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Published November 28, 2022

32 Best Credit Cards in Canada of 2022

The best credit cards in Canada deliver high-value and easy-to-use rewards, discounts, perks and premium benefits.

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.

As of January 2021, there were over 76 million credit cards in circulation nationwide, according to Statista. Canadian credit cards typically have an interest rate of around 19%, but when choosing the best credit card for your needs, there’s more to consider than the APR alone.

Our picks for the best credit cards in Canada include top contenders across numerous card categories so you can find the ideal card for your spending habits and financial goals.

Summary of the best credit cards in Canada

Best credit cards categoryCardsAnnual Fee
Best overall credit cardAmerican Express Cobalt® Card$155.88
Best bonus rewards
with No foreign exchange fees
Scotiabank Gold American Express® Card$120*
Best for fair creditAmerican Express® Green Card$0
Best for Canada's newcomersScotiabank® Scene+™ Visa* Card$0
Best no-fee rewards cardMBNA Rewards Platinum Plus® Mastercard®$0
Best balance transfers
+Bonus categories tailored to your spending
Tangerine Money-Back Mastercard$0
Best overall business rewards cardAmerican Express® Business Edge™ Card$99
Best overall rewards cardLaurentian Bank Visa Infinite card$130
Best for Canadian Tire in-store shoppingTriangle™ World Elite Mastercard®$0
Best overall cash back card with a flat-rateSimplyCash® Preferred Card from American Express$119.88
Best cash back bonus rewardsScotia Momentum® Visa Infinite* card$120*
Best overall cash back cardBMO CashBack® World Elite® Mastercard®$120*
Best no-fee cash back cardMBNA Smart Cash Platinum Plus® Mastercard®$0
Best overall cash back business cardMeridian Visa Infinite Business Cash Back Plus Card$110*
Best airline rewards
+ great for students and fair credit
American Express® Aeroplan® Reserve Card$599
Best for travel bookingsTD First Class Travel® Visa Infinite* Card$139*
Best for hotelsMarriott Bonvoy® American Express®* Card$120
Best for AIR MILES rewardsAmerican Express® AIR MILES®* Platinum Credit Card$120
Best for no foreign exchange feesHSBC World Elite® Mastercard®$149*
Best overall travel card
and Aeroplan rewards
TD® Aeroplan® Visa* Infinite Privilege* Card$599
Best for Aventura rewardsCIBC Aventura® Visa Infinite Privilege* Card$499
Best for USD purchasesCIBC U.S. Dollar Aventura® Gold Visa* Card$35
Best overall business travel cardTD Business Travel Visa* Card$149*
Best for low interest ratesScotiabank Platinum American Express® Card$399
Best for balance transfersScotiabank Value® Visa* Card$29*
Best for low introductory interest ratesSimplii Financial™ Cash Back Visa Card$0
Best for bad creditCapital One Low Rate Guaranteed Mastercard®$79
Best secured cardNeo Card™ (Secured)$0
Best prepaid cardKOHO Premium Reloadable Prepaid Mastercard$84
Best Amazon.ca online shoppingAmazon.ca Rewards Mastercard®$0
Best for Costco in-store shoppingCIBC Costco® Mastercard®$0
Best for Loblaw’s in-store shoppingPresident’s Choice Financial World Elite Mastercard$0
*Annual fee waived for the first year

SimplyCash® Preferred Card from American Express

Our pick for the best overall cash back card with a flat-rate. Get rewarded at the gas station and grocery store with 4% cash back, plus enjoy a high ongoing flat-rate of 2% cash back on everything else.

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Best credit cards in Canada

Best overall credit card

American Express Cobalt® Card

American Express Cobalt® Card
  • Annual Fee
    $155.88
  • Interest Rates
    20.99% / 21.99%
  • Rewards Rate
    1x-5x Points
  • Intro Offer
    Up to 30,000 Points
  • Our Take
    Why we like it

    The American Express Cobalt Card boasts high rewards rates on everyday spending, a generous welcome bonus, comprehensive travel insurance coverage, flexible point redemption and plenty of specialty perks to keep things interesting all year long.

    Pros
    • Earn 150,000 points in the first year by spending up to $30,000 on eats, drinks and groceries. Combined with the 30,000 point intro offer, you could earn 180,000 points in your first year, which you could redeem for travel and more.
    • Easily transfer the points you earn to popular airline and hotel loyalty programs, such as Aeroplan and Marriott Bonvoy.


    Cons
    • Airport lounge access isn’t provided, which may disappoint some frequent travellers.
    • No travel medical coverage for cardmembers over the age of 65.
  • Product Details
    • In your first year as a new Cobalt Cardmember, you can earn 2,500 Membership Rewards® points for each monthly billing period in which you spend $500 in net purchases on your Card. This could add up to 30,000 points in a year. That’s up to $300 towards a weekend getaway or concert tickets.
    • Earn 5x the points on eligible eats and drinks in Canada, including groceries and food delivery.
    • Earn 3x the points on eligible streaming subscriptions in Canada.
    • Earn 2 points for every $1 spent on eligible transit & gas purchases in Canada and eligible travel purchases. That's 2X the points on purchases that get you from point A to B.
    • Earn 1 point for every $1 in Card purchases everywhere else. We won't tell you where to spend, we'll just reward you on your Card purchases.
    • Transfer points 1:1 to several frequent flyer and other loyalty programs.
    • Cobalt Cardmembers receive regular Perks such as bonus reward offers and access to great events.
    • Access Front Of The Line® Presale & Reserved Tickets to some of your favourite concerts and theatre performances and special offers and events curated for Cardmembers with American Express® Experiences.
    • American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details, current product information and Terms and Conditions, click the Apply now link. Conditions Apply.
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Best travel credit cards in Canada

Best for travel bookings

TD First Class Travel® Visa Infinite* Card

TD First Class Travel® Visa Infinite* Card
  • Annual Fee
    $139
    Waived first year
  • Interest Rates
    20.99% / 22.99%
  • Rewards Rate
    2x-8x Points
  • Intro Offer
    Up to 145,000 Points
  • Our Take
    Why we like it

    With a large welcome bonus and accelerated earn rate on travel booked through ExpediaForTD.com, the TD First Class Travel® Visa Infinite* Card is perfect for travellers aiming to score free flights and hotel visits.

    Pros
    • A huge welcome bonus worth $1014 — provided you take full advantage of the intro offer ($675), the annual fee rebate for yourself ($139), an additional cardholder ($50), birthday bonus ($50), and annual travel credit ($100).
    • Travel expenses eligible for redemption include more than just hotel stays and flights – baggage fees, airport parking, car rentals, cruises, travel attractions, entertainment and more are all fair game.


    Cons
    • This card doesn’t have as many travel perks as others on the list, but you can quickly earn free flights and hotel stays.
    • No free airport lounge access — you only receive an annual discount on a Priority Pass lounge membership.
  • Product Details
    • Earn up to 145,000 TD Rewards Points† plus, first year no Annual Fee for the Primary and Additional Cardholders†. Conditions Apply. Must apply by May 28, 2023.
    • Earn 8 TD Rewards Points† for every $1 you spend when you book travel through Expedia® For TD†.
    • Earn 6 TD Rewards Points† for every $1 you spend on Groceries and Restaurants†.
    • Earn 4 TD Rewards Points† for every $1 you spend on regularly recurring bill payments set up on your Account†.
    • Earn 2 TD Rewards Points For every $1 you spend on other Purchases made using your Card† plus earn an annual Birthday Bonus† of up to 10,000 TD Rewards Points.
    • No travel blackouts†, no seat restrictions† and no expiry† for your TD Rewards Points as long as your account is open and in good standing.
    • Each year, you will receive one $100.00 TD Travel Credit on your first Eligible Travel Credit Purchase of $500.00 or more made with Expedia For TD and posted to the Account in a calendar year.
    • Interest Rates: 20.99% on purchases and 22.99% on cash advances.
    • Go Places on Points: Your Points are worth more when you redeem through Expedia® For TD: Search over a million flights, hotels, packages and more! When you’re ready to book, you can redeem† your TD Rewards Points towards your travel purchase right away.
    • Redeem your TD Rewards Points towards making purchases at Amazon.ca with Amazon Shop with Points. Conditions apply.
    • Shop online through TDRewards.com Redeem your TD Rewards Points for great deals on a wide selection of merchandise and gift cards.
    • Option to purchase TD Auto Club Membership†: and be covered 24 hours a day for emergency roadside assistance services in case something goes wrong when you are out on the road.
    • Travel Medical Insurance†: Up to $2 million of coverage for the first 21 days. If you or your spouse is aged 65 or older, you are covered for the first 4 days of your trip. Additional top-up coverage is available.
    • Trip Cancellation/Trip Interruption Insurance†: For Trip Cancellation, up to $1,500 of coverage per insured person, with a maximum of $5,000 for all insured persons, and for Trip Interruption, up to $5,000 of coverage per insured person, with a maximum of $25,000 for all insured persons on the same covered trip.
    • 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.
    • †Terms and conditions apply.
    • This offer is not available for residents of Quebec.
    • The Toronto-Dominion Bank (TD) is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete and current information on any TD product, please click the Apply Now button.

Best overall travel card + our pick for Aeroplan rewards

TD® Aeroplan® Visa* Infinite Privilege* Card

TD® Aeroplan® Visa* Infinite Privilege* Card
  • Annual Fee
    $599
  • Interest Rates
    20.99% / 22.99%
  • Rewards Rate
    1.25x-2x Points
  • Intro Offer
    Up to 105,000 Points
  • Our Take
    Why we like it

    The TD® Aeroplan® Visa* Infinite Privilege* Card comes with strong travel insurance and perks, plus healthy earn rates on everyday purchases.

    Pros
    • Comprehensive travel insurance includes medical benefits for ages 65 and older.
    • Complimentary Visa Airport Companion membership with six airport lounge visits included each year.


