24 Best Credit Cards In Canada (Dec 2023)

• Earn 15,000 Membership Rewards points as a welcome bonus after you spend $9,000 within a year ($750/month)
• Access to American Express Experiences
• Access to American Express Front Of The Line presales

Why we like it

Pros

• 15,000 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+)

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

• 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

Why we like it

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

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

• $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

Why we like it

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

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.

• 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

Why we like it

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+)

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

• 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

Why we like it

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+)

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

• 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

Why we like it

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

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

• 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

Why we like it

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)

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.

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

Why we like it

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%)

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.

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

Why we like it

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

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

• 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

Why we like it

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

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.

• 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

Why we like it

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

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

• 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

Why we like it

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

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

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

Why we like it

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

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

• 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)

Why we like it

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

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

• 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

Why we like it

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)

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+

• 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

Why we like it

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

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

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

Why we like it

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

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.

• 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

Why we like it

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

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

• 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

Why we like it

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+)

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

• 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

Why we like it

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

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

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

Why we like it

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+)

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

• 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

Why we like it

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

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

• 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

Why we like it

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

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

• 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

Why we like it

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

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)