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The all-time credit cards in Canada 2022

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‡ On the commencement $500 spent per month

Canadas all-time credit cards in more than detail

Finding the right credit carte du jour could save y'all hundreds, if non thousands, of dollars a year. Whether yous're looking for lower fees, more rewards or just valuable perks like travel medical insurance or rental automobile savings, every dollar counts. If you apply your credit card wisely, pay off your balance monthly and observe the right rewards program for you, and you are sure to come up out ahead. In that location'south a slew of credit card options out there, and it can be challenging to observe the best deal—but this list of best credit cards in Canada is hither to assistance. Nosotros've highlighted the best in 13 different categories so that yous tin can zilch in on the ones that fit your spending habits, and offering features yous truly value. Recollect, this "all-time credit cards" ranking is the starting indicate; the last decision is yours to make.

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Best overall cashback credit carte

Scotia Momentum Visa Infinite*

I of the first things you'll notice about the Scotia Momentum Visa Infinite is its high earn rates in popular spending categories. You'll get four% cash back on groceries and recurring bills (like Netflix), 2% back on gas and transit (including Uber), and a 1% base of operations rate for spends in all other categories. The included insurance covers your mobile device, car rental, and travel eventualities, and y'all'll gain admission to Visa Infinite perks like Concierge Service and Hotel Collection. If you're looking for the well-nigh well-rounded and lucrative cash back card, our pick is the Scotia Momentum Visa Infinite.

Annual fee: $120 (waived for kickoff year)
Interest rates: purchases 20.99%, cash advances 22.99%, residual transfers 22.99%
Earn rate: iv% on gas and recurring bills; 2% on gas and daily transit; 1% on everything else
Welcome offer:You lot can earn 10% cash back on all purchases for the get-go 3 months (up to $2,000). Must use past May i, 2022.
Income requirement: $60,000 or a minimum household income of $100,000
Additional benefits: Mobile device insurance, travel emergency medical and travel accident coverage, auto rental damage/loss waiver, flight interruption and delayed and lost luggage insurance; and access to Visa Infinite experiences

Get more than details near the Scotiabank Momentum Visa Infinite*

Best rewards cards for everyday spending

American Express Cobalt Bill of fare*

With a high earn rate, a generous welcome bonus and easy-to-redeem points, the American Express Cobalt Carte is our top choice as the best travel credit card for everyday spending. The points you earn can exist used toward travel at a charge per unit of 1,000 points for $x for any flight on any airline with no coma dates, or use them toward the American Express Fixed Points Travel plan, which lets yous unlock even amend value on circular-trip flights. If you prefer to utilize your rewards for accommodations, you can transfer your points to 1 of the American Express Hotel partners, including Marriott Bonvoy.

Annual fee: $155.88 ($12.99 monthly)
Interest rates: purchases 20.99%, cash advances 21.99%
Earn charge per unit: 5 points per $1 spent on dining out and groceries; 2 points per $1 spent on travel; 1 point per $i spent on all other purchases
Welcome offer: In the start year, you'll earn ii,500 points when y'all spend $500 per month on eligible purchases—earning yous up to thirty,000 points.
Income requirement: $12,000
Additional benefits: Travel insurance; American Limited Invites

Become more details well-nigh the American Express Cobalt Menu*

All-time cash back cards

For simplicity: American Express SimplyCash Preferred*

If you're not a points hacker but nonetheless want returns in your dorsum pocket, consider the Amex SimplyCash Preferred carte du jour which makes earning money on your everyday spending simple. With this card y'all'll earn 2% on everything you accuse, so in that location are no spending categories to keep track of. Plus, for new cardholders, in that location'southward a promotional offer of 10% for the commencement four months when you could earn up to $400. At $99, the annual fee is moderate only that doesn't hateful the carte du jour has no perks. Travel and shop stress-costless with included insurance, and exist certain to take advantage of the shopping, dining and travel offers you get with American Limited.

Annual fee: $99
Involvement rates: purchases nineteen.99%, cash advances 21.99%
Welcome offering: 10% cash back for the beginning 4 months (upwards to $400 cash dorsum)
Earn charge per unit: 2% greenbacks back on everything you lot buy Income requirement: None specified
Additional benefits: Travel insurance; car rental theft and damage coverage; American Limited Invites program for shows, shopping sales and dining perks

Get more details about the American Express SimplyCash Preferred*

For bonus categories: CIBC Dividend Visa Infinite

On top of its standard ane% earn rate, the CIBC Dividend Visa Infinite bill of fare earns accelerated cash back rates in a diverse range of five common spending categories. It earns 4% greenbacks back on both groceries and gas (no other cash dorsum card earns more in those two essential categories), and y'all can earn twice the greenbacks back on dining (including deliveries), daily transit (includes transit passes to rideshares like Uber), and two% on recurring bills (think smartphone and cable bills). And it's a standout compared to other cash dorsum cards, as y'all can redeem whenever you similar, as opposed to just once a twelvemonth. Cash dorsum redemption is done in increments of $25.

