Compare the Best Credit Cards in Canada
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Today's Best Credit Card Offers
American Express CobaltTM Credit Card
In your first year as a new Cobalt Cardmember, you can earn 2,500 Membership Rewards® points for each monthly billing period in which you spend $500 in net purchases on your Card. This could add up to 30,000 points in a year
TD Cash Back Visa Infinite* Card
Limited Time Offer! Earn 10% Cash Back on all Purchases for the first 3 months1 up to a total spend of $2,000. Plus, first year no Annual Fee for the Primary Cardholder and Additional Cardholders2. Conditions apply. Must apply by September 8, 2020.
CIBC Dividend® Visa Infinite*
Welcome Offer: Get a first-year annual fee rebate and 10% cash back†, for the first 4 statements on total purchases of up to $2,000†.
BMO® CashBack® World Elite®* Mastercard®*
Welcome offer: Get 5% cash back in your first 3 months and the $120 annual fee waived in the first year*.
Tangerine Money-Back Credit Card
Earn 2% Money-Back Rewards on purchases in two 2% Money-Back Categories of your choice, and 0.50% Money-Back Rewards on all other purchases.
The Best Credit Cards in 2020
Finding the best credit cards in Canada
It’s no secret – you’re looking for something stable, flexible, reliable and of course, something that supports you and your spending habits. It’s true, finding the best credit card sounds a lot like finding the perfect partner – and every so often, it can be overwhelming.
Similar to dating, finding the best credit card in Canada can take time – especially if you aren’t exactly sure what’s important to you as a consumer. The best credit card for you may not be the first option you see on the market, so take your time, learn about the options and ask yourself what you want out of a potential credit card.
If you’re in the market for a new credit card or just simply want to compare how your current card stacks up to Canada’s top credit cards, check out RateSupermarket.ca’s comparison tool today.
Credit Card Essentials
While no two credit cards offer identical benefits and rates, they do make spending easy.
When you make a purchase with your credit card, you use a portion of your credit limit and when it hits your account it’s referred to as your credit card balance. Once you make a payment toward your balance, more credit is made available to you.
In order to avoid late-payment penalties on your credit card balance, you must pay a minimum payment by a certain date each month. Even though you have the option to pay down your credit card balance in installments, we recommend you pay off your balance in full every month. If you only pay the minimum month-to-month, you may accrue hundreds of dollars in avoidable fees over the course of the year.
Is there more than one type of credit card in Canada?
There are many options when it comes to Canadian credit cards – and some are much more suitable for you than others.
Different credit cards offer different rates and incentives. Most cards can be categorized as one of the following:
- No-Fee Credit Card: No-fee credit cards have just that — no annual fee. Most no-fee credit cards have few rewards or incentives (if any) but if you just want a card that isn’t complicated and you’re not interested in earning rewards, then it’ll do the job. Some no-fee credit cards have a higher interest rate in comparison to cards with annual fees.
- Rewards Credit Card: Cash-back offers, travel points, merchandise related rewards – all rewards cards promise different perks that benefits your spending. Unlike the no-fee credit card, rewards credit cards typically require the cardholder to pay an annual fee — even if you don’t use it during the year. The fee is reflective of the benefits you receive for using the card.
- Student Credit Card: Being a post-secondary student comes with many firsts. It may in fact be the first time you’re financially responsible for yourself. A student credit card can help you build a Canadian credit history and a good credit score which will play an significant role in many more important firsts to come in your lifetime – like renting a condo, buying a car, getting a mortgage and more. Beware of cards with high interest rates and fewer rewards or benefits. If you won’t be able to pay your full bill each month, a student credit card may cause you more harm than good as any financial blip you make will be reflected
- Business Credit Card: Similar to a personal credit card, a business credit card is an easy way for business owners to separate personal and professional debts. Your business credit card payments can also impact your personal credit score.
- Low Interest Credit Card: A card with a low interest rate will help you to save and discover money that you didn’t realize you had, all while keeping your spending in check. Be mindful of becoming complacent with the low rate charges you accrue each month.
- Low Balance Transfer Credit Card: Consolidating and organizing your credit cards has never been easier with a low balance transfer credit card. Low balance transfer credit cards allow you to transfer an existing balance and take advantage of a low rate (as low as 0% interest). On some balance transfer cards you’ll be charged interest on purchases you make before paying off the original amount you transferred over. Additionally, the low interest rates on balance transfer credit cards are temporary so look out for the expiration date.
- Secured Credit Card: A good option for Canadians who either need to start building credit or repair their damaged credit history. Secured credit cards require a security deposit to be placed on the credit card – typically equal to the credit limit. Depending on the state of your credit history, you may qualify for a card that requires a partial or full deposit.
