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Best Credit Cards for Canadians with Good Credit Scores

Best credit cards for Canadians with good credit scores

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Author: Hannah Logan

By Hannah Logan

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Having a good credit score is critically important in Canada, because it indicates your creditworthiness to lenders if you’re ever looking to secure additional credit. Not only does a good credit score make you more likely to be approved when you apply for a credit card, but it may also mean that the credit cards that you’re qualified to apply for will offer premium perks and benefits.

What are the best credit cards for Canadians with good credit scores? Below are six of our top suggestions.

Best credit cards for good credit in Canada

Best credit cards for good credit Fast facts Get started
CIBC Dividend Platinum® Visa Card Annual fee: $99 (first year free)
Card type: Cash back
Apply now
TD® Aeroplan® Visa Infinite* Card Annual fee: $139 (first year free)
Card type: Travel/Aeroplan
Apply now
American Express Cobalt® Card Annual fee: $155.98 ($12.99/month)
Card type: Rewards 		Apply now
BMO Ascend™ World Elite®* Mastercard®* Annual fee: $150 (first year free)
Card type: Travel 		Apply now
RBC Avion Visa Infinite Annual fee: $120
Card type: Travel 		Apply now

†Terms and conditions apply.

Best credit card for good credit

CIBC Dividend Platinum® Visa* Card

Apply now

4.2

10% back

Very Good

Get a first-year annual fee rebate and earn 10% cash back welcome bonus of up to $200!†

Apply now

cash back on eligible gas, electric vehicle charging, and groceries.

3%

cash back on eligible transportation, dining and recurring payments.

2%

cash back on all other eligible purchases.

1%

purchase security from damage and theft on eligible items purchased with your card.

90 days

on top of the original manufacturer's warranty

1 year

common carrier accident insurance

$500,000

MSRP for rental cars for up to 48 consecutive days

$65,000

Purchase APR

20.99%

Balance Transfer Rate

22.99%

Cash Advance APR

22.99%

Annual Fee

$99

Recommended Credit Score

Very Good

Required Annual Personal Income

$15,000

Required Annual Household Income

$15,000

Pros

  • Very impressive welcome offer

  • Elevated cash back rates (2-3%) in five everyday spending categories†

  • No limit in total cash back you can collect

  • The $15,000 minimum annual income requirement† is very low for a cash back card of this calibre

Cons

  • $99 annual fee may not be worthwhile for all consumers

  • The $20K annual spending limit for earning cash back at the accelerated 2-3% rates is lower than the limits offered by some competing cash back credit cards

  • Why the CIBC Dividend Platinum is Money.ca's best credit card for good credit

    +

    The CIBC Dividend Platinum® Visa Card is a great option for those who want to bump up their everyday cash back rates, as its 3% cash back rate includes some of the most common spending categories: eligible gas, EV charging, and grocery purchases after the Welcome Offer ends.† New cardholders can also take advantage of the CIBC Dividend Platinum’s welcome offer: Get a first-year annual fee rebate for you and up to three Authorized Users† and earn 10% cash back welcome bonus for the first four statements of up to $200!†

    Though the card has a $99 annual fee, this is rebated for the first year†, and you can easily earn enough cash back in a given year to make up for the fee and then some. The interest rates are: 20.99%† Purchase Annual Interest Rate, 22.99%† (for non-Quebec residents only) Cash Advance Annual Interest Rate, and 22.99%† (for non-Quebec residents only) Balance Transfer Annual Interest Rate. We recommend the card to anyone who expects to spend at least $300 on gas, EV charging, and groceries each month, which will yield $108 in cash back over the course of a year. The card’s overall value is even more notable given its low minimum income requirement: applicants need to make only $15K or more annually.†

    This is a digital-exclusive offer.† 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. If you have opened, transferred or cancelled another eligible card within the last 12 months, we may approve your application, but you may not receive this offer.†

    †Conditions apply

    Quebec Residents – Learn More about this CIBC product here

    Résidents du Québec : Pour en savoir plus sur ce produit CIBC, suivez ce lien

TD credit card for good credit

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 the TD Aeroplan is a great travel card for people with good credit

    +

    If you’re looking for a credit card with a generous sign-up bonus, then the TD® Aeroplan® Visa Infinite* Card is the first option you should consider. Earn up to $1,200 in value†, including up to 40,000 Aeroplan points†, no Annual Fee for the first year† and additional travel benefits. Account must be approved by March 4, 2024.

