The Best Credit Cards in Canada

The HSBC +Rewards Mastercard is a nice credit card with solid rewards, but with a low interest rate on top of these factors, it is the best low interest credit card in Canada. 

The HSBC +Rewards Mastercard has a low annual fee of $25 per year, and a low interest rate of 11.9%. While the fees and interest low, the rewards are on the minimal side: 2 points on every dollar spent on eligible dining or entertainment purchases, and 1 point for every dollar spent on your other everyday purchases can add up quickly. What to do with your HSBC rewards points? Travel, gift cards and other financial rewards are all available with enough points. 

Another benefit of this card is the insurances it offers: a bonus year of extended warranty, 90-day coverage of purchase assurance, and price protection service that can refund the difference if you find a better deal on a purchase up to 60 days afterwards.  

The American Express Cobalt card is an excellent rewards card. For new card members, users of the American Express Cobalt Card can earn 1,250 Membership Rewards points for each month they spend over $750 on the card, for a total of up to 15,000 points.

The American Express Cobalt Card has a $12.99 monthly fee and a standard interest rate of 20.99%. Where the American Express Cobalt Card really shines is in its rewards system: you earn 5 points per every dollar on food whether restaurant or grocery store, 3 points per every dollar spend on eligible streaming subscriptions, and 2 points for every dollar spent on travel, ranging from air travel, transit, gas and beyond, and 1 point for every dollar spent on other valid purchases. These points will really start to add up and can be used on a wide range of purchases, from airfare and accommodation to Amazon purchases.  

The AmEx Cobalt also has a wide range in terms of protections, from a wide range of traveler’s insurance to shopping protection including purchase protection and buyer’s assurance protection.  

If you want cash back, but your spending is diverse, or you just do not want to deal with different cash back categories, the American Express SimplyCash Preferred Card is a top choice. With 2% cash back on all your purchases with no limit, the cash back from this card can seriously add up. 

This AmEx card features a $120 annual fee, and 20.99% annual interest rate, making it standard in expenses, if not on the lower side of things. Right now, new card holders can enjoy $40 statement credit for each month over the first ten where you spend $750 or more on purchases with your card, for up to $400 dollars back.

Like many other cards, you receive travel and shopping coverage, for added protection. You are also eligible to many other American Express perks, like Front of the Line presale tickets for concerts and special events, as well as other Dining, Retail, and Wellness experiences. 

For a top-tier cash back credit card, we are big fans of the Scotia Momentum Visa Infinite Card, and now is a great time to get one. If you open a new account by October 31st, 2024, you get the first year fee waived, plus 10% cash back on all purchases for the first 3 months (up to $2,000!)

With the Scotia Momentum Visa Infinite Card, you have standard annual fee of $120 and a standard interest rate of 20.99%. In terms of cash back, this Scotiabank card features 4% cash back on every dollar you spend for groceries and recurring bill payments, including Netflix. You also earn 2% cashback on gas and daily transit, and 1% cash back on all other purchases with no cash back limit.  

With the Scotiabank Momentum Visa Infinite card, you also receive a wide selection of insurance coverages courtesy of Visa. Included insurances include insurance on your new mobile device, trip cancelation or interruption insurance, travel emergency & accident insurance, and purchase security protection with an extended warranty up to 1 year. There are also two extended insurance packages you can opt into for further protection. 

For a top-tier cash back credit card, we are big fans of the Scotia Momentum Visa Infinite Card, and now is a great time to get one. If you open a new account by October 31st, 2024, you get the first year fee waived, plus 10% cash back on all purchases for the first 3 months (up to $2,000!)

With the Scotia Momentum Visa Infinite Card, you have standard annual fee of $120 and a standard interest rate of 20.99%. In terms of cash back, this Scotiabank card features 4% cash back on every dollar you spend for groceries and recurring bill payments, including Netflix. You also earn 2% cashback on gas and daily transit, and 1% cash back on all other purchases with no cash back limit.  

With the Scotiabank Momentum Visa Infinite card, you also receive a wide selection of insurance coverages courtesy of Visa. Included insurances include insurance on your new mobile device, trip cancelation or interruption insurance, travel emergency & accident insurance, and purchase security protection with an extended warranty up to 1 year. There are also two extended insurance packages you can opt into for further protection. 

