24 Best Credit Cards In Canada (Dec 2022)

October 22, 2022
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There are quite a few good credit cards out there, but some stand out above the rest for their impressive welcome bonuses, promotional cash back rates, and excellent rewards. I constantly keep up with the latest promo rates and policy changes and make my recommendations below based on years of experience.

I recommend the American Express Cobalt Card as the #1 credit card in Canada due to its low monthly fees, very high earn rate on Eats & Drinks, and 30,000 welcome bonus points. It is one of the most flexible cards, with the option to transfer your points to other programs, and it comes with comprehensive insurance.

The Best Cash Back Credit Cards In Canada

  1. American Express Cobalt Card: Best for excellent welcome bonus and flexible rewards
  2. BMO CashBack World Elite Mastercard: Best for promotional cash back rate
  3. BMO CashBack MasterCard: Best for no annual fee cash back card

The Best Travel Credit Cards In Canada

  1. BMO Eclipse Visa Infinite Card: Best for travel perks and generous welcome bonus
  2. BMO Ascend World Elite Mastercard: Best for Mastercard Travel Pass membership and BMO Concierge services
  3. TD Aeroplan Visa Infinite Card: Best for emergency road services and Visa Infinite Concierge service 
  4. BMO AIR MILES MasterCard: Best for no annual fee travel card

The Low-Interest Credit Cards In Canada

  1. MBNA True Line Mastercard credit card: Best for no annual fee and 12-month interest grace period
  2. MBNA True Line Gold Mastercard: Best for low-interest rate on cash advances

The Best Balance Transfer Credit Cards In Canada

  1. CIBC Select Visa Card: Best for low balance transfer fee and 10-month interest grace period
  2. Scotiabank Value Visa Card: Best for low-interest rates on cash advances and purchases
  3. President’s Choice Financial World Elite Mastercard: Best for earning PC points and comprehensive insurance

The Best Secured Credit Cards In Canada

  1. Capital One Guaranteed Approval Secured Mastercard: Best for low-security deposit requirement
  2. Home Trust Secured Visa: Best for reporting monthly to Equifax and TransUnion plus flexible interest rates
  3. Canadian Tire Triangle Mastercard: Best for earning cash back in CT Money

The Best Prepaid Credit Cards In Canada

  1. KOHO Mastercard Prepaid Card: Best for no foreign exchange fees
  2. STACK Prepaid Mastercard: Best for earning cash back on select hotels
  3. KOHO Premium Reloadable Prepaid Mastercard: Best for customizable cash back categories

The Best Visa Credit Cards In Canada

  1. BMO eclipse Visa Infinite Privilege Card: Best for access to Visa Airport Experiences, Visa Infinite Dining Series, and Visa Infinite Wine Country
  2. CIBC Dividend Visa Infinite Card: Best for comprehensive medical and travel insurance and discounts at partner stores
  3. Home Trust Preferred Visa Card: Best for no foreign exchange fees, unlimited cash back, and no annual fee

The Best Mastercard Credit Cards In Canada

  1. BMO AIR MILES World Elite Mastercard: Best for Mastercard Travel Rewards and complimentary Mastercard Travel Pass
  2. MBNA Rewards Platinum Plus Mastercard: Best for high cash back rate on groceries, restaurants, memberships, and household utilities
  3. Tangerine World Mastercard: Best for customizable cash back categories

American Express Cobalt Card

Great for exchanging MR points with other rewards program and high MR earn rate
  • Annual Fee
    $156
  • Interest Rate
    20.99% on purchases, 21.99% on cash advances
  • Welcome Bonus
    30,000 MR points
  • Rec. Credit Score
    660+
  • Features & Benefits

    • Earn 2,500 Membership Rewards points as a welcome bonus after you spend $6,000 within a year ($500/month)
    • $300 in statement credits towards purchases charged to your card
    • $225 credit in American Express Prepaid Cards
    • Access to American Express Experiences
    • Access to American Express Front Of The Line presales
  • Pros & Cons

    Why we like it

    Great for exchanging MR points with other rewards program and high MR earn rate

    Pros

    • 30,000 MR bonus points
    • Earn 5 points per $1 spent on eligible eats & drinks purchases
    • Transfer points 1:1 to other loyalty programs (Aeroplan, Marriot Bonvoy, and more)
    • Access to presale tickets and VIP seating in select events through American Express' Front Of The Line program
    • $100 Travel Credit and 4 complimentary visits to Plaza Premium Lounges
    • Comprehensive travel and medical insurance
    • Relatively low annual fee ($156)

    Cons

    • Needs a fairly good credit score (660+)
  • More Details

    Bonuses and fees

    The American Express Cobalt Card is a premium credit card with an annual fee of $156. This card is unique because its Membership Reward points can be exchanged 1:1 with some of the best rewards programs, including the Aeroplan and the Marriot Bonvoy program.

    Rewards

    You can earn MR points at a rate of:

    • 5 MR points per $1 spent on eats & drinks
    • 3 MR points per $1 spent on streaming subscriptions
    • 2 MR points per $1 spent on travel & transit
    • 1 MR point per $1 spent on everything else

    Redeeming your points

    The American Express Cobalt Card offers plenty of options to exchange your points. You can spend them directly on categories like streaming subscriptions, various eats & drinks, movie tickets, or statements of credit.

    Additionally, you can Exchange your MR points for Aeroplan, Avianca LifeMiles, Hilton Honors, Choice Privileges, or Marriott Bonvoy points.

    Insurance

    This card offers very complete coverage, including categories like:

    • Emergency Medical Insurance
    • Flight Delay Insurance
    • Lost or Stolen Baggage Insurance
    • Mobile Device Coverage
    • $250,000 Travel Accident Insurance

BMO CashBack World Elite Mastercard

Great for high promotional earn rate for the first three months and high cash back on groceries
  • Annual Fee
    $120 (1st year free)
  • Interest Rate
    20.99% on purchases, 23.99% on cash advances
  • Welcome Bonus
    $200
  • Rec. Credit Score
    760+
  • Features & Benefits

    • Earn $200 in cash back after spending $2,000 in your first 3 months
    • Complimentary Mastercard Airport Experiences membership
    • Complimentary Roadside Assistance Program
    • Mastercard Travel Rewards membership and access to cash back offers when travelling abroad
  • Pros & Cons

    Why we like it

    Great for high promotional earn rate for the first three months and high cash back on groceries

    Pros

    • Earn 10% cash back on all purchases for the first 3 months
    • 5% cash back on groceries
    • First year's fee is completely waived
    • Comprehensive travel and medical insurance
    • Access to a comlimentary road assistance program
    • Purchase ProtectionPlus insurance for stolen or damaged items

    Cons

    • Requires a minimum yearly income of $80,000
    • Relatively high annual fee
  • More Details

    Bonuses and fees

    The annual fee for the BMO CashBack World Elite Mastercard is $120 (waived for the first year). It comes with one of the best promotional cash back rates of 10% for the first three months, and you can redeem your cash back for as little as $1 at any time. You can also set up automatic deposits and get your cash back sent to your BMO chequing or savings account, your InverstorLine account, or use it directly as credit in your monthly statement.

    Perks and Benefits

    The BMO CashBack World Elite Mastercard offers many ways to earn cash back. For the first three months, you will get 10% cash back on all categories. After the promotional period, you will still earn a substantial amount of cash back on eligible categories: groceries (5% cash back), transit (4% cash back, including taxis and public transportation), gas and EV charging (3% cash back), recurring payments and subscriptions (2% cash back), and 1% on all other purchases.

    Additional benefits include a Mastercard Airport Experiences complimentary membership and access to exclusive Mastercard Travel Reward offers when travelling and shopping outside Canada.

