Menu Toggle
Search
  1. Home
  2. Credit Cards
  3. 25 Best Credit Cards in Canada for March 2024
Published March 5, 2024

25 Best Credit Cards in Canada for March 2024

NerdWallet Canada’s picks for the best credit cards include top contenders across numerous card categories. Compare these options to find the ideal card for you.

Written By

Edited By

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

Choosing the best credit card is part art, part science. From student-friendly starter cards to options boasting premium travel rewards, no single credit card is better than all others in all categories — or for everyone. We’ll help you narrow down the search.

Nerdwallet Logo Partner Spotlight
Ad Icon
TD® Aeroplan® Visa Infinite* Card

Intro offer details: Earn up to $1,200 in value†, including up to 50,000 Aeroplan points† (enough for a round trip to New York City†), and additional travel benefits. Account must be approved by June 3, 2024.
†Terms and conditions apply.

Our Partners: Best Credit Cards in Canada

Credit Card
Intro Offer
Rewards Rate
Annual Fee
 
Great no-fee card with unlimited cash-back rewards
Tangerine World Mastercard®
Up to $100
0.5%-10%
$0
Offer for BMO CashBack® Mastercard®* for Students
BMO CashBack® Mastercard®* for Students
Up to $125
0.5%–5%
$0
Offer for Neo Secured Credit
Neo Secured Credit
$25
0.5%-15%
$0

Best credit cards in Canada

Best overall cash-back card

Scotia Momentum® Visa Infinite* Card


$120

20.99% / 22.99%

1%-10%

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.
Card 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 October 31, 2024.
  • Earn 4% for every $1 you spend on grocery store purchases, recurring bill payments, and subscription purchases.
  • Earn 2% for every $1 you spend on gas purchases and daily transit purchases.
  • Earn 1% cash back on all other purchases with no cash back limit.
  • Redeem cash back as a statement credit in November.
  • Visa Infinite benefits, including Visa Infinite* Concierge, Visa Infinite* Luxury Hotel Collection, Visa Infinite* Dining Series, and entertainment and lifestyle offers.
  • Save up to 25% off base rates at participating AVIS locations and at participating Budget locations in Canada and the U.S.
  • Access to Scotia SelectPay™.
  • To be eligible, $60,000 (individual) or $100,000 (household) annual income is required, or $250,000 minimum assets under management. Also, you must have a Canadian credit file and be a Canadian resident that is the age of majority in the province or territory where you live.
  • Terms and Conditions Apply. Click ‘Apply Now’ for complete details.
Other cash-back credit cards to consider

Cash back is the most flexible of all credit card rewards — it’s simple to earn and even easier to redeem. See our selections for the best cash-back credit cards to find the right option for you.

Best overall card for balance transfers

MBNA True Line® Mastercard® credit card


$0

0% intro for 12 months on balance transfers

12.99% / 24.99%

3%
Our Take
Why we like it

With a strong intro offer, no annual fee and a low interest rate of 12.99%, the MBNA True Line Mastercard is an affordable, no-frills way to transfer balances, pay for purchases and build credit.

Pros
  • Interest-free balance transfers for a full year.
  • Save money while building credit with the no-fee credit card.


Cons
  • Higher interest rate compared to the 8.99% offered on the MBNA True Line® Gold Mastercard®, which charges an annual fee.
  • Few extra benefits and no rewards program.
Card Details
  • No annual fee.
  • Standard Annual Interest Rates of 12.99% on eligible purchases, 12.99% on balance transfers✪, and 24.99% on cash advances.
  • You could get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening, with a 3% transfer fee.
  • Around-the-clock fraud protection.
  • Use available credit on your credit card to transfer funds right to your chequing account.
  • †, ✪, Terms and Conditions apply.
  • This offer is not available for residents of Quebec.
  • Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.
Other balance transfer credit cards to consider

Looking to reduce and contain your credit card debt? Explore our choices for Canada’s best balance transfer credit cards to find promotional offers with impressively-low interest rates.

Best overall travel card

Scotiabank Platinum American Express® Card


$399

9.99%

2x Points

Up to 60,000 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.
Card Details
  • Earn up to $2,100* in value in your first 14 months, including up to 60,000* bonus Scene+ points. Offer ends October 31, 2024.
  • You will not pay 2.5% foreign transaction fees on any foreign currency purchases, including online shopping and when travelling abroad. Only the exchange rate applies.
  • Earn 2X Scene+™ points for every $1 CAD you spend on all your eligible purchases.
  • Scene+ points can be redeemed for travel purchase, merchandise and other non-travel rewards such as gift cards and prepaid cards.
  • You must redeem a minimum of 5,000 points per travel-related rewards redemption, equivalent to $50 in travel savings. Points must be redeemed within 12 months of the purchase date.
  • $399 annual fee.
  • Redeem points for any flight, any time through Scene+ Travel, a full-service travel agency. Plus, take advantage of a best price guarantee on airfare.
  • Get a Hertz #1 Club Gold membership for special privileges and rental car benefits at over 8,500 locations in 147 countries.
  • Enjoy culinary events and experiences, entertainment, luxury fashion, tours, and more through American Express benefits, including American Express Invites, Platinum VIP offers and access to 24/7 premium concierge services for restaurant reservations, show tickets, and gift purchases.
  • Lounge access at over 600 VIP airport lounges around the world with a complimentary Priority Pass membership, which includes 10 free visits per year.
  • 12 types of insurance provided, including 31-day travel medical benefits — up to $2 million in coverage — for you, your spouse and any dependent children under the age of 65. 10-day coverage available for those over the age of 65.
  • Preferred rates: 9.99% for purchases, 9.99% for cash advances.
  • To be eligible, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.
  • Terms and Conditions Apply. Click ‘Apply Now’ for complete details.
Other travel credit cards to consider

A travel rewards credit card brings your next trip a little closer every time you use it. Whether you’re loyal to a specific airline or hotel chain and want a co-branded card, or prefer the flexibility of a general-purpose travel card, check out our choices for the best travel credit cards in Canada.

Best overall secured card

Neo Secured Credit


$0

19.99%-29.99% / 22.99%-31.99%

0.5%-15%

$25
Our Take
Neo Secured Credit 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 29.99% for some users.
Card Details
  • Build credit history with on-time payments.
  • Set your credit limit and get started with as little as $50.
  • Guaranteed approval with no credit score needed to apply.
  • Earn 1% cashback on all gas and grocery purchases.
  • 0.5% guaranteed monthly minimum cashback.
  • No monthly or annual fees.
  • Upgrade to Premium and earn exclusive benefits and boosted rewards, like 3% cashback on all gas and grocery and free credit monitoring.
  • Personalized Insights AI generates tailored information and recommendations designed specifically for you.
Other secured cards to consider

Whether you want to build your credit or a controlled way to ease into the world of credit card use, secured cards can help. See our selections for the best secured credit cards in Canada.

