Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.
Choosing the best credit card is part art, part science. From student-friendly starter cards to options boasting premium travel rewards, no single credit card is better than all others in all categories — or for everyone. We’ll help you narrow down the search.
Our Partners: Best Credit Cards in Canada
💳 COMPARE the BEST CREDIT CARDS IN CANADA
Use our filter to narrow down your credit card options by the features you care about most.
Earn up to $1,000 in cash back on grocery shopping and recurring bill payments with a 4% rewards rate in both categories.
Pros
- It’s rare for a credit card to offer 4% cash back on two major spending categories. It’s even rarer to set a $25,000 annual limit to that 4% — a $1,000 value — before reverting to the healthy 1% base rate.
- You can waive the $120 annual fee every single year by using the Scotiabank Ultimate Package.
Cons
- The cash back earned is hands-off. You have to wait until November, and then it’s only redeemable as a statement credit. If you have a Scotiabank account, that annual payout can be deposited into your bank account.
- The 4% rate won’t mean much to you if you don’t buy a lot of groceries or often buy your food at somewhere that Visa doesn’t classify as a grocery store or supermarket, such as Canadian Tire, FreshCo, London Drugs, Walmart and No Frills.
- SPECIAL OFFER: Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). No annual fee in the first year, including on supplementary cards. Offer ends October 31, 2024.
- Earn 4% for every $1 you spend on grocery store purchases, recurring bill payments, and subscription purchases.
- Earn 2% for every $1 you spend on gas purchases and daily transit purchases.
- Earn 1% cash back on all other purchases with no cash back limit.
- Redeem cash back as a statement credit in November.
- Visa Infinite benefits, including Visa Infinite* Concierge, Visa Infinite* Luxury Hotel Collection, Visa Infinite* Dining Series, and entertainment and lifestyle offers.
- Save up to 25% off base rates at participating AVIS locations and at participating Budget locations in Canada and the U.S.
- Access to Scotia SelectPay™.
- To be eligible, $60,000 (individual) or $100,000 (household) annual income is required, or $250,000 minimum assets under management. Also, you must have a Canadian credit file and be a Canadian resident that is the age of majority in the province or territory where you live.
- Terms and Conditions Apply. Click ‘Apply Now’ for complete details.
Cash back is the most flexible of all credit card rewards — it’s simple to earn and even easier to redeem. See our selections for the best cash-back credit cards to find the right option for you.
With low rates and a generous rewards program, the Scotiabank Platinum American Express card is a unicorn for frequent travellers seeking luxury perks, premier travel benefits and exceptional interest rates on purchases and cash advances.
Pros
- Low interest rates, no foreign transaction fees, and an impressive insurance package that includes comprehensive travel insurance coverage and newly-added mobile device insurance.
- Luxury travel privileges include 10 free VIP airport lounge visits per year with a complimentary Priority Pass membership.
Cons
- The $399 annual fee is quite a bit higher than other rewards cards, but frequent travellers seeking a low rate on purchases and cash advances can easily make the yearly cost worthwhile.
- Earn up to $2,100* in value in your first 14 months, including up to 60,000* bonus Scene+ points. Offer ends October 31, 2024.
- You will not pay 2.5% foreign transaction fees on any foreign currency purchases, including online shopping and when travelling abroad. Only the exchange rate applies.
- Earn 2X Scene+™ points for every $1 CAD you spend on all your eligible purchases.
- Scene+ points can be redeemed for travel purchase, merchandise and other non-travel rewards such as gift cards and prepaid cards.
- You must redeem a minimum of 5,000 points per travel-related rewards redemption, equivalent to $50 in travel savings. Points must be redeemed within 12 months of the purchase date.
- $399 annual fee.
- Redeem points for any flight, any time through Scene+ Travel, a full-service travel agency. Plus, take advantage of a best price guarantee on airfare.
- Get a Hertz #1 Club Gold membership for special privileges and rental car benefits at over 8,500 locations in 147 countries.
- Enjoy culinary events and experiences, entertainment, luxury fashion, tours, and more through American Express benefits, including American Express Invites, Platinum VIP offers and access to 24/7 premium concierge services for restaurant reservations, show tickets, and gift purchases.
- Lounge access at over 600 VIP airport lounges around the world with a complimentary Priority Pass membership, which includes 10 free visits per year.
- 12 types of insurance provided, including 31-day travel medical benefits — up to $2 million in coverage — for you, your spouse and any dependent children under the age of 65. 10-day coverage available for those over the age of 65.
- Preferred rates: 9.99% for purchases, 9.99% for cash advances.
- To be eligible, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.
- Terms and Conditions Apply. Click ‘Apply Now’ for complete details.
A travel rewards credit card brings your next trip a little closer every time you use it. Whether you’re loyal to a specific airline or hotel chain and want a co-branded card, or prefer the flexibility of a general-purpose travel card, check out our choices for the best travel credit cards in Canada.
Pros
- A small $50 minimum deposit makes this card accessible to consumers of all budgets.
- Cashback rate of up to 4%.
Cons
- Interest rates could be as high as 29.99% for some users.
- Build credit history with on-time payments.
- Set your credit limit and get started with as little as $50.
- Guaranteed approval with no credit score needed to apply.
- 0.5% guaranteed monthly minimum cashback.
- Only $5 / Month
- Depending on your Required Everyday account balance, customers can earn cashback up to 4% on gas, 4% on groceries, and 1% on all other purchases (up to a yearly spend cap).
- Personalized Insights AI generates tailored information and recommendations designed specifically for you.
Whether you want to build your credit or a controlled way to ease into the world of credit card use, secured cards can help. See our selections for the best secured credit cards in Canada.
The Neo Money™ Card is a no-fee prepaid Mastercard linked to the online bank’s popular high interest savings account. Earn 0.1% interest on your funds in the Neo Money account and enjoy up to 3% cashback on spending (up to a yearly spend cap).
Pros
- Build your savings with competitive interest on funds held in the Neo Money account.
- Free Interac e-Transfers, bill payments and mobile bank-to-bank transfers.
- Earn up to 3% cashback on spending (up to a yearly spend cap).
Cons
- The cashback you receive will vary depending on where you shop.
- Get high interest on your savings and high cashback when you spend with your Neo Money™ card.
- Depending on your account balance, customers can earn cashback up to 3% on gas, 3% on groceries, and 1% on all other purchases (up to a yearly spend cap).
- Instant access to your balance with no card loading required.
- Free everyday transactions and no monthly fees.
- Withdraw from any ATM worldwide.
- 0.1% interest on every dollar.
- Enable the Auto-Save feature to set up automatic savings and register your email to instantly deposit Interac e-Transfer® requests in your Neo Everyday account.
- Take the pain out of bill pay by setting up automated payments from your Neo Everyday account.
N/A
N/A
A rare 0% intro period on balance transfers and low interest rates year-round, the Scotiabank Value Visa can help you quickly pay down balances transferred from higher-rate credit cards.
Pros
- Cardholders who carry a balance will save money every month with this card’s low 12.99% interest rate on purchases, cash advances and balance transfers.
- A stellar 0% introductory interest rate on balance transfers for the first six months.
Cons
- No rewards.
- No insurance coverage.
- 0% introductory interest rate on Balance Transfers for the first 10 months (12.99% after that; annual fee $29).¹ Plus no annual fee in the first year.¹ Offer ends 31 Oct 2024.
- Save up to hundreds of dollars a year on interest.
- Low interest rate of 12.99%.
- Pay down higher interest rate balances faster.
- Transfer higher rate balances and save even more.
- To be eligible, $12,000 (individual) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident that is the age of majority in the province or territory where you live.