    Insurance

    The BMO CashBack World Elite Mastercard lives up to its name and offers comprehensive travel and medical insurance, including:

    • Baggage delay and loss insurance
    • Flight delay insurance
    • Car rental insurance
    • Travel accident insurance
    • Medical emergency insurance
    • Roadside Assistance program

BMO CashBack MasterCard

Great for high earn rate on groceries and very low balance transfer fees
  • Annual Fee
    $0
  • Interest Rate
    19.99% on purchases, 22.99% on cash advances
  • Welcome Bonus
    $25
  • Rec. Credit Score
    660+
  • Features & Benefits

    • $125 in cash back as a welcome bonus after spending $2,500 within your first 3 months
    • Get a 1.99% introductory interest rate on Balance Transfers for 9 months, 1% fee applies to balance amounts transferred
    • Redeem your cash back as a direct deposit, credit on your statement, or a deposit to your BMO InvestorLine account
    • Extended Warranty and purchase protection
    • Discount on car rentals
  • Pros & Cons

    Why we like it

    Great for high earn rate on groceries and very low balance transfer fees

    Pros

    • Earn 5% cash back on all purchases for the first 3 months
    • 3% cash back on groceries
    • Very low introductory interest rate (1.99%) for the first 9 months
    • Redeem any amount of cash back instantly & set up automatic deposits
    • Extended warranty and protection on all purchases
    • 25% off at National Car Rental and Alamo Rent a Car locations

    Cons

    • Cash back capped at $500/month
    • Low base earn rate
  • More Details

    Bonuses and fees

    The BMO CashBack Mastercard is a no-fee credit card that offers very competitive cash back rates, even compared to some premium credit cards. New cardholders can enjoy a 5% cash back on all purchases for the first three months. If you’re looking to transfer your balance, this is also a great option; the BMO CashBack Mastercard charges just 1% in transfer fees and has a fixed 1.99% rate for the first 9 months.

    Rewards

    The BMO CashBack Mastercard offers cash back on all purchases and bonuses in certain categories. Here’s the breakdown:

    • 3% cash back on groceries 
    • 1% on subscriptions like streaming services and utilities
    • 0.5% on all other purchases

    Perks and Benefits

    Redeeming Your Cash Back

    After accumulating $25 in cash back, you can redeem it at any time. Here are the options you have:

    • Set up deposits directly into a BMO account (Savings, Chequing, or InvestorLine)
    • Get a credit on your monthly statement
    • Set up recurrent payments when you accumulate a certain amount of cash back
    • Get a one-time lump sum payment

    Keep in mind your cash back rewards won’t expire as long as your account is in good standing.

BMO Eclipse Visa Infinite Card

Great for high earn rate on groceries, gas, and transit
  • Annual Fee
    $120 (1st year free)
  • Interest Rate
    20.99% on purchases, 23.99% on cash advances
  • Welcome Bonus
    70,000 pts
  • Rec. Credit Score
    725+
  • Features & Benefits

    • Earn 70,000 bonus points as a welcome bonus for your first year
    • Earn a $50 lifestyle credit as a welcome bonus
    • Add an authorized user and earn 10% bonus points
    • Redeem your points to pay for purchases
  • Pros & Cons

    Why we like it

    Great for high earn rate on groceries, gas, and transit

    Pros

    • 70,000 bonus welcome points
    • Earn 5 BMO Rewards points per $1 spent on groceries, gas, and transit
    • Earn 10% more BMO Reward points when you add an authorized user
    • Car rental & mobile device insurance (for up to $1,000)
    • Complimentary Concierge service through the Visa Infinite Concierge program
    • Comprehensive travel and medical insurance

    Cons

    • Requires a minimum yearly income of $60,000
    • Needs an excellent credit score (725+)
  • More Details

    Bonuses and fees 

    The BMO Eclipse World Elite Mastercard has an annual fee of $120, and, like all BMO cards, it is completely waived for new cardholders for the first year. To apply for this card, you will need an income of $60,000 and a credit score of 725 or more. It offers attractive travel benefits and includes access to the Visa Infinite Troon Golf Benefit at over 95 resorts.

    Rewards

    With this card, you can earn points on every purchase. Here are the rates:

    • 5 points per $1 spent on dining, eats & drinks, gas, and transit
    • 1 point per $1 spent everywhere else

    Perks and benefits

    • 10% more points on all purchases when you add an authorized user
    • $50 annual Lifestyle Credit
    • Access to the Visa Infinite Luxury Hotel Collection and Visa Infinite Concierge

    Insurance 

    The BMO Eclipse Visa Infinite offers insurance in several categories:

    • Mobile device insurance
    • Travel insurance
    • Emergency medical insurance
    • Car rental collission
    • Extended warranty

BMO Ascend World Elite Mastercard

Great for travel perks and bonus points on all travel-related purchases
  • Annual Fee
    $150 (1st year free)
  • Interest Rate
    20.99% on purchases, 23.99% on cash advances
  • Welcome Bonus
    70,000 pts
  • Rec. Credit Score
    760+
  • Features & Benefits

    • Earn 70,000 points as a welcome bonus on your first year
    • Annual fee waived for the first year
    • Mastercard Travel Pass membership
    • Cover all flight charges and taxes using your points
    • Access to BMO Concierge services and Mastercard Travel Rewards when travelling abroad
  • Pros & Cons

    Why we like it

    Great for travel perks and bonus points on all travel-related purchases

    Pros

    • 70,000 bonus welcome points
    • Earn 5 BMO Rewards points per $1 spent on eligible travel purchases
    • Complimentary Mastercard Travel Pass membership (4 free passes/year) & BMO Concierge services
    • Earn 3 BMO Rewards points per $1 spent on dining, entertainment, and recurring bills
    • Annual fee is completely waived for the first year
    • Comprehensive travel and medical insurance for up to $2 million

    Cons

    • Requires a minimum yearly income of $80,000
    • Needs an excellent credit score (760+)
  • More Details

    Bonuses and fees 

    The BMO Ascend World Elite Mastercard is a premium travel card with an annual fee of $150 (waived for the first year for new cardholders). To apply for this card, you need an excellent credit score of at least 760, plus an annual income of $80,000 or more. It comes with a free Mastercard Travel Pass membership, medical coverage, and more.

    Rewards

    With this card, you can earn points on all purchases, but some categories offer better rates:

    • 5 points per $1 spent on travel-related purchases
    • 3 points per $1 spent on entertainment, dining, and subscriptions & recurrent purchases
    • 1 point per $1 spent everywhere else

    You can redeem your BMO Ascend World Elite Mastercard points for:

    • Flights, hotels, vacation packages, and transportation
    • Contributions to your BMO Savings or Investment account
    • Directly use your points to pay for eligible purchases

    Perks and benefits

    • Complimentary Concierge services
    • 25% off at partner rentals National Car Rental and Alamo Rent A Car locations
    • Complimentary access to the Boingo Wi-Fi network worldwide
    • Zero liability policy

    Insurance 

    The BMO Ascend World Elite Mastercard lives up to its name and offers comprehensive travel and medical insurance, including:

    • Baggage delay and loss insurance
    • Flight delay insurance
    • Car rental insurance
    • Travel accident insurance
    • Medical emergency insurance
    • Roadside Assistance program

TD Aeroplan Visa Infinite Card

Great for earning Aeroplan points, a generous welcome bonus, and exclusive travel perks
  • Annual Fee
    $139
  • Interest Rate
    19.99% on purchases, 22.99% on cash advances
  • Welcome Bonus
    50,000 pts
  • Rec. Credit Score
    660+
  • Features & Benefits

    • Earn 10,000 Aeroplan points as a welcome bonus when you make your first purchase
    • Earn 20,000 bonus Aeroplan points after you spend $1,500 within 90 days
    • Earn 20,000 Aeroplan points as a welcome bonus when you spend $7,500 within 12 months
    • No annual fee for the first year
    • Emergency Road Services plus complimentary TD Auto Club membership
    • Access to Visa Infinite Concierge service
  • Pros & Cons

    Why we like it

    Great for earning Aeroplan points, a generous welcome bonus, and exclusive travel perks

    Pros

    • 50,000 bonus welcome points
    • Earn 1.5 Aeroplan points per $1 spent
    • Earn double the points when you pay with your card at over 320 partner brands
    • Your Aeroplan points won't expire as long as your card is in good standing
    • Comprehensive travel and medical insurance
    • Complimentary Concierge service

    Cons

    • Needs a good credit score (660+)
    • Requires a minimum yearly income of $60,000
  • More Details

    Bonuses and fees

    The annual fee is $139, somewhat high compared to other credit cards, but it makes up for it with very good perks and benefits and a completely free first year. It also comes with 50,000 Aeroplan points, and you get an additional 20,000 points when you spend $1,500 within 90 days of opening your account and when you spend $7,500 within 12 months of opening your account.

