Best Credit Cards in Canada 2024 – Top Picks and Reviews

Finding the right credit card in Canada can be tough with so many choices. It’s key to look for a card that meets your spending and saving needs. The options range from low interest rate credit cards to secured credit cards, offering something for all.

This article features some of the best credit cards in Canada thanks to our partners who support us. Their support might affect how and where products are shown on the page. Yet, our takes remain fair and not influenced. Remember, no card is the best for everyone in all areas. Think about things like annual fees, how easy it is to use, bonus offers, availability, and how you can use your rewards.

Using a credit card well can help improve your credit score and earn rewards on your buys. Credit cards in Canada 2024 come with extra perks, like travel points and insurance. Before you apply, understand if you qualify and look at the minimum income. It’s also wise to know your credit score. You can check if you’re likely to get the card using an online tool or by looking at your credit report.

To get more from your card, consider credit card sign up bonuses and cards without annual fees. Watching for special deals and promotions can really boost your rewards. By making a thoughtful choice that fits your lifestyle, you’ll have a great credit card experience in 2024.

Key Takeaways

• No single credit card is the best for everyone; consider your spending habits and financial goals when choosing a card.
• Factors to consider include annual fees, rewards earning rates, ease of use, promotions, approval rates, eligibility criteria, and redemption choices.
• Responsible credit card ownership helps build credit and increase your credit score over time.
• Look for sign-up bonuses and no annual fee cards to maximize rewards and minimize costs.
• Use an eligibility checker tool or request a copy of your credit report to assess your chances of approval before applying.

Best Rewards Credit Card and Best Credit Card for Groceries

Food prices in Canada are going up, making people look for better deals or local markets. The American Express Cobalt Card is perfect for those who buy groceries, eat out often, or order food. It gives great rewards on food shopping, making it worth a look.

American Express Cobalt Card Overview

This card lets you collect points faster than many others in Canada. You can get up to 5 times more points on meals and groceries. Plus, you can use your points in different ways, which is awesome for smart shoppers.

Earning Rewards with the American Express Cobalt Card

If you spend at least $500 a month, you could get 30,000 Membership Rewards points in 12 months. The card rewards you like this:

• 5 points per dollar on groceries, dining out, and food delivery
• 3 points per dollar on streaming services
• 2 points per dollar on travel and transit
• 1 point per dollar on everything else

You can get 5 points for every dollar you spend at the grocery store. This is better than some other cards like Scotia Momentum Visa Infinite and PC Financial World Elite Mastercard.

Benefits and Perks of the American Express Cobalt Card

Aside from earning points, this card has many bonuses and privileges:

• Redeem points for travel, gift cards, things to buy, or credit
• Send points to hotels and airlines
• Acess special dining and shopping deals from American Express
• Get tickets early and special offers
• Travel insurance with $100,000 for accidents and $500 for lost luggage

Although there’s a $155.88 yearly fee, the rewards and benefits of this card make up for it. This is especially true if you often spend on food, eating out, or ordering in.

For those looking for a top credit card for groceries, the American Express Cobalt Card is leading the pack. It offers high rewards, flexible use of points, and great benefits. This makes it a top pick for anyone who wants to save on daily spending.

Best Travel Credit Card, Best No Foreign Transaction Fee Card, and Best Credit Card for Lounge Access

The Scotiabank Passport Visa Infinite Card is perfect for Canadians wanting a top travel card. It stands out as the best in Canada for travel, no foreign transaction fees, and lounge access.

Scotiabank Passport Visa Infinite Card Highlights

This card is great for those who travel often. You won’t pay extra fees on foreign currency purchases. Other cards charge 2.5% extra, but this one just uses the exchange rate, saving you cash.

There’s also great travel insurance that covers many things like trip cancellations and lost baggage. This means you’re protected when you travel. With an annual fee of $150 and competitive interest rates, it’s a good deal.

New users can get up to $1,100 in rewards in their first year. This includes 45,000 bonus points and no annual fee for the first year. It’s valid until April 30, 2024, so act fast.

