Canada’s best credit cards at a glance
As of:
featured
Annual fee
$156
Best for
- overall spending
- groceries
featured
Annual fee
$150 $0 first year
Best for
- travel
- no foreign transaction fee
- lounge access
featured
Annual fee
$120
Best for
- cashback
- gas
Purchase interest:20.99%
Cash advance:22.99%
Balance transfer:22.99%
Get a $100 Cash Bonus upon approval
featured
Annual fee
$0
Best for
- no fee cash back
featured
Annual fee
$0
Best for
- low interest
- balance transfer
featured
Annual fee
$0
Best for
- building credit
- secured credit
featured
Annual fee
$799
Best for
- perks
featured
Annual fee
$139
Best for
- Aeroplan
featured
Annual fee
$120
Best for
- hotels
featured
Annual fee
$0
Best for
- students
featured
Annual fee
$99
Best for
- businesses
Our methodology: how we choose the best credit cards
Ratehub.caevaluates the best credit card rewards credit cards by considering overall consumer value and suitability for various types of consumers. Our evaluation methodology incorporates factors such as the card’s annual fee, rewards earning rates, ease-of-use, welcome or promotional offers, approval rates, eligibility criteria, and redemption choices. We have also considered the pros and cons of each card to help you determine which case best suits your financial needs and spending habits.
Frequently asked questions
Why should I get a credit card?
Owning even one credit card responsibly helps build credit and increase your credit score over time, signalling to potential lenders that you are reliable and trustworthy. Credit is important for major purchases such as cars and homes. Credit cards can also earn you money on purchases and offer added bonuses such as travel points and insurance.
How do I apply for a credit card?
New to credit cards and wondering how to begin your application process? Here's a few things to know:
- Knowing whether you're eligible (or how likely you are to be approved) for certain cards is essential before applying. Getting rejected for a credit card can do harm to your credit score, and repeated rejections can inflict some serious damage, so it's best to have a good idea of whether or not your application will be accepted.
- Income requirement: pay special attention to a card's minimum income requirement (if there is one) and make sure your current income meets or exceeds it before choosing to apply
Use our new eligibility checker tool to quickly discover in minutes whether you're eligible for a card or not, or contact a Canadian credit bureau (such as TransUnion) and request a copy of your credit report.
What is the best credit card to build credit?
If you’re looking to build / rebuild credit, the best card to get is a secured credit card. Your approval is guaranteed, but a security deposit is required to ensure bill payment. These cards are an excellent way to strengthen your credit, and if you continue to use it responsibly, your issuer will typically return your deposit and offer you an unsecured card within 12-18 months.
For those looking to rebuild their credit, we picked the Neo Card (Secured) as the best credit card in Canada as it offers cardholders the ability to earn cash back rewards, pay no annual fee and have a flexible credit limit.
What is the best credit card for foreign transactions?
If you're planning on using your card for foreign transactions, whether travelling abroad or simply online shopping in a foreign currency, a credit card with no foreign transaction fees is a necessity.
Our pick for the best credit card in Canada with no foreign transaction fee is the Scotiabank Passport Visa Infinite. Aside from the main draw (the aforementioned zero foreign transaction fees), you'll earn two points per dollar across most major spending categories and be eligible for a generous welcome offer. The card also comes with a comprehensive insurance package to make sure you're protected while travelling.
What is the best credit card for students?
When it comes to student credit cards, our top pick is the BMO CashBack Mastercard - Student.
For students new to credit, this card ticks all the boxes: it has no annual fee or income requirement, a 3% cashback return on grocery purchases (up to $500 per month), plus a healthy welcome offer - earn 5% cash back in your first 3 months The cash back reward system is straight forward and redemption is flexible and easy, offering students the ability to cash in their rewards in increments as small as one dollar whenever they'd like.
What is the best cash back credit card?
Our top pick for best cash back credit card in Canada is the CIBC Dividend Visa Infinite.
The CIBC Dividend Visa Infinite offers the best rewards for everyday essentials, with a 1% earn rate for all purchases an industry-leading 4% cash back on grocery and gas purchases - two of the most common spending categories for Canadian households. Thanks to CIBC's new cash back on demand feature, you can choose to redeem rewards any time, starting at just $25.
What is the best credit card for travel?
If you’re looking for a well-rounded, lucrative rewards card that’s just as great for everyday spending as it is for travel, the American Express Cobalt has got you covered and is considered to be the best rewards credit card in Canada. Cardholders can take advantage of the strong travel insurance, impressive welcome bonus and flexible point redemption options. The Scotiabank Passport Visa Infinite card is the ultimate travel credit card with valuable benefits that set it apart from others.
How does credit card interest work?
Credit card providers charge interest in the event of late or unpaid statements (usually around 19-20% of the outstanding balance). This extra amount is tacked on to the principal total you owe, and it will continue to compound and grow the longer your debt goes unpaid. In extreme cases, this can make it nearly impossible for users to pay off their original balance, as it's buried underneath layers of interest upon interest. This is why it's imperative to pay off your monthly statements on time and in full.
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Best credit card per category
Best rewards credit card and best credit card for groceries
featured
4.5 Ratehub rated
Best for Groceries & dining
First year reward
based on spending $2,200/mo after $156 annual fee
- Earn rewards
1pt – 5pts / dollar earn rate
- Welcome bonus
15,000 bonus points (a $150 value)
- Annual fee
$156
Perks
- Ratehub.ca’s 2023 Award Winner – Best Rewards Credit Card
- In your first year as a new Cobalt Cardmember, you can earn 1,250 Membership Rewards® points for each monthly billing period in which you spend $750 in net purchases on your Card. This could add up to 15,000 points in a year. That’s up to $150 towards a weekend getaway or concert tickets
- Earn 5x the points on eligible eats and drinks in Canada, including groceries and food delivery. Spend cap applies.