The Tangerine Money-Back Mastercard is also our choice for the best Mastercard credit card. 

Tangerine is a virtual bank that has a suite of financial products that we think are definitely worthwhile. Their Money-Back Mastercard is a solid choice for those who want some cash back on their purchases without paying extra fees. If you sign up for the Tangerine Money-Back Credit Card before January 31st, 2024, you can earn 10% cash back up to $1,000 in everyday purchases within the first 60 days.  

With no fees, and an average interest of 19.95%, this card is on the more inexpensive side of cash back cards available. In terms of cash back rewards, Tangerine offers 2% back on purchases made in two categories of your choice, with 0.5% back on all your other everyday purchases. If you opt to have your cash back deposited into a Tangerine Savings Account, you can choose a 3rd category to get 2% back on. The categories are useful too: choose grocery, restaurants, hotels, gas, entertainment, and many more, to get your 2% back on. Best of all, there are no limits on money back rewards you earn, outside of the promotional deal.  

On top of this solid money back plan, you get some other benefits you will likely see from other cards as well: Purchase assurance protects your insured purchases from loss, theft, or damage within 90 days of purchase, and an extended warranty can double your warranty up to a maximum of one year.  

One thing to note with this card is a 2.5% fee on foreign currency conversions, so if you plan to travel a lot, this is not the card to bring along with you.  

For Canadians looking to travel when they can, getting a credit card with solid rewards plus no foreign transaction fees is like hitting two birds with one stone. The Scotiabank Passport Visa Infinite card fits that description. If you sign up for the Scotiabank Passport Visa Infinite before July 1st, 2024, you can earn 30,000 bonus points (equivalent to around $350) if you spend $1,000 in eligible purchases within your first 3 months, with an additional 10,000 for spending $40,000 or more annually. 

The Scotiabank Passport Visa Infinite has an annual fee of $150, and an interest rate of 20.99%, so it measures up well in those factors – however you can have the annual fee waived in your first year. For every dollar spent on groceries, dining out, entertainment and transit, you can earn 2 Scene+ points, and earn 1 point per dollar spent on other eligible purchases. If you spend over $40,000 on eligible purchases annually, you can also earn an extra 10,000 points as a bonus! 

The Scotiabank Passport Visa Infinite is meant for travel, as it has zero fees on foreign currency purchases, whether made online or outside of Canada. Other benefits the card comes with is Scotia Rewards Travel Service, which offers a best price guarantee on airfare, a complimentary Avis Preferred Plus membership, and free access to up to 1,300 Airport lounges worldwide. You also get the typical insurance benefits from cards of this type, including travel emergency, Travel Accident, Lost Baggage, and Trip Cancellation insurance, among more.  

The TD Aeroplan Visa Infinite Card is also our choice for the best Visa credit card. 

For those looking to collect Aeroplan points, the TD Aeroplan Visa Infinite is a great credit card that can get you in the air quickly. If you apply by March 4th, 2024, you can earn up to a $1,200 value in the first-year, including 40,000 Aeroplan points.

The TD Aeroplan Visa Infinite features an annual fee of $139 as well as an interest rate of 20.99%, however if you sign up within the special offer period, you get the first year free.

There are several benefits you unlock with this card. You get your first checked bag free on Air Canada flights, save on rentals with Avis Rent A Car and Budget Rent A Car, and receive access to a whole host of Visa Infinite exclusive benefits that are suited to your lifestyle. You also receive several travel benefits, like Travel Medical Insurance, Trip Cancellation Insurance, Lost Baggage Insurance and more.

While some travelers might look at credit cards that will maximize the value of their airfare, others might prefer to opt for a card that can help them stay in some of the nicest hotels each city has to offer. If you sign up for the Marriot Bonvoy American Express card now, you can earn up to 50,000 Marriott Bonvoy points if you play your cards right. Or should we say, use your card, right? 

