The best credit card companies in Canada offer premium benefits, discounts, perks, and rewards that are both high-value and simple to use.
You could save hundreds, even thousands of dollars annually by choosing the right credit card. Every dollar count, whether you’re looking for lower costs, more benefits, or just worthwhile extras like travel medical insurance or rental car savings.
You will succeed if you use your credit card responsibly, settle your balance each month, and choose the best rewards program for your needs. Finding the best credit card option among the many available can be difficult, but this list of the best credit card companies in Canada is here to assist.
In order to help you find the best credit cards in Canada for your spending patterns and financial objectives, we’ve selected the best cards available in Canada from a variety of card categories.
Key Takeaway
- Learn about the best credit card companies in Canada.
- What to actually look out for before choosing a credit card
- How to get and apply for a credit card.
How to Choose a Credit Card
With so many credit cards available, narrowing your options can be difficult. There are numerous factors to consider when selecting a credit card, the most important of which is card requirements.
Consider the following when choosing which credit card is right for you:
- Annual fee: Choose whether or not to pay an annual fee. Cards with an annual fee typically have better benefits.
- Rewards: The type of rewards you desire to earn will help you narrow down your options.
- Earn rate: Choose a card with higher earn rates in the categories where you spend the most.
- Welcome bonus: When comparing similar cards, go with the one that has a better sign-up bonus.
- Additional perks: Check to see if you want any additional benefits, such as no foreign transaction fees, travel insurance, extended warranty, and so on.
How to Apply For a Credit Card
There is no guarantee you will be approved for a credit card when you apply. To determine creditworthiness, the credit card company must examine your financial profile. Typically, the application process will look something like this:
- Fill out an application: This can be done online or at your financial institution. The application will request basic information such as your name, date of birth, address, social insurance number, employer, and income.
- Your information has been validated: The credit card company will check your credit history and verify the information you provided.
- A decision is made: If you apply online, you may receive instant approval (or disapproval), but the credit card company may contact you for additional information.
- Your card will be mailed: Your credit card will be mailed immediately and should arrive within 14 business days.
- Make your card active: When your card arrives, you must activate it by logging into your account or calling the mobile number on the back of your card. You can use your credit card to make purchases once it has been activated.
7 Best Credit Card Companies In Canada 2022
1. Scotiabank Gold American Express
Canadians have long preferred the Scotiabank Gold American Express, especially frequent travelers. The Scotia Rewards earn rate is a very healthy five points per $1 spent on groceries, dining, and entertainment, which is the first thing you’ll notice about this card.
Gas receives three points for every dollar spent, as do two other categories: eligible streaming services and public transportation. Per $1 spent on all other purchases, you’ll receive one point.
One of the few Canadian credit cards that don’t charge a foreign transaction fee is this one. Consider it a 2.5% bonus on all foreign currency transactions, including online purchases (the amount that is typically charged).
- Annual fee: $120
- Interest rates: Purchases are 20.99%, cash advances are 22.99%, and balance transfers are 22.99%.
- Welcome offer: In the first 12 months, you can earn up to $850 in value, which includes up to 45,000 bonus Scene+ points and a waiver of the first year’s annual fee. The deal expires on April 30, 2023.
- Earn rate: Every dollar spent on dining and entertainment earns five Scene+ points, three on transportation, one on streaming services, and one on everything else
- Income requirement: $12,000
- Additional benefits: Emergency medical services, trip interruption, and cancellation insurance, flight delay insurance, lost or delayed baggage insurance, travel accident insurance, rental car collision insurance, hotel and motel burglary insurance, and no foreign transaction fees; American Express Invites, Amex Offers, Amex Front-of-the-Line, and discounted Priority Pass membership
2. American Express Cobalt Card
Our top pick for the best travel credit card for regular spending is the American Express Cobalt Card, which has a high earn rate, a sizable welcome bonus, and easy-to-redeem points.
