Best Credit Cards in Canada 2024

What’s the best credit card in Canada? With so many cards on the market, it can be difficult to pick a single Visa or Mastercard, let alone one best overall credit card. This is true for two reasons: one, because there are so many cards that it can be overwhelming and two, because (spoiler alert) there isn’t one single one-size-fits-all best card for everyone.

Our list gives you the cards we judge as the best credit cards for Canadians in 12 different categories. We also spend some time breaking down exactly what each kind of card does and listing some questions you should know the answers to before you start seriously looking for a new card. By the end of this article, you should have a solid idea of what kinds of cards are a good bet for you and be well on your way to picking your best credit card in Canada.

Top Canadian Credit Cards: Quick Comparison

Best Overall Credit Card For Canadians: Neo Financial

Our pick for the best credit card in Canada is the Neo Financial Mastercard (Neo Card^TM). This no-fee cashback card from Neo, a digital finance company, offers unparalleled flexibility, earn rates, and ease of use.

Until recently, the Neo Financial Mastercard came in 3 tiers from the no-fee Neo Essential Credit Card to the Neo Ultra Credit Card, which was billed monthly at $8.99.

However, as of July 2022, the Neo Plus and Ultra plans are on temporary hold. You can still apply for the Essential card which is 100% free, then upgrade your plan later on when Neo relaunches the premium packages.

Even the standard Neo Financial Card has a great base cashback rate with massive cashback offers from a growing list of Neo partners including Amazon, Spotify, and DoorDash.

A Neo cardholder can expect an average cashback rate of 5% (sometimes even higher). For a full analysis of the Neo Financial credit card, check out our Neo Financial Credit Card Review.

Annual Fee: $0

Income required: None

Welcome bonus: Welcome bonuses (up to 15% cashback) on first purchases from Neo partner stores + $25 signup bonus.

Earn rate:

• Earn an average of 5% at Neo partners

Additional perks/benefits: None

We love: The convenience and ease of use (the Neo app is fantastic), plus the massive cashback bonuses from Neo partners (a list that’s growing!)

Runner Up for Best Credit Card in Canada: Tangerine World Mastercard

With flexible cashback earning, a generous welcome bonus, and decent perks, the Tangerine World Mastercard is our runner-up for the best credit card in Canada as well as for the best no annual fee credit card in Canada.

Tangerine gives you ultimate earn rate flexibility. You receive 2% cashback on 2 categories of your choice (3 if you open a bank account), plus 10% cash back on the first $1,000 spent on your card. The Tangerine World Mastercard’s flexibility is only matched by the Tangerine Money-Back Credit Card, which has the same earn rates but fewer perks and a lower minimum income. You can find full details at our Tangerine World Mastercard Review.

Annual Fee: $0

Income required: $60,000 personal, $100,000 household

Welcome bonus: earn an extra 10% back (up to $100) when you spend up to $1,000 in everyday purchases within your first 2 months. Offer is valid until January 31, 2024.

Earn rate:

• 2% cashback on 2 or 3 categories of your choice
• 0.5% cashback on everything else

Additional perks/benefits:

• 90 day purchase assurance
• Up to 1 year extended warranty coverage
• Rental car insurance
• $1,000 mobile device insurance
• Promotional transfer rate
• Mastercard Travel Pass provided by DragonPass (lounge visit fees extra)

We love: The flexible categories and the hefty welcome bonus.

Best Premium Cashback Card: Scotia Momentum Visa Infinite

Not many premium cashback cards give you a standard earn rate of 4% cashback on groceries and recurring payments, plus 2% cashback on gas and transit. But the Scotia Momentum Visa Infinite does, and that’s why it’s one of our top premium cashback credit cards.

This card more than earns its annual fee with its cashback rates, insurance package, and car rental discounts. It’s a great card to have in your wallet if you spend a lot on groceries like me! You can read more in our Scotia Momentum Visa Infinite review.

Annual Fee: $120

Income required: $60,000 personal or $100,000 household

Welcome bonus: Earn 10% cash back on all purchases for the first 3 months after you signup (up to $2,000 in total purchases) + no annual fee in the first year.