    Cons
    • A high annual fee and steep income requirements
    • Accelerated earn rates are limited to $100,000 annual spend.
  • Product Details
    • Intro offer: Earn up to 105,000 Aeroplan points†. Conditions Apply. Must apply online by January 3, 2023.
    • Earn 2 points† for every $1 spent on eligible purchases made direct through Air Canada® purchases (including Air Canada Vacations®).
    • Earn 1.5 points† for every $1 spent on eligible gas, grocery, travel and dining purchases.
    • Earn 1.25 points† for every $1 spent on all other purchases made with your Card.
    • Earn points twice when you pay with your Card and provide your Aeroplan number at over 150 Aeroplan partner brands and at 170+ online retailers via the Aeroplan eStore.
    • Global Airport Lounge Access†: Receive a complimentary membership to the Visa Airport Companion† Program hosted by Dragonpass International Ltd. and take advantage of six lounge visits included for each Cardholder per membership year at over 1,200 airport lounges worldwide. Enroll through the Visa Airport Companion App or through visaairportcompanion.ca
    • Complimentary Visa Infinite Concierge† : On-call 24 hours a day, seven days a week, the Visa Infinite Concierge can help with any Cardholder request — big or small, to help you get the most out of life whenever you travel, shop and use your Card.
    • Visa Infinite Luxury Hotel Collection†: Receive seven exclusive benefits when you book your stay through the Visa Infinite Luxury Hotel Collection featuring over 900 of the world’s most intriguing properties. Enjoy an additional 8th benefit at over 200 properties, exclusively for Visa Infinite Privilege cardholders.
    • Travel Medical Insurance†: Up to $5 million of coverage for the first 31 days. If you or your spouse is aged 65 or older, you are covered for the first 4 days of your trip. Additional top-up coverage is available.
    • Trip Cancellation/Trip Interruption Insurance†: For Trip Cancellation coverage of up to $2,500 per insured person, with a maximum of $5,000 for all insured persons, and for Trip Interruption coverage of up to $5,000 per insured person, with a maximum of $25,000 for all insured persons on the same covered trip.
    • Flight/Trip Delay Insurance†: Up to $1,000 in coverage per insured person if your flight/trip is delayed for over 4 hours.
    • Delayed and Lost Baggage Insurance†: For delayed baggage over 4 hours, up to $1,000 of coverage per insured person for the purchase of essentials, such as clothing and toiletries. For lost baggage, up to $2,500 of coverage per insured person.
    • Common Carrier Travel Accident Insurance†: Up to $500,000 of coverage for covered losses while travelling on a common carrier (for example, a bus, ferry, plane, train or auto rental).
    • Save time at the border with NEXUS: Enroll for a NEXUS and once every 48 months get an application fee rebate (up to $100 CAD)†. Additional Cardholders can also take advantage of this NEXUS rebate.
    • To be eligible, $150,000 annual personal income or $200,000 household annual income is required. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.
    • †Terms and conditions apply.
    • This offer is not available for residents of Quebec.
    • The Toronto-Dominion Bank (TD) is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete and current information on any TD product, please click the Apply Now button.

Best for airline rewards + great for students and fair credit

American Express® Aeroplan® Reserve Card

American Express® Aeroplan® Reserve Card
  • Annual Fee
    $599
  • Interest Rates
    20.99% / 21.99%
  • Rewards Rate
    1.25x-3x Points
  • Intro Offer
    Up to 85,000 Points
  • Our Take
    Why we like it

    Comprehensive travel insurance, Air Canada benefits, impressive earn rates and unlimited rewards make the American Express Aeroplan Reserve Card a strong choice for frequent travellers.

    Pros
    • Strong earn rates with unlimited rewards.
    • Air Canada airport benefits, like Maple Leaf Lounge access, a free checked bag, Priority Airport Check-In, Priority Boarding for you and up to eight travel companions.


    Cons
    • A high $599 annual fee.
    • The highest earn rate only applies to Air Canada travel purchases, so this card might not be a good fit if you prefer another airline.
  • Product Details
    • New American Express® Aeroplan®* Reserve Cardmembers can earn up to 85,000 Aeroplan points:
    • Earn 55,000 Aeroplan points after spending $6,000 in net purchases on your Card within the first 6 months of Cardmembership.
    • Plus, you can also earn 5,000 Aeroplan points for each monthly billing period in which you spend $1,000 in purchases on your Card for the first 6 months of Cardmembership. That could add up to 30,000 Aeroplan points.
    • New Cardmembers: Earn up to $2,700 in value within your first year. Spend applies to bonus point offers valued at up to $1,700.
    • New Cardmembers: Receive up to $100 CAD in statement credits every four years when a NEXUS application or renewal fee is charged to your American Express Aeroplan Reserve Card.
    • Standard Earn Rate: Earn 3X the points on eligible purchases made directly with Air Canada®* and Air Canada Vacations®*.
    • Standard Earn Rate: Earn 2X the points on eligible Dining and Food Delivery purchases in Canada.
    • Earn 2X the points on eligible purchases with Rocky Mountaineer®**. Plus, you could receive a Complimentary Hotel Room Category Upgrade, on the first and last night, and a Complimentary Upgrade from SilverLeaf to GoldLeaf class of service when you book directly with Rocky Mountaineer using your Aeroplan Reserve Card.
    • Standard Earn Rate: Earn 1.25X the points on everything else.
    • Get through the airport quicker with Air Canada Priority Check-In, Air Canada Priority Boarding and Air Canada Priority Baggage Handling.
    • Receive one Annual Worldwide Companion Pass when you spend $25,000 in net purchases prior to your Card anniversary date; your Pass entitles you to buy an accompanying Air Canada economy class ticket for a companion at a fixed base fare from $99 to a maximum of $599 CAD (plus taxes, fees, charges, and surcharges).
    • Enjoy access to select Air Canada Maple Leaf Lounges™* and Air Canada Café™ in North America for you and a guest, with a same day ticket on a departing Air Canada or Star Alliance flight.
    • Enjoy your eligible first checked bag free for up to 9 people travelling on the same reservation on Air Canada flights.
    • Roll over any unallocated Aeroplan Elite™* Status Qualifying Miles and unused eUpgrade Credits to the following year to enjoy during your travels.
    • American Express® Experiences opens doors for you to access a number of special events, including special dining experiences, VIP parties, advance film screenings and more.
    • Get more from your travel experience at Toronto Pearson International Airport with:
    • Access to Pearson Priority Security Lane.
    • Complimentary valet service at the Express Park and Daily Park.
    • 15% discount on parking rates at the Express Park and Daily Park.
    • 15% discount on Car Care Services.
    • Get access to more than 1,200 Priority Pass™ airport lounges and enjoy an oasis of comfort before your flight, regardless of your airline or cabin class.
    • American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply.

Best for no foreign exchange fees

HSBC World Elite® Mastercard®

HSBC World Elite® Mastercard®
  • Annual Fee
    $149
    Annual fee rebate for the first year*
  • Interest Rates
    19.90% / 22.90%
  • Rewards Rate
    3x-6x Points
  • Intro Offer
    Up to 80,000 Points
  • Our Take
    Why we like it

    Not only does this World Elite card offer a high rewards rate on travel purchases, but it also comes with premium travel perks, like a $100 travel enhancement credit and 31-day worldwide emergency travel medical insurance.

    Pros
    • A $100 annual travel enhancement credit covers seat upgrades, baggage fees, lounge passes, and more.
    • No foreign transaction fees.


    Cons
    • Select types of travel insurance won’t apply unless you charge 75% of your travel expenses to the card.
    • No travel medical coverage for cardmembers over the age of 65.
  • Product Details
    • Get up to $649 in total value* for the first year! Must apply by February 28, 2023. Conditions apply.
    • Primary Cardholder Annual Fee: $149.
    • Annual Interest on Purchases: 19.9%.
    • Annual Interest on Cash Advances and Balance Transfers: 22.9%.
    • Authorized User Annual Fee: $50 Per Card.
    • *Terms and Conditions apply.
    • ®/TM Mastercard and World Elite are registered trademarks, and the circles design is a trademark of Mastercard International Incorporated. Used pursuant to licence.

Best for hotels

Marriott Bonvoy® American Express®* Card

Marriott Bonvoy® American Express®* Card
  • Annual Fee
    $120
  • Interest Rates
    19.99% / 22.99%
  • Rewards Rate
    2x-5x Points
  • Intro Offer
    50,000 Points
  • Our Take
    Why we like it

    The Marriott Bonvoy® American Express®* Card helps travellers earn free stays and experiences at some of the world’s ritziest hotels, restaurants and spas, while also providing helpful insurance options and flexibility in how Marriott Bonvoy® points can be used.

    Pros
    • Solid earn rates should help members of the Marriott Bonvoy® program score free hotel stays.
    • Marriott Bonvoy® points can be transferred to frequent flyer miles with some airlines, including Air Canada’s Aeroplan.
    • Access to American Express® Experiences and several varieties of insurance.


    Cons
    • You’ll need to be a Marriott Bonvoy® member to take advantage of the card’s most valuable benefits.
    • American Express isn’t always as widely accepted as some other credit cards, so using the Marriott Bonvoy® American Express®* — and collecting points — everywhere you go might not always be possible.
  • Product Details
    • New Marriott Bonvoy® American Express®* Cardmembers earn 50,000 Marriott Bonvoy® points after you charge $1,500 in purchases to your Card in your first three months of Cardmembership. Subject to change at any time
    • Earn 5 points for every $1 spent in eligible Card purchases at hotels participating in Marriott Bonvoy®.
    • Earn 2 points for every $1 spent in all other Card purchases.
    • Receive an Annual Free Night Award for up to 35,000 points at eligible hotels and resorts worldwide every year after your first anniversary.
    • No annual fee on Additional Cards.
    • Redeem points for free nights with no blackout dates at over 7,000 of the world’s most desired hotels.
    • Automatic Marriott Bonvoy Silver Elite status membership.
    • Receive 15 Elite Night Credits each calendar year with your Marriott Bonvoy® American Express®* Card. These can be used towards attaining the next level of Elite status in the Marriott Bonvoy program.
    • Enjoy an automatic upgrade to Marriott Bonvoy Gold Elite status when you reach $30,000 in purchases on the Card each year or when you combine 10 qualifying paid nights within one calendar year with the 15 Elite Night Credits from your card.
    • American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply.

Best for AIR MILES rewards

American Express® AIR MILES®* Platinum Credit Card

American Express® AIR MILES®* Platinum Credit Card
  • Annual Fee
    $120
  • Interest Rates
    20.99% / 21.99%
  • Rewards Rate
    0.1x-0.2x Miles
  • Intro Offer
    2,000 Miles
  • Our Take
    Why we like it

    The American Express AIR MILES Platinum card’s array of Platinum perks and unlimited rewards make it a fantastic value. Plus, an intro offer valued at $200 makes the $120 annual fee well worth paying.

    Pros
    • A generous intro offer worth $200 in purchases with AIR MILES Cash.
    • Includes several types of insurance: Car Rental Theft and Damage Insurance, Travel Accident Insurance, Purchase Protection® Plan, Fraud Protection Guarantee, and Buyer's Assurance® Protection Plan.


    Cons
    • The earn rate on food, drinks, gas and transit is capped at $30,000 annual spend. After that, you’ll need to spend twice as much to receive the same number of AIR MILES.
  • Product Details
    • New American Express AIR MILES Platinum Credit Card Cardmembers, earn a Welcome Bonus of 2,000 AIR MILES Bonus Miles when you charge a total of $1,500 in purchases to your Card within your first three months of Cardmembership. That’s enough to redeem for $200 towards your purchases with AIR MILES Cash.
    • Earn 1 Mile for every $5 in Card purchases, up to $30,000 annually, on eligible food & drinks, (such as eligible restaurants, coffee shops and stand-alone grocery stores), and eligible gas & transit (such as local commuter transportation including ridesharing services and taxi) in Canada.
    • Earn 1 Mile for every $10 in Card purchases everywhere else.
    • American Express® AIR MILES®* Platinum Credit Card Cardmembers can take advantage of the Annual Travel Redemption Benefit. Once per calendar year, when an eligible Cardmember uses Dream Miles with the AIR MILES Reward Program to book their first single flight or package vacation through airmiles.ca or vacations.airmiles.ca, they can get Bonus Miles equivalent to 25% of the net number of Miles used (up to a maximum of 750 Bonus Miles).
    • Shop at participating AIR MILES®* Partners®* across Canada with your Card and show your AIR MILES®* Card, and you can earn Miles twice.
    • American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply.

