Canada’s Best Credit Cards
Whether you’re looking for rewards, cash back or no annual fee there are credit cards out there to suit your needs. These are the best credit cards currently available in Canada.
It’s important for people to pick the right credit card to maximize the benefits they receive. Making all of your purchases on a credit card instead of a debit card has a lot of advantages. For instance, you have the ability to accumulate rewards worth up to 5% or even 10% of your purchase price. That is like an immediate discount on whatever you just bought. When applied to all your purchases over an entire year, these savings can add up fast. Other advantages include features such as purchase protection, extended warranties and fraud protection that cash and debit cards cannot match.
Best No Fee Credit Cards
First we will take a look at the best no fee credit cards available to Canadians. These no fee credit cards offer the best of both worlds – the opportunity to accumulate impressive perks and absolutely no annual fees.
1) BMO Cash Back Mastercard
The BMO Cash Back Mastercard is the best no annual fee cad in the market. Currently you can qualify for 5% cash back on all purchases for your first 3 months. Once that period is over you can expect to earn 3% cash back on all groceries, 1% cash back on recurring bills and 0.5% cash back on all other purchases.
There are some other sweet deals from this card as well like 25% of car rentals that are booked and paid for on your card.
2) Tangerine Money Back Credit Card
The Tangerine Money Back Credit Card does exactly what you would expect – it offers you money back on each purchase. This card has no annual fee and offers 2% cash back on your top 3 spending categories. The great thing with this card is that you get to choose the categories. It can be groceries, gas, bills, travel or anything else you would like. Cash back rewards are unlimited, so the more you spend the more you earn.
All other purchases outside of your top 3 categories earn 0.5% cash back. This simple card offers some powerful cash back rewards for no fees.
3) Rogers World Elite Mastercard
The Rogers World Elite Mastercard offers a powerful 1.5% cash back on absolutely all purchases and no annual fee. There’s some extra benefits to this card if you happen to buy a lot of items in the United States or shop at American websites. All purchases made in US Dollars earn a special 3% cash back.
Best Rewards Credit Cards
Rewards credit cards are where savvy consumers can get the best bang for their buck. Although these cards might have an annual fee, the rewards and benefits almost always make up for it.
1) American Express Cobalt Card
The American Express Cobalt Card tops our list as the best rewards card available to Canadians. The rewards for this card are nearly endless. Credit Card Genius reports that you can earn 8.75% on all restaurant, grocery and food purchases with this card. Perhaps even more impressive is that this card has a 3.76% earn rate across all purchasing categories. Simply put, there isn’t anything else that even comes close. The fee is only $10 per month and we are quite confident that you’ll earn that back within just a few days of having this card.
2) American Express Gold Rewards Card
The American Express Gold Rewards Card comes in second place in our rankings. You earn 2 points for every dollar spent on gas, grocery stores or pharmacies. Credit Card Genius estimates that this works out to be roughly 5% earn rate on all gas purchases.
3) Scotiabank Momentum Visa Infinite
The Scotiabank Momentum Visa Infinite Card is one of the top ranking rewards card every single year. This is because it is a simple card with generous benefits. Cardholders can earn 4% cash back on groceries, 2% on transit and gas and 1% cash back on all other purchases. The annual fee is only $120 and this fee is waived for the first year.
In addition to these generous cash back rewards, this credit card comes with significant insurance coverage for when you travel or buy anything.
If you are looking for a new credit card, we recommend checking one of the above options out. These cards will help you earn generous rewards and cash back. And the best part is that it might not even cost you a penny to collect all of the rewards.