Credit cards are a great tool to earn rewards on your spending. I’ve compiled this list of the Best Credit Cards in Canada to help you find the right credit card for your needs.
What Are The Best Credit Cards In Canada?
It is important to understand the benefit (points and perks) that you get from a credit card vs. the cost (annual fee and interest rate) of the card.
Also, you must choose a credit card that is tailored to the type of spending you are most likely to do.
So, if you do a lot of travel – choose a travel credit card. If cash back is most important to you then pick a cash back rewards card.
Here is our list of the top 5 credit cards in Canada:
- BMO World Elite Mastercard
- Scotia Momentum Visa Infinite
- RBC Avion Visa Infinite Business
- American Express Card
- MBNA Card
I’ll take you through an in-depth analysis of the best credit cards in Canada below and provide some helpful tips on finding the right credit card for you.
And, if you would like to learn how to get a free credit report you can visit the Government of Canada website for more information.
1. BMO World Elite Mastercard
The best travel credit card in Canada goes to the BMO World Elite Mastercard.
To apply for this card you will need an individual minimum income of $80,000 or a household minimum income of $150,000.
Current welcome offer: 60,000 points and the annual fee waived for the first year (primary and authorized cardholders).
Travel credit card features
- 3x points for every $1 spent on eligible travel, dining and entertainment
- Airport lounge access (see list of lounges) and 4 free lounge passes a year.
- Travel and medical protection with unlimited trips-per-year coverage.
- 2x bonus points for every $1 spent on car rentals at participating National and Alamo locations.
Fees to know
- Annual Fee: $150
- Interest rate on purchases: 20.99%
- Interest rate on cash advances: 23.99%
2. Scotia Momentum Visa Infinite Card
The best cash back credit card in Canada goes to the Scotiabank Momentum Visa Infinite Card.
To apply for this card you will need an individual minimum income of $60,000 or a household minimum income of $100,000 or minimum assets under management of $250,000.
Current welcome offer: Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases) and the annual fee waived for the first year (primary and authorized cardholders).
Cash back credit card features
- 4% cash back on groceries and recurring payments
- 2% cash back on gas and daily transit
- 1$ cash back on all other purchases
- No cash back limit
Fees to know
- Annual Fee: $120
- Interest rate on purchases: 20.99%
- Interest rate on cash advances: 22.99%
3. RBC Avion Visa Infinite Business Card
The best business credit card in canada goes to the RBC Avion Visa Infinite Business card.
If you business has under 10 employees you can apply via telephone (1-888-744-9252) or at a RBC branch and if you business has more than 10 employees you can contact a business specialist.
Current welcome offer: 25,000 welcome points when you activate your card.
Business credit card features
- Earn 1.25 RBC Rewards points spent on net purchases up to $75,000 per year.
- Airport lounge access to over 1,200 lounges worldwide
- Insurance coverage to protect your mobile device
- Business reporting tools like transaction data, expense management and photos of paper receipts.
Fees to know
- Annual Fee (primary card): $175
- Annual Fee (additional cards): $75
- Interest rate on purchases: 19.99%
- Interest rate on cash advances: 22.99%
4. American Express Green Card
The best no fee credit card in Canada goes to the American Express Green Card.
To apply for this card you need to be a Canadian resident, have a Canadian credit file and be of the age of majority in the province or territory where you live.
Current welcome offer: Earn 10,000 Membership Rewards when you charge $1,000 in purchases to your card within the first 3 months of activation.
No fee credit card features
- No annual fee
- Earn 1x points on card purchases
- 1 additional point on Amex Travel Online
- Automatic extension of manufacturers original warranty on some purchases
- Exclusive Amex offers
Fees to know
- Annual Fee: $0.00
- Interest rate on purchases: 20.99%
- Interest rate on cash advances: 21.99%
- Interest rate on missed payments: 23.99% or 26.99%
5. TD Emerald Flex Rate Visa Card
The best low interest credit card in Canada goes to the TD Emerald Flex Rate Visa card.
To apply for this card you need to be a Canadian resident and be of the age of majority in the province or territory where you live.
Current welcome offer: 6.49% promotional interest rate on purchases for the first 6 months (must apply before May 29, 2022)
Low interest rate credit card features
- Save 10% off the lowest available base rates on car rentals at Avis and Budget
- Low interest rate / variable interest rate
- Travel insurance options at additional cost
- Earn 50% more Stars are participating Starbucks stores
- Link with Apple Pay and Samsung Pay
Fees to know
- Annual Fee: $25.00
- Additional Cardholder Fee: $0.00
- Interest rate on purchases: TD Prime* + 4.50% – 12.75%
- Interest rate on cash advances: TD Prime* + 4.50% – 12.75%
*As of March 3, 2022, TD Prime was 2.70%