    You’ll earn 1.5 Aeroplan points† per $1 spent at participating gas, grocery, and direct through Air Canada® purchases (including Air Canada Vacations®) made with your card, and 1 Aeroplan point† for every $1 spent on all other purchases made with your card. Additional perks include travel insurance†, and discounts at participating Avis and Budget Rent-A-Car locations†.

    This offer is not available for residents of Quebec. For Quebec residents, please click here.

    †Terms and conditions apply.

Best Amex card for good credit

American Express Cobalt® Card

Apply now

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 the Amex Cobalt is Canada's best card for good credit

    +

    The fee to have the card is $155.88 ($12.99 monthly fee), which is more of a subscription model and appeals to those who don’t like paying their annual fee in one lump sum. What really makes the card shine though is that it earns 5 points per $1 spent on eligible eats and drinks, including groceries and food deliveries. The travel category earns 2 points per $1 spent, which is also notable since public transportation and rideshare charges count as part of the category. You also earn 3 points for every $1 spent on eligible streaming subscriptions in Canada. All other purchases nab 1 point per dollar spent. Plus, earn 1 additional point on eligible hotel and car rental bookings via American Express Travel Online. American Express Membership Rewards Points can be redeemed toward the card’s statement balance, on gift cards, and for merchandise, but cardholders will get maximum value when redeeming points on travel.

Best BMO credit card for good credit

BMO Ascend™ World Elite®* Mastercard®

Apply now

4

up to 90K pts

Excellent

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

Expires

May 31, 2024

Apply now

5x the points for every $1 spent on eligible travel purchases*

5x

3x the points for every $1 spent on eligible dining and entertainment purchases and recurring bill payments*

3x

1 point for every $1 spent everywhere else*

1x

Purchase APR

20.99%

Balance Transfer Rate

23.99%

Cash Advance APR

23.99%

Annual Fee

$150

Foreign Transaction Fee

2.50%

Recommended Credit Score

Excellent

Required Annual Personal Income

$80,000

Required Annual Household Income

$150,000

Pros

  • High-value welcome offer

  • Flexible airport lounge access

  • BMO Rewards points can be used to cover flight taxes and fees

  • Great for those who frequently rent cars

  • Good for Costco and No Frills shoppers

Cons

  • So-so earn rates relative to its annual fee

  • Points have low redemption value compared to other travel rewards programs

  • Charges foreign transaction fees

  • Relatively high minimum income requirements

  • Why the BMO Ascend World Elite is a great card for great credit

    +

    Those looking for a solid all-around travel credit card should consider the BMO Ascend™ World Elite®* Mastercard®*. New cardholders get up to 90,000 points and the annual fee waived in the first year for both the primary cardholder and authorized users.* Cardmembers also receive complimentary membership in Mastercard Travel Pass provided by DragonPass,* with four annual complimentary passes.

    Additionally, cardholders will be covered with comprehensive travel insurance*. As for the earn rate, you’ll get 5x the points for every $1 spent on eligible travel purchases,* 3x the points for every $1 spent on eligible dining and entertainment purchases and recurring bill payments,* 1 point for every $1 spent everywhere else.* Points can be redeemed toward travel through the BMO Rewards website, with one of the major benefits being that there are no blackout periods.

    *Terms and conditions apply

Best RBC credit card for good credit

RBC Avion Visa Infinite

Apply now

3.2

35,000 pts

Very Good

about new welcome offers by email

Apply now

Earn 1 Avion point for every dollar you spend*.

1

extra Avion points on eligible travel purchases

25%

mobile device insurance

$1,500

savings on fuel at Petro-Canada and always earn 20% more Avion points

3¢/L

Be Well points for every $1 spent on eligible products at Rexall

50

off at Hertz and earn 3x the Avion points

20%

delivery fees for 12 months from DoorDash

$0

Purchase APR

20.99%

Balance Transfer Rate

22.99%

Cash Advance APR

22.99%

Annual Fee

$120

Recommended Credit Score

Very Good

Required Annual Personal Income

$60,000

Pros

  • Rewards program is highly flexible, transferable, and includes a slew of non-travel-related reward options

  • Partnerships with other retailers like HBC and Petro-Canada

  • Provides excellent travel insurance

  • New cardholders earn 35,000 welcome Avion points on approval*

  • Solid option for looking for a travel-centric points program

Cons

  • The points-to-dollars ratio is only average and there are few opportunities for accelerated earning.

