Credit Cards

What is the best credit card to use in Canada? 10 options!

If you’re looking for a great credit card, then you should learn about the best credit card in Canada. Compare their fees, rewards programs and apply today!

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by Victória Lourenço

Published on 11/20/2021

Learn the best credit card to use in Canada

Learn more about the best cards in Canada! Source: Unsplash.
Learn more about the best cards in Canada! Source: Unsplash.

There are many types of credit cards in the market, such as credit-building cards, cash back cards, and travel cards. And when we try to find the best credit card, we need to consider these categories and the cardholder profile. Also, we need to consider the country and many other factors. Moreover, it may be hard to choose the best credit card for you with so many options. In this post, we will give you information about the best credit card in Canada. So, read on!

How to use credit cards properly

Learning how to use credit cards properly doesn't need to be difficult. Instead, come and check out our tips!

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TOP 10 best options of credit card to use in Canada

Find out the best credit card to use in Canada! Source: Unsplash.
Find out the best credit card to use in Canada! Source: Unsplash.

1. American Express Cobalt®

The American Express Cobalt® credit card can be the best credit card for those who want to make the best out of rewards points on everyday purchases. Also, there is only a monthly fee of $12.99. Plus, in your first year using the card, you can earn 2,500 MR points for each billing period of the month in which you can spend $500 (about 30,000 points in a year).

Credit ScoreAt least 650.
Annual Fee$12.99 monthly fee.
Interest RateAnnual Interest Rate:
20.99% (purchases).
21.99% (funds advances).
Welcome Bonus20,000 Membership Rewards (MR) points after spending $3,000 in purchases within the first 3 months.
Rewards*5x points on dining purchases.

3x points on qualifying streaming subscriptions.

2x points on travel and car rides.

1x point on any other purchase.

1 additional point on Amex Travel Online.

*Terms apply.

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2. Tangerine Money-Back

This credit card can be great for those with a fair credit score and who want a card with cashback rewards. Also, you can choose your rewards categories to perfectly fit your spending profile. Plus, there is no annual fee and no spending cap on how much you can earn with your rewards.

Credit ScoreFair.
Annual Fee$0.
Interest Rate*1.95% promotional interest rate on balance transfers for 6 months. After that, 19.95% on unpaid balances.
*Terms apply.
Welcome BonusWith the current welcome offer, you can earn an extra 15% cash back after spending up to $1,000 on everyday purchases in your first 2 months.
Rewards*2% cashback with Money-Back on everyday purchases (up to 3 categories of your choice).

0.5% on any other everyday purchase.

*Terms apply.

3. Scotiabank Gold American Express®

This Amex card is for those looking for a credit card with a high rewards rate for everyday purchases. You can earn up to 50,000 welcome bonus points as a new cardholder and up to 5x rewards points. Also, there is a 0% intro interest rate fee and no annual fee in the first year!

Credit ScoreGood to excellent.
Annual Fee$0 in the first year. After that, $120.
Interest Rate0% intro interest rate fee on balance transfers for the first 6 months. After that, 22.99%.
Welcome Bonus50,000 bonus Scotia Rewards points.
Rewards*5x points for each dollar spent on qualifying grocery stores, restaurants, entertainment places, and more!

3x points for each dollar spent on qualifying purchases related to gas and transit. Also, qualifying streaming services.

1x points for each dollar spent on any other purchase.

*Terms apply.

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4. BMO eclipse Visa Infinite™

This credit card offers premium rewards with simple redemption features. Also, this card is for those looking for a card to make everyday purchases and earn special perks. Besides the rewards program and welcome bonus, this card offers special perks, such as a $50 annual lifestyle credit, purchase insurance, 10% more points if you add an authorized user, and more!

Credit ScoreExcellent.
Annual Fee$0 in the first year. After that, $120.
Interest Rate20.99% for purchases.
Welcome BonusUp to 40,000 points in the first year.
Rewards*5x points for each dollar spent on dining, groceries, gas, and transit.

1 point for every $1 spent on any other purchase.

*Terms apply.

5. CIBC Aventura® Visa Infinite™

This card is for those who travel frequently and need a credit card with good travel perks. You can earn up to $800 in travel value as a welcome bonus in your first year. Also, there is a good rewards rate of up to 2x points on travel. However, the minimum annual income is $60,000 (individual) and $100,000 (household).

