While the American Express Cobalt Card is the best credit card in Canada, valuable options like the MBNA Rewards World Elite Mastercard and Scotiabank Gold American Express Card shouldn't be ignored. The best credit card for you depends on your spending habits and lifestyle.
There are many features and benefits to consider when comparing credit cards, making it tricky to know where to start. To cut through the noise, we analyze over 126 data points on every credit card in Canada. With all this data, our Genius Rating algorithm determines the best credit card for every situation.
Below, you'll find a list of the top Canadian credit cards in more than 30 categories, along with detailed reviews and helpful tips for choosing the right one.
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And the 35 best credit cards in Canada for 2026 are…
| Best Credit Card Categories | Best Credit Cards In Canada | Rewards & Benefits | Learn More |
|---|---|---|---|
| Best Overall | American Express Cobalt Card | * Earn up to 5 points per $1 spent * Points are worth up to 2 cents each * 10 types of insurance | Learn More |
| Best Cash Back | MBNA Rewards World Elite Mastercard | * Up to 5 points per $1 spent on purchases * 12 types of insurance | Learn More |
| Best No Fee Cash Back | Rogers Red World Elite Mastercard | * Earn 2% unlimited cash back on all eligible non-U.S. dollar purchases if you have 1 qualifying service with Rogers, Fido, Comwave, or Shaw, Earn 1.5% unlimited cash back on eligible non-U.S. dollar purchases, Earn 3% unlimited cash back on all eligible purchases made in U.S. dollars * 6 types of insurance | Learn More |
| Best Secured | Neo Secured World Elite Mastercard | * Redeem your cash back whenever you want * Guaranteed approval * Earn rewards on purchases | Learn More |
| Best Prepaid | EQ Bank Card | * Earn up to 2.75% interest on your balance * No foreign exchange fees | Learn More |
| Best Travel | American Express Cobalt Card | * Earn up to 5 points per $1 spent * Points are worth up to 2 cents each * 10 types of insurance | Learn More |
| Best No-Fee Travel | More Rewards RBC Visa Infinite | * 8 points per $1 spent at More Rewards partner stores, 8 points per $1 spent on gas, EV charging, and dining, 4 points per $1 spent on all other purchases * 3 types of insurance | Learn More |
| Best Balance Transfer | MBNA True Line Mastercard | * 0% balance transfer promo rate (12 months) * Low permanent rates of 12.99% on purchases and balance transfers * No annual fee | Learn More |
| Best Foreign Exchange Travel | Scotiabank Gold American Express Card | * Up to 6 points per $1 spent * 12 types of insurance * No foreign transaction fees | Learn More |
| Best Airline | TD Aeroplan Visa Infinite Privilege Credit Card | * 12 types of insurance * Free checked bags on Air Canada * Preferred Pricing on Aeroplan flight rewards | Learn More |
| Best Low Interest | MBNA True Line Mastercard | * Low permanent rates of 12.99% on purchases and balance transfers * Balance transfer offer of 0% for 12 months | Learn More |
| Best Gas and Transit | CIBC Dividend Visa Infinite Card | * 4% cash back on gas and EV charging * 2% cash back on transportation * 6 types of insurance | Learn More |
| Best Student | CIBC Aeroplan Visa Card for students | * Save 3 cents per litre on fuel at Journie Rewards gas stations * Earn 1 points per $1 spent on all purchases | Learn More |
See more best credit card categories
| Best Credit Card Categories | Best Credit Cards In Canada | Rewards & Benefits | Learn More |
|---|---|---|---|
| Best Rewards | American Express Cobalt Card | * Earn up to 5 points per $1 spent * Points are worth up to 2 cents each * 10 types of insurance | Learn More |
| Best Flexible | MBNA Rewards World Elite Mastercard | * Earn up to 5 points per $1 spent * 12 types of insurance | Learn More |
| Best Grocery | American Express Cobalt Card | * Earn up to 5 points per $1 spent * Points are worth up to 2 cents each * 10 types of insurance | Learn More |
| Best Restaurant | American Express Cobalt Card | * Earn up to 5 points per $1 spent * Points are worth up to 2 cents each * 10 types of insurance | Learn More |
| Best Insurance | RBC Avion Visa Infinite Privilege | * 1.25 points per $1 spent on purchases * 12 types of insurance | Learn More |
| Best U.S. Dollar | CIBC U.S. Dollar Aventura Gold Visa Card | * Up to 1 point per $1 spent * 4 types of insurance | Learn More |
| Best Store | MBNA Rewards World Elite Mastercard | * Up to 5 points per $1 spent on purchases * 12 types of insurance | Learn More |
| Best for Costco | Rogers Red World Elite Mastercard | * Earn 2% unlimited cash back on all eligible non-U.S. dollar purchases if you have 1 qualifying service with Rogers, Fido, Comwave, or Shaw, Earn 1.5% unlimited cash back on eligible non-U.S. dollar purchases, Earn 3% unlimited cash back on all eligible purchases made in U.S. dollars
* 6 types of insurance | Learn More |
| Best Perks | American Express Platinum Card | * Up to 2 points per $1 spent * Long list of major perks * Points are worth up to 2 cents each | Learn More |
| Best Aeroplan | American Express Cobalt Card | * Earn up to 5 points per $1 spent * Points are worth up to 2 cents each * 10 types of insurance * Transfer points at a 1:1 ratio to Aeroplan | Learn More |
| Best for Newcomers | Tangerine Money-Back Credit Card | * Up to 2% cash back * No annual fee | Learn More |
| Best Challenger Bank | Neo World Elite Mastercard | * Earn up to 5% cash back on purchases * Redeem your cash back whenever you want | Learn More |
| Best Airport Lounge Access | American Express Platinum Card | * Unlimited lounge access for the cardholder and a guest * Up to 2 points per $1 spent on purchases | Learn More |
| Best Credit Union | Desjardins Odyssey World Elite Mastercard | * Up to 3% cash back on purchases * 9 types of insurance | Learn More |
