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Here you will learn about various Canadian credit cards and some of the companies that provide them through websites, videos, and images. Credit cards can be a great tool to help establish personal credit if used correctly and wisely. Through my wall, there are resources and tips for those looking for their first credit card, those looking to add a new card, or those looking to potentially switch financial institutions and credit cards.

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1.     What did you learn about your topic that surprised you the most?

My topic of comparing credit cards was very insightful and I truly learned a lot about the various types of cards and how to determine the best card based on individual circumstances. What surprised me the most about this topic was simply how many credit card options there are out there.

2.     Provide a real-life example of how this topic is relevant of interesting for you.

This topic is relevant to me in real-life because I’m always considering my financial future and I’ve learned from researching various credit cards that there are many cash back and reward type credit cards. I’ve learned that there are people out there using the reward features of credit cards in order to get ahead.

3.     If you could pass on your knowledge to a family member of friend, what do you think is the most important thing to pass on?

I think the most important thing to pass on is to fully understand the pros and cons of credit cards and have an idea what you want to gain from having a credit card (i.e.: the type of reward). I think these are important things to pass on to others because it will help others avoid making a mistake in

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1.     This image entitled “Credit Card Comparison Checklist Before You Apply” outlines the 10 key things a person should seriously consider before applying for a credit card. This checklist is important for anyone considering applying for a credit, but especially important for someone applying for their first credit card.

2.     I chose this image because it’s a checklist that I wish I would have had when researching for my first credit card and before applying for my first credit card. One piece of information that I found useful in this image is that you should consider the Annual Percentage Rate (APR) before applying for a credit card.

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1.     This image is from a 2018 article entitled “These Are the Credit Cards Canadians Are Happiest With”. This graph shows the customer satisfaction rating for all the cards that were compared, as well the JDPower.com Power Circle Ratings for consumers. This survey examined various aspects of the credit cards including benefits, rewards, and terms. The highest rated credit card was President’s Choice Financial (PCF).

2.     I chose this image because I liked how it compared each credit card company or institution and visually depicted its results. I found it useful to see how each credit card company compared and the criteria for the survey.

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1.     Ratehub provides a great overview of many of the credit cards available to Canadians, as well as the perks and important information one needs to know about each credit card type. This website is very hands on and allows the viewer to engage and put in the criteria to find cards suited to them, their circumstances, and their goals.

2.     I chose this website because it’s a Canadian website that focuses on the various types of credit cards within Canada. Another reason I chose this website is because I really liked how it was laid out, but it was a bit of work to navigate through various webpages to get the information. I found it very useful that this website has ways for you to filter the credit cards based on your needs, for example the website asks, “What is your top reason for wanting a new card?”. Additionally, Ratehub provides a filter by category option (i.e.: travel, cashback, no-fee) which I didn’t see with other websites.

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We help you find better financial products for your specific needs. Whether you need a mortgage, credit card, savings account, or insurance coverage, we get you the information you need to choose better.

How does Ratehub.ca make money?

Financial institutions pay us for connecting them with customers. This could be through advertisements, or when someone applies or is approved for a product. However, not all products we list are tied to compensation for us. Our industry leading education centres and calculators are available 24/7, free of charge, and with no obligation to purchase. To learn more, visit our About us page.
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Compare the best credit cards in Canada - Ratehub.ca

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We help you find better financial products for your specific needs. Whether you need a mortgage, credit card, savings account, or insurance coverage, we get you the information you need to choose better. How does Ratehub.ca make money? Financial institutions pay us for connecting them with customers.

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1.     creditcardGenius provides a great layout and easy to follow comparison of the various Canadian credit cards. This website also allows for its users to sort and filter their selections based on things such as the annual fee, welcome bonus, and reward value. Additionally, you can put in your credit score and use the sliding scale to indicate what matters more to you (i.e.: cash vs travel). This website does an excellent job of summarizing each card and providing their own “Genius Rating” to help readers decide which card is best for them. In addition to the credit card comparison, this website also provides helpful information on the credit card application process and the benefits and drawbacks of credit cards as a whole.

2.     I chose this website because of it’s easy-to-follow layout and simple ways of sorting and filtering results. I also chose this website because it provides not only a comparison of credit cards, but it also provides information on how to apply for a credit card and the pros and cons of credit cards. I feel that this additional information provided by creditcardGenius is great for readers because it’s simple, easy to understand information about the application process and what to know about credit cards overall, which I find most websites and videos didn’t cover a lot on.

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Get rewarded when you get a new credit card in our GeniusCash program

Looking for EXTRA cash back while applying for a new credit card? Then say hello to our GeniusCash program.

In addition to the impressive welcome bonuses and benefits that come with the card you choose, we reward you as well. When you're approved for select credit cards displaying the GeniusCash icon anywhere on creditcardGenius, we'll send you real cash (not gift cards or points) through Interac e-Transfer or PayPal.

You can see ALL our current GeniusCash offers and how it works here.

How To Choose A Credit Card - 7 Factors to Think About

Getting a new credit card may seem like a daunting task. We have 204 credit cards in our database. And that doesn't include all the local credit unions in Canada offering their own cards.

So how do you choose? Well, we came up with 7 questions to answer to help narrow down what you need. Once answered, we have a special tool that will show you the top credit cards for you.

Here's our guide on how to choose a credit card in Canada.

How to choose a credit card

How do you choose a credit card? We've got 7 basic questions to answer. Once done, you'll come up with a combination of things you want in a credit card.

They are:

Here are the details on each one.

1. What is your credit score?

Let's start by reviewing what your credit score is. You may not know your credit score, but you probably have a rough idea if it's good enough for a credit card.

Answer these few questions:

Have you ever missed any payments, and if so, are there more than 1 or 2, and were they for less than 30 days?

Or, have you never had credit before?

If you answered no to any of these, you can move on to the next section, there really shouldn't be any issue with your credit score.

If you answered yes to them, you should still be fine when it comes to getting a credit card. For the 2nd, you likely don't need to turn to secured credit, but you'll have to be careful what you apply for - we suggest staying away from premium credit cards as they may require high credit scores.

Now, in the last 6 years, if you've been late on multiple payments, have a consumer proposal, or worse, been in bankruptcy, your credit score may be in the poor range. It's definitely best to find out what it is ( you can learn more about checking your credit score here). If it's less than 600, you're likely going to need a secured credit card, and your quest to find the best credit card for you ends here at step 1.

There aren't many to choose from. The best of the best is the Neo Secured Credit. And it's for these 3 reasons:

has no annual fee,

only requires a security deposit of $50, and

offers rewards on purchases.

It's a trifecta that other secured cards can't match.

2. Do you tend to carry a balance?

One of our biggest rules when it comes to responsibly using credit cards is you have to pay your balance in full, every month. Typical credit card interest is in the range of 20% and can be a killer on finances.

But, we know that things can happen. And if you do carry a balance, even from time to time, you're going to be better off with a low interest credit card. Instead of paying the typical 20% interest on your balance, you can get a rate of 10% or better.

These cards come at a cost. They're usually pretty basic, only a few offer rewards (and they're not that good), and come with an annual fee. But you may offset all this with a lower interest rate.

You can review all your low interest credit card options here. One to take a closer look at is the MBNA True Line Gold Mastercard. It has a low rate of 8.99% on purchases and balance transfers, for a $39 annual fee.

3. What are your travel insurance needs?

If you haven't gotten off the highway yet, you'll need to answer all of our remaining questions.

Let's start with credit card insurance. Most no fee credit cards include basic insurance - extended warranty and price protection. Some even include mobile device insurance.

But what about travel insurance? You'll need a credit card with an annual fee to get some decent coverage.

Nobody wants travel plans interrupted, but it happens. And having a credit card with travel insurance can get you your money back if you have to cancel, covers expenses if you're delayed, or saves you the cost of having to get rental car insurance.

As to how helpful it can be? Here are 2 different travel insurance claims you can take a look at.