- Terms and Conditions Apply. Click ‘Apply Now’ for complete details.
The BMO CashBack® Mastercard®* for Students has impressive earn rates — including 3% on groceries — and valuable perks, all without an annual fee.
Pros
- Earn flexible and easy-to-redeem cash rewards on everyday purchases.
- There’s no minimum threshold for redeeming your cash-back rewards. Redeem as little as $1 if you want.
Cons
- Accelerated earn rates for groceries and recurring bills are capped at $500 per billing cycle.
- Insurance is limited to extended warranty and purchase protection.
- Welcome offer: Get 5% cash back in your first 3 months.*
- Then get 3% cash back on grocery purchases, 1% cash back on recurring bill payments and 0.5% unlimited cash back on all other purchases!*
- Now earn the highest cash back on groceries in Canada without paying an annual fee!†
- Get cash back every time you spend, plus start building a healthy credit history.
- Want to get your cash back ASAP? Now you can redeem your cash back anytime through direct deposit, as a credit on your statement or into your BMO InvestorLine account.*
- No Annual fee.*
- Extended Warranty.*
- Purchase Protection.*
- Receive a discount on car rentals.*
- *Terms and conditions apply.
- †Statement based on a comparison of the non-promotional grocery rewards earn rate on Canadian cash back credit cards as of January 4, 2023.
- 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.
Finding a student credit card with the right combination of features for your lifestyle can be daunting, especially if it’s your first time choosing a card. Compare our picks for the best student credit cards in Canada to find the best choice for you.
You won’t need a strategy to make the most out of this bonus-category card. The BMO CashBack® World Elite®* Mastercard®* spends like a flat-rate card thanks to stellar rates on four popular daily spending categories.
Pros
- Score generous cash-back rates for popular spending categories: 5% on groceries, 4% on transit, 3% on gas, 2% on recurring bills, and 1% on everything else.
- Feel protected with 13 types of insurance and fantastic travel benefits.
Cons
- Spending categories come with easily-hit spending caps, but the 1% base rate still earns you value once you hit your monthly bonus rate limits.
- The $120 annual fee is pretty steep. While we think you’ll more than make up for it through cash back savings, the no-fee BMO CashBack® Mastercard®* is a great alternative.
- Welcome offer: Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first year.*
- Earn more cash back on the categories that mean the most: 5% on groceries.* 4% on transit including ride sharing, taxis and public transportation.* 3% on gas and electric vehicle charging.* 2% on recurring bill payments like your monthly phone bill or favourite streaming service.* 1% unlimited cashback on all other purchases.*
- Get the highest cash back earn rate on groceries in Canada.†
- Get valuable benefits and offers for digital everyday services from a variety of on-demand apps and subscription services.
- Extended Warranty Plus.*
- Purchase Protection Plus.*
- Complimentary membership in Mastercard Airport Experiences provided by LoungeKey.*
- Access over 1 million Wi-Fi hotspots around the world – all at no added cost, and no added fees or roaming charges.*
- Complimentary Roadside Assistance Program.*
- BMO CashBack World Elite Travel and Medical Protection.*
- BMO Concierge Service.*
- Unlock Mastercard Travel Rewards cashback offers when you travel and shop outside of Canada.
- *Terms and conditions apply.
- †Statement based on a comparison of the non-promotional grocery rewards earn rate on Canadian cash back credit cards as of January 4, 2023.
- 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.
No single rewards card is right for everyone. It’s all about how you spend money and what kind of rewards you value. See our choices for the best rewards credit cards in Canada to select the best option for you.
You can earn unlimited cash back at a 2% rate in up to three categories of your choice and 0.50% back on other everyday purchases while benefiting from exclusive Tangerine World Mastercard® perks and insurance cover.
Pros
- Choose the best 2% rewards categories for you based on your spending.
- A variety of additional perks like savings on subscription services, rental car collision/loss damage, mobile device insurance, and more.
Cons
- Higher eligibility requirement for gross income.
- Apply for a Tangerine World Mastercard® by October 31, 2024 and earn an extra 10% back* (up to $100) when you spend up to $1,000 in everyday purchases within your first 2 months.
- Earn 2% Money-Back Rewards on purchases in two 2% Money-Back Categories of your choice, and 0.50% Money-Back Rewards on all other purchases.
- Have your Money-Back Rewards deposited into a Tangerine Savings Account, and get a 3rd 2% Money-Back Category.
- No limit on the amount of Money-Back Rewards you can earn.
- Change your 2% Money-Back Categories to suit your spending.
- With Mastercard Travel Rewards, you can unlock cashback offers and get a rebate applied directly to your statement, by using your Tangerine World Mastercard at select merchants that accept Mastercard while travelling outside of Canada.
- Save on the things you love with your Tangerine World Mastercard. Enjoy special benefits and offers from a growing lineup of on-demand apps and subscription services made available to you as a Tangerine World Mastercard cardholder.
- Make the most of your travel with Mastercard® Travel Pass Provided by DragonPass. Your complimentary membership gives you exclusive dining, retail and spa offers in over 650 airports worldwide, along with access to over 1,300 airport lounges at $32 USD per visit. Learn more at Mastercard® Travel Pass.
- Rental Car Collision/Loss Damage Insurance**: Damage and theft protection for your car rental when you rent for up to 31 consecutive days and charge the full cost of your rental to your Card.
- Mobile Device Insurance**: Protection on new cell phones, smartphones or tablets when you charge the full cost to your Card, or when you purchase it through a plan and charge all of your wireless bill payments to your Card. Covers up to $1,000 if your mobile device is lost, stolen, accidentally damaged or experiences mechanical failure.
- Preferred rates: 19.95% for purchases and cash advances.
- To be eligible, a $50,000 (individual) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.
The $0-annual-fee Simplii Financial Cash Back Visa Card earns bonus cash-back on the purchases you make almost every day.
Pros
- Earn up to 4% cash back on eligible purchases in restaurants, bars and coffee shops.
- Get cash back on fee-free global money transfers.
Cons
- The 0.5% base rate isn’t exactly impressive, but it only applies after you hit the annual spending limits of bonus categories.
- It only includes purchase security and extended protection insurance.
- Sign up for a Simplii Financial Cash Back Visa* Card by October 31, 2024 and get a $100 Skip Digital Gift Card after you spend $100 with your new Simplii Cash Back Visa card by November 30, 2024†.
- Plus, for your first 4 months with a Simplii Financial Cash Back Visa* Card, enjoy 10% cash back on eligible restaurants, food delivery and bar purchases (Up to $500 spend†).
- Earn 4% on eligible restaurant, bar and coffee shop purchases up to $5,000 spend per year†.
- Earn 1.5% on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year†.
- Earn 0.5% on all other credit card purchases with no limit on how much you can earn†.
- For your first 4 months with a Simplii Financial Cash Back Visa* Card, enjoy 10% cash back on eligible restaurants, food delivery and bar purchases. Up to $500 spend †.
- Redeem cash back as a statement credit in December.†
- No annual fee.
- Cash back when you send money abroad with a Simplii Financial Global Money Transfer. No transaction fees and no interest charges.†
- Purchase security and extended protection insurance provided.†
- Interest rates: 20.99% for purchases‡, 22.99% for cash advances‡.
- To be eligible, a $15,000 (individual/household) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident (excluding Quebec) that is the age of majority in the province or territory where you live.
- †Terms and conditions apply. Click ‘Apply Now’ for complete details. This offer is not available for residents of Quebec.
- ‡ “Purchase” means any Transaction other than a Cash Advance, Balance Transfer or Convenience Cheque. “Cash” means a Cash Advance, Balance Transfer and Convenience Cheque. Interest rates may change from time to time.
