The new year has come and gone. And in case you missed it, we have a brand new set of credit card rankings for 2023.
There were quite a few changes in the credit card world in 2022, but how did they impact the rankings?
We’re here to highlight and explain everything you need to know when it comes to the major ranking changes in 2023.
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The best credit card in Canada never changes
Before we get into the changes, there are some things that never change. Many of the big banks have made some serious changes to their cards over the last 2 years (TD, BMO, Scotiabank, and National Bank), on top of credit card only banks like Amex and MBNA, and even a few newer players coming to the market.
But despite all that’s changed, the American Express Cobalt Card still remains on top, for 6 years in a row (well, ever since it was introduced).
And there’s one key reason for that – the rewards. At the time it was introduced, no one was really offering up to 5 points per $1 spent on purchases. That’s changed, and other issuers are starting to do the same.
What they aren’t doing is making their points as valuable as Amex Membership Rewards. Others max out their points at a value of 1 cent each. But a Membership Rewards point can be worth up to 2 cents with smart transfers and redemptions. And that’s the key difference. Earning plenty of points while making them super valuable.
With that said, a couple of the big banks have yet to substantially update their lineup in the last 2 years (hello RBC and CIBC) – maybe they’ll surprise us.
But the smart money is on the Amex Cobalt remaining as the best credit card of 2024. That’s our credit card prediction for 2024.
Transfer points to Aeroplan and 7 other travel partners with Canada's #1 credit card.* Transfer points to Aeroplan and 7 other travel partners with Canada's #1 credit card.*
×8 Award winner 
8x Award winner
A summary of the major ranking changes in 2023
There were quite a few changes – we’ll stick to the bigger categories that changed hands.
| Category | 2022 Winner | 2023 Winner | What Caused The Change |
|---|---|---|---|
| Cash Back | BMO CashBack World Elite Mastercard | SimplyCash Preferred Card from American Express | Increased earn rates on the Amex SimplyCash Preferred |
| Flexible | MBNA Rewards World Elite Mastercard | Scotiabank Gold American Express Card | * Scene+ program changes * Extra earnings at Sobeys with the Scotia Gold Amex * Mobile device insurance on the Scotia Gold Amex |
| Low Interest | MBNA True Line Mastercard | Scotiabank American Express Platinum Card | * Scotiabank Platinum Amex gained permanent low interest rates |
| Insurance | Brim World Elite Mastercard | Scotiabank Gold American Express Card | * Brim World Elite Mastercard lost 2 insurance coverages * Scotia Gold Amex gained mobile device insurance |
Want to see our full rankings list? Here is our official listing of best credit cards for 2023.
A new best cash back credit card
There has been no category more volatile than cash back credit cards over the last few years. The scores for the top cards are extremely close, and a sneeze can change the rankings (we’re talking 0.1 to 0.2 point changes in Genius Ratings).
Here’s a summary of the winners for the last 3 years.
- 2021 – Scotia Momentum Visa Infinite
- 2022 – BMO CashBack World Elite Mastercard
- 2023 – Amex SimplyCash Preferred
What caused these changes? It came down to rewards. It’s like they started one-upping each other.
In November 2022, the SimplyCash Preferred Card from American Express went nuclear. It always offered a flat 2% cash back everywhere. It was good enough to put it in the conversation (around #5), but not enough to get it the crown.
Well, Amex did something about it. They kept the flat 2% cash back everywhere, and added to that by offering 4% cash back on gas and groceries.
2% cash back everywhere? And 4% on a couple of major categories? This change means that the SimplyCash Preferred card blows all other cash back cards out of the water when it comes to rewards. Top it off with a standard annual fee of $119.88 (which gets charged out monthly at $9.99), and it’s no surprise it came out as winner, and even by a decent score margin of 0.4, a relative landslide in the cash back world.