Best for Aventura rewards

CIBC Aventura® Visa Infinite Privilege* Card

CIBC Aventura® Visa Infinite Privilege* Card
  • Annual Fee
    $499
  • Interest Rates
    20.99% / 22.99%
  • Rewards Rate
    1.25x-3x Points
  • Intro Offer
    Up to 60,000 Points
  • Our Take
    Why we like it

    A metal credit card equipped with all the bells and whistles of a high-end travel card: accelerated points on travel spending, air fare redemption options, airport lounge access and more.

    Pros
    • Six complimentary airport lounge visits, two NEXUS application fee rebates every four years, and a $200 annual travel credit.
    • Comprehensive travel insurance includes $5 million of out-of-province emergency travel medical coverage — 31-days for ages 65 and younger, and up to 10-days for ages 65 or older. You don’t even have to charge your trip to the card.
    • Flexible redemption options with points that never expire.


    Cons
    • Steep $499 annual fee.
    • High annual income requirement of $150,000 per individual or $200,000 per household.
  • Product Details
    • Welcome offer: Get a total of up to 60,000 Aventura Points (up to $1,200 in travel value) during the first year: 30,000 Aventura Points when cardholders spend $3,000 or more in the first 4 monthly statement periods; 30,000 Aventura Points when cardholders spend $2,000 or more each monthly statement during the first year.
    • Effective July 1, 2022: Receive 6 complimentary visits at 1,200+ lounges globally through Visa Airport Companion Program: over $250 value. Get a $200 annual Travel Credit. Plus, get a NEXUS™ Application Fee rebate: a $100 value.
    • Earn 3 points for every $1 spent on travel purchased through the CIBC Rewards Centre.
    • Earn 2 points for every $1 spent on eligible dining, entertainment, transportation, gas and groceries.
    • Earn 1.25 points for every $1 spent on all other purchases.
    • Earn 1.25 Aventura Points for every $4.00 spent on a CIBC Global Money Transfer™. There are no transaction fees and no interest charged as long as the balance is paid by the payment due date.
    • Redeem points for airline tickets, merchandise, gift cards and more.
    • Apply points toward a CIBC Aventura credit card balance or select CIBC financial products.
    • $499 annual fee.
    • Unwind at the airport in a relaxing lounge with 6 complimentary visits at 1,200+ lounges globally through Visa Airport Companion Program. Speed up border crossings with 2 NEXUS application fee rebates every 4 years.
    • Access business class bookings exclusive to this card for a future getaway.
    • Enjoy dedicated taxi and limo services, exclusive dining and wine experiences, VIP benefits at luxury hotels and more with Visa Infinite Privilege.
    • Get up to 25% off auto rentals at participating Avis® and Budget® locations worldwide when you pay with your Aventura card.
    • Link a Journie Rewards card to save on every fill-up at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations.
    • Preferred rates: 20.99% for purchases, 22.99% for cash advances (21.99% for cash advances if you live in Quebec).
    • To be eligible, $150,000 (individual) or $200,000 (household) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.

Best for USD purchases

CIBC U.S. Dollar Aventura® Gold Visa* Card

CIBC U.S. Dollar Aventura® Gold Visa* Card
  • Annual Fee
    $35 USD
    Waived first year
  • Interest Rates
    20.99 / 22.99
  • Rewards Rate
    0.5x-1x Points
  • Intro Offer
    Up to 10,000 Points
  • Our Take
    Why we like it

    Skip foreign currency conversion fees on USD purchases and earn flexbile rewards when shopping U.S. retailers in-store or online.

    Pros
    • Make payments in USD with no foreign transaction fees.
    • Flexible rewards redemption options.
    • Car rental, purchase security and common carrier accident insurance included.


    Cons
    • Foreign currency conversion fees still apply to purchases made in other international countries, so this card only benefits Canadians who frequently make USD purchases.
  • Product Details
    • Welcome offer: Get up to 10,000 Aventura Points (up to $100 in travel value). Get 500 Aventura Points for completing each of the following activities within 60 days of CIBC Aventura® Visa* card account approval: share your email address with CIBC, sign up for Aventura Visa card eStatements, add an authorized user on the Aventura Visa card, hold any eligible CIBC Chequing Account, and add the Aventura Visa card with Apple Pay® or Samsung Pay® or Google Pay™. 7,500 Aventura Points after you make your first purchase. Plus, get a one-time annual fee rebate ($35 US) for you (the primary cardholder) if your account is in good standing and you hold an eligible CIBC premium personal credit card and either the CIBC US$ Personal Account or the CIBC Bank USA Smart Account (offered by CIBC Bank USA), in good standing.
    • Earn 1 Aventura travel point for every $1 spent on travel purchased through the CIBC Rewards Centre.
    • Earn 1 Aventura travel point for every $2 spent on all other purchases.
    • Redeem Aventura Points for airfare, hotel stays, merchandise, gift cards and more.
    • Use your Aventura Points to help pay down your credit card balance or contribute them to select financial products.
    • $35 USD annual fee. One-time annual fee rebate available in your first year as a cardholder.
    • No currency conversion fees for USD purchases.
    • If your new purchase is lost, stolen or damaged within the first 90-days, your purchase may be protected by Purchase Security Insurance.
    • Preferred rates: 20.99% for purchases, 22.99% for cash advances (21.99% for Quebec residents).
    • Get Avis® and Budget® auto discounts.
    • Travel insurance and purchase protection are included with your card.
    • No foreign transaction fees.
    • To be eligible, $15,000 household annual income is required. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.
Best overall business travel card

TD Business Travel Visa* Card

TD Business Travel Visa* Card
  • Annual Fee
    $149
    Waived first year
  • Interest Rates
    19.99% / 22.99%
  • Rewards Rate
    2x-9x Points
  • Intro Offer
    Up to 150,000 Points
  • Our Take
    Why we like it

    With its huge welcome offer, high earn rates on travel and foreign currency, and hearty selection of perks and benefits, the TD Business Travel Card is a strong option for businesses of any size.

    Pros
    • Large intro offer that many established businesses will be able to earn.
    • Wide range of travel perks, including a broad selection of insurance, rewards on foreign currency and travel booking, and more.
    • Very strong earn rates in certain purchase categories.


    Cons
    • Smaller businesses may not spend enough to score the full welcome bonus of 150,000 TD Rewards points.
    • Lack of flexibility with travel booking, which must be done through ExpediaForTD.com to earn rewards.
  • Product Details
    • Intro offer: 150,000 TD Rewards points. Earn 30,000 points when the first purchase is made. Earn 60,000 points by spending $5,000 or more during the first three months of account opening. Earn 60,000 points (5,000 per month) by spending $5,000 each of the first 12 months of account opening. Plus, an annual fee rebate for the first year for the primary cardholder and 2 additional cardholders. Offer expires January 3, 2023.
    • Earn 9 TD Rewards Points for every dollar in travel purchases made online through Expedia for TD. Purchases made through Expedia For TD by phone earn 6 TD Rewards Points per dollar spent.
    • Earn 6 points for every dollar spent on foreign currency purchases, restaurant purchases and regularly recurring bill payments up to a maximum annual spend of $80,000. Earn rate becomes 2 TD Rewards Points per dollar spent after that.
    • Earn 2 TD Rewards Points per dollar spent on all other purchases.
    • Points can be redeemed for flights, hotels, retail business merchandise, gift cards, while making business purchases at Amazon.ca with Amazon Shop, and more. They can also be used to pay down the card’s balance.
    • No travel blackouts, no seat restrictions and no expiry for TD Rewards Points.
    • Annual fee: $149 — rebated in the first year.
    • Annual fee on additional cards: $49 — rebated for up to three cards in the first year.
    • Interest rates: 19.99% on purchases, 22.99% on cash advances.
    • Access online reporting, review business expenses, managing existing credit limits and apply spend controls through the TD Card Management Tool.
    • Visa SavingsEdge program: save up to 25% on eligible business purchases.
    • Travel benefits: travel medical insurance (up to $2 million in coverage for the first 15 days for those under 65; coverage lasts for 4 days for those 65 and older); common carrier travel accident insurance (up to $500,000 for covered losses), trip cancellation insurance (up to $1,500 per insured person; maximum of $5,000), trip interruption insurance (up to $5,000 per insured person; maximum of $25,000), flight/trip delay insurance (up to $500 if a flight or trip is delayed for longer than 4 hours), delayed and lost baggage insurance (up to $1,000 of overall coverage per insured person), auto rental collision/loss damage insurance (covers the full cost of a car rental).
    • Toll-free emergency travel assistance services.
    • Save a minimum of 10% on the lowest available base rates in Canada and the U.S., and a minimum of 5% on the lowest base rates internationally on qualifying car rentals at participating Avis and Budget locations.
    • Visa Zero Liability protection, Verified by Visa and instant alerts to prevent fraudulent card use.
    • Access to $5,000 emergency cash advances.
    • Linked cards can earn 50% more TD Rewards Points and 50% more Stars at participating Starbucks stores.
    • Minimum credit limit of $1,000.
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Best rewards credit cards in Canada

Best for fair credit

American Express® Green Card

American Express® Green Card
  • Annual Fee
    $0
  • Interest Rates
    20.99% / 21.99%
  • Rewards Rate
    1x-2x Points
  • Intro Offer
    10,000 Points
  • Our Take
    Why we like it

    The American Express Green Card has a simple rewards program with an accelerated earn rate on hotel and rental car bookings, and it’s easy to transfer your points to other loyalty programs for maximum redemption value. Oh, and the card itself is made from 99% recycled plastic.

    Pros
    • No limits on rewards spending, and more ways to redeem your points than other no-fee rewards credit cards on this list.
    • Cardholders who enjoy VIP treatment will enjoy access to a multitude of perks through American Express Experiences.


    Cons
    • Reward earn rates are lower than some other no-fee credit cards.
    • Lacks some of the travel perks and insurance options offered by other cards.
  • Product Details
    • Get the Card that lets you live in the moment while getting ready for the future.
    • The American Express® Green Card lets you go for it with every swipe or tap of your Card.
    • As a new American Express® Green Cardmember, you can earn a Welcome Bonus of 10,000 Membership Rewards® points when you charge $1,000 in purchases to your Card in the first 3 months of Cardmembership. That’s $100 towards groceries or concert tickets.
    • Earn 1x the points on Card purchases.
    • Charge an eligible purchase to your Card and redeem your Membership Rewards points for a statement credit (All eligible purchases: 1,000 points = $10 statement credit).
    • With American Express Experiences and Front Of The Line®, American Express Cardmembers get access to amazing events in Canada.
    • Transfer points 1:1 to several frequent flyer and other loyalty programs.
    • American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply.

