Our annual rankings are out for 2024. And as usual, quite a bit changed when it came to credit cards in 2024.
Plenty of awards have changed hands, but we're here to highlight 5 major awards that we awarded to a different credit card in 2024.
Here's what those changes are.
Key Takeaways
- The American Express Cobalt remains the best credit card in Canada.
- There's a new best cash back credit card with the MBNA Rewards World Elite Mastercard.
- Other major rewards that changed hands include flexible, low interest, prepaid, and people's choice.
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Summary of the major award changes
Here's the summary of some of the major award changes for 2024.
| Category | 2023 Winner | 2024 Winner |
|---|---|---|
| Cash Back | SimplyCash Preferred Card from American Express | MBNA Rewards World Elite Mastercard |
| Flexible | Scotiabank Gold American Express Card | MBNA Rewards World Elite Mastercard |
| Low Interest | Scotiabank American Express Platinum Card | MBNA True Line Mastercard |
| Prepaid | KOHO Extra Mastercard | Wealthsimple Prepaid Mastercard |
| People's Choice | Desjardins Odyssey Visa Infinite Privilege | American Express Cobalt Card |
The best credit card in Canada hasn't changed
No matter what happens, the American Express Cobalt Card continues to reign as the best credit card in Canada.
It's now 7 years and running for this card (basically ever since it came into existence in 2017). It continues to rack up awards – a total of 9 this year.
If you want the best credit card in Canada, especially when it comes to overall rewards, this card just can't be beat.
×8 Award winner Transfer points to Aeroplan and 7 other travel partners with Canada's #1 credit card.*
8x Award winner Transfer points to Aeroplan and 7 other travel partners with Canada's #1 credit card.*
Another new best cash back credit card
There may be no more volatile category in our rankings than the best cash back card. It's always a tight race, and even the slightest changes can produce a new winner.
It's the 3rd straight year this category has gotten a new winner. And in the 7 years we've been doing awards, this category has crowned 4 different credit cards as champion.
In fact, our 2024 winner is a blast from the past. This year the MBNA Rewards World Elite Mastercard is our winner for best cash back credit card. It was also the inaugural winner back in 2017 too.
It's seen a lot of changes over the years, and its big remake is what brought it back to the top. And it's now back. The big reason? We've made some minor tweaks to our algorithm so it can now take into account how much the annual reward point bonuses are worth. Now that we can better factor in getting 10% bonus points every year, those extra rewards were enough to get it back on top (but not by much).
And as an added bonus with this card, you can opt for either travel or cash-like rewards in the form of e-gift cards, which will raise the value of one point from 0.83 cents each to 1 cent.
So stay tuned for 2025 on this front – there's a good chance someone else takes the crown next year.
×4 Award winner 
$150 GC Boost + Up to 30,000 bonus points + birthday bonus worth up to 15k points.*
GC: $125 + $25
4x Award winner A new flexible rewards credit card
Last year, the Scotiabank Gold American Express Card and MBNA Rewards World Elite Mastercard were neck and neck when it came to taking home the crown for flexible rewards card. The littlest thing could have swapped who took home the crown (like a welcome bonus change, for example).
And with our aforementioned changes to rewards for the MBNA Rewards World Elite Mastercard, it's now on the top step of the podium, and with a decent margin too.
It's basically now offering more rewards with Mastercard acceptance (last year's winner was an Amex card), giving it the edge in score.
A low interest credit card with no annual fee
We've got a new winner for the best low interest credit card. The Scotiabank American Express Platinum Card is a terrific overall credit card, with high rewards, plenty of perks and insurance, plus low interest rates.
But it also has a high annual fee of $399. So we called an audible and among some changes we made to awards rankings this year, we added fees as a preference to low interest cards. After all, if you're looking for a low interest card, saving the most money possible is probably on the top of your mind.
After making that change, we found a new best low interest credit card with the MBNA True Line Mastercard, which was also our winner for best balance transfer credit card. It doesn't offer much, but does have low interest rates for no annual fee.
This card will offer low permanent interest rates of 12.99% on purchases and balance transfer (sadly the cash advance rate is 24.99%).
And there's also that balance transfer offer of 0% for 12 months.
×2 Award winner GC: $135
2x Award winner A new prepaid card
There's a new sheriff in town when it comes to the best prepaid card in Canada – the Wealthsimple Prepaid Mastercard.
And when you look over the details, there's really no surprise that it comes in at #1. Here's what it offers:
- 1% cash back on all purchases,
- no foreign exchange fees, and
- 2.5% interest on your savings account balance.
Combine the fact that all of this comes for no annual fee, and this card has a lot going for it (it even ranks well among no annual fee credit cards), making it a clear winner.
A new people's choice award winner
We changed up how we awarded the people's choice award in 2024. In the past, it was based on user reviews. Among cards with at least 10 reviews, we gave the award to the card that had the highest rating among reviews.
This year, we mixed it up. We asked our readers to vote on what their favorite credit card is.
And you responded. You voted the American Express Cobalt Card as the best credit card in Canada, capturing 18.8% of the vote. It turns out we're not the only ones who like the American Express Cobalt Card.
Your favourite credit card in 2024
With the awards season here – what's your favourite credit card?
Share your favourite credit card with everyone in the comments below.
FAQ
What is the best credit card in Canada?
The best credit card in Canada currently is the American Express Cobalt Card. It won 9 awards, with the biggest ones being:
- best overall,
- best travel, and
- people's choice.
What credit card awards got new winners in 2024?
Some major categories that got new award winners in 2024 include:
- cash back,
- flexible,
- low interest,
- prepaid, and
- people's choice.
What is the best cash back credit card in Canada?
The best cash back credit card in Canada is the MBNA Rewards World Elite Mastercard. While it doesn't award cash back directly, you can turn your points into cash. Plus it carries the option to use your points for travel or gift cards which increase the value of your rewards.
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