While the American Express Cobalt® Card is the best credit card in Canada, valuable options like the MBNA Rewards World Elite® Mastercard® and BMO AIR MILES®† World Elite®* Mastercard®* shouldn't be ignored. Each offers high-value rewards and/or cash back, a solid insurance package, and convenient perks.
There are many features and benefits to consider when comparing credit cards, making it tricky to know where to start.
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 October 2025 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 Annual 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 Flexible | MBNA Rewards World Elite® Mastercard® | * Earn up to 5 points per $1 spent * 12 types of insurance |
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 Annual Fee Travel | American Express® Green Card | * 1 point per $1 spent on all purchases * 2 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 * 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 Air Miles | BMO AIR MILES®† World Elite®* Mastercard®* | * Up to 3 miles per $12 spent * 14 types of insurance * 25% discount on Air Miles flight rewards |
Learn More |
| Best Low Interest | MBNA True Line® Mastercard® | * Low permanent rates of 12.99% on purchases * Balance transfer offer of 0% for 12 months |
Learn More |
| Best Gas and Transit | CIBC Aventura® Visa Infinite* Card | * Up to 4% cash back on purchases * 12 types of insurance |
Learn More |
| Best Student | Scotiabank Value Visa Card | * Up to 1 point per $1 spent on purchases * No annual fee |
Learn More |
See 23 more best credit card categories
| Best Credit Card Categories | Best Credit Cards In Canada | Rewards & Benefits | 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 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 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 Costco | Rogers Red World Elite® Mastercard® | * 1.5% cash back on all purchase * Up to 3% cash back on all purchases with an eligible Rogers service |
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 Secured | Secured Tims® Mastercard | * No annual fee * Near guaranteed acceptance * Earn rewards on purchases |
Learn More |
| Best Prepaid | Wealthsimple Prepaid Mastercard | * 1% cash back on purchases * No foreign exchange fees |
Learn More |
| Best For Newcomers | Tangerine Money-Back Credit Card | * Up to 2% cash back * No annual fee |
Learn More |
| Best Challenger Bank | Rogers Red World Elite® Mastercard® | * 1.5% cash back on purchases * No annual fee |
Learn More |
| Best 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 | * Earn up to 1.25 points per $1 spent * Points are worth up to 2.33 cents each * 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 | BMO CashBack® Business Mastercard®* | * Up to 1.75% cash back on purchases * Save up to 7 cents per litre at Shell |
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 $2,000 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.
1. Best credit card in Canada overall
×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.*
For the eigth 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
2. Best cash back credit card
×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 
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
3. Best no annual fee cash back credit card
For a no fee cash back credit card, the Rogers Red World Elite Mastercard is hard to beat (it's even a top cash back card in general). You'll earn a simple 1.5% cash back on everything. If you have an eligible Rogers service, that increases to 2% cash back, and you can earn another 50% bonus cash back when you use your cash back to pay your Rogers bill. It's an unbeatable deal for a no fee card.
What we like:
- 1.5% cash back on all purchases.
- 2% cash back if you have an eligible Rogers service.
- 50% bonus cash back when you redeem rewards towards Rogers services.
- No annual fee
What we don't like:
- High income requirements of either $80,000 personal or $150,000 household
4. Best flexible rewards credit card
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"
5. Best credit card for travel
×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.*
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
- $155.88 annual fee
6. Best no annual fee travel credit card
The American Express Green Card takes the cake as the best no annual fee credit card in Canada. You'll earn a simple 1 point per $1 spent on all purchases, which translates to being worth up to 2% back since each point is worth 2 cents each. This is at least double what you'd get with a standard no fee card.
What we like:
- Return of up to 2% on all purchases
- Welcome bonus of 10,000 points
- Transfer points to 6 different airline partners
- No annual fee
What we don't like:
- Only includes 2 types of insurance
- Acceptance is a little lower than Visa or Mastercard
7. Best credit card for balance transfers
×2 Award winner GC: $135
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
8. Best foreign exchange travel credit card
×1 Award winner GC: $60
1x Award winner 
Our #1 no foreign exchange 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)
- 50,000 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
9. Best Air Miles credit card
×1 Award winner GC: $150
1x Award winner 
The BMO AIR MILES World Elite Mastercard is the best Air Miles credit card on the Canadian market right now. The sign up bonus is enough to snag you 1 medium-haul flight. Then, for every purchase made, you get up to 3 miles for every $12 spent.