Best for bonus rewards + great for no foreign exchange fees

Scotiabank Gold American Express® Card

Scotiabank Gold American Express® Card
  • Annual Fee
    $120
    Waived first year
  • Interest Rates
    20.99% / 22.99%
  • Rewards Rate
    1x-6x Points
  • Intro Offer
    Up to 45,000 Points
  • Our Take
    Why we like it

    Not only does the Scotiabank Gold American Express card reward you with impressive rates in six popular spending categories, but it also comes with no foreign exchange fees.

    Pros
    • No foreign exchange fee on any foreign currency purchases while travelling abroad or shopping online — you just have to pay the exchange rate.


    Cons
    • The bonus rewards rates drop down to the 1x flat rate after a $50,000 annual spend. This sounds like a lot, but much of your daily spending is probably included in the six bonus categories, so you might hit the limit faster than you’d think.
    • Your points will expire if you don’t use them within 12 months of the purchase date.
  • Product Details
    • Earn up to $850* in value in the first 12 months, including up to 45,000 bonus Scene+ points and first year annual fee waived¹ . Offer ends April 30, 2023.
    • You will not pay 2.5% foreign transaction fees on any foreign currency purchases, including online shopping and when travelling abroad. Only the exchange rate applies.
    • Earn 5X Scene+ points for every $1 CAD spent on eligible grocery stores, restaurants, fast food, and drinking establishments. Includes popular food delivery and food subscriptions.
    • Earn 5X Scene+ points for every $1 CAD spent on eligible entertainment purchases. Includes movies, theatre, and ticket agencies.
    • Earn 3X Scene+ points for every $1 CAD spent on eligible gas and daily transit. Includes rideshare, buses, taxis, subway, and more.
    • Earn 1X Scene+ point for every $1 spent on every other purchase.
    • You’ll earn 6X Scene+ points for each $1 CAD charged to your account on all eligible purchases¹ at Sobeys, IGA, Safeway, Foodland, FreshCo, Voilà by Sobeys, Voilà by IGA, Voilà by Safeway, Chalo! FreshCo, Thrifty Foods, IGA West, Les Marchés Tradition, Rachelle Béry and Co-Op.
    • You must redeem a minimum of 5,000 points per travel-related rewards redemption, equivalent to $50 in travel savings. Points must be redeemed within 12 months of the purchase date.
    • Discounted Priority Pass™ membership, which grants you access to over 1200 VIP lounges around the world.
    • Score deals on shopping, dining, travel and more with Amex Offers®, and experience special events and discounts with American Express Invites®.
    • Access to Amex Front Of The Line® presale and reserved tickets.
    • To be eligible, $12,000 (individual) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.
    • Terms and Conditions Apply. Click 'Apply Now' for complete details.

Best for balance transfers + great for bonus categories tailored to your spending

Tangerine Money-Back Credit Card

Tangerine Money-Back Credit Card
  • Annual Fee
    $0
  • Interest Rates
    19.95%
  • Rewards Rate
    0.5%-15%
  • Intro Offer
    Up to $150
  • Our Take
    Why we like it

    You can earn unlimited cash back at a 2% rate in up to three categories of your choice — all while earning 0.50% back on everything else.

    Pros
    • You can tailor the 2% rewards to your spending by choosing up to three categories from Tangerine’s list of 10, which includes basics like gas and groceries as well as unusual picks like furniture and home improvement.
    • Transfer balances within your first 30 days and pay only 1.95% interest on the transferred balance for the first six months (19.95% after that).


    Cons
    • 2% cash back is a competitive rate, but many cards offer double the rewards on specific categories.
    • Tangerine is a virtual bank with no physical bank branches.
  • Product Details
    • 2% on two categories of your choice: grocery, furniture, restaurants, hotel-motel, gas, recurring bill payments, drug store, home improvement, entertainment, or public transportation and parking.
    • Get a third cash-back category by choosing to have your rewards deposited into a Tangerine Savings Account.
    • 0.50% on everything else.
    • Redeem cash back monthly as a statement credit or deposited into a Tangerine Savings Account.
    • No annual fee.
    • Transfer balances within your first 30 days and pay only 1.95% interest on the transferred balance for the first six months (19.95% after that). 1% balance transfer fee applies to the amount transferred.
    • Get free cards for any authorized users on your account.
    • It only includes purchase assurance and extended protection insurance. For more insurance, consider the Tangerine World Mastercard which requires a minimum personal income of $60,000. If you meet this requirement, you will automatically be considered for the World card if you apply for the Money-Back card.
    • Preferred rates: 19.95% for purchases and cash advances.
    • To be eligible, a $12,000 (individual) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.

Best no-fee rewards card

MBNA Rewards Platinum Plus® Mastercard®

MBNA Rewards Platinum Plus® Mastercard®
  • Annual Fee
    $0
  • Interest Rates
    19.99% / 24.99%
  • Rewards Rate
    1x-4x Points
  • Intro Offer
    Up to 10,000 Points
  • Our Take
    Why we like it

    The MBNA Rewards Platinum Plus Mastercard offers bonus rewards on common spending categories, along with flexible options for redemption.

    Pros
    • Flexible redemption options, including cash back, brand-name merchandise, gift cards, charitable donations and travel, and points never expire.
    • You can receive up to 10,000 Birthday Bonus Points every year.


    Cons
    • Accelerated earn rate drops to 2x after the first 90 days, and 1x after $10,000 in spending. Considering how many categories fit into the cap, hitting the limit will be easy for families and big spenders.
    • Lack of travel insurance may disappoint some cardholders.
  • Product Details
    • Earn 4 points†† for every $1 spent on eligible restaurant, grocery, digital media, membership and household utility purchases during the first 90 days, and 2 points‡ for every $1 spent on eligible purchases in those categories thereafter – in both cases, these earn rates apply until $10,000 is spent annually in the applicable category.
    • Earn 1 point‡ for every $1 spent on all other eligible purchases.
    • 5,000 bonus points†† ($25 in cash back value) after you make $500 or more in eligible purchases within the first 90 days of your account opening.
    • 5,000 bonus points††($25 in cash back value) once enrolled for paperless e-statements within the first 90 days of account opening.
    • Each year, you will receive Birthday Bonus Points‡ equal to 10% of the total number of Points earned in the 12 months before the month of your birthday, to a maximum Birthday Bonus each year of 10,000 Points.
    • Redeem points‡ for cash back, brand-name merchandise, gift cards from participating retailers, charitable donations, and travel.
    • Mobile Device Insurance*** With Mobile Device Insurance, you’ve got up to $1,000 in coverage for eligible mobile devices in the event of loss, theft, accidental damage or mechanical breakdown.
    • No annual fee.
    • ‡, ††, ✪, ***, Terms and Conditions apply.
    • This offer is not available for residents of Quebec.
    • Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the "Apply Now" button.

Best for newcomers to Canada

Scotiabank® Scene+™ Visa* Card

Scotiabank® Scene+™ Visa* Card
  • Annual Fee
    $0
  • Interest Rates
    19.99% / 22.99%
  • Rewards Rate
    1x-2x Points
  • Intro Offer
    Up to 10,000 Points
  • Our Take
    Why we like it

    Perfect for movie-goers, you’ll earn Scene+ points on everyday spending and 2x the points each time you make a Cineplex purchase. Points can be redeemed for more than just movie tickets — rewards include merchandise, dining, entertainment, airfare and even hotel stays.

    Pros
    • No annual fee.
    • Earn up to 10,000 Scene points within the first year.
    • Flexible point redemption program.


    Cons
    • Insurance coverage isn’t included — it must be opted into.
    • No option to earn cash back.
  • Product Details
    • Earn up to 10,000 bonus Scene+ points within your first year.¹ Offer ends April 30, 2023.
    • Earn 2x Scene+ points for every $1 you spend on credit card purchases at Cineplex™ theatres or at cineplex.com
    • Earn 1x Scene+ point for every $1 you spend on your everyday credit card purchases.
    • You’ll earn 2X Scene+ points for each dollar charged to your account on all eligible purchases¹ at Sobeys, IGA, Safeway, Foodland, FreshCo, Voilà by Sobeys, Voilà  by IGA, Voilà  by Safeway, Chalo! FreshCo, Thrifty Foods, IGA West, Les Marchés Tradition, Rachelle Béry and Co-Op. 
    • Redeem Scene+™* points for travel, shopping, entertainment, dining, banking, and more.
    • As a SCENE®* Visa* Cardholder, you can save up to 25% off base rates at participating AVIS locations and at participating Budget locations in Canada and the U.S. when you pay with your SCENE®* Visa* card.
    • No annual fee.
    • Preferred rates: 19.99% for purchases, 22.99% for cash advances.
    • To be eligible, $12,000 (individual) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.
    • Terms and Conditions Apply. Click 'Apply Now' for complete details.
Best overall business rewards card

American Express® Business Edge™ Card

American Express® Business Edge™ Card
  • Annual Fee
    $99
  • Interest Rates
    19.99% / 21.99%
  • Rewards Rate
    1x-10x Points
  • Intro Offer
    Up to 67,000 Points
  • Our Take
    Why we like it

    There’s a lot of value packed into the American Express Business Edge Card: a manageable annual fee, impressive earn rates on common business purchases, and a wide range of perks and special offers, such as business and expense management tools and payment flexibility.

    Pros
    • The generous welcome offer and 1,000-point monthly spend bonus should be attainable for many businesses.
    • A healthy earn rate on several everyday business purchases, like office supplies, electronics and gas.
    • Ability to add up to 99 supplementary cards — and up to $100,000 in coverage in case of employee misuse.


    Cons
    • Not all retailers accept American Express.
    • Because of the relatively low spending limits associated with the 10x and 3x earn rates, the increased rewards may not be in effect for long for some businesses.
    • Limited insurance coverage included.
  • Product Details
    • Earn up to 67,000 welcome bonus Membership Rewards® points.
    • Earn 45,000 Welcome Bonus points when you charge $5,000 in purchases to your Card in your first three months of Cardmembership.
    • Plus, earn 10x the points for every $1 spent on eligible business essentials including office supplies & electronics, rides & gas, eats & drinks within 6 months of Cardmembership, up to a maximum of 10,000.
    • You can earn an extra 1,000 Membership Rewards points for each monthly billing period in which you spend $3,000 in purchases on your Card. This could add up to 12,000 extra points in a year.
    • That’s $670 in statement credits that can be reinvested in your business.
    • Earn points that you can redeem in a variety of ways.
    • Earn 3x the points for Card purchases on eligible business essentials including office supplies & electronics, rides & gas, eats & drinks when your Welcome Offer ends. Caps and other conditions may apply.
    • Earn 1x the points on all other purchases charged to the Card.
    • Use points to offset business expenses. Membership Rewards® allows you to offset business expenses by covering the cost of purchases made on your Card, in full or in part. Redeem points for statement credits and to book flights, hotels, and car rentals.
    • Transfer points to frequent flyer and hotel programs, including one-to-one to Aeroplan®* and Avios.
    • Make the most out of a full suite of business management tools that give you more control over your business - anytime and anywhere.
    • Leverage your cash flow with the option of carrying a balance or paying in full each month.
    • Employee Card Misuse Protection is a benefit created specifically for business owners and it provides coverage of up to $100,000 per Basic Cardmember in the event an employee misuses their Supplementary Card for unauthorized charges.
    • Access coverage that can protect your business purchases when you charge the full price of eligible items to your American Express Business Edge™ Card.
    • Protect your eligible purchases against accidental physical damage and theft for up to 90 days with Purchase Protection® Plan.
    • Double the manufacturer’s original warranty up to one additional year with Buyer’s Assurance® Protection Plan.
    • American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply.