- Earn 3X the points on eligible streaming subscriptions in Canada
- Earn 2X the points on eligible ride shares, transit & gas in Canada
- Earn 1 additional point on eligible hotel and car rental bookings via American Express Travel Online
- Earn 1X point for every $1 in Card purchases everywhere else
- Enjoy access to hotel bookings, a room upgrade (when available), 12pm check-in and late check-out (when available), and up to $100 USD hotel credit to use on amenities when charged to the room for a stay of 2 or more consecutive nights through The Hotel Collection from American Express Travel
- Transfer points 1:1 to several frequent flyer and other loyalty programs
- Cobalt Cardmembers receive regular Perks such as bonus reward offers and access to great events
- Access Front Of The Line® Presale & Reserved Tickets to some of your favourite concerts and theatre performances and special offers and events curated for Cardmembers with American Express® Experiences
- American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment
Features
Ratehub’s take
The American Express Cobalt is one of Canada’s best travel credit cards. If you’re looking for a versatile credit card that rewards both everyday spending and travel, the American Express Cobalt is an ideal choice. Cardholders can enjoy strong travel insurance, a generous welcome offer, and flexible point redemption options.
Pros
- Exceptional point earning: 5x the points on eligible restaurant and food delivery, 3x the points on eligible streaming services, 2x the points on travel and daily transit. The earning potential for restaurants and takeout is significantly higher than most other cards
- Flexible point redemption: Travelers can choose from three ways to use their points: points 1:1 to several valuable loyalty programs including Aeroplan, use the Fixed Points Program to simplify redemptions regardless of travel dates, or use points for statement credits at a rate of 1 point = 1 cent. Or, redeem Membership Rewards for travel, gift cards, merchandise, or purchases
- Exclusive access: Enjoy privileges such as Front of the Line Presale and Reserved tickets to concerts, theatre performances, movie screenings, culinary events, and other special offers
- Comprehensive travel insurance: Benefit from a strong travel insurance package, including up to $5,000,000 in travel emergency medical
- No additional fee for authorized users: Add authorized users for no extra cost (an average fee of $30-50 on other comparable cards)
Cons
- Monthly fee: A monthly fee of $12.99 (totalling an annual fee of $156, which is higher than most other rewards cards)
- Limited acceptance: American Express isn’t as widely accepted in Canada compared to Visa and Mastercard
- Travel insurance age limitations: The travel insurance package does not cover trip cancellation or medical coverage for cardholders over the age of 65
- Lack of airport lounge access: Frequent travellers may be disappointed as this card does not offer access to airport lounges
Minimum credit score: 725 Minimum income: N/A Purchase interest: 21.99% Cash advance: 21.99% Balance transfer: 21.99% Eligibility requirements
Interest rates
Best travel credit card, best no foreign transaction fee card, and best credit card for lounge access
featured
4.0 Ratehub rated
Best for Travel perks
First year reward
based on spending $2,200/mo after $150 annual fee
- Earn rewards
1pt – 3pts / dollar earn rate
- Welcome bonus
30,000 bonus points (a $300 value)
- Annual fee
$150 $0 first year waived
Perks
- Ratehub.ca’s 2024 Credit Card Award Winner
- Earn up to $1,300* in value in the first 12 months, including up to 40,000 bonus Scene+ points and first year annual fee waived¹
- Earn 3x Scene+ points¹ on every $1 you spend at Sobeys, Safeway, IGA, Foodland and participating
Co-ops and more - Earn 2x Scene+ points¹ for every $1 you spend on other eligible grocery stores, dining, eligble entertainment puchases and eligible daily trasit options(including rideshares, buses, subways taxis and more)
- Plus earn 1 Scene+ point for every $1 spent on all other eligible everyday purchases
- No Foreign Transaction Fee
- 6 Complimentary Airport Lounge Access
- Comprehensive Travel Insurance coverage
- Visa Infinite* Concierge Services
- Visa Infinite* Hotel Collection
- Visa Infinite* Dining and Wine Country program
Rates, fees and other information are effective as of Jan.4, 2024. Subject to change
Features
Ratehub’s take
The Scotiabank Passport Visa Infinite card makes a great vacation companion, designed for Canadians who travel abroad and explore the world. It is one of the few cards that covers foreign transaction fees, and also includes valuable travel benefits like airport lounge access.
Pros
- No foreign transaction fee: Save 2.5% on all non-Canadian currency purchases
- Scene+ points: Earn three Scene+ points per $1 spent at participating grocery stores (e.g., Sobey’s, IGA, and FreshCo) and two Scene+ points per $1 spent on eligible grocery, dining, entertainment, and daily transit purchases
- Flexible redemption: Enjoy flexible point redemption options including for travel, groceries, statement credits, gift cards, and movie tickets
- Airport lounge access: Access airport lounges with six free visits per year to over 1,200 lounges worldwide
- Visa Infinite benefits: Benefit from the Visa Infinite Luxury Hotel Collection, Visa Infinite Dining series, and complimentary Avis Preferred Plus membership
- Comprehensive travel insurance: Enjoy coverage for emergency medical, trip cancellation/interruption, flight delays, and more
Cons
- Annual fee: The annual fee of $150 is higher than some comparable cards
- Low point return: The earn rate for certain spending categories like dining and entertainment is lower compared to other cards
- Consistent point values: Travel points are always worth one cent per point and you can’t transfer your points to other airline rewards programs like you can with some Amex cards
Minimum credit score: 725 Minimum income: $60,000/yr Purchase interest: 20.99% Cash advance: 22.99% Balance transfer: 22.99% Eligibility requirements
Interest rates
Honourable mention for best travel credit card
featured
4.0 Ratehub rated
Best for Groceries & dining
First year reward
based on spending $2,200/mo after $120 annual fee
- Earn rewards
1pt – 5pts / dollar earn rate
- Welcome bonus
40,000 bonus points (a $400 value)
- Annual fee
$120
Perks
- Earn up to $650* in value in the first 12 months, including up to 40,000 bonus Scene+ points.