And if that wasn’t enough, concierge service, lounge access, and a 25% discount on 1 Air Miles reward flight per year. Plus, this card will give you 14 out of
What we like:
- Up to 9,000 bonus Air Miles
- Up to 3 miles per $12 spent on purchases
- Annual 25% discount on 1 rewards flight per year
- Access to Mastercard Travel Pass
What we don't like:
- Not the best rewards compared to other travel credit cards
- High income requirements of either $80,000 personal or $150,000 household
10. Best low interest credit card
×2 Award winner GC: $135 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
11. Best credit card for gas and transit
×1 Award winner Join and earn over $400 in value including a first-year annual fee rebate.†
1x Award winner Join and earn over $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 on your gas purchases and EV charging and 2% on transit. On top of that, you can also save 3 cents per litre on any grade of fuel at Journie Rewards gas stations (Ultramar, Fas Gas, Pioneer, Chevron). This makes for a perfect combination for all your transportation costs
What we like:
- 4%† cash back on eligible gas, EV charging, and groceries
- 2%† cash back on eligible restaurants, transportation, and recurring bills/payments
- 1%† cash back on all other purchases
- Save 3 cents per litre on gas at Journie Rewards stations
- 6 types of travel and purchase insurance
What we don't like:
- $120 annual fee
- High income requirements of either $60,000 personal or $100,000 household
12. Best student credit card
The CIBC Aventura Visa Card for Students is the best student credit card in Canada due to it having no annual fee, high value travel rewards, 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:
- when completing certain actions and making 1 purchase within the first 4 months
- Up to 1 point per $1 spent on purchases
- High point value of up to 2.29 cents each
- Free SPC membership
What we don't like:
- Only includes 3 types of insurance
13. Best credit card for groceries
×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.*
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
- $155.88 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
14. Best credit card for restaurants
×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.*
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
- $155.88 annual fee
15. 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 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
16. 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 up to 1 Aventura point per $1 spent, 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 foreign currency charges on U.S. dollar purchases
What we don't like:
- Relatively high annual fee of $35 for what is offered
- Foreign currency fees apply on purchases made in Canadian dollars
17. Best store credit card
×4 Award winner GC: $125 + $25 4x 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
18. 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
19. Best rewards credit card
×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.*
The credit card that will earn you the most rewards is the American Express Cobalt Card. With each Amex Membership Rewards point worth up to 2 cents each, you'll be earning up to 10% back. With the following earn rates, you can do some quick math and really understand how much you earn:
- 5 points per $1 spent on eligible groceries and restaurants
- 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
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
20. Best Costco credit card
To qualify for best Costco credit card, it needs to have 2 things – be a Mastercard, and a high base earn rate on everything as Costco doesn't fall under most credit card categories. In this regard, you can't go wrong with the Rogers Red World Elite Mastercard.
You can earn 1.5% cash back on all your purchases. That increases to 2% with an eligible Rogers service, and 3% if you redeem your cash back towards your Rogers service. And all these rewards come with no annual fee.
What we like:
- 1.5% cash back on all purchases
- Up to 3% cash back if you have an eligible Rogers service
- No annual fee
What we don't like:
- High income requirements of either $80,000 personal or $150,000 household
21. Best Aeroplan credit card
×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.*
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
22. Best secured credit card
The Secured Tims Mastercard is the best secured credit card in Canada. It's a rare secured credit card that earns rewards on purchases. In this case, you'll earn Tims Rewards on all your purchases (which can be redeemed at Tims or for statement credits).
This makes it easy to get approved for, easy to maintain, and a proven option to help rebuild your credit score.
What we like:
- A rare secured credit card that earns rewards on purchases
- Minimum security deposit of $50
- No annual fee
What we don't like:
- Limited insurance included
- Very high standard interest rates
23. Best prepaid credit card
The best prepaid card in Canada is the Wealthsimple Prepaid Mastercard. It offers 1% 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:
- 1% cash back on purchases
- No credit checks required or income requirements
- No annual fee
- No foreign exchange fees
What we don't like:
- No insurance included
24. Best credit card for newcomers
×1 Award winner GC: $125
1x 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"
25. 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 our pick for the best challenger bank credit card, the Rogers Red World Elite Mastercard. This card earns you 1.5% cash back on your purchases, as well as boosted rewards when making purchases in U.S. dollars.
If you're a Rogers customer, you'll also get 50% more cash back if you redeem your cash back towards your Rogers bills.