The Marriott Bonvoy AmEx has an annual fee of $120 dollars, and an annual interest rate of 20.99%. If you open your account within the time period, you open yourself to earn 50,000 points if you spend $1,500 in purchases on your card within the first 3 months of card membership. On top of the promotional deal, you earn 5x the points on Marriott purchases, 5x the points on eligible Eats and Drinks purchases (within the first 3 months) and 2x the points per every dollar spent on other card purchases. 

With this AmEx card, you automatically receive Marriott Bonvoy Silver Elite status. You also receive a free night in a Marriott hotel after your card anniversary each year, although conditions do apply. You also receive benefits typical of American Express cards, including travel coverage including flight and baggage delay insurance, and shopping coverage in the way of extended warranty from their buyer’s assurance protection plan and purchase protection to ensure your purchases last beyond 90 days.   

The BMO Air Miles World Elite Mastercard has replaced the American Express Air Miles Reserve Credit Card as our top pick for best Air Miles credit card. 

Air Miles can be a solid rewards program you can opt for, for either travel benefits or monetary benefits. If you are looking for a solid rewards card so you can earn Air Miles, we recommend the BMO Air Miles World Elite Mastercard card. If you sign up now, you can earn up to 2,000 bonus reward miles, as well as the first year’s fee waived. 

With this credit card, you get an annual fee of $120 and an annual interest rate of 20.99%. 

There are a handful of other benefits that make this Air Miles credit card worthwhile. You get 3 Air Miles for every $12 dollars you spend at participating Air Miles partners, including Shell,  Samsung and Global Pet Foods. You get 2 Miles for every $12 dollars spent at an eligible grocery store, and one exclusive 25% discount on one Air Miles flight redemption during the calendar year. 

Getting the right credit card as a student can be a real lifesaver. We think the BMO CashBack Mastercard for students is the right one for many, with a solid cash back plan that will help many students out. If you sign up now, you can earn 5% cash back on your first 3 months.

The BMO CashBack Mastercard for students has no fees like most student credit cards do, and 19.99% interest. This card also features cash rewards we feel students can get the most on: 3% cash back on grocery purchases, 1% cash back on recurring bill payments like phone bills and streaming services, and 0.5% cash back on every other purchase. While these cash back rewards do pale in comparison to some of the other cash back cards, for zero annual fees and a low barrier of entry, this card is very accessible to young adults.  

The BMO Cashback Mastercard features a wide range of tools to bolster an understanding of credit and finance with their mobile app. You get 24/7 access to CreditView to see how you are doing in building credit, financial insights to how you are doing with your money, and the ability to lock, unlock or report a lost or stolen card at any time. With a range of security options like Mastercard SecureCode and BMO alerts, you do not need to worry too much about the scary world of credit card fraud. 

Staying on top of your credit card is sometimes easier said than done. Credit card debt happens, and with interest rates on average of around 20%, getting out of credit card debt is easier said than done. A balance transfer card can help get out of credit card debt, allowing you to transfer your credit card debt to a card with a more agreeable interest rate and promotional offers, in exchange for a balance transfer fee. During the special offer for the CIBC Select Visa Card, you can transfer your credit card balance to get 10 months of 0% interest, among other perks that make this an attractive option for a balance transfer credit card.  

With an annual fee of $29 dollars, and an interest rate of 13.99%, the CIBC Select Visa is a great choice for paying off debt even before the promotional perks. However, this is made even better with the first-year fee rebated. When you are approved for a balance transfer, you will be charged a fee of 1% of the amount charged to your account, which is not too much. With a minimum annual income of $15,000 for this card, most households will be able to use this card to some extent to get a better financial footing. 

However, balance transfer cards have plenty of limitations that you will need to be careful of. Firstly, you can only transfer up to 50% of your assigned credit limit with the promotional rate and going above it may make you illegible for the promotional interest rate. If you make any purchases on this card, you will also face the full interest rate on the purchases, even if you currently apply for the 0% interest rate. All in all, this card has several perks that can help you overcome financial difficulties but being in a situation where you need to look into a balance transfer credit card means you should probably do significant research and understand the fine print, as these types of cards have many conditions that you should be aware of.  

The Home Trust Secured Visa is also our choice for the best credit card to build credit. 