Annual fee: $120 (rebated for first year)
Interest rates: purchases 20.99%, greenbacks advances 22.99%, balance transfers 22.99%
Welcome bonus: Get ten% cash back for all purchases on your commencement 4 statements, or first $ii,500 in purchases (up to $250 in cash dorsum). After that, the earn rate becomes iv% on gas and grocery purchases and ane% cash back on everything else.
Earn rate: 4% cash dorsum on gas and groceries; ii% on transportation, dining and recurring bills; and i% on everything else
Income requirement : $sixty,000 individual or $100,000 as a household

Boosted benefits: Mobile device insurance; emergency travel insurance; concierge service; Visa Space Dining and Wine Country program, save up to $0.10 per litre at participating Chevron, Ultramar and Pioneer gas stations when yous link your card with Journie Rewards. Get more details nearly the CIBC Dividend Visa Infinite

Best Visa travel points cards

For flat rate: Scotiabank Golden American Express*

If yous're an avid traveller looking for the best Visa menu in Canada, look no farther. In December of 2021, the popular Scene points plan expanded into Scene+ with additional partners and new shopping and travel rewards. With 5 Scene+ points for every $ane spent on dining and entertainment, three points per $ane on gas, transit and streaming services, and 1 point per $ane on everything else, the Scotiabank Gold American Express is the very best mode to take advantage of information technology. Travellers will be especially interested in Scene+ Travel which lets yous earn and redeem points on trips, hotels, car rentals, and more. Plus it has a adept suite of travel-related insurance. New members tin can showtime things off strong with upward to 40,000 Scene+ points, almanac fee waivers, and a 0% balance transfer offering.

Annual fee: $120 (rebated commencement twelvemonth)
Interest rates: purchases 19.99%, greenbacks advances 22.99%, balance transfers 22.99%
Welcome offer: You lot tin can earn a total of 45,000 bonus Scene+ points ($450 value). Kickoff, you'll earn 25,000 past spending $i,000 on everyday purchases in your showtime 3 months then earn another 20,000 points when you spend at least $7,500 in everyday purchases in your beginning year. Must utilise past July 4, 2022.
Earn rate: 5 Scene+ points for every $i spent on dining and entertainment, three points per $one on gas, transit and streaming services, and 1 betoken per $1 on everything else
Income requirement: $12,000
Boosted benefits: Travel emergency medical, trip cancellation and break, flight delay, lost or delayed baggage, travel accident, and rental auto collision coverages; hotel-motel break-in insurance; no strange transaction fees; Amex Offers, Amex Forepart-of-the-Line, and American Express Invites; discounted Priority Laissez passer membership

Get more details nearly the Scotiabank Gold American Express*

For dining and transit: BMO Eclipse Visa Infinite*

If you want to earn rewards on your dining and transit costs, look no further. You'll earn v times the BMO Rewards points on your spending at grocery stores and restaurants (including delivery and takeout) and on your transit costs, like gas, public transit and rideshares. Other categories earn at a rate of 1 betoken per $1. You can redeem your BMO Rewards points for travel, as well as gift cards and select products. Y'all can besides pay for purchases with your points directly— selecting a transaction of every bit little as $1 and using your points to comprehend it.

Annual fee: $120 (first year waived)
Interest rates: purchases xx.99%, cash advances 23.99%, balance transfers 23.99%
Welcome offering: Become 60,000 points ($400 in travel rewards) when you lot sign up. Also receive $50 lifestyle credit on your business relationship that yous use for any purchase.
Earn rate: v BMO Rewards points per $one on food purchases, including groceries, restaurants and commitment, as well every bit gas and transit purchases including taxis and rideshares; 1 point per $1 on everything else
Income requirement: $60,000 personal or $100,000 household
Additional benefits: Visa Space privileges

Get more details well-nigh the BMO Eclipse Visa Infinite Bill of fare*

Best no fee greenbacks back card

Tangerine Money-Back Credit Card*

If you lot're looking for a no-fee, cash-back credit card, so the Tangerine Money-Back bill of fare needs to exist on your radar. With 2% cash back on up to three spending categories of your choice (such equally groceries, gas and dining) and 0.5% back on everything else, this credit card is an excellent choice in the no-fee category. When yous sign up, instead the bank ready categories for y'all, you customize your cash-back spending options. Y'all cull two categories where you lot earn ii% correct away, only if you set your cash dorsum to deposit directly into your Tangerine account, then you get to add a 3rd category—significant you lot can reap some considerable rewards.