Best credit cards for everyday spending
Not only does the Scotiabank Gold American Express card reward you with impressive rates in six popular spending categories, but it also comes with no foreign exchange fees.
Pros
- No foreign exchange fee on any foreign currency purchases while travelling abroad or shopping online — you just have to pay the exchange rate.
Cons
- The bonus rewards rates drop down to the 1x flat rate after a $50,000 annual spend. This sounds like a lot, but much of your daily spending is probably included in the six bonus categories, so you might hit the limit faster than you’d think.
- Earn up to $950* in value in the first 12 months, including up to 45,000 bonus Scene+ points.¹
- Earn 6x Scene+ points¹ on every $1 you spend at Sobeys, Safeway, Freshco, Foodland and more
- Earn 5x Scene+ points¹ for every $1 you spend on dining, food delivery and other eligible grocery stores. Includes popular food delivery and food subscriptions.
- Earn 5x Scene+ points¹ for every $1 you spend in Canada eligible entertainment purchases. Includes movies, theatre and ticket agencies stores.
- Earn 3x Scene+ points¹ for every $1 CAD you spend in Canada on eligible gas and daily transit options. Includes rideshares, buses, subway, taxis and more
- Earn 3x Scene+ points¹ for every $1 CAD you spend in Canada on eligible select streaming services
- Plus earn 1 Scene+ point for every $1 spent on all other eligible everyday purchases
- No Foreign Transaction Fee
- Comprehensive Travel Insurance coverage
- AMEX Offers®
- AMEX Front of the Line®
- American Express Invites®
- Complimentary Concierge Services
- Rates, fees and other information are effective as of July 02, 2024. Subject to change.
- Terms and Conditions Apply. Click ‘Apply Now’ for complete details.
You can earn some extremely attractive rates on gas and groceries with the CIBC Dividend Visa Infinite Card — up to a $3,200 cash-back value.
Pros
- Flexible and easy redemption. You can redeem cash back anytime through CIBC Online and Mobile Banking.
- Generous cash back rates on five popular spending categories.
Cons
- You’ll only earn 1% cash back after spending $80,000 across bonus categories. Most credit cards have specific limits for each category, but the CIBC Dividend Visa Infinite collectively caps all bonus rates with an $80,000 limit.
- Insurance offerings are limited compared to what you might expect from a card with a $120 annual fee. However, you can avoid this cost every single year with a CIBC Smart Plus™ Account.
- 4% on groceries, gas, and electric vehicle charging, and 2% on transportation, dining and recurring payments. Accelerated rates apply to the first $80,000 spent per year.
- 1% on everything else, and after spending $80,000.
- 0.25% cash back for every $1 spent on a CIBC Global Money Transfer, with no foreign transaction fees.
- Redeem a minimum of $25 cash back at any time through CIBC Online and Mobile Banking.
- $120 annual fee.
- Visa Infinite benefits, including Visa Infinite Concierge, Visa Infinite Luxury Hotel Collection, Visa Infinite Dining Series, and entertainment and lifestyle offers.
- Save up to 10 cents per litre at Chevron, Ultramar and Pioneer gas stations when you link your card with Journie Rewards.
- Access to CIBC Pace It.
- Five types of insurance provided, including 10-day out-of-province/out-of-country emergency medical benefits — up to $5 million in coverage.
- Preferred rates: 20.99% for purchases, 22.99% for cash advances.
- To be eligible, $60,000 (individual) or $100,000 (household) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.
The American Express Cobalt Card boasts high rewards rates on everyday spending, a generous welcome bonus, comprehensive travel insurance coverage, flexible point redemption and plenty of specialty perks to keep things interesting all year long.
Pros
- Earn 150,000 points in the first year by spending up to $30,000 on eats, drinks and groceries. Combined with the 15,000 point intro offer, you could earn 165,000 points in your first year, which you could redeem for travel and more.
- Easily transfer the points you earn to popular airline and hotel loyalty programs, such as Aeroplan and Marriott Bonvoy.
Cons
- Airport lounge access isn’t provided, which may disappoint some frequent travellers.
- No travel medical coverage for cardmembers over the age of 65.
- In your first year as a new Cobalt Cardmember, you can earn 1,250 Membership Rewards® points for each monthly billing period in which you spend $750 in net purchases on your Card. This could add up to 15,000 points in a year. That’s up to $150 towards a weekend getaway or concert tickets.
- Earn 5x the points on eligible eats and drinks in Canada, including groceries and food delivery. Spend cap applies.
- Earn 3x the points on eligible streaming subscriptions in Canada.
- Earn 2X the points on eligible ride shares, transit & gas in Canada.
- Earn 1 additional point on eligible hotel and car rental bookings via American Express Travel Online.
- Earn 1X point for every $1 in Card purchases everywhere else.
- Enjoy access to hotel bookings, a room upgrade (when available), 12pm check-in and late check-out (when available), and 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
- Transfer points 1:1 to several frequent flyer and other loyalty programs.
- Cobalt Cardmembers receive regular Perks such as bonus reward offers and access to great events.
- Access Front Of The Line® Presale & Reserved Tickets to some of your favourite concerts and theatre performances and special offers and events curated for Cardmembers with American Express® Experiences.
- *Effective August 15, 2023, Cobalt Cardmembers will earn 5x the points on all eligible eats & drinks charged to their Card up to $2,500 monthly, for the same total of $30,000 annually already in place today. Cardmembers will also continue to earn 3x on streaming subscriptions, 2x on eligible transit, gas & travel purchases and 1x on everything else. T&Cs apply. While the annual earn does not change, the new monthly construct intends to curb gaming activity. The change should have little to no impact on the majority of Cardmembers who utilize the Card and Membership Rewards program as it was intended.
- 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, NerdWallet may receive compensation from American Express, which can be in the form of monetary payment.
Best credit cards for travel
This precision-cut and engraved metal Platinum Card boasts a generous intro offer, strong earn rates on rewards, and an impressive array of premium benefits and perks.
Pros
- From special reservations to insider tips, you can enhance your travel experiences with complimentary, personalized service from Platinum Concierge — available 24/7.
- Benefit from a full suite of Platinum-level travel perks, such as worldwide airport lounge access, the Global Dining Collection, and more.
Cons
- Unless you plan to travel a lot, it may be difficult to offset the high $799 annual fee.
- No travel medical coverage for cardmembers over the age of 65.
- Unlock special experiences with the Platinum Card®.
- Earn up to 100,000 Membership Rewards® points – that’s up to $1,000 towards a weekend away.
- New Platinum® Cardmembers, earn 70,000 Welcome Bonus points after you charge $10,000 in net purchases to your Card in your first 3 months of Cardmembership.
- Plus, earn 30,000 points when you make a purchase between 14 and 17 months of Cardmembership.
- Earn 2 points for every $1 in Card purchases on eligible dining and food delivery in Canada, 2points for every $1 in Card purchases on eligible travel, and 1 point for every $1 in all other Card purchases.
- Access a $200 Annual Travel Credit through American Express Travel Online or Platinum® Card Travel Service.
- Enjoy a $200 Annual Dining Credit at some of Canada’s best restaurants.
- Unlock $200 or more in additional value with Member extras. You can earn statement credits for qualifying purchases with participating brands.
- Take full advantage of The American Express Global Lounge Collection™ which unlocks access to over 1300 airport lounges worldwide. This includes The Centurion® Lounge network, Plaza Premium Lounges, and hundreds of other domestic and international lounges designed to enhance your travel experience.