- 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 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
Features
Ratehub’s take
The Scotiabank Gold American Express Card earns anhonourable mention as one of the best overall travel credit cards for the outstanding benefits it offers to cardholders. This card stands out as a top choice, thanks to its exceptional return on spending and a variety of travel-related perks. This card is particularly useful for those who dine out often, travel, and enjoy entertainment.
Pros
- No foreign exchange fee: Save on foreign currency purchases while travelling abroad or shopping online, as this card doesn’t charge the typical 2.5% foreign transaction fee
- Extensive insurance coverage: Enjoy comprehensive travel insurance, including the $1 million travel medical insurance, which lasts for 25 days and is one of the longer coverage periods available on the market
- High return on spending: Earn five points per $1 spent on groceries, restaurants, food delivery, and entertainment – one of the best in class multipliers in the market. Earn three points per $1 spent on gas and transit expenses
Cons
- Limited acceptance: American Express isn’t as widely accepted in Canada compared to Visa and Mastercard
- Annual Fee: This card carries an annual fee of $120
- Fixed point values: Although earn rates are high, travel points are always worth one cent per point and you can’t transfer your points to other airline rewards programs like you can with other cards
- Airport lounge access is not free:Although you’ll get a discount on a Priority Pass membership for airport lounge access, lounge visits aren’t included with the card
Minimum credit score: 725 Minimum income: $12,000/yr Purchase interest: 20.99% Cash advance: 22.99% Balance transfer: 22.99% Eligibility requirements
Interest rates
Best cash back credit card and best credit card for gas
featured
4.5 Ratehub rated
Best for Groceries & gas
First year reward
based on spending $2,200/mo after the annual fee
- Earn rewards
1% – 4% earn rate
- Welcome bonus
$250
- Annual fee
see Details
Perks
Ratehub.ca’s 2023 Award Winner – Best Cash Back Credit Card
Welcome Offer: Get a first-year annual fee rebate and earn 10% cash back welcome bonus of up to $250 (first 4 statements)!†
- After that, get 4% cash back on eligible gas, EV charging and grocery purchases.†
- 2% cash back on eligible transportation, dining purchases and recurring payments†
- 1% cash back on all other purchases†
- Get cash back on demand – redeem your cash back at any time when you have a minimum of $25 through CIBC Online and Mobile Banking®†
- Save on gas with CIBC and Journie Rewards
- Link and use your CIBC Dividend® Visa Infinite* Card with Journie Rewards to save up to 10 cents per litre† at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations.†
- This is a digital-exclusive offer.To be eligible for this offer: 1) this offer must have been directly communicated to you from CIBC or from a partner/affiliate; and 2) you must apply for the eligible card through the link provided in the CIBC or partner/affiliate communication to you.† This offer is reserved for you. Please do not forward it to anyone else.
- CIBC may approve your application, but you are not eligible to receive this Offer if you have opened, transferred or cancelled another Dividend card within the last 12 months.†
- This offer is not available for the residents of Quebec.
- †Terms and Conditions Apply
Features
Ratehub’s take
The biggest selling point of the CIBC Dividend Visa Infinite is its impressive rewards on everyday essentials. On top of the 1% earn rate for all purchases, this card earns 4% cash back on both groceries and gas purchases – the best on the market, for two of the most common spending categories for Canadian households.
Pros
- High earn rates on specific categories: Significantly higher earn rates on groceries, EV charging, and gas than most other cards (4% cash back)
- Redeem any time: Users can redeem rewards at any time as a statement credit starting in increments of $25
- Convenient payment option for large purchases: Access to CIBC’s Pace It program, allowing you to pay off large purchases in monthly increments
- Exclusive program access: Access to the Visa Infinite Program, entitling you to attend special dining events and hotel perks at participating hotels and restaurants
Cons
- Income requirement: The annual fee ($120) and personal income requirements ($60,000) may be prohibitive
- Limited insurance coverage: Insurance coverage isn’t as comprehensive as other similar rewards cards (if insurance is a priority for you, consider the cards featured on our list of best credit cards for travel insurance)
- Annual cash back is limited: While the points earnings rate is impressive, annual rewards at 4% and 2% are capped at $80,000 total, then you’ll earn at the base rate
Minimum credit score: 725 Minimum income: $60,000/yr Purchase interest: 20.99% Cash advance: 22.99% Balance transfer: 22.99% $120Eligibility requirements
Interest rates
Annual fee
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Best no fee cash back credit card
Get a $100 Cash Bonus upon approval
featured
4.5 Ratehub rated
Best for Flexible spending
First year reward
based on spending $2,200/mo after $0 annual fee
- Earn rewards
0.5% – 10% earn rate
- Welcome bonus
$100
- Annual fee
$0
Perks
- Ratehub.ca’s 2023 Award Winner – Best No Fee Cash Back Credit Card
- Life’s back in session. Enjoy it with an extra 10% back.*
- Apply for a Tangerine Money-Back Credit Card by October 31, 2024 and earn an extra 10% back (up to $100) when you spend up to $1,000 in everyday purchases within your first 2 months.*
- Earn 2% Money-Back Rewards on purchases in two 2% Money-Back Categories of your choice, and 0.50% Money-Back Rewards on all other purchases.
- Earn extra rewards – 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.
Ratehub’s take
While the Tangerine Money-Back Credit Card is a no annual fee card, what really sets it apart is the ability to customize your rewards. With this card, you can choose your own bonus categories (which will earn you a strong cash back rate of 2% per dollar spent). This is rare in the credit card market and means you can avoid being locked into a bonus category that you can’t take full advantage of, or that doesn’t align with your spending habits.