Best overall points card

RBC ION+ Visa Credit Card


$48

20.99% / 22.99%

1x-3x Points

Up to 7,000 Points
Our Take
Why we like it

One of RBC’s newest offerings, the RBC ION+ Visa is a solid, low-fee rewards card with generous earning rates on daily spending.

Pros
  • Earn unlimited 3x on a variety of common spending categories, like groceries, gas, food delivery, and even digital gaming.
  • Get a monthly fee rebate every month when you have an RBC Signature No Limit Banking or RBC Advantage Banking for students account.


Cons
  • Limited insurance offerings, but mobile device insurance is included.
Card Details
  • Get 3,500 Welcome Points on approval and earn 3,500 bonus points when you spend $500 in your first 3 months.*
  • Earn 3X Avion points for every $1 spent¹ on:
  • Grocery, Dining & Food Delivery – Satisfy your taste buds by earning points on groceries, dining out, food delivery.ⁱ
  • Rides, Gas & EV Charging – Enjoy earning points on gas, rideshare, daily public transit, electric vehicle charging.ⁱⁱ
  • Streaming, Digital Gaming & Subscriptions– Stay entertained while earning points on streaming, gaming, eligible digital subscriptions, eligible digital downloads, and in-game purchases.ⁱⁱⁱ
  • Earn 1 Avion point for every $1 spent on all other qualifying purchases.¹
  • Annual Fee $48² ($4 charged monthly).
  • Pay With Points – Redeem your Avion points to pay bills, your credit card balance or even send money to friends with Interac e-Transfer⁴. Minimum redemption is only $10, so you can use your points where you need them most.
  • Save at Petro-Canada – Save 3¢/L on fuel and earn 20% more points when you pay with a linked RBC card.⁶
  • Earn more Be Well points at Rexall – Earn 50 Be Well points for every $1 spent on eligible purchases at Rexall when you pay with your linked RBC card and scan your Be Well card.⁷
  • Save Big on Delivery with DoorDash – Get a 3-month complimentary DashPass subscription – a value of almost $308. Enjoy unlimited deliveries with $0 delivery fees on qualifying orders of $15 or more when you pay with your eligible RBC credit card⁹. See how to save with DoorDash.
  • Enjoy a Monthly Fee Rebate – Get a $4 rebate¹⁰ each month ($48/year) on the monthly fee of your credit card when you have an RBC Signature No Limit Banking or RBC Advantage Banking for students account.
  • Mobile Device Insurance⁵ Included – Get 2 years of coverage up to $1,000 in the event your mobile device such as your cell phone is lost, stolen, accidentally damaged or experiences mechanical failure when you purchase your mobile device with this credit card.
  • Purchase Security and Extended Warranty Insurance⁵ – Automatically protects eligible card purchases against loss, theft or damage within 90 days of purchase, and doubles the manufacturer’s original Canadian warranty by up to one additional year, to a maximum of five years.
  • Corresponding legal references and product terms are available on the RBC website, which will be available and agreed upon in the customer onboarding process.
Other points cards to consider

Rewards programs come in all shapes and sizes. Check out our picks for the best rewards credit cards in Canada to find the best card for your spending habits.

Best overall metal credit card

American Express® Aeroplan® Reserve Card


$599

20.99% / 21.99%

1.25x-3x Points

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.
Card Details
  • New American Express® Aeroplan®* Reserve Cardmembers can earn up to 85,000 Aeroplan points.
  • Earn 60,000 Aeroplan points after spending $7,500 in purchases on your Card within the first 3 months.
  • Plus, earn an additional 25,000 Aeroplan points when you spend $2,500 in purchases in month 13.
  • That’s up to $2,600 or more in value when you combine your welcome bonus points and card benefits.
  • New Offer: Cardmembers can now get an extra night free for every 3 consecutive hotel nights redeemed with Aeroplan points. Offer ends December 31, 2024.
  • Highest Air Canada earn rate on an Aeroplan payment card in Canada: 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 and 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.
  • 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.
  • 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.
  • Insurance Coverage: whether you’re shopping nearby or travelling abroad, you can feel confident knowing you can be taken care of.
  • American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. If you apply and get approved for an American Express Card, NerdWallet may receive compensation from American Express, which can be in the form of monetary payment.
Other metal credit cards to consider

When it comes to style and sophisticated perks, metal credit cards are heavy hitters. See our selections for the best metal credit cards in Canada.

Best overall rewards card

Simplii Financial™ Cash Back Visa Card


$0

20.99%‡ / 22.99%‡

0.5%-10%

Up to $150
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
  • Earn up to 4% cash back on eligible purchases in restaurants, bars and coffee shops.
  • Get cash back on fee-free global money transfers.


Cons
  • The 0.5% base rate isn’t exactly impressive, but it only applies after you hit the annual spending limits of bonus categories.
  • It only includes purchase security and extended protection insurance.
Card Details
  • Earn 4% on eligible restaurant, bar and coffee shop purchases up to $5,000 spend per year†.
  • Earn 1.5% on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year†.
  • Earn 0.5% on on all other credit card purchases with no limit on how much you can earn†.
  • Earn up to $150 of value in your first 4 months on eligible purchases with a Simplii Cash Back Visa Card!†
  • 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: 20.99% for purchases‡, 22.99% for cash advances‡.
  • To be eligible, a $15,000 (individual/household) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident (excluding Quebec) that is the age of majority in the province or territory where you live.
  • †Terms and conditions apply. Click ‘Apply Now’ for complete details. This offer is not available for residents of Quebec.
  • ‡ “Purchase” means any Transaction other than a Cash Advance, Balance Transfer or Convenience Cheque. “Cash” means a Cash Advance, Balance Transfer and Convenience Cheque. Interest rates may change from time to time.
Other rewards credit cards to consider

No single rewards card is right for everyone. It’s all about how you spend money and what kind of rewards you value. See our choices for the best rewards credit cards in Canada to select the best option for you.

Best overall prepaid card

Neo Money™ Card


$0

N/A

5% average cashback

N/A
Our Take
Why we like it

The Neo Money™ Card is a no-fee prepaid Mastercard linked to the online bank’s popular high interest savings account. Earn 4.00% interest on your funds in the Neo Money account and enjoy an average of 5% cashback on transactions at partners in the Neo rewards network.

Pros
  • Build your savings with competitive interest on funds held in the Neo Money account.
  • Free Interac e-Transfers, bill payments and mobile bank-to-bank transfers.
  • Earn an average of 5% unlimited cashback at thousands of Neo partners, which includes local businesses.