4. Do you want perks?

For many, all they want in a credit card is rewards and none of the extra stuff. But that extra stuff has value.

What are some credit card perks you can get? Here's a listing of some of the most popular ones:

airline companion vouchers,

priority airport services,

free checked bags,

airport lounge access, and

annual travel credits.

Credit card perks are largely the domain of travel credit cards, and you'll need a credit card with an annual fee to pay for them.

5. Should you pay an annual fee?

If you answered yes to either of the previous 2 questions, you already know an annual fee is in your future, and you can skip to the next step.

But if not, then it comes to how much you will earn in rewards.

And if this is the case, you'll want to earn enough rewards to offset the annual fee. What's our guideline? Glad you asked.

We'll consider you're looking at a credit card with an annual fee of $120. We'll also assume your average rewards are 2% on all purchases with said credit card.

Compared to a no annual fee average return of 1%, we'll use this formula to come up with the monthly spending you'll need to meet to offset your annual fee.

Monthly spending requirement = (Difference in annual fee) / (Difference in earn rate) / 12

Taking our numbers above, and we get:

(120) / (0.01) / 12 = $1,000

That would be our rough guideline as to whether or not an annual fee is worth it. Spend less, and go no fee. Spend more, and at the very least, consider it.

6. Choose your rewards

Now for the last step - what do you want to earn for rewards?

There are 3 types of rewards you can earn:

Some flexible credit cards can also be considered travel cards (but not vice versa). Here is a quick overview of each.

Cash back

Cash back is the simplest form of rewards. For every purchase you make, you earn a set percentage back in the form of cash.

Most credit cards pay out cash back as a statement credit but a few offer direct deposits to bank accounts.

Flexible

Flexible credit cards earn points that offer guaranteed value for your points. Whether it's for travel or in-store discounts, you'll get the same value for your points.

Now, many programs offer many ways to redeem your points, including cash. But there's usually 1 way to use your points for best value.

If the best redemption option is for booking any travel (and that's many of them), you could also consider them to be travel credit cards.

Travel

Now we have pure travel rewards. They differ from flexible travel rewards for one reason - your value is not guaranteed. And depending on the program you're earning points in, you may also be limited as to who you can use them with.

Aeroplan is an excellent example. We carry an average value of 2 cents per point on flight redemptions, but the value you actually can get can vary. And, you're also limited to just getting that on Air Canada and Star Alliance flights.

We also consider rewards programs that have flight charts. The Avion Rewards program for instance, can give you up to 2.33 cents per point when redeeming for flight. But again, it's not guaranteed.

Some cards offer both travel and flexible rewards points. Amex Membership Rewards for instance, has these pure travel reward options:

transfer points to 6 airline programs,

transfer points to 2 hotel programs, and

Fixed Points Travel program.

All of these options have varying value, up to 2 cents per point. But if you so choose, you can also use your points to help pay the cost of any purchase, at a set value of 1 cent.

Which is best is up for you to decide.

However, if you said yes to step 4 on wanting perks, you'll almost certainly be looking at a travel or flexible credit card.

If you said yes to step 3, you're probably going to end up with a flexible or travel credit card. Travel insurance packages aren't always the best on cash back credit cards, only a few offer decent insurance coverage.

7. Acceptance & income

Finally, you'll need to consider where you shop and what your income is.

Acceptance largely applies to American Express credit cards. Acceptance is quite good as you can see here, but it's not quite on par with Visa or Mastercard, holding these 2 major blind spots:

Of course, if you are a heavy duty Costco shopper, you'll want to make sure you have a Mastercard, as it's the only credit card they accept.

Amex cards have 1 key advantage though - they have no income requirements to worry about. Premium Visa and Mastercards have the following income requirements.

Keep this in mind when looking at credit cards. Even basic Mastercard and Visa cards can have a personal income requirement of $15,000.

An unbiased credit card chooser - our compare credit cards page

You've chosen what features you want in a credit card - how can you decide which one to get? Or at least narrow yourself to a few choices?

Let's introduce you to our compare credit cards page. On it are 4 sliders you can set to customize what you are looking for in a credit card.

These sliders match up with the questions posed above. Simply adjust them to what you want in a credit card to see cards best suited for you.

For rewards, you may have noticed that "flexible" is not in the rewards slider at the top - it's simply the middle setting.

For the others, if you have no preference, simply leave it in the middle.

You can also adjust your monthly spending in 8 different categories.

What you see here is our default spending - feel free to change it as you like.

There are other filters you can also apply.

As you make changes, the results you see are updated in real time.

Do that, and you'll see a list of top credit cards for you. Here's an example.

We want a flexible rewards credit card with top notch insurance. So, we'll simply change the 2nd slider to insurance, and here are our top 3 results.

Or perhaps we just want a no fee cash back card. We'll change the top 2 sliders and get these results.

In this case, card #4 does have an annual fee - it's so good in other areas it still rates really well, even when you don't want fees.

In this case, simply set your max annual fee slider to $0 to remove cards that have one.

So, happy sliding, and finding the best credit card for you.

The best credit cards in Canada

What are some of the best credit cards in Canada? Here's a summary for the best among a few different categories.

1. Best credit card in Canada

The American Express Cobalt Card is the best credit card in Canada. And it's largely because of the rewards.

Here's what you'll earn for purchases:

5 points per $1 spent on groceries and restaurants

3 points per $1 spent on streaming services

2 points per $1 spent on gas, transit, and travel

1 point per $1 spent on all other purchases

Combined with each point being worth up to 2 cents each, you're looking at annual rewards of $1,080. It also includes 10 types of insurance.

All those rewards are for a $155.88 annual fee.

Other best credit cards

2. Best cash back credit card

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Compare Canada's Credit Cards All In One Place | creditcardGenius

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Compare over 204 credit cards in Canada all in one place. Our credit card comparison tool analyzes 126 credit card features in real time using our unbiased math-based algorithm to match you with the right card, fast.

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1.     This website article is very recent, having been written in February 2021, and provides a great, detailed overview of the best credit cards in Canada this year. This website has a simplified chart that has approximately 16 cards that it lists with its rewards/features and the annual fee (if applicable). After this chart, the website then categorizes the top two cards for various categories such as: everyday spending, cash back, travel points, dining and transit, no fee cash back, no fee for travel, best Aeroplan card, best Air Miles card, etc.

2.     I chose this website because not only does it have detailed information about each credit card, but it also has a visually appealing chart that simplifies the top 7 cards with rewards/features and the annual fee; it also has an additional 9 cards that are hidden under a “see more” link. The website also does an excellent job of having separate categories of cards.

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Some people want to earn points when they travel, as well as on an ongoing basis. If this sounds like you, then the TD First Class Travel Visa Infinite Card is our top choice. You can rack up TD Rewards Points throughout the year and then easily make a redemption through Expedia for TD. With this card, you'll get 3 Points per $1 spent on all your everyday purchases and 9 Points per $1 spent when you make online purchases through Expedia for TD. That means you're earning a 1.5% and 4.5% return respectively in travel Points. Expedia For TD is just like the regular Expedia platform so you'll have no problem finding ways to redeem your Points.

With the annual fee of $120 rebated for the first year and a welcome bonus of up to 65,000 Points-which has a travel value of up to $325-this is one of the best travel credit card offers available right now.

Annual fee: $120-waived for the first year

Welcome offer: 20,000 TD Rewards Points when you make your first purchase on the card; plus an additional 15,000 points each month, within your first three months, you spend at least $1,000.

Earn rate: 9 Points per dollar spent on travel online with Expedia for TD; 6 Points per dollar spent on travel via phone order with Expedia for TD; 3 Points per dollar spent on all other purchases

Income requirement: $60,000

Additional benefits: Travel insurance; Priority Pass membership discount; rental car coverage; discounts at Avis and Budget Rent a Car

Get more details about the TD First Class Travel Visa Infinite Card*
Best cash back card

When it comes to cash back cards, you want a high percentage back across the largest number of categories. That's why the Scotia Momentum Visa Infinite gets our nod. With this card, you'll receive 4% cash back on groceries and recurring bill payments charged to your card, 2% on gas and public transit spends, and 1% on all other purchases. Together, these make up some of the highest earn rates in the country-across some of the most common purchases.