    Earning points

    With the TD Aeroplan Visa Infinite Card, you can earn points on everyday spending. For all purchases made from Air Canada, you’ll earn 1.5 Aeroplan points; the same rate applies when you purchase groceries and pay for gas. Earn 1 point on all other purchases.

    Perks and Benefits

    • Link your TD Aeroplan account with your Starbucks Rewards Account and earn 50% more Aeroplan points and 50% more Stars at Starbucks stores
    • Twice the points when you pay using the TD Aeroplan Visa Infinite Card at over 300 partner brands
    • Another benefit is that you can set up payments over $100 and pay them over 18 months at a 0% annual interest rate.
    • Enroll for NEXUS and get a $100 rebate every 48 months
    • Free Uber Pass membership for 6 months

BMO AIR MILES MasterCard

Great for travel perks, bonus points on partner stores, and travel insurance
  • Annual Fee
    $0
  • Interest Rate
    19.99% on purchases, 22.99% on cash advances
  • Welcome Bonus
    1,500 pts
  • Rec. Credit Score
    660+
  • Features & Benefits

    • Earn 1,500 AIR Miles bonus miles as a welcome bonus
    • No Annual fee
    • Discount on car rentals in Canada and abroad
    • Extended Warranty and purchase protection
  • Pros & Cons

    Why we like it

    Great for travel perks, bonus points on partner stores, and travel insurance

    Pros

    • 1,500 bonus welcome points
    • Earn 3 BMO AIR MILES for every $25 spent at AIR MILES partner stores
    • Show your AIR MILES Card at participating partners and earn twice the amoung of AIR MILES
    • Add additional cardholders and get free AIR MILES
    • Comprehensive travel insurance
    • 25% off at National Car Rental and Alamo Rent a Car locations

    Cons

    • Needs a good credit score (660+)
    • Low earn rate when not shopping at partner stores (1 point per $25 spent)
  • More Details

    Bonuses and fees 

    The BMO AIR MILES Mastercard is a no-fee low-interest travel card. It comes with a generous welcome bonus and is a great option if you want to transfer your card balance: there is a 1% fee on transfers and an introductory interest rate of just 1.99% for the first 9 months. 

    Rewards

    You can earn AIR MILES in two ways. Rates are:

    • 3 miles per $25 spent at participating AIR MILES partners
    • 2 miles per $25 spent on groceries

    Additionally, you can get double the miles by showing your AIR MILES card at participating shops and retailers.

    Perks and Benefits 

    • 25% off at partner rentals National Car Rental and Alamo Rent A Car locations
    • Bonus miles when you add an authorized users
    • Warranty and purchase protection

    Insurance 

    The BMO AIR MILES World Elite Mastercard has comprehensive medical and travel insurance, including car rental, flight delay, and baggage insurance.

MBNA True Line Mastercard credit card

Great for no interest on balance transfers for the first year and no annual fee
  • Annual Fee
    $0
  • Interest Rate
    12.99% on purchases, 24.99% on cash advances
  • Welcome Bonus
    N/A
  • Rec. Credit Score
    660+
  • Features & Benefits

    • 0% introductory interest rate for the first 12 months
    • Around-the-clock fraud protection
    • Transfer your credit to your chequing account
  • Pros & Cons

    Why we like it

    Great for no interest on balance transfers for the first year and no annual fee

    Pros

    • 0% interest rate on balance transfers for the first 12 months
    • No annual fee
    • 10% off car rentals (Avis and Budget) in Canada and the US
    • Make payments on the go with Apple Pay
    • Add up to 9 authorized users at no cost
    • Industry low annual interest rates on purchases starting at 12.99%

    Cons

    • Needs a good credit score (660+)
    • High interest rates on cash advances (24.99%)
  • More Details

    Bonuses and fees

    The MBNA True Line Mastercard doesn’t charge annual fees and supports up to 9 authorized users – at no additional cost. You can also set up eligible credit card purchases over $100 and pay them back in monthly installments over the course of 6-18 months.

    To apply for this card, you just need to be a Canadian resident of age – there’s no minimum income required. However, you will need a credit score of at least 660.

    Perks and Benefits

    One of the main perks of the card is its low-interest fees. The regular annual interest rate is just 12.99%, compared to the industry standard of 19.99%, and the interest rate on balance transfers is also 12.99%.

    Using your MBNA True Line Mastercard to rent a car at participating Budget and Avis locations will get a 10% discount (applies internationally).

    Insurance

    This card comes with Mastercard Zero Liability and extended protection on all purchases, so you won’t be responsible for unauthorized purchases.

MBNA True Line® Gold Mastercard®

Great for low annual fee and low interest on purchases and balance transfers
  • Annual Fee
    $39
  • Interest Rate
    8.99% on purchases, 24.99% on cash advances
  • Welcome Bonus
    N/A
  • Rec. Credit Score
    660+
  • Features & Benefits

    • Around-the-clock-fraud protection
    • Access to 24/7 customer service
  • Pros & Cons

    Why we like it

    Great for low annual fee and low interest on purchases and balance transfers

    Pros

    • A low annual fee of just $39
    • Purchase assurance and warranty
    • Request up to 9 additional cards at no cost
    • Low interest rates on purchases and balance transfers (8.99%)
    • Fraud protection on all spendings
    • Customer service available 24/7

    Cons

    • No rewards on purchases
    • No welcome bonus
  • More Details

    Bonuses and fees

    The MBNA True Line Gold Mastercard has a relatively low annual fee of $39. It has round-the-clock customer support and very thorough fraud protection and has very competitive interest rates on balance transfers (8.99%) and purchases (8.99%), which makes it a good low-interest option. However, interest rates on cash advances are very high at 24.99%, so if cash advances are the primary reason you’re looking for a card, you should consider other options.

    There are no minimum income requirements to apply for this card, but there’s a 660 credit score minimum.

    Perks and Benefits

    Low-interest credit cards don’t offer a lot of perks, but here are some of the benefits of MBNA Mastercards:

    • 10% off car rentals at partner Budget and Avis stores worldwide
    • Full coverage and purchase assurance for the first 90 days
    • Doubles the warranty for up to an additional year when you pay using your MBNA card
    • Fraud protection on all spending

CIBC Select Visa* Card

Great for no interest on balance transfers for the first year cash back at gas stations
  • Annual Fee
    $29
  • Interest Rate
    13.99% on purchases, 13.99% on cash advances
  • Welcome Bonus
    N/A
  • Rec. Credit Score
    660+
  • Features & Benefits

    • 0% introductory interest rate on balance transfers for your first 10 months
    • 1% balance transfer fee
    • Join the Journie Rewards program and get 10 cents back per litre of gas at Pioneer, Ultramar, Fas Gas, and Chevron gas stations
  • Pros & Cons

    Why we like it

    Great for no interest on balance transfers for the first year cash back at gas stations

    Pros

    • 0% interest for the first 10 months after transferring your balance
    • Very low 1% balance transfer fee
    • Save up to 10 cents per litre of gas at Pioneer, Fas Gas, Ultramar and Chevron gas stations
    • Low purchase interest rate of just 13.99%
    • Request up to 3 additional cards at no cost
    • Transfer up to 50% of your assigned credit limit

    Cons

    • No cash back feature
    • No credit building
  • More Details

    Bonuses and fees

    The CIBC Select Visa Card has a $29 annual fee (completely waived for the first year for new cardholders). To apply for this card, you need a credit score of at least 660 and an annual income of $15,000 or more.

    Interest rates on purchases and cash advances are extremely low – just 13.99% -, considerably lower than the industry average for this type of card.