Earning Rewards with the Scotiabank Passport Visa Infinite Card

You’ll earn points on daily purchases with this card. Get 3 points per dollar on groceries, dining, and more, and 1 point on the rest. Every point is worth 1 cent in travel savings.

Plus, you’ll also get a free Priority Pass membership. This lets you visit airport lounges for free 10 times a year. It makes flying more relaxing and enjoyable.

As a Visa Infinite member, you get great extras like a concierge, luxury hotels, and exclusive dining and entertainment benefits. These perks add to your travel adventure and rewards.

In short, the Scotiabank Passport Visa Infinite Card is ideal for serious Canadian travellers. It removes foreign transaction fees, has good rewards, and offers access to lounges and solid insurance. It’s a must-have for anyone who flies often.

Top Contender for Best Travel Credit Card

The American Express Gold Rewards Card is a top pick in Canada for travelers in 2024. It offers a great earn rate on usual buys and a big welcome reward. You can get points fast for flights, stays, and more.

The card shines in earning bonus points. You get 3 points for every dollar on food, drinks, and deliveries. Plus, 2 points for each dollar spent on travel and transit, ideal for active travelers.

The welcome offer is impressive, up to $2,600 in value the first year. You can earn 35,000 points by spending $1,500 in the first three months. Add to that 5,000 points a month with $500 spending. This gives you many travel choices with your points.

“The American Express Gold Rewards Card is my favorite for earning rewards. The bonus categories match my spending, and the Membership Rewards are so flexible.” – Said Sarah, a frequent traveler

The American Express Gold Rewards Card also offers:

• The possibility to move points to various airlines and hotels
• Booking travel using the Fixed Points Travel Program
• Extensive travel insurance coverage
• Access to American Express’ premium benefits

Though it has a $250 yearly fee, the card’s welcome bonus and rewards make up for it. Adding extra cards for $50 helps families earn more rewards.

If you want a travel card that’s flexible, offers value, and great perks, consider the American Express Gold Rewards Card.

Best Cash Back Credit Card and Best Credit Card for Gas

The CIBC Dividend Visa Infinite Card is great for Canadians looking for the top cash back and gas rewards. With high cash back, a big welcome bonus, and extra perks, it’s a leading choice in Canada.

CIBC Dividend Visa Infinite Card Overview

This cash back card is top-tier, especially for buying gas and groceries. It has a $120 annual fee and is perfect for those who love getting cash back.

Cash Back Rewards with the CIBC Dividend Visa Infinite Card

It shines with its cash back offers:

• 4% back on gas and groceries
• 2% back on dining, transit, and bills
• 1% back on everything else

Plus, there’s a sweet welcome bonus. New users get 10% extra cash back, up to $250, on their first four statement purchases. It’s good until October 31, 2024.

Getting cash back is easy with the CIBC Dividend Visa Infinite Card. Just use it with CIBC Online & Mobile Banking to turn it into a statement credit.

Additional Benefits of the CIBC Dividend Visa Infinite Card

It’s not just about cash back. The card also has:

• Up to $0.10 off per litre at select gas stations with a Journie card
• Great insurance, like travel medical and car rental coverage
• Visa Infinite perks, including a concierge and special dining events
• The first extra card is free each year

With amazing cash back chances and a list of extra benefits, this card is a top pick for money-savvy Canadians.

Best No Fee Cash Back Credit Card

In Canada, the Tangerine Money-Back Credit Card shines for its flexibility and rewards. It lets users pick the categories they get cash back on. This is great for those who want to earn more without an annual fee.

Tangerine Money-Back Credit Card Highlights

This card stands out for its perks:

• Earn 2% cash back on purchases in two categories of your choice
• Earn 2% cash back in a third category with a Tangerine Savings Account
• Get 0.5% cash back on everything else
• It has no annual income requirement
• There’s a great balance transfer offer for new users
• Cash back is automatic and monthly, and rewards never expire
• No annual fee and free authorized user cards

Customizing Cash Back Categories with the Tangerine Money-Back Credit Card

You can pick your bonus categories with the Tangerine card. Choices include grocery, gas, dining, and more. This way, you can earn rewards on your usual spending.