Earn rate:

• 4% cashback on groceries and recurring payments
• 2% cashback on gas and daily transit
• 1% cashback on everything else

Additional perks/benefits:

• Discount on car rentals, travel insurance package,
• Up to $1,000 mobile device insurance
• 90-day purchase assurance
• Up to 1 year extended warranty coverage

We love: The excellent earn rate on groceries and subscriptions like Netflix.

Best Points Card in Canada + Best Travel Credit Card: Amex Cobalt

While the earn rate on the Amex Cobalt is truly excellent, what makes it stellar as both a points card and a travel credit card is the ability to transfer your points to airline loyalty programs like Aeroplan at a 1:1 ratio.

This means that, instead of earning 1.5 Aeroplan points per dollar spent on grocery purchases with an Aeroplan card, you can earn 5 points per dollar spent with the Amex Cobalt and then transfer the points. The Amex Cobalt also has excellent perks and insurance coverage and a major welcome bonus, making it well worth the $12.99/month feeYou can read more about this card in our Amex Cobalt review or our breakdown of the best Canadian travel credit cards.

Annual Fee: $155.88 ($12.99/month)

Income required: None

Welcome bonus: Up to 30,000 bonus points (2,500 points for each month where you spend $500 on your card in the first year)

Earn rate:

• 5 points per dollar spent on restaurants, grocery stores, and delivery/takeout
• 3 points per dollar spent on select streaming subscriptions
• 2 points per dollar spent on gas, travel, and transit
• 1 point per $1 spent on everything else

Additional perks/benefits:

• Comprehensive travel insurance package
• Mobile device insurance
• The Hotel Collection (up to $100 USD to use on hotel amenities when charged to the room, a one-category room upgrade at check-in, when available)

We love: The spectacular earn rate and the ability to transfer points to a loyalty program like Aeroplan.

Best Aeroplan Card: TD Aeroplan Visa Infinite

Although the Amex Cobalt’s can rack up the Aeroplan points fast, the fact is that Amex isn’t accepted everywhere. That’s why the TD Aeroplan Visa Infinite is a great card to have in your collection. It earns you 1.5 Aeroplan points for every dollar spent on gas, groceries, and Air Canada travel and gives you the opportunity to earn points twice at Aeroplan partner stores.

With good insurance coverage, a NEXUS fee rebate, and a free checked bag on every flight, the TD Aeroplan Visa Infinite is the perfect card for someone who travels Air Canada (or other Star Alliance airlines) frequently. You can read more by reading our TD Aeroplan Visa Infinite review, or learn all about how the Aeroplan program works in our list of the Best Aeroplan Cards in Canada.

Annual Fee: $139 – waived for 1st year if certain conditions are met.

Income required: $60,000 personal or $100,000 household

Welcome bonus:

First year fee rebated, earn up to 50,000 Aeroplan points (earn 10,000 points with first purchase, 20,000 when you make $1,500 worth of purchases in the first 90 days, and an additional 20,000 points when you spend at least $7,500 in the first 12 months. Residents of Quebec simply need to keep the account open and in good standing). Offer expires on January 3, 2024.

Earn rate:

• 1.5 Aeroplan points for every $1 spent on gas, grocery, and Air Canada purchases
• 1 point per $1 spent everywhere else
• Earn points twice at Aeroplan partner locations

Additional perks/benefits:

• First checked bag free
• Travel insurance package including 4 days of emergency medical insurance for travellers 65 and up
• Discounts on car rentals
• NEXUS fee rebate

We love: The NEXUS fee rebate every 48 months and the generous welcome bonus that doesn’t require a huge amount of spending. 

Best Low Interest Credit Card: MBNA True Line Gold Mastercard

We never recommend carrying a balance, but if you still find you do, you may want to consider a low-interest credit card like the MBNA True Line Gold Mastercard. This card is no-frills compared to most of the cards featured on this list, but it gives you something that the others don’t: a comparatively minuscule 8.99% interest rate on purchases and balance transfers.