    Perks and Benefits

    The CIBC Select Visa Card offers a very low balance transfer rate of just 1% and a promotional interest rate of 0% for the first 10 months after applying and receiving your card. You can transfer a maximum of 50% of your credit limit, depending on factors like your annual income and credit card history. You will also get 10 cents when purchasing gas at partner stores Pioneer, Fas Gas, Ultramar, and Chevron by linking up with Journie Rewards.

    Another benefit is a 25% discount on car rentals (Avis and Budget) in Canada and the US. You can also request up to 3 additional cards every year at no cost and access instant cash advance for up to $1,000 daily.

    Insurance

    The CIBC Select Visa card comes with Common Carrier Accident Insurance, which covers up to $100,000 in damages when flying, travelling by ferry, train, or bus. To qualify for the CIBC Emergency Travel Medical Insurance, make sure to pay any medical fees using the CIBC Card, and your spouse and your children will be automatically covered for up to $100,000.

Scotiabank Value Visa Card

Great for building your credit, low balance transfer fees, and no annual fee
  • Annual Fee
    $29 (1st year free)
  • Interest Rate
    12.99% on purchase, 12.99% on cash advances
  • Welcome Bonus
    N/A
  • Rec. Credit Score
    660+
  • Features & Benefits

    • 0% introductory interest rate for the first 6 months
    • Annual fee waived for the first year
    • Transfer your balance seamlessly and pay higher interest balances quicker
  • Pros & Cons

    Why we like it

    Great for building your credit, low balance transfer fees, and no annual fee

    Pros

    • 0% interest on cash advances for the first 6 months
    • No annual fee for the first year
    • Low interest rate of just 12.99%
    • A low annual fee of just $29 (waived the first year)
    • Great for building your credit score (reports monthly to TransUnion)
    • No fees when requesting additional cards

    Cons

    • No welcome bonus
    • No rewards or perks
  • More Details

    Bonuses and fees

    The Scotiabank Value Visa Card is a low-interest credit card with a low annual fee of $29, waived for the first year. This card offers an introductory interest on cash advances of 0% for the first 6 months, and 12.99% after that. The same interest rate applies to purchases.

    Perks and benefits

    • Great for rebuilding your credit history
    • Interest-free grace period
    • Pay lower interests by transferring your balances to the Scotiabank card
    • Set up payment schedules on purchases over $100 through Scotiabank’s SelectPay, and pay no interests
    • Complimentary Avis and Budget car rental membership plus 25% discount in Canada and the US

    Insurance

    The Scotiabank Value Visa Card offers two insurance bundles, Basic and Comprehensive Protection. 

    • The basic bundle includes medical insurance for up to $50,000
    • The Comprehensive bundle includes medical, job loss, strike or lockout, and disability insurance

President’s Choice Financial® World Elite Mastercard®

Great for earning PC points and very low credit score requirement
  • Annual Fee
    $0
  • Interest Rate
    20.97% on purchase, 22.97% on cash advances
  • Welcome Bonus
    20,000 pts
  • Rec. Credit Score
    560+
  • Features & Benefits

    • World Elite Mastercard Earn 20,000 PC Optimum points as a welcome bonus
    • Extended warranty and purchase assurance
    • Access to Mastercard Global Services
    • Complimentary Concierge Services
    • Fraud protection and Proactive monitoring to manage and protect your credit card information
  • Pros & Cons

    Why we like it

    Great for earning PC points and very low credit score requirement

    Pros

    • 20,000 bonus welcome points
    • Earn up to 45 PC points per $1 when purchasing at partner stores
    • Comprehensive travel and medical insurance
    • Complimentary Concierge service
    • No annual fee
    • Relatively low credit score requirement (560+)

    Cons

    • PC points can only be redeemed at select stores
    • Requires a minimum yearly income of $80,000
  • More Details

    Bonuses and fees

    The President's Choice Financial Mastercard is a store credit card that offers very generous rewards when you shop at any of its partner stores. It doesn’t charge annual fees, and you can earn bonus points on most everyday purchases.

    Rewards

    PC Financial is partnered with a lot of stores; here are some of the best rewards by category:

    • 45 PC points per $1 spent at Shoppers Drug Mart
    • 30 PC points per $1 spent on grocery stores (Loblaws, No Frills, and more)
    • 30 PC points per litre of gas at Esso gas stations
    • 10 PC points per $1 spent everywhere else 

    Make sure to check PC Financial site for new partner stores.

    Perks and benefits

    • 21-day interest-free grace period on purchases
    • 4 free additional authorized users
    • Extended warranty
    • Complimentary Concierge services

    Insurance

    • Medical emergency insurance
    • Car rental collision insurance
    • Identity theft assistance

Capital One Guaranteed Approval Secured Mastercard

Great for building credit and no foreign exchange fees when purchasing abroad
  • Annual Fee
    $59
  • Interest Rate
    19.80% on purchases, 19.80% on cash advanes
  • Welcome Bonus
    N/A
  • Rec. Credit Score
    300+
  • Features & Benefits

    • Minimum security deposit between $75 and $300
    • Get your deposit back in full after you close your account
  • Pros & Cons

    Why we like it

    Great for building credit and no foreign exchange fees when purchasing abroad

    Pros

    • Great for building credit (reports monthly to Equifax and TransUnion)
    • No annual fee
    • No credit card or credit card history checks
    • No foreign exchange fees when purchasing abroad or online
    • Flexible initial deposit ($49, $99, or $200)
    • Add additional authorized users at no cost

    Cons

    • High interest rates on purchase (26.99%)
    • No rewards on purchases
  • More Details

    Bonuses and fees 

    The Capital One Guaranteed Approval Secured Mastercard is a secured credit card targeted at individuals with low credit scores. It charges an annual fee of $59, which is considered high for secured cards, but it comes with some benefits like insurance and travel assistance.

    The Capital One Secured card reports monthly to Canada's two largest credit card bureaus.

    Perks and benefits

    • Guaranteed approval
    • Reports monthly to TransUnion and Equifax
    • Great for rebuilding your credit history
    • Zero liability policy

Home Trust Secured Visa

Great for building your credit and the option to pay an annual fee for reduced interest rates
  • Annual Fee
    $0
  • Interest Rate
    19.99% on purchases, 19.99% on cash advances
  • Welcome Bonus
    N/A
  • Rec. Credit Score
    300+
  • Features & Benefits

    • Minimum security deposit of $500 ($10,000 max.)
    • Make purchases over the phone or online
    • Plan and book a vacation
    • Withdraw cash from over 1 million ATMs worldwide
    • Apply even if you declared bankruptcy in the past (A Discharge Certificate is necessary)
  • Pros & Cons

    Why we like it

    Great for building your credit and the option to pay an annual fee for reduced interest rates

    Pros

    • No minimum credit score or credit history requirements
    • Great for building your credit score (reports monthly to Equifax and TransUnion)
    • Option to pay a yearly fee of $59 to reduce purchase interests to 14.90% (from 19.99%)
    • Manage your account and pay bills from Home Trust Visa Online.
    • Sync with online payment platforms like the Apple Pay, Google Pay, and Samsung Pay
    • Fraud protection on all spendings

    Cons

    • Minimum deposit is $500
    • No welcome bonus or reward on purchases
  • More Details

    Bonuses and fees

    The Home Trust Secured Visa is a great way to start building your credit; it reports monthly to Equifax and TransUnion, and it doesn’t have a credit score minimum – virtually anybody can apply and get approved.

    In terms of fees, the Home Trust Secured Visa has two options:

    • Low-Interest Rate Option: $5 monthly fee (or $60/year) plus an interest rate of 14.99% on unpaid balances
    • No Annual-Fee Option: $0 annual fee (free) plus an interest rate of 19.99% on unpaid balances

    The main difference is that for the no annual fee option, you pay higher interest if you fall behind on payments. In general, we recommend the no annual fee option.

    You can start using the card after you make your first deposit; the minimum is $500, and the maximum is $10,000. Keep in mind you will only be able to use as much as you deposit.