What we like:
- 1.5% cash back on all purchases
- 3% cash back on USD purchases
- 6 types of insurance
What we don't like:
- High income requirements of either $80,000 personal or $150,000 household
- Minimum annual spend requirement of $15,000
26. Best credit card for lounge access
If you want free access to airport lounges, the best experience can be had with the 799. 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
27. Best credit union credit card
The Desjardins Odyssey World Elite Mastercard is the best credit union credit card in Canada, offering up to 3% cash back on purchases, includes 9 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 $60,000 personal or $100,000 household
28. People’s choice credit card
×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.*
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 20.5% of the vote. We thought it was an excellent card (it won 7 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
- $155.88 annual fee
29. Best Mastercard
×4 Award winner GC: $125 + $25 4x 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
30. Best Visa
×1 Award winner GC: $100
1x Award winner 
The RBC Avion Visa Infinite is our choice for the top Visa card in the country. You'll earn 1 point for every $1 spent (1.25 points on travel). 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 a standard annual fee of $120.
What we like:
- High return of up to 2.33% on all purchases
- Access to a flight rewards chart for increased point value
- Transfer points to 4 airline partners
- Includes 12 types of insurance
- Earn up to 55,000 welcome bonus points
What we don't like:
- Low rewards outside of airline transfers and the flight chart
- High income requirements of $60,000 personal or $100,000 household
31. 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:
- $155.88 annual fee
32. 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
33. Best cash back business credit card
×1 Award winner GC: $100
1x Award winner 
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
34. Best no annual fee business credit card
For smaller businesses that want to save some money or just don't have many expenses, the best business credit card with no annual fee is the BMO AIR MILES No-Fee Business Mastercard. You can earn 1 mile for every $20 spent while clocking 1.25 times the Miles at Shell.
What we like:
- 1 mile per $20 spent on purchases
- 2,000 bonus Air Miles
- 25% more miles at Shell stations
What we don't like:
- Only includes 2 types of insurance
35. 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.
Savings vs. rewards
If you have trouble keeping up with your payments, saving money on interest is more important than racking up rewards. However, if you want to earn rewards, you'll want to decide between cash back, travel, or flexible rewards.
In general, travel rewards cards have a better return and usually have better insurance and travel benefits, whereas cash back cards are a simpler way to redeem your rewards.
No fee vs. premium cards
The basic thing to think about is whether the rewards you earn can eclipse the annual fee. However, if you get some perks, like $200 in dining credits per year or a $50 rebate on a NEXUS application, you'll need to factor them in too.
You'll want to add up the value of the perks you anticipate using every year and then calculate your anticipated spending. This will help you determine how worth it a premium card is. Heavy spenders will get more benefit out of premium cards.
How to choose between Mastercard and Visa
In terms of acceptance, Visa and Mastercard are quite even (with Amex falling a little behind and Mastercard being the only card accepted at Costco). It really all boils down to the benefits you can get from each specific card as they're quite evenly matched if you look at comparable travel or cash back cards. For example, the Visa Infinite and World Elite Mastercard class are quite close in benefits.
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
- 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.
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?
The American Express Cobalt Card is the overall best card in Canada, thanks to its high earn rates and flexible rewards program. The MBNA Rewards World Elite® Mastercard® and BMO AIR MILES®† World Elite®* Mastercard®* are also quite noteworthy.
What is the hardest credit card to get in Canada?
The most exclusive card in Canada is the American Express Centurion Black Card. It's by invitation only, which is thought to only come from spending a huge amount of money on an American Express Platinum Card, plus other extensive requirements.
Does closing a credit card hurt your credit score?
Closing or cancelling a credit card may result in a slight dip to your credit score as it affects your credit utilization ratio. If it was your first card, closing it will affect the length of your credit history.
Which bank in Canada has the best rewards?
The best bank program is the Scene+ Points Program from Scotiabank, due to its versatility in earning points and redeeming them. That said, the best rewards program for you will depend on your spending habits.
What is a good credit limit?
So long as your credit utilization ratio remains below 30%, your credit limit should be tuned to your spending habits. For instance, if you spend $3,000 per month, your credit limit should be at least $10,000.
Which type of credit card is best?
Rewards credit cards are often the best in terms of how much you can earn in terms of points. These points can be redeemed for flights, statement credits, merchandise, etc. They also generally have better returns than cash back cards.
creditcardGenius is the only tool that compares 126+ features of 229 Canadian credit cards using math-based ratings and rankings that respond to your needs, instantly. Take our quiz and see which of Canada's 229 cards is for you.
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