Depending on the size of the balance you’re carrying, this card can save you hundreds of dollars a year, far more than the cost of the (relatively low) annual fee. If you want to learn more about this card and the other low interest cards on the market, check out our list of the Best Low Interest Credit Cards in Canada.

Annual Fee: $39

Income required: None

Welcome bonus: None

Earn rate: N/A

Additional perks/benefits:

• Purchase assurance
• Extended warranty benefits
• Discounts on car rentals

We love: The staggeringly low interest rate

Best Credit Card with No FX Fee: Scotia Passport Visa Infinite

If you plan to use your credit card for international travel and/or cross-border shopping, it’s a good idea to have a card in your wallet that doesn’t charge you a fee for foreign transactions. The Scotia Passport Visa Infinite is our favourite card that lets you skip the foreign exchange fee.

With comprehensive travel insurance coverage, 6 complimentary airport lounge visits per year, and (obviously) no foreign exchange fees, this is an ideal card for the international traveller. You can read more about the Scotia Passport Visa Infinite in our list of the best cards with no foreign transaction fees.

Annual Fee: $150

Income required: $60,000 personal/ $100,000 household

Welcome bonus:

Up to 35,000 SCENE+ points in your first year ($350 towards travel, entertainment, groceries, and more).

Earn rate:

• 3 points per dollar spent on groceries, dining, entertainment, and transit
• 1 point per dollar spent on everything else

Additional perks/benefits:

• Travel insurance package
• No foreign transaction fees
• Complimentary Priority Pass membership with 6 complimentary airport lounge visits
• Car rental discount

We love: The complimentary lounge passes and the travel emergency medical insurance (25 days of coverage for travellers under 65).

Best Business Credit Card: CIBC Aventura Visa for Business

Business credit cards are the best way to keep business and personal expenses separate and avoiding accounting headaches, and the CIBC Aventura Visa for Business is an excellent one. This card offers accelerated earning on travel and travel-related expenses and its selection of perks is perfectly designed for business travel.

With the potential for a massive welcome bonus and a clear application process for every kind of business from sole proprietor to corporation laid out on their site, the CIBC Aventura Visa for Business is an ideal candidate for your business spending. You can read more about this card and all of our favourite business credit cards on our list of the Best Business Credit Cards in Canada.

Annual Fee: $120

Income required: $35,000 individual

Welcome bonus:

Up to 60,000 Aventura Points (25,000 with first purchase, a bonus 5,000 points, and 35,000 anniversary points when you spend $65,000 or more during the first year). Annual fee waived in the first year.

Earn rate:

• 2 points for every $1 spent on travel purchased through the CIBC Rewards Centre
• 1.5 points for every $1 on gas and travel spending (flights, hotel stays, car rentals, travel agencies)
• 1 point per $1 spent on everything else

Additional perks/benefits:

• Comprehensive travel insurance package
• Aventura travel assistant

We love: The welcome bonus, plus the ability to transfer Aventura points between your personal and business credit card accounts.

Best Balance Transfer Credit Card: CIBC Select Visa

If you’re carrying a large balance on a card with a 19.99% interest rate (or higher!), you’re basically throwing money away every month. A balance transfer card like the CIBC Select Visa can help you get out of debt faster by giving you a promotional interest rate when you open the card and transfer your balance.

The CIBC Select Visa has the best promotional balance transfer rate we’ve seen, giving you up to 10 months at 0% interest, with a 1% balance transfer fee. It’s also a lower interest card, which means once that promotional period ends, you’re still only paying 13.99% interest—and that can still save you money! You can read more about the CIBC Select Visa and our other favourite low interest cards on our list of the Best Low Interest Cards in Canada.

Annual Fee: $29

Income required: $15,000 household

Welcome bonus:

• First year annual fee rebate
• Transfer your credit card balance and get 0% interest for up to 10 months with a 1% transfer fee.

Earn rate: N/A

Additional perks/benefits:

• Common Carrier travel accident insurance
• Savings on gas with Journie rewards

We love: That incredible introductory balance transfer rate, plus the low overall interest rate.