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

Annual fee: $0
Interest rates: purchases 19.95%, cash advances nineteen.95%, balance transfers 19.95%
Welcome offering: Earn 10% greenbacks dorsum (up to $100) when you spend $one,000 on everyday purchases within the commencement 2 months of having the carte du jour. Must use before May 31, 2022.
Earn charge per unit: 2% greenbacks back on up to 3 bonus categories of your choice; 0.5% on all other purchases
Income requirement: $12,000
Boosted benefits: Purchase balls and extended warranty

Get more details about the Tangerine Coin-Back Credit Card*

Best no-fee card for travel rewards

MBNA Rewards Platinum Plus Mastercard*

The MBNA Rewards Platinum Plus Mastercard offers a strong sign-upwardly bonus for a no-fee card, and the x,000 points on offer are easy to earn. All y'all demand to do is spend $500 in grocery and restaurant purchases inside 90 days of getting your carte to receive the first five,000 points. Sign upward for paperless e-statements to receive the rest. MBNA points are flexible and like shooting fish in a barrel to redeem for a variety of things including travel, where you become the well-nigh bang for your cadet at 100 points to claim $1 in travel. For reference, information technology takes 200 points to claim $one in cash back.

Annual fee: $0
Interest rates: purchases nineteen.99%, greenbacks advances 24.99%, balance transfers 22.99%
Welcome offer: For the start 90 days, yous can get upward to 10,000 points (approx. $50 in cash dorsum): 5,000 for registering for paperless eastward-statements, 5,000 for spending $500 in purchases with the card. Plus, earn four points for every $ane spent on eligible restaurant, grocery, digital media, membership and household utility purchases. (Not available for residents of Quebec, instead click here.)
Earn charge per unit:Earn 2 points for every $ane spent on eligible groceries and restaurants ($v,000 max annual spend per category) and 1 signal per $1 on everything else.
Additional benefits: Purchase assurance and extended warranty

Get more details about the MBNA Rewards Platinum Plus Mastercard*

Best Aeroplan card

TD Aeroplan Visa Infinite*

If you tend to fly Air Canada when yous tin, then the TD Aeroplan Visa Infinite could exist the credit carte du jour for you. This Visa gives y'all, and upwards to viii guests flying on the same itinerary, gratis checked bags on your Air Canada flights. And when booking, equally an Aeroplan credit cardholder, you become preferred pricing (using fewer points with Air Canada), too. We bet yous want to know about the newly revamped Aeroplan plan, too: The earn charge per unit for the card is one.five Aeroplan points per $1 spent on gas and groceries. And 1 Aeroplan point per $1 spent on all other purchases. This is a respectable earn charge per unit, since groceries and gas are typically what people spend the almost of their money on. You lot also get great travel insurance, mobile device insurance, purchase security, extended warranty and a Nexus rebate of up to $125.

Annual fee: $139 (rebated the first twelvemonth)
Interest rates: purchases nineteen.99%, cash advances 22.99%, balance transfers 22.99%
Welcome bonus: You can earn up to 50,000 Aeroplan points. First, earn 10,000 as a welcome bonus when you make your first purchase and another twenty,000 when you spend $1,500 in the first 90 days. Later that earn another xx,000 Aeroplan points when you spend $seven,500 within the first 12 months of opening an business relationship. Must apply by September 5, 2022. Quebec residents, click here.
Earn rate: ane.five Aeroplan points per $1 spent on gas and groceries, i Aeroplan bespeak per $1 spent on everything else
Our favourite features: Free checked bags
Boosted benefits: Travel insurance, mobile device insurance, up to $125 Nexus rebate every 48 months

Plus, when TD credit carte holders refer friends and family for an eligible TD credit bill of fare, they tin can earn a $100 east-gift card when their application is approved. You can earn up to iii east-gift cards (a $300 value) inside the offering flow, which ends May 29, 2022.