Credit ScoreExcellent.
Annual Fee$0 in the first year. After that, $139.
Interest Rate22.99% for purchases.
Welcome Bonus*You can get a total of 35,000 Aventura Points in your first year.
*Terms apply.
Rewards*2x points for every dollar spent on travel with CIBC Rewards Centre.

1.5x points for every dollar spent at qualifying grocery stores, gas stations, and drug stores.

1x points for every dollar spent on any other purchase.

*Terms apply.

6. Home Trust Secured Visa

For those with low credit scores, one of the best credit cards in Canada could be the Home Trust Secured Visa card. It is a secured card, and it can help you build credit. Plus, you can choose between an annual fee of $59 and 14.90% interest or a $0 annual fee and 19.99% interest. Also, there is a minimum deposit of $500 and no credit score requirement.

Credit ScoreBad.
Annual Fee*$59 or $0.
*Terms apply.
Interest Rate*14.90% or 19.99%.
*Terms apply.
Welcome BonusN/A.
RewardsN/A.

7. President’s Choice Financial® World Elite Mastercard®

This credit card can be great for those who live in Canada and need a card with a high rewards rate. Also, this card does not have an annual fee, and your points do not expire if you maintain your account in good shape.

Credit ScoreFair to good.
Annual Fee$0.
Interest Rate20.97% on purchases.
Welcome BonusN/A.
Rewards*30 points per $1 spent on eligible grocery stores.

45 points per $1 spent on eligible drug stores.

30 points per $1 spent on eligible gas stations.

30 points per $1 spent on eligible travel purchases.

10 points per $1 spent on any other purchase.

*Terms apply.

8. MBNA True Line® Gold Mastercard®

The MBNA True Line® Gold Mastercard® is a credit card with one of the lowest interest rates on purchases in Canada. Also, this card has a relatively low annual fee of $39. Moreover, you can get purchase coverage on items you purchase with your card for the first 90 days after you make the purchase. In addition, you can get additional security with Mastercard® Zero Liability and Mastercard® Contactless.

Credit ScoreFair to good.
Annual Fee$39.
Interest Rate8.99% on purchases.
Welcome BonusN/A.
RewardsN/A.

9. Scotia Momentum® Visa Infinite

This credit card is one of the best cashback cards in Canada. It has a cash back rewards rate of 4% to 1% cashback. Also, you can get access to many other special perks, such as Visa Infinite Hotel Collection, Visa Infinite Concierge Service, and more!

Credit ScoreGood to excellent.
Annual Fee$0 in the first year. After that, $120.
Interest Rate20.99% on purchases and 22.99% on cash advances.
Welcome BonusN/A.
Rewards*4% cash back for each dollar you spend on groceries, bill payments, and subscriptions.

2% cash back for each dollar you spend on gas and transit purchases.

1% cashback on any other purchase.

*Terms apply.

10. SimplyCashTM Preferred Card from American Express

This Amex card has a cashback rewards program of 2% back with no limit amount for purchases. Also, there is a current amazing welcome offer of 10% cashback in your first four months of account opening (up to $400). Plus, you can have additional card users at no cost.

Credit ScoreGood to excellent.
Annual Fee$99.
Interest Rate19.99% on purchases.
Welcome Bonus*10% cashback (up to $400) in your first 4 months.
*Terms apply.
Rewards*2% cashback with no limit after the end of your welcome bonus.

Final Considerations

Here are some final considerations about deciding which card is best! Source: Unsplash.
Here are some final considerations about deciding which card is best! Source: Unsplash.

When looking for a new credit card we tend to get a bit overwhelmed with so many options out there in the market. But if we do careful research, we can see that there is a good option that fits every cardholder profile. So, be sure to choose one of the cards above considering your finances.

Before you apply to any of these great credit cards, it can be good to read more about credit cards and how they really work. So, check out our post below about the advantages and disadvantages of using credit cards!

Disadvantages and advantages of credit cards

Credit cards have many benefits, but you should be careful with some factors. Check the disadvantages and advantages of credit cards!

About the author

Victória Lourenço

Victória Lourenço is part of the finance writer team for The Mister Finance website. She is a translator and copywriter, having worked on finance topics for over four years. She has a goal to keep studying finances to help people learn more about how to use their credit cards, make loans, and use other money-related products in a way that they can find a more meaningful and healthy financial life!

Reviewed by

Aline Barbosa

Senior Editor

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