Best Prepaid Card: KOHO Premium Prepaid Visa

If you want the convenience of a Visa card but don’t want to worry about debt and credit, the KOHO Premium Prepaid Visa is a great option. It gives you cashback on your purchases and acts like a cross between a Visa card and a debit card—you deposit money into your KOHO account and then spend it using your Visa card.

We appreciate the cashback rewards and the perks that the premium version of the KOHO prepaid card gives us, although the no-fee KOHO Prepaid Visa is also excellent. You can read more about this card, and all our favourite prepaid cards, in our list of the Best Prepaid Credit Cards in Canada.

Annual Fee: $84 annually (or $9 monthly)

Income required: N/A

Welcome bonus: A bonus 0.5% cashback for the first 90 days

Earn rate:

• 2% cashback on groceries, dining, and transportation
• 0.5% cashback on everything else

Additional perks/benefits:

• Price protection
• No foreign transaction fees
• Free financial coaching

We love: The premium experience (higher cashback earnings, some perks) plus the accessibility of this card.

How Do We Compare And Select These Credit Cards?

With over a hundred credit cards on the market today, picking the top cards is more complicated than considering one or two features. In order to come up with our favourites in each category, we put the cards through a rigorous analysis. Here’s a breakdown of what we look at:

• The company: We consider all credit card companies to make sure that they’re worthy of your trust. That doesn’t mean we stick to the big banks (we love solid fintech companies like Neo and KOHO), but it does mean that we make sure every card we recommend comes from a company that’s regulated and licensed, that hasn’t had any major issues in the news, and that doesn’t have overwhelmingly negative customer reviews.
• Rates and requirements: Next, we read the fine print and crunch the numbers:

1. How much does the card cost?
2. What kind of income or credit score limits do they place on card eligibility?
3. What are the interest rates and minimum credit limits?
4. How much will you be paying the credit card lender every month – and what penalties will you incur if you fail to pay them?

• Features and rewards: Even the most streamlined card has something it does well. We look at the earn rates, welcome bonuses, balance transfer rates, perks, and insurance packages to find the cards that provide the most value.
• Customer experiences: We investigate the overall spread of customer reviews online. Are they mostly positive? We’ll consider that a point in their favour. Are they shockingly negative? While a few negative reviews are inevitable with even the best cards, we’ll make sure you know if a crowd of customers is complaining about the same thing.

What is a Credit Card and Why Do I Need One?

A credit card is a card issued by a financial institution that allows its owner to borrow money (“credit”) from them in order to make payments, purchases, or even access cash. Of course, the convenience of being able to access your credit line comes at a price, which is calculated as an Annual Percentage Rate (APR), or the interest rate you will be charged.

This means that you’ll need to pay back the money you borrowed, and then some. Keep in mind that with many credit cards, if you don’t pay the amount you owe in full each month, interest will accrue daily. This can quickly get out of control, so bear that in mind when making purchases with a credit card.

While we definitely recommend only spending what you can afford to pay off each month, there are some noteworthy benefits to having a credit card or two in your wallet.

• It helps you build a solid credit history, which is crucial if you plan to someday apply for a home loan, car loan, or business loan.
• It provides a safety net in case of an emergency, such as unexpected job loss or costly home or car repairs.
• It can protect against theft, as most cards offer fraud insurance, (meaning you won’t be held accountable if someone uses your card illegally).
• Many cards offer very attractive benefits, such as cashback, rewards, frequent flyer miles and more.

Types of Credit Cards: How to Choose the Right One for You

When you’re trying to find the best Canadian credit card for you, it helps to understand the terminology. Here are the various kinds of cards we mention in our list:

Rewards Credit Cards

Rewards credit cards give users something (generally either points or cashback) every time they use the card. There are 3 main types of rewards cards:

Cashback Credit Cards

For every dollar you charge to a cashback credit card, you receive a small amount of cash back (usually between 0.5 and 4 cents per dollar spent, but with welcome bonuses and special promotions, the total can be higher).

Cashback cards generally offer accelerated earning in certain categories (like the Scotia Momentum Visa Infinite) or at certain retailers (like the Neo Financial Credit Card), with a smaller base rate of earning for everything else. Some cashback cards allow you to cash out your rewards at any time, while others allow you to cash out monthly or annually.