- Enjoy flexible ways to use your points such as statement credits for any eligible purchase charged to your Card, new travel purchases booked on American Express Travel Online through the Flexible Points Travel Program, and eligible flights through the Fixed Points Travel Program.
- Transfer points 1:1 to several frequent flyer and other loyalty programs.
- Enjoy complimentary benefits that offer an average value of $600 USD at over 1,500 extraordinary properties worldwide when you book Fine Hotels + Resorts
- Platinum Cardmembers can enjoy access to special events and unique opportunities.
- Enjoy premium benefits at the Toronto Pearson Airport.
- You will also have access to many leading hotel and car rental companies’ loyalty programs. Our partners include Marriott International, Hilton Hotels and Resorts, Hertz and Avis.
- Interest applies in accordance with your Cardmember Agreement, Information Box, and Disclosure statement if the total New Balance is not paid by the Payment Due Date each month. All payments must be received by the Payment Due Date shown on the monthly statement.
- American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, NerdWallet may receive compensation from American Express, which can be in the form of monetary payment.
The American Express Gold Rewards Card should get the attention of travellers looking for comfort and flexibility. Points can be used for an impressive array of items and can be transferred to other rewards programs. The new rose gold design is an eye-catcher, too.
Pros
- Travel in comfort: room and rental car upgrades, access to airport lounges and credits for hotel amenities like dining and spa treatments.
- The 60,000-point intro offer is equivalent to $600 for shopping, travel and more.
Cons
- Travellers 65 or older won’t be covered by the card’s emergency medical insurance.
- If you travel often, you could burn through your four complimentary visits to Plaza Premium Lounges fairly quickly.
- Earn up to 60,000 Membership Rewards® points:
- New American Express® Gold Rewards Cardmembers, earn 5,000 Membership Rewards® points for each monthly billing period in which you spend $1,000 in net purchases on your Card.
- This could add up to 60,000 points in a year. That’s up to $600 towards your next vacation.
- Earn 2 points for every $1 in Card purchases for eligible travel purchases, including flights, hotels, car rentals, cruises, and more.
- Earn 2 points for every $1 in Card purchases at eligible gas stations, grocery stores and drugstores in Canada, and 1 point for every $1 in Card purchases everywhere else.
- The Card is now available in your choice of Gold or Rose Gold metal options.
- Receive a $50 CAD statement credit when a NEXUS application or renewal fee is charged to your American Express Gold Rewards Card.
- You have access to an annual $100 CAD Travel Credit, compliments of your American Express Gold Rewards Card. Use the credit once annually towards any single travel booking of $100 or more charged to your Gold Rewards Card through American Express Travel Online.
- As a Gold Rewards Cardmember, you can receive complimentary membership in Priority PassTM – one of the world’s largest independent airport lounge programs. Escape the chaos of airports and relax in an oasis of calm and simply enjoy the fact that the travel experience has begun before your plane has even left the ground. Enrollment is required and entry fees apply.
- Enjoy four (4) complimentary visits per Calendar year to Plaza Premium Lounges across Canada. Entry fees apply once complimentary visits have been used.
- Charge any eligible purchase to your credit Card then log in to redeem your earned points for a statement credit.
- Transfer points 1:1 to several frequent flyer and other loyalty programs.
- 1 Free Additional Gold Rewards Card (a $50 value) to help you earn points faster.
- Subject to approval. The preferred rate for purchases is 21.99% and funds advances is 21.99%. If you have Missed Payments, the applicable rates for your account will be 25.99% and/or 28.99%. See the information box included with the application for the definition of Missed Payment and which rates apply to charges on your account and other details
- American Express is not responsible for maintaining of monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply.
- To be eligible, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.
The Marriott Bonvoy® American Express®* Card helps travellers earn free stays and experiences at some of the world’s ritziest hotels, restaurants and spas, while also providing helpful insurance options and flexibility in how Marriott Bonvoy® points can be used.
Pros
- Solid earn rates should help members of the Marriott Bonvoy® program score free hotel stays.
- Marriott Bonvoy® points can be transferred to frequent flyer miles with some airlines, including Air Canada’s Aeroplan.
- Access to American Express® Experiences and several varieties of insurance.
Cons
- You’ll need to be a Marriott Bonvoy® member to take advantage of the card’s most valuable benefits.
- American Express isn’t always as widely accepted as some other credit cards, so using the Marriott Bonvoy® American Express®* — and collecting points — everywhere you go might not always be possible.
- New Marriott Bonvoy® American Express®* Cardmembers earn 50,000 Marriott Bonvoy® points after you charge $1,500 in purchases to your Card in your first three months of Cardmembership. Subject to change at any time
- Earn 5 points for every dollar in eligible Card purchases at hotels participating in Marriott Bonvoy®.
- Earn 2 points for every $1 in all other Card purchases.
- Receive an Annual Free Night Award for up to 35,000 points at eligible hotels and resorts worldwide every year after your first anniversary.
- No annual fee on Additional Cards.
- Redeem points for free nights with no blackout dates at over 7,000 of the world’s most desired hotels.
- Automatic Marriott Bonvoy Silver Elite status membership.
- Receive 15 Elite Night Credits each calendar year with your Marriott Bonvoy® American Express®* Card. These can be used towards attaining the next level of Elite status in the Marriott Bonvoy program.
- Enjoy an automatic upgrade to Marriott Bonvoy Gold Elite status when you reach $30,000 in purchases on the Card each year or when you combine 10 qualifying paid nights within one calendar year with the 15 Elite Night Credits from your card.
- American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. Conditions Apply. If you apply and get approved for an American Express Card, NerdWallet may receive compensation from American Express, which can be in the form of monetary payment.
The Scotiabank Passport Visa Infinite Card offers competitive earn rates and easy-to-understand redemption on travel — 1 point equals 1 cent in travel savings.
Pros
- Complimentary Visa Airport Companion Program membership, with six free airport lounge visits included every year, which is more than typically included with a credit card.
- No foreign transaction fees.
Cons
- The accelerated rate on travel purchases only lasts three months — but you can earn up to 42,500 points, worth $425 in travel savings.
- The annual $1,000 bonus requires you to spend $40,000 per year on everyday spending on the card.
- Earn up to $1,100* in value in the first 12 months, including up to 35,000 bonus Scene+ points
- Earn 3x Scene+ points¹ on every $1 you spend at Sobeys, Safeway, IGA, Foodland and participating Co-ops and more
- Earn 2x Scene+ points¹ for every $1 you spend on other eligible grocery stores, dining, eligible entertainment purchases and eligible daily transit options (including rideshares, buses, subways taxis and more)
- Plus earn 1 Scene+ point for every $1 spent on all other eligible everyday purchases
- No Foreign Transaction Fee
- 6 Complimentary Airport Lounge Access
- Comprehensive Travel Insurance coverage
- Visa Infinite* Concierge Services
- Visa Infinite* Hotel Collection
- Visa Infinite* Dining and Wine Country program
- Rates, fees and other information are effective as of July 02, 2024. Subject to change.
- Terms and Conditions Apply. Click ‘Apply Now’ for complete details.
Best starter and newcomer credit cards
The American Express Green Card has a simple rewards program with an accelerated earn rate on hotel and rental car bookings, and it’s easy to transfer your points to other loyalty programs for maximum redemption value. Oh, and the card itself is made from 99% recycled plastic.
Pros
- No limits on rewards spending, and more ways to redeem your points than other no-fee rewards credit cards on this list.
- Cardholders who enjoy VIP treatment will enjoy access to a multitude of perks through American Express Experiences.
Cons
- Reward earn rates are lower than some other no-fee credit cards.
- Lacks some of the travel perks and insurance options offered by other cards.
- Get the Card that lets you live in the moment while getting ready for the future.
