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What do you find when you search for the best credit Cards in Canada? Lots and lots of data. We are here to provide analyzed and audited results on the top credit cards in Canada to help people find the best; the secured credit card that gives them a welcome bonus has a low annual fee and a great rewards program.
Like articles of clothing, credit cards are not one-size-fits-all. The most effective and secure credit card depends on your monetary scenario; It may earn you rewards for travelling, save your money via a low-interest rate, or put your right back into your wallet.
Many parts of the world consider you an adult as soon as you turn eighteen. As an adult, you become responsible for yourself, your actions, behaviour, lifestyle, spending habits, and finances. For this, you need a great credit card that will make you achieve this. Now is the time for account opening, building an excellent credit score, and earning rewards.
What makes a good credit card in Canada? There are too many right answers: a low-interest credit card that will not put you into credit card debt, one with a low annual fee, one that can do an easy balance transfer, one that is made for shopping easily at grocery stores for grocery purchases, for making eligible purchases with the high credit limit, one that can book your Air Canada flights from anywhere and give you travel rewards, or any other purchases, one that charges no foreign transaction fees, or one that tells gives a lot of effort into redeem rewards.
1) How To Choose the Right Credit Card?
There are many different types of credit cards available on the market, and it cannot be easy to choose the right one. In this article, we will explore how to choose the right credit card and what factors to consider when making your decision.
2) The Basics Of Choosing A Credit Card:
You need to know a few basic things to choose the right credit card. These include:
- Fees: All credit cards have associated fees, so finding one with low or no fees is important. This includes annual fees, late payment fees, over-the-limit fees, and more.
- Interest Rates: Another important factor to consider is the interest rate. Make sure you choose a card with a low-interest rate so you don’t pay too many interest charges each month.
- Rewards: Many credit cards offer rewards programs that give points or cash back for every purchase. Finding a card that offers rewards matching your spending habits is important.
3) The Benefits Of Choosing The Right Credit Card:
There are many benefits to choosing the right credit card for you. Some of the key benefits include:
- Lower Costs: By choosing a credit card with low or no fees, you can save yourself money in the long run. By choosing a card with a low-interest rate, you can save on interest costs each month.
- Increased Security: When shopping online or offline, having a credit card gives you extra security against theft or fraud. If your Card is stolen or compromised, you can dispute any unauthorized charges immediately and get your money back.
- Extended Warranty Coverage: Most major credit cards offer extended warranty coverage on purchases made with the Card. If something goes wrong with an item within its warranty period, your credit card company will cover part or all of the cost of repair/replacement.
Here, we’ve highlighted the best in five categories so you can zero in on the ones that fit your spending habits and offer features you truly value. Remember, this “best credit cards in Canada” ranking is the starting point; the final decision is yours. So, let’s look at the top credit cards in Canada:
1. Best Credit Cards Canada: Overall Rewards
Credit cards can be rewarding, offering cash back, travel rewards points, or low-interest rates for cardholders who make everyday purchases. Nonetheless, few reward programs of credit card makers stand out from the rest of the crew with endless redemption options and a lot of approaches for the cardholders to save their hard-earned money and redeem rewards. The best overall rewards credit cards in Canada are:
1.1 American Express Cobalt® Credit Card
i. Limited Time Offer/Bonus (Ongoing):
Earn up to 30,000 membership rewards points in the first year by spending $500 on the American Express Cobalt credit card monthly while earning 2,500 points each month while billing without creating any bad credit history.
ii. Rewards:
$1 spent at grocery stores, cafes, food deliveries, restaurants, bars, and other purchases will earn you five points.
Earn three points for every $1 spent on eligible purchases of streaming subscriptions in Canada.
You can earn two points for each dollar spent on all other purchases.
This credit card in Canada can make you earn around 96,000 membership reward points over 12 months, the monetary value of which equals $1,680.
You can redeem points for Flights through the Fixed Points Travel Program, Travel, Streaming services, Movie tickets, Retail purchases, Events, Amazon.ca purchases, and Statement credits.
You can also redeem points on Insurance: All kinds of emergency insurance in the country, delays of flights or baggage, stolen and lost baggage, burglary in the hotel, accidents while traveling, theft of the car rental and damages, purchase security, extended warranty, and that of mobile phone.