Now, the BMO CashBack World Elite Mastercard is still a top cash back card – it’s still the #2 overall card. It offers up to 5% cash back on a variety of categories (just note the small monthly caps on them all), and free roadside assistance. So because of that, it’s still a winner in our books, especially if you prefer your card not to have an Amex logo on your wallet’s daily driver.
And don't forget our GeniusCash offer of $150 on the card when you apply though our offers page.
GC: $150
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A better flexible rewards credit card
×1 Award winner GC: $60
1x Award winner
The flexible rewards category has been a see-saw battle between the MBNA Rewards World Elite Mastercard and the Scotiabank Gold American Express Card going back to 2020. The Scotia Gold Amex held the title for 2 years.
However, in 2021 the MBNA Rewards World Elite Mastercard got a huge overhaul, and then for 2022 it became the top flexible rewards credit card.
Then last year, the Scene+ program got a big overhaul with Sobeys becoming an owner. And a couple of things happened to give the Scotia Gold Amex the crown back.
At Sobeys and Safeway stores, you now earn an extra 1 point per $1 spent there, giving the card a slight increase in rewards.
Scotiabank themselves added in mobile device insurance, without taking anything away.
And now, we’ve got a near tie. The Genius Rating for these 2 cards are currently separated by a mere 0.01. A slight breeze could change the rankings. One thing that impacts our ratings is approval. These could easily change position just based on the number of applications and approvals we get.
If you check the flex rewards rankings in a month, these cards could have changed position (just note we always pin the award winner to the top of the table).
The bottom line here – you’re dealing with 2 excellent credit cards. With the MBNA Rewards World Elite, you’re getting a little more in rewards and better acceptance. With the Scotia Gold Amex, you gain no foreign exchange fees and better travel insurance.
×4 Award winner GC: $125 + $25
4x Award winner
A surprising new low interest credit card
GC: $175
Scotiabank made some upgrades to their entire lineup of Scene+ credit cards.
And when it came to the Scotiabank American Express Platinum Card, one of the things Scotia did was give it a permanent low interest rate of 9.99%.
Suddenly, there was a new best low interest credit card. We had a rare credit card that excels in interest, rewards, insurance, and perks. That’s not something you see everyday on a credit card.
There certainly is an annual fee to pay to get this combination – $399. And that could be where many are turned off. If your goal is to save on interest, you probably don’t want to pay a high fee to save it.
And if you’re wondering how this card can appear on our low interest page, our scoring just gives extra weight to the interest category – it still factors in everything a credit card offers, which in this case is a lot.
Thankfully, our low interest credit card page is full of no and low fee cards that also have low interest rates, however almost none of them will give you rewards.
A new credit card for insurance
×1 Award winner GC: $60 1x Award winner
Flexible rewards wasn’t the only category the Scotiabank Gold American Express Card picked up this year. It also now happens to be the best insurance credit card.
It didn’t gain much in this department – just mobile device insurance, which is becoming more common among credit cards.
Last year’s top insurance credit card had some changes too. The Brim World Elite Mastercard lost 2 insurance coverages, opening the door for someone else to take the spot.
These 2 things combined resulted in the Scotia Gold Amex being our top rated insurance credit card.
What are your thoughts on our credit card ranking changes this year?
There you have it – our summary of the ranking changes this year.
What are your thoughts on our 2023 credit card rankings? Any surprises or things you thought you might see?
Let us know in the comments below.
FAQ
What is the best credit card in Canada?
The best credit card in Canada is the American Express Cobalt Card. It offers the most rewards among Canadian credit cards, dishing out up to 5 points per $1 spent, with each point being worth up to 2 cents each.
What are some credit card categories that saw new winners in 2023?
Here are a few major categories that got new winners in 2023:
- cash back,
- flexible,
- low interest, and
- insurance.
What is the best cash back credit card in Canada?
The current best cash back credit card in Canada is the SimplyCash Preferred Card from American Express. It earns 2% cash back everywhere, plus 4% cash back on groceries and gas.
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