Cons
  • The cashback you receive will vary depending on where you shop, but you can expect at least 0.5% cashback every month with Neo’s minimum cashback guarantee.
Card Details
  • Get high interest on your savings and high cashback when you spend with your Neo Money™ card.
  • Earn unlimited cashback – Get an average of 5% cashback at over 10,000 partners across the country, in real-time, with no monthly limits on how much cashback you can earn.
  • Instant access to your balance with no card loading required.
  • Free everyday transactions and no monthly fees.
  • Withdraw from any ATM worldwide.
  • 4.00% interest on every dollar.
  • Enable the Auto-Save feature to set up automatic savings and register your email to instantly deposit Interac e-Transfer® requests in your Neo Money™ account.
  • Take the pain out of bill pay by setting up automated payments from your Neo Money™ account.
  • Customers can get up to 4% cashback on all purchases at Shell gas stations and convenience locations when they use their Neo Credit, Neo Secured Credit or Neo Money™ card. Earn 2% cashback at the pump or convenience store locations. Earn 4% cashback on transactions made through the Shell App. Offer available in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. Boost these offers by 50% when you add Everyday Essentials perks to your card.
Other prepaid cards to consider

There are many different reloadable cards on the market, offering different perks and conveniences. See our selections for Canada’s best prepaid credit cards.

Best overall business card

American Express® Business Edge™ Card


$99

20.99% / 21.99%

1x-10x Points

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.
Card 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.
Other business credit cards to consider

From flat-rate rewards on office expenses to credit cards boasting low-interest rates, see our choices for Canada’s best business credit cards.

Best overall student card

BMO CashBack® Mastercard®* for Students


$0

20.99% / 22.99%

0.5%–5%

Up to $125
Our Take
Why we like it

The BMO CashBack® Mastercard®* for Students has impressive earn rates — including 3% on groceries — and valuable perks, all without an annual fee.

Pros
  • Earn flexible and easy-to-redeem cash rewards on everyday purchases.
  • There’s no minimum threshold for redeeming your cash-back rewards. Redeem as little as $1 if you want.


Cons
  • Accelerated earn rates for groceries and recurring bills are capped at $500 per billing cycle.
  • Insurance is limited to extended warranty and purchase protection.
Card Details
  • Welcome offer: Get 5% cash back in your first 3 months.*
  • Then get 3% cash back on grocery purchases, 1% cash back on recurring bill payments and 0.5% unlimited cash back on all other purchases!*
  • Now earn the highest cash back on groceries in Canada without paying an annual fee!†
  • Get cash back every time you spend, plus start building a healthy credit history.
  • Want to get your cash back ASAP? Now you can redeem your cash back anytime through direct deposit, as a credit on your statement or into your BMO InvestorLine account.*
  • No Annual fee.*
  • Extended Warranty.*
  • Purchase Protection.*
  • Receive a discount on car rentals.*
  • *Terms and conditions apply.
  • †Statement based on a comparison of the non-promotional grocery rewards earn rate on Canadian cash back credit cards as of January 4, 2023.
  • BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
Other student credit cards to consider

Finding a student credit card with the right combination of features for your lifestyle can be daunting, especially if it’s your first time choosing a card. Compare our picks for the best student credit cards in Canada to find the best choice for you.

Best overall no-fee card

Tangerine World Mastercard®


$0

19.95%

0.5%-10%

Up to $100
Our Take
Why we like it

You can earn unlimited cash back at a 2% rate in up to three categories of your choice and 0.50% back on other everyday purchases while benefiting from exclusive Tangerine World Mastercard® perks and insurance cover.

Pros
  • Choose the best 2% rewards categories for you based on your spending.
  • A variety of additional perks like savings on subscription services, rental car collision/loss damage, mobile device insurance, and more.


Cons
  • Higher eligibility requirement for gross income.
Card Details
  • Apply for a Tangerine World Mastercard® by April 30, 2024 and earn an extra 10% back* (up to $100) when you spend up to $1,000 in everyday purchases within your first 2 months.
  • Earn 2% Money-Back Rewards on purchases in two 2% Money-Back Categories of your choice, and 0.50% Money-Back Rewards on all other purchases.
  • Have your Money-Back Rewards deposited into a Tangerine Savings Account, and get a 3rd 2% Money-Back Category.
  • No limit on the amount of Money-Back Rewards you can earn.
  • Change your 2% Money-Back Categories to suit your spending.
  • With Mastercard Travel Rewards, you can unlock cashback offers and get a rebate applied directly to your statement, by using your Tangerine World Mastercard at select merchants that accept Mastercard while travelling outside of Canada.
  • Save on the things you love with your Tangerine World Mastercard. Enjoy special benefits and offers from a growing lineup of on-demand apps and subscription services made available to you as a Tangerine World Mastercard cardholder.
  • Make the most of your travel with Mastercard® Travel Pass Provided by DragonPass. Your complimentary membership gives you exclusive dining, retail and spa offers in over 650 airports worldwide, along with access to over 1,300 airport lounges at $32 USD per visit. Learn more at Mastercard® Travel Pass.
  • Rental Car Collision/Loss Damage Insurance**: Damage and theft protection for your car rental when you rent for up to 31 consecutive days and charge the full cost of your rental to your Card.
  • Mobile Device Insurance**: Protection on new cell phones, smartphones or tablets when you charge the full cost to your Card, or when you purchase it through a plan and charge all of your wireless bill payments to your Card. Covers up to $1,000 if your mobile device is lost, stolen, accidentally damaged or experiences mechanical failure.
  • Preferred rates: 19.95% for purchases and cash advances.
  • To be eligible, a $60,000 (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.
Other no-fee credit cards to consider

You don’t need to pay an annual fee for impressive rewards and perks. See our selections for Canada’s best no-fee credit cards.

Back to Top

Best credit cards for everyday spending

Best grocery credit card

Scotiabank Gold American Express® Card


$120

20.99% / 22.99%

1x-6x Points

Up to 40,000 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.
Card Details
  • Earn up to $650* in value in the first 12 months, including up to 40,000 bonus Scene+ points. Offer ends July 1, 2024.
  • You will not pay 2.5% foreign transaction fees on any foreign currency purchases, including online shopping and when travelling abroad. Only the exchange rate applies.
  • Earn 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.
  • 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 credit card for utilities

MBNA Rewards World Elite® Mastercard®


$120

19.99% / 24.99%

1x-5x Points

Up to 30,000 Points
Our Take
Why we like it

This card offers a competitive sign-up bonus and accelerated earn rates on useful categories like restaurant and grocery purchases and household utility bills.