Get more than details about the TD Aeroplan Visa Infinite*

Best Air Miles credit card

BMO Air Miles World Elite Mastercard*

Air Miles collectors, rejoice! The Air Miles World Elite Mastercard from Bank of Montreal pairs ane of the well-nigh generous Air Miles earn rate av ailable—one mile per $12 spent—with an extremely valuable suite of travel-related perks, including travel insurance. (Plus three times the miles at Air Miles partners.) New cardholders get the outset yr's almanac fee waived, and the welcome offer of ii,000 Miles will requite you a substantial offset on your miles collection.

Annual fee: $120 (waived for the first twelvemonth)
Interest rates: purchases 20.99%, cash advances 23.99%, balance transfers 22.99%
Welcome bonus: new cardholders receive 3,000 miles ($310 value)
Earn rate: 1 Mile per $12 spent on your card
Income requirement: $80,000 (individual) or $150,000 (household)
Additional benefits: up to 15 days of out of province/out of state emergency medical protection worth up to $2 million; trip cancellation/break coverage; luggage and personal effects insurance; and rental car insurance

Become more details about the BMO Air Miles World Elite Mastercard*

All-time low-interest credit bill of fare

MBNA True Line Golden Mastercard*

People looking to reduce the corporeality of involvement they pay should consider a low-interest credit card similar the MBNA True Line Golden card. Yous won't earn anything for your spending on the carte du jour, only the interest rate is but 8.99%, which is significantly lower than the average of xix.99% nearly other credit cards charge. If you're currently carrying a residuum on a credit carte du jour with a higher involvement rate, then you should too consider taking advantage of the optional remainder transfer at the fourth dimension of awarding. Balances transferred won't be charged interest for a full 6 months, which could save you bundles.

Annual fee: $39
Involvement rates: purchases 12.99%, cash advances 24.99%, balance transfers 12.99%
Purchase interest rate: 8.99%
Residuum transfer offer: Optional balance transfer at 0% involvement for the starting time six months (3% transfer fee, $7.50 minimum fee)
Notation:this offering is not available for residents of Quebec

Become more details about the MBNA True Line Aureate Mastercard*

Best credit card to store local

This is a new category on our list this year. We wanted to share a fleck more info on how credit cards are catering to those who desire to support businesses near them. Credit cards are accepted pretty much everywhere, fifty-fifty modest mom-and-pop shops. The lure of shopping with bigger retailers has been the potential for rewards; just those who want to store local to support their communities can now collect rewards besides, including cash back. And now there is a card that gives preferencial rates for shopping local (more on that beneath). In an effort to boost the profile of small businesses and help them survive the volatility of the pandemic, many credit carte du jour companies have launched programs to connect consumers with the best of their communities. For example, with American Express's Shop Pocket-size , consumers can easily locate and purchase from local vendors. Visa's Back to Business Locator identifies merchants across blazon and location, providing piece of cake access for local spenders. Through its partners, Mastercard offers small businesses a variety of tools they tin utilise to succeed, from cybersecurity to customer human relationship direction, all available in its Business Resource Heart . These are all excellent programs aimed at keeping pocket-size businesses vital, but when it comes to consumer perks for shopping local, our height credit card pick is the Neo Menu.

The Neo Card (standard plan)*

Links to Neo website The Neo Card works with thousands of partnering vendors—large box, chains and local, likewise—across Canada to deliver noteworthy cash back rewards. Spends earn you lot an average of iv% cash dorsum, with 1% being the minimum. That guaranteed one% beats most cards, every bit the typical base charge per unit for cash dorsum cards is 0.5%. And Neo's bonus rewards of fifteen% back on your first purchase sweetens the deal. Those looking for even beefier bonuses tin can consider the Neo Card Plus or Max for college earn rates (monthly fees: $three or $9, respectively). To find out if a local business is a partner, check Neo'south local map guide in its app. When you lot use your Neo credit card, you tin score special deals plus cash dorsum. It'south a win-win. Information technology as well has bigger partners too, like Bell, Canadian Tire and Esso.

Annual fee: $0
Interest rates: purchases 24.99%, cash advances 26.99%
Welcome offer: Earn 15% cash back on your get-go purchase.
Earn rate: It does vary, merely information technology averages 4% back on the free standard plan, with a minimum 1% cash back.
Additional benefits: Mastercard Nil Liability fraud protection; freeze your lost carte du jour

Get more details nigh the Neo Menu*

Honourable mention for local shopping: Visa

Visa's Dorsum to Business program is aimed at supporting small businesses as they contend with the challenges of the COVID-19 pandemic. The Back to Business Locator uses the Visa payment network to identify and list businesses in their database which shoppers tin can utilize to observe local vendors. Customers tin join Visa's #MySmallBizReco entrada to shout-out their favourites. Additionally, the company has a resources hub offer courses, grants, and tools to help modest business owners.