A secured credit card essentially is a credit card that requires a deposit to be paid, which becomes your credit limit. A secured credit card then functions normally like a credit card would, and you are expected to pay for any charges you make. This allows for banks and credit card companies to give credit cards to people with low credit scores relatively risk free and allows people with poor credit to build up their credit score. Once you have proved yourself with a solid credit score, you can generally get that deposit back, and be upgraded to an unsecure card.  

The Home Trust Secured Visa is a solid secured credit card for building credit.  It has a variable limit from between $500 and $10,000, as well as options of low interest or low annual fees. You can either choose a 14.90% interest rate with a $59 annual fee, or 19.90% interest with no annual fee.  

With the Home Trust Secured Visa, you get the versatility that a typical Visa card has, including secure payment in over 200 countries. You also get purchase security against theft or damage of items you have bought within 90 days of purchase.  

Costco members have a solid option for a cash back card with this card. This Mastercard not only has the versatility worldwide that Mastercard’s do, but it also doubles as your Costco membership card! Effective of March 4th of 2022, CIBC took over the Costco Mastercard, with many of the same benefits Costco members have known to love. 

This card exclusive for Costco members has an annual interest rate of 19.75% with no annual fee, which really is not bad for a cash back card. You earn 3% cash back at restaurants and Costco gas stations, 2% cash back on other gas purchases and purchases on Costco.ca, and 1% everywhere else, which is not bad, but we do find it a little strange that grocery purchases are not boosted above 1%, especially in Costco of all places. There is no cap on the amount of cash back you can receive, however you only earn the cash back every January, which might be a while from applying for and using the card.  

Being in the Mastercard family, you also have additional benefits aligned with other Mastercard memberships. You get shopping benefits like price protection within 60 days if you find a better deal elsewhere, purchase assurance within 120 days of purchasing an item, and an impressive extended warranty that can automatically double the original manufacturer’s warranty up to two years. You also get travel benefits including travel accident insurance, car rental insurance, baggage delay insurance, and further travel assistance automatically. 

The Scotiabank Gold American Express card is also our choice for the best American Express credit card.  

While it is certainly good for groceries, there is few applications that the Scotiabank Gold American Express card is not good for. If you sign up before April 30th, 2023, you could earn 40,000 Scene+ points within your first year.

The Scotiabank Gold AmEx comes with an annual fee of $120 (that is waived in the first year), and an interest rate of 19.99%. You can also add supplementary cards for $29 each per year. If you sign up during the current promotional period, you can earn 20,000 rewards points if you spend $1,000 in your first 3 months, and an additional 20,000 rewards points if you spend $7,500 in your first year of card membership. You also get a great, all-encompassing reward package on your spending. You earn 5x the points per dollar spent on food (from grocery stores, restaurants, drinking establishments and food delivery,) and entertainment (including movies, theatres, and money spent with ticket agencies). You earn 3x the points per dollar spent on gas and daily transit, as well as eligible streaming services. You finally earn 1x point per dollar spent everywhere else.  

There are a bevy of other benefits that you can enjoy with this credit card offer. One of the greatest such benefits is no foreign transaction fees, whether shopping abroad or online. You get AmEx Front of the Line access, which are presale tickets to concerts, theatre shows and special events. You get access to Scotia Rewards Travel, which has a Best Price Guarantee on airfare, as well as access to over 1200 VIP Airport Lounges worldwide. Finally, you get insurance coverage including extensive travel insurance, as well purchase security and extended warranty on newly purchased items. All in all, this card has an excellent selection of benefits and rewards that make it great for groceries, but many other uses as well.  

The PC Financial Mastercard is great for people who frequent Loblaws owned stores, including No Frills, Real Canadian Superstore, Shoppers Drug Mart, and Wholesale Club. Not only does this card have no annual fee, but PC Financials’ cards have a solid rewards program.  

The PC Financial Mastercard is a solid card with no annual fee (which is very impressive) and an overall standard interest rate of 20.97%. When you sign up, you can earn 20,000 points instantly, which equates to approximately $20 in value.   

With the PC Financial Mastercard, you can earn 10 points per dollar within Loblaws owned grocery stores, 25 points per dollar on Shoppers Drug Mart 30 points per litre filled up at Esso or Mobil, 20 pts per dollar spent on PC Travel, and 10 pts per dollar everywhere else.  