Pros
  • An impressive array of perks and insurance benefits for travellers, such as concierge services and rental car discounts.
  • Flexible redemption options, including cash back, brand-name merchandise, gift cards, charitable donations and travel.


Cons
  • Intro offer does not include a waived annual fee.
  • The 5x bonus rewards rate on restaurants, groceries, digital media, memberships and utility drops down to a 1x flat rate after you spend $50,000.
Card Details
  • 20,000 bonus points†† (approximately $165 in cash back value) after you make $2,000 or more in eligible purchases within the first 90 days of your account opening.
  • 10,000 bonus points††(approximately $80 in cash back value) once enrolled for paperless e-statements within the first 90 days of account opening.
  • Earn 5 points‡ for every $1 spent on eligible restaurant, grocery, digital media, membership, and household utility purchases until $50,000 is spent annually in the applicable category. 1 point‡ for every $1 on all other eligible purchases.
  • Each year, you will receive Birthday Bonus Points‡ equal to 10% of the total number of Points the Account earned in the 12 months before the month of your birthday, to a maximum Birthday Bonus each year of 15,000 Points.
  • Redeem points‡ for cash back, brand-name merchandise, gift cards from participating retailers, charitable donations, and travel.
  • Standard Annual Interest Rates of 19.99% on purchases, 22.99% on balance transfers✪, and 24.99% on cash advances.
  • 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.
  • $120 annual fee. $50 Additional Card Annual Fee for one authorized user (if you have one).
  • To qualify, your personal annual income must be greater than $80,000, or your household annual income must be $150,000 or greater††††.
  • ††, ‡, ✪, ***, ††††, 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 gas credit card

CIBC Dividend® Visa Infinite Card


$120

20.99% / 22.99%

1%-4%

N/A
Our Take
Why we like it

You can earn some extremely attractive rates on gas and groceries with the CIBC Dividend Visa Infinite Card — up to a $3,200 cash-back value.

Pros
  • Flexible and easy redemption. You can redeem cash back anytime through CIBC Online and Mobile Banking.
  • Generous cash back rates on five popular spending categories.


Cons
  • You’ll only earn 1% cash back after spending $80,000 across bonus categories. Most credit cards have specific limits for each category, but the CIBC Dividend Visa Infinite collectively caps all bonus rates with an $80,000 limit.
  • Insurance offerings are limited compared to what you might expect from a card with a $120 annual fee. However, you can avoid this cost every single year with a CIBC Smart Plus™ Account.
Card Details
  • 4% on groceries, gas, and electric vehicle charging, and 2% on transportation, dining and recurring payments. Accelerated rates apply to the first $80,000 spent per year.
  • 1% on everything else, and after spending $80,000.
  • 0.25% cash back for every $1 spent on a CIBC Global Money Transfer, with no foreign transaction fees.
  • Redeem a minimum of $25 cash back at any time through CIBC Online and Mobile Banking.
  • $120 annual fee.
  • Visa Infinite benefits, including Visa Infinite Concierge, Visa Infinite Luxury Hotel Collection, Visa Infinite Dining Series, and entertainment and lifestyle offers.
  • Save up to 10 cents per litre at Chevron, Ultramar and Pioneer gas stations when you link your card with Journie Rewards.
  • Access to CIBC Pace It.
  • Five types of insurance provided, including 10-day out-of-province/out-of-country emergency medical benefits — up to $5 million in coverage.
  • Preferred rates: 20.99% for purchases, 22.99% for cash advances.
  • To be eligible, $60,000 (individual) or $100,000 (household) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.

Best shopping credit card

Triangle™ World Elite Mastercard®


$0

19.99% / 22.99%

1%-4%

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.
Card 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).

Best restaurant credit card

American Express Cobalt® Card


$155.88

20.99% / 21.99%

1x-5x Points

Up to 15,000 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 15,000 point intro offer, you could earn 165,000 points in your first year, which you could redeem for travel and more.
  • Easily transfer the points you earn to popular airline and hotel loyalty programs, such as Aeroplan and Marriott Bonvoy.


Cons
  • Airport lounge access isn’t provided, which may disappoint some frequent travellers.
  • No travel medical coverage for cardmembers over the age of 65.
Card Details
  • In your first year as a new Cobalt Cardmember, you can earn 1,250 Membership Rewards® points for each monthly billing period in which you spend $750 in net purchases on your Card. This could add up to 15,000 points in a year. That’s up to $150 towards a weekend getaway or concert tickets.
  • Earn 5x the points on eligible eats and drinks in Canada, including groceries and food delivery. Spend cap applies.
  • Earn 3x the points on eligible streaming subscriptions in Canada.
  • Earn 2X the points on eligible ride shares, transit & gas in Canada.
  • Earn 1 additional point on eligible hotel and car rental bookings via American Express Travel Online.
  • Earn 1X point for every $1 in Card purchases everywhere else.
  • Enjoy access to hotel bookings, and up to $100 USD hotel credit to use on amenities when charged to the room for a stay of 2 or more consecutive nights through The Hotel Collection from American Express Travel.
  • Transfer points 1:1 to several frequent flyer and other loyalty programs.
  • Cobalt Cardmembers receive regular Perks such as bonus reward offers and access to great events.
  • Access Front Of The Line® Presale & Reserved Tickets to some of your favourite concerts and theatre performances and special offers and events curated for Cardmembers with American Express® Experiences.
  • *Effective August 15, 2023, Cobalt Cardmembers will earn 5x the points on all eligible eats & drinks charged to their Card up to $2,500 monthly, for the same total of $30,000 annually already in place today. Cardmembers will also continue to earn 3x on streaming subscriptions, 2x on eligible transit, gas & travel purchases and 1x on everything else. T&Cs apply. While the annual earn does not change, the new monthly construct intends to curb gaming activity. The change should have little to no impact on the majority of Cardmembers who utilize the Card and Membership Rewards program as it was intended.
  • American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, NerdWallet may receive compensation from American Express, which can be in the form of monetary payment.
Back to Top

Best credit cards for travel

Best credit card for airport lounge access

The Platinum Card® from American Express


$799

Varies

1x-2x Points

Up to 100,000 Points
Our Take
Why we like it

This precision-cut and engraved metal Platinum Card boasts a generous intro offer, strong earn rates on rewards, and an impressive array of premium benefits and perks.

Pros
  • From special reservations to insider tips, you can enhance your travel experiences with complimentary, personalized service from Platinum Concierge — available 24/7.
  • Benefit from a full suite of Platinum-level travel perks, such as worldwide airport lounge access, the Global Dining Collection, and more.