- The American Express® Green Card lets you go for it with every swipe or tap of your Card.
- As a new American Express® Green Cardmember, you can earn a Welcome Bonus of 10,000 Membership Rewards® points when you charge $1,000 in purchases to your Card in the first 3 months of Cardmembership. That’s $100 towards groceries or concert tickets.
- Earn 1x the points on Card purchases.
- Charge an eligible purchase to your Card and redeem your Membership Rewards points for a statement credit (All eligible purchases: 1,000 points = $10 statement credit).
- With American Express Experiences and Front Of The Line®, American Express Cardmembers get access to amazing events in Canada.
- Transfer points 1:1 to several frequent flyer and other loyalty programs.
- American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply.
Perfect for movie-goers, you’ll earn Scene+ points on everyday spending and 2x the points each time you make a Cineplex purchase. Points can be redeemed for more than just movie tickets — rewards include merchandise, dining, entertainment, airfare and even hotel stays.
Pros
- No annual fee.
- Earn up to 5,000 Scene points within the first year.
- Flexible point redemption program.
Cons
- Insurance coverage isn’t included — it must be opted into.
- No option to earn cash back.
- Earn up to 5,000 bonus Scene+ points within your first 3 months¹
- No annual fee
- Earn 2x Scene+ points¹ on every $1 you spend at Sobeys, Safeway, IGA, Foodland, participating Co-ops, Freshco and more
- Earn 2x Scene+ points¹ for every $1 you spend on Home Hardware, Home Building Center, Home Furniture locations in Canada and online at homehardware.ca
- Earn 2x Scene+ points¹ for every $1 you spend at Cineplex theatres or online at cineplex.com
- Plus earn 1 Scene+ point for every $1 spent on all other eligible everyday purchases
- Rates, fees and other information are effective as of July 02, 2024. Subject to change.
- Terms and Conditions Apply. Click ‘Apply Now’ for complete details.
If this card doesn’t seem like a good fit for your wallet, take a look at NerdWallet’s selection of the best newcomer credit cards to help find the right option for you.
N/A
N/A
A rare 0% intro period on balance transfers and low interest rates year-round, the Scotiabank Value Visa can help you quickly pay down balances transferred from higher-rate credit cards.
Pros
- Cardholders who carry a balance will save money every month with this card’s low 12.99% interest rate on purchases, cash advances and balance transfers.
- A stellar 0% introductory interest rate on balance transfers for the first six months.
Cons
- No rewards.
- No insurance coverage.
- 0% introductory interest rate on Balance Transfers for the first 10 months (12.99% after that; annual fee $29).¹ Plus no annual fee in the first year.¹ Offer ends 31 Oct 2024.
- Save up to hundreds of dollars a year on interest.
- Low interest rate of 12.99%.
- Pay down higher interest rate balances faster.
- Transfer higher rate balances and save even more.
- To be eligible, $12,000 (individual) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident that is the age of majority in the province or territory where you live.
- Terms and Conditions Apply. Click ‘Apply Now’ for complete details.
The Home Trust Secured Visa offers a straightforward, no-frills experience for credit builders. Plus, there are two secured credit card options to fit a variety of needs: a no-fee card, and a low-interest card with a $59 annual fee.
Pros
- Low interest rate.
- Payments are reported to both credit bureaus.
Cons
- You’ll need to budget for the annual fee.
- No ability to earn rewards on purchases.
- $59 annual fee.
- No fee option available with a higher interest rate.
- $500 minimum security fund deposit required.
- $10,000 maximum security fund deposit.
- Hard credit checks are made on Home Trust Secured Visa applications.
- Credit activity, including every payment, is reported to TransUnion and Equifax, the two major consumer credit bureaus in Canada.
- Ability to upgrade to an unsecured credit card.
- Manage your account and billing with online banking.
- Cardholders can choose between a card with no annual fee and 19.99% interest or an annual fee of $59 and 14.90% interest.
- Protection against fraud through Visa’s Zero Liability Policy.
- Preferred rates: 14.90% for purchases, 19.80% for cash advances.
- To be eligible, you must have a source of income and cannot currently be in bankruptcy. You must be able to provide security funds and be a Canadian resident of the age of majority in the province or territory where you live. The Home Trust Secured Visa Card is not available to Québec residents.
Best payment network credit cards
The American Express Cobalt Card boasts high rewards rates on everyday spending, a generous welcome bonus, comprehensive travel insurance coverage, flexible point redemption and plenty of specialty perks to keep things interesting all year long.
Pros
- Earn 150,000 points in the first year by spending up to $30,000 on eats, drinks and groceries. Combined with the 15,000 point intro offer, you could earn 165,000 points in your first year, which you could redeem for travel and more.
- Easily transfer the points you earn to popular airline and hotel loyalty programs, such as Aeroplan and Marriott Bonvoy.
Cons
- Airport lounge access isn’t provided, which may disappoint some frequent travellers.
- No travel medical coverage for cardmembers over the age of 65.
- In your first year as a new Cobalt Cardmember, you can earn 1,250 Membership Rewards® points for each monthly billing period in which you spend $750 in net purchases on your Card. This could add up to 15,000 points in a year. That’s up to $150 towards a weekend getaway or concert tickets.
- Earn 5x the points on eligible eats and drinks in Canada, including groceries and food delivery. Spend cap applies.
- Earn 3x the points on eligible streaming subscriptions in Canada.
- Earn 2X the points on eligible ride shares, transit & gas in Canada.
- Earn 1 additional point on eligible hotel and car rental bookings via American Express Travel Online.
- Earn 1X point for every $1 in Card purchases everywhere else.
- Enjoy access to hotel bookings, a room upgrade (when available), 12pm check-in and late check-out (when available), and 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
- Transfer points 1:1 to several frequent flyer and other loyalty programs.
- Cobalt Cardmembers receive regular Perks such as bonus reward offers and access to great events.
- Access Front Of The Line® Presale & Reserved Tickets to some of your favourite concerts and theatre performances and special offers and events curated for Cardmembers with American Express® Experiences.
- *Effective August 15, 2023, Cobalt Cardmembers will earn 5x the points on all eligible eats & drinks charged to their Card up to $2,500 monthly, for the same total of $30,000 annually already in place today. Cardmembers will also continue to earn 3x on streaming subscriptions, 2x on eligible transit, gas & travel purchases and 1x on everything else. T&Cs apply. While the annual earn does not change, the new monthly construct intends to curb gaming activity. The change should have little to no impact on the majority of Cardmembers who utilize the Card and Membership Rewards program as it was intended.
- 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, NerdWallet may receive compensation from American Express, which can be in the form of monetary payment.
American Express knows how to reward cardholders with perks and exclusive experiences. See our selections for the best Amex cards in Canada.
You won’t need a strategy to make the most out of this bonus-category card. The BMO CashBack® World Elite®* Mastercard®* spends like a flat-rate card thanks to stellar rates on four popular daily spending categories.
Pros
- Score generous cash-back rates for popular spending categories: 5% on groceries, 4% on transit, 3% on gas, 2% on recurring bills, and 1% on everything else.
- Feel protected with 13 types of insurance and fantastic travel benefits.
Cons
- Spending categories come with easily-hit spending caps, but the 1% base rate still earns you value once you hit your monthly bonus rate limits.
- The $120 annual fee is pretty steep. While we think you’ll more than make up for it through cash back savings, the no-fee BMO CashBack® Mastercard®* is a great alternative.