Choosing your categories fits your spending, helping you earn more rewards. With no extra fee, it’s a smart choice for custom cash back.

“The Tangerine card’s custom categories and no fee are great for rewarding everyday spending.”

The Tangerine Money-Back Credit Card is often at the top for no fee rewards. It stands out with its choice in bonus categories. This gives Canadians a valuable option over cards with fees.

Best Low Interest Credit Card and Best Balance Transfer Credit Card

Looking for a low interest or balance transfer credit card in Canada? The Scotiabank Value Visa Card is worth checking out. It has a 12.99% interest rate for purchases, cash advances, and balance transfers. You’ll save a lot compared to cards with higher rates.

The Scotiabank Value Visa Card is great if you want to lessen your debt. It gives a special 0.99% rate on balance transfers for the first 6 months. Then, it goes back to 12.99%. This offer can save you money and help clear your debt quicker.

It’s key to look at the length of the promotional period and the rate after. Plus, check the balance transfer fees, which usually run from 2% to 3% of what you move, depending on the card.

For instance, moving a $6,000 balance from a 20% APR card to one with 0% interest can save you $1,080 ($1,200 – $120) over 12 months, with a 2% fee.

Balance transfers can boost your credit score. They lower your credit use if you pay on time and don’t add more debt.

Here’s a list of the top balance transfer cards in Canada:

Even with its $29 annual fee, the Scotiabank Value Visa Card is a good deal. It has a low regular rate and perks like cheaper car rentals, flight savings, and Visa Zero Liability. These benefits often outweigh the fee for most people.

The right credit card for you depends on your money situation and goals. Look closely at each card’s details. This way, you can pick one that reduces interest costs and speeds up your debt payoff.

Best Credit Card for Building Credit and Best Secured Credit Card

Secured credit cards are great for people wanting to start or fix their credit. They need a deposit for security. By using them well, you can show you’re a good bet for lending more.

Neo Secured Card Overview

The Neo Secured Card is for Canadians who need to boost their credit, without a credit check. It’s easy to get with just a $50 deposit, and your credit limit matches what you put in. This makes it perfect for folks with less credit history needing a fresh start.

The Neo Secured Card is cool because it has cash back. You earn money back on every buy, with big rewards for eating out, streaming, and on gas and food. Most secured cards don’t offer treats like these.

Building Credit with the Neo Secured Card

Secured cards like Neo’s help build your credit history. They let the big credit bureaus know when you’re good at paying your bills, making your credit look good.

The card also teaches you how to use credit the smart way. Its AI gives tips based on what you tend to buy, helping you be better with money.

Looking to build your credit? Consider the Neo Secured Card among Canada’s top secured options. It comes with free approval, no yearly fees, and a chance to earn money back. A solid card for those working on their credit health.

Best Credit Card for Premium Perks

The American Express Platinum Card is the top choice in Canada for luxury perks. It has a welcome bonus of up to 104,000 Membership Rewards points. Get 85,000 points by spending $6,000 in the first 3 months. You’ll earn an extra 19,000 points by making a purchase within 14 to 17 months after getting the card.

This card is great at turning your everyday spending into points fast. You’ll earn 3 points for every dollar spent on dining, 2 points on travel, and 1 point on other purchases. You can use these points for various rewards like travel, merchandise, or gift cards.

As one of the best credit cards with perks in Canada, the American Express Platinum Card offers great benefits. These perks make travelling more enjoyable and convenient.

Every year, cardholders get a $200 travel credit. This credit can go towards travel expenses. There’s also a $100 NEXUS credit to help with application or renewal fees. Plus, the card provides travel insurance to keep you safe on your trips.

One big feature of the American Express Platinum Card is the unlimited lounge access. With Priority Pass, you can enter over 1,300 airport lounges worldwide for free. At Toronto Pearson Airport, you’ll get even more premium benefits. This makes your travel more relaxed and luxurious.