Cons
  • Unless you plan to travel a lot, it may be difficult to offset the high $799 annual fee.
  • No travel medical coverage for cardmembers over the age of 65.
Card Details
  • Unlock special experiences with the Platinum Card®.
  • Earn up to 100,000 Membership Rewards® points – that’s up to $1,000 towards a weekend away.
  • New Platinum® Cardmembers, earn 70,000 Welcome Bonus points after you charge $10,000 in net purchases to your Card in your first 3 months of Cardmembership.
  • Plus, earn 30,000 points when you make a purchase between 14 and 17 months of Cardmembership.
  • Earn 2 points for every $1 in Card purchases on eligible dining and food delivery in Canada, 2points for every $1 in Card purchases on eligible travel, and 1 point for every $1 in all other Card purchases.
  • Access a $200 Annual Travel Credit through American Express Travel Online or Platinum® Card Travel Service.
  • Enjoy a $200 Annual Dining Credit at some of Canada’s best restaurants.
  • Unlock $200 or more in additional value with Member extras. You can earn statement credits for qualifying purchases with participating brands.
  • Take full advantage of The American Express Global Lounge Collection™ which unlocks access to over 1300 airport lounges worldwide. This includes The Centurion® Lounge network, Plaza Premium Lounges, and hundreds of other domestic and international lounges designed to enhance your travel experience.
  • Enjoy flexible ways to use your points such as statement credits for any eligible purchase charged to your Card, new travel purchases booked on American Express Travel Online through the Flexible Points Travel Program, and eligible flights through the Fixed Points Travel Program.
  • Transfer points 1:1 to several frequent flyer and other loyalty programs.
  • Enjoy complimentary benefits that offer an average value of $750 CAD at over 1,300 extraordinary properties worldwide when you book Fine Hotels + Resorts.
  • Platinum Cardmembers can enjoy access to special events and unique opportunities.
  • Enjoy premium benefits at the Toronto Pearson Airport.
  • You will also have access to many leading hotel and car rental companies’ loyalty programs. Our partners include Marriott International, Hilton Hotels and Resorts, Hertz and Avis.
  • Interest applies in accordance with your Cardmember Agreement, Information Box, and Disclosure statement if the total New Balance is not paid by the Payment Due Date each month. All payments must be received by the Payment Due Date shown on the monthly statement.
  • American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, NerdWallet may receive compensation from American Express, which can be in the form of monetary payment.

Best credit card for travel insurance

American Express® Gold Rewards Card


$250

20.99% / 21.99%

1x-2x Points

Up to 60,000 Points
Our Take
Why we like it

The American Express Gold Rewards Card should get the attention of travellers looking for comfort and flexibility. Points can be used for an impressive array of items and can be transferred to other rewards programs. The new rose gold design is an eye-catcher, too.

Pros
  • Travel in comfort: room and rental car upgrades, access to airport lounges and credits for hotel amenities like dining and spa treatments.
  • The 60,000-point intro offer is equivalent to $600 for shopping, travel and more.


Cons
  • Travellers 65 or older won’t be covered by the card’s emergency medical insurance.
  • If you travel often, you could burn through your four complimentary visits to Plaza Premium Lounges fairly quickly.
Card Details
  • Earn up to 60,000 Membership Rewards® points:
  • New American Express® Gold Rewards Cardmembers, earn 5,000 Membership Rewards® points for each monthly billing period in which you spend $1,000 in net purchases on your Card.
  • This could add up to 60,000 points in a year. That’s up to $600 towards your next vacation.
  • Earn 2 points for every $1 in Card purchases for eligible travel purchases, including flights, hotels, car rentals, cruises, and more.
  • Earn 2 points for every $1 in Card purchases at eligible gas stations, grocery stores and drugstores in Canada, and 1 point for every $1 in Card purchases everywhere else.
  • The Card is now available in your choice of Gold or Rose Gold metal options.
  • Receive a $50 CAD statement credit when a NEXUS application or renewal fee is charged to your American Express Gold Rewards Card.
  • You have access to an annual $100 CAD Travel Credit, compliments of your American Express Gold Rewards Card. Use the credit once annually towards any single travel booking of $100 or more charged to your Gold Rewards Card through American Express Travel Online.
  • As a Gold Rewards Cardmember, you can receive complimentary membership in Priority PassTM – one of the world’s largest independent airport lounge programs. Escape the chaos of airports and relax in an oasis of calm and simply enjoy the fact that the travel experience has begun before your plane has even left the ground. Enrollment is required and entry fees apply.
  • Enjoy four (4) complimentary visits per Calendar year to Plaza Premium Lounges across Canada. Entry fees apply once complimentary visits have been used.
  • Charge any eligible purchase to your credit Card then log in to redeem your earned points for a statement credit.
  • Transfer points 1:1 to several frequent flyer and other loyalty programs.
  • 1 Free Additional Gold Rewards Card (a $50 value) to help you earn points faster.
  • Subject to approval. The preferred rate for purchases is 20.99% and funds advances is 21.99%. If you have Missed Payments, the applicable rates for your account will be 25.99% and/or 28.99%. See the information box included with the application for the definition of Missed Payment and which rates apply to charges on your account and other details.
  • American Express is not responsible for maintaining of monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply.
  • To be eligible, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.

Best hotel card

Marriott Bonvoy® American Express®* Card


$120

20.99% / 21.99%

2x-5x Points

Up to 80,000 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.
Card Details
  • Travel to new heights with the Marriott Bonvoy® American Express®* Card.
  • Earn up to 80,000 Points:
  • New Marriott Bonvoy® American Express®* Cardmembers, earn 65,000 Welcome Bonus points after you spend $3,000 on your Card in your first 3 months of Cardmembership.
  • Plus, earn an additional 3 points for a total of 5 points on every $1 spent on eligible travel and gas purchases in your first 6 months (up to 15,000 points).
  • Offer ends May 6, 2024.
  • Earn 5 points for every dollar in eligible Card purchases at hotels participating in Marriott Bonvoy®.
  • Earn 2 points for every $1 in all other Card purchases.
  • Receive an Annual Free Night Award for up to 35,000 points at eligible hotels and resorts worldwide every year after your first anniversary.
  • No annual fee on Additional Cards.
  • Redeem points for free nights with no blackout dates at over 7,000 of the world’s most desired hotels.
  • Automatic Marriott Bonvoy Silver Elite status membership.
  • Receive 15 Elite Night Credits each calendar year with your Marriott Bonvoy® American Express®* Card. These can be used towards attaining the next level of Elite status in the Marriott Bonvoy program.
  • Enjoy an automatic upgrade to Marriott Bonvoy Gold Elite status when you reach $30,000 in purchases on the Card each year or when you combine 10 qualifying paid nights within one calendar year with the 15 Elite Night Credits from your card.
  • American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. Conditions Apply. If you apply and get approved for an American Express Card, NerdWallet may receive compensation from American Express, which can be in the form of monetary payment.

