The best credit cards offered by Canadian finance companies, unions, and banks feature money back, airmiles and bonus points, comprehensive insurance coverage, no or low foreign transaction fees, and plenty more.
| Credit Card | Interest Rate | Annual Fee | Type | ||
|---|---|---|---|---|---|
| 1. | Scotia Momentum Visa Infinite | 19.99 % | $99 | Cashback Credit Card |  |
| 2. | SimplyCash American Express | 19.99 % | No annual fee | Cashback Credit Card |  |
| 3. | Tangerine Money-Back Credit Card | 19.95% | No annual fee | Cashback Credit Card |  |
| 4. | Scotiabank Gold American Express | 19.99 % | $99 | Travel Credit Card |  |
| 5. | BMO World Elite MasterCard | 19.99 % | $150 | Travel Credit Card |  |
| 6. | Home Trust Preferred Visa | 19.99 % | No annual fee | No Foreign Transaction Fees |  |
| 7. | Rogers Platinum MasterCard | 19.99 % | $29 | No Foreign Transaction Fees |  |
| 8. | Scotiabank Platinum American Express | 19.99 % | $399.00 | Insurance Coverage |  |
| 9. | BMO Cashback World Elite MasterCard | 19.99 % | $120 | Insurance Coverage |  |
| 10. | Scotiabank L’earn Visa Card | 19.99 % | No annual fee | Student Credit Card |  |
| 11. | Scotiabank Scene Visa Card | 19.99 % | No annual fee | Student Credit Card |  |
| 12. | Refresh Financial Secured Visa Card | 17.99 % | $12.95 | Secured Credit Card |  |
Best Canadian Cashback Credit Cards
There are credit cards that feature extra cash back during the promotional period as well as no annual fee, generous welcome bonuses, and no categories or limits.
1. Scotia Momentum® Visa Infinite Card
Offered by the Bank of Nova Scotia, the Scotia Momentum Visa Infinite Card, for example, goes with 4 percent cash back on groceries and gas (*earn 10% cash back on everyday purchases for the first 3 months – up to $200.00). The card also features concierge service, travel accident insurance, flight delay insurance, car rental discounts, and a lot more. Optional protection is also offered in case of critical illness, lockout, strike, job loss, or disability. Customers with no credit history are welcome to apply. However, there is a minimum income requirement of $60,000 a year. Supplementary cards are available to earn more cash back.
There are plenty of added benefits for holders. They are offered discounts on wine, vineyard tours, wine tastings, access to exclusive and premier events, hotel room upgrades, and more.
- Purchase interest rate: 19.99 percent
- Balance transfer and cash advance rate: 22.99 percent
- Annual fee: *$99 waived for the first year. For accounts opened by February 28, 2019
- Credit limit: $5,000 or higher
2. SimplyCashTM American Express
The SimplyCash American Express Card is also a great choice to earn cash rewards and goes with supplementary cards, no annual fee, and entertainment and travel benefits. Customers earn 5 percent back during the 6-month promotional period and 1.25 percent back afterwards. Additional benefits include car rental theft and damage coverage, promotional balance transfer rate, shopping discounts, weekend gateway deals, and access to exclusive events such as theater performances and concerts.
- Funds advance rate: 22.99 percent
- Purchase rate: 19.99 percent
- Annual Fee: No
3. Tangerine Money-Back Credit Card
Another option to look into, the Tangerine Money-Back Credit Card goes with no annual fee, 0.5 back on regular purchases, and 2 percent back on select purchases (categories of your choice).
Best Travel Credit Cards
Canadian travel rewards cards feature travel benefits and opportunities, rewards programs, welcome bonuses, double or extra points on travel expenses and gas, and so on. Some cards feature deals and saving opportunities as well as VIP lounge access, travel upgrades, free baggage, and airfare discounts. There are added incentives such as access to luxury airport lounges, car rental and hotel discounts, and comprehensive insurance, including car rental collision, flight delay, and trip delay. Most issuers advertise cards with no blackout dates and other restrictions and limitations.