With no blackout dates, you can use the points you earn toward travel at a rate of 1,000 points for $10 for any flight on any airline, or you can apply them to the American Express Fixed Points Travel program to get even better deals on round-trip tickets.
You can transfer your points to any of the American Express Hotel partners, such as Marriott Bonvoy, if you’d rather use your rewards for lodging.
- Annual fee: $156
- Interest rates: Purchases 20.99%, cash advances 21.99%
- Earn rate: five points per $1 spent on dining out and groceries; two points per $1 spent on travel; one point per $1 spent on every other purchase
- Welcome offer: You can earn up to 2,500 points for every $500 you spend in the first year, up to a maximum of 30,000 points, which is equivalent to $300 toward a weekend getaway or concert tickets.
- Income requirement: $12,000
- Additional benefits: Travel insurance; American Express Invites
3. Tangerine Money- Bank Credit Card
If you want a no-fee, cashback credit card, the Tangerine Money-Back card should be on your radar. This credit card is an excellent/great choice in the no-fee category, offering 2% cash back on up to spending categories of your choice (such as groceries, gas, and dining) and 0.5% back on everything else. When you sign up, you customize your cashback spending options rather than the bank setting them for you.
You choose two categories where you earn 2% right away, but if you set your cashback to deposit directly into your Tangerine account, you can add a third—meaning you can reap significant rewards.
You will automatically be considered for the Tangerine World Mastercard, which has additional benefits like mobile device and rental car insurance if you meet the $60,000 annual income requirement.
- Annual fee: $0
- Interest rates: Purchases 19.95%, cash advances 19.95%, balance transfers 19.95%
- Welcome offer: Earn 15 percent cash back (up to $150) on everyday purchases made within the first two months of owning the card. Transfer your balance from another card to receive a low-interest rate of 1.95% for the first six months (there is a 1% balance transfer fee). The Applications must be submitted by November 18, 2022.
- Earn rate: 2 percent cash back on up to three bonus categories of your choice; 0.5% cash back on all other purchases
- Income requirement: $12,000
- Additional benefits: Purchase assurance and extended warranty
4. CINC Dividend Visa Infinite
The CIBC Dividend Visa Infinite card earns accelerated cashback rates in a variety of five popular spending categories in addition to its standard 1% earn rate. It offers double cash back on dining (including delivery), daily transit (including transit passes for rideshare companies like Uber), and recurring bills.
It offers 4% cash back on groceries and gas, the highest cashback rate of any cashback card (think smartphone and cable bills). Additionally, it stands out from other cashback cards because you can redeem your points whenever you want rather than just once a year. Redeeming cashback is done in $25 increments.
- Annual fee:$120
- Interest rates: Purchases are 20.99%, cash advances 22.99%, balance transfers 22.99%
- Welcome bonus: Earn a first-year annual fee rebate in addition to 10% cash back on all purchases (up to a maximum of $2,500 in purchases) for the first four statements. You must apply online to be eligible.
- Earn rate: 4% on cash back on groceries and gas, 2% on travel, dining, and recurring expenses, and 1% on all other purchases.
- Income requirement: $60,000 for an individual or $100,000 for a family
- Additional benefits: When you link your card with Journie Rewards, you can save up to $0.10 per litre at participating Chevron, fast gas, Ultramar, and Pioneer gas stations. You can also get emergency travel insurance, concierge service, mobile device insurance, and the Visa Infinite Dining and Wine Country program.
5. Scotia Momentum Visa Infinite
The Scotia Momentum Visa Infinite’s high earning rates in popular spending categories is one of the first things you’ll notice. You’ll receive 4% cash back on groceries and recurring bills (such as Netflix), 2% cash back on gas and public transportation (including Uber), and a 1% base rate on all other purchases.
The included insurance protects your mobile device, car rental, and travel plans, and you’ll gain access to Visa Infinite benefits such as Concierge Service and Hotel Collection. The Scotia Momentum Visa Infinite is our pick for the most well-rounded and lucrative cashback card.