Best overall rewards card

Laurentian Bank Visa Infinite card

Laurentian Bank Visa Infinite card
  • Annual Fee
    $130
  • Interest Rates
    19.99% / 21.99%
  • Rewards Rate
    1x-2x Points
  • Intro Offer
    N/A
  • Our Take
    Why we like it

    The Laurentian Bank Visa Infinite card has a straightforward and generous rewards program, flexible redemption options, and comprehensive travel insurance coverage for the whole family.

    Pros
    • Rewards points won’t expire, and there are no spending caps on rewards and no limit to the number of points you can earn.
    • Impressive travel insurance coverage includes up to $5 million in out-of-province coverage, with clients aged 66 to 75 covered for up to 15 days — much longer than the industry average.


    Cons
    • No intro offer or bonus points.
    • A lack of premium travel perks, like airport lounge access or annual travel credits.
  • Product Details
    • Earn 2 points per dollar spent on pre-authorized debits, grocery, gas, travel and transportation.
    • Earn 1 point per dollar spent on everything else.
    • No limit to the number of points you can accumulate, and points don’t expire.
    • Redeem points to book a trip or for cash back, gift cards, merchandise and Laurentian Bank financial products.
    • Cashback starts at 10,000 points, and 10,000 points = $100 cashback on a Laurentian Bank Visa Infinite account.
    • $130 annual fee.
    • Travel insurance includes up to a $5 million out-of-province coverage, for the cardholder and family: maximum of 15 days for clients aged 66 to 75, or a maximum of 31 days for clients aged 65 and under.
    • Trip Cancellation, Delayed Baggage, Public Transportation Vehicle Accident, Auto Rental Collision/Loss Damage Insurance, Purchase Insurance, extended warranty, and Visa Zero Liability are also included.
    • Complimentary Concierge Service available 24/7.
    • Luxury Hotel Collection (benefits at over 900 prestigious properties worldwide.
    • Dining Series (extraordinary dining experiences at the country’s most highly anticipated new restaurants).
    • Visa Infinite Experiences (entertainment benefits and exclusive sports experiences).
    • Personalized service with the Reward Zone Program agency (Vision Travel): Book a trip, hotel or flight directly through the Reward Zone travel agency, and get 25% more points on every transaction made through the agency, and 24/7 assistance service for any changes to your itinerary.
    • 21-day interest-free payment deferment until the date shown on your statement.
    • Visa payWave* to quickly settle small purchases.
    • Card accepted in more than 200 countries.
    • No need to tell us when you are travelling, thanks to our advanced fraud detection systems.
    • Cash advances and withdrawals available from more than 1 million ABMs affiliated with the Visa, Interac and PLUS networks, 24 hours a day, worldwide.
    • Preferred rates: 19.99% for purchases, 21.99% for balance transfers, cash advances and Visa cheques.
    • Eligibility requirements: $60,000 personal or $100,000 household annual income. Must also be a Canadian resident of the age of majority in the province or territory of residence.Earn 2 points per dollar spent on pre-authorized debits, grocery, gas, travel and transportation.
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Best credit cards for bad credit in Canada

Best secured card

Neo Card™ (Secured)

Neo Card™ (Secured)
  • Annual Fee
    $0
  • Interest Rates
    19.99%-26.99%
  • Min. Deposit
    $50
  • Maximum Deposit
    $10,000
  • Our Take
    The Neo Card™ (Secured) is a no-fee card that earns cash back rewards and offers access to high-interest savings.

    Pros
    • A small $50 minimum deposit makes this card accessible to consumers of all budgets.
    • Earn up to 15% cash back on purchases with select Neo partners.


    Cons
    • Interest rates could be as high as 26.99% for some users.
    • While Neo plans to report card activity to TransUnion, the company has confirmed that this function isn't fully operational yet, so the credit-building benefits of this card will be delayed.
  • Product Details
    • Earn a 0.5% cash back guarantee, an average of 5% unlimited cash back at thousands of Neo partners, and up to 15% cash back on your first purchase at participating partners.
    • No annual fee for the Standard rewards plan.
    • $50 minimum security fund deposit required.
    • $10,000 maximum security fund deposit.
    • To apply, visit member.neofinancial.com and create an account. Select “Credit”, pick either the Neo Card™ or the Hudson’s Bay Mastercard, and then choose “Secured Card” as the type of credit you are looking for.
    • Hard credit checks are not made on applications.
    • Guaranteed approval, as long as you meet eligibility requirements.
    • Ability to upgrade to an unsecured rewards credit card.
    • Link your account to a Neo Money™ account and earn 2.25% interest on savings.
    • Purchase rates range from 19.99%-26.99%. The standard rate on purchases and cash advances is dependent on Neo Financial’s assessment of your credit application, credit profile, and your province.
    • To be eligible, 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.
  • More secured cards

    See our selections for Canada’s best secured credit cards

Best prepaid card

KOHO Premium Reloadable Prepaid Mastercard

KOHO Premium Reloadable Prepaid Mastercard
  • Annual Fee
    $84
  • Rewards Rate
    0.5%-8%
  • Min. Deposit
    $0
  • Maximum Deposit
    $200,000
  • Intro Offer
    Free 30-day trial
  • Our Take
    Why we like it

    KOHO offers two tiers of prepaid cards: a standard card and a premium card. Both combine the benefits of a debit card and a credit card with cash back rewards, limited fees and the ability to build credit. Plus, KOHO doesn’t charge interest — instead, they let you earn interest on every dollar you save in your KOHO account.

    Pros
    • An app that tracks your spending, helps with budgeting, offers free financial coaching, and the ability to earn 1.2% interest on your entire account.
    • Access to a credit building service that reports your payments for only $10 per month — a rare feature for a prepaid card.


    Cons
    • KOHO is a tech-focused company, so if you’re uncomfortable with digital banking, it may not be the right choice.
    • KOHO isn’t a credit card, which means you can’t borrow any money. You can only access the funds already in your account.
  • Product Details
    • Up to 8% cash back at select KOHO partners.
    • 2% cash back on transportation, groceries and restaurants.
    • 0.5% cash back on everything else.
    • Cash back is instantly added to your KOHO Savings account.
    • $9 monthly fee/$84 annual fee, + a 30-day free trial.
    • No foreign exchange fees.
    • 1 free international ATM withdrawal per month.
    • Subscribe to Credit Building for $10/month in-app.
    • Earn 1.2% interest on every dollar you save in your KOHO account.
    • A new look. Get an optional snappy new vertical Premium card! Accepted everywhere Mastercard is.
    • Price match. We offer in-app price protection to get the absolute lowest possible price on your Purchases
    • Priority customer support. Premium users always skip the line
    • Personalized financial coaching on demand. Ask our in house certified financial coach any money question you have.
    • To be eligible, you must be a Canadian resident of the age of majority in the province or territory where you live.
  • More prepaid cards

    See our selections for Canada’s best prepaid cards

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Best cash back credit cards in Canada

Best overall cash back card

Scotia Momentum® Visa Infinite* Card

Scotia Momentum® Visa Infinite* Card
  • Annual Fee
    $120
    Waived first year
  • Interest Rates
    20.99% / 22.99%
  • Rewards Rate
    1%-10%
  • Intro Offer
    Up to $200
  • Our Take
    Why we like it

    Earn up to $1,000 in cash back on grocery shopping and recurring bill payments with a 4% rewards rate in both categories.

    Pros
    • It’s rare for a credit card to offer 4% cash back on two major spending categories. It’s even rarer to set a $25,000 annual limit to that 4% — a $1,000 value — before reverting to the healthy 1% base rate.
    • You can waive the $120 annual fee every single year by using the Scotiabank Ultimate Package.


    Cons
    • The cash back earned is hands-off. You have to wait until November, and then it’s only redeemable as a statement credit. If you have a Scotiabank account, that annual payout can be deposited into your bank account.
    • The 4% rate won’t mean much to you if you don’t buy a lot of groceries or often buy your food at somewhere that Visa doesn’t classify as a grocery store or supermarket, such as Canadian Tire, FreshCo, London Drugs, Walmart and No Frills.
  • Product Details
    • SPECIAL OFFER: Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). No annual fee in the first year, including on supplementary cards. Offer ends April 30, 2023.
    • Earn 4% for every $1 you spend on grocery store purchases, recurring bill payments, and subscription purchases.
    • Earn 2% for every $1 you spend on gas purchases and daily transit purchases.
    • Earn 1% cash back on all other purchases with no cash back limit.
    • Redeem cash back as a statement credit in November.
    • Visa Infinite benefits, including Visa Infinite* Concierge, Visa Infinite* Luxury Hotel Collection, Visa Infinite* Dining Series, and entertainment and lifestyle offers.
    • Save up to 25% off base rates at participating AVIS locations and at participating Budget locations in Canada and the U.S.
    • Access to Scotia SelectPay™.
    • To be eligible, $60,000 (individual) or $100,000 (household) annual income is required, or $250,000 minimum assets under management. Also, you must have a Canadian credit file and be a Canadian resident that is the age of majority in the province or territory where you live.
    • Terms and Conditions Apply. Click 'Apply Now' for complete details.

Best overall cash back card with a flat-rate

SimplyCash® Preferred Card from American Express

SimplyCash® Preferred Card from American Express
  • Annual Fee
    $119.88
  • Interest Rates
    20.99% / 21.99%
  • Rewards Rate
    2%-4%
  • Intro Offer
    Up to $400
  • Our Take
    Why we like it

    Get rewarded at the gas station and grocery store with 4% cash back, plus enjoy a high ongoing flat-rate of 2% cash back on everything else.

    Pros
    • The unlimited 2% cash-back earn rate is among the highest we evaluated.
    • You can earn up to $400 in the first ten months.


    Cons
    • The bonus rewards rate on gas and groceries drops down to 2% after a $30,000 annual spend.
  • Product Details
    • In your first 10 months as a new SimplyCash® Preferred Card from American Express Cardmember, you can earn a $40 statement credit for each monthly billing period in which you spend $750 in purchases on your Card. This could add up to $400 in statement credits in the first 10 months.
    • Earn accelerated earn rates on eligible gas and grocery purchases.
    • Earn 4% cash back on eligible gas station purchases in Canada, 4% cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually) and 2% cash back on all other purchases.
    • Access events and special offers curated for Cardmembers with American Express® Experiences.
    • Extensive insurance coverage and 24/7 Customer Service.
    • American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply.