| People’s Choice | American Express Cobalt Card | * Up to 5 points per $1 spent on purchases * Points are worth up to 2 cents each * 10 types of insurance | Learn More |
| Best Mastercard | MBNA Rewards World Elite Mastercard | * Up to 5 points per $1 spent on purchases * 12 types of insurance | Learn More |
| Best Visa | RBC Avion Visa Infinite Privilege | * Save 3 cents per litre on fuel at Petro-Canada * 12 types of insurance | Learn More |
| Best American Express | American Express Cobalt Card | * Earn up to 5 points per $1 spent * Points are worth up to 2 cents each * 10 types of insurance | Learn More |
| Best Business | RBC Avion Visa Infinite Business | * Up to 1.25 points per $1 spent on purchases * Points are worth up to 2.33 cents each | Learn More |
| Best Cash Back Business | BMO Ascend World Elite Business Mastercard | * Up to 4 points per $1 spent on purchases * 13 types of insurance | Learn More |
| Best No-Fee Business | Venn Corporate Card | * Earn 1% cash back on all purchases * Low 0.25% foreign exchange fee | Learn More |
| Best Travel Business | RBC Avion Visa Infinite Business | * Up to 1.25 points per $1 spent on purchases * Points are worth up to 2.33 cents each | Learn More |
Please note the average earn rate is based on reasonably optimized spending and reward redemptions – we assume you won't redeem your points for a toaster when flights are worth 4x as much!
We also use a default of $3,000 per month in spending split sensibly across spending categories, like gas and groceries. For more personalized results, enter your own spending habits into our compare credit cards spending calculator in the sidebar.
Let’s get into each category one by one and review the best credit cards in Canada.
Best credit card in Canada overall
For the 8th year in a row, the American Express Cobalt Card is the best credit card in Canada. It has no minimum income requirements, an impressive welcome bonus, and most importantly, some of the highest earn rates in Canada (5x on food at grocery stores and restaurants). Plus, it has exclusive Cobalt Perks and all the other perks that come along with being an American Express cardholder.
What we like:
- Up to 5 points per $1 spent
- Many ways to redeem points, with a value of up to 2 cents each
- 15,000 welcome bonus points
- American Express perks like Front Of The Line and Amex Offers
- Monthly instead of an annual fee
What we don't like:
- Amex acceptance is not quite as good as Mastercard or Visa
First-hand experience from our team: "The points add up incredibly fast and it's so easy to redeem them for statement credits." —Melanie Pitman, Financial Writer
Best cash back credit card
×7 Award winner 
$20 GeniusCash + Up to 30,000 bonus points + birthday bonus worth up to 15k points.*
GC: $20
7x Award winner 
The best cash back credit card in Canada is the MBNA Rewards World Elite Mastercard. Though it isn't a pure cash back card, you'll earn up to 5 points per $1 spent on purchases, which can be immediately redeemed for cash. This gives you a value of 4.15%. You'll also get a sweet birthday bonus – 10% of the points you earned in the year could be yours (up to 15,000 points).
What we like:
- 10% bonus points every year on your birthday
- Up to 30,000 bonus points
- Up to 5 points per $1 spent on purchases
- 12 types of insurance
What we don't like:
- High income requirements of either $80,000 personal or $150,000 household
Best no-fee cash back
The Rogers Red World Elite Mastercard takes the cake as the best no annual fee cash back credit card in Canada. You'll earn cash back in a slightly unusual way. First off, USD purchases give you a generous 3% cash back, while non-USD purchases net you 1.5% cash back. However, if you’re a Rogers, Fido, Comwave, or Shaw customer, you’ll get 2% cash back.
What we like:
- Return of up to 3%
- Get 1.5 times more cash back every time you redeem for Rogers, Fido or Shaw purchases
- No annual fee
What we don't like:
- High income requirements
Best secured credit card
The Neo Secured World Elite Mastercard is one of the best secured credit cards in Canada. There is an annual fee, but you will earn up to 5% cash back when shopping with Neo partners and on popular spending categories like groceries, recurring bills, gas, and EV charging.
Plus, as a World Elite Mastercard, you’ll enjoy benefits like an extensive insurance package with 12 types of coverage.
What we like:
- Redeem your cash back whenever you want
- Includes 12 types of insurance
- Guaranteed approval as a secured credit card
What we don't like:
- Caps on bonus categories
- High income requirements of $80,000 personal or $150,000 household
- No welcome bonus
Best prepaid credit card
The best prepaid card in Canada is the EQ Bank Card. It offers 0.5% cash back on all purchases and no foreign exchange fees.
A prepaid credit card can be a great alternative to a regular credit card since you're simply spending your own money. There is zero risk of overspending and finding yourself with a monster balance. Plus, there are no credit checks required when you make an application or high credit card interest rates to worry about.
What we like:
- Earn up to 2.75% interest on your balance
- No annual fee
- Charges no foreign exchange fees
- No credit checks required
What we don't like:
- Only earns 0.5% cash back on purchases
- Does not improve credit scores
- No insurance included
Best credit card for travel
The American Express Cobalt Card tops the charts as the best travel credit card in Canada. It gives cardholders a solid mix of flexible rewards, a generous welcome bonus, good insurance, and fun perks. Plus, if you transfer your points to Aeroplan, you’ll get a solid 4.5% return on your spending, making this card a top choice for travel lovers.