Best no foreign transaction fee card

Scotiabank Passport™ Visa Infinite* Card


$150

20.99% / 22.99%

1x-3x Points

Up to 35,000 Points
Our Take
Why we like it

The Scotiabank Passport Visa Infinite Card offers competitive earn rates and easy-to-understand redemption on travel — 1 point equals 1 cent in travel savings.

Pros
  • Complimentary Visa Airport Companion Program membership, with six free airport lounge visits included every year, which is more than typically included with a credit card.
  • No foreign transaction fees.


Cons
  • The accelerated rate on travel purchases only lasts three months — but you can earn up to 42,500 points, worth $425 in travel savings.
  • The annual $1,000 bonus requires you to spend $40,000 per year on everyday spending on the card.
Card Details
  • Earn up to $1,100+ in value in the first 12 months, including up to 35,000 bonus Scene+ points and first year annual fee waived on your first supplementary card. Offer Ends January 3, 2024.
  • The only major bank credit card offering you no foreign transaction fees, including for shopping online or abroad.
  • Your Award Winning Card For Travel.
  • Earn 2 Scene+ points on every $1 you spend on eligible grocery stores, dining, entertainment purchases, and daily transit purchases (including buses, subways, taxis and more).
  • Earn 1 Scene+ point on every $1 you spend on all other eligible purchases.
  • You’ll earn 3X 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.
  • Airport lounge access through complimentary Visa Airport Companion Program membership, plus six complimentary lounge visits per year from the date of enrollment, providing you with access to 1,200+ airport lounges globally, including participating Plaza Premium Lounges.
  • Visa Infinite* benefits including Visa Infinite Concierge, Visa Infinite* Luxury Hotel Collection, Visa Infinite* Dining Series, and Entertainment & Lifestyle Offers.
  • Access to Scotia SelectPay™.
  • To be eligible, $60,000 (individual) or $100,000 (household) annual income is required, or a minimum assets under management of $250,000. 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.
Back to Top

Best starter and newcomer credit cards

Best basic credit card for beginners

American Express® Green Card


$0

20.99% / 21.99%

1x-2x Points

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.
Card 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 credit card for newcomers to Canada

Scotiabank® Scene+™ Visa* Card


$0

20.99% / 22.99%

1x-2x Points

Up to 7,500 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 7,500 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.
Card Details
  • Earn up to 7,500 bonus Scene+ points within your first 3 months¹
  • No annual fee in the first year, including on supplementary cards¹
  • Earn 2x Scene+ points¹ on every $1 you spend at Sobeys, Safeway, IGA, Foodland, participating Co-ops, Freshco and more
  • Earn 2x Scene+ points¹ for every $1 you spend on Home Hardware, Home Building Center, Home Furniture locations in Canada and online at homehardware.ca
  • Earn 2x Scene+ points¹ for every $1 you spend at Cineplex theatres or online at cineplex.com
  • Plus earn 1 Scene+ point for every $1 spent on all other eligible everyday purchases
  • Rates, fees and other information are effective as of Mar 1, 2024. Subject to change.
  • Terms and Conditions Apply. Click ‘Apply Now’ for complete details.
Other newcomer credit cards to consider

If this card doesn’t seem like a good fit for your wallet, take a look at NerdWallet’s selection of the best newcomer credit cards to help find the right option for you.

Best low interest credit card

Scotiabank Value® Visa* Card


$29

12.99%

N/A

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.
Card Details
  • 0% introductory interest rate on Balance Transfers for the first 10 months (12.99% after that; annual fee $29).¹ Plus no annual fee in the first year.¹ Offer ends 31 Oct 2024.
  • Save up to hundreds of dollars a year on interest.
  • Low interest rate of 12.99%.
  • Pay down higher interest rate balances faster.
  • Transfer higher rate balances and save even more.
  • To be eligible, $12,000 (individual) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident that is the age of majority in the province or territory where you live.
  • Terms and Conditions Apply. Click ‘Apply Now’ for complete details.

Best credit card for bad credit

Home Trust Secured Visa Card


$0 / $59

14.90% / 19.99%

N/A

N/A
Our Take
Why we like it

The Home Trust Secured Visa offers a straightforward, no-frills experience for credit builders. Plus, there are two secured credit card options to fit a variety of needs: a no-fee card, and a low-interest card with a $59 annual fee.

Pros
  • Low interest rate.
  • Payments are reported to both credit bureaus.


Cons
  • You’ll need to budget for the annual fee.
  • No ability to earn rewards on purchases.
Card Details
  • $59 annual fee.
  • No fee option available with a higher interest rate.
  • $500 minimum security fund deposit required.
  • $10,000 maximum security fund deposit.
  • Hard credit checks are made on Home Trust Secured Visa applications.
  • Credit activity, including every payment, is reported to TransUnion and Equifax, the two major consumer credit bureaus in Canada.
  • Ability to upgrade to an unsecured credit card.
  • Manage your account and billing with online banking.
  • Cardholders can choose between a card with no annual fee and 19.99% interest or an annual fee of $59 and 14.90% interest.
  • Protection against fraud through Visa’s Zero Liability Policy.
  • Preferred rates: 14.90% for purchases, 19.80% for cash advances.
  • To be eligible, you must have a source of income and cannot currently be in bankruptcy. You must be able to provide security funds and be a Canadian resident of the age of majority in the province or territory where you live. The Home Trust Secured Visa Card is not available to Québec residents.
Back to Top

Best payment network credit cards

Best American Express credit card

American Express Cobalt® Card


$155.88

20.99% / 21.99%

1x-5x Points

Up to 15,000 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 15,000 point intro offer, you could earn 165,000 points in your first year, which you could redeem for travel and more.
  • Easily transfer the points you earn to popular airline and hotel loyalty programs, such as Aeroplan and Marriott Bonvoy.