Best for Costco in-store shopping

BMO CashBack® World Elite® Mastercard®

BMO CashBack® World Elite® Mastercard®
  • Annual Fee
    $120
    Waived first year
  • Interest Rates
    20.99% / 23.99%
  • Rewards Rate
    1%–10%
  • Intro Offer
    Up to $260
  • Our Take
    Why we like it

    You won’t need a strategy to make the most out of this bonus-category card. The BMO CashBack World Elite Mastercard spends like a flat-rate card thanks to stellar rates on four popular daily spending categories.

    Pros
    • Score generous cash-back rates for popular spending categories: 5% on groceries, 4% on transit, 3% on gas, 2% on recurring bills, and 1% on everything else.
    • Feel protected with 13 types of insurance and fantastic travel benefits.


    Cons
    • Spending categories come with easily-hit spending caps, but the 1% base rate still earns you value once you hit your monthly bonus rate limits.
    • The $120 annual fee is pretty steep. While we think you’ll more than make up for it through cash back savings, the no-fee BMO CashBack Mastercard is a great alternative.
  • Product Details
    • 5% on groceries, 4% on transit, 3% on gas and electric vehicle charging, and 2% on recurring bills, up to $500 each on every statement cycle.
    • 1% on everything else.
    • Redeem your cash back as a statement credit, or directly deposit it into a BMO Chequing, Savings or InvestorLine Account.
    • $120 annual fee.
    • Mastercard World Elite Benefits, including Mastercard Travel Rewards, Mastercard Airport Experiences provided by LoungeKey and Boingo Public Wi-Fi.
    • Cash back when you travel outside of Canada with the Mastercard Travel Rewards program.
    • 13 types of insurance provided, including eight-day out-of-province/out-of-country emergency medical benefits — up to $2 million coverage.
    • Preferred rates: 20.99% for purchases, 23.99% for cash advances.
    • To be eligible, $80,000 (individual) or $150,000 (household) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.

Best no-fee cash back card

MBNA Smart Cash Platinum Plus® Mastercard®

MBNA Smart Cash Platinum Plus® Mastercard®
  • Annual Fee
    $0
  • Interest Rates
    19.99% / 24.99%
  • Rewards Rate
    0.5%-5%
  • Intro Offer
    Up to $150
  • Our Take
    Why we like it

    The MBNA Smart Cash Platinum Plus Mastercard is a no-frills cash back card that can help cardholders earn a useful amount of rewards on gas and grocery purchases.

    Pros
    • The welcome offer, 5% cash back on gas and groceries, can help cardholders save more during the first six months of activity. The 2% cash back earn rate after that isn’t bad, either.
    • No annual fee, which applies to a maximum of nine additional cards.


    Cons
    • The 2% cash back earn rate on gas and groceries only applies to the first $500 spent every month.
    • The interest rate on cash advances is higher than what many other cards charge.
  • Product Details
    • Welcome offer: Earn 5% cash back on gas and groceries for the first six months, up to $500 in applicable purchases per month.
    • Earn 2% on gas and groceries once the welcome offer expires, up to a $500 monthly spending cap.
    • Earn 0.5% cash back on all other eligible purchases.
    • No annual fee.
    • Add up to 9 authorized users with no additional annual fee for each user added.
    • Access to emergency services, including emergency card replacement, trip assistance and legal assistance.
    • Purchase assurance, which covers most items purchased with an MBNA credit card for the first 90 days. Lifetime limit of $60,000 per account.
    • Extended warranty benefit: doubles the written warranties for up to one additional year on most new purchases made with an MBNA credit card.
    • When using an MBNA credit card to rent vehicles at participating Avis Rent A Car and Budget Rent A Car locations, save a minimum of 10% off the base rates in Canada and the U.S. and a minimum of 5% off the base rates internationally.
    • Mastercard Zero Liability protection prevents cardholders from being held responsible for unauthorized purchases mad by telephone or online. Some conditions apply.
    • Access to installment payments through the MBNA Payment Plan.
    • Preferred rates: 19.99% on purchases, 24.99% on cash advances, 22.99% on balance transfers and access cheques.
    • Eligibility: Must be a Canadian resident of the age of majority in the province/territory of residence.
Best overall cash back business card

Meridian Visa Infinite Business Cash Back Plus Card

Meridian Visa Infinite Business Cash Back Plus Card
  • Annual Fee
    $110
    Waived first year
  • Interest Rates
    19.50%
  • Rewards Rate
    1.5%-3%
  • Intro Offer
    N/A
  • Our Take
    Why we like it

    It may be short on perks, but by offering 1.5% cash back on all purchases, the Meridian Visa Infinite Business Cash Back Plus Card provides a reliable way for businesses to take a bite out of their expenses.

    Pros
    • The earn rates will be there no matter how much you spend.
    • No annual fee in the first year.
    • Internationally-minded businesses will love the extensive range of travel insurance offerings and 3% cash back on foreign currency purchases.


    Cons
    • No welcome bonus or introductory earn rates.
    • The income and earnings threshold required for approval may be too high for newer or smaller businesses.
    • The 3% earn rate won’t benefit businesses who deal solely in Canadian currency.
  • Product Details
    • Earn 1.5% unlimited cash back on all purchases.
    • Earn 3% unlimited cash back on net purchases in foreign currencies.
    • Cash back earnings can be redeemed at any time for account credits, travel, event tickets, gift cards and other merchandise.
    • Annual fee: $110, but free for the first year.
    • Additional card fee: $49.
    • Access to Visa expense management tools.
    • Visa Infinite Benefits, which include concierge services and exclusive access to luxury hotels, dining events and wine tastings.
    • Full suite of travel insurance and services, including: trip cancellation and interruption insurance (up to $2,000 per person), baggage insurance (up to $1,000 per person), common carrier accident protection (up to $1,000,000), auto rental collision/loss insurance, mobile device insurance, purchase protection, extended warranty coverage and 24/7 travel assistance.
    • Preferred rates: 19.50% on purchases, 19.50% on cash advances.
    • Eligibility requirements: either $60,000 annual personal income, $100,000 annual household income, minimum annual spend of $30,000 on current issuer’s card, assets under management of $250,000, or minimum business annual sales revenue of $500,000.
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Best low interest rate credit cards in Canada

Best for low interest rates

Scotiabank Platinum American Express® Card

Scotiabank Platinum American Express® Card
  • Annual Fee
    $399
  • Interest Rates
    9.99%
  • Rewards Rate
    2x Points
  • Intro Offer
    Up to 70,000 Points
  • Our Take
    Why we like it

    With low rates and a generous rewards program, the Scotiabank Platinum American Express card is a unicorn for frequent travellers seeking luxury perks, premier travel benefits and exceptional interest rates on purchases and cash advances.

    Pros
    • Low interest rates, no foreign transaction fees, and an impressive insurance package that includes comprehensive travel insurance coverage and newly-added mobile device insurance.
    • Luxury travel privileges include 10 free VIP airport lounge visits per year with a complimentary Priority Pass membership.


    Cons
    • The $399 annual fee is quite a bit higher than other rewards cards, but frequent travellers seeking a low rate on purchases and cash advances can easily make the yearly cost worthwhile.
  • Product Details
    • Earn up to $2,250* in value in your first 14 months, including up to 70,000* bonus Scene+ points. Offer ends January 3, 2023.
    • You will not pay 2.5% foreign transaction fees on any foreign currency purchases, including online shopping and when travelling abroad. Only the exchange rate applies.
    • Earn 2X Scene+™ points for every $1 CAD you spend on all your eligible purchases.
    • Scene+ points can be redeemed for travel purchase, merchandise and other non-travel rewards such as gift cards and prepaid cards.
    • You must redeem a minimum of 5,000 points per travel-related rewards redemption, equivalent to $50 in travel savings. Points must be redeemed within 12 months of the purchase date.
    • $399 annual fee.
    • Redeem points for any flight, any time through Scene+ Travel, a full-service travel agency. Plus, take advantage of a best price guarantee on airfare.
    • Get a Hertz #1 Club Gold membership for special privileges and rental car benefits at over 8,500 locations in 147 countries.
    • Enjoy culinary events and experiences, entertainment, luxury fashion, tours, and more through American Express benefits, including American Express Invites, Platinum VIP offers and access to 24/7 premium concierge services for restaurant reservations, show tickets, and gift purchases.
    • Lounge access at over 600 VIP airport lounges around the world with a complimentary Priority Pass membership, which includes 10 free visits per year.
    • 12 types of insurance provided, including 31-day travel medical benefits — up to $2 million in coverage — for you, your spouse and any dependent children under the age of 65. 10-day coverage available for those over the age of 65.
    • Preferred rates: 9.99% for purchases, 9.99% for cash advances.
    • To be eligible, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.
    • Terms and Conditions Apply. Click 'Apply Now' for complete details.

Best for balance transfers

Scotiabank Value® Visa* Card

Scotiabank Value® Visa* Card
  • Annual Fee
    $29
    Waived first year
  • Interest Rates
    12.99%
  • Rewards Rate
    N/A
  • Intro Offer
    N/A
  • Our Take
    Why we like it

    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.
  • Product Details
    • 0% introductory interest rate on Cash Advances for the first 6 months (12.99% after that; annual fee $29).1 Plus no annual fee in the first year.1 Offer ends April 30, 2023.
    • 0.00% introductory interest rate on balance transfers for the first 6 months (12.99% after that).
    • 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.

Best for low introductory interest rates

Simplii Financial™ Cash Back Visa Card

Simplii Financial™ Cash Back Visa Card
  • Annual Fee
    $0
  • Interest Rates
    19.99% / 22.99%
  • Rewards Rate
    0.5%-10%
  • Intro Offer
    Up to $500
  • Our Take
    Why we like it

    The $0-annual-fee Simplii Financial Cash Back Visa Card earns bonus cash-back on the purchases you make almost every day.

    Pros
    • New cardmembers can earn a 9.99% introductory annual interest on purchases for the first six months.


    Cons
    • The 0.5% base rate isn’t exactly impressive, but it only applies after you hit the annual spending limits of bonus categories.
    • It only includes purchase security and extended protection insurance.
  • Product Details
    • 4% on restaurant, bar and coffee shops, up to $5,000 per year.
    • 1.5% on gas, groceries, drugstores and pre-authorized payments, up to $15,000 per year.
    • 0.5% on everything else.
    • Plus, for your first 4 months, enjoy 10% bonus cash back at restaurants and bars up to $500 spend. Get 4% cash back after that.
    • Redeem cash back as a statement credit in December.
    • No annual fee.
    • Cash back when you send money abroad with a Simplii Financial Global Money Transfer. No transaction fees and no interest charges.
    • Purchase security and extended protection insurance provided.
    • Preferred rates: 19.99% for purchases, 22.99% for cash advances.
    • To be eligible, a $15,000 (individual) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident (excluding Quebec) that is the age of majority in the province or territory where you live.