What we like:
- High return when transferred to Aeroplan (up to 10%)
- 15,000 welcome bonus points
- American Express perks like Front Of The Line and Amex Offers
- 10 types of travel and purchase insurance
What we don't like:
- Amex acceptance is not quite as good as Mastercard or Visa
- $191.88 annual fee
Best no-fee travel credit card
At first glance, the More Rewards RBC Visa Infinite seems like a grocery rewards card best suited for Western Canadians. But it’s actually the top no-free travel card on the market, no matter where in Canada you live.
More Rewards has partner stores in British Columbia, Saskatchewan, Alberta, Yukon, and Manitoba. However, you can earn the same excellent bonus rate of 8 points per $1 spent on gas, EV charging, and dining in any province.
And the best way to spend your points is the More Rewards travel platform powered by Expedia. You’ll also have the option to add services that might come in handy on your travels. For instance, purchase travel insurance, identity theft protection, RBC Road Assist, and more.
What we like:
- Earn up to 8 points per $1 spent
- High base earn rate of 4 points per $1 spent
- No annual fee
What we don't like:
- Points only worth 0.43 cents each
- High income requirements of $60,000 personal or $100,000 household
Best credit card for balance transfers
×2 Award winner GC: $20
2x Award winner 
The top balance transfer card in Canada right now is the MBNA True Line Mastercard. It will give you 12 months of relief from high interest charges with 0% balance transfer interest.
Just be sure to pay off your balance in full before the promo period ends or you'll be facing the higher interest rate and losing this strong benefit.
What we like:
- Top notch balance transfer offer of 0% for 12 months
- Low permanent interest rate of 12.99% on purchases and balance transfers
- No annual fee
What we don't like:
- High cash advance interest rate of 24.99%
- No rewards on purchases
Best foreign exchange travel credit card
×3 Award winner GC: $100
3x Award winner 
Our #1 no foreign fee travel card is the Scotiabank Gold American Express Card. With this card in your wallet, you'll skip that dreaded 2.5% fee and get an average of 2.45% return on spending. Plus, you'll get 12 types of insurance coverage so your trip will be nothing but smooth sailin'.
What we like:
- No foreign exchange fees (save 2.5% compared to other credit cards)
- 45,000 welcome bonus points
- Up to 6% back on purchases
- 12 types of travel and purchase insurance
What we don't like:
- Amex acceptance is not quite as good as Mastercard or Visa
- $120 annual fee
Best airline credit card
The TD Aeroplan Visa Infinite Privilege Credit Card is the best airline credit card on the market right now. The welcome offer is worth up to 45,000, on top of the steady earn rate of up to 1.5 Aeroplan points per $1 spent.
Included with this card are 12 types of insurance, a NEXUS rebate every 48 months, and free checked bags for you and up to 8 travel companions– all of which you can try out for an entire year, as the first annual fee is completely waived.
What we like:
- Up to 85,000 welcome bonus
- Free checked bags on Air Canada
- Preferred Pricing on Aeroplan flight rewards
What we don't like:
- Only high-value rewards are Air Canada flights
- High income requirements of either $150,000 personal or $200,000 household
Best low interest credit card
×2 Award winner GC: $20 2x Award winner 
The MBNA True Line Mastercard is the best low interest credit card in Canada, offering a permanent low rate of 12.99%.
On top of that, it comes with a balance transfer offer of 0% for 12 months.
What we like:
- Low permanent interest rate of 12.99% on purchases and balance transfers
- Market-leading balance transfer offer of 0% for 12 months
- No annual fee
What we don't like:
- High cash advance interest rate of 24.99%
- No rewards on purchases
Best credit card for gas and transit
×1 Award winner Join and earn up to $400 in value including a first-year annual fee rebate.†
1x Award winner Join and earn up to $400 in value including a first-year annual fee rebate.†
The best gas and transit credit card in Canada is the CIBC Dividend Visa Infinite Card. With it, you'll earn 4% cash back for every $1 you spend on gas and EV charging (as well as groceries), and 2% back on transportation purchases (along with restaurants and recurring bills). Plus, the card gives a nice 1% flat rate on all your other purchases.
What we like:
- Save up to 10 cents per litre on fuel at Journie Rewards gas stations
- 10% cash back for the first 4 months, up to $2,500 in spend
- Annual fee is waived for the first year
What we don't like:
- Lower insurance coverage compared to similar credit cards
- High income requirements of either $60,000 personal or $100,000 household
Best student credit card
The CIBC Aeroplan Visa Card for students is the best student credit card in Canada due to it having no annual fee, cash back on all purchases, and a nice welcome bonus.
Having a student credit card like this one is useful to start building your credit history and learning responsible spending habits.
With time, you'll be able to work towards a more premium card.
What we like:
- Up to 10,000 bonus points
- Earn 1 points per $1 spent on all purchases
- Points worth up to 2 cents each
- Save 3 cents per litre on fuel at Journie Rewards gas stations
- No annual fee
What we don't like:
- Limited insurance included
Best rewards credit card
The American Express Cobalt Card tops another category as the best rewards credit card in the country.
With an average return rate of 4.5% and (a maximum earn rate of 10%), this card is unbeatable when it comes to return.
Plus, American Express Membership Rewards are valuable and versatile.
What we like:
- Up to 5 points per $1 spent
- Point value of up to 2 cents
- Lots of options to transfer points
- 15,000 welcome bonus points
What we don't like:
- Amex isn’t accepted at Costco or Loblaws, meaning you can’t earn rewards at these stores
Best flexible rewards credit card
×7 Award winner GC: $20 7x Award winner 
The MBNA Rewards World Elite Mastercard is a multi-award winner, taking home the award for the best flexible credit card along with its other accolades. As a reminder, it has a maximum return of 5%, which is excellent, considering that you'll get it on 3 very popular spend categories:
- 5 points for every $1 spent on restaurants, groceries, and select recurring bills (up to $50,000 spent annually per category)
- 1 point per $1 spent on all other purchases
These MBNA Rewards points can be redeemed in many different ways, which are very close in value:
- Travel
- Online gift cards
- Physical gift cards
- Merchandise
- Cash back
All in all, it's a well-rounded credit card in terms of rewards.