This card's package of perks like concierge services, the Visa Infinite Dining and Wine Country program and like travel insurance round out the offering. You'll also get mobile device insurance, something that could come in handy as you wine and dine on your travels.

Annual fee: $120-rebated for the first year

Welcome bonus: 10% cash back on your purchases (up to $2,000) for the first 3 months

Earn rate: 4% cash back on groceries and recurring bills; 2% on gas and daily transit; 1% on everything else

Income requirement: $60,000

Additional benefits: Mobile device insurance; travel insurance; concierge service; Visa Infinite Dining and Wine Country program

Get more details about the Scotia Momentum Visa Infinite*
Best no fee cash back card

If you're looking for a no fee cash back option, then the Tangerine Money-Back card needs to be on your radar. With 2% cash back on up to three spending categories of your choice (such as groceries, gas and dining) and 0.5% back on everything else, this card is an excellent choice in the no fee category. When you sign up, instead of having the bank set categories for you, you can customize your cash back. You choose two categories where you earn 2% right away, but if you set your cash back to deposit directly into your Tangerine account, then you get to add a third category-meaning you can reap some considerable rewards.

If you meet the $60,000 annual income requirement you'll automatically be considered for the Tangerine World Mastercard, which comes with additional perks such as mobile device and rental car insurance.

Welcome offer: Sign up by March 31, 2020, and then spend at least $5,000 in the first three months to receive a $250 credit on your account. As well, new cardholders can transfer balances from higher fee cards, and pay a low rate of 1.95% for six months (subject to a fee of 1% of the value of your balance transfer)

Earn rate: 2% cash back on up to 3 bonus categories of your choice; 0.5% on all other purchases

Income requirement: $12,000

Additional benefits: Purchase assurance and extended warranty

Get more details about the Tangerine Money-Back Card*
Best no fee card for travel rewards

Welcome offer: 5,000 bonus MBNA Rewards Points when you sign up for e-statements, plus 5,000 points after you spend $500 with your first 90 days; 4 Points per $1 on bonus categories for the first 90 days

Earn rate: 2 Points for every dollar spent on gas, groceries and restaurants (up to $5,000 annual spend); 1 Point per $1 spent on all other purchases

Additional benefits: Purchase assurance and extended warranty

Get more details about the MBNA Rewards Platinum Plus Mastercard*

Best for saving on foreign transaction fees

Rogers World Elite Mastercard

Frequent travellers and cross-border shoppers need a card that won't break the bank when it comes to the foreign transaction fees that most banks charge (usually 2.5%) when you make purchases in another currency. The Rogers World Elite is our top pick because it offers 4% cash back on non-Canadian currency purchases, which works out to a 1.5% return when you factor in foreign transaction fees. Pair that with no annual fee, 2% back on Rogers services and 1.75% back on all other purchases, and you have a very competitive card. Another perk is the travel medical insurance, which covers you for trips up to 10 days. However, this card comes with a steep annual income requirement, so you may want to consider another option if you don't make $80,000 a year.

Welcome bonus: $25 when you make your first purchase within your first 3 months

Earn rate: 4% on foreign purchases (1.5% after foreign transaction fees); 2% on Rogers services; and 1.75% cash back on all other purchases

Income requirement: $80,000

Additional benefits: Travel emergency medical insurance for 10 days; rental car insurance; trip interruption and cancellation coverage

Best Air Miles credit card

Air Miles collectors, rejoice! The Air Miles World Elite Mastercard from Bank of Montreal pairs one of the most generous Air Miles earn rate av ailable-1 Mile per $10 spent-with an extremely valuable suite of travel-related perks, including travel insurance and airport lounge access. New cardholders get the first year's annual fee waived, and the welcome offer of up to 3,000 Miles will give you a substantial start on your Miles collection.

Annual fee: $120 (waived for the first year)

Welcome bonus: earn up to 3,000 Air Miles when you make your first purchase (1,000 Miles) and spend $3,000 in the first three months (2,000 Miles)

Earn rate: 1 Mile per $10 spent on your card

Income requirement: $80,000 (individual) or $150,000 (household)

Additional benefits: 2 free passes (renewed annually) to over 1,000 airport lounges; up to 15 days of out of province/out of country emergency medical protection worth up to $2 million; trip cancellation/interruption coverage; baggage and personal effects insurance; and rental car insurance.

Get more details about the BMO Air Miles World Elite*
Best low interest credit card

People looking to reduce the amount of interest they pay should consider a low-interest credit card like the MBNA True Line Gold card. You won't earn anything for your spending on the card, but the interest rate is just 8.99%, which is significantly lower than the average of 19.99% most other credit cards charge. If you're currently carrying a balance on a credit card with a higher interest rate, then you should also consider taking advantage of the optional balance transfer at the time of application. Balances transferred won't be charged interest for a full six months, which could save you bundles.

Purchase interest rate: 8.99%

Balance transfer offer: Optional balance transfer at 0% interest for the first 6 months (3% transfer fee, $7.50 minimum fee)

Get more details about the True Line Gold Mastercard*
NOTE: APR and balance transfer offer is different for residents of Quebec

Best card for balance transfers

Once your promotional period ends, your interest rate goes up to 12.99%, which is still lower than most credit cards; but if you can manage to pay off your balance when your rate is 0%, you can avoid any additional interest charges.

Purchase interest rate: 12.99%

Balance transfer offer: Optional balance transfer interest rate of 0% for the first 10 months (3% transfer fee, $7.50 minimum).

Additional benefits: Discounts at Avis and Budget Rent A Car

Get more details about the True Line Mastercard*
NOTE: APR and balance transfer offer is different for residents of Quebec

Best student credit card

The academic year tends to be front-loaded with expenses: text books, lab supplies and, if you're living off-residence, housewares and the cost of setting up utilities. This is where a rewards card comes in handy, especially with a juicy welcome bonus of 5% cash back on purchases on your first three statements. After the bonus period, you'll still earn 1% cash back on everything else. Fortunately for busy students, this straightforward card doesn't have a complicated points system or tiered earn rates - it just provides simple cash back.

Welcome offer: 5% cash back on your first 3 statements (for purchases of up to $2,000)

Earn rate: 1% cash back on all purchases

Additional benefits: Extended insurance on purchases made with the card; up to 25% off rentals at eligible Alamo and National Car rental agencies

Get more details about the BMO CashBack Mastercard*
Best hotel card

For those who travel frequently and want to make the most of their hotel-stay purchases, the Marriott Bonvoy American Express simply can't be beat. You can earn Bonvoy points on your credit card purchases that can be redeemed for a variety of perks and bonuses within the Marriott Bonvoy environment, including hotel stays at more than 7,000 properties worldwide, flights and rental cars, or you can exchange them for gift cards, merchandise or event tickets. The earn rate is 5 Points per dollar at Marriott properties and 2 Points per dollar everywhere else-and the 50,000 point welcome bonus (enough for three nights in a Category 2 hotel) gets you started on your way. With an annual free night and travel insurance, this is by far the best hotel card on the market.

Welcome offer: 50,000 Marriott Bonvoy Points after you charge $1,500 to your card within 90 days

Earn rate: 5 Points per dollar at Marriott properties; and 2 Points per dollar everywhere else

Additional perks: travel insurance; car rental coverage; annual free night's accommodation

Get more details about the Marriott Bonvoy Card*
Best store or retail card

PC Financial World Elite Mastercard

Due to its association with Loblaws stores and Shoppers Drug Mart, the PC Optimum program offers members access to a wide variety of ways to earn PC Points, including gas, drug store and grocery purchases. With an earn rate of 30 Points per dollar in Loblaws-owned stores (including No Frills and Real Canadian Superstores), 45 per dollar at Shoppers Drug Mart, and 10 everywhere else, this card is one of the best no fee cards for gas and groceries on the market. It's simple to redeem your PC Points. You simply show the card at checkout anywhere PC products are sold and get $10 back for every 10,000 Points. There's even an included package of travel and car rental insurance-and it carries no annual fee.