1.2 CIBC Aventura® Visa InfiniteTM Credit Card
i. Interest Rate:
Purchase: 20.99%
Cash advance: 22.99%
Balance Transfer: 22.99%
ii. Welcome Bonus (Ongoing):
Earn 40,000 Aventura points (approx. $850)
Earn 20,000 Aventura points on the first purchase
Earn 20,000 Aventura points on spending $1000 every month for the first year.
On the value of $189 or more, a primary cardholder of the CIBC Aventura Visa Infinite Credit Card gets a one-time annual fee rebate of $139, and $50 will be given to three authorized users.
You also get an Application Fee rebate on NEXUS: A $50 value.
iii. Rewards:
Every dollar spent via CIBC Reward Centre on travel will earn two points for the cardholder.
Every dollar spent on eligible purchases at drugstores, grocery stores, and gas stations will earn 1.5 points for the cardholder.
Every dollar spent will earn the cardholder one point for all other purchases.
1.3 Scotiabank® Gold American Express® Credit Card
i. Welcome Bonus:
You can gain 25,000 Scotia Scene+ points as a bonus on spending when you spend a certain amount under the initial three months via Scotiabank Gold American Express Credit Card. The amount should be at least $1,000.
You can gain 20,000 extra Scotia Scene+ points when you spend a certain amount on everyday purchases in the first year. The amount should be at least $7,500.
Offer expiry date: April 30, 2023
ii. Rewards:
Earn five Scotia Scene+ points per dollar on eligible grocery, restaurant, fast food, delivery, and entertainment purchases.
You can gain 3 Scotia Scene+ points for every dollar spent on select streaming purchases like Netflix, everyday transits, and gas.
Earn one Scotia Scene+ point for every dollar spent on other purchases.
1.4 American Express® Gold Rewards Credit Card
i. Welcome, Bonus:
When charged $3,000 in purchases to the Card in the first three months of card membership, New American Express® Gold Rewards Credit Card members can earn a Welcome Bonus of 40,000 Membership Rewards® points.
Cardholders can gain extra 10,000 points when they make purchases between 14 and 17 months of the credit card membership.
ii. Rewards:
For every $1 cardholders spend at gas stations, grocery stores, food delivery purchases, and drugstores, they will gain 2 AMEX Membership Rewards points for travel purchases.
Per dollar spent on all other purchases, cardholders will gain 1 AMEX Membership Rewards point.
1.5 RBC Avion® Visa Infinite Card
i. Welcome, Bonus:
Upon approval, the RBC Avion Visa Infinite Card’s cardholders gain up to 55,000 welcome RBC Rewards points, which can value upto$1,000.
The offer Expires on: January 31, 2023
ii. Rewards:
For every dollar spent on the credit card, cardholders gain 1 RBC Rewards point.
25% extra can be earned on all eligible travel-related purchases as travel rewards.
20% can be earned at Petro-Canada.
2. Best Credit Cards Canada: Travel
(Credit Cards With No Foreign Transaction fees)
Canadians took to the roads, seas, and skies to commence over twenty-seven million journeys within the half-moon of 2021 alone, in line with a National Travel Survey conducted by Statistics Canada, which will probably extend in 2022 as a lot of Canadians prepare for their next journey. So, here are some of the best travel credit cards in Canada:
2.1 Scotiabank® Gold American Express® Credit Card
i. Welcome Bonus:
When you spend at least $1,000 in the first three months, you earn 25,000 bonus Scotia Scene+ points via Scotiabank Gold American Express.
When you spend at least $7,500 in everyday purchases in the first year, you get an additional 20,000 Scotia Scene+ points.
Offer expiry date: April 30, 2023
ii. Rewards:
Per dollar spent on restaurants, entertainment purchases, grocery stores, and more, you earn five Scotia Scene+ points.
Per dollar spent on eligible gas, daily transit, and select streaming purchases, like Netflix, gas, daily transit, and more, you earn three Scotia Scene+ points.
Earn one Scotia Scene+ point per dollar spent on other purchases.
iii. Other Perks:
Special access to every event, ticket, and deal that American Express invites offers.
Get the best price on airfare by using Scotia Rewards Travel Service.
You don’t have to pay any foreign exchange fee online or abroad.
Get access to 1200 VIP airport lounges worldwide.
2.2 HSBC World Elite® Mastercard® Credit Card
i. Welcome Bonus:
The primary credit cardholder of HSBC World Elite Mastercard gains 80,000 points, which is around $400 in travel value, and a full annual fee rebate for the first year. But must apply by February 28, 2023. Terms & Conditions applied.
A 20,000 points welcome bonus is around $100 in travel value.