    Perks and Benefits

    • Withdraw cash at any time from any Visa ATM worldwide
    • Use your card wherever Visa is accepted
    • You can apply even if you declared bankruptcy in the past
    • Budget your spending by limiting the amount you deposit
    • Completely covered against fraud through Visa’s Zero Liability Policy

Canadian Tire Triangle Mastercard

Great for high earn rate on Canadian Tire stores
  • Annual Fee
    $0
  • Interest Rate
    19.99% on purchases, 22.99% on cash advances
  • Welcome Bonus
    N/A
  • Rec. Credit Score
    660+
  • Features & Benefits

    • Earn 15% cash back in CT Money on your first purchase as a welcome bonus
    • Redeem your CT Money at Canadian Tire, Sport Chek, Atmosphere, Sports Rousseau, Hockey Experts, and participating Sports Experts stores
    • No annual fee
  • Pros & Cons

    Why we like it

    Great for high earn rate on Canadian Tire stores

    Pros

    • No annual fee
    • 4% back in CT money on all purchases in Canadian Tire stores
    • Earn 5 cents per litre in CT money at Gas+ service stations
    • Collect 1.5% in CT money on all grocery purchase for up to $12,000 per year
    • Get your financed for purchases over $150 at select stores (no fees and no interests)
    • Customer service available 24/7

    Cons

    • You can only redeem CT points at select partner stores (CT, Sport Chek, Atmosphere and Sports Experts stores, among others)
    • High credit score to qualify (at least 660)
  • More Details

    Bonuses and fees 

    The Canadian Tire Triangle Mastercard is no-fee cash back. One of the downsides of the Canadian Tire credit cards is that rewards are paid in CT Money, and you can only redeem them at select stores like Canadian Tire, Sport Chek, and Atmosphere. However, if you shop often at any of these stores, you will find that the cash back rates are very generous.

    Rewards 

    This card has four main cash back categories. You can earn:

    • 4% cash back when purchasing at Canadian, Tire Sport Chek, L’Équipeur, Atmosphere, and more
    • 1.5% cash back at grocery stores
    • 0.5% cash back on all other purchases

    CT Money points are roughly equivalent to $1, which is more than reasonable. Also, keep in mind that cash back on grocery purchases is capped at $12,000 per year.

    Perks and Benefits 

    • Purchases over $150 at participating stores qualify for no fee, no interest financing
    • 5 cents cash back per litre of gas at partner gas stations Gas+ and Essence+

KOHO Mastercard Prepaid Card

Great for automatic RoundUps and no annual fees
  • Annual Fee
    $0
  • Interest Rate
  • Welcome Bonus
    N/A
  • Rec. Credit Score
    300+
  • Features & Benefits

    • No foreign exchange fee
    • Price protection
    • Complimentary personalized financial coaching
    • Receive both a physical and virtual card
    • Load funds via e-transfer or direct deposits
    • Sync your KOHO card with Apple Pay, Google Pay, and Samsung Pay and receive real-time spending notifications
    • 10% cash back for 90 days after referring a friend
  • Pros & Cons

    Why we like it

    Great for automatic RoundUps and no annual fees

    Pros

    • 0.5% cash back on all purchases
    • No annual fee
    • Refer friends and earn 10% cash back on all purchases for 90 days
    • Set up automatic RoundUps to grow your savings
    • Track your spending habits in real-time
    • Access your payroll 3 days early

    Cons

    • Low cash back rate plus no bonus points on any category
    • 1.5% forex exchange fees
  • More Details

    Bonuses and fees

    The KOHO Reloadable Prepaid Mastercard doesn’t require a high credit score or a good credit history. This card has no annual fees and is compatible with most other KOHO services: you can manage it from your KOHO mobile app, build your credit, and link it with your KOHO Savings account. Anybody can apply for the card and approve it in just a few minutes.

    Perks and Benefits

    Some of the perks and benefits of this card are a base back on all purchases, a promotional cash back rate at partner stores, and low foreign exchange fees. Here’s the breakdown:

    • 10% cash back at partner stores (online and in-person)
    • 0.5% cash back on all purchases

    Additional benefits include:

    • No hard credit checks
    • No foreign fees when purchasing abroad or online
    • Create a KOHO Save account and start to earn interests on your balance (1.2% APR)
    • Set up automatic RoundUps to grow your savings
    • Reload your card through e-transfers or direct deposits

STACK Prepaid Mastercard

Great for instant approval, no annual fees, and CDIC insurance
  • Annual Fee
    $0
  • Interest Rate
  • Welcome Bonus
    $5
  • Rec. Credit Score
    300+
  • Features & Benefits

    • 20% cash back on select hotels with STACK Travel
    • Discounts on a variety of merchants
  • Pros & Cons

    Why we like it

    Great for instant approval, no annual fees, and CDIC insurance

    Pros

    • $5 bonus
    • Instant approval (no credit or credit history checks)
    • Load money with e-transfers, visa debit, through payroll deposits, or at select merchants
    • Access to a Virtual Card and a digital wallet
    • Redeem rewards at over 150 partner stores
    • Insured directly by the CDIC for up to $100,000

    Cons

    • No welcome bonus
    • Doesn't help you build your credit score
  • More Details

    Bonuses and fees

    The STACK Prepaid Mastercard is a no-fee reloadable card that doesn’t have a credit score requirement. It doesn’t have a minimum deposit either, but you will need to deposit before you can start using your card.

    This card doesn’t charge foreign fees on purchases abroad, online, or ATM fees (keep in mind the ATM network may charge a fee).

    Rewards

    Has a unique rewards system: it doesn’t use points or rewards but instead offers discounts on purchases up. Here are some of the offers available:

    • $1 off grocery purchases (up to 4 times every month)
    • $1 off gas purchases (up to 4 times every month)
    • $5 every time you refer a friend

    Make sure to check STACKS' site; they’re always partnering up with different stores and offering deals and discounts on purchases.

    Perks and benefits

    • Instant cash back on everyday purchases
    • Supported at over 140 retailers
    • Earn cash back on FX and ATM withdrawals
    • Special offers every week
    • Set up payroll payments and get paid 2 days earlier

    Insurance

    This card is insured by the CDIC for up to $100,000 per insured category per user.

KOHO Premium Reloadable Prepaid Mastercard

Great for no foreign fees and customizable cash back categories
  • Annual Fee
    $84
  • Interest Rate
  • Welcome Bonus
    N/A
  • Rec. Credit Score
    300+
  • Features & Benefits

    • No foreign exchange fee
    • Price protection
    • Complimentary personalized financial coaching
    • Receive both a physical and virtual card
    • Load funds via e-transfer or direct deposits
    • Sync your KOHO card with Apple Pay, Google Pay, and Samsung Pay and receive real-time spending notifications
  • Pros & Cons

    Why we like it

    Great for no foreign fees and customizable cash back categories

    Pros

    • Earn 2% cash back on up to 3 categories (0.5% on all other purchases)
    • No foreign exchange fees when purchasing abroad or online
    • Free financial coaching with a professional
    • Earn up to 1.2% on your balance by signing up to KOHO Save
    • Set up automatic RoundUps to grow your savings
    • Access your payroll 3 days early

    Cons

    • High annual fee for a reloadable card ($84)
    • No welcome bonus
  • More Details

    Bonuses and fees

    The KOHO Premium Reloadable Prepaid Mastercard doesn’t require a high credit score or a good credit history; anybody can apply for the card and have it approved in just a couple of minutes. This card has an annual fee of $84 and is compatible with most other KOHO services, including the KOHO mobile app, KOHO Credit Building, and KOHO Saving.

    Through KOHO Saving, you can earn interest on your balance (up to 1.2% APR), something that is very rare in credit cards. It’s worth noting that KOHO reports to TransUnion, Equifax, and Experian, making this card a great option for rebuilding your credit.