Annual fee: $0

Earn rate: 30 Points per dollar in Loblaws stores (including No Frills and Real Canadian Superstores) and PC Travel; 45 Points per dollar spent at Shoppers Drug Mart; 30 Points per litre at Esso; and 10 Points everywhere else

Income requirement: $80,000 (personal) or $150,000 (household)

Additional perks: Travel insurance; car rental coverage

Best card for perks

Annual fee: $699

Welcome offer: 50,000 Points when you spend $3,000 in the first 3 months plus an additional 10,000 points after your first 6 months

Earn rate: 3 Points per dollar on dining; 2 Points per dollar spent on travel; 1 point per dollar on everything else

Additional Benefits: Unlimited free lounge access at over 1,200 airport lounges; $200 annual travel credit; travel emergency medical insurance; travel accident insurance; car rental coverage; hotel upgrades; Platinum

Concierge services; American Express Invites

Get more details about the American Express Platinum*

Best secured credit card for building credit

You might be new to Canada, have a problematic credit history, or are just starting out. There are many reasons why you might need to build or rebuild your credit-but whatever the case, you'll want to take steps towards achieving a healthy credit score. That's where the Home Trust Secured Visa can come in. Unlike with conventional credit cards, it's easy to be approved for a secured card-you just need to be a resident of Canada (except Quebec) and have a deposit. The Home Trust Secured Visa tops our list for its low minimum deposit (you can start with as little as $500) and $0 annual fee. With this card, building your credit score is simple and affordable.
Get more details about the Home Trust Secured Visa No Fee Card*
How do credit cards work?

It's important to understand exactly what credit cards do, so you can use them to maximum advantage without falling into financial trouble. There are lots of benefits that come along with having a credit card. For example, they offer credit that can be used when you make a purchase, for balance transfers and/or cash advances. Essentially, your credit is like a short-term loan with a balance that comes due every month. As you pay down your balance, the credit available to you the following month starts to go back up to the maximum credit limit on your card.

A credit card's strongest advantage is convenience. Simply pay for your purchase with your credit card and you will be billed for the outstanding balance the following month-no cash in your wallet required. Other benefits include the ability to accrue rewards and points-such as cash back or travel points-based on a percentage of your purchases each month, usually between 1% to 4%, depending on which credit card you choose. You can then redeem those points for gift cards, travel or other items offered through the credit card company's online rewards catalogue.

Credit cards can also help you build credit. If you always pay on time, that will help you achieve a high credit score (650+points), allowing you to borrow for a mortgage or a car loan in the future at a reasonable interest rate from your local financial institution.

Of course, credit cards need to be used responsibly and work best when you are a disciplined spender. Have only one or two cards in your wallet and make sure they match your spending habits. And of course, make sure you can pay off the balance in full (or at the very least make the minimum payment) every month so you don't have to pay hefty interest on your unpaid balance. This can result in costly fees as well as getting points knocked off your credit score-a real no-no. But with a bit of diligent oversight and self-control, credit cards become helpful and convenient financial tools that can make everyday purchases easy.

Types of credit cards

Rewards credit cards

When it comes to rewards credit cards, the name says it all. These are cards that give you something back when you spend with them, whether it's points, miles or cash. The more you spend, the more rewards you get. For those who pay off their balance in full every month, these cards can really add value. There are four main types of rewards cards:

Cash back credit cards

These cards offer a rebate credited to your balance, usually calculated as a percentage of the dollar value of your purchases. Though most cash back cards have accelerated earn rates in certain categories (groceries and gas, for example), they all also have a minimum base rate for spends outside those categories. Your cash back rewards can help you save on anything you can buy with your card.

Travel credit cards

These cards offer points or miles to be redeemed towards travel-related purchases such as flights, hotels, cruises or vacation packages. Rewards might not be as straightforward as cash back, but travel points cards can help you save big on upcoming trips, with many offering perks including sign-up bonuses, comprehensive travel insurance, and even airport lounge access.

Store credit cards

These cards gift you with points for everyday purchases that can be redeemed for discounts off items from your favourite retailer. The idea is to reward brand loyalty with valuable benefits. The PC Financial Mastercard and the Canadian Tire Mastercard credit cards are great examples.

Hotel credit cards

Similar to travel cards, hotel credit cards reward consumers with points redeemable for hotel stays and perks. These cards are often linked or co-branded with a specific hotel brand or loyalty program, like Marriott Bonvoy or Best Western Rewards

Low interest credit cards

With standard interest rates sitting at anywhere between 19.99% and 22.99%, most rewards credit cards aren't the right fit for people who carry a balance. That's where low interest cards come in. These cards, which typically charge between 8.99% and 12.99% interest on purchases, allow cardholders access to credit without high interest charges that quickly add up. They don't usually have much in the way of extras or perks, but the lower rates help to ensure that you'll come out ahead in the long run if you generally need more time to pay off your card balance.

Balance transfer credit cards

Once you accumulate a debt load on an existing credit card, the interest will compound-rapidly. Your best bet is to transfer the debt to a balance transfer credit card, which lets you move debt from a high-interest card to one with a lower rate. These cards often offer promotional interest rates for a specific period-0% interest for the first 10 months, for example-which can buy you time to pay down your balance with little or no interest. Sometimes, even the regular interest rate on a balance transfer card is lower than usual.

Student credit cards

Student, or "starter," cards are credit cards aimed at people with no credit history looking to establish a credit score. These entry-level cards tend to have few qualification criteria, no annual fees and provide little in the way of perks or extras, but some do offer some decent rewards on your everyday spending

Secured credit cards

People who lack a good credit score or a local credit history often have trouble getting approval for standard credit cards. This can be a real problem for those wanting to build up their credit towards a future purchase or loan-but secured cards can offer a solution. This kind of card is "secured" with a deposit by the applicant and virtually anyone will be approved. The responsible use of a secured card will help build, or rebuild, your credit score.

How to decide: What is the best credit card for me?

To decide which credit is the best for you, you need to look at your priorities. If you normally carry a balance or you want to reduce your debt, then a low-interest or balance transfer card should be the only types you consider.

People who always pay off their full balance every month need to decide whether a travel or cash back card makes more sense for them. Travel cards can offer lucrative rewards, but if you don't like to travel, there's no point in getting a travel credit card. If this sounds like you, then a cash back card may be the way to go.

Now that you've got your category of card selected, take a look at the earn rate, additional, benefits and which type of points you earn for each card. If you happen to spend a lot on gas and groceries, then look for a card that has a high earn rate for those categories.

The annual fee should also be a consideration in your decision making, but if you think you're getting good value out of your additional benefits and you're making more back than you paid with the fee, then it shouldn't be a big deal.

Credit card points versus cash back: What to consider before deciding

In the end, most decisions will come down to whether a cash back or travel rewards credit card suits your needs and spending habits best. As mentioned, travel rewards can be lucrative, but cash back is simple since you don't need to worry about any potential travel restrictions. Think about the following for each type of card.

The first thing you want to look at is the earn rate. Take a look at your spending habits and pick a card that will earn you the most rewards. For example, if you spend a lot on gas, then pick a card that earns you more cash back at gas stations. High earn rates are great, but keep in mind that many of the top cards have a high income requirement. Cash back is simple to understand, but some credit cards will only give you what you've earned after you reach a minimum amount or once per calendar year. Find out how you'll get paid and make sure you're okay with it before you apply. If you're considering a card with an annual fee, make sure the extra cash back you earn is worth more than the fee. If it's not, stick to a no fee card.