If the cardholder spends $ 6000 within six months since the opening of an account, a gain of 40,000 points will be the cardholder’s.
The credit cardholders will receive an anniversary bonus of 20,000 points.
ii. Rewards:
Six points will be earned for every $1 spent on eligible travel purchases.
Every $1 spent on all other eligible purchases will earn three points.
Want to know more about MasterCard? Go on to the List of 13 Best Mastercard Canada
2.3 Scotiabank Passport™ Visa Infinite Card
i. Welcome, Bonus:
Earn up to 45,000 bonus Scotia Scene+ points on Scotiabank Passport Visa Infinite Card in the first year.
Offer expiry date: April 30, 2023
ii. Rewards:
On every $1 spent on entertainment, dining, grocery stores, and daily transit purchases, you earn two Scotia Scene+ points. The amount spent should be up to $50,000 annually. After, earn one Scotia Scene+ point per dollar.
Earn one Scotia Scene+ point per dollar spent everywhere else you shop.
3. Best Credit Cards Canada: Overall Cash Back
Cashback credit cards do precisely what their name suggests: they refund a little share of your purchases either as a credit on your statement or as cash in your checking account. Every cashback credit card in Canada allows you to earn percentages for various purchases. Therefore the right Card for you must match your specific defrayment profile. So, let’s look at some of the best credit cards in Canada for overall cashback:
3.1 CIBC Dividend® Visa Infinite Card
i. Interest:
Purchase interest: 20.99%
Cash advance: 22.99%
Balance transfer: 22.99%
ii. Welcome Bonus:
The CIBC Dividend Visa Infinite Cardholders get a first-year annual fee rebate. They get up to three Authorized Users and 10% cash back for the first four statements if their net purchases come up to $2,500.
iii. Reward:
By spending on gas, grocery, and household utility purchases, you can get 4% cashback.
By spending on recurring payments, transportation, and dining purchases, you can get 2% cashback.
You can get a 1% cash back on all other eligible purchases.
3.2 Scotia Momentum® Visa Infinite Card
i. Interest:
Purchase interest: 20.99%
Cash advance: 22.99%
Balance transfer: 22.99%
ii. Welcome Bonus:
On all eligible purchases through Scotia Momentum Visa Infinite Card for the three initial months, you can gain a 10% cash back (up to $2,000 in total purchases).
Offer ends April 30, 2023
iii. Rewards:
Get 4% cash back. On every 1% spent on your recurring bill payments, grocery shopping, household utility purchases, and subscription purchases; you get a 4% cashback.
Get 2% cash back on each $1 spent at gas stations and for daily transit.
Get 1% cash back on all eligible purchases with no cash back limit.
4. Best Credit Cards Canada: Balance Transfer Card
If you have bad spending habits that make you feel guilty more often than not, you should consider using balance Transfer credit cards. These credit cards offer a very minimal and low introductory interest rate for a promotional amount of time. Are Ning to make this 2022 the year you pay off your high-interest credit card debt? A valid credit card might assist you. Make sure it becomes a reality.
Cardholders with outstanding debt will usually transfer their existing balance to a different card with a balance transfer promotion to require advantage of lower interest rates. Some introductory rates will be as low as a third for a collection time, anyplace from several months to a year.
If used responsibly, cardholders will use a balance transfer card to specialize in payments and scale back their debt quicker. If you are in search of such a card, check these out:
4.1 CIBC Select Visa Credit Card
i. Interest:
Purchase interest: 13.99%
Cash advance: 13.99%
Balance transfer: 13.99%
Balance Transfer Fee: $5
ii. Welcome Bonus:
If you transfer your CIBC Select Visa credit card balance, you will get 0% interest for up to 10 months, a 1% balance transfer fee, and an annual rebate in your first year.
Making payments before the last day and selecting to carry on with a balance will save much money on interest.
You can only get the 0% interest rate on the balance transfer if you apply for it within your first ten months. This 0% interest rate on balance transfers is only introductory.
iii. Rewards:
Journey Rewards and CIBC will help you save on gas purchases using these credit cards in Canada.
If you link your CIBC Select Visa Card with Journey Rewards, you will save up to 10 cents per litre on all eligible Pioneer, Fas Gas, Ultramar, and Chevron gas stations.