    Perks and Benefits

    The KOHO Premium Reloadable Card's primary benefit is its cash back rewards. KOHO offers bonus cash back on the 3 biggest spending categories: groceries, eat & drinks, and transportation. All other categories earn a base rate of 0.5% cash back. Here’s the breakdown:

    • 2% cash back on 3 spending categories (Groceries, eat & drinks, transportation)
    • 0.5% on all other purchases

    Additional benefits include:

    • No foreign fees when purchasing abroad or online
    • Create a KOHO Save account and start to earn interests on your balance (1.2% APR)
    • Set up automatic RoundUps to grow your savings
    • Reload your card through e-transfers or direct deposits

BMO Eclipse Visa Infinite Privilege Card

Great for earn rate
  • Annual Fee
    $499
  • Interest Rate
    20.99% on purchases, 23.99% on cash advanes
  • Welcome Bonus
    90,200 pts
  • Rec. Credit Score
    760+
  • Features & Benefits

    • Earn 90,000 points as a welcome bonus for your first year
    • Earn a $200 annual lifestyle credit as a welcome bonus
    • Add an authorized used and earn 25% bonus points
    • Redeem your points to pay for purchases
    • Complimentary Visa Airport Companion membership plus complimentary lounge visits
    • Access to Visa Airport Experiences, Visa Infinite Dining Series, and Visa Infinite Wine Country
  • Pros & Cons

    Why we like it

    Great for earn rate

    Pros

    • 90,200 bonus welcome points
    • Earn 5 BMO Rewards points per $1 spent on groceries, gas, and transit
    • Earn 25% more BMO Reward points when you add an authorized user
    • Car rental & mobile device insurance (for up to $1,000)
    • Comprehensive travel and medical insurance
    • Access to Priority Security Lane on airports and valet services discounts

    Cons

    • Very high annual fee ($499)
    • Needs an excellent credit score (760+)
  • More Details

    Bonuses and fees 

    The BMO Eclipse Visa Infinite Privilege is a premium travel card with an annual fee of $499. To apply, cardholders need to provide proof of an income of at least $150,000 and have an excellent credit score of at least 760. 

    Rewards

    With this card, you can earn points on every purchase. Here are the rates:

    • 5 points per $1 spent on groceries, gas, dining, travel, and drugstores
    • 1 point per $1 spent everywhere else

    Perks and benefits

    • 25% bonus points when you add an authorized user to your account
    • $200 annual travel credit
    • Priority Security Lane and Priority Boarding
    • 6 complimentary airport lounge visits per year
    • Access to the Visa Infinite Luxury Hotel Collection and Visa Infinite Concierge

    Insurance 

    Some of the insured categories include:

    • Flight delay insurance 
    • Baggage insurance
    • Emergency medical insurance
    • Mobile device insurance
    • Car rental collission

CIBC Dividend Visa Infinite Card

Great for high earn rate on groceries and gas stations
  • Annual Fee
    $120
  • Interest Rate
    20.99% on purchases, 22.99% on cash advances
  • Welcome Bonus
    N/A
  • Rec. Credit Score
    725+
  • Features & Benefits

    • Redeem your cash back through CIBC Online at any time after you accumulate $25
    • Save by using your CIBC Dividend Visa Infinite Card at Pioneer, Ultramar, Fas Gas, and Chevron gas stations
  • Pros & Cons

    Why we like it

    Great for high earn rate on groceries and gas stations

    Pros

    • First year's fee is completely waived
    • 4% cash back on gas and groceries
    • 2% cash back on travel, dining, and subscriptions
    • Earn 10 cents per litre at Pioneer, Chevron, Fas Gas, and Ultramar
    • Comprehensive travel and medical insurance
    • Cash back rewards are redeemable within 5 days

    Cons

    • High credit score to qualify (at least 725)
    • Requires a minimum yearly income of $60,000
  • More Details

    Bonuses and fees

    The CIBC Dividend Visa Infinite Card has an annual fee of $120 plus $30 for each additional cardholder. The minimum income required to apply for this card is a combined $100,000 household income or $60,000 individual income and a credit score of at least 725.

    If you have a CIBC Smart Plus Account, you will get a full rebate on the annual fee.

    Rewards

    With the CIBC Dividend Visa Infinite, you get 4% cash back at grocery shops and gas stations, and if you join the Journie Rewards program, you can get a further 10 cents off per litre of gas at Fas Gas, Ultramar, Chevron, and Pioneer. For transportation, restaurants, and recurring bills, you get up to 2% cash back, and there is no limit on the amount of cash back you can earn per year. All other purchases yield 1% cash back.

    Perks and Benefits

    • Comprehensive insurance that includes travel, medical, and mobile device expenses.
    • 0.25% cash back when you send money abroad through a CIBC Global Money Transfer. There are no interest or transaction fees
    • 25% off car rentals at partner Budget and Avis stores worldwide
    • Exclusive access to dining events, hotel benefits, and concierge services

Home Trust Preferred Visa Card

Great for no foreign fees and no limit on how much cash back you can earn
  • Annual Fee
    $0
  • Interest Rate
    19.99% on purchases, 19.99% on cash advances
  • Welcome Bonus
    N/A
  • Rec. Credit Score
    660+
  • Features & Benefits

    • No foreign exchange fee
    • No limit on how much cash back you can earn
    • No annual fee
  • Pros & Cons

    Why we like it

    Great for no foreign fees and no limit on how much cash back you can earn

    Pros

    • No foreign exchange fees when purchasing abroad or online
    • No annual fee
    • 1% cash back on all purchases
    • No cap on how much cash back you can earn
    • Car rental insurance
    • Visa Zero Liability Policy

    Cons

    • No welcome bonus
    • Needs a good credit score (660+)
  • More Details

    Bonuses and fees

    The Home Trust Preferred Visa Card offers cash back on all purchases and doesn’t charge any annual or management fees. The cash back rate is low compared to other credit cards, but it makes up for it by not charging foreign exchange fees and offering no-limit cash back on all purchases.

    Perks and Benefits 

    • 1% cash back on all purchases
    • No foreign exchange fees
    • No limit on how much cash back you can earn every year
    • Zero Liability policy
    • Accepted wherever Visa is accepted

BMO AIR MILES World Elite Mastercard

Great for earning bonus miles, insurance, and discounts on Air Miles flights
  • Annual Fee
    $120 (1st year free)
  • Interest Rate
    20.99% on purchases, 23.99% on cash advances
  • Welcome Bonus
    2,000 Air Miles
  • Rec. Credit Score
    760+
  • Features & Benefits

    • Earn 3,000 AIR MILES as a welcome bonus
    • Mastercard Travel Pass complimentary membership
    • 25% discount on one worldwide AIR MILES flight per year
    • Access to BMO AIR MILES World Elite Travel and Medical Protection, and BMO Concierge Services
    • Mastercard Travel Rewards cash back offers when travelling and shopping abroad
  • Pros & Cons

    Why we like it

    Great for earning bonus miles, insurance, and discounts on Air Miles flights

    Pros

    • 2,000 Air Miles
    • Earn 1 AIR mile for every $12 spent
    • Get 3x the Miles when purchasing at select partner stores
    • 25% discount on one AIR MILES flight every year
    • Comprehensive travel and medical insurance
    • Complimentary Mastercard Travel Pass membership

    Cons

    • High credit score to qualify (at least 760)
    • Requires a minimum yearly income of $80,000
  • More Details

    Bonuses and fees

    The BMO AIR MILES World Elite Mastercard has a $120 annual fee with the option to waive it for the first year completely. To apply for this card, you need an excellent credit score of 760 or more, and an annual income of at least $80,000, or a household income of $150,000.

    Earning points

    With the BMO AIR MILES World Elite Mastercard, the base point earning rate is 1 Mile for every $12 spent. Grocery and gas purchases at store partners earn three times the amount, 3 Miles per $12 spent

    Perks and Benefits

    • 25% discount on one AIR MILES flight every year
    • Complimentary Mastercard Travel Pass membership
    • Access to exclusive lounges
    • Mastercard Travel Pass membership, which allows travellers to go through an expedited Fast Track Security Lane at airports
    • Access to BMO’s Concierge Service to book flights and hotels and arrange transportation

    Insurance

    The BMO AIR MILES World Elite Mastercard has comprehensive medical and travel insurance, including car rental, flight delay, and baggage insurance.