Selecting a rewards credit card

Generally speaking, cards that earn you points are usually best used for travel redemptions. These cards will likely give you other ways to cash out your points, but the majority of the time, you get the most value for your points when redeeming for travel. Similar to cash back cards, you want to pick a card that gives you the most points on the categories you spend the most money. You also want to figure out what type of travel you prefer; you could get an airline-branded credit card or a hotel-branded one. There are also credit cards that allow you to redeem for any type of travel. Regardless of what you go with, you need to know how the reward programs work so you can maximize your points.

More on Canada's best credit cards

Our methodology

For the best credit cards 2020 ranking we ran the numbers for each of the cards in the seven categories based on $2,000 in monthly spending ($1,000 monthly for the student cards) as well as interest rates and offers. We also made some assumptions on spending-grocery spend of $500, gas of $200, restaurants of $200 and bill payments of $125, travel of $175, entertainment of $225, pharmacy purchases of $75 and other purchases of $500. (These were adjusted lower for student cards).

The end game was a magic number-that is, the annual net reward in dollar terms to identify the top cards in each category, plus an honorary mention. As highlighted above, our methodology also took into consideration other factors, including the value of a credit card's welcome bonuses, insurance benefits and flexibility.
‡MoneySense.ca and Ratehub.ca are both owned by parent company Ratehub Inc. We may be partnered with some financial institutions, but this does not influence the "Canada's Best Credit Card" rankings. You can read more about this in our Editorial Code of Conduct.

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Some people want to earn points when they travel, as well as on an ongoing basis. If this sounds like you, then the TD First Class Travel Visa Infinite Card is our top choice. You can rack up TD Rewards Points throughout the year and then easily make a redemption through Expedia for TD.

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1.     Greedyrates provides excellent detailed on various credit cards and who each card is best suited for. This website provides a lot of information on how credit cards work, the different type of credit cards, and how to pick the right credit card for you. Greedyrates also details how they compare and choose the cards they deem as the best in Canada, which no other website I’ve researched has provided in great detail.

2.     I chose this website because it also has a chart for comparing credit cards, but instead of listing the rewards/features, it lists what the card is best for which could help the reader narrow down their selection based on their needs. I also chose this website because it has a selection tool at the top of the page which allows for the reader to click and go to any credit card category, which I haven’t seen on any other website.

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Advertiser Disclosure This article/post contains references to products or services from one or more of our advertisers or partners. We may receive compensation when you click on links to those products or services.

If you're looking to bathe yourself in points, miles, cash or simply bask in the glory of 0% interest rates, Greedyrates.ca' s latest picks for Canada's Best Credit Cards for 2019 should get you lathered-up into a frenzy! You can stick with the card you have in your wallet, but do so at your own risk. Click the navigation links below to get to your preferable credit category quicker.

Credit Cards Comparison in Canada in 2019

Best Credit Card Offer

This offer is not available for residents of Quebec. For Quebec residents, please click here.

In addition to being a purposeful and effective tool for earning cash back on gas, grocery, and recurring bill purchases, the TD Cash Back Visa Infinite card also offers one of the market's best exclusive introductory bonus offer of 6% on eligible purchase categories for your first 3 months. Although the offer extends up to a maximum spend of $3,500 worth of total spending in these categories (that's $210 cash back), that's a lot of value.

The card is also worthwhile after the promotion ends, collecting at a regular rate of 3% in the categories mentioned previously, and then 1% everywhere else. Use the cash to pay down your account balance however you like, or let it collect indefinitely with no expiration. You'll also enjoy complimentary membership to TD's Auto Club, which provides roadside assistance to cardholders. With travel medical insurance included along these benefits, it's not surprising that cardholders will need to show a $60,000 minimum income to become eligible, and pay a $120 annual fee.
Click here to apply for the TD Cash Back Visa Infinite
Best Credit Card for Cash Back Promotion and First Annual Fee Waiver
Scotia Momentum Visa Infinite
If you are seeking cash back rewards, the Scotia Momentum Visa Infinite offers some of the most comprehensive cash back accrual rates in Canada.

Cardholders receive 4% cash back on eligible grocery and gas purchases-one of the highest regular rates in Canada for these purchase categories. This is capped at a very high annual spend limit of $25,000 ($1,000 cash back). The card also returns 2% cash back at pharmacies and automated recurring bills. All other purchases generate 1% cash back.

The Momentum Visa Infinite card also delivers the Canadian market's best introductory cash back promotion, with 10% cash back for your first 3 months on everyday expenses. New cardholders will earn at 10% until the 3 months is over or until they've collected $200 cash back (up to a maximum spend of $2,000 in the first 3 months). Be aware however that one must apply before April 30, 2019 to be eligible for the accelerated cash back promotion and the annual fee waiver.

This may seem like enough, but Scotia's Visa Infinite card also offers entry to fine dining experiences and music performances, and provides perks at luxury hotels. To add even more value, cardholders gain access to an around-the-clock concierge service for all their planning and reservation needs. Finally, the Scotia Momentum card offers excellent travel benefits including several kinds of travel insurance like medical, trip interruption, flight delay, and more.

All of this is sweetened by the fact that the card waives its annual fee for the first 12 months (accounts must be opened by date included in the terms and conditions; please click on the link below).

For more cash back categories, visit our page of the Best Cash Back Credit Card Rankings in Canada for 2 019.
Click Here To Apply For The Scotia Momentum Visa Infinite
Best Credit Card for Aeroplan

TD® Aeroplan® Visa Infinite

Eligibility Criteria:
- Credit score required: good_excellent
- Min personal income required: $60000
- Annual fees: $120

This offer is not available for residents of Quebec. For Quebec residents, please click here.

Those who fly often with Air Canada will appreciate the ability to weave future travel plans into their daily purchasing habits. The best credit card for the job is TD® Aeroplan® Visa Infinite, which not only offers a generous and immediate Aeroplan miles bonus but also grants extra benefits on Air Canada flights. New cardholders will receive 30000 Aeroplan Miles - 15,000 Aeroplan Miles just for making an initial purchase with the card (even something like a candy bar qualifies) and then another 15,000 Miles for spending $1,000 in their first 3 months, Better yet, they'll earn 1.5 Aeroplan miles for every $1 spent on groceries, gas, drugstore, and aircanada.com purchases. Outside these categories cardholders will collect 1 Aeroplan mile for every $1 spent.

Additional Aeroplan benefits mean that cardholders will double their Miles earn rate at any participating Aeroplan partner retailers or at the Aeroplan eStore, and Aeroplan miles will never expire for members. On Air Canada flights, complimentary checked bags and priority boarding is nice to have. The card's $120 fee, rebated in the first year, is accompanied by the addition of other lucrative travel perks: Visa Infinite cardholders will also enjoy a full suite of travel insurance including coverage for travel medical, trip cancellation and interruption, delayed and lost baggage, flight or trip delay, auto rental collisions and damage, and even a one-time annual pass to the Air Canada Maple Leaf Lounge. Finally, we always appreciate purchase security and extended warranty coverage for new items bought with the card, as well as worldwide discounts at Avis and Budget Rent A Car of up to 10%.

Applicants should keep in mind that the minimum individual and household income requirement for eligibility is $60,000 and $100,000, respectively. Those with a higher annual income might even consider the TD® Aeroplan® Visa Infinite Privilege card, which is similar but upgraded in many respects (higher earn rate, better bonus, additional airport lounge passes, and more).
Click here to apply for the TD® Aeroplan® Visa Infinite card
Best Credit Card for Flexible Cash Back

Cash back is a pretty straightforward perk, but even a straightforward perk should ideally be tailored to a cardholder's interests. With the Tangerine Money-Back card, it's easy for cardholders to choose two purchase categories where they'll earn 2% cash back. The card breaks up purchases into different groups: grocery, furniture, restaurants, hotel-motel, gas, recurring bills, drug store, home improvement, entertainment, and public transit and parking. Cardholders simply need to do an analysis of where they spend the most each month before picking the relevant cash back categories to begin earning.