Pros
- Customizable bonus categories: Flexibility to pick up to three bonus categories to earn 2% cash back on (out of a total of 10 options), which is in sharp contrast to most other cards where you have fixed bonus categories that you have no control over. Users are also given the freedom to change the bonus categories at any time (changes will take up to 90 days to come into effect)
- High cash back earning rate: 2% cash back per dollar on bonus categories is one of the richest earn rates for a no-fee card, plus your rewards are unlimited and don’t have monthly or annual maximums
- Wide acceptance: Widely accepted almost everywhere including No Frills and Costco
- Additional cards at no cost: Free supplementary cards for authorized users
- Frequent cash back reimbursem*nt: Cash back is refunded on a monthly basis, instead of the standard annual reimbursem*nt
Cons
- Limited cash back for non-bonus categories: For all purchases that aren’t categorized under one of your chosen bonus categories, you’ll earn just 0.5% cash back
- Limited travel insurance and perks: No travel medical insurance or any substantial side perks
Minimum credit score: 660 Minimum income: $12,000/yr Purchase interest: 19.95% Cash advance: 19.95% Balance transfer: 1.95% for the first 6 months. 19.95% after promo. Eligibility requirements
Interest rates
Best low interest credit card and best balance transfer credit card
featured
4.5 Ratehub rated
Purchase interest rate
- Pay $5/mo
Based on a credit balance of $500
- Annual fee
$0
Perks
- Ratehub.ca’s 2023 Award Winner – Best Low Interest Credit Card and Best Balance Transfer Credit Card!
- This offer is not available for residents of Quebec.
- No annual fee
- Standard Annual Interest Rates of 12.99% on 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.
Apply for the MBNA True Line® Mastercard® credit card today.
Ratehub’s take
For those looking to reduce their credit card debt, the MBNA True Line Mastercard comes packed with helpful features.The card has no annual fee and a below-average purchase interest rate of 12.99% on purchases and balance transfers. For anyone trying to work themselves out of debt and rebuild their credit score, the 0% promotional annual interest rate for 12 months provides an excellent head start.
Pros
- Best promotional balance transfer offer on the market: A promotional balance transfer of 0% is available for a full year helping pay down or eliminate credit card debt (note: there is a 3% balance transfer fee)
- Fixed low interest rate: The low interest rate of 12.99% is fixed and won’t change regardless of your credit rating, income, or the bank’s prime lending rate
- Accessibility: No annual fee and no income requirements to qualify making it very accessible
Cons
- Lack of additional benefits: This card does not include insurance or other benefits
- Restrictions for Quebec residents: Offer not available to residents of Quebec
Minimum credit score: 660 Minimum income: N/A Purchase interest: 12.99% Cash advance: 24.99% Balance transfer: 0.00% for the first 12 months. 12.99% after promo. Eligibility requirements
Interest rates
Best credit card for building credit and best secured credit card
featured
3.0 Ratehub rated
Best for Everyday spending
First year reward
based on spending $2,200/mo after $0 annual fee
- Earn rewards
0.5% – 15% earn rate
- Annual fee
$0
Perks
- Limited-time offer: Get $25 cashback when you sign up for the most powerful payment tool in your wallet
- Get a credit limit up to $10,000 instantly
- Upgrade your card by adding flexible monthly subscriptions for travel (not available in Quebec), gas, grocery, dining, and more
- Stay on top of your finances with real-time spend insights
- Sign up in 3 minutes and use your virtual card right away
- Receive real-time spend notifications to stay secure
Ratehub’s take
The NEO Credit card is a no-fee card that offers bonus cash back rewards at partner retailers.
Pros
- No annual fee
- Cash back earning: Offers an average of 5% cash back when shopping at a partner retailer
- Flexible cash back redemption: Redeem cash back on demand
- Instant approval: Get approved instantly and receive a digital card that can be used immediately through Apple Wallet or Google Pay before your physical card arrives. Enjoy a credit limit of up to $10,000 right away
Cons
- Limited rewards outside of partner retailers: There are no rewards at non-Neo retailers
- Limited perks: This card offers limited perks and insurance coverage; however perks and cash back rewards can be added but for an additional subscription fee
Minimum credit score: 660 Minimum income: N/A Purchase interest: 19.99% Cash advance: 22.99% Balance transfer: N/A Eligibility requirements
Interest rates
Best credit card for perks
featured
5.0 Ratehub rated
Best for Premium perks
First year reward
based on spending $2,200/mo after $799 annual fee
- Earn rewards
1pt – 2pts / dollar earn rate
- Welcome bonus
70,000 bonus points (a $700 value)
- Anniversary bonus
30,000 pts (a $300 value)
- Annual fee
$799
Perks
- Ratehub.ca’s 2023 Award Winner – Best Perks Credit Card
- 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, 2 points 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 CollectionTM which unlocks access to over 1300 airport lounges worldwide. This includes The Centurion® Lounge network, Plaza Premium Lounges, and hundreds of other domestic and international lounges designed to enhance your travel experience
- Enjoy flexible ways to use your points such as statement credits for any eligible purchase charged to your Card, new travel purchases booked on American Express Travel Online through the Flexible Points Travel Program, and eligible flights through the Fixed Points Travel Program
- Transfer points 1:1 to several frequent flyer and other loyalty programs
- Enjoy complimentary benefits that offer an average value of $600 USD at over 1,500 extraordinary properties worldwide when you book Fine Hotels + Resorts
- Platinum Cardmembers can enjoy access to special events and unique opportunities
- Enjoy premium benefits at the Toronto Pearson Airport
- You will also have access to many leading hotel and car rental companies’ loyalty programs. Our partners include Marriott International, Hilton Hotels and Resorts, Hertz and Avis
- Interest applies in accordance with your Cardmember Agreement, Information Box, and Disclosure statement if the total New Balance is not paid by the Payment Due Date each month. All payments must be received by the Payment Due Date shown on the monthly statement
- American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment
Features
Ratehub’s take
While the American Express Platinum card’s annual fee is steep, the premium travel perks arguably outweigh the cost to use it. You’ll enjoy free, unlimited airport lounge access (while most other cards only offer a free membership or a few passes per year), hotel upgrades, a valuable annual travel and dining credit, and more.