Best for bad credit

Capital One Low Rate Guaranteed Mastercard®

Capital One Low Rate Guaranteed Mastercard®
  • Annual Fee
    $79
  • Interest Rates
    14.90% / 21.90%
  • Rewards Rate
    N/A
  • Intro Offer
    N/A
  • Our Take
    Why we like it

    Competitive interest rates and guaranteed approval can help those with poor credit access a card and begin rebuilding their score. If your credit score isn’t strong enough to qualify for the unsecured card, you’ll be offered a secured card instead.

    Pros
    • Low interest rates for purchases and balance transfers.
    • Guaranteed approval if you meet eligibility criteria.
    • Can be used to build or rehabilitate credit.


    Cons
    • Doesn’t earn rewards.
    • $79 is the highest annual fee charged by Capital One’s Canadian credit cards. If you’d prefer to pay a lower annual fee ($59) and have a standard interest rate (19.8%), consider opting for the Guaranteed Mastercard® instead.
  • Product Details
    • $79 annual fee.
    • Improve your credit: Captial One reports credit card activity to credit reporting agencies on a monthly basis. Use your card responsibly to help establish or improve your credit.
    • Build for the future: A good credit score gives you more options – it can help you get better interest rates on loans, and can increase your chances of getting approved for an apartment rental or mortgage.
    • Everyday benefits: Price Protection Service, Purchase Assurance, and Extended Warranty.
    • Travel benefits: Common Carrier Travel Accident Insurance, Car Rental Collision/Loss Damage Waiver, Baggage Delay, and Travel Assistance.
    • Mastercard Global Service™: If a card is lost or stolen, this service provides emergency card replacement, emergency cash advance, 24/7 telephone access and referral to the closest ABM.
    • Zero Liability: No need to worry about unauthorized charges being made to the account. Capital One cardholders are protected with Zero Liability for unauthorized use of the card. That means cardholders won’t pay for any unauthorized purchases on their card.
    • If Capital One is unable to approve you for a Low Rate Gold card based on your credit history, you’ll be approved for a Secured card. With a Secured card, you’ll also be required to send in security funds.
    • Preferred rates: 14.9% for purchases and balance transfers, 21.9% for cash advances.
    • To be eligible, you must be a Canadian resident of the age of majority in the province or territory where you live. You must also not have an existing Capital One account or a pending application for one. You must not have applied for a Capital One account more than once in the last 30 days or held a Capital One account that was in poor standing in the last year.
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Best store rewards credit cards in Canada

Best Amazon.ca online shopping

Amazon.ca Rewards Mastercard®

Amazon.ca Rewards Mastercard®
  • Annual Fee
    $0
  • Interest Rates
    19.99% / 22.99%
  • Rewards Rate
    1%-5%
  • Intro Offer
    Up to $150
  • Our Take
    Why we like it

    Ideal for Amazon shoppers with 2.5% back on all eligible Amazon.ca and Whole Foods purchases. Plus, Amazon Prime members get 2.5% back on eligible foreign currency transactions.

    Pros
    • No annual fee.
    • Apply rewards to eligible Amazon.ca purchases.


    Cons
    • Amazon Prime membership required for higher earn rate.
  • Product Details
    • Welcome offer: Get 5% back at Amazon.ca, Whole Foods Market stores, grocery stores, and restaurants for 6 months after approval, on first $3,000 in eligible purchases.
    • Earn rewards on eligible purchases at Amazon.ca — including Whole Foods Market stores in Canada.
    • After the welcome offer ends, eligible Prime members get 2.5% back on eligible purchases at Amazon.ca and Whole Foods Market stores.
    • Eligible Prime members always get 2.5% back on eligible foreign currency transactions to help cover foreign transaction fees.
    • After the welcome offer ends, non-Prime members get 1.5% back on eligible purchases at Amazon.ca and Whole Foods Market stores. Always get 1% back on eligible foreign currency transactions to help cover foreign transaction fees.
    • Receive 1% back on eligible purchases everywhere else Mastercard is accepted.
    • Rewards can be redeemed at Amazon.ca and applied directly to eligible Amazon.ca items.
    • No annual credit card fee.
    • The MBNA Payment Plan can make it more convenient to pay for large purchases and manage a budget. Pay for eligible credit card purchases of $100 or over by making monthly payments. Choose from three Payment Plan terms: 6, 12 or 18 months. Conditions and fees apply.
    • Preferred rates: 19.99% for purchases, 22.99% for cash advances.
    • To be eligible, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.

Best for Costco in-store shopping

CIBC Costco® Mastercard®

CIBC Costco® Mastercard®
  • Annual Fee
    $0
  • Interest Rates
    19.75% / 21.49%
  • Rewards Rate
    1%-3%
  • Intro Offer
    $20
  • Our Take
    Why we like it

    This card is ideal for Costco members with its cash back program that rewards everyday spending with cash back rewards that can be redeemed at Costco.

    Pros
    • Can serve as your Costco membership card.
    • Payment plans available for purchases of $100 or more.


    Cons
    • Must have an existing Costco Wholesale membership to be eligible.
    • Cash back gift certificates are only issued once annually.
  • Product Details
    • Previous cardholders who receive the new CIBC Costco Mastercard will get a $20 Welcome Bonus after making an initial purchase.
    • 3% cash back at restaurants and at Costco gas.
    • 2% cash back at other gas stations and at Costco.ca.
    • 1% cash back on all other purchases, including at Costco.
    • No annual fee.
    • Pay for purchases of $100 or more with CIBC Pace It low-rate Installment Plans, spreading payments over a fixed term. Take advantage of special Installment Plan interest rates with no installment fees on eligible Costco purchases in Canada and at Costco.ca.
    • Make quick and secure payments using Apple Pay®, Google Pay™ and Samsung Pay® when you add your new card to your mobile wallet.
    • Redeem your annual cash back gift certificate at any Canadian Costco warehouse.
    • Get 0.25% cash back for every $1 spent on a CIBC Global Money Transfer™. There are no transaction fees, and interest won’t be charged, as long as the balance is paid by the payment due date.
    • Preferred rates: 19.75% for purchases, 21.49% for cash advances.
    • To be eligible, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live. You must also have a valid Costco Wholesale membership.

Best for Loblaw’s in-store shopping

President’s Choice Financial World Elite Mastercard

President’s Choice Financial World Elite Mastercard
  • Annual Fee
    $0
  • Interest Rates
    20.97% / 22.97%
  • Rewards Rate
    10x-45x Points
  • Intro Offer
    N/A
  • Our Take
    Why we like it

    This card offers incredible accelerated earn rates on spending at the types of retailers people use every day — drug stores, grocery stores and gas stations — in addition to a high earn rate on trips booked through President’s Choice Travel.

    Pros
    • Quickly rack up points toward free groceries, gas, drug store purchases and travel.
    • A rare World Elite Mastercard with no annual fee.


    Cons
    • Points can only be earned and redeemed at participating Loblaw-owned stores, Shopper’s Drug Mart/Pharmapix, and Esso gas stations. You must wait until you have at least 10,000 points before redeeming rewards, and you can’t transfer them to other loyalty programs.
    • No airport lounge access, despite being a World Elite card.
  • Product Details
    • 45x PC Optimum points per dollar on Shoppers Drug Mart purchases.
    • 30x PC Optimum points per dollar on Loblaw-brand grocery store purchases.
    • 30x PC Optimum points per dollar per litre of gas purchased at Esso Mobil.
    • 30x PC Optimum points per dollar on PC Travel purchases.
    • 10x PC Optimum points per dollar on all other purchases.
    • Redeem a minimum of 10,000 points for free products and groceries at participating stores (in person and online).
    • No annual fee.
    • 24/7 concierge service to make dinner reservations, reserve event tickets, deliver gifts and more.
    • Access to identity theft services to help you avoid identity theft or restore your identity if stolen.
    • Four types of insurance provided, including 10-day travel medical benefits for those under age 65.
    • Preferred rates: 20.97% for purchases, 22.97% for cash advances.
    • To be eligible, $80,000 (individual) or $150,000 (household) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.

Best for Canadian Tire in-store shopping

Triangle™ World Elite Mastercard®

Triangle™ World Elite Mastercard®
  • Annual Fee
    $0
  • Interest Rates
    19.99% / 22.99%
  • Rewards Rate
    1%-4%
  • Intro Offer
    N/A
  • Our Take
    Why we like it

    The Triangle™ World Elite Mastercard® is the ideal choice for shoppers hoping to collect and redeem as much Canadian Tire Money as possible. The roadside assistance package cardholders get access to is a nice perk, too.

    Pros
    • Solid Canadian Tire Money earn rates on groceries, sports equipment and other merchandise at participating stores.
    • No annual fee.
    • Access to various insurance plans.


    Cons
    • Not much added value if you don’t shop at Canadian Tire or its affiliated stores.
    • Large families could burn through their accelerated earn rates on groceries sooner than they’d like.
    • Earning Canadian Tire Money on gas purchases could be challenging if you don’t live near an eligible gas station.
  • Product Details
    • Collect 3% in Canadian Tire Money on the first $12,000 spent at eligible grocery stores per year and 1% on eligible grocery purchases after that.
    • Collect 4% in Canadian Tire Money on qualifying purchases at Canadian Tire, Sport Chek, Mark’s/L’Equipeur, Atmosphere, Party City, Sports Rousseau, Hockey Experts, L’Entrepot du Hockey and participating Sports Experts stores.
    • Collect 7 cents in Canadian Tire money per litre of premium fuel, and 5 cents per litre on all other fuel types purchased at Gas+/Essence+ locations.
    • Canadian Tire Money can be redeemed at Canadian Tire, Sport Chek, Atmosphere, Sports Rousseau, Hockey Experts, L’Entrepot du Hockey and participating Mark’s/L’Equipeur and Sports Experts stores.
    • No fee, no interest financing on qualifying purchases of $150 or more at participating stores. Conditions apply.
    • No-receipt returns at participating stores.
    • Access to member-only events and personalized offers.
    • Priority queuing when calling the Triangle call centre.
    • Enrollment in the Triangle World Elite Mastercard Roadside Assistance Gold Plan, which includes 5 service calls per year and unlimited tows to any Canadian Tire Auto Service Centre within towing limits.
    • Car rental collision/loss damage waiver insurance.
    • Extended warranty insurance for eligible purchases.
    • Eligibility: Must be a Canadian resident and the age of majority in the province/territory of residence.
    • No annual fee.
    • No fee for obtaining a supplementary card on the same account.
    • Interest rates: 19.99% on purchases, 22.99% on cash transactions (21.99% in Quebec).
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Methodology to identify the best credit cards

NerdWallet Canada selects the best credit cards based on overall consumer value and their suitability for specific kinds of consumers. Factors in our evaluation methodology include annual and other fees, rewards rates, the earning structure (for example, flat-rate rewards versus bonus categories), redemption options, bonus offers for new cardholders, introductory and ongoing APRs, and other noteworthy features such as airline or hotel perks or the ability to transfer points. Charge cards are not included on this list.

  • FAQs for Credit Cards in Canada

    • What is the best Visa and Mastercard in Canada?

      NerdWallet’s top rated Visa card is the Scotia Momentum® Visa Infinite* card, which is considered best for cash back bonus rewards. The MBNA Rewards Platinum Plus® Mastercard® is one of our top rated Mastercards, considered best for those who want a no-fee rewards card.