- Welcome offer: Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first year.*
- Earn more cash back on the categories that mean the most: 5% on groceries.* 4% on transit including ride sharing, taxis and public transportation.* 3% on gas and electric vehicle charging.* 2% on recurring bill payments like your monthly phone bill or favourite streaming service.* 1% unlimited cashback on all other purchases.*
- Get the highest cash back earn rate on groceries in Canada.†
- Get valuable benefits and offers for digital everyday services from a variety of on-demand apps and subscription services.
- Extended Warranty Plus.*
- Purchase Protection Plus.*
- Complimentary membership in Mastercard Airport Experiences provided by LoungeKey.*
- Access over 1 million Wi-Fi hotspots around the world – all at no added cost, and no added fees or roaming charges.*
- Complimentary Roadside Assistance Program.*
- BMO CashBack World Elite Travel and Medical Protection.*
- BMO Concierge Service.*
- Unlock Mastercard Travel Rewards cashback offers when you travel and shop outside of Canada.
- *Terms and conditions apply.
- †Statement based on a comparison of the non-promotional grocery rewards earn rate on Canadian cash back credit cards as of January 4, 2023.
- 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.
Earn up to $1,000 in cash back on grocery shopping and recurring bill payments with a 4% rewards rate in both categories.
Pros
- It’s rare for a credit card to offer 4% cash back on two major spending categories. It’s even rarer to set a $25,000 annual limit to that 4% — a $1,000 value — before reverting to the healthy 1% base rate.
- You can waive the $120 annual fee every single year by using the Scotiabank Ultimate Package.
Cons
- The cash back earned is hands-off. You have to wait until November, and then it’s only redeemable as a statement credit. If you have a Scotiabank account, that annual payout can be deposited into your bank account.
- The 4% rate won’t mean much to you if you don’t buy a lot of groceries or often buy your food at somewhere that Visa doesn’t classify as a grocery store or supermarket, such as Canadian Tire, FreshCo, London Drugs, Walmart and No Frills.
- SPECIAL OFFER: Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). No annual fee in the first year, including on supplementary cards. Offer ends October 31, 2024.
- Earn 4% for every $1 you spend on grocery store purchases, recurring bill payments, and subscription purchases.
- Earn 2% for every $1 you spend on gas purchases and daily transit purchases.
- Earn 1% cash back on all other purchases with no cash back limit.
- Redeem cash back as a statement credit in November.
- Visa Infinite benefits, including Visa Infinite* Concierge, Visa Infinite* Luxury Hotel Collection, Visa Infinite* Dining Series, and entertainment and lifestyle offers.
- Save up to 25% off base rates at participating AVIS locations and at participating Budget locations in Canada and the U.S.
- Access to Scotia SelectPay™.
- To be eligible, $60,000 (individual) or $100,000 (household) annual income is required, or $250,000 minimum assets under management. Also, you must have a Canadian credit file and be a Canadian resident that is the age of majority in the province or territory where you live.
- Terms and Conditions Apply. Click ‘Apply Now’ for complete details.
As the world’s most widely-accepted credit card network, Visa cards are a smart addition to any wallet. See our selections for the best Visa credit cards in Canada.
Summary: Best Credit Cards Overall
| BEST FOR CATEGORY | CREDIT CARD | ANNUAL FEE | INTRO OFFER |
|---|---|---|---|
| Best overall travel card. | Scotiabank Platinum American Express® Card. | $399. | Up to 60,000 Points. |
| Best overall cash-back card. | Scotia Momentum® Visa Infinite* Card. | $120. | Up to $200. |
| Best overall student card. | Student BMO CashBack® Mastercard®*. | $0. | Up to 5% cash back. |
| Best overall rewards card. | BMO CashBack® World Elite®* Mastercard®*. | $120. | Up to 10% cash back. |
| Best overall card for balance transfers. | Scotiabank Value® Visa* Card. | $29. | N/A. |
| Best overall no-fee card. | Tangerine World Mastercard®. | $0. | Up to $100. |
| Best overall prepaid card. | Neo Money™ Card. | $0. | N/A. |
| Best overall secured card. | Secured Neo Mastercard. | $60 ($5 / Month). | N/A. |
| Best grocery credit card. | Scotiabank Gold American Express® Card. | $120. | Up to 45,000 Points. |
| Best gas credit card. | CIBC Dividend® Visa Infinite Card. | $120. | N/A. |
| Best restaurant credit card. | American Express Cobalt® Card. | $155.88. | Up to 15,000 Points. |
| Best hotel card. | Marriott Bonvoy® American Express®* Card. | $120. | Up to 50,000 Points. |
| Best credit card for airport lounge access. | The Platinum Card® from American Express. | $799. | Up to 100,000 Points. |
| Best credit card for travel insurance. | American Express® Gold Rewards Card. | $250. | Up to 60,000 Points. |
| Best no foreign transaction fee card. | Scotiabank Passport® Visa Infinite* Card. | $150. | Up to 35,000 Points. |
| Best basic credit card for beginners. | American Express® Green Card. | $0. | 10,000 Points. |
| Best for newcomers to Canada. | Scotiabank® Scene+™ Visa* Card. | $0. | Up to 5,000 Points. |
| Best credit card for bad credit. | Home Trust Secured Visa Card. | $59. | N/A. |
| Best low interest credit card. | Scotiabank Value® Visa* Card. | $29. | N/A. |
| Best Visa credit card. | Scotia Momentum® Visa Infinite* Card. | $120. | Up to $200. |
| Best Mastercard credit card. | BMO CashBack® World Elite®* Mastercard®*. | $120. | Up to 10% cash back. |
| Best American Express credit card. | American Express Cobalt® Card. | $155.88. | Up to 15,000 Points. |
| Honourable mention: Best overall rewards card. | Simplii Financial™ Cash Back Visa Card. | $0. | $100 Skip Digital Gift Card. |
Methodology: How we evaluate cards
NerdWallet Canada selects the best credit cards based on unique attributes, overall consumer value and suitability for specific kinds of consumers. Factors in our evaluation methodologies may include annual fees, rewards rates, interest rates and other noteworthy features specific to the card type. To learn more about how we evaluate and select financial products, you can review our credit card methodology.
Different types of best credit cards
Looking for certain types of credit cards? Check out more of our picks for different categories of best credit cards:
Beginner’s guide to credit cards in Canada
A credit card is part of daily life for many Canadians. Using your card to pay for purchases can be more convenient than using cash. Plus, with the best credit cards, you can manage your expenses and earn rewards at the same time.
How credit cards work
Think of credit cards as a short-term loan from your credit card provider. You make purchases with your card and pay for them later.
One thing that makes credit cards appealing is that there’s an interest-free period. As long as you pay for all charged purchases in full by your statement due date, you won’t have to pay interest in exchange for borrowing the issuer’s money for a few weeks.
A typical credit card transaction would look something like this:
- You charge a purchase to your card
When making purchases, choose credit as your form of payment. You’ll then tap, insert or swipe your card to initiate the payment. You may also be required to enter your pin number. If you’re making payments online, you’ll need to enter all your card information manually. - Wait for your purchase to be authorized
The payment terminal will contact your credit card company to confirm the purchase amount. - The merchant gets paid
Once approved, your credit card provider sends the merchant the funds. The merchant does pay a small fee to your credit card provider for this service. - You get your bill and pay Once your bill arrives, it’ll list your transactions, minimum payment requirement and due date. If you only make the minimum payment, you may see some interest charges on your next bill. To avoid this extra cost, pay your bill in full by that date so no interest is charged.
Ideally, you’d be able to pay your bill in full each month, so these interest charges would not apply. If you’re worried about your ability to do so, seek out a low-interest card to reduce your financial risk.