Best student credit card

BMO CashBack Mastercard*

The academic twelvemonth tends to be forepart-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, particularly with a great welcome bonus of 5% cash back on purchases on your offset iii statements. Later on the bonus catamenia, you lot'll nonetheless earn iii% cash back on groceries, 1% on recurring pecker payments, and 0.5% on everything else. Fortunately for busy students, this straightforward card doesn't have a complicated points organisation or tiered earn rates — it just provides simple cash back.

Annual fee: $0
Interest rates: purchases 19.99%, greenbacks advances 22.99%, balance transfers 22.99%
Welcome offer: Go up to 5% cash back for the first 3 months, plus a $50 cash back bonus, adding upwardly to $175 in cash back in your first twelvemonth. Information technology as well features a 1.99% introductory interest rate on balance transfers for 9 months with ane% transfer fee
Earn rate: 3% cash dorsum on groceries; i% on recurring bill payments; 0.5% on everything else
Additional benefits: Extended insurance on purchases made with the carte du jour; up to 25% off rentals at eligible Alamo and National Machine

Get more than details well-nigh the BMO CashBack Mastercard*

All-time credit card for fiscal literacy

Koho Visa*

When it comes to managing money, nigh of us could apply a picayune help which is where fintech (financial technology) companies are coming to the rescue. Accept Koho, which offers a free spending and savings business relationship that lets you lot use a prepaid Visa card to have the guesswork out of your finances while earning cash back rewards. Included tools for budgeting, tracking, round-ups and credit building volition help y'all stay on track while their greenbacks dorsum rewards put a little extra in your wallet.

Almanac fee: $0
Interest rates: N/A
Welcome offer: None
Earn rate: 0.v%
Boosted benefits: Access to budgeting and tracking tools, instant round-upwards on purchases, early access to $100 of government cheques

Go more details virtually the KOHO Visa*

Best hotel carte du jour

Marriott Bonvoy American Limited*

For those who travel frequently and want to make the about of their hotel-stay purchases, the Marriott Bonvoy American Express is ane of the all-time hotel rewards cards in Canada. You can earn Bonvoy points on your credit card purchases that tin can be redeemed for a variety of perks and bonuses within the Marriott Bonvoy environment. That includes: Stays offered at more than vii,000 hotel properties worldwide, flights and rental cars, or you can exchange them for gift cards, trade or event tickets. The earn rate is v points per $1 at Marriott properties and two points per $one everywhere else. With an annual costless night and travel insurance, this is by far the best hotel bill of fare on the market.

Annual fee: $120
Interest rates: purchases nineteen.99%, greenbacks advances 21.99%
Welcome offer: Earn 65,000 Marriott Bonvoy points plus a $100 credit on your statement when you charge $1,500 in purchases to your card inside the first three months. Must Utilise past May x, 2022.
Earn rate: 5 points per $i at Marriott properties; and 2 points per $1 everywhere else
Additional perks: travel insurance; car rental coverage; annual free night's accommodation

Become more details about Marriott Bonvoy American Express*

Best store or retail card

PC Fiscal Globe Aristocracy Mastercard*

PC Financial Word Elite Mastercard Due to its clan with Loblaws stores and Shoppers Drug Mart, the PC Optimum program offers members access to a broad variety of ways to earn PC Optimum points, including gas, drug store and grocery purchases. With an earn rate of 30 points per $1 in Loblaws-owned stores (including No Frills and Real Canadian Superstores), 45 per $1 at Shoppers Drug Mart, and 10 everywhere else, this card is ane of the best no-fee cards for gas and groceries on the market. Information technology's simple to redeem points. Yous simply show the card at checkout anywhere PC products are sold and become $10 back for every ten,000 points. There'due south fifty-fifty an included package of travel and car rental insurance—and it carries no annual fee.