Pros:
- Unlimited lounge access: Enjoy free, unlimited lounge visits at over 1,200 lounges across the world with the
- American Express Global lounge collection
- Strong travel insurance offering: Includes everything from out-of-province emergency medical to $500,000 travel accident insurance
- Stretch your points values further: Transfer points to other travel loyalty programs at a 1:1 ratio for increased value and flexibility
- Upgraded gold hotel status with Marriott Bonvoy and Hilton Honors and deals on car rentals through American Express Online
Cons:
- Very high annual fee
- Doesn’t waive foreign transaction fees, which can really add up when you’re traveling
- This is a charge card, so you’ll have to pay off whatever you spend in full each month or face a high interest rate
- American Express isn’t as widely accepted in Canada compared to Visa and Mastercard
Minimum credit score: 725 Minimum income: $40,000/yr Purchase interest: N/A Cash advance: N/A Balance transfer: N/A Eligibility requirements
Interest rates
Best credit card for travel insurance
featured
4.0 Ratehub rated
Best for Groceries & dining
First year reward
based on spending $2,200/mo after $120 annual fee
- Earn rewards
1pt – 5pts / dollar earn rate
- Welcome bonus
40,000 bonus points (a $400 value)
- Annual fee
$120
Perks
- Earn up to $650* in value in the first 12 months, including up to 40,000 bonus Scene+ points.
- 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 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
Features
Ratehub’s take
The Scotiabank Gold American Express Card earns anhonourable mention as one of the best overall travel credit cards for the outstanding benefits it offers to cardholders. This card stands out as a top choice, thanks to its exceptional return on spending and a variety of travel-related perks. This card is particularly useful for those who dine out often, travel, and enjoy entertainment.
Pros
- No foreign exchange fee: Save on foreign currency purchases while travelling abroad or shopping online, as this card doesn’t charge the typical 2.5% foreign transaction fee
- Extensive insurance coverage: Enjoy comprehensive travel insurance, including the $1 million travel medical insurance, which lasts for 25 days and is one of the longer coverage periods available on the market
- High return on spending: Earn five points per $1 spent on groceries, restaurants, food delivery, and entertainment – one of the best in class multipliers in the market. Earn three points per $1 spent on gas and transit expenses
Cons
- Limited acceptance: American Express isn’t as widely accepted in Canada compared to Visa and Mastercard
- Annual Fee: This card carries an annual fee of $120
- Fixed point values: Although earn rates are high, travel points are always worth one cent per point and you can’t transfer your points to other airline rewards programs like you can with other cards
- Airport lounge access is not free:Although you’ll get a discount on a Priority Pass membership for airport lounge access, lounge visits aren’t included with the card
Minimum credit score: 725 Minimum income: $12,000/yr Purchase interest: 20.99% Cash advance: 22.99% Balance transfer: 22.99% Eligibility requirements
Interest rates
Best student credit card
featured
Best for Groceries
First year reward
based on spending $2,200/mo after $0 annual fee
- Earn rewards
0.5% – 3% earn rate
- Annual fee
$0
Perks
- Ratehub.ca’s 2023 Award Winner – Best Student Credit Card
- 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
- Best BMO CashBack Mastercard for Students
- 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*
- 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
- Cash Advance Interest 22.99% (21.99% for Quebec residents)
- The offer may vary in Quebec.
- *Terms and conditions apply
- †Based on a comparison of the non-promotional grocery rewards earn rate on cash back credit cards with no annual fee as of January 4, 2023
Ratehub’s take
The BMO Cashback Mastercard makes a lot of sense for cash-strapped students, because your cash back rewards are available at your fingertips anytime. If you regularly use your credit card to buy groceries or pay your phone plan, you can rack up the cash back rewards to reduce your bills and expenses for the future. Keep in mind, though, that rewards are capped monthly, so if you’re a bit of a big spender this card might not be for you.
Pros
- Redeem cash back rewards anytime: You don’t have to wait to redeem your cash back rewards like you might with other cash back cards — you can apply as little as $1 to your balance anytime, or get a credit card statement
- Flexible redemption options: You can deposit your cash back rewards into a BMO savings or investment account, a fairly rare perk, or redeem them as a statement credit to cover your balance
Cons
- Cash back earnings are limited: The bonus cash back rates of 3% on groceries and 1% on bill payments are capped at a maximum of $500 in spending per month, and then the earn rate goes back to 0.5%. This can really limit your overall annual cash back earnings
- Low regular earn rate: The regular earn rate of 0.5% on everything outside of the bonus categories is minimal, so if you exceed the monthly spending caps in those areas, or prefer to spend on other things like travel, this card might not make sense for you
Minimum credit score: 660 Minimum income: N/A Purchase interest: 20.99% Cash advance: 22.99% Balance transfer: 22.99% Eligibility requirements
Interest rates
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Best business credit card
featured
First year reward
based on spending $2,200/mo after $99 annual fee
- Earn rewards
1pt – 10pts / dollar earn rate
- Welcome bonus
67,000 bonus points (a $670 value)
- Annual fee
$99
Perks
- Ratehub.ca’s 2023 Award Winner – Best Business Credit Card
- 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 EdgeTM 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
Features
Ratehub’s take
This credit card has great earn rates on things business owners tend to buy the most: office supplies, electronics, food and drinks and gas. Bonus rewards points on business expenses are capped at 75,000 points annually, so it may be more suitable for a small business owner or sole proprietor. However, points aren’t as valuable for statement credits as they are for flights, so that’s something to consider.
