabank, CIBC, and BMO. Then you have subsidiary brands like Tangerine (Scotia) and MBNA (TD), store cards like Rogers Bank, Canadian Tire, and Walmart, and upstarts like KOHO, Brim, EQ, and NEO.

  • Is one credit card network better than the others?

    +

    Visa and Mastercard are the most widely accepted networks. These cards are accepted just about anywhere in the world you go and can be used online with most retailers.

  • What minimum income do you need to qualify for a credit card?

    +

    Credit cards may or may not have strict income requirements. Depending on the card you’re applying for, these requirements could be low – $15,000 is a fairly common minimum – or much higher – $100,000 or more. As a rule, the more premium the card, the higher the minimum accepted income.

  • How many credit cards should you have?

    +

    This question has a potentially frustrating answer: it depends. While it’s more than okay for some people to have multiple credit cards, others will be better off sticking with one. The right balance depends on your personal credit habits. If you use your credit card for everything, always pay your bills on time, and don’t have a problem with overspending, you might be fine to have a few for different purposes such as one for your everyday spending, one for travel, and one for larger purchases. Read more in our guide to How many credit cards should you have?

  • What is the very best credit card to get in Canada?

    +

    In Canada, the best credit card depends on your needs: Scotia Momentum Visa Infinite for cash back on groceries and bills, Tangerine Money-Back for no annual fee and customizable rewards, Scotiabank Gold American Express for points on dining and groceries, and American Express Cobalt for flexible travel rewards​

  • What is the best credit card to establish credit?

    +

    For establishing credit in Canada, a great option is the Home Trust Secured Visa. It offers a choice between two interest rate and annual fee options, making it suitable for those building credit. This card requires a minimum credit score of 300, making it accessible to those with limited or no credit history. It's important to choose a card that reports to credit bureaus and to manage it responsibly to build a good credit history

  • Which type of credit card is best?

    +

    The best credit card type varies with your needs: Rewards Cards for earning on purchases, Low-Interest Cards for carrying balances, Balance Transfer Cards for debt consolidation, Student Cards for those starting out, Secured Cards for credit building, Travel Cards for frequent travelers, Business Cards for entrepreneurs, and Store Cards for loyal shoppers.

  • Which bank is the best to get a credit card?

    +

    In Canada, top banks for credit cards include Scotiabank for high rewards, Tangerine for no-fee and customizable options, American Express for flexible rewards and cash back, and TD Bank for travel benefits. Other notable banks are CIBC, RBC, BMO, and National Bank, each offering diverse card options​

BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.

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

American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment

Lauren Graves Author

Lauren Graves is a writer and editor specializing in finance writing and education.

Tyler Wade Content strategist & writer

Tyler Wade has worked in personal finance for over 5 years writing for brands like Ratehub, Forbes, KOHO, and now Money.ca.

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Disclaimer

The content provided on Money.ca is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.