Annual fee: $0
Interest rates: purchases 20.97%, cash advances 22.97%, balance transfers 22.97%
Earn rate: 30 points per $1 in Loblaws stores (including No Frills and Existent Canadian Superstores) and PC Travel; 45 points per $1 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), besides as a $15,000 minimum annual spending requirement
Additional perks: Travel insurance; car rental coverage

Go more than details about the PC Fiscal World Aristocracy Mastercard*

All-time carte for perks

American Express The Platinum Card*

If you're looking for a premium credit card with loads of perks, you'd exist hard-pressed to find annihilation better than The Platinum Card from American Limited. The included travel insurance lonely is worth a second look, simply add to that complimentary airport lounge admission with unlimited passes to Priority Pass and Centurion lounges, an almanac $200 travel credit, hotel upgrades and Platinum Concierge services, and you lot've got the primal to an upgraded experience. The carte du jour offers plenty of Membership Rewards points earning opportunities on dining, travel and everyday purchases, and comes with a sweet welcome bonus. Another advantage of joining the Amex system is that you'll gain access to the lucrative Fixed Points Travel programme, and you'll be able to transfer your points to dozens of other loyalty programs.

Annual fee: $699
Interest rates: Northward/A
Welcome offering: Earn up to 110,000 points. In the offset three months of having the card, you'll get 90,000 points afterward you charge $6,000 in net purchases to your card. You tin can also earn 10 points for every $1 spent on eligible travel purchases (up to 20,000 points) for the start 6 months of having the card. Must employ by May 11, 2022.
Earn charge per unit: 3 points per $one on dining and food delivery; 2 points per $ane spent on travel; 1 point per $1 on everything else
Boosted Benefits: Unlimited gratis lounge access at over i,200 aerodrome lounges; $200 annual travel credit; travel emergency medical insurance; travel blow insurance; car rental coverage; hotel upgrades; Platinum; Concierge services; American Express Invites

Become more details about The Platinum Card from American Limited *

Best no-fee menu for perks

Skirt Financial Mastercard*

Just because you lot desire a no-fee menu doesn't mean you can't go lots of perks. The Brim Financial Mastercard lets you lot earn points on all your purchases plus bonuses on spends at partner stores. Redeemable in increments of 100 (worth $1, or an earn rate of 1%), the points can exist used against whatsoever transaction or equally a balance credit. On acme of the points program, the Brim carte has no foreign exchange fee and then y'all'll relieve around 2.5% on your in-person or online cross-border shopping. Extras—like gratuitous worldwide wi-fi with Boingo, insurance for your mobile device, and common carrier accident insurance—round out the offer.

Annual fee: $0
Interest rates: purchases 19.99%, cash advances 21.50%, balance transfers 19.99%
Welcome offer: $200+ in first-time bonuses
Earn rate: 1 betoken per $1 on everything you purchase, plus bonus points at partner merchants like Warby Parker, Nike, Microsoft and more than
Additional Benefits: No foreign exchange; free global wi-fi past Boingo; up to $500 in mobile device insurance; event ticket reimbursement; common carrier accident insurance; flexible payments; family cards; budgeting and tracking tool Get more than details virtually the Brim Financial Mastercard*

Best secured credit carte du jour for building credit

Home Trust Secured Visa*

Looking for a card to improve your own credit score? Maybe you are new to Canada, take a problematic credit history, or are but starting out on your own financially. There are many reasons why y'all might demand to build or rebuild your credit—but whatever the case, you'll want to have steps towards achieving a healthy credit score. That's where the no-fee Home Trust Secured Visa can come in. Unlike with conventional credit cards, it's easy to be approved for a secured carte du jour—you just need to be a resident of Canada (except Quebec) and have a deposit. The Domicile Trust Secured Visa tops our list for its depression minimum eolith (you lot can get-go with as trivial as $500) and $0 annual fee. With this carte du jour, edifice your credit score is unproblematic and affordable.

Annual fee: $0
Interest rates: purchases 19.99%, cash advances 19.99%
Interest rate: xix.99%
Additional benefits: None

Get more than details well-nigh the Domicile Trust Secured Visa*

All-time Mastercard

Rogers World Elite Mastercard

Rogers World Elite Mastercard A well-rounded card that serves travellers and cross-border shoppers, the Rogers World Elite gets this nod because information technology offers 3% cash back on U.S.-currency purchases, which works out to a 0.five% render when you factor in foreign transaction fees. Pair that with no annual fee, and one.5% dorsum on all other purchases, and you have a competitive card. However, world travellers will want to keep in mind that only the regular 1.v% earn rate will employ on foreign currency purchases outside the U.S., so yous won't come up out alee after beingness hit with the 2.v% foreign transaction fee. This carte does include travel medical insurance, which covers you for trips up to 10 days. Yet, it too comes with a $15,000-a-year minimum spend, and a steep annual income requirement. So yous'll want to consider some other selection if you don't make $80,000 a year every bit an private, or $150,000 as a household.