    Rewards

    • AIR MILES Cash Rewards, exchange your Miles online or in-store when making everyday purchases at partner stores
    • Redeem points for gift cards, e-gift cards, or Prepaid Mastercards
    • Access to Mastercard Travel Rewards, earn points when you travel or make purchases outside of Canada

MBNA Rewards Platinum Plus Mastercard

Great for high earn rates on restaurants, groceries, and household utilities
  • Annual Fee
    $0
  • Interest Rate
    19.99% on purchases, 24.99% on cash advances
  • Welcome Bonus
    10,000 pts
  • Rec. Credit Score
    660+
  • Features & Benefits

    • Earn 5,000 bonus points as a welcome bonus after spending $500 within 90 days
    • Earn 5,000 bonus points as a welcome bonus after enrolling for paperless e-statements within 90 days
    • Earn 20% bonus points every year on the anniversary of your account
    • Redeem your points for cash back, travel, merchandise, or gift cards
  • Pros & Cons

    Why we like it

    Great for high earn rates on restaurants, groceries, and household utilities

    Pros

    • 10,000 bonus welcome points
    • No annual fee
    • Earn 4 points per $1 spent on eligible restaurants, groceries, and household utilities for the first 90 days (2 points per $1 thereafter)
    • Car rental & mobile device insurance (for up to $1,000)
    • Annual birthday bonus of 10% of all the points you earned in the last 12 months (maximum 10,000)
    • Extended warranty on purchases

    Cons

    • Low point yield after earning 10,000 points in a year (1 point per $1 spent)
    • Can only earn bonus points on select categories
  • More Details

    Bonuses and fees 

    The MBNA Rewards Platinum Plus Mastercard is one of the few travel credit cards that offer generous point earn rates and benefits, plus it doesn’t have any income requirement. To apply for this card and start enjoying the generous rewards, you only need a credit score of 660 or higher.

    Rewards

    Considering this card it doesn’t charge annual fees, the rates are very good. You will earn:

    • 4 points per $1 spent on groceries, restaurants, memberships, and household utilities (up to $10,000 spent on each category annually)
    • 2 points per $1 spent on groceries, restaurants, memberships, and household utilities after reaching the annual limit
    • 1 point per $1 spent on all other categories
    • Birthday bonus points: 10% of the points you earned in the previous 12 months as a free bonus

    There’s no limit to how much cash back you can earn in a year, and your points will not expire as long as your account is in good standing.

    Perks and benefits

    Some additional benefits include:

    • Access to the MBNA Payment Plan to schedule monthly payments for a large purchase
    • 10% off at partner rentals National Car Rental and Alamo Rent A Car locations
    • Mobile device insurance
    • Extended warranty

Tangerine World Mastercard

Great for promotional cash back rate and customizable cash back categories
  • Annual Fee
    $0
  • Interest Rate
    19.95% on purchases, 19.95% on cash advanes
  • Welcome Bonus
    $150
  • Rec. Credit Score
    725+
  • Features & Benefits

    • Earn $100 cash back welcome bonus after spending $1,000 within your first 2 months
    • Earn bonus cash back on 2 categories plus an additional category when you link your Tangerine Savings Account
    • No limit on how much cash back you can earn
  • Pros & Cons

    Why we like it

    Great for promotional cash back rate and customizable cash back categories

    Pros

    • $150 bonus
    • Earn 10% cash back on all purchases for the first 2 months (2% cash back on 2 categories afterwards)
    • Unlock a third category and earn 2% cash back by creating a Tangerine Savings Account
    • There's no annual limit to how much cash back you can earn
    • Mobile device & rental car insurance
    • Customizable cash back spending categories

    Cons

    • No free passes included with the Mastercard Travel Pass (DragonPass)
    • Requires a minimum yearly income of $60,000
  • More Details

    Bonuses and fees

    The Tangerine World Mastercard is a no-fee customizable cash back card that allows you to choose how to earn additional cash back. You can choose from 10 categories and earn bonus cash back with no annual limits. New cardholders will get promotional cash back of 15% for the first two months on all purchases up to $1,000 spent ($150 cash back).

    Rewards

    With Tangerine, you can select which categories you will earn extra cash back on. Keep in mind you can change them at any time, but it will take up to 90 days before it takes effect.

    • 2% cash back in two categories (choose from gas, groceries, hotels, home improvement, and more)
    • 0.5% cash back on all other purchases

    Perks and benefits

    • Unlock an additional 2% bonus cash back category by linking your Tangerine Savings Account with your credit card
    • Access to the Mastercard Travel Rewards program when purchasing abroad
    • Access to the Boingo Wi-Fi network worldwide
    • Complimentary DragonPass Mastercard Travel Pass
    • Choose from 10 cash back categories to earn bonus cash back

    Insurance

    Up to $60,000 in coverage for all purchases plus:

    • Loss, theft, and damage insurance
    • Extended warranty (up to 1 additional year)

How Do Credit Cards Work?

When you make a purchase with a credit card, the credit card company charges the merchants a fee. Credit card rewards and benefits are funded by these and other fees, including annual fees and interests.

Reward credit cards, for example, payout rewards as cash back or travel points. The main difference between the two is how flexible they are. Cash back credit cards earn a fixed amount of cash and can help you save on most everyday purchases. Additionally, cash back rewards are very easy to redeem and can be added automatically to your card’s statement balance.

Other types of rewards cards offer points that can be exchanged for travel benefits, while others offer low-interest rates or low balance transfer fees. Depending on your goals, one type of credit card may be more beneficial than another, so make sure to pick the one that fits your spending habits.

Pros & Cons Of A Credit Card

Pros: Why a Credit Card may be worth it

  • Earn rewards on every purchase and access unique benefits
  • Choose from dozens of credit cards with different perks
  • Establish a solid credit history and build your credit score
  • You can borrow money and make purchases instantly 
  • Pay your balance on time and you won’t pay interests
  • Extended warranty and purchase protection 

Cons: Why a Credit Card may not be worth it

  • It can be harder to budget and you might overspend
  • If you fall behind on payments you will have to pay higher interests than other forms of credit
  • Can damage your credit score if you pay on time

Types Of Credit Cards In Canada

#1 Rewards Credit Cards

Cash Back Credit Cards

Cash back credit cards are a type of rewards credit card that allows you to earn rewards in the form of cash back when you make purchases. Cash back rewards are usually category-bound, (meaning you can earn cash back when you make purchases towards certain categories like groceries or gas), or store-bound, meaning you can only earn cash when you purchase at participating stores. 

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Here are the three best cash back credit cards in Canada:

American Express Cobalt Card5 MR points per $1 spent on eligible eats & drinks purchases
BMO CashBack World Elite Mastercard10% cash back on all purchases for the first 3 months
BMO CashBack MasterCard5% cash back on all purchases for the first 3 months

Travel Credit Cards

Travel credit cards are similar to cash back cards in that you earn rewards on purchases – but unlike cash back cards, you don’t earn cash back but travel points. Travel points can be redeemed for travel-related purchases like fares or bookings. Travel cards are usually divided in two groups: general travel credit cards (which allow you to redeem your points at most airlines or hotel chains), and co-branded credit cards, which only allow you to exchange your points at select partners.

Here are some of the best credit cards for frequent flyers:

BMO Eclipse Visa Infinite Card70,000 points welcome bonus
BMO Ascend World Elite Mastercard70,000 points welcome bonus
TD Aeroplan Visa Infinite Card50,000 Aeroplan points welcome bonus
BMO AIR MILES MasterCard2,000 Air Miles welcome bonus

#2 Credit Cards For Paying Off Your Debt

Low-Interest Credit Cards

Low-interest credit cards offer extremely low interest rates on purchases and cash advances. These cards are very limited in terms of rewards and benefits, but they make up for it with promotional interest grace periods where you pay little-to-no interest for the first couple of months. These cards usually require a good credit score to apply, but are worth it if you’re looking to minimize how much you pay in interests.

Here are the best options that offer introductory grace periods:

MBNA True Line Mastercard credit card12.99% on purchases plus 0% introductory interest rate for the first 12 months
MBNA True Line Gold Mastercard8.99% on purchases

Balance Transfer Credit Cards

Balance transfer credit cards are a type of credit card that allows you to transfer your outstanding balance from other credit cards. This is very handy if your current credit card charges very high interest and you can’t pay off your debt in a relatively short time. Instead of paying high interests, you can transfer your debt to a balance transfer credit card and take advantage of the lower interests to pay off your debt.