This card also gives special status and benefits at certain hotels. You’ll enjoy exclusive dining and events. These perks add a luxury touch to your travels and daily life.

The American Express Platinum Card has a $699 annual fee. But, the benefits and rewards you get are usually worth more. If you fly often or love premium travel, this card is a great pick in Canada.

Best Credit Card for Travel Insurance

The Scotiabank Passport Visa Infinite Card is one of Canada’s best for travel insurance. It gives a complete package that help travellers feel secure. It covers unexpected events like lost luggage or trip cancellations.

Scotiabank Passport Visa Infinite Card Travel Insurance Coverage

This card brings many travel insurance advantages. For example, it offers up to $1 million in travel medical insurance. This is for trips up to 25 days if you’re under 65. If you’re 65 or above, you get 10 days of coverage.

It also covers trip cancellation and interruption up to $2,500 per person. So, if your plans change for some reason, you’re not out of pocket. There’s flight delay coverage up to $500 and up to $1,000 for lost or delayed bags too.

For serious accidents, it includes up to $500,000 in accident insurance. And if you rent a car, you’re covered for damage up to $65,000. These benefits add to a worry-free travel experience.

To use these benefits, simply pay for your trip with the Scotiabank Passport Visa Infinite Card. Then, you’re automatically covered by the insurance.

Additional Travel Benefits of the Scotiabank Passport Visa Infinite Card

Besides great insurance, this card has other perks. You won’t pay extra fees for buying things in other currencies. This saves you money abroad.

You also get a Priority Pass membership. It offers access to over 1,300 airport lounges. With six free visits every year, you can enjoy some luxury and peace before your flight.

As a Visa Infinite card, it comes with exclusive services. You’ll have access to a concierge, a special hotel collection, and unique dining events. These extras add to your travel enjoyment.

For every dollar you spend on travel, grocery, dining, and transit, you earn 2 points. All other purchases get you 1 point per dollar. You can use these points for travel, items, or to lower your bill.

The card’s annual fee is $150, and you can add family cards at no extra charge. With all the insurance perks and rewards, this fee is easily worthwhile for those who travel often.

The Scotiabank Passport Visa Infinite Card is a top pick in Canada for good reasons. It offers a wide range of coverage, useful benefits, and great rewards. It’s perfect for travellers who want safety and value.

Best Aeroplan Credit Card

The TD Aeroplan Visa Infinite Privilege Card is perfect for those wanting to earn more Aeroplan miles. It’s among the top choices for frequent flyers. It comes with many benefits and perks that improve travel.

New cardholders get a lot with the welcome bonus. They can earn up to 115,000 Aeroplan points and a Buddy Pass. Here’s how it’s broken down:

• 20,000 Aeroplan points after your first purchase
• 55,000 Aeroplan points when you spend $3,000 in 90 days
• Get 40,000 more points when you renew the card for another year
• A Buddy Pass after you spend $25,000 in one year

This card also lets you earn a lot with regular buys. For every dollar spent on Air Canada, you get 2 Aeroplan points. Groceries, gas, travel, and dining purchases earn you 1.5 points per dollar. Everything else gives you 1.25 points per dollar.

You can redeem Aeroplan points for flights, upgrades, hotel stays, and items. The process is easy and allows for a lot of choices:

It’s useful to know the value of your Aeroplan points. Use this formula to calculate it: 1 Aeroplan point = (ticket price – Aeroplan fees) ÷ points needed. A good value is usually between 1.2 to 1.5 cents. Business class tickets can usually give you better value.

Besides these, the card offers multiple Air Canada benefits. This includes things like priority check-in and Maple Leaf Lounge passes. You also get a NEXUS rebate and travel insurance coverage.

Earn Aeroplan points twice – with the credit card and the membership card at partner stores!

The TD Aeroplan Visa Infinite Privilege Card has a $599 annual fee. But, people who travel a lot can find it worth the price. You need to make at least $150,000 a year, or $200,000 combined, to qualify for it.