Almanac fee: $0
Involvement rates: purchases 19.99%, cash advances 22.99%, balance transfers 22.99%
Welcome bonus: $25 when yous make your first purchase inside your first 3 months
Earn charge per unit: iii% on purchases in U.S. currency (0.5% later on strange transaction fees); and 1.5% cash back on all other purchases
Income requirement: $lxxx,000 individual; $150,000 household
Additional benefits: Travel emergency medical insurance for 10 days; rental car insurance; trip pause and counterfoil coverage

Summary

Canada's best credit cards

	Credit Menu	All-time	Almanac Fee
one	American Express Cobalt	Travel rewards card for everyday spending	$120
2	Scotiabank Gold American Express	Travel rewards menu for everyday spending	$120
3	American Express SimplyCash Preferred	Cash back carte du jour (apartment rate)	$99
4	CIBC Dividend Visa Infinite	Greenbacks back card (bonus category)	$120
five	TD Outset Class Travel Visa Infinite Card	Visa travel card (apartment rate)	$120
six	BMO Eclipse Visa Infinite Carte	Visa travel bill of fare (dining and transit)	$120
7	Tangerine Money-Dorsum Credit Card	No fee cash back card	$0
8	MBNA Rewards Platinum Plus Mastercard	No fee travel menu	$0
9	TD Aeroplan Visa Space	Aeroplan card	$139
ten	BMO Air Miles World Elite	Air Miles card	$120
xi	MBNA True Line Gilt	Low interest card	$39
12	BMO CashBack Mastercard	Pupil card	$0
thirteen	Marriott Bonvoy American Express	Hotel card	$120
14	PC Financial Earth Aristocracy Mastercard	Shop/retail card	$0
15	American Express Platinum	Premium rewards card	$699
16	Domicile Trust Secured Visa	Secured credit carte for edifice credit	$0

How do credit cards work?

It'due south important to understand exactly what credit cards do, so yous can use them to maximum advantage without falling into financial trouble. In that location are lots of benefits that come up forth with having a credit card. For example, they offer credit that can be used when yous 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 support to the maximum credit limit on your card. A credit carte du jour's strongest advantage is convenience. Simply pay for your purchase with your credit carte and you will exist billed for the outstanding balance the following month—no cash in your wallet required. Other benefits include the power to accrue rewards and points—such every bit greenbacks back or travel points—based on a percent of your purchases each calendar month, commonly betwixt i% to 4%, depending on which credit card you cull. You can and then redeem those points for gift cards, travel or other items offered through the credit card company'due south online rewards catalogue. Credit cards can also assist yous build credit. If you e'er pay on time, that will aid you accomplish a high credit score (650+points), allowing you to infringe for a mortgage or a car loan in the futurity at a reasonable interest rate from your local financial establishment. Of form, credit cards need to be used responsibly, and they work best when you are a disciplined spender. Have only one or 2 cards in your wallet and make sure they match your spending habits. And of form, make certain you can pay off the balance in full (or at the very least make the minimum payment) every calendar month so you don't have to pay hefty interest on your unpaid residual. This tin can result in costly fees every bit well as getting points knocked off your credit score—a real no-no. Simply with a bit of diligent oversight and self-control, credit cards become helpful and convenient fiscal tools that tin can brand 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 y'all spend, the more than rewards you lot get. For those who pay off their balance in full every month, these cards tin can actually add together value. There are 4 main types of rewards cards:

Cash-back credit cards

These cards offering a rebate credited to your residue, usually calculated as a percent of the dollar value of your purchases. Though nigh cash-back cards have accelerated earn rates in certain categories (groceries and gas, for example), they all as well have a minimum base of operations rate for spends outside those categories. Your cash back rewards can assist you lot save on annihilation 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 non exist as straightforward equally cash back, but travel points cards tin can help you salvage 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 oft 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 involvement rates sitting at anywhere betwixt xix.99% and 22.99%, most rewards credit cards aren't the right fit for people who carry a balance. That's where depression-interest cards come up in. These cards, which typically charge betwixt 8.99% and 12.99% involvement on purchases, permit cardholders access to credit without loftier interest charges that chop-chop add up. They don't usually take 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 than time to pay off your card remainder.