    • How do I find the best credit card?

      To choose the best credit card for you, it’s important to think about your spending habits, income and credit score. Knowing the things on which you most frequently spend money — like gas, groceries or travel — will help you choose a card that offers the best rewards rates for those purchases. Being aware of your income and credit score will ensure that you narrow your search to credit cards with eligibility requirements that you can meet.

Beginner’s guide to credit cards in Canada

By Barry Choi and Shannon Terrell

A credit card is part of daily life for many Canadians. Using your card to pay for purchases can be more convenient than using cash. Plus, with the best credit cards, you can manage your expenses and earn rewards at the same time.

How credit cards work

Think of credit cards as a short-term loan from your credit card provider. You make purchases with your card and pay for them later.

One thing that makes credit cards appealing is that there’s an interest-free period. As long as you pay for all charged purchases in full by your statement due date, you won’t have to pay interest in exchange for borrowing the issuer’s money for a few weeks.

A typical credit card transaction would look something like this:

  1. 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.
  2. Wait for your purchase to be authorized
    The payment terminal will contact your credit card company to confirm the purchase amount.
  3. 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.
  4. 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:

  1. Find your daily rate. Your card’s 19% interest rate is an annual rate. To find your daily rate, divide your annual interest rate by the number of days in one year.
    • 19% / 365 = 0.00052
  2. Find your daily interest accrual. Next, determine how much daily interest you’ll accrue on your unpaid balance by multiplying your daily rate by your average daily balance — which in this case is the $100 you spent on concert tickets.
    • 0.00052 x $100 = $0.05
  3. Multiply by the number of days in your billing cycle. To determine how much interest your unpaid balance accrues over one month, multiply daily interest by the number of days in your billing cycle.
    • $0.05 x 30 = $1.50

How credit card rewards work

With certain credit cards, you can earn rewards when you make a purchase. The type of rewards you earn and your earn rate differ by card, however.

Types of rewards in 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

When it comes to getting rewards, the earn rate is a critical factor. Every rewards card has a base earn rate, but some cards also have higher earn rates on certain types of purchases that can be highly lucrative. Knowing the difference between the two can help you maximize your rewards.

  • Base earn rate. This is what you’ll get 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 the best cash-back credit cards in Canada may give you 4% back on groceries or 2% back on gas.

The rewards process

Earning rewards can look different depending on the card and issuer, but generally speaking, the process works like this:

  1. Make a purchase with your credit card. The purchase must be considered eligible by the issuer to earn rewards.
  2. 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.
  3. 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.
  4. Redeem your rewards. In most cases, redeeming your rewards requires you to log in to your account. Redeeming cash back may only take a few clicks, but if you’re looking to redeem travel rewards, you may need to go through a travel portal or book the travel first.

Tracking your rewards

In most cases, logging in to your account will allow you to see how many rewards you’ve earned. Most credit card providers show how many points you’ve earned for each transaction as well as a running total, so you’ll know exactly where you stand. Additionally, credit card statements often have a more detailed breakdown of any extra rewards that you may have earned.

Your rewards typically show up when the transaction posts. Bonus rewards earned from special promotions should show up on your monthly statement. It’s also worth mentioning that any special rewards you get, such as a companion voucher, may take longer to appear in your account.

As for your welcome bonus, you usually need to track that on your own. For example, let’s say you need to spend $3,000 in the first three months of card membership to get your intro offer. Although you’ll usually get your bonus immediately after passing the minimum spend requirement, it’s up to you to check if points land after you’ve spent enough.

What’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, signup bonuses — those are all determined by card issuers.

Is it okay to have two credit cards in Canada?

The short answer: yes. The long answer? The number of credit cards you have will depend on your spending habits, credit score and personal preferences.

There are benefits and drawbacks to carrying two or more credit cards. A few things to keep in mind:

  • Applying for a new Canadian credit card requires a hard credit check, which will likely drop your credit score by a few points.
  • Holding more than one credit card may improve your credit score if you use your cards responsibly.
  • Carrying more than one card means you’ll have access to multiple credit sources, which could lead to an increased risk of debt.

What credit cards are the most accepted in Canada?

Visa and MasterCard are the most accepted credit cards in Canada, although two major retailers don’t take Visa: Costco and No Frills.

If you carry an American Express card, you may want a backup form of payment — it tends to be less frequently accepted in Canada.

Can Americans get a Canadian credit card?

Yes, several Canadian banks offer non-resident and newcomer credit cards, including RBC, Scotiabank, TD, and more. These card programs are designed for newcomers and temporary residents and typically don’t require a credit check.

US citizens can also explore secured or prepaid credit card options. These Canadian credit cards require cash deposits before they can be used and can be a practical option for those paying a visit to the Great White North.

Types of credit cards in Canada

A wide variety of credit cards are available in Canada, and each can be used as a tool to achieve various financial goals. People who always pay their bills on time may want a rewards credit card, whereas someone looking to rebuild their credit may prefer a secured credit card. Since your personal situation could change at any time, it’s a good idea to understand how the different types of credit cards work.

Rewards credit cards

Rewards credit cards can be broken down into the following categories:

  • Cash back. You’ll get cash back on every purchase you make. See our picks for the best cash back credit cards in Canada.
  • General rewards. The points you earn can be used for gift cards, merchandise, experiences and sometimes travel. See our picks for the best general rewards credit cards in Canada.
  • General travel. The points you earn can be used for any type of travel redemption. See our picks for the best travel credit cards in Canada.
  • Airline rewards. Co-branded airline rewards can be used on a specific airline and its partners.
  • Hotel rewards. Points earned through hotel credit cards can be used at any participating property.
  • Store rewards. Use the points you’ve earned for groceries, merchandise and more.

No-fee credit cards

No-fee credit cards come with no annual fee. They can be any type of credit card, but often feature rewards or a low interest rate. Some no-fee cards are geared towards students and have easier requirements.

Balance transfer credit cards

Balance transfer credit cards typically come with a low introductory interest rate. Because of this, you can use them to move your balance from a credit card with a high rate to one with a lower rate, allowing you to pay down debt faster

Low-interest credit cards

Low-interest credit cards often have an interest rate of between 8% – 16%. This is significantly lower than standard interest rates, so low-interest credit cards can be helpful for people who may carry a balance.

Student credit cards

Student credit cards typically have more relaxed qualification requirements and often charge no annual fee. They’re a good choice for students who may be looking to build their credit or establish good spending habits.

Secured credit cards

If you’re unable to qualify for an unsecured credit card, you might be able to get one of the best secured credit cards. These cards require you to deposit security funds that act as your credit card limit. As you make your payments regularly, using a secured credit card can build your credit score.

Black credit cards

Despite the name, what unites black credit cards isn’t colour; it’s exclusivity. Black cards are deluxe credit cards — the crème de la crème — typically available by invitation only to high earners and splashy spenders. The eligibility criteria for a black credit card differs by card provider, but typically, applicants need an excellent credit score and spending habits of at least six figures annually.

Aeroplan credit cards

Millions of Canadians are members of Aeroplan, the loyalty program associated with Air Canada. There are several ways to become an Aeroplan member, but arguably the easiest is to carry 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.

Choosing the right credit card

How to choose a credit card

With so many credit cards available, narrowing down your choices can be a challenge. When choosing a credit card, there are numerous factors to consider — chief among them: card requirements.

Different cards carry different credit score and income requirements. To ensure you meet the eligibility criteria, learn how to check your credit score. And be mindful of personal or household income requirements, too — you’ll often encounter these criteria with high-tier luxury cards.

Credit card features to compare

Consider the following when deciding which credit card is right for you:

  • Annual fee. Decide if you want to pay an annual fee or not. Cards that have an annual fee typically come with better benefits.
  • Rewards. The type of rewards you want to earn will quickly help you narrow down your choices.
  • Earn rate. Try to choose a card with increased earn rates in the categories where you naturally spend more.
  • Welcome bonus. If you’re comparing similar cards, choose the one with a better sign-up offer.
  • Additional perks. See if there are any additional benefits you want, such as no foreign transaction fees, travel insurance, extended warranty, etc.

How to apply for a credit card

When you apply for a credit card, there’s no guarantee you’ll be approved. The credit card provider needs to assess your financial profile to determine if you’re creditworthy. The application process will typically look something like this:

  1. 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.
  2. Your information is checked. The credit card issuer will check your credit history and verify the information that you provided.
  3. 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.
  4. Your card is mailed out. Your credit card will immediately be mailed out and will typically arrive within 14 business days.
  5. Activate your card. Once your card arrives, you’ll need to activate it by logging into your account or calling the number on your card. Once activated, you can use your card to make purchases.

Tips for maximizing your credit card rewards

Get the most out of your credit card rewards with the following tips:

  • Know how to earn points. Not all purchases may be treated equally — at least not in the eyes of your card issuer. Some purchases may earn you more points than others, so familiarize yourself with your card’s rewards program.
  • Explore redemption options. Card rewards range from travel perks to cold hard cash. If you’re card shopping, take a look at the reward options before signing up.
  • Capitalize on limited-time promotions. Keep an ear out for time-sensitive promotional periods when your points may be worth more.
  • Watch out for expiration dates. Some points expire after a prolonged period of card inactivity, so keep your card in good standing to maintain your point balance.

Credit card companies in Canada

Here are some widely known credit card issuers in Canada, along with their networks and notable cards. Credit card issuers are companies that lend money and provide credit cards. These issuers belong to credit card networks, which maintain the infrastructure that makes credit card transactions possible.

Credit Card Issuer NetworkNotable Cards
American ExpressAmerican ExpressNo-Fee: American Express® Green Card
ATBMastercard
BMOMastercardCash-Back: BMO CashBack® World Elite® Mastercard®
Brim FinancialMastercardNo-Fee: Brim Mastercard
Canadian TireMastercard
Capital OneMastercard
CIBCVisaCash-Back: CIBC Dividend® Visa Infinite Card
Coast Capital SavingsVisa
DesjardinsVisa & MastercardTravel: Desjardins Odyssey® Visa Infinite Privilege
Home TrustVisa
HSBCMastercardRewards: HSBC +Rewards Mastercard
ManulifeVisa
MBNAMastercardNo-Fee: MBNA Rewards Platinum Plus® Mastercard®
MeridianVisaCash-Back: Meridian Visa Infinite Cash Back Card
National BankMastercard
Neo FinancialMastercard
PC FinancialMastercardRewards: President’s Choice Financial World Elite Mastercard
PlastkVisa
RBCVisa & MastercardCash-Back: RBC Cash Back Preferred World Elite Mastercard
Refresh FinancialVisa
RogersMastercard
ScotiabankVisa & American ExpressRewards: Scotiabank Platinum American Express® Card
Simplii FinancialVisaCash- Back: Simplii Financial™ Cash Back Visa Card
TangerineMastercardStudent: Tangerine Money-Back Credit Card
TD BankVisaTravel: TD First Class Travel® Visa Infinite Card
VancityVisa
WalmartMastercard

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