What we like:
- 5 different ways to redeem your points
- Similar value for each redemption category
- 10% bonus points every year on your birthday
- Up to 30,000 bonus points
What we don't like:
- High income requirements of either $80,000 personal or $150,000 household
First-hand experience from our team: "I love that you can get the best value with not just travel, but also with e-gift cards. The birthday bonus is also a nice touch that somewhat erases the annual fee. –Jonathon MacLeod, Sr. Financial Product Specialist"
Best credit card for groceries
Eating is a basic part of life – whether it be buying groceries or dining out. So why not get plenty of rewards for this basic need with a credit card that offers great rewards on food purchases? We give the crown to the
What we like:
- High return when transferred to Aeroplan, (up to 10% for groceries)
- 15,000 welcome bonus points
- American Express perks like Front Of The Line and Amex Offers
- 10 types of travel and purchase insurance
What we don't like:
- Not accepted at Costco or Loblaws stores
- $191.88 annual fee
Best Visa card for groceries
Prefer to use a Visa instead? Then the
Best Mastercard for groceries
Our best Mastercard for groceries is the
Best credit card for restaurants
For the most rewards going out to eat, you can't top the American Express Cobalt Card, the best restaurant credit card in Canada. You'll earn 5 points per $1 spent on all your restaurant and grocery purchases. With a point valued at up to 2 cents each, that's a return of 10% on your restaurant purchases – something no other card can match.
What we like:
- High return when transferred to Aeroplan, (up to 10% for restaurants)
- 15,000 welcome bonus points
- American Express perks like Front of the Line and Amex Offers
- 10 types of travel and purchase insurance
What we don't like:
- Lower acceptance rates, especially at smaller restaurants
- $191.88 annual fee
Best credit card for insurance
The credit card with the best insurance coverage is the RBC Avion Visa Infinite Privilege. You'll get 12 out of a total of
RBC Avion Visa Infinite Privilege
| Extended Warranty | 2 years |
| Purchase Protection | 120 days |
| Mobile Device | $1,500 |
| Travel Accident | $500,000 |
| Emergency Medical Term | 31 days |
| Emergency Medical Maximum Coverage | unlimited |
| Emergency Medical over 65 | 7 days |
| Trip Cancellation | $2,500 |
| Trip Interruption | $5,000 |
| Flight Delay | $1,000 |
| Baggage Delay | $750 |
| Lost or Stolen Baggage | $2,500 |
| Hotel Burglary | $3,000 |
| Rental Car Theft & Damage | Yes |
Please review your insurance certificate for details, exclusions and limitations of your coverage.
What we like:
- 70,000 welcome bonus points
- High point value of up to 2.33 cents
- 12 types of travel and purchase insurance
- Save 3 cents per litre on fuel at Petro-Canada
What we don't like:
- Poor rewards if not redeemed through the Air Travel Redemption chart
- High income requirements of either $150,000 personal or $200,000 household
Best U.S. dollar credit card
If you spend a lot of USD, the best U.S. dollar credit card is the CIBC U.S. Dollar Aventura Gold Visa Card. It earns 1 point for every $1 spent on travel through CIBC Rewards, 1 point for every $2 spent everywhere else, but you'll need a source of U.S. dollars to make it worth it.
U.S. dollar credit cards are based in U.S. funds, and because of this, cardholders are not charged foreign currency transaction fees. This also means, however, bill payments will need to be paid out in U.S. funds.
What we like:
- Rewards on purchases (rare for U.S. dollar credit cards)
- No currency exchange fees on U.S. dollar purchases
What we don't like:
- Relatively high annual fee of $35 for what is offered
Best store credit card
×7 Award winner GC: $20 7x Award winner 
The best store credit card is the MBNA Rewards World Elite Mastercard, but this is mainly because store-based credit cards are often tied to one store when it comes to redeeming rewards – if you want something truly versatile, this card has high earn rates everywhere. In terms of groceries, you'll earn up to 5 points per dollar for an annual fee of $120.
What we like:
- 5 different ways to redeem your points
- Similar value for each redemption category
- 10% bonus points every year on your birthday
- Up to 30,000 bonus points
What we don't like:
- High income requirements of either $80,000 personal or $150,000 household
Best credit card for Costco
You can’t use just any credit card when shopping at Costco, which only accepts Mastercards in the warehouse. Because of this, we recommend the Rogers Red World Elite Mastercard. You’ll earn an unlimited 1.5% cash back (or 2% back if you have a Rogers, Fido, Comwave, or Shaw service) on all your purchases, including at the warehouse. Plus, if you’re shopping at a U.S. location, you’ll earn a hefty 3% back.
What we like:
- Get 1.5 times more cash back every time you redeem for Rogers, Fido, or Shaw purchases
- No annual fee
What we don't like:
High income requirements of $80,000 personal or $150,000 household
Best credit card for perks
The credit card with the best perks in Canada is the American Express Platinum Card, which gives you unlimited lounge access for you and a guest, a dedicated concierge line, a $200 annual travel credit, VIP treatment at the Toronto Pearson airport, incredible perks at hundreds of hotels, complimentary high-tier status, and much more.
Even with the $799 annual fee, the drool-worthy perks make up for it and more, especially if you're able to take advantage of everything.