By choosing to send all or a portion of their cash back to a Tangerine Savings Account, cardholders will earn the right to choose a third cash back category. On purchases not from a chosen category, cash back accrues at 0.5%. The way that cash back is redeemed is also flexible: you're given your cash back monthly and can decide to apply it to your balance or send it to a savings account.

As an additional perk, other authorized users on your account can receive supplementary cards for free and enjoy earning cash back alongside you. You'll also enjoy protection for new items purchased with the card and extended manufacturer's warranties where applicable.
Click here to apply for the Tangerine Money-Back card
Best Credit Card for Going Out

A night out on the town in Canada is rarely cheap. But with the new Cobalt card from American Express, cardholders can earn accelerated reward points on all their restaurant spend, and then redeem these points on travel and entertainment.

In addition to having a great credit card referral program bonus, the card's standout feature is its massive earning rate on food: 5 points per $1 spent on dining out (and in!). This includes restaurants, bars, takeout, and even groceries. Points are also earned on travel in all its forms, with 2 points accrued per $1 spent on taxis, ridesharing, rail, gas, and airfare.

Fast rewards for everyday purchases are complemented by the card's special purchase interest rate promotion: 7.99% interest on all purchases charged to the card in your first 6 months. This half-year period can be used to save money on a big-ticket item, trip, or other expense that you aren't able to pay off immediately.

Amex's generous bonus offer adds even more value. The introductory promotion allows new cardholders to get up to 30000 points in their first year - just for spending $500 per month. 1 rewards point is equal to $0.01, giving the first-year bonus a potential value of $300. Cardholders can redeem their rewards by treating themselves to concerts, sport events, theatre, or any other Ticketmaster event they like. Or, if they prefer to get out of town, they can cash in the rewards for a long-haul flight to virtually anywhere in Canada or the continental United States.
Click Here To Apply For The American Express Cobalt™ Card
Best Credit Card for People Looking For Free Travel

This card is phenomenal if you're looking for a rich sign-up bonus, redemption flexibility, insurance and a great rewards rate.

The American Express Gold Rewards Card comes with a great welcome bonus. First, it comes with a 25000-point welcome bonus (minimum spend of $1500 in the first 3 months). The great thing about the welcome bonus is that you can either use it as a $250 credit against any travel expense on your credit card statement. Or, you can convert it to Aeroplan miles 1:1 at no extra cost, meaning it effectively becomes a 25000 bonus Aeroplan miles!

The Amex Gold Rewards card also happens to be a great rewards earner, but more than that, the highest earning Aeroplan credit card in the country. You get 2 points per dollar spent in grocery, gas, pharmacy and all travel purchases and point everywhere else. Remember, if you convert your points to Aeroplan that's 2 Aeroplan miles in gas, grocery, pharmacy and all travel! The best any other Aeroplan credit card does is offer 1.5 miles per dollar spent!

With 25000 points that can be converted into a $250 travel credit or 25000 Aeroplan miles, you can redeem for a return flight to anywhere in North America from any Canadian city!
Click Here To Apply For The American Express Gold Rewards Card
Best Credit Card for Hotels

Eligibility Criteria:
- Credit score required: fair_good
- Min personal income required: N/A
- Annual fees: $0
- This offer is not available for residents of Quebec. For residents of Quebec, please click here

The MBNA Best Western Rewards Mastercard earns points for hotel stays. It's an excellent choice for frequent travellers or those who love a vacation (which would be...well...everyone). Cardholders earn 1 Best Western Rewards point for every $1 charged to the card. And eligible purchases at Best Western properties earn a massive 5 points per $1 spent, one of the most accelerated earn rates of any rewards card in Canada. On top of this, new cardholders get a welcome bonus of 20000 points-enough for a free night stay at a Best Western property. The signup bonus is earned for making any purchase on the card, no matter how small.

Along with the accelerated earn rate and welcome bonus, the MBNA Best Western Mastercard offers fast-track Gold Elite Status after the 1st eligible purchase with the card. Diamond Elite Status is earned after spending $10,000 on this card in a calendar year. These statuses enable cardholders to earn even more bonus points on every Best Western property stay, as well as special room upgrades and premium options like late check out.

Best Western Rewards points never expire and can be redeemed for the aforementioned free hotel stays, as well as transferred to other rewards programs, used to make a charitable donation, or exchanged for gift cards and merchandise. The card also comes with other MBNA perks including lost luggage assistance, travel insurance, rental car coverage, and extended warranty benefits and purchase assurance.

Overall, the Best Western Rewards Mastercard has quite an impressive set of perks for a card with $0 annual fee.
Click here to apply for the MBNA Best Western Mastercard
Best Credit Card for Insurance Coverage

The benefits of credit card membership are not limited to merchandise rewards or airfare; another advantage offered by select cards is protection during life's unexpected and unfortunate incidents. The BMO World Elite Mastercard is ideal for those who value these perks, as the card comes with a broad variety of travel insurance features that keep cardholders safe while they are away from home. It also provides $540 in cash value nearly immediately to new cardholders (more on that later).

The BMO World Elite card includes one of the most sought after travel features for Canadians: out-of-province emergency medical insurance. Those who experience a medical emergency during their travels have $2 million-worth of coverage at their disposal designed to defray hospital and other care costs.

But medical emergencies are just one of many complications that may arise during travel, and this Mastercard extends its protective advantages to other areas of necessity. Members will enjoy insurance for rental cars, trip cancellation, trip interruption, flight delay, and baggage. The card also comes with a wealth of additional trip assistance services including emergency cash advance, lost document replacement and more. Coverage is unlimited, meaning that each of these features applies to every trip, no matter how frequent.

For an extra fee, cardholders can access balance protection as well, an insurance feature which guarantees that their balance is paid in the event of disability, job loss, loss of life or limb, and critical or terminal illness. Considering that cardholders are also exempt from the first year's annual fee (limited time offer), receive a welcome bonus of 35000 points (after spending $3000 with the card in the first 3 months), earn rewards at a lucrative 2 points per $1 on all eligible purchases, and gain VIP access to airport lounges, the BMO World Elite has set the bar very high for travel cards.

Few of these other cards can boast that they deliver $540 of value to cardholders via bonuses, but this one can. The 35000 points ($250 value), first-year annual fee waiver ($150 value), and four annual VIP lounge passes ($140 value) add up to $540 and they are easily obtainable within a short time of receiving the BMO World Elite card.
Click Here To Apply For The BMO® World Elite™Mastercard®
Read more on Best Travel Insurance Credit Cards.

Best Credit Card for Mobile Device Insurance

It's financially burdensome to eat the cost of replacing one of today's expensive phones. Fortunately, a few rare credit cards include built-in coverage for mobile devices. An excellent travel card in many regards, the Meridian Visa Infinite Travel Rewards card offers $1,000 for lost, damaged, stolen, and failing mobile devices purchased with the card. This valuable perk is great for everyday cardholders, but particularly useful for travellers, who might be wary of risking their expensive phone while on a trip abroad.

Mobile insurance also complements an already top-tier package of other insurance benefits including medical coverage, trip cancellation and interruption insurance, and coverage for baggage, rental cars and more. The Meridian Visa Infinite card's basic earnings model collects 1.5 points per $1 spent on all net purchases, and then 3 points per $1 on all net purchases made in a foreign currency-another broadly beneficial point that's relevant for travellers as well. Points can be redeemed on a bevy of options like travel (from over 100 airlines), vacations, merchandise, gift cards, and other rewards. The card costs $99 per year, but in your first year the fee is instantly rebated after being applied.
Click here to apply for the Meridian Visa Infinite* Travel Reward Card
Best Credit Card for Household Expenses

Families that spend significant amounts monthly on groceries, gas, home and garden maintenance, and other household bills will benefit immensely from the huge earn rate of 3% in Canadian Tire Money on purchases in participating grocery stores. There's also 4% back on transactions in Canadian Tire, Mark's, Sport Chek, and Atmosphere, and 5 cents back per litre in Canadian Tire Money at Gas+ locations. The advantage of earning Canadian Tire Money, as opposed to other rewards credit cards, is that you can spend it like cash at the participating stores. So, first you earn Canadian Tire Money on your groceries, then you use it to pay the bill.