Pros
- Great earn rates on business expenses: Earn 3 points per dollar on office supplies, electronics, rides, gas, and dining up to 75,000 points annually. Plus, the base earn rate of 1 point per $1 spent on other purchases is good, too
- Business coverage: Coverage includes $100,000 in employee card misuse protection, purchase protection and buyer’s assurance as well as car rental theft and damage insurance
Cons
- Lower point value for some categories: Points are worth less towards merchandise, statement credits and gift cards – which are potentially valuable categories for business owners
- Bonus earnings are limited annually: The 3 points per dollar on office supplies, rides, gas and dining is capped at 75,000 rewards points annually
Minimum credit score: 725 Minimum income: N/A Purchase interest: 21.99% Cash advance: 21.99% Balance transfer: N/A Eligibility requirements
Interest rates
Best hotel credit cards
featured
Best for Hotel stays
First year reward
based on spending $2,200/mo after $120 annual fee
- Earn rewards
2pts – 5pts / dollar earn rate
- Welcome bonus
50,000 bonus points (a $585 value)
- Annual fee
$120
Perks
- New Marriott Bonvoy® American Express®* Cardmembers earn 50,000 Marriott Bonvoy® points after you charge $1,500 in purchases to your Card in your first three months of Cardmembership. Subject to change at any time
- Earn 5 points for every dollar in eligible Card purchases at hotels participating in Marriott Bonvoy®
- Earn 2 points for every $1 in all other Card purchases
- Receive an Annual Free Night Award for up to 35,000 points at eligible hotels and resorts worldwide every year after your first anniversary
- No annual fee on Additional Cards
- Redeem points for free nights with no blackout dates at over 7,000 of the world’s most desired hotels
- Automatic Marriott Bonvoy Silver Elite status membership
- Receive 15 Elite Night Credits each calendar year with your Marriott Bonvoy® American Express®* Card. These can be used towards attaining the next level of Elite status in the Marriott Bonvoy program
- Enjoy an automatic upgrade to Marriott Bonvoy Gold Elite status when you reach $30,000 in purchases on the Card each year or when you combine 10 qualifying paid nights within one calendar year with the 15 Elite Night Credits from your card
- American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply
Ratehub’s take
The Marriott Bonvoy American Express Card is tailor-made for hotel rewards, making it an excellent choice for frequent travellers who want to stay in style. It’s one of the best travel credit cards in Canada.
Pros
- Extensive hotel network: Access more than 7,000 hotels worldwide under the Marriott Bonvoy loyalty program
- Annual free night: Enjoy an annual free night’s accommodation at any Marriott Bonvoy hotel
- Silver Elite status: Receive complimentary Marriott Bonvoy Silver Elite status, which can get you exclusive discounted rates and higher points earn rates
- Points earning: Earn five Bonvoy points for every $1 spent on eligible card purchases at hotels participating in the Marriott Bonvoy® program, and two Bonvoy points per dollar on all other card purchases
- Versatile redemption: Redeem points for free nights at more than two dozen hotel brands, including Marriott, Starwood Hotels and Resorts, W Hotels, St. Regis, Ritz Carlton, Sheraton and Delta
Cons
- Travel insurance limitations: The card does not include travel emergency medical insurance within its insurance package
- Points worth less for flights: While you can transfer your Marriott Bonvoy points to other flight reward programs, they are worth less at a ratio of 3 points = $1
Minimum credit score: 725 Minimum income: N/A Purchase interest: 21.99% Cash advance: 21.99% Balance transfer: N/A Eligibility requirements
Interest rates
Best credit card for Aeroplan
featured
4.0 Ratehub rated
Best for Aeroplan Points
First year reward
based on spending $2,200/mo after $139 annual fee
- Earn rewards
1pt – 1.5pts / dollar earn rate
- Welcome bonus
25,000 bonus points (a $360 value)
- Annual fee
$139
Perks
- Earn up to $1,000 in value†, including up to 40,000 Aeroplan points† and additional travel benefits. Account must be approved by September 3, 2024.
- Earn a welcome bonus of 10,000 Aeroplan points when you make your first purchase with your new card†
- Earn 15,000 Aeroplan points when you spend $7,500 within 180 days of Account opening†
- Plus, earn a one-time anniversary bonus of 15,000 Aeroplan points when you spend $12,000 within 12 months of Account opening†
- Enroll for NEXUS and once every 48 months get an application fee rebate†
- Plus, share free first checked bags with up to 8 travel companions†
- Earn Aeroplan Points on your everyday purchases
- Travel with confidence with Travel Medical Insurance†
- Complimentary Visa Infinite* Concierge service† available 24/7
- Earn 1.5 points† for every $1 spent on eligible gas, grocery and direct through Air Canada® purchases (including Air Canada Vacations®) made with your card
- Earn 1 point† 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 (www.aeroplan.com/estore).
- Your Aeroplan Points do not expire as long as you are a TD® Aeroplan® Visa Infinite* Cardholder in good standing.
- Earn big rewards on the little things: Earn 50% more Aeroplan Points and 50% more Stars at participating Starbucks® stores. Simply link your TD Aeroplan Visa Infinite Card to your Starbucks® Rewards account. Conditions apply.
- †Terms and conditions apply.
- Financial institutions pay us for connecting them with customers, including by paying for advertisem*nts, clicks, or when someone applies for/is approved for a product. Terms and conditions apply between you and the provider of the product – please be sure to review them. Product information and details vary for Quebec. The content provided on our site is for information only; it is not meant to be relied on or used in lieu of advice from a professional. Partners/Advertisers are not responsible for the accuracy of information on our site. However, not all products we list are tied to compensation for us. Our industry-leading education centres and calculators are available 24/7, free of charge, and with no obligation to purchase. To learn more, visit our About us page.