What we like:
- Most perks of any credit card
- Up to 2 points per $1 spent on purchases
- Ability to transfer your points to 6 airline partners
- Unlimited airport lounge access for the cardholder and a guest
- Annual $200 travel and dining credits
What we don't like:
- Amex acceptance is not quite as good as Visa or Mastercard
- Very high annual fee of $799
Best Aeroplan credit card
Because of its high redemption rate when transferring its points to Aeroplan, the best Aeroplan credit card in Canada is the American Express Cobalt Card. With this card, you can transfer your points 1:1 to Aeroplan. With the high earn rates of up to 10% back when maxed out, plus a big welcome bonus of up to 15,000 points, you'll be flying in no time (and keep flying often with the fast-accumulating rewards.
What we like:
- Value of up to 10% in rewards when transferred to Aeroplan
- Easy and fast transfer to Aeroplan
- 15,000 welcome bonus points
- American Express perks like Front Of The Line and Amex Offers
- Monthly instead of an annual fee
What we don't like:
- Amex acceptance is not quite as good as Mastercard or Visa
Best credit card for newcomers
×2 Award winner GC: $120 + $20
2x Award winner 
The best newcomer credit card for recently landed Canadians is the Tangerine Money-Back Credit Card. It has a lower credit score requirement, will earn you up to 2% cash back on purchases, and has no annual fee. All of these make for a rewarding credit card that has a low barrier to entry.
It's also one of the most flexible credit cards in terms of how you can earn rewards. You can pick 2 categories (or 3 if you get your cash deposited in a Tangerine Savings account) in which you can get a maximum cash back rate of 2%.
What we like:
- 2% cash back on up to 3 categories of your choice
- Balance transfer offer of 1.95% for 6 months
- Freedom to change your categories as you see fit
- No annual fee
What we don't like:
- Poor base earn rate of 0.5% cash back
- Only includes 2 types of insurance
First-hand experience from our team: "The Tangerine Money-Back Credit Card is a great option for newcomers to Canada. While many credit cards are out of reach due to limited credit history or low income, Tangerine stands out by offering one of the best cashback programs available to newcomers. —Divyanshu Bajpai, SEO Manager"
Best challenger bank credit card
Maybe you're looking for an option that isn't part of the Big 5 oligopoly. Challenger banks are smaller institutions, some of which have excellent credit card offers that you may not find an equal to with the businessy big banks.
If you're looking for a credit card that doesn't belong to a Big 5 bank, you can go with one of our picks for the best challenger bank credit card, the Neo World Elite Mastercard. This card earns you 5% cash back on your groceries and purchases with Neo partners. Recurring bills, gas, and EV charging also earn you boosted cash back.
What we like:
- Earn an average of 5% cash back at Neo retail partners
- Earn up to 5% cash back on purchases
- Redeem your cash back whenever you want
- Includes 12 types of insurance
What we don't like:
- Caps on bonus categories
- High income requirements of $80,000 personal or $150,000 household
- No welcome bonus
Best credit card for lounge access
If you want free access to airport lounges, the best experience can be had with the American Express Platinum Card. Having unlimited access to over 1,300 lounges worldwide makes it the best credit card for lounge access in Canada. Plus, your partner or best friend can join in on the fun since a guest can also be admitted.
In addition to this, this card has a huge number of benefits, including hundreds of dollars in dining credits, 11 types of travel insurance, and a massive welcome bonus of 100,000 points, which can be transferred to Aeroplan for up to a 4% return.
What we like:
- Unlimited airport lounge access for the cardholder and a guest
- Ability to transfer your points to 6 airline partners
- 11 types of travel insurance
- Annual $200 travel and dining credits
- Up to 2 points per $1 spent on purchases
What we don't like:
- Amex acceptance is not quite as good as Visa or Mastercard
- Very high annual fee of $799
Best credit union credit card
The Desjardins Odyssey World Elite Mastercard is the best credit union credit card in Canada, offering up to 4% cash back on purchases, includes 11 types of insurance, for a reasonable annual fee of $130.
Credit unions are an alternative to traditional banks, and credit cards are just one of many products they offer.
What we like:
- Up to 3% cash back on purchases
- 9 types of insurance
- Use rewards for cash or merchandise
What we don't like:
- High income requirements of $ 80,000 personal or $150,000 household
People’s Choice credit card
Our people's choice award is voted on by you, the users. This year, the card voted as cream of the crop list was none other than the American Express Cobalt Card.
In a survey we conducted of our readers, Amex took a big victory, getting 18.9% of the vote. We thought it was an excellent card (it won 8 awards!) – and so did our readers.
What we like:
- Up to 5 points per $1 spent
- 15,000 welcome bonus points
- Many ways to redeem points, with a value of up to 2 cents each
- American Express perks like Front Of The Line and Amex Offers
- Monthly instead of an annual fee
What we don't like:
- Amex acceptance is not quite as good as Mastercard or Visa
- $191.88 annual fee
Best Mastercard
×7 Award winner GC: $20 7x Award winner 
The MBNA Rewards World Elite Mastercard takes home the award for the best Mastercard in Canada. It offers top-notch rewards, perks, and insurance. With it, you'll earn up to 5 points per $1 spent on purchases and get a sign-up bonus of 30,000 points. Plus, with 12 types of insurance coverages, this credit card has plenty to offer.
What we like:
- 10% bonus points every year on your birthday
- Up to 30,000 welcome bonus points
- Up to 5 points per $1 spent on purchases
- 12 types of insurance
- Accepted at Costco
What we don't like:
- High income requirements of either $80,000 personal or $150,000 household
Best Visa
The RBC Avion Visa Infinite Privilege is our choice for the top Visa card in the country. You'll earn 1.25 points for every $1 spent. And while that may not seem like much, when you factor in that each RBC Avion point is worth up to 2.33 cents each, you can get a return of up to 2.91% on purchases.
