7 Best Canadian Credit Cards
Life is full of wonderful things. From traveling to the far reaches of the world to preparing a nice dinner for family and friends, there is a lot to enjoy!
And, with a Canadian credit card, you can save money and enjoy additional perks while doing so.
Canadian credit cards come in all shapes and sizes, meaning that you can pick one that suits your lifestyle and rewards you for doing the things you love doing the most.
The selection available is quite vast, which is why I’ve written this article for you with all-you-need-to-know about different Canadian credit cards.
So you can pick the one that works best for your budget and lifestyle.
7 Best Canadian Credit Cards
Here are the 7 best Canadian credit cards of 2020:
- Scotiabank® Gold American Express® Card: Best for Everyday Spending
- Tangerine Money-Back Credit Card: Best for Cash Back
- Scotiabank Platinum American Express® Card: Best for Free Pass to Airport Lounges
- Scotiabank Passport™ Visa Infinite Card Best for Travel Points
- TD First Class Travel® Visa Infinite Card: Best for Frequent Travelers
- Scotia Momentum® Visa Card: Best For Cashback Rewards
- Scotia Momentum® Visa Infinite Card: Best for Higher Income Individuals
Scotiabank® Gold American Express® Card
- 25,000 point bonus, 5x points on groceries
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Scotiabank Gold American Express Card is perfect for everyday spending with the generous point rewards.
Just by signing up and making purchases for a minimum of $1,000 CDN in the first three months, you will receive 25,000 rewards points.
Additionally, you will get 5, 3, or 1 point for each dollar you spend using the credit card.
The 5 points are awarded for everyday expenses such as groceries and entertainment, transportation expenses will give you 3 points, and all other expenses will earn you 1 point.
The points can be exchanged for merchandise, travels, or cash credit.
There is no fee for currency exchange, which makes this a great credit card for travel.
- Sign-up Bonus: you will receive 25,000 Scotia Rewards Points after charging your card with $1,000 CDN in the first 3 months; plus 5,000 additional points if you spend $10,000 CDN or more over the first year
- Earning Potential: You will get 5 points for every dollar spent on groceries, dining, and entertainment; 3 points for every dollar spent on public transport and gas; and 1 point for every dollar spent on everything else
- Annual Fee: $120
Tangerine Money-Back Credit Card
- $250 Bonus, 2% cashback, no annual fee
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Tangerine Money Back Card is perfect for customers looking for cashback cards. Not only will you receive a great welcome bonus, but you can also choose two categories which will give 2% cashback.
These categories include restaurants, drug stores, groceries, gas, parking, home improvement, and many others. If you have a Tangerine Savings Account, you can also add a third category to the list. The cash back is paid automatically every month.
Tangerine Money-Back Card has no annual fee and is available for people with low income ($12K annual personal income is required).
You can also transfer the balance to Tangerine from other cards in the first 30 days and only pay 1.95% interest for the first 6 months.
- Sign-up Bonus: $250 in cash when spending $5,000 CDN or more in the first three months.
- Earning Potential: 2% cashback for purchases in two selected categories (you can choose groceries, restaurants, drug stores, gas, or similar) and 0.5% for all other purchases
- Annual Fee: $0
Scotiabank Platinum American Express® Card
Best For: Travelers who enjoy a free pass to airport lounges
Scotiabank Platinum American Express Card is a premium travel credit card. It is perfect for frequent travelers who like to travel in comfort.
Having this card will also give you access to Priority Pass Airport Lounges worldwide. The points collected can be redeemed for unrestricted travels.
Other benefits include concierge services, VIP pass to unique global events, and 7 types of travel insurance coverages.
The foreign currency exchange fee when paying with this card is set at 2.5%.
- Sign-up Bonus: 30,000 Scotia Rewards points with your first purchase
- Earning Potential: You will earn 1 point for every dollar you spend with this card and 4 points for every dollar you spend on groceries, gas, dining, and entertainment
- Annual Fee: $399
Scotiabank Passport™ Visa Infinite Card
Best For: Travelers who also want to collect points
Scotiabank Passport Visa Infinite Card is designed for frequent travelers.
Its perks include complimentary access to airport lounges worldwide (limited to 6 passes per year) and travel insurance, including medical, trip cancellation/ interruption, lost or delayed baggage, accident, rental car, and hotel burglary.
Besides all of the traveling perks, you can also enjoy the rewards program that will allow you to collect points that can be redeemed for travels and more.
This card has no foreign exchange fees.
- Sign-up Bonus: Get up to 35,000 Scotia Rewards points in the first year
- Earning Potential: Earn 1 point with every dollar you spend and 2 points for every dollar you spend on dining, groceries, and transport
- Annual Fee: $139
TD First Class Travel® Visa Infinite Card
Best For: Frequent travelers
TD First Class Travel Visa Infinite Card is a perfect choice for regular travelers. This card will help you to collect more points and redeem them easily.
You will receive 3 TD points for every dollar that you spend and extra points (up to 9 points per dollar) for ordering your flight through Expedia either online or over the phone.