Features
Ratehub’s take
For Aeroplan clients and frequent Air Canada fliers, the TD Aeroplan Visa Infinite card offers exceptional benefits for earning more points to redeem on airline travel.
Pros
- Aeroplan redemption: Redeem Aeroplan points for flights on Air Canada or over 27 Star Alliance member airlines, including United Airlines and Lufthansa, to name a few
- Air Canada perks: Access Air Canada perks, including the first bag checked free for the primary cardholder and up to eight travel companions, potentially saving up to $30 per traveller on flights across Canada and the US. Plus, earn credits towards achieving elite airline status
- Nexus Membership reimbursem*nt: Receive up to $100 in Nexus Membership reimbursem*nts every 48 months, making for smoother cross-border travel within Canada or to the US
- Comprehensive travel insurance: Enjoy a strong travel insurance package, including up to 21 days of out-of-province/country medical emergency coverage, flight delay insurance, lost/delayed baggage insurance, and even hotel/motel burglary insurance for stays within the US and Canada
- Double Aeroplan points: Get double the Aeroplan points when using this card along with your Aeroplan card at participating retailers
Cons
- Annual fee: The card’s annual fee is $139, which is slightly higher than the $120 typically found on comparable rewards cards
- Complex points program: The Aeroplan points program isn’t the most straightforward, and it can take some effort to understand how to best maximize points. Note that Aeroplan points can only be redeemed on Air Canada and Star Alliance Members
Minimum credit score: 660 Minimum income: $60,000/yr Purchase interest: 20.99% Cash advance: 22.99% Balance transfer: 22.99% Eligibility requirements
Interest rates
Honourable mention for best credit card for Aeroplan
featured
4.5 Ratehub rated
Best for Groceries & dining
First year reward
based on spending $2,200/mo after $156 annual fee
- Earn rewards
1pt – 5pts / dollar earn rate
- Welcome bonus
15,000 bonus points (a $150 value)
- Annual fee
$156
Perks
- Ratehub.ca’s 2023 Award Winner – Best Rewards Credit Card
- In your first year as a new Cobalt Cardmember, you can earn 1,250 Membership Rewards® points for each monthly billing period in which you spend $750 in net purchases on your Card. This could add up to 15,000 points in a year. That’s up to $150 towards a weekend getaway or concert tickets
- Earn 5x the points on eligible eats and drinks in Canada, including groceries and food delivery. Spend cap applies.
- Earn 3X the points on eligible streaming subscriptions in Canada
- Earn 2X the points on eligible ride shares, transit & gas in Canada
- Earn 1 additional point on eligible hotel and car rental bookings via American Express Travel Online
- Earn 1X point for every $1 in Card purchases everywhere else
- Enjoy access to hotel bookings, a room upgrade (when available), 12pm check-in and late check-out (when available), and up to $100 USD hotel credit to use on amenities when charged to the room for a stay of 2 or more consecutive nights through The Hotel Collection from American Express Travel
- Transfer points 1:1 to several frequent flyer and other loyalty programs
- Cobalt Cardmembers receive regular Perks such as bonus reward offers and access to great events
- Access Front Of The Line® Presale & Reserved Tickets to some of your favourite concerts and theatre performances and special offers and events curated for Cardmembers with American Express® Experiences
- American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment
Features
Ratehub’s take
The American Express Cobalt is one of Canada’s best travel credit cards. If you’re looking for a versatile credit card that rewards both everyday spending and travel, the American Express Cobalt is an ideal choice. Cardholders can enjoy strong travel insurance, a generous welcome offer, and flexible point redemption options.
Pros
- Exceptional point earning: 5x the points on eligible restaurant and food delivery, 3x the points on eligible streaming services, 2x the points on travel and daily transit. The earning potential for restaurants and takeout is significantly higher than most other cards
- Flexible point redemption: Travelers can choose from three ways to use their points: points 1:1 to several valuable loyalty programs including Aeroplan, use the Fixed Points Program to simplify redemptions regardless of travel dates, or use points for statement credits at a rate of 1 point = 1 cent. Or, redeem Membership Rewards for travel, gift cards, merchandise, or purchases
- Exclusive access: Enjoy privileges such as Front of the Line Presale and Reserved tickets to concerts, theatre performances, movie screenings, culinary events, and other special offers
- Comprehensive travel insurance: Benefit from a strong travel insurance package, including up to $5,000,000 in travel emergency medical
- No additional fee for authorized users: Add authorized users for no extra cost (an average fee of $30-50 on other comparable cards)
Cons
- Monthly fee: A monthly fee of $12.99 (totalling an annual fee of $156, which is higher than most other rewards cards)
- Limited acceptance: American Express isn’t as widely accepted in Canada compared to Visa and Mastercard
- Travel insurance age limitations: The travel insurance package does not cover trip cancellation or medical coverage for cardholders over the age of 65
- Lack of airport lounge access: Frequent travellers may be disappointed as this card does not offer access to airport lounges
Minimum credit score: 725 Minimum income: N/A Purchase interest: 21.99% Cash advance: 21.99% Balance transfer: 21.99% Eligibility requirements
Interest rates
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Types of credit cards
1. Rewards cards
Rewards cards are the most popular type of credit card, and for good reason: these cards allow you to collect points or cash back with every dollar you spend. Depending on the card and provider, you can redeem these rewards for travel, statement balances, future purchases, and more. But let's take a deeper look into which cards fall under the "rewards" umbrella.
- Travel: Travel rewards cards are perfect for frequent flyers, as the points you earn by using the card can be redeemed for big discounts on flights and accommodations. These cards also frequently come equipped with thorough travel insurance coverage as well as fancy perks such as VIP airport lounge access, complimentary checked baggage, priority security lines, and hotel room upgrades. Some even feature no foreign transaction fees, allowing you to use the card abroad without having to pay an extra fee for purchases in foreign currency.