Plus, it comes with 12 types of insurance for an annual fee of $399.
What we like:
- Up to 70,000 bonus points
- High point value of up to 2.33 cents
- Includes 12 types of insurance
- Save 3 cents per litre on fuel at Petro-Canada
What we don't like:
- Only earns 1.25 points per $1 spent on all purchases
- Poor rewards if not redeemed through the Air Travel Redemption chart
- High income requirements of either $150,000 personal or $200,000 household
Best American Express
The American Express Cobalt Card has won a ton of accolades, including best overall, so of course, it also won the best American Express credit card award for another consecutive year.
When compared to its sibling cards, its high earn rates of up to 5 points per dollar spent with each point being worth 2 cents each leaves it unmatched.
What we like:
- Up to 5 points per $1 spent, with each point worth up to 2 cents each
- 15,000 welcome bonus points
What we don't like:
- $191.88 annual fee
Best business credit card
The leader in business credit cards is the RBC Avion Visa Infinite Business. It offers premium, high value rewards – with it, you'll earn 1.25 points per $1 spent on the first $75,000 in annual purchases, 1 point per $1 spent afterwards. With each RBC Avion point worth up to 2.33 cents each, you're looking at a very good return for your business purchases.
What we like:
- Earn 1.25 points per $1 spent on everything
- Welcome bonus of up to 25,000 points
- 10 ways to redeem your points
- Get more value with the airline flight chart
- Ability to transfer your points to 4 airline partners
What we don't like:
- High income requirements of $60,000 personal or $100,000 household
- High annual fee of $175
Best cash back business credit card
If you're looking specifically for a cash back business credit card, your best option is the BMO Ascend World Elite Business Mastercard. You'll earn up to 4 points per $1 spent on purchases, which can be turned into cash or used for travel.
What we like:
- Up to 4 points per $1 spent on purchases
- Use your points for travel, cash, and more
- 70,000 100,000 welcome bonus points
What we don't like:
- High income requirements to meet
Best no annual fee business credit card
For smaller businesses that want to save some money or just don't have many expenses, one of the best business credit cards with no annual fee is the Venn Corporate Card. You can earn 1% cash back for all purchases.
Plus, the card has a handy upload receipt feature that makes it easier than ever to track business expenses.
What we like:
- 1% cash back on all purchases
- No credit checks required
- Unlimited virtual cards for employees
What we don't like:
- $10 for extra physical cards
- No insurance included
Best travel business credit card
For travel business credit cards, the RBC Avion Visa Infinite Business offers a mix of high-flying rewards and perks. You'll get a return of up to 2.91% on all your purchases and get plenty of sweet travel benefits and insurance coverage on top.
What we like:
- Earn 1.25 points per $1 spent on everything
- Welcome bonus of up to 25,000 points
- 10 ways to redeem your points
- Get more value with the airline flight chart
- Ability to transfer your points to 4 airline partners
What we don't like:
- High income requirements of $60,000 personal or $100,000 household
- High annual fee of $175
How we get our rankings
Our methodology for rating credit cards takes into account over 126 features of each credit card which includes rewards, fees, interest rates, perks, and more.
We then take those features and put them through our algorithm, which calculates a score out of 5 – our Genius Rating.
Each award has a set of preferences, which gives extra weight to select categories. For example, for the best travel credit card, we give extra weight to rewards (specifically travel rewards).
This allows for an unbiased ranking based on numbers, giving you a more accurate representation of the best credit card for your needs.
How do credit cards work?
Credit cards are used to pay for purchases, and once per month, you'll get a bill detailing all your purchases and how much you have to pay back.
And with many credit cards, you'll also earn some rewards you'll be able to use. As you are borrowing money, you will be required to pay interest on your balance if you can't pay it off in full by the due date.
How do credit card companies make money?
There are a few ways that credit card companies make money, but their most significant sources of income are interest charges and various fees.
Here's a comprehensive list of the ways that credit card companies make money:
- Fees (annual, cash advance, foreign exchange, etc.)
- Merchant/processing fees
- Interest charges
- Upselling other products and services
How credit card interest and minimum payments work
In order to borrow money to pay for things, issuers will charge interest on all your purchases. In most cases, the interest rate is around 20%.
You'll have a grace period (usually 21 days) where if you pay off your balance in full, you won't be charged interest, so it's very important to pay off your balance before then.
If you can't pay it all off, pay off as much as you can. Interest is calculated on the total balance, including what interest you may have accrued by failing to pay your balance in previous months. The bare minimum you'll have to pay is usually $10, but can be 1% to 3% of your balance.
5 types of credit card interest rates
There are 5 types of interest rates to know about, and we'll explain how they each work.
1. Purchase interest rate
The most common interest rate is the purchase interest rate. This gets applied to any new purchase made with a credit card.
2. Cash advance interest rate
If you ever use your credit card to get cash from an ATM, you'll be charged a cash advance. There is no grace period in interest if you do this – this interest rate kicks in right away.
If you get some cash this way (for example, if you're travelling and your debit card won't work), it's best to pay everything you owe right away so interest won't accumulate.
And remember, on top of the interest rate, the issuer will charge a fee as well – either a predetermined amount (usually $3 to $5), or a percentage of the amount you withdrew, which is typically 1%.
3. Balance transfer interest rate
Balance transfer interest is applied when you transfer the balance from one credit card to another. And like the cash advance rate, the interest starts to accumulate immediately.
There's also a fee to pay when you make the initial transfer. Most issuers charge a set percentage, which is typically 3%.