There are several other good Aeroplan credit cards too:

• TD® Aeroplan® Visa* Business Card
• CIBC Aeroplan Visa Business Plus Card
• CIBC Aeroplan Visa Infinite Privilege Card
• American Express® Aeroplan®* Card
• CIBC Aeroplan® Visa Infinite* Card
• TD® Aeroplan® Visa Infinite* Card
• TD® Aeroplan® Visa Platinum* Card

By carefully comparing the features, benefits, and earn rates of these best credit cards for Aeroplan miles, Canadians can select the card that best aligns with their spending habits and travel goals, ultimately maximizing the value of their Aeroplan points.

Best Hotel Credit Card

The Marriott Bonvoy American Express Card is the top pick for earning rewards on hotel stays in 2024. This card lets you earn points fast. You can use these points for free nights at over 7,000 Marriott Bonvoy hotels worldwide. It’s perfect for those who often stay in Marriott hotels.

Marriott Bonvoy American Express Card Overview

Get a welcome bonus of 60,000 Marriott Bonvoy points when you spend $3,000 in your first 3 months. Depending on where and when you stay, this bonus could cover several nights at Marriott hotels.

You also get Silver Elite status right away. This means you can check out late, get 10% more points, and use free Wi-Fi. Spend $30,000 a year and you reach Gold Elite status for better perks like room upgrades and welcome gifts.

Earning Marriott Bonvoy Points with the Marriott Bonvoy American Express Card

This card is great for earning points. You get:

• 5 points per dollar at Marriott Bonvoy hotels
• 2 points per dollar on everything else

With these rates, you’ll gather points fast, whether you’re traveling or doing daily shopping.

Each year after your card anniversary, you’ll get a Free Night Award. This award is for a one-night hotel stay worth up to 35,000 points. It helps make up for the $120 annual fee, giving you a great card benefit.

You have many options for using your Marriott Bonvoy points. Besides hotel stays, you can use them for flights with over 40 airlines, events, car rentals, and shopping.

To sum it up, the Marriott Bonvoy American Express Card is a standout for Canadians wanting great hotel rewards. Its welcome bonus, high earning rates, and benefits like the Free Night Award make it a valuable pick for those who love Marriott Bonvoy hotels.

Best Student Credit Card

The BMO CashBack Mastercard for students is great for those wanting rewards while they build credit. It has no annual fee and a cash back program designed for student spending.

Here’s what you can earn with this card:

• 3% cash back on grocery purchases (up to $500 in monthly spending)
• 1% cash back on recurring bills (up to $500 monthly)
• 0.5% cash back on all other purchases

New cardholders get a welcome bonus of 5% cash back on their first 3 months of purchases. This bonus maxes out at $125, giving your rewards a nice jump start.

The standout feature of this card is how easy it is to redeem your cash back. You can start cashing in on rewards from just $1. Plus, your cash back never expires as long as your account is open, letting you build up rewards over time.

This student card also offers perks for travelers. You can get up to a 25% discount on student rates for car rentals from National and Alamo. It’s a great way to save on your trips.

If you’re new to credit, this card is a good choice. It’s not hard to qualify because there’s no minimum income needed. You can also add friends or family to your account for free, sharing the card’s benefits.

The BMO CashBack Mastercard for students is among the best in Canada. It stands out with easy-to-use rewards and perks. It’s a great tool for students to earn cash back and start their credit journey wisely.

Best Business Credit Card

The Scotia Momentum for business Visa Card is perfect for small business owners. It’s a cash back business credit card with no annual fee. This makes it stand out in Canada.

You can earn 3% cash back on certain purchases like gas and office supplies. All other buys get you 1% back. There’s no cap on what you can earn, and your rewards stay as long as your account is open.

This Visa card comes with features that make managing money easier. For example, it has:

• Visa SavingsEdge for discounts
• Visa Payment Controls to manage spending
• Zero Liability for unauthorized purchases

You can also get extra cards for employees for free. This way, you earn cash back from their purchases. And you can set limits and get alerts on what they spend.