These cards are usually divided into 2 categories: no-fee (free) cashback and premium cashback cards. It’s important to read the fine print when you’re considering which card to apply for so you know when and how you can redeem your rewards.

Travel Credit Cards

Travel credit cards reward cardholders with points or miles in exchange for purchases. These points/miles can then be redeemed for travel-related purchases (flights, hotel stays, vacation packages, etc.—it can vary by card).

Many cards offer different points systems with different redemption values, but if you do your research, they can deliver major savings on travel. Travel cards often tailor their packages with travel in mind, so expect to see travel insurance, lounge access, and free checked bags on the lists of perks, especially if it’s a premium travel card.

Store/ Retail Credit Cards

Store credit cards earn points that can be redeemed for discounts at a specific store or collection of stores. They often complement existing loyalty programs (think Cineplex’s SCENE program, Loblaws’s PC Optimum program, or Canadian Tire’s Triangle program, all of which have basic in-store points cards in addition to credit cards) and allow cardholders to earn points with any purchase, anywhere instead of purchases at loyalty program retailers only.

Low Interest Credit Cards

Low interest credit cards offer lower annual interest rates and are ideal for cardholders who carry a balance. With rates as low as 8.99% (a whopping 11% less than the average annual rate), low interest cards can save cardholders hundreds of dollars annually.

These cards tend to be no-frills cards that offer few, if any, rewards or perks. They’re focused on doing one thing well—and that thing is saving cardholders money on interest rates.

Balance Transfer Credit Cards

Balance transfer credit cards are designed to help cardholders transfer outstanding balances from high interest cards to lower interest cards.

A good balance transfer card will often offer a special rate (as low as 0%) for several months to give potential cardholders some help in paying down their debt. Balance transfer cards are another no-frills category of card, but if you’re carrying a balance, they can be exactly the card you need.

Student Credit Cards

Student credit cards are entry-level cards designed for students and anyone without a credit score. They have fewer requirements for eligibility than standard credit cards do, and generally don’t have an annual fee.

They also tend to have lower earn rates and fewer perks than standard cards, although they do often offer both, unlike many low interest or balance transfer cards.

Prepaid Cards

Prepaid cards are not actually credit cards at all. Cardholders load their account with funds and then use the card to spend them. Like any bank account, the money you spend comes out of the money in your account.

Prepaid credit cards do not involve the extension of credit (a loan) to cardholders, and prepaid card companies do not report to credit bureaus. This means that prepaid cards do not affect your credit score at all. These cards can still be useful, especially in cases of poor or no credit.

Things to Think About When Deciding What Card You Want

Questions like “What is the absolute best credit card in Canada?” seem like they should have a straightforward answer, but the truth is they don’t. While we’ve picked a best overall card, the fact is that your best choice will depend on what you’re looking for.

The best credit card in Canada…is going to be the one that’s best for you. That’s why we’ve taken the time to sift through the various categories and pick out a collection of objectively excellent cards. Now that you know the best cards on the market, you need to figure out your own priorities so you can narrow down your choices. Here are some questions to help you get clear on what you’re looking for:

• How much are you willing to pay annually? (there’s a range of cards on the market from no-fee credit cards to $599/year)
• What’s your personal/household income? (Different cards have different income requirements. $15,000, $60,000, and $80,000 are common). Neo Financial Mastercard is our top pick for a card with no income requirement but great cash back rewards. For higher income brackets, check out Scotia Momentum Visa Infinite.
• Are you looking for a rewards card? If so, would you prefer cashback, travel rewards, or in-store discounts? PC Financial World Elite Mastercard has one of the best earn rate for retail points, and CIBC Aeroplan Visa is great for helping you rack up those airline miles.
• Are you looking for a card with a welcome bonus? The card offering the most attractive bonus at the moment is the TD Aeroplan Visa Infinite, which offers new cardholders up to 50,000 Aeroplan points and waives the first year’s fee.
• How much are you prepared to spend to earn a welcome bonus? (Make sure you read the fine print—you often have to make significant purchases to earn your bonus rewards)
• What categories of purchases do you spend the most on? (Different rewards cards offer accelerated earnings on different categories). Gas prices being what they are at the moment, a card like the CIBC Aventura Visa for Business could be a good bet, especially if you drive a lot for work. You’ll get 1.5 points for every dollar spent on gas and travel with this card.
• Do you travel a lot? Domestically or internationally? (If you often travel internationally, a card with no foreign exchange fees is a good idea)
• Are there any specific perks/benefits you’re looking for?
• Do you tend to carry a balance? The MBNA True Line Gold Mastercard can be a great option with its super low 8.99% interest rate, one of the lowest rates you can find.
• Do you currently have a significant balance that you want to transfer? Transferring your balance can help you dig your way out of debt more quickly. The CIBC Select Visa offers 0% interest for 10 months on balance transfers, with a 1% transfer fee.