4. Balance transfer promotional rate
Some credit cards have a special promo that gives you a significantly lower interest rate for a set period of time. They usually last at least 6 months, to upwards of a year.
Some can be up to 3.99%, but the best credit cards in Canada with these kinds of promotions can see 0% interest rates.
Remember: Once your promotional rate and term are up, whatever hasn't been paid off starts accumulating interest at the card's standard rate. Also, any new purchases will earn interest at the standard purchase rate, so it's best to avoid buying anything until you get the balance paid off.
5. Purchase promotional rate
Finally, there's promotional purchase interest rates. These are very rare in Canada, although they are very common in the U.S.
For a set amount of time, you'll get a lower interest rate on any new purchases made to the card. If you have a couple of big purchases coming up, it can be an easy way to get some financing.
Pros and cons of credit cards
Let's go over some quick pros and cons of having a credit card so you're more informed about what you're signing up for.
Pros of getting a credit card
First, let's talk about the good stuff you can take advantage of with a credit card. Just note that there isn't a "super card" with all of these benefits – your card may have a couple of these with different emphases on different benefits, so it's good to compare some cards to find out what's best for you.
- Rewards: You'll be able to earn some of your purchases back in cash or points, which can be spent on things like travel or merchandise.
- Welcome bonuses: Many cards start off with a big bonus to entice you to get it. These are often worth hundreds of dollars in cash or travel.
- Perks: This includes things like airport lounge access, annual travel credits, roadside assistance, no foreign exchange fees, and more.
- Balance transfers: Some credit cards will have balance transfer offers where you can move an existing balance from a high-interest credit card to one with as low as 0% interest.
- Credit building: Using a credit card can be a tool to build your credit score if you pay it off responsibly.
- Insurance/fraud protection: Aside from travel insurance, you'll also get a sense of security knowing that credit cards usually have some sort of protection when it comes to fraud and have coverage for unauthorized use.
- Convenience: You can go cashless and make your purchases with a tap with a credit card (and even pay for foreign currency purchases as well).
Cons of getting a credit card
And of course, let's look at some drawbacks that you may face if you're looking to get a credit card:
- Acceptance rates may vary: Some cards, like Amex cards, don't get accepted widely. Some places are cash-only as well.
- Annual fees: A lot of the premium cards will have an annual fee. With these, you'll get better benefits, so it's important to ensure you can exceed the annual fee with the rewards you earn and the perks you take advantage of.
- Income requirements: Some of the better cards will require you or your household to earn a certain amount of money per year before you can apply for them, making them a little restrictive.
- High interest rates are standard: If you don't pay off your balance in time, you'll be subject to paying interest on top of what you owe.
- Other hidden fees: Things like cash advance fees or foreign exchange fees may only pop up once in a while, but can make an unexpected and annoying surprise.
How to choose a credit card
There are a lot of factors that go into choosing the proper credit card, including balancing savings and rewards, choosing whether or not you want to pay an annual fee, or which issuer and bank you want to go with. Here are some tips to help you decide:
- Assess your spending habits: Identify the categories in which you spend the most – groceries, gas, dining, travel, etc. If you spend a lot in one or two categories, it would be wise to choose a card that rewards you the most for those purchases.
- Consider how much you travel: If you travel often, look for a card that offers travel rewards, airport lounge access, excellent travel insurance, and/or no foreign exchange fees.
- Consider annual fees vs. benefits: Premium cards typically come with premium annual fees, but many of them also include more valuable perks and benefits. A card with a higher annual fee may be worth it if you’ll regularly use the perks it offers.
- Know the interest rates: If you tend to carry a balance, a card with a lower interest rate will minimize your monthly interest charges.
- Look for unique perks: Extra perks like purchase protection, mobile device coverage, roadside assistance, or free lounge passes can add significant value to your card (if you use them!).
Types of credit cards
When it comes to credit card rewards, there are many different types you can look at:
- Cash back
- Flexible
- Travel
- Rewards
- Balance transfer
- Low interest
- Student
- Secured
Here's an overview of each one.
1. Straight-forward cash back rewards
Cash back is the simplest form of credit card rewards. For every $1 you spend, you get a percentage back in the form of cash.
2. Travel credit cards make vacations come sooner
The opposite of cash back are travel rewards. These cards let you earn travel points (Aeroplan points, for example) on your purchases instead of cash.
These often come with excellent travel insurance and perks (like lounge access, free checked bags, and NEXUS rebates), with the more premium cards having more benefits.
3. Flexible rewards for the best of both worlds
Flexible rewards can be redeemed for a range of items, from travel bookings to cash. Normally, travel is the most valuable redemption option, but you'll still have free choice of some or all of the following:
- Statement credits
- Merchandise
- Gift cards
- Investments
- Experiences (like concerts or amusement parks)
4. Balance transfer credit cards can erase a pesky balance
Balance transfer credit cards are useful for those who currently carry a balance that needs to be paid off. If you are facing 20% interest rates, you can use balance transfers to save big on interest.
5. Low interest credit cards can save you money if you're a little behind
Low interest credit cards may have lower interest rates on things like purchases, cash advances, or balance transfers. If you carry a balance, you can save money by having one.
6. Student credit cards are easily approved and a good first step
Students usually have limited options when it comes to credit cards, but credit cards specifically made for students exist and have high rates of approval and no annual fee. While not the most rewarding, they're a good stepping stone to getting a better one, especially if used responsibly.
As a note, some student credit cards can be converted to non-student versions upon graduation.
7. Secured credit cards are a good way to build your credit score
Another credit card type with near-guaranteed acceptance is a secured credit card. Compared to a normal, or "unsecured" credit card, you will need to provide a security deposit, which becomes your credit limit. If you're unable to pay off your balance, your security deposit will take care of it.