Cons
  • Airport lounge access isn’t provided, which may disappoint some frequent travellers.
  • No travel medical coverage for cardmembers over the age of 65.
Card Details
  • In your first year as a new Cobalt Cardmember, you can earn 1,250 Membership Rewards® points for each monthly billing period in which you spend $750 in net purchases on your Card. This could add up to 15,000 points in a year. That’s up to $150 towards a weekend getaway or concert tickets.
  • Earn 5x the points on eligible eats and drinks in Canada, including groceries and food delivery. Spend cap applies.
  • Earn 3x the points on eligible streaming subscriptions in Canada.
  • Earn 2X the points on eligible ride shares, transit & gas in Canada.
  • Earn 1 additional point on eligible hotel and car rental bookings via American Express Travel Online.
  • Earn 1X point for every $1 in Card purchases everywhere else.
  • Enjoy access to hotel bookings, and up to $100 USD hotel credit to use on amenities when charged to the room for a stay of 2 or more consecutive nights through The Hotel Collection from American Express Travel.
  • Transfer points 1:1 to several frequent flyer and other loyalty programs.
  • Cobalt Cardmembers receive regular Perks such as bonus reward offers and access to great events.
  • Access Front Of The Line® Presale & Reserved Tickets to some of your favourite concerts and theatre performances and special offers and events curated for Cardmembers with American Express® Experiences.
  • *Effective August 15, 2023, Cobalt Cardmembers will earn 5x the points on all eligible eats & drinks charged to their Card up to $2,500 monthly, for the same total of $30,000 annually already in place today. Cardmembers will also continue to earn 3x on streaming subscriptions, 2x on eligible transit, gas & travel purchases and 1x on everything else. T&Cs apply. While the annual earn does not change, the new monthly construct intends to curb gaming activity. The change should have little to no impact on the majority of Cardmembers who utilize the Card and Membership Rewards program as it was intended.
  • American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, NerdWallet may receive compensation from American Express, which can be in the form of monetary payment.
Other American Express cards to consider

American Express knows how to reward cardholders with perks and exclusive experiences. See our selections for the best Amex cards in Canada.

Best Mastercard credit card

BMO CashBack® World Elite®* Mastercard®*


$120

20.99% / 23.99%

1%–10%

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.
Card Details
  • Welcome offer: Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first year.*
  • Earn more cash back on the categories that mean the most: 5% on groceries.* 4% on transit including ride sharing, taxis and public transportation.* 3% on gas and electric vehicle charging.* 2% on recurring bill payments like your monthly phone bill or favourite streaming service.* 1% unlimited cashback on all other purchases.*
  • Get the highest cash back earn rate on groceries in Canada.†
  • Get valuable benefits and offers for digital everyday services from a variety of on-demand apps and subscription services.
  • Extended Warranty Plus.*
  • Purchase Protection Plus.*
  • Complimentary membership in Mastercard Airport Experiences provided by LoungeKey.*
  • Access over 1 million Wi-Fi hotspots around the world – all at no added cost, and no added fees or roaming charges.*
  • Complimentary Roadside Assistance Program.*
  • BMO CashBack World Elite Travel and Medical Protection.*
  • BMO Concierge Service.*
  • Unlock Mastercard Travel Rewards cashback offers when you travel and shop outside of Canada.
  • *Terms and conditions apply.
  • †Statement based on a comparison of the non-promotional grocery rewards earn rate on Canadian cash back credit cards as of January 4, 2023.
  • BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.

Best Visa credit card

Scotia Momentum® Visa Infinite* Card


$120

20.99% / 22.99%

1%-10%

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.
Card 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 October 31, 2024.
  • Earn 4% for every $1 you spend on grocery store purchases, recurring bill payments, and subscription purchases.
  • Earn 2% for every $1 you spend on gas purchases and daily transit purchases.
  • Earn 1% cash back on all other purchases with no cash back limit.
  • Redeem cash back as a statement credit in November.
  • Visa Infinite benefits, including Visa Infinite* Concierge, Visa Infinite* Luxury Hotel Collection, Visa Infinite* Dining Series, and entertainment and lifestyle offers.
  • Save up to 25% off base rates at participating AVIS locations and at participating Budget locations in Canada and the U.S.
  • Access to Scotia SelectPay™.
  • To be eligible, $60,000 (individual) or $100,000 (household) annual income is required, or $250,000 minimum assets under management. Also, you must have a Canadian credit file and be a Canadian resident that is the age of majority in the province or territory where you live.
  • Terms and Conditions Apply. Click ‘Apply Now’ for complete details.
Other Visa credit cards to consider

As the world’s most widely-accepted credit card network, Visa cards are a smart addition to any wallet. See our selections for the best Visa credit cards in Canada.

Back to Top
Nerdwallet Logo Partner Spotlight
Ad Icon
TD® Aeroplan® Visa Infinite* Card

Intro offer details: Earn up to $1,200 in value†, including up to 50,000 Aeroplan points† (enough for a round trip to New York City†), and additional travel benefits. Account must be approved by June 3, 2024.
†Terms and conditions apply.


Summary: Best Credit Cards Overall

BEST FOR CATEGORYCREDIT CARDANNUAL FEEINTRO OFFER
Best overall travel card.Scotiabank Platinum American Express® Card.$399.Up to 60,000 Points.
Best overall cash-back card.Scotia Momentum® Visa Infinite* Card.$120.Up to $200.
Best overall student card.BMO CashBack® Mastercard®* for Students.$0.Up to $125.
Best overall business card.American Express Business Edge Card.$99.Up to 67,000 Points.
Best overall rewards card.Simplii Financial Cash Back Visa Card.$0.Up to $150.
Best overall card for balance transfers.MBNA True Line® Mastercard® credit card.$0.N/A.
Best overall no-fee card.Tangerine World Mastercard.$0.Up to $100.
Best overall points card.RBC ION+ Visa Credit Card.$48.Up to 7,000 Points.
Best overall prepaid card.Neo Money Card.$0.N/A.
Best overall secured card.Neo Secured Credit.$0.$25.
Best overall metal credit card.American Express® Aeroplan®* Reserve Card.$599.Up to 85,000 Points.
Best grocery credit card.Scotiabank Gold American Express® Card.$120.Up to 40,000 Points.
Best shopping credit card.Triangle World Elite Mastercard.$0.N/A.
Best gas credit card.CIBC Dividend® Visa Infinite Card.$120.N/A.
Best credit card for utilities.MBNA Rewards World Elite Mastercard.$120.Up to 30,000 Points.
Best restaurant credit card.American Express Cobalt Card.$155.88.Up to 15,000 Points.
Best hotel card.Marriott Bonvoy® American Express®* Card.$120.Up to 80,000 Points.
Best credit card for airport lounge access.The Platinum Card® from American Express.$799.Up to 100,000 Points.
Best credit card for travel insurance.American Express® Gold Rewards Card.$250.Up to 60,000 Points.
Best no foreign transaction fee card.Scotiabank Passport Visa Infinite Card.$150.Up to 35,000 Points.
Best basic credit card for beginners.American Express® Green Card.$0.10,000 Points.
Best for newcomers to Canada.Scotiabank® Scene+™ Visa* Card.$0.Up to 7,500 Points.
Best credit card for bad credit.Home Trust Secured Visa Card.$0 / $59.N/A.
Best low interest credit card.Scotiabank Value Visa Card.$29.N/A.
Best Visa credit card.Scotia Momentum® Visa Infinite* Card.$120.Up to $200.
Best Mastercard credit card.BMO CashBack World Elite Mastercard.$120.Up to $260.
Best American Express credit card.American Express Cobalt® Card.$155.88.Up to 15,000 Points.