The Scotia Momentum card works well with tools like Sage and Wave. These help you keep track of spending and finances easily.

While the American Express Business Edge Card topped a 2023 ranking, the Scotia Momentum stands out for its cash back and no fee.

Business credit cards often have bigger credit limits than personal ones. They’re good for businesses with lots of expenses. Plus, many offer perks like travel rewards for work trips.

Even small businesses run by one person can get some business credit cards. You might need to show documents that prove your business is real. These could be things like a business license or financial statements.

The Scotia Momentum for business Visa Card meets the needs of small businesses. It’s great for keeping track of purchases, managing spending, and earning rewards. This makes it a top business credit card in Canada.

Credit Cards in Canada 2024: What to Look for When Choosing a Card

There are many credit cards to pick from in Canada. Choosing the right one can be hard. It’s key to match your spending and financial goals with what each card offers. This way, you can get the most rewards and spend the least.

Assess Your Spending Habits and Financial Goals

Start by looking at where you spend your money the most. If you spend a lot on things like groceries, gas, eating out, or traveling, find a card that gives extra in those areas. Some like getting cash back, while others prefer travel rewards. Choose what fits your life and goals best.

Don’t forget to look at your credit score and income. These matter because they decide which cards you can get. For the best cards, you’ll need a credit score between 660 and 725. Your yearly income should be $12,000 to $60,000.

Consider Annual Fees and Interest Rates

Think about what you get from a card compared to what it costs. Some cards have annual fees, usually from $0 to $799. If you use a card a lot for travel or enjoy bonuses, the fee might be worth it. But if you spend less or have a balance often, you might be better off with a lower fee card.

Interest rates are also important, especially if you don’t pay the full balance each month. Rates for purchases are between 12.99% and 22.99%. Cash advance rates are from 19.95% to 24.99%. If you might carry a balance, a low-interest card could save you money.

Look for Valuable Rewards and Benefits

When comparing cards, think about how you earn rewards and what they’re worth. Look for cards with good welcome bonuses. These bonuses can add up to a lot in the first year, based on your usual spending.

Also, check out the extra perks. They might include travel insurance, mobile protection, no fees on foreign transactions, airport lounge access, and more. Though they don’t give you money directly, they can be very useful. Make sure to know all the details of these benefits.

Finally, the best card for you depends on your unique situation. Think about what you need and compare your options well. Use tools like Ratehub.ca’s credit card comparison to help. It lets you see your choices easily and pick the best one for you.

How to Maximize Rewards with the Best Credit Cards in Canada 2024

To get the most from the best credit cards in Canada for 2024, choose cards that match your spending style. The American Express Cobalt Card stands out. It gives you 5 points for each dollar spent on groceries and dining. You’ll also get 3 points for each dollar spent on streaming services. Plus, it has solid insurance.

Choose Cards with High Earn Rates and Valuable Points

Choose cards with good earn rates in areas you often spend money on. The SimplyCash Preferred Card by American Express earns you 2% back. It also gives 4% cash back for gas and groceries. The Scotia Gold Amex card offers up to 6 points per dollar at certain grocers and 5 points per dollar at eating places.

Understand Your Rewards Program and Point Values

Know your credit card’s rewards system and what your points are worth. Each program has its own focus. For instance, Aeroplan is great for flying within North America. American Express Membership Rewards is good for lots of international travel options. Marriott Bonvoy can save you on hotel stays. And Scotia Scene+ is big with movie fans. Point values change based on your card and what you’re redeeming them for. The TD First Class Travel Visa Infinite, for example, earns you 4.5% back on what you spend.

Maintain an Active Account and Meet Eligibility Requirements

To keep your credit card points from expiring, keep your account in good shape and use your card. Generally, as long as your account is active, your points won’t disappear. But watch out, loyalty program points like Aeroplan’s and Air Miles might go after 12 to 24 months without use. And remember, you usually need a credit score of 700 or more to get these top cards. So, keep your credit strong to make the most of the rewards.