4. Scotiabank® Gold American Express®
The Scotiabank Gold American Express Card is the perfect choice for customers with no credit history and for newcomers to Canada. The card features add-ons and perks such as special offers, access to airport lounges, concierge service, and travel insurance. Concierge services cover things like show and concert ticket reservations, restaurant reservations, and more. The comprehensive insurance coverage includes lost and delayed baggage, flight delay, trip cancellation, travel accident insurance, etc. Cardholders earn 1 bonus point on regular purchases and 4 points on dining and entertainment and grocery and gas purchases. The best part is that there are no travel restrictions, and points can be redeemed at any time.
- Balance transfer rate: 22.99 percent
- Cash advance rate: 22.99 percent
- Purchase rate: 19.99 percent
- Annual fee: $99
5. BMO® World EliteTM MasterCard®
Offered by the Bank of Montreal, the BMO World Elite MasterCard is also a great choice to earn rewards points and take advantage of a host of added benefits. The list of perks includes complimentary lounge access, medical and travel coverage, roadside assistance, and a generous welcome bonus of 35,000 points on purchases over $3,000 during the first 3-month period. Holders earn 2 points on all purchases and 3 points on entertainment and restaurant and travel purchases.
- Annual fee: $150
- Purchase rate: 19.99 percent
- Cash advance rate: 22.99 percent
Best Credit Card with Low/No Foreign Transaction Fees
No foreign transaction fee cards come handy when making purchases abroad or overseas. This is because conversion and foreign transaction fees hike up your card bill. Banks and finance companies offer cards with added incentives such as travel points, complimentary one-time bonuses, no annual fee, money back, and complimentary travel insurance. Some cards also feature cash statement credit, roadside assistance, cash sign-up bonuses, and supplementary cards. There are plenty of perks to look into, including discounts on hotel bookings, extended travel insurance, travel enhancement credit, and a lot more.
6. Home Trust Preferred Visa
The Home Trust Preferred Visa card is one option to consider to avoid foreign transaction fees. In addition to no conversion surcharges, the card goes with guaranteed hotel bookings, complimentary roadside assistance, 1 percent money back, and auto rental loss and collision coverage. There are no cashback limits and restrictions and no annual fee. Emergency cash is also available for peace of mind and so is emergency card replacement. To apply for the Home Trust Preferred Visa customers are asked to provide details such as address and name of current employer, annual income, previous address, etc.
- Cash advance rate: 19.99 percent
- Purchase rate: 19.99 percent
- Grace period: 21 days or more
7. RogersTM Platinum MasterCard®
Another great card with a low foreign transaction fee, the Rogers Platinum MasterCard is offered by the Rogers Bank and goes with a complimentary bonus, money back rewards, and an annual fee waiver during the first year. Cash back can be redeemed at different locations, including Fido and Rogers as well as for merchandise, tickets, subscriptions, and more. Points can be redeemed for pre-payed services as well (like Chatr). The Pay with Rewards app by Rogers is a convenient way to redeem money back rewards.
- Foreign transaction fee: 2.5 percent of the amount/
- Balance transfer and cash advance rate: 21.5 percent
- Purchase rate: 19.99 percent
- Annual fee: $29
Best Credit Cards with Insurance Coverage
Insurance credit cards feature comprehensive coverage, including medical, emergency travel, baggage loss, trip cancellation, and other types of coverage. Providers offer a host of added benefits such as free travel, money back, exclusive shopping and travel offers, and no or low annual fees. Customers gain access to tickets for music and theatre performances, fine dining experiences, perks at resorts and luxury hotels, concierge, and more.
8. Scotiabank Platinum American Express®
This credit card by the Bank of Nova Scotia allows users to collect rewards points for select and everyday purchases. They earn 1 point for each dollar on regular purchases and 4 points per dollar on entertainment and dining, grocery purchases, and gas. There are no travel restrictions, and points can be redeemed at anytime and anywhere. The card also goes with a large minimum credit limit of $10,000. Users are offered 7 types of insurance coverage, including trip interruption and cancellation, emergency medical, lost and delayed baggage, flight delay, etc. Added benefits include premium concierge, VIP pass for exclusive events, complimentary lounge, and a lot more. Customers also enjoy access to special events and experiences, including dining, theatre shows, films, music, and shopping.