Methodology to choose the best credit cards in Canada

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


    Different types of best credit cards

    Looking for certain types of credit cards? Check out more of our picks for different categories of best credit cards:


    Beginner’s guide to credit cards in Canada

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

    How credit cards work

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

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

    A typical credit card transaction would look something like this:

    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

    » MORE: Don’t want to crunch the numbers by hand? Figure out how much interest you’d owe with our credit card interest calculator.

    How credit card rewards work

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

    Types of rewards you can earn

    The types of rewards you can earn can generally be broken down into four categories:

    Earn rates

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

    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.

    How to choose the right credit card

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

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

    Credit card features to compare

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

    What credit score is needed for a credit card?

    Canadian credit card issuers rarely disclose required credit scores, which makes it hard to know your chances of approval when comparing credit cards. However, higher scores generally mean better chances of approval, and that’s true regardless of the type of credit you’re applying for.

    Want to learn more? Visit our “What Credit Score is Needed for a Credit Card?” page.

    What is the best credit score in Canada?

    Credit scores in Canada range from 300 to 900. Generally, Canadian credit scores can be organized into the following categories:

    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.

    How many credit cards should I have?

    The number of credit cards that’s right for you will depend on your spending habits, credit score and personal preferences.

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

    Types of credit cards in Canada

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

    Rewards credit cards: Best for earning points and cash-back rewards

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

    No-fee credit cards: Best for rewards on a budget

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

    Balance transfer credit cards: Best for paying down credit card debt

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

    Low-interest credit cards: Best for cardholders who typically carry a balance

    Low-interest credit cards often have an interest rate of between 9% – 13%. This is significantly lower than standard interest rates, so low-interest credit cards can be helpful for people who may carry a balance.

    Student credit cards: Best for anyone seeking accessible credit

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

    Secured credit cards: Best for building credit

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

    Black credit cards: Best for luxurious perks

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

    Aeroplan credit cards: Best for Air Canada patrons

    Millions of Canadians are members of Aeroplan, the loyalty program associated with Air Canada. There are several ways to become an Aeroplan member, but the easiest is carrying an Aeroplan personal or business credit card. The best Aeroplan credit cards make it easy to earn points that can be used for special perks and benefits. Armed with one of these travel cards, your trip may be more enjoyable and affordable than ever.

    Air Miles credit cards: Best for travellers seeking flexible redemption options

    The Air Miles program launched in 1992 and remains one of Canada’s most popular rewards programs. Air Miles collectors can redeem Dream and Cash Miles for various items, including airfare, cash rewards, merchandise and more. The best Air Miles credit cards earn rewards on every eligible dollar spent and come with attractive perks, like airport lounge access and robust travel insurance.    

    Business credit cards: Best for business owners

    Business credit cards typically offer accelerated rewards rates on business spending. Merchants may also appreciate common business credit card perks, like higher credit limits and supplementary cards for employee use.

    Prepaid credit cards: Best for anyone with a low credit score or no credit history

    Prepaid credit cards are like debit cards: cardholders can only spend up to the amount they’ve deposited to the card. Prepaid cards don’t charge interest because cardholders don’t borrow money — they spend their own funds. Prepaid credit card activity isn’t reported to Canadian credit bureaus, so using one won’t impact your credit score.

    Types of credit card interest rates

    Credit cards typically have more than one interest rate. Take a closer look at your card’s terms and conditions, and you may notice as many as four different credit card interest rates:

    Pros and cons of credit cards

    Credit cards are a convenient payment option, but there are some drawbacks to consider.  

    Pros

    Cons

    Tips for maximizing your credit card rewards

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

    What credit cards are the most accepted in Canada?

    Mastercard and Visa credit cards are the most accepted cards in Canada, although one major retailer doesn’t take Visa: Costco.

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

    What’s better, a Mastercard or Visa?

    It’s hard to declare a winner between Mastercard and Visa because these payment giants are credit card networks — not credit card issuers. Mastercard and Visa are among the most popular and well-established credit card processing networks in the world and share a lot in common. They’re both widely accepted and process billions of transaction dollars annually.

    Mastercard and Visa predominantly work behind the scenes. They partner with card issuers, like banks and credit unions, to offer cards to the public. Eligibility requirements, rewards, and signup bonuses are all determined by card issuers.

    Credit card companies in Canada

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

    Credit Card IssuerNetwork
    American Express.American Express.
    ATB Financial.Mastercard.
    BMO.Visa & Mastercard.
    Brim Financial.Mastercard.
    Canadian Tire Bank.Mastercard.
    Canadian Western Bank.Mastercard.
    Capital One.Mastercard.
    CIBC.Visa & Mastercard.
    Coast Capital Savings.Mastercard.
    Desjardins.Visa & Mastercard.
    Home Trust.Visa.
    HSBC.Mastercard.
    KOHO.Mastercard.
    Laurentian Bank.Visa.
    Manulife.Visa.
    MBNA.Mastercard.
    Meridian.Visa.
    Mogo.Visa.
    National Bank.Mastercard.
    Neo Financial.Mastercard.
    PC Financial.Mastercard.
    RBC.Visa & Mastercard.
    Refresh Financial.Visa.
    Rogers.Mastercard.
    Scotiabank.Visa, American Express & Mastercard.
    Simplii Financial.Visa.
    STACK.Mastercard.
    Tangerine.Mastercard.
    TD Bank.Visa.
    Vancity.Visa.
    Walmart.Mastercard.
    Wealthsimple.Mastercard.
    Wise.Visa.

    Can Americans get a Canadian credit card?

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

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

    DIVE EVEN DEEPER

    17 Best Cash-Back Credit Cards in Canada for March 2024

    17 Best Cash-Back Credit Cards in Canada for March 2024

    NerdWallet’s picks for the best cash-back credit cards in Canada include top contenders across numerous categories. Choose the right one for your spending habits and financial goals.

    24 Best Rewards Credit Cards in Canada for March 2024

    24 Best Rewards Credit Cards in Canada for March 2024

    Compare the best rewards credit cards in Canada across numerous rewards categories, including travel, cash back and more, to find the ideal card for your spending preferences.

    19 Best Travel Credit Cards in Canada for March 2024

    19 Best Travel Credit Cards in Canada for March 2024

    Explore the best travel credit cards in Canada for daily spending, flexible travel rewards, big welcome bonuses and more.

    14 Best No-Fee Credit Cards in Canada for March 2024

    14 Best No-Fee Credit Cards in Canada for March 2024

    The best no-fee credit cards in Canada offer impressive benefits without the burden of an annual fee.

    Back To Top