- Annual fee:$120
- Interest rates: Purchases are 20.99%, cash advances 22.99%, balance transfers 22.99%
- Earn rate: 4% on gas and recurring bills; 2% on gas and daily transit; 1% on everything else
- Welcome offer: Earn 10% cash back on all your purchases for the first 3 months (up to $2,000 in total purchases).
- Income requirement: $60,000 or a minimum household income of $100,000
- Additional benefits: Access to Visa Infinite experiences, car rental damage/loss waiver, flight interruption insurance, emergency medical and travel accident coverage, and mobile device insurance
6. BMO eclipse Visa Infinite
There is no better place to find rewards for your transportation and dining expenses. You can earn 5 times as many BMO Rewards points when you spend money at grocery stores, restaurants (including delivery and takeout) and on transportation expenses like gas, rideshare, or public transportation.
The payout for other categories is $1 worth of points. Travel, gift cards, and a few products are all redeemable with BMO Rewards points. You can use your points to directly cover purchases by choosing a transaction for as little as $1 and doing so.
- Annual fee: $120
- Interest rates: Purchases are 20.99%, cash advances 23.99%, and balance transfers 23.99%
- Welcome offer: You can earn up to 70,000 points ($467 in travel rewards), and for the first year, earn 5 times as many points on gas, dining, shopping, and public transportation. Add an authorized user to your account to earn 10% more points. Additionally, your first year’s $120 annual fee is waived, and you also receive a $50 lifestyle credit.
- Earn rate: Food purchases such as groceries, dining out, and delivery, as well as gas and transportation purchases such as taxis and ridesharing, earn 5 BMO Rewards points per $1; all other purchases earn 1 point per $1.
- Income requirement: $60,000 personal or $100,000 household
- Additional benefits: Visa Infinite privileges
7. MBNA Rewards Platinum Plus Mastercard
The MBNA Rewards Platinum Plus Mastercard has a generous sign-up bonus for a no-fee card, and the 10,000 points are simple to accumulate. To receive the first 5,000 points, simply spend $500 in grocery and restaurant purchases within 90 days of receiving your card.
To get the rest, sign up for paperless e-statements. MBNA points are versatile and simple to redeem for a wide range of items, including travel, where you get the most bang for your buck at 100 points for $1 in travel. To give you an idea, it takes 200 points to get $1 in cash back.
- Annual fee: $0
- Interest rates: Purchases are 19.99%, cash advances 24.99%, and balance transfers 22.99%
- Welcome offer: (Not made available for residents of Quebec)
- Earn rate: Earn two points for any dollar spent on eligible groceries and restaurants ($5,000 maximum annual spend per category) and one point for every dollar spent on everything else.
- Additional benefits: Purchase assurance and extended warranty
Read Also:
How To Get Instant Approval Virtual Credit Card With Instant Use
How To Build Credit Without A Credit Card (2022 Guide)
How To Accept Credit Card Payments In 7 Simple Ways
Conclusion
Many Canadians use credit cards on a daily basis. It may be more convenient to use your credit card than cash to make purchases. Additionally, the best credit cards allow you to both manage your spending and earn rewards. Let’s have your view in the comment section on the best credit card companies in Canada discussed in this article.
FAQS
What credit card company is the hardest to get?
The American Express Centurion Card is the most difficult credit card to obtain. Amex Centurion, also referred to as the “Black Card,” is only available by invitation.
How many credit cards should you have?
Two to three credit card accounts, in addition to other types of credit, are generally recommended if your goal is to obtain or maintain a good credit score. This combination may be beneficial to your credit mix. Lenders and creditors prefer a diverse range of credit types on your credit report.
You can learn more from the video below:
About Author
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My name is Precious Ejiofor, I am a professional self motivated, dependable writer and editor, with over 4 year of experience in writing for variety of business and platforms. I am able and capable to write on any kind of topic.
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