Your answers to these questions will determine which of the cards we’ve listed will be the best bet for you.

How to Apply For a Credit Card in Canada

So, you’ve read all about the best credit cards in Canada, and now you’re ready for the next step: applying.

It might be tempting to jump right in and start entering your personal details, but try not to rush it. Remember your goals (travel points, cashback, building your credit, etc), and consider the income requirements, which will affect the outcome of whether or not your application is accepted. Each time you apply, it affects your credit score, so only apply when you’re certain it’s the card you want.

One more thing we recommend you do before applying is to check your credit score. That way, you’ll be sure you meet the requirement before you apply. The higher your credit score, the higher your spending limit will be, and you might even get a lower APR.

If you check your credit score and discover it’s not high enough to get the card of your dreams, don’t worry! You can get your credit back on track with the help of prepaid cards, secured cards, and the old tried and true method of paying your bills in full each month. 

What’s in My Wallet: 2024 Update

Now that we’ve given you the rundown on the best cards in 12 categories, here’s something completely different: a list of what I’m carrying in my wallet right now (check out our article on Multiple Credit Card Strategies for tips on how to build a collection of credit cards and maintain a good credit score).

I carry a portfolio of 3 credit cards. Each one has something different to offer, and keeping the balances low on each of them helps me keep my cards active and my credit utilization rate low.

1. Scotia Momentum Visa Infinite – The Scotia Momentum Visa Infinite is a great premium card that gives me cashback on gas and groceries (I have a teenager, and my husband commutes across the city daily. Our gas and grocery bills are immense, and I appreciate the cashback option).

2. BMO Air Miles World Elite Mastercard – I’ve been an Air Miles collector for over 20 years, so an Air Miles card is a given for us. I like to use the BMO Air Miles World Elite Mastercard to take advantage of the accelerated earnings at Air Miles partner locations. Also, a Mastercard comes in handy for Costco runs (see above re: a teenager and my grocery bills)

3. Scotia SCENE Visa – My husband and I are big movie fans, so whenever we go on a movie date, we use my Scotia SCENE Visa to collect SCENE points. I love a card that rewards us for having fun!

4. 4. I recently added the Neo Financial Mastercard to my wallet to take advantage of the cashback promotions they offer on purchases from partner stores. Considering that it costs literally nothing to try it out, it was a no-brainer – and I’m so glad I went for it, as the 5% cash back is simply the best offer in Canada!

Canadian Credit Cards FAQ

Final Thoughts

From cashback to retail rewards, from no-fee to premium, Canada has a fantastic range of credit cards on the market in 2024. We went through the fine print on the top credit cards in Canada to help you figure out which one is right for you.

We spent the best part of this year researching and diving deeper into the credit card industry. Our team of experts constantly tests and compares all Canadian credit cards so we can provide you with objective and spot-on analysis.

We’ll continue to update our content constantly to make sure you get the freshest and most accurate information, but in the meantime, if you had a different experience with one of these cards, think we missed out on a great product, or simply have any questions or feedback – feel free to leave a comment below or contact us directly!

Here’s our final verdict to wrap up our list: we strongly recommend the Neo Financial credit card, but any of the cards above could be your perfect fit. We’ve narrowed down a top 12 – now you can figure out which is the best credit in Canada for you.