- Purchase rate: 19.99 percent
- Balance transfers/cash advances: 22.99 percent
- Annual fee: $399.00
9. BMO® Cashback® World Elite® MasterCard®
Also a great card with comprehensive coverage, the BMO Cashback World Elite MasterCard goes with a host of benefits and incentives, including cash back, supplementary cards to earn more. Customers are offered insurance coverage, including extended warranty and purchase protection, collision damage waiver on car rentals, as well as out of country and out of province emergency medical coverage. In addition, holders earn 1.5 percent back on all purchases charged on the card. Cash can be used in the form of credit or held in an investment or savings or checking account. The minimum income requirement is $80,000 for individual cardholders and $150,000 for households.
- Interest rate on purchases: 19.99 percent
- Interest rate on cash advances: 22.99 percent
- Annual fee: $120
Best Student Credit Cards
Many banks in Canada offer student credit cards, including Scotiabank, TD Canada Trust, RBC, and others. Student cards feature multiple benefits such as competitive interest rates, no annual fee, and rewards points. Users earn points on pharmacy and grocery purchases, gas, bills, and more. Some cards offer extra points on entertainment, restaurant, and travel purchases. The best part is that banks have lenient requirements when it comes to credit rating.
10. Scotiabank L’earnTM Visa Card
Scotiabank offers a student Visa that allows customers to build credit with responsible use and timely payments. Applicants with little credit exposure and no credit history qualify and so do newcomers to Canada. The card goes with no annual fee, money back, car rental discounts, and other benefits. Optional protection for unexpected events is available, including death, critical illness, loss of employment, and others. Students also earn cash back at a rate of 1 percent. The minimum credit limit is $500, and the grace or interest-free period is 21 days or longer. Applicants are asked to provide personal and school information such as expected graduation date, start date, and name of college, university, or another institution.
- Cash advance rate: 22.99 percent
- Purchase rate: 19.99 percent
11. Scotiabank Scene® Visa Card
Also a great card by the Bank of Nova Scotia, the Scotiabank Scene Visa Card allows customers to earn rewards points on select and regular purchases. Users earn 5 points per dollar at Cineplex, both online and at Cineplex theatres, and 1 point on regular purchases such as clothing, transportation, groceries, meals, and so on. Thus, customers who spend $200 on movies a month will earn a total of 1,000 points. During the first 3 months, the first $500 spent on regular purchases earn a bonus of 2,000 points. Points can be redeemed in different ways – for meals, movies, and more. There is a minimum annual income requirement – $12,000.
- Annual fee: none
- Cash advances: 22.99 percent
- Purchase rate: 19.99 percent
Best Secured Credit Cards and Credit Cards for Bad Credit
Secured cards allow customers with poor and tarnished credit to rebuild their history and rating. This is good news for customers with missed and late payments and a history of delinquencies, foreclosures, and other negative events. Making regular and timely payments over a certain period of time allows borrowers to rebuild credit and apply for loans and cards with beneficial terms. Some secured cards go with higher interest rates, but this is not always the case. The credit limit varies and is usually equal to or lower than the deposit made. The deposit acts as a guarantee of timely payment. This is the reason why customers are approved without credit check. What is more, some providers offer the option to add an authorized user free of charge. Other benefits include Visa and MasterCard benefits, no annual fee, low rate options for authorized and primary cardholders, and more.
12. Refresh Financial Secured Visa Credit Card
This secured Visa by Refresh Financial helps customers to improve their credit score and goes with a competitive interest rate and low annual fee. Virtually everyone gets approved, regardless of their rating. In addition to fast and easy approval, there are added benefits for users, among which free financial education and the opportunity to build savings. The financial intelligence training program offers short educational movies to teach customers how to set financial goals, build personal wealth, save for the future, and use credit cards responsibly. Responsible use is obviously the key to building or rebuilding credit. Wise money management is also essential to stay away from debt in the long run and build a financial safety net. Users also learn how credit works and how to create a personal brand.
- Interest rate: 17.99 percent
- Annual fee: $12.95