The welcome bonus is also very generous and is worth up to $400. The annual fee for the first is rebated, and you can get the annual fee waiver if you have an all-inclusive account with them.
There are many benefits included, such as travel insurance, rental car insurance, and VIP lounges in many airports worldwide.
- Sign-up Bonus: You will receive 20,000 points on your first purchase and 5 points on all purchases over first the three months, up to 20,000 per month
- Earning Potential: When booking flights through Expedia online, you will receive 9 TD points for each dollar spent; 6 TD points when booking flights through Expedia over the phone; and 3TD points for all other purchases
- Annual Fee: $120 ($0 for the first year)
Scotia Momentum® Visa Card
- 2% cashback on gas, groceries, and drug store purchases
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Scotiabank Momentum Visa Card is a great choice for those looking for a cashback credit card. It has a very low annual fee of only $39 and a 2% cashback on groceries, gas, drug stores, and recurring bill payments.
You will also get purchase security and extended warranty on objects you purchase using this card. An additional perk is savings on rental cars. You can save up to 25% of your rental in Canada and the US when paying with Scotiabank Momentum Visa Card.
For the first 6 months, you will only pay 2.99% interest on balance transfers.
- Sign-up Bonus: First six months come with only 2.99% interest rate on balance transfers
- Earning Potential: 2% cashback on gas, groceries, and drug store purchases, 1% cashback for all other purchases
- Annual Fee: $39
Scotia Momentum® Visa Infinite Card
- 4% cashback on groceries and subscriptions
- Learn More >>
Scotiabank Momentum Visa Infinite Card is a premium cashback credit card. It offers you generous cashback and many benefits for only $120 a year with no fee for the first year.
The benefits include Visa Infinite concierge, good hotel rates and free room upgrades, car rental discounts, and much more. You will also get free insurance, including new mobile device insurance, travel insurance, and purchase security and extended warranty protection.
To get this card, your personal annual income cannot be less than $60,000, and the minimum credit limit is $5,000.
- Sign-up Bonus: First-year annual fee waiver and 10% cashback on the first $2,000 of purchases, which has to be done in the first 3 months
- Earning Potential: Get 4% cashback for every $1 you spend on groceries, recurring payments, and subscriptions, 2% for every dollar you spend on gas and transit, and 1% on everything else
- Annual Fee: $120 with first-year waived
Canadian Credit Card FAQs
What is the best credit card to get in Canada?
While there are plenty of cards to choose from, there is no one best credit card in Canada that is the best for everyone. Many cards have different rewards, different interest rates, and different annual fees.
To find the best credit card for you, first, you have to decide what is most important for you. Maybe you prefer cashback for all your purchases, maybe you enjoy premium travel perks such as travel insurance and access to airport lounges, or maybe you are looking for low-interest rates above anything else.
Once you figure out what it is that you need, you can look at a few different options, compare them, and pick one that will help you to save the most. We looked at a few different credit cards available in Canada to help you to find the best credit card for you.
What is the easiest credit card to get in Canada?
When choosing a credit card, you should always check the requirements. Some credit cards require you to have an excellent or good credit score and a certain annual income. If you know where you stand, it is easy to see which credit cards you can get easily and which ones you might get denied.
Before a bank issues you a credit card, they will check a few things about you. When applying for a Canadian credit card, you will need to provide the following information:
- Full name
- Address (both current and previous, if available)
- Identification number
- Employment details
- Income information
If you are applying for a credit card online, all you have to do is fill in your details, and you’ll get the answer straight away. The system will check your credit score, income, and a few other factors.
If you choose to apply for a credit card at the bank, make sure you take all your papers with you and prepare to wait a bit for an answer.
Which Canadian credit card gives you the most benefits?
There are many ways to receive different benefits from Canadian credit cards.
Some credit cards will give a cashback of 1% or 2% of all your purchases, others have reward points which can be redeemed for travels, merchandise, and sometimes cash. Some cards may also include insurance, extended warranty on the products you purchase with that card, and other benefits.
It is hard to point out one credit card in Canada that gives you the most benefits because they are all so different. Once you decide what benefit suits you the best, you can choose the card that would benefit you the most.
Can you use a Canadian credit card in the US?
You can use all Canadian Visa, MasterCard, and American Express credit cards in the US. Before going to the US and using your Canadian credit card there, check with your credit card provider if there is a foreign currency exchange fee. This fee can be as high as 2.5%.
If you travel to the US frequently, it might be a good idea to get a travel credit card. Most of these cards don’t have any fees for currency exchanges.
Finding the Best Canadian Credit Card For You
Every one of us has different requirements; some like to travel far and wide, others prefer to save money for early retirement, others simply want to enjoy life.
Credit card companies understand this, and that is why there are different credit cards for different lifestyles. Understanding what is important to you can help you save money and get the most out of your credit card, whether that is a higher cashback percentage on groceries or travel perks such as lounges.
Use this guide also to understand your eligibility to avoid taking hits on your credit score and always remember to take everything into consideration.