On top of this saving on your household expenses, you'll pay $0 in annual fees, get contactless payments for small purchases, and 24/7 online account management. Canadian Tire Money doesn't expire as long as your account is open.

It's important to note that once you reach $12,000 in qualifying purchases, your earn rate will drop to 1%. Additionally, certain stores including Wal-Mart, Costco, and Wal-Mart Superstore aren't included as 'grocery' stores for the purposes of your 3% earn rate.
Apply for the CTFS Triangle World Elite Mastercard
Best Credit Card for No Foreign Transaction Fees
Rogers World Elite Mastercard
The Rogers World Elite Mastercard is a useful, inexpensive tool for travellers, because it gives them the ability to avoid foreign transaction fees and annual fees as well. You'll save money when spending in a foreign currency, as the World Elite card earns an impressive 4% cash back on these foreign purchases. The 2.50% foreign transaction fees are still charged, netting 1.50% cash back for the cardholder during their vacation or business trip (or online shopping splurge). When spending in Canadian dollars at home the card has a competitive flat rate of 1.75% cash back.

The card offers all its cash back and fee-avoiding capabilities for no annual fee, though one will need to meet a minimum income requirement of $80000. Cardholders can redeem cash back on Rogers products, services, and bills, but also once yearly as a lump sum statement credit. While other cards might help you escape foreign fees by exempting you from them entirely, Rogers' card might be preferable because you're also getting cash back in excess of these fees, and at a high rate on domestic spending as well.
Apply for the RogerWorld Elite Mastercard
At the moment, the Home Trust Preferred Card is one of the select few cards in the Canadian market that waives foreign transaction fees altogether. Canadians used to have the choice of Chase's Amazon and Marriott cards too, but those were recently cancelled. The Home Trust Preferred is an attractive card for anyone with a minimum personal income of $15000 and a fair_good credit score. As well as %0 foreign transaction fees, it has $0 annual fee, 1% unlimited cashback (including on purchases overseas), free roadside assistance, purchase protection, and rental car damage and collision insurance. Average APR is 19.99%.

Though the net cash back on foreign currency purchases is higher with the Home Trust Preferred card than it it is with the Rogers Platinum, the Home Trust Preferred does have some notable limitations. Home Trust currently limits cardholders to 10 transactions per day and the card is not available to Quebec residents.

In addition to the above two no annual fee cards which either waive or subsidize foreign transaction fees, we also would like to highlight a more premium travel card that waives foreign transaction fees as well.
Apply for the Home Trust Preferred card
Frequent travellers will appreciate the Scotiabank Passport Visa Infinite's complete exemption from any foreign currency transaction fees. Paying no fees on purchases saves a lot of money during a trip, but the card's benefits also extend to travel amenities. The Passport Visa Infinite grants travellers a Priority Pass to airport lounges worldwide, which gives access at around half the price that non-members pay (around $14 per person). Cardholders often end up paying nothing, given that the card also provides 6 free lounge passes each year.

Though the annual fee is $139, which is more expensive than the free Rogers Platinum Mastercard and Home Trust Preferred card, the Scotia Passport's features outperform each as well. For $139, you gain complete exemption from foreign transaction fees (not merely cash back like with Rogers), the ability to earn Scotia Rewards (2 per $1 spent on grocery, dining, and entertainment) and the VIP airport lounge status and passes. You'll also gain great insurance benefits like travel medical, trip interruption and cancellation, and rental car coverage. The icing on the cake is an introductory bonus of 25000 points for just minimum spend of $1,000 during your first 3 months as a cardholder.
Apply for the Scotiabank Passport Visa Infinite Card
Click here to learn more about Foreign Transaction Fees and how to avoid them

Best Credit Cards for People with Credit Card Debt
The True Line® Mastercard®
EXCLUSIVE OFFER TO GREEDYRATES

Eligibility Criteria:
- Credit score required: fair_good
- Min personal income required: N/A
- Annual fees: $0
- This offer is not available for residents of Quebec. For residents of Quebec, please click here

It can be difficult to justify paying an annual fee for a credit card when your main financial priorities are reducing expenses and paying off debt. Those who need shelter from high interest, but who don't want to pay an annual fee, can apply for the True Line Mastercard and get an industry-leading balance transfer promotion of 0% for 10 months (fee of 1% of the amount advanced, minimum fee of $7.5). Those interested in the special promotion should keep in mind that the deal is available only to those who apply by This offer is not available for residents of Quebec. For residents of Quebec, please click here. After the promotional period ends the balance transfer and purchase interest rates both return to 12.99% (compare to the Gold card's post-promotional rate of 8.99%). These are still very forgiving interest rates when compared with the norm.

Applicants debating between the no-fee True Line Mastercard and the $39 annual fee Gold Mastercard (see below) should assess their debt situation and repayment prospects to figure out which card will help them save more in the long run. The True Line Mastercard offers the advantage of a longer promotional 0% interest rate period and has no annual fee. The Gold version has a shorter promotional interest period and an annual fee, but it has lower post-promotional interest rates.
Apply for the True Line Mastercard here The True Line® Gold Mastercard®
Eligibility Criteria:
- Credit score required: fair_good
- Min personal income required: N/A
- Annual fees: $39
- This offer is not available for residents of Quebec. For residents of Quebec, please click here

There's no better tool for eliminating high-interest debt than a favourable balance transfer promotion. The promotion offered by MBNA is also competitive, at 0% for 6 months on balances transferred. The special promotion is only available to those who apply by This offer is not available for residents of Quebec. For residents of Quebec, please click here, and it only applies to balances transferred within the first 90 days of card membership. Though approved applicants will pay 0% in interest on balance transfers for 6 months, they will need to pay a 1% balance transfer fee (minimum fee of $7.50) for each transfer they make.

The Gold card's interest rate on purchases and balance transfers after the 6-month promotion ends should be very attractive to debt-laden individuals, as it doesn't immediately skyrocket past 20.00% (as is the case with most other balance transfer cards). Instead, these rates are bumped up to a reasonable 8.99%, allowing cardholders to feasibly carry debt from month to month without harsh penalties. For a low fee of just $39, the True Line Gold Mastercard represents an immediate relief from high interest for a wide range of applicants.
Apply for the True Line ® Gold Mastercard® here
If you're looking to pay off a large amount of debt, the standard 6-10 month low-interest promotional period offered by most balance transfer cards might not be long enough to make a serious dent in what you owe. That's why we're delighted with the RBC Visa Platinum's special offer, which provides an industry-leading 30 months (two and a half years) for low-interest balance transfers.

Although the RBC Visa Platinum's promotional balance transfer rate is 'only' 5.9%-admittedly higher than the 0%-2.99% offered by its top competitors-the sheer length of the promotional period gives the deal a very good value overall. It might be tempting to choose a card with a shorter promo period and lower interest rate, but beware of the consequences for those who are unable to pay off their balance entirely during that promo: the interest rate will likely increase to around 19.99% or more immediately after the period ends, which can just further exacerbate the cycle of debt.

Though the special balance transfer offer is the card's most notable feature, the RBC Visa Platinum has other worthwhile features. There's $0 annual fee and cardholders are eligible for roadside assistance, emergency travel assistance, and a $0.03 per litre discount at Petro-Canada.
Apply for the RBC Visa Platinum card here
You can learn more about reducing credit card debt with balance transfer cards via our Best 0% Balance Transfer Credit Card Offers in Canada page

Best Credit Card for Fixed-Rate Low Interest

Cardholders seeking a low fixed rate of interest are likely planning on carrying a balance from month to month, and don't want to incur overly-punitive charges for doing so. This is not only possible, but straightforward and easy with the American Express Essential credit card. With just 8.99% interest on both cash advances and purchases, Amex offers one of the lowest permanent interest rates in the country alongside other noteworthy features.