This makes it an easy, safe way to increase your credit score, as your continued on-time payments will be reported to the major credit bureaus.
8. Prepaid credit cards – a convenient payment option
The last major category of credit cards are the prepaid ones. Simple as it sounds, prepaid credit cards are loaded with the money you put in and are used in the same way as normal credit cards are. All you need to do is reload them when they're near empty. One disadvantage is that these will have no bearing on your credit score.
How to apply for a credit card
Banks will require some basic personal information when applying for a credit card like your SIN number, annual income, and employment information.
Applying is easy. Getting approved is another question. You'll need to ask yourself before you apply whether you meet the eligibility criteria. The basics include being the age of majority and being a resident of your province. You'll also need to know things like your credit score and whether your income meets their requirements.
How to maximize credit card rewards
To maximize your credit card rewards, you'll have to both:
- Earn a lot of points
- Redeem them for the most valuable options available
Earn lots of points
First, check the everyday earn rates. Let's take a look at the best credit card in our eyes, the American Express Cobalt Card:
- 5 points per $1 spent on eligible groceries and restaurants (up to $2,500 spent per month)
- 3 points per $1 spent on eligible streaming services
- 2 points per $1 spent on eligible gas, transit, and ride share purchases
- 1 point per $1 spent on foreign currency purchases
- 1 point per $1 spent on all other purchases
For a card like this, you'll get the most points by focusing your spending on groceries and restaurants or another category with boosted earn rates.
Pro Tip: You can have 2 or more credit cards and focus on different categories for each.
Take advantage of the welcome bonus
One way to start off strong is by earning a lot of points from welcome bonuses. Take for example, the American Express Aeroplan Reserve Card. With this card, you can earn up to 85,000 if you meet the welcome bonus requirements.
Cash back cards like the BMO CashBack World Elite Mastercard or Tangerine Money-Back Credit Card typically give boosted cash back rates during the promo window.
Redeeming your points for the most valuable redemption categories
You will need to find out which redemptions are worth the most to maximize your credit card rewards to maximize your returns.
If you get 5 cents per point on travel redemptions but only 2 cents back on cash back, it'd be more than double the value to redeem your points on a flight.
2026 Canadian credit card trends
At creditcardGenius, we like to keep an eye on current happenings in the credit card space. These are just a few of the trends we’re noticing this year.
Decline in the number of new credit cards
Over the last few years, Canada has consistently ranked in the top 3 countries with the highest percentage of credit card users. In 2025, more than 100 million credit cards were in circulation in Canada.
That said, the number of new credit cards opened in 2025 declined by 10% compared to last year – but people with poor credit scores accounted for most of the new applications. According to Equifax, this could suggest financial difficulty driving credit card use.
Surge in delinquency rates
The 2025 Equifax Consumer Trends and Insights report highlights a troubling trend: more Canadians are delinquent with their payments, with young Canadians struggling the most. Although credit card spending is down since 2022, 1.4 million people missed a credit payment in Q1 of 2025. That’s up 146,000 people from last year.
Growth in e-commerce transactions
Consumers are finding it’s easier than ever to apply for and use credit. The Canadian credit card market is currently valued at $574 million and it’s projected a 5% Compound Annual Growth Rate (CAGR) is expected from 2025 to 2033.
Several factors support this growth. The increase in digitalization and e-commerce makes it easier to do credit card transactions. More consumers are also reaching for cards to earn rewards or take advantage of increasingly popular buy-now-pay-later plans.
Regulatory changes impacting credit card fees
This final trend concerns Canadian small businesses. On October 19, 2024, the federal government announced an impending reduction in credit card transaction fees of up to 27%. The government expects small businesses to save over $1 billion CAD over the next 5 years as a result.
How to find the right credit card for you
No single credit card will be the best choice for everyone; the best rewards value for someone else may not be suited to you at all. It can be hard to figure out which credit card matches up best with your unique financial situation.
That’s where we come in! Take our 3-minute credit card quiz and we’ll find several different credit cards that suit your preferences and lifestyle.
FAQ
What is the best credit card to get in Canada?
While we’d recommend the American Express Cobalt Card in a heartbeat (due to its competitive rewards and flexible redemption options), the best credit card depends a lot on what you want out of a card and which credit cards you’re eligible for.
What is the most prestigious credit card in Canada?
The most exclusive and prestigious credit card has got to be the American Express Black card. It’s only available by invitation and the details about the card are closely guarded. That said, we’d recommend the
Which card has the best rate in Canada?
If you’re looking for the card with the lowest interest rate, you’ll want to check out the MBNA True Line Mastercard, which also happens to be the best balance transfer credit card. It has a low permanent interest rate of 12.99% on purchases and balance transfers.
What is the best free credit card in Canada?
The best no-fee credit card depends on whether you’re looking for cash back or travel rewards. We recommend the Rogers Red World Elite Mastercard if you’re looking for cash back without paying an annual fee and the More Rewards RBC Visa Infinite if you want some nice travel benefits.
Which bank in Canada has the best rewards?
Scotiabank manages the Scene+ Points Program, one of the best rewards programs in the country. We recommend the program because of the number of ways you earn points and the wide variety of redemption options that give your points a high return on their value.
Which type of credit card is best?
The best type of credit card depends on your eligibility and reason for getting a card. If you have great credit and want perks for using a card, a rewards credit card is a great option. But, if your score needs some work, a prepaid or secured credit card is probably best.
creditcardGenius is the only tool that compares 126+ features of 231 Canadian credit cards using math-based ratings and rankings that respond to your needs, instantly. Take our quiz and see which of Canada's 231 cards is for you.
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