Residual transfer credit cards

One time y'all accrue a debt load on an existing credit card, the interest will compound—rapidly. Your all-time bet is to transfer the debt to a balance transfer credit card, which lets you movement debt from a high-interest card to i with a lower rate. These cards often offer promotional interest rates for a specific flow—0% interest for the commencement 10 months, for example—which tin can buy you time to pay down your balance with piffling or no interest. Sometimes, even the regular involvement rate on a balance transfer card is lower than usual.

Student credit cards

Educatee, 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 mode of perks or extras, but some exercise offer some decent rewards on your everyday spending.

Secured credit cards

People who lack a good credit score or a local credit history oftentimes have trouble getting approval for standard credit cards. This can be a existent problem for those wanting to build upwards their credit towards a future buy or loan—just secured cards can offering a solution. This kind of card is "secured" with a eolith by the applicant and virtually anyone will be approved. The responsible use of a secured card volition 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 expect at your priorities. If you usually carry a remainder or you desire to reduce your debt, then a low-interest or balance transfer card should be the but types you consider. People who always pay off their full balance every month need to decide whether a travel or greenbacks-dorsum bill of fare makes more sense for them. Travel cards tin offer lucrative rewards, merely if you lot don't like to travel, there'due south no betoken in you getting a travel credit card. If this sounds like y'all, then a cash-back card may exist the fashion to go. Now that you've got your category of carte selected, take a expect at the earn rate, additional, benefits and which type of points yous earn for each card. If you happen to spend a lot on gas and groceries, then wait for a card that has a high earn charge per unit for those categories. The annual fee should besides be a consideration in your decision making, but if you call up you're getting good value out of your additional benefits and you're making more dorsum than you paid with the fee, and then information technology shouldn't exist a big deal.

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

In the end, your decision will come up downward to whether a cash back or travel rewards credit card suits your needs and spending habits all-time. As mentioned, travel rewards can exist lucrative, only a greenbacks-back carte du jour is simple since you don't need to worry most any potential travel restrictions. Hither are some tips for considering each type of card. The first thing you want to look at is the earn rate. Accept stock of your spending habits and selection a card that will earn you the most rewards. For example, if you lot spend a lot on gas, and so option a card that earns you more greenbacks back at gas stations. High-earn rates are slap-up, but keep in listen that many of the pinnacle cards have a high-income requirement. Greenbacks dorsum programs are simple to understand, but some credit cards will just requite you lot what you've earned afterward yous accomplish a minimum amount or one time per calendar year. Find out how y'all'll get paid and make sure you're okay with information technology before you utilize. If you lot're considering a menu with an annual fee, make sure the extra cash back y'all earn is worth more than than the fee. If it's not, stick to a no-fee card.

Selecting a rewards credit card

By and large speaking, cards that earn you points are usually best used for travel redemptions. These cards will probable give you other ways to cash out your points, but the majority of the fourth dimension, you get the near value for your points when redeeming for travel. Similar to cash-back cards, you want to pick a menu that gives you the most points on the categories you spend the near money. You likewise desire to figure out what type of travel you prefer; you could go an airline-branded credit card or a hotel-branded ane. In that location are besides 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 and so you lot tin can maximize your points.

Our methodology

For the best credit cards 2021 ranking we ran the numbers for each of the cards in the vii categories based on $2,000 in monthly spending ($1,000 monthly for the pupil cards) as well as involvement rates and offers. We besides fabricated some assumptions on spending—grocery spend of $500, gas of $200, restaurants of $200 and bill payments of $125, travel of $175, amusement 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 superlative cards in each category, plus an honorary mention. As highlighted higher up, our methodology too took into consideration other factors, including the value of a credit carte'due south welcome bonuses, insurance benefits and flexibility. ‡MoneySense.ca and Ratehub.ca are both endemic by parent company Ratehub Inc. We may be partnered with some financial institutions, only this does not influence the "Canada'south Best Credit Carte" rankings. You can read more than about this in our Editorial Lawmaking of Conduct.

Canada's best credit cards 2022

By Barry Choi, Julie Cazzin and Keph Senett onJanuary four, 2022

What does the * mean?

If a link has an asterisk (*) at the end of it, that means it's an affiliate link and tin can sometimes issue in a payment to MoneySense (owned by Ratehub Inc.) which helps our website stay complimentary to our users. It's of import to note that our editorial content volition never be impacted past these links. We are committed to looking at all bachelor products in the market, and where a production ranks in our commodity or whether or non information technology's included in the first place is never driven by compensation. For more details read our MoneySense Monetization policy.

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Source: https://www.moneysense.ca/spend/credit-cards/best-credit-cards-in-canada/