4.2 BMO® Preferred Rate MasterCard®
i. Interest:
Purchase interest: 12.99%
Cash advance: 15.99%
Balance transfer: 12.99%
ii. Welcome bonus:
If you transfer your BMO Preferred Rate MasterCard credit card balance, you will get 0.99% interest for up to 9 months, a 2% balance transfer fee, and an annual fee waiver of $20 in your first year.
iii. Rewards:
The low-interest rate of 12.99% on all eligible purchases.
Free extended warranty and protection on purchase
Zero Dollar Liability will protect your credit card from unauthorized usage.
4.3 MBNA True Line® Mastercard® credit card
i. Interest:
Purchase interest: 12.99%
Cash advance: 24.99%
Balance transfer: 12.99%
ii. Welcome Bonus:
You can get the 0% interest rate on the balance transfer if you apply for it within your first 12 months. This 0% interest rate on balance transfers is only introductory for the MBNA True Line MasterCard.
Standard Annual Interest Rates of 12.99% on eligible purchases, 12.99% on balance transfers, and 24.99% on cash advances.
iii. Rewards:
On balance transfers, you can get a promotional “AIR” (Annual Interest Rate) of 0% within 90 days of your account opening.
Around-the-clock fraud protection
4.4 BMO CashBack® MasterCard®
i. Interest:
Purchase interest: 20.99%
Cash advance: 22.99%
Balance transfer: 22.99%
ii. Welcome Bonus:
As a welcome bonus, if you transfer your BMO CashBack MasterCard credit card balance, you will get 0.99% interest for up to 9 months, along with a 2% balance transfer fee.
iii. Rewards:
Get up to 5% cash back in your first three months. Plus, a $50 cashback bonus.
Get 3% cash back on grocery and household utility purchases, 1% cash back on recurring bill payments, and 0.5% unlimited cash on all other eligible purchases.
5. Best Credit Cards Canada: Students
With several student credit cards to settle on in Canada, finding one with the right options for your lifestyle will be intimidating, particularly if it’s your first time selecting a card. As a post-secondary student, you’ll not have the mature credit file or annual financial gain of older Canadians. However, it’s still doable to induce a credit card specifically designed for your monetary wants. However, spending a few minutes with the data below ought to have you ever been able to compare the best student credit cards and assured that you would create a cloth that one that is true for your wants.
5.1 Student BMO CashBack Mastercard
i. Interest:
Purchase interest: 20.99%
Cash advance: 22.99%
Balance transfer: 22.99%
ii. Welcome Bonus:
Up to your first three months, you can earn a welcome bonus through your Student BMO CashBack MasterCard, which is a cashback of 5% on first purchases of $2,500.
iii. Rewards:
You get 3% cash back on groceries.
You earn 1% cash back on recurring bill payments.
Earn 0.5% cash back on all other spending with no cash back limit.
You can track your spending.
Get extended warranty insurance and purchase protection.
5.2 Tangerine Money-Back Credit Card
i. Interest:
19.95% for purchases, balance transfers, and cash advances
ii. Welcome Bonus:
If you spend $1000 in the first two months through Tangerine Money-Back Credit Card, you earn a bonus of 15% cash back.
This is a limited-time deal.
iii. Rewards:
$0 annual fee
You can earn 2% unlimited cash back by spending on groceries, entertainment, public transportation, recurring bill payments, and more.
You can earn up to 0.5% unlimited cash back on all other purchases
Free purchase assurance and extended warranty.
Balance transfer at a low rate of 1.95% for at least six months
5.3 Neo Mastercard
i. Interest:
purchase interest: 19.99% – 24.99%
Cash Advances: 21.99% – 26.99%
ii. Welcome Bonus:
Get a welcome bonus of 15% cash back on your first purchases through Neo MasterCard, plus a $25 welcome cash bonus.
iii. Rewards:
$0 annual fee.
5% average cash back at Neo partners (over 7,000 retailers and brands).
0.5% average cash back at non-partner stores.
You can access unlimited transactions’ free savings account.
For quick online payments, you get access to a virtual credit card.
5.4 SimplyCash Card From American Express
i. Interest:
Purchase Interest: 20.99%
Cash Advances: 21.99%
ii. Welcome Bonus:
If you spend $300 on shopping or purchases through your SimplyCash Card from American Express in the first ten months, you earn a welcome bonus of $10 statement credit each month.
iii. Rewards:
$0 annual fee
Purchases can get you 1.25% to 2% cash back
Annually, you can earn a referral bonus of up to $750
Travel Accident Insurance up to $100,000
American Express installment payment program
Also check out; Canadian Grocery Stores
Last Updated on by Sathi Chakraborty