It’s very common for balance transfer cards to offer low transfer fees and introductory grace periods; here are the best options:

CIBC Select Visa* Card1% balance transfer fee plus 0% introductory interest rate for the first 10 months
Scotiabank Value Visa Card1% balance transfer fee plus 0% introductory interest rate for the first 6 months
President’s Choice Financial World Elite Mastercard20.97% interest rate on purchases plus 21 days grace period

#3 Credit Cards For Bad Credit

Secured Credit Cards

Secured credit cards are a type of card designed for individuals with a bad credit history. These cards work by requiring customers to make a security deposit, and they limit how much you can spend based on the size of your deposit. These cards report monthly to the largest credit card bureaus in Canada, and are a very safe way to rebuild your credit and limit your spendings.

Here are the best options that require the lowest security deposits:

Capital One Guaranteed Approval Secured Mastercard$75 minimum security deposit plus monthly reports to TransUnion and Equifax
Home Trust Secured Visa$500 minimum security deposit plus flexible interest rates
Canadian Tire Triangle Mastercard15% cash back in CT Money on your first purchase

Prepaid Credit Cards

Prepaid credit cards allow you to make purchases using funds you loaded into the card, instead of using a line of credit. In a way, they’re similar to debit and secured cards, but prepaid cards usually have better perks like cash back, no forex fees on online purchases, or virtual card benefits. However, these cards will not help you build your credit score – in fact, they won’t affect it in any way.

Here are some of the best options in Canada:

KOHO Mastercard Prepaid CardNo foreign exchange fees on online or in-person purchases
STACK Prepaid MastercardInstant approval and 20% cash back on select hotels
KOHO Premium Reloadable Prepaid Mastercard2% cash back on 3 categories plus personalized financial coaching

#4 Credit Cards By Network

Visa Credit Cards

BMO eclipse Visa Infinite Privilege Card90,000 points welcome bonus plus access to the Visa Infinite Luxury Hotel Collection and Visa Infinite Concierge
CIBC Dividend Visa Infinite CardComprehensive travel insurance and access to the Visa Infinite program
Home Trust Preferred Visa CardNo foreign exchange fees plus 1% cash back on all purchases

Mastercard Credit Cards

BMO AIR MILES World Elite Mastercard
2,000 Air Miles welcome bonus plus complimentary Mastercard Travel Pass membership
MBNA Rewards Platinum Plus Mastercard4 points per $1 spent for the first three months plus 20% bonus points every year on the anniversary of your account
Tangerine World MastercardAccess to the Mastercard Travel Rewards program when purchasing abroad plus a complimentary DragonPass Travel Pass

How To Choose A Credit Card Card In Canada

Card type

The most important thing you should consider when shopping for a credit card is the type of card it is. In Canada, there are many types, and not all fit your goals. In general, a good starting point is a cash back credit card. They are easy to incorporate into your trips to grocery stores or gas stations and there are plenty that doesn’t charge annual fees. Afterward, you can look for more specialized cards like travel or low-interest credit cards.

Annual fees

Another important fact to consider is the annual fees. In general, credit cards with the highest annual fees also offer the best perks and benefits. However, if you pick a travel credit card (which usually has benefits that expire every year), and you aren’t a frequent traveller, you will miss out on most benefits and end up losing money in the long run. The credit card you pick should fit your spending habits, not shape them.

Interest Rates

Another important factor is the interest rates; if you find yourself falling behind often on credit card payments, a cash back card might not be for you. The standard interest rate for cash back credit cards in Canada is around 19.99%, and it can easily outweigh the cash back benefits if you miss payments. This applies to all types of cards.

Welcome Bonus And Promotional Rates

Most credit cards come with generous welcome bonuses to entice users, but don’t be blinded by it. Double check the rates after the promotional period ends and decide if it’s worth applying for the card even after the period ends. 

Credit bureau reporting

If you’re looking to build your credit, you want your credit card issuer to report to as many credit card bureaus as possible. The two biggest bureaus in Canada are Equifax and TransUnion, and those are the first financial institution checks to see if you are likely to pay your debts. This is particularly relevant if you’re looking for a secured card, as the main purpose of these is to build your credit.

Issuer

The two biggest credit card networks in Canada are Visa and Mastercard. Both are acceptable options, and are accepted almost universally. You will have no trouble using either of these when travelling abroad. 

Credit Card Insurance & Purchase Warranties

Some credit cards offer comprehensive travel and medical insurance. This type of card usually has the highest annual fees but is a great option if you travel often and want to make sure your family is also protected. Here are some of the typical insured categories you can expect:

  • Baggage loss insurance
  • Baggage delay insurance
  • Car rental insurance
  • Extended warranty
  • Mobile Insurance
  • Flight delay insurance
  • Purchase assurance
  • Travel emergency medical
  • Travel accident insurance
  • Trip cancellation
  • Trip interruption

How To Apply For A Credit Card In Canada

Age

In Canada, the minimum age to request a credit card is the age of the majority. Teens under that age can’t get approved for credit cards but can be added as authorized users to one of their parent’s credit cards. For reference, the age of the majority in Alberta, Manitoba, Ontario, Quebec, Prince Edward Island, and Saskatchewan is 18 years old. In all other provinces, the age of the majority is 19.

Residency Status

Canadian credit cards are available to residents and non-permanent residents. However, most premium credit cards require you to be a Canadian resident. You don't even need a credit history for other card types like prepaid and secured credit cards. At the end of the day, residency requirements will depend on the specific credit card issuer and the type of card.

Credit score

Most premium credit cards in Canada require a good to excellent credit score, starting at 700. Keep in mind that the higher your credit score, the more likely your application will be accepted, and the cards with the higher requirements usually have the best intro bonuses, rewards, and benefits.

Personal Or Household Income Requirements

Some credit cards have a minimum income requirement, ranging from $60,000-$80,000 for individuals or $100,000-$150,000 for households. Cards that require an income usually have the best benefits and tend to require a higher credit score.

Credit Cards FAQs

Are Credit Cards Worth It?

When credit cards might be worth it for you:

  • If you find yourself making a lot of purchases and spending a lot of money every year at restaurants, gas stations, and grocery stores
  • If you have no trouble keeping up with your monthly credit card payments and are very unlikely to fall behind on payments
  • If you have a high credit score and access to the best credit cards with the best benefits
  • If you are looking to make a large purchase and need a line of credit 
  • If you want to start earning points for a vacation or cash back on regular purchases

When cash back cards might not be worth it for you

  • If you often fall behind on payments a credit card is not for you
  • If you don’t make enough from the perks and benefits to pay off the yearly fee of a credit card
  • If you are likely to build up more debt than you can handle, a credit card might not be for you

What Is The Best Free Credit Card In Canada?

The best free credit card in Canada is the American Express Green Card. It comes with a 10,000 MR points welcome bonus, offers access to exclusive American Express Experiences plus Front Of The Line, and allows you to exchange your points with other loyalty programs like Aeroplan and Marriot Bonvoy. 

Is It Better Or Worse To Have More Credit Cards?

Having multiple cards can be good for your credit in the long term, as it decreases your overall utilization rate. However, having multiple credit cards can make it harder for you to keep track of all the payments, and annual fees play a role if you can’t make the most out of each card.

What Credit Card Is The Most Beneficial?

It depends on your circumstances. If you travel often a travel credit card is the way to go, if you shop often at grocery stores or gas stations, a cash back card might be for you. There are all kinds of credit cards, and sometimes it might be worth considering going for most than one type of credit card.

What Is Better Visa Or Mastercard?

There is no clear winner; both have wide acceptance in Canada and offer similar benefits. Both are also extremely secure and are accepted worldwide.

Does Closing A Credit Card Hurt Your Credit Score?

As long as you cancel your credit card after paying your balance, it will not harm your credit score. However, by closing your credit card you are also changing your overall utilization rate, which may affect your score in the short term. 

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