- Cash back: Another popular rewards card option is the cash back credit card. Unlike cards that offer points, cash back cards earn you different percentages back on specific spending categories such as gas and groceries (or, in the case of some cards, one flat rate across the board). Cash back rewards are also pretty straightforward: users can typically log into their account online and see their rewards total in dollars and cents. Cash back rewards are typically redeemed for statement balances, but some cards offer other options such as gift cards or savings account deposits.
- Retail: For loyal customers of certain retailers, getting a retail rewards card could be a smart choice. These cards often boast accelerated points or cash back when you use the card at their partnered stores, allowing you to get the most out of your regular shopping trips. While these cards aren't super useful in the outside world, those who regularly visit these retailers can net big rewards over time, leading to savings on future purchases.
2. Low-interest and balance transfers cards
While it's not recommended, those who tend to carry a balance on their account from month to month would benefit from a low-interest credit card. The interest rates on your card may not seem like much at first, but allowing them to creep in month after month will take a toll on your credit card balance and credit score. That's why owning a low-interest credit card would be beneficial - if you're taking the risk of accumulating interest, you'll suffer less potential damage with a lower rate. Low interest credit cards in Canada offer rates as low as 8.99% to 14.99%, but keep in mind that rewards and perks on these cards are minimal to non-existent.
For those attempting to overcome credit card debt, a balance transfer card could be the ticket back to healthy credit. Essentially, users with debt can offload a percentage (or the entirety) of what they owe onto the card, most of which offer introductory interest rates as low as 0% for a specific period of time (usually 6-12 months). If you've got a solid repayment plan and can eradicate your debt in that window, a balance transfer card can allow you to do so much quicker without the added stress of additional interest in your way. They will charge a balance transfer fee (usually around 3% of the total you're transferring), but the benefit of much lower (or zero) interest is generally worth it.
3. Secured credit cards
Secured credit cards are perfect for newcomers to Canada, students just starting their credit journey, or users trying to rebuild their credit after suffering a financial loss such as bankruptcy. These cards require an upfront security deposit to activate, and your credit limit on the card will be the same amount. While you can generally deposit as much as you'd like, there are usually minimums (anywhere from $50 to $500) and maximums (around $10,000) set in place by your provider.
This security deposit acts as a kind of collateral for the issuer in case of missed or late payments, and it's why secured credit cards are incredibly easy to be approved for. The most important thing about secured credit cards, however, is that they report your payments to Canada's credit bureaus. This is imperative to building credit, as these organizations track your credit behaviour and assign you a score that will determine your ability to be approved for future credit cards, mortgages, lines of credit, and more. If you use a secured credit card consistently and responsibly, you'll eventually build your score and graduate to a non-secured credit card, closing down your secured account in good standing and receiving your deposit back in full.
What to look for in a credit card
Shopping around for the right credit card can be overwhelming. There's a lot of information to consider, and you don't want to get stuck with something less-than-ideal. Thankfully, there are a handful of major features you'll always want to look at when making a decision. Here are a few things to look out for when assessing credit cards in Canada:
1. Annual fee: Arguably, the first thing to look at when considering a credit card is the annual fee. This can vary card-by-card (some don't have one at all), but generally the more rewards and perks a card offers, the higher its fee will be. If you're in a higher income bracket, the bells and whistles of a top-tier rewards card may be worth the substantial yearly charge. For others, however, an annual fee can eat into your cash back or points, making your eventual savings much less than they should be. Plus, it's one more bill you'll have to pay. If you're on a fixed income or don't plan on using your card much, you may be better off with a no fee credit card.
2. Interest rate: If you're someone who tends to keep a balance from month to month, you'll want to look at the interest rate of a credit card before you apply. This is a percentage of your total statement that will be charged on top of your principal owed if you don't pay your bill in full and on time. Most cards carry an interest rate of around 19.99-22.99%, but if that's a concern for you, look into low interest credit cards instead. These cards have lower standard interest rates, and sometimes will offer promotional rates of zero to ultra-low interest for a specific window of time.
3. Rewards: One of the biggest reasons why people apply for credit cards is the ability to earn and collect rewards. Whether it's in the form of cash back, points, or miles, users can redeem them for travel, merchandise, statement credits, and more (depending on the card and provider). When considering what types of rewards are best for you, think about your lifestyle and spending habits. If you're a frequent traveller, a travel card that rewards you for purchasing flights and hotel rooms could make your life a lot easier. On the other hand, if you mostly intend to use your card for regular errands like groceries and gas, an everyday cash back card with high earning potential in those categories would probably suit you best.
4. Welcome offers and incentives: Most credit cards offer signup incentives designed to entice new customers. These can range from a waived annual fee for the first year, accelerated rewards for a limited time, and an ultra-low promotional interest rate, among other things. Shop around and compare welcome offers to see which one offers the best value. Taking advantage of the right promotion at the right time could net you some serious savings. One thing to keep in mind, however, is that signup offers and promotions don't last forever. Eventually, the card's typical annual fee, interest rate, and reward system will kick in, so make sure you are going to be alright with those before signing up.
5. Eligibility: Getting rejected for a credit card can not only hurt your pride but your credit score, too. That's why it is important to have a good idea of your eligibility for a card before applying. Pay attention to the card's minimum income requirement and make sure you meet or exceed it. Also, make sure your credit is in good standing. To find out which cards you'll be most likely to get approved for before applying, use our handy credit card CardFinder and eligibility checker.
Everyone's needs are different, so view the elements above in terms of what most benefits you and what you can afford.
Also read
- Best cash-back credit cards in Canada
- Best travel credit cards in Canada
- Best balance transfer credit cards in Canada
- Best no fee credit cards in Canada
- Best low interest credit cards in Canada
- Best student credit cards in Canada
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