  • The $120 annual fee isn’t cheap

  • High annual income requirement: Personal: $60,000 or Household: $100,000

  • Why the RBC Avion Visa Infinite is a top credit card for good credit

    +

    If you're someone with good credit looking for a versatile and rewarding credit card, the RBC Avion Visa Infinite card might be just what you need. With its $120 annual fee, this card offers a balance of cost and benefits that appeals to savvy spenders. The earn rate of the Avion program is particularly attractive: You'll earn 1 Avion point for every dollar you spend, which can quickly accumulate. This generous rate ensures that your everyday purchases translate into valuable rewards.

    What makes the RBC Avion Visa Infinite card especially appealing is its impressive welcome bonus. For new cardholders, there's the potential to earn up to 55,000 Avion points – a substantial head start in accumulating rewards. These points can be redeemed for more than just flights; they offer a variety of options, including merchandise and gift cards, adding flexibility to how you use your rewards. The Avion program stands out in the world of credit card rewards for its lack of blackout dates and seat restrictions, making it a top choice for travellers.

    In essence, your good credit unlocks the door to a world of benefits with the RBC Avion Visa Infinite card. It's more than just a credit card; it's a portal to a rewarding lifestyle, with the Avion points system acting as a key to a wide range of rewards. The balance of the annual fee against the earn rate and welcome bonus makes this card a prudent choice for those who appreciate value and versatility in their financial tools.

What is a good credit score?

In Canada, a good credit score typically falls within the range of 660 to 724. This range is considered fair to good and suggests that lenders will view you as a dependable borrower. If your score is between 725 and 759, it's considered very good, while scores from 760 and up are viewed as excellent. Higher scores can help you secure loans with more favourable terms, such as lower interest rates.

Is it good to increase your credit limit?

Increasing your credit limit can be beneficial, but it also requires careful consideration. Here are some pros and cons

Pros

Pros

  • Improves Credit Utilization Ratio: A higher credit limit can lower your credit utilization ratio, which is the percentage of your credit limit you use. Lower utilization can positively affect your credit score, as long as you don't increase your spending.

  • More Financial Flexibility: A higher limit provides more cushion in case of emergencies or unexpected expenses.

  • Potential for Better Credit Offers: Demonstrating that you can handle a higher credit limit responsibly might lead to better offers from lenders, like higher limits or lower interest rates.

Cons

Cons

  • Temptation to Spend More: With a higher limit, there might be a temptation to spend more, which can lead to higher debt and potentially financial strain if not managed properly.

  • Potential Impact on Credit Score: When you request a higher limit, lenders may perform a hard inquiry on your credit report, which can temporarily lower your credit score.

  • Risk of Higher Debt: If not managed wisely, a higher credit limit can lead to accumulating more debt, which might become difficult to repay.

Is it good to have multiple credit cards?

Having multiple credit cards offers several benefits, including a better credit utilization ratio, which can enhance your credit score if you maintain low balances across the cards. Additionally, having more than one card provides backup options in case of loss or fraud and allows you to maximize different rewards and benefits that various cards offer, such as travel points and cash back.

However, there are challenges to consider. Managing multiple credit cards requires keeping track of different billing cycles, payment due dates, and staying on top of your spending to avoid accruing high debt. Furthermore, applying for several cards in a short period can lead to multiple hard inquiries on your credit report, which might temporarily reduce your credit score. The decision to have multiple cards should depend on your ability to manage them responsibly to avoid financial strain.

Recommended read: Visa Infinite vs. World Elite Mastercard.

This article is intended for Canadian consumers with credit scores 700; 710; 720; 730; 740; 750; 760; 770; 780; and 790.

This post was not sponsored. The views and opinions expressed in this review are purely my own.

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.

FAQ about credit cards with good credit

  • Is it good to have multiple credit cards?

    +

    Absolutely, having multiple credit cards can be beneficial for managing finances, earning varied rewards, and building credit, provided you handle them responsibly.

  • Is it good to pay credit card early?

    +

    Paying your credit card bill early is a smart move. It reduces interest, improves credit scores, and offers financial peace of mind.

  • Is it good to accept a credit card limit increase?

    +

    Accepting a credit limit increase can be positive, improving your credit utilization ratio, which can boost your credit score. Just avoid the temptation to overspend!

Hannah Logan Freelance Contributor

Hannah Logan is a Canadian freelancer writer and blogger who specializes in personal finance and travel. You can follow her adventures on her travel blog EatSleepBreatheTravel.com or find her on Instagram @hannahlogan21.

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