How credit card interest works
Credit card companies charge interest on unpaid balances. You don’t owe any interest when you pay your card’s balance in full. But what happens if you don’t pay off your credit card balance? Let’s take a look.
Say your card has a 19% interest rate — which is pretty standard. You pay $100 to buy a pair of concert tickets for yourself and a friend. But how much interest will those tickets accrue if you don’t pay your credit card balance and your card’s grace period has passed?
Here’s how to calculate credit card interest:
- Find your daily rate. Your card’s 19% interest rate is an annual rate. To find your daily rate, divide your annual interest rate by the number of days in one year.
- Find your daily interest accrual. Next, determine how much daily interest you’ll accrue on your unpaid balance by multiplying your daily rate by your average daily balance — which in this case, is the $100 you spent on concert tickets.
- Multiply by the number of days in your billing cycle. To determine how much interest your unpaid balance accrues over one month, multiply daily interest by the number of days in your billing cycle.
» MORE: Don’t want to crunch the numbers by hand? Figure out how much interest you’d owe with our credit card interest calculator.
How credit card rewards work
With certain credit cards, you can earn rewards when you make a purchase. The type of rewards you earn and your earn rate differ by card, however.
Types of rewards you can earn
The types of rewards you can earn can generally be broken down into four categories:
- Cash back. For every purchase you make, get a set percentage back in cash. The pay-out date for your cash back earned differs depending on the card. It can be monthly, annually or when you reach a minimum threshold.
- Travel benefits. Credit card travel rewards programs let you earn points or miles when you make purchases. You can use your rewards to offset the cost of flights, hotels, car rentals, vacation packages and more.
- General rewards. Most rewards programs offer the option to redeem the points you’ve earned for general merchandise, gift cards, experiences, entertainment, financial rewards, and more.
- Store perks. Many merchants have a co-branded credit card. The points you earn can be used in-store or online at any participating stores. Groceries and merchandise are typical redemption options for store rewards cards.
Earn rates
The earn rate is a critical factor when it comes to getting rewards. Every rewards card has a base earn rate, but some cards also have higher earn rates on certain highly lucrative purchases. Knowing the difference between the two can help you maximize your rewards.
- Base earn rate. You’ll get this for any purchase that doesn’t fall into an increased earn rate category, or after you’ve hit any applicable limits in those categories. For example, you might get 1% cash back or 1 point per dollar spent.
- Accelerated earn rate. Getting extra points on bonus categories that line up with your regular spending is a great way to rack up rewards even faster. For example, some of Canada’s best cash-back credit cards may give you 4% back on groceries or 2% on gas.
The rewards process
Earning rewards can look different depending on the card and issuer, but generally speaking, the process works like this:
- Make a purchase with your credit card. The purchase must be considered eligible by the issuer to earn rewards.
- Your rewards are calculated. Depending on the merchant category and your earn rate, your credit card provider calculates how many rewards you’ve earned. They’ll also factor in any promotions where you’ll earn additional rewards.
- Rewards are deposited into your account. Cash-back rewards may be immediately visible in your account, but you may not be able to cash them out until a certain date or when you hit a certain threshold. If you’re earning travel or store rewards, you’ll either see your points immediately or at the end of the month when your statement posts.
- Redeem your rewards. In most cases, redeeming your rewards requires you to log in to your account. Redeeming cash back may only take a few clicks, but if you’re looking to redeem travel rewards, you may need to go through a travel portal or book the travel first.
Tracking your rewards
In most cases, logging in to your account will allow you to see how many rewards you’ve earned. Most credit card providers show how many points you’ve earned for each transaction as well as a running total, so you’ll know exactly where you stand. Additionally, credit card statements often have a more detailed breakdown of any extra rewards that you may have earned.
Your rewards typically show up when the transaction posts. Bonus rewards earned from special promotions should show up on your monthly statement. It’s also worth mentioning that any special rewards you get, such as a companion voucher, may take longer to appear in your account.
As for your welcome bonus, you usually need to track that on your own. For example, let’s say you need to spend $3,000 in the first three months of card membership to get your intro offer. Although you’ll usually get your bonus immediately after passing the minimum spend requirement, it’s up to you to check if points land after you’ve spent enough.
How to choose the right credit card
With so many credit cards available, narrowing down your choices can be a challenge. When choosing a credit card, there are numerous factors to consider — chief among them: card requirements.
Different cards carry different credit score and income requirements. To ensure you meet the eligibility criteria, learn how to check your credit score. And be mindful of personal or household income requirements, too — you’ll often encounter these criteria with high-tier luxury cards.
Credit card features to compare
Consider the following when deciding which credit card is right for you:
- Annual fee. Decide if you want to pay an annual fee or not. Cards that have an annual fee typically come with better benefits.
- Rewards. The type of rewards you want to earn will quickly help you narrow down your choices.
- Earn rate. Try to choose a card with increased earn rates in the categories where you naturally spend more.
- Welcome bonus. If you’re comparing similar cards, choose the one with a better sign-up offer.
- Additional perks. See if there are any additional benefits you want, such as no foreign transaction fees, travel insurance, extended warranty, etc.
What credit score is needed for a credit card?
Canadian credit card issuers rarely disclose required credit scores, which makes it hard to know your chances of approval when comparing credit cards. However, higher scores generally mean better chances of approval, and that’s true regardless of the type of credit you’re applying for.
Want to learn more? Visit our “What Credit Score is Needed for a Credit Card?” page.
What is the best credit score in Canada?
Credit scores in Canada range from 300 to 900. Generally, Canadian credit scores can be organized into the following categories:
- Poor: 300 – 579.
- Fair: 580 – 659.
- Good: 660 – 739.
- Very Good: 740 – 799.
- Excellent: 800+.
How to apply for a credit card
When you apply for a credit card, there’s no guarantee you’ll be approved. The credit card provider needs to assess your financial profile to determine if you’re creditworthy. The application process will typically look something like this:
- Fill out an application. This can be done online or at your financial institution. The application will ask for some basic information, such as your name, date of birth, address, social insurance number, employer and income.
- Your information is checked. The credit card issuer will check your credit history and verify the information that you provided.
- A decision is made. If you apply online, instant approval (or disapproval) is possible, but there’s also a chance the credit card issuer will ask you to contact them to provide additional information.
- Your card is mailed out. Your credit card will immediately be mailed out and will typically arrive within 14 business days.
- Activate your card. Once your card arrives, you’ll need to activate it by logging into your account or calling the number on your card. Once activated, you can use your card to make purchases.
How many credit cards should I have?
The number of credit cards that’s right for you will depend on your spending habits, credit score and personal preferences.
There are benefits and drawbacks to carrying two or more credit cards. A few things to keep in mind:
- Applying for a new Canadian credit card requires a hard credit check, which will likely drop your credit score by a few points.
- Holding more than one credit card may improve your credit score if you use your cards responsibly.
- Carrying more than one card means you’ll have access to multiple credit sources, which could lead to an increased risk of debt.
Types of credit cards in Canada
A wide variety of credit cards are available in Canada, and each can be used as a tool to achieve various financial goals. People who always pay their bills on time may want a rewards credit card, whereas someone looking to rebuild their credit may prefer a secured credit card. Since your personal situation could change at any time, it’s a good idea to understand how the different types of credit cards work.
Rewards credit cards: Best for earning points and cash-back rewards
Rewards credit cards can be broken down into the following categories:
- Cash back. You’ll get cash back on every purchase you make. See our picks for the best cash back credit cards in Canada.
- General rewards. The points you earn can be used for gift cards, merchandise, experiences and sometimes travel. See our picks for the best general rewards credit cards in Canada.
- General travel. The points you earn can be used for any type of travel redemption. See our picks for the best travel credit cards in Canada.