If you are looking for a credit card for your business expenses, from office supplies to business meetings over lunch, a solid business credit card is the American Express Business Edge. If you sign up for the Business Edge card right now, you might apply for welcome bonus points totaling a maximum of 57,000 points.  

The AmEx Business Edge features an annual fee of $99, and an interest rate of 19.99%, which will be more than affordable for your company. The Business Edge is a points card, with a solid number of ways to earn and redeem points for your staff’s benefit. You earn 45,000 points when you charge a total $5,000 in purchases to your card in the first three months of card membership. You can also earn 1,000 points for each month you spend more than $3,000 in purchases on the card, for a total of 12,000 points.

In addition, if you sign up now, you can earn 10x the points on eligible purchases for the first six months, maxing out at 10,o0o points. After that, you earn 3x the points for every dollar spent on office supplies, electronics, transit & gas, and food & beverage purchases, and 1x the points per dollar on every other purchase. These points can be used to book round trips on airfare, statement credits to pay off your credit card bills, pay for Amazon purchases or a wide range of gift cards and merchandise.  

The Business Edge card features no fees on supplementary cards, up to 99 cards! This is a lot of cards, and you might be concerned with employee misuse if you were to have so many, but included is AmEx’s Employee Card Misuse Protection, which can help cover unauthorized charges on your employee cards if they are terminated and their cards are cancelled. You also get car rental theft & damage insurance, purchase protection, and buyer’s assurance. All in all, this card is tailored for businesses to run smoothly and rack up easily redeemable points.  

A prepaid credit card is quite different than a regular credit card. Think of them more like a gift card, where the money on it needs to be loaded in advance. KOHO is an up-and-coming company with a different take on banking – almost like a chequing account with some of the perks of a credit card. The KOHO Prepaid premium Visa is a little different than other prepaid cards: you can spend money from your account via the prepaid Visa card, and even earn cash back! 

KOHO is designed to curb your spending: You load whatever money you might want to spend in a period, and then use the prepaid Visa almost like a debit card when you are out shopping or hitting the town. KOHO is paired with an app that prides itself in being easy to use, that can break down your spending habits that you have used on the card.  

With the standard KOHO account, you can earn 0.5% cash back instantly on every purchase. KOHO’s Premium account offers 2% cash back instantly on groceries, transportation, gas, eating & drinking, but has an annual fee of $84. You also get an interest rate of 1.2% currently, compounded monthly, in all KOHO accounts. On top of all these features, you can send unlimited e-Transfers, however not you can only receive e-Transfers from KOHO accounts.  

There are a wide number of premium credit cards available for Canadians, granted your credit score or annual income is high enough, but the Platinum Card from American Express is a real good one, especially if you plan on travelling a lot. If you sign up for the Platinum Card now, you can earn over 100,000 points. 

The Platinum Card is a charge card, meaning you are required to pay it off in full each month, instead of the ability to run a balance and pay the minimum payment, but you also do not have a credit card limit either. There is also a steep annual fee of $699. However, despite these downsides, the rewards you can earn are really nice. One of which is a $200 annual travel credit, so you are paying close to $500 annually, as long as you travel.  

Firstly, if you sign up within the current period, and spend $6,000 in net purchases within the first 3 months, you can earn 90,000 points. If you sign up now, you can earn a total of 10 points for every $1 spent on eligible purchases on food & drink purchases for first three months. Afterwards, you earn 3x the points on eating and drinking. You also earn 2x the points per dollar spent on travel and 1x the points per dollar on everything else.  

There are more benefits that the AmEx platinum card offers, including fast-tracked Gold memberships for international hotel chains, complimentary daily breakfast at an extensive list of hotels, and entry to VIP Airport lounges across the world. You also get extensive travel and shopping protections, protecting you from most things that could go wrong in these situations.  

Who is the Platinum card best suited for? This card is ideal for busy professionals who need to travel a lot for their work, or wealthy people who want to make the most out of their world travels. You also will need a Platinum card (as well as an exorbitant amount of wealth) before you would be able to be considered for the most exclusive credit card in Canada (and maybe the world), The American Express Centurion card.