- Guaranteed Credit Card: Similar to a secured card, a guaranteed credit card will allow you to rebuild your credit with everyday purchases with your card – while staying within your credit limit. However, you may not be required to place a security deposit. Guaranteed credit card limits are typically smaller than other cards.
RateSupermarket.ca allows you to compare and apply for credit cards all in one place.
What are some features and benefits of balance transfer credit cards in Canada?
Balance transfer credit cards can be a great tool for paying down credit card debt on one card by transferring the balance to another card with a lower interest rate.
- Reduce your debt. You can dedicate a larger portion of your monthly payments to principal rather than interest charges.
- Save. By paying no interest or low interest for the promotional period, you could potentially save hundreds and sometimes thousands of dollars in interest fees.
- Extras. Earn rewards such as cash-back and points toward travel, groceries and gas on some balance transfer credit cards.
- Additional fees. It’s important to keep in mind that balance transfer fees may apply. Depending on the rate being offered on the card, it may be more financially savvy to stick it out on your old card – or just compare it to others until you find one that works for you. Other fees that may be applied are additional purchase fees – which will apply to any purchase you make with the card before you pay off your remaining balance.
Visit RateSupermarket.ca to compare and find the best balance transfer credit cards in Canada.
What are some features and benefits of Canadian credit cards?
These benefits include but are not limited to:
- Worldwide acceptance
- Protection against purchases you did not authorize when your card is lost or stolen
- Around the clock access to customer service if your card is stolen
- Emergency card replacement
- Concierge services
- Travel insurance
- Access to deals through incentive programs
How do I find the best Canadian credit card?
We’ll say it once, we’ll say it again – your lifestyle is different than your parents, siblings, friends and partner – so what works for them, may not work for you. That’s why it’s best to compare your options and see the best fit.
- Looking to fix bad credit? Compare these .
- Hoping to travel more often? Compare the Best 2018 Travel Credit Cards in Canada.
- Interested in learning more about Mastercard? Compare the Best Canadian Mastercard Credit Cards in 2018
- Want to see if Visa is right for you? Compare the Best Canadian Visa Credit Cards in 2018.
Still interested in learning more about the best credit cards in Canada? RateSupermarket.ca makes it easy to compare the best credit cards on the market. Our site allows you to conveniently assess features, fees and interest rates of different cards.
Who are the major credit card lenders in Canada?
Just like credit cards, there are many credit card lenders. Lenders or issuers are typically a bank or credit union who offer credit cards to consumers. They have the right to change your interest rates and reward points on purchases and cash advances.
Below is a list of major credit card lenders in Canada:
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Our Best Picks for 2019
Shopping for a new card? See how much you could be earning and saving with RateSupermarket.ca's 2019 Best of Finance picks.
| Best Rewards Card||Scotia Momentum® Visa Infinite* Card|
| Best Rewards Card with No Fee||RBC® Cash Back MasterCard‡|
| Best Card for Carrying a Balance||National Bank Syncro Mastercard®|
| Best Card for Balance Transfers||True Line® Mastercard® credit card|
| Best Card for Building Credit||Home Trust Secured Visa Card|
| Fan Favourite for Best Credit Card||President’s Choice Financial® Mastercard®|
| Best Card for Students||BMO SPC®** CashBack® Mastercard®*|
| Best Card with Travel Perks||CIBC Aventura® Visa InfiniteTM|
| Best Card for Groceries||American Express CobaltTM Credit Card|
| Best Gas Rewards Card with No Fee||Scotia Momentum® Visa Infinite* Card|
| Best Store Card||President’s Choice Financial® World Elite Mastercard®|
Want to learn more about Canada's best finance products? Check out our full list of 2019 Best of Finance winners »
The Best Credit Cards in Canada
|Travel Rewards View all »||Sponsored Scotiabank®* Gold American Express® Card »||Sponsored Scotiabank PassportTM Visa Infinite* Card »||Sponsored TD® Aeroplan® Visa Infinite* Card »|
|Gas Rewards View all »||Sponsored American Express CobaltTM Credit Card »||Sponsored Scotia Momentum® Visa Infinite* Card »||Sponsored Triangle™World Elite Mastercard® »|
|Low Interest View all »||Sponsored True Line® Mastercard® credit card »||TD Emerald Flex Rate Visa® Card »||Scotia Momentum® Mastercard ®* Credit Card »|
|Balance Transfer View all »||Sponsored President’s Choice Financial® Mastercard® »||Sponsored True Line® Mastercard® credit card »||CIBC Select Visa* Card »|