Aside from the absence of an annual fee, Amex includes some other peripheral perks to sweeten the deal a bit. Most of these are from Amex's standard array of benefits, such as purchase protections and travel accident insurance up to $100,000. Cardholders will also be able to call Amex and reserve tickets for almost any sporting event, restaurant, or concert via Front of the Line Advanced Access.
Apply for the American Express Essential card
Best Credit Card for No-Fee Balance Transfers

American Express® AIR MILES®* Credit Card

If you're looking for a no-fee balance transfer card, but don't want to miss out on earning valuable rewards, the American Express® AIR MILES®* Credit Card is a solid choice. If you transfer your balance to the card when you complete your credit card application, you'll be charged only 1.99% interest on the balance for the first 6 months. What's more, you won't have to pay any balance transfer fee, and there's no annual fee for the card either. That means you can consolidate and pay down your credit card debt without paying extra for the privilege. However, it's important to remember that at the end of the low-interest balance transfer period, you'll start paying a high interest rate of 22.99% on those balances you transferred. Therefore we only recommend this tactic for balances that you are confident you'll pay off within 6 months.

Aside from the excellent balance transfer offer, you'll earn 500 Miles as a Welcome Bonus with a minimum spend of $500 in Card purchases in the first 3 months. The card earns 1 Mile for every $15 in Card purchases at AIR MILES Partners, and 1 Mile per $20 in Card purchases spent everywhere else.
Click here to learn more about the American Express® AIR MILES®* Credit Card
*American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply link.

Best Credit Card to Repair or Establish Credit

As one of the best credit cards for bad credit in Canada, Refresh Financial's Secured Visa offers purchasing power and the ability to improve one's credit score, no matter how deeply it has fallen. Those with bad credit, no credit, or a history of bankruptcy and consumer proposals are all eligible to sign up and receive approval. The only requirement is a security deposit, which also matches the credit limit assigned to you by Refresh.

A nice part about the Refresh Financial Secured card is that its minimum security deposit is lower than most other secured cards. At just $200, it's easy to afford, thereby lowering the barrier to entry even further. The maximum deposit is $10000. With a secured card, cardholders can rebuild or establish a good credit score faster, because their repayment behavior is reported more frequently to credit bureaus like Equifax and TransUnion.

Once your credit score is improved, be sure to pay off the card in full to receive your security deposit back.
Apply for the Refresh Financial Secured Visa
Best Credit Card If You're A Student

Getting your first credit card when you're a student should be a simple task. You want a card that offers easy approval, does not require income or proof of income and offers great rewards!

Unfortunately, not all Canadian student credit cards fit the bill. In fact, some require that you hold a part-time job and show proof of income. Not exactly friendly to the full-time student. Others require you pay an annual fee, which makes no sense.

That's why we love the BMO SPC Student Mastercard. It comes with $0 annual fee, $0 income required, and has great perks, like 10-15% discounts at hundreds of retailers across Canada through SPC.

Lastly, you can either get the cash back or Air Miles no fee student credit card. The BMO SPC Cash back card offers an introductory cash back rate of 5% on all eligible purchases for the first 3 months from account opening, and the no fee Air Miles card comes with a 800 Air Miles welcome bonus!
Apply for the BMO SPC MasterCard
Learn more about Canada's Best Student Credit Cards for 2019.

Summary of Best Credit Cards in Canada in 2019

Picking the Right Companion for Your Wallet

Identifying your spending habits and unique credit card needs is crucial to narrowing down a final choice. Compare credit cards by issuer, card feature and more and see which card applies the most to your needs. After you input your unique criteria and preferences, as well as your common purchasing patterns, the tool will curate a list of cards which are suited to you personally.

Getting the best credit card is a simple matter, regardless of which card perks you desire most. Whether you want a high cashback percentage, amazing travel rewards, accelerated credit improvement, or if you just want to nab this month's most lucrative credit card promotions in Canada, it's easier than ever to find the best options available on GreedyRates. If you need any further assistance when making an ultimate decision, feel free to contact us by email and we'll give you a helping hand.

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Best Credit Cards in Canada 2019 | Comparison & Reviews | Greedyrates.ca

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Looking for a credit card but are unsure which to choose? Compare the best credit cards in Canada in 2019 including our expert's review. We categorized the best canadian credit cards 2019 in the most popular categories so you can easily choose the best card for your financial needs.

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1.     In this video, there are seven cash back credit cards compared including: the American Express Simply Cash Preferred, Scotia Momentum Visa Infinite, Simple Financial Visa, Home Trust Preferred Visa, Triangle World Elite Mastercard, PC Financial World Elite Mastercard, and Scene Visa. This video outlines the cash back percentages of each card, if there’s an annual fee, and additional benefits such as free car rental insurance or movie rewards.

2.     I chose this video because it outlines the differences between seven Canadian cash back credit cards, including the other various rewards, qualifications needed to apply, and other important information to consider. Another reason I chose this video is that while it’s one person’s opinion of what he considers the best cash back credit cards, he provides great explanations of each card and why it’s one of the best. One piece of information that I found useful is the update provided on the Rogers World Elite Mastercard and how because of its recent changes, it may not be a card to consider for many individuals.

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7 Best CANADIAN Cash Back Credit Cards I Use Everyday 2021 | Credit Card Guide Chapter 5

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1.     In this video, Prince of Travel breaks down travel credit cards based on their respective bank. This video analyses various travel credit cards by RBC Royal Bank, TD Canada Trust, CIBC, Scotiabank, and Bank of Montreal. Starting off the video, Prince of Travel talks about the RBC Avion series cards which he feels is the strongest because it allows for the card holder to transfer points out to various frequent flyer programs. On the other hand, he discusses how BMO is behind their competitors because it’s harder to extract value out of their travel reward card programs.

2.     I chose this video because I really like how Prince of Travel breaks down the credit cards based on the bank they are associated with instead of based on the card type. I found this separation interesting because it opens your eyes to what your bank offers, as well as the other options out there if you were considering switching banks. I found it useful how Prince of Travel not only details the strengths of each card, but also the weaknesses and how those weaknesses could affect you.

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1.     In this video, Prince of Travel discusses five of the best Canadian credit cards for beginners who haven’t had a credit card before, are looking to get one, and are also looking to maximizing their credit card points. In this video, the five cards discussed are: the CIBC Aeroplan Visa Card, the American Express Gold Rewards Card, the American Express Cobalt Card, the TD Aeroplan Visa Infinite, and the American Express Aeroplan Reserve Card. This video shows the variety of cards from no-fee Aeroplan type cards to a heavier premium type of travel credit card.

2.     I chose this video because I believe that everyone must start somewhere, especially with a credit card, so I believe it’s beneficial to have information on what credit cards are best suited for beginners and why. I also chose this video because it showcases various options for different types of beginners (i.e.: more cautious vs a risk taker). I found it useful how Prince of Travel varied up the types of cards that he thinks is best suited to the various types of credit card holder beginners.

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The 5 BEST Credit Cards for Beginners in 2022 (Canada)

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1.     In this video, five credit cards are discussed under the topic of what no fee, cash back credit cards are best for beginners in Canada in 2021. The five credit cards discussed are: the AmEx SimplyCash, “Big Brother” Preferred Card, BMO CashBack Mastercard, Simplii Financial Visa, and Tangerine Money-Back Mastercard. This video also provides wonderful strategies to maximize cash back such as obtaining all of the cards and using them only for what you can get cash back on (I.e.: BMO Mastercard is 3% on groceries, while Simplii Visa is 4% on restaurants, bars, and coffee shops).

2.     I chose this video I believe it would be extremely helpful to beginners who are looking to obtain their first card but are likely students and/or a Canadian with a lower income. Additionally, I chose this video because it’s a well laid out video that provides links to each card discussed and offers strategies for cash back.

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BEST NO-FEE Cash Back Credit Cards in CANADA 2021 | Low Income | Credit Card Guide Chapter 7