- Airline rewards. Co-branded airline rewards can be used on a specific airline and its partners.
- Hotel rewards. Points earned through hotel credit cards can be used at any participating property.
- Store rewards. Use the points you’ve earned for groceries, merchandise and more.
No-fee credit cards: Best for rewards on a budget
No-fee credit cards come with no annual fee. They can be any type of credit card, but often feature rewards or a low interest rate. Some no-fee cards are geared towards students and have easier requirements.
Balance transfer credit cards: Best for paying down credit card debt
Balance transfer credit cards typically come with a low introductory interest rate. Because of this, you can use them to move your balance from a credit card with a high rate to one with a lower rate, allowing you to pay down debt faster.
Low-interest credit cards: Best for cardholders who typically carry a balance
Low-interest credit cards often have an interest rate of between 9% – 13%. This is significantly lower than standard interest rates, so low-interest credit cards can be helpful for people who may carry a balance.
Student credit cards: Best for anyone seeking accessible credit
Student credit cards typically have more relaxed qualification requirements and often charge no annual fee. They’re a good choice for students who may be looking to build their credit or establish good spending habits.
Secured credit cards: Best for building credit
If you’re unable to qualify for an unsecured credit card, you might be able to get one of the best secured credit cards. These cards require you to deposit security funds that act as your credit card limit. As you make your payments regularly, using a secured credit card can build your credit score.
Black credit cards: Best for luxurious perks
Despite the name, what unites black credit cards isn’t colour; it’s exclusivity. Black cards are deluxe credit cards — the crème de la crème — typically available by invitation only to high earners and splashy spenders. The eligibility criteria for a black credit card differs by card provider, but typically, applicants need an excellent credit score and a personal income of at least six figures annually.
Aeroplan credit cards: Best for Air Canada patrons
Millions of Canadians are members of Aeroplan, the loyalty program associated with Air Canada. There are several ways to become an Aeroplan member, but the easiest is carrying an Aeroplan personal or business credit card. The best Aeroplan credit cards make it easy to earn points that can be used for special perks and benefits. Armed with one of these travel cards, your trip may be more enjoyable and affordable than ever.
Air Miles credit cards: Best for travellers seeking flexible redemption options
The Air Miles program launched in 1992 and remains one of Canada’s most popular rewards programs. Air Miles collectors can redeem Dream and Cash Miles for various items, including airfare, cash rewards, merchandise and more. The best Air Miles credit cards earn rewards on every eligible dollar spent and come with attractive perks, like airport lounge access and robust travel insurance.
Business credit cards: Best for business owners
Business credit cards typically offer accelerated rewards rates on business spending. Merchants may also appreciate common business credit card perks, like higher credit limits and supplementary cards for employee use.
Prepaid credit cards: Best for anyone with a low credit score or no credit history
Prepaid credit cards are like debit cards: cardholders can only spend up to the amount they’ve deposited to the card. Prepaid cards don’t charge interest because cardholders don’t borrow money — they spend their own funds. Prepaid credit card activity isn’t reported to Canadian credit bureaus, so using one won’t impact your credit score.
Types of credit card interest rates
Credit cards typically have more than one interest rate. Take a closer look at your card’s terms and conditions, and you may notice as many as four different credit card interest rates:
- Purchase interest rate. The purchase interest rate is the rate you pay on overdue balances from everyday spending. In Canada, most cards have a purchase interest rate of about 20%.
- Cash-advance interest rate. You’ll pay your credit card’s cash advance interest rate on any money you withdraw from an ATM — also called a cash advance. Cash advance interest rates also apply to lottery ticket purchases, gambling site transactions and wire transfers.
- Balance-transfer interest rate. Balances transferred from one credit card to another are subject to balance transfer interest rates.
- Penalty interest rate. Missing multiple credit card payments may result in a penalty interest rate that’s much higher than the purchase rate. For a set period, you’ll pay a penalty interest rate instead of your card’s purchase interest rate on everyday transactions.
Pros and cons of credit cards
Credit cards are a convenient payment option, but there are some drawbacks to consider.
Pros
- Convenient and secure payment method.
- May earn rewards.
- May offer insurance coverage.
- Builds credit when used responsibly.
Cons
- A more expensive form of borrowing than a personal loan or line of credit.
- May lead to debt.
- Harms credit when used irresponsibly.
Tips for maximizing your credit card rewards
Get the most out of your credit card rewards with the following tips:
- Know how to earn points. Not all purchases may be treated equally — at least not in the eyes of your card issuer. Some purchases may earn you more points than others, so familiarize yourself with your card’s rewards program.
- Explore redemption options. Card rewards range from travel perks to cold hard cash. If you’re card shopping, take a look at the reward options before signing up.
- Capitalize on limited-time promotions. Keep an ear out for time-sensitive promotional periods when your points may be worth more.
- Watch out for expiration dates. Some points expire after a prolonged period of card inactivity, so keep your card in good standing to maintain your point balance.
What credit cards are the most accepted in Canada?
Mastercard and Visa credit cards are the most accepted cards in Canada, although one major retailer doesn’t take Visa: Costco.
If you carry an American Express card, you may want a backup form of payment — it may be less frequently accepted in Canada.
What’s better, a Mastercard or Visa?
It’s hard to declare a winner between Mastercard and Visa because these payment giants are credit card networks — not credit card issuers. Mastercard and Visa are among the most popular and well-established credit card processing networks in the world and share a lot in common. They’re both widely accepted and process billions of transaction dollars annually.
Mastercard and Visa predominantly work behind the scenes. They partner with card issuers, like banks and credit unions, to offer cards to the public. Eligibility requirements, rewards, and signup bonuses are all determined by card issuers.
Credit card companies in Canada
Here are some widely known credit card issuers in Canada, along with their networks and notable cards. Credit card issuers are companies that lend money and provide credit cards. These issuers belong to credit card networks, which maintain the infrastructure that makes credit card transactions possible.
| Credit Card Issuer | Network |
|---|---|
| American Express. | American Express. |
| ATB Financial. | Mastercard. |
| BMO. | Visa & Mastercard. |
| Brim Financial. | Mastercard. |
| Canadian Tire Bank. | Mastercard. |
| Canadian Western Bank. | Mastercard. |
| Capital One. | Mastercard. |
| CIBC. | Visa & Mastercard. |
| Coast Capital Savings. | Mastercard. |
| Desjardins. | Visa & Mastercard. |
| Home Trust. | Visa. |
| KOHO. | Mastercard. |
| Laurentian Bank. | Visa. |
| Manulife. | Visa. |
| MBNA. | Mastercard. |
| Meridian. | Visa. |
| Mogo. | Visa. |
| National Bank. | Mastercard. |
| Neo Financial. | Mastercard. |
| PC Financial. | Mastercard. |
| RBC. | Visa & Mastercard. |
| Refresh Financial. | Visa. |
| Rogers. | Mastercard. |
| Scotiabank. | Visa, American Express & Mastercard. |
| Simplii Financial. | Visa. |
| STACK. | Mastercard. |
| Tangerine. | Mastercard. |
| TD Bank. | Visa. |
| Vancity. | Visa. |
| Walmart. | Mastercard. |
| Wealthsimple. | Mastercard. |
| Wise. | Visa. |
Can Americans get a Canadian credit card?
Yes. Several Canadian banks offer non-resident and newcomer credit cards, including RBC, Scotiabank, TD, and more. These card programs are designed for newcomers and temporary residents and typically don’t require a credit check.
US citizens can also explore secured or prepaid credit card options. These Canadian credit cards require cash deposits before they can be used and can be a practical option for those paying a visit to the Great White North.