We have carefully analyzed the numerous credit cards on the market and provided you with the best credit card options for travel, cash back, no annual fees, newcomers, balance transfers, bad credit, low interest rates, and more.
The winner of the overall best credit card is the Scotiabank Gold American Express Card.
However, it is not alone. Credit cards from Neo Financial, Tangerine, Simplii Financial, BMO, and American Express won best-in-class for different categories.
To arrive at this list of the best credit cards, we considered multiple features, including rewards, fees, insurance, perks, interest rates, and more.
Here are the Best Credit Cards in Canada
| Category | Credit Card | Features | Annual Fee |
| Overall Best Credit Card in Canada | Scotiabank Gold American Express | 40,000 bonus points ($400 value), 5 pts/$1 grocery, dining & ent., 3pts/$1 gas, Insurance x 12 types, $0 FX fees, discounted Priority Pass | $120 |
| Best Credit Card for Newcomers | Simplii Financial Cash Back Visa Card | 0.5%-4% cash back, Low income eligibility, easy access to free chequing account with unlimited transactions | $0 |
| Best Prepaid Card for Credit Building | KOHO Credit Building | Boost your credit score with a monthly subscription, earn cash back on purchases | $5-$10 monthly |
| Best Cash Back Credit Card | Neo Credit | Up to 5% cash back | $0 |
| Best No-Annual Fee Credit Card | Tangerine World Mastercard | 2% cashback on 3 categories, 1.95% balance transfer; 10% promo cash back offer ($100 value) | $0 |
| Best Prepaid Credit Card | Neo Money Prepaid Card | Up to 3% cash back, free budgeting app, $10 welcome bonus, access to optional credit building | $0 |
| Best Grocery Credit Card | Scotiabank Gold American Express | Up to 6pts/$1 on groceries, Insurance x 12 types, $0 FX fees, discounted Priority Pass | $120 |
| Best Secured Credit Card | Neo Secured Credit | Guaranteed approval, Up to 5% cash back, low security deposit, $25 welcome bonus | $60 |
| Best Low-Interest Rate Credit Card | Scotiabank Value Visa Card | 12.99% APR on purchases, cash advances, and balance transfers; 0% balance transfer for 10 months | $29; waived in 1st year |
| Best Premium Credit Card | The Platinum Card | Comprehensive insurance coverage, $200 annual travel credit, $200 annual dining credit, airport lounge access, earn 2pts/$1 | $799 |
| Best No-FX Fee Credit Card | Scotiabank Passport Visa Infinite | 35,000 bonus points ($350 value), 2pts/$1 grocery, dining, transport & entertainment, $0 FX markup, airport lounge access | $150 |
| Best Student Credit Card | BMO CashBack Mastercard – Students | Up to 3% cash back (monthly limits apply) | $0 |
| Best No-Fee Travel Credit Card | American Express Green Card | Earn 1 pt/$1, easily redeem points or transfer to frequent flyer programs | $0 |
| Best Travel Credit Card | Scotiabank Gold American Express | No FX fees, 3 pts/$1 spent on daily transit and gas, comprehensive insurance benefits (12 types), discounted Priority Pass | $120 |
| Best Balance Transfer Credit Card | MBNA True Line Mastercard | 12.99% APR on purchases and balance transfers, 0% balance transfer for 12 months | $0 |
| Best Credit Card for Travel Insurance | Scotiabank Gold American Express | One of the most comprehensive trave insurance coverage in Canada | $120 |
| Best Credit Card for Roadside Assistance | Triangle World Elite Mastercard | Free roadside assistance (Gold Plan), 4% cash back at Canadian Tire, 3% groceries | $0 |
| Best Aeroplan Credit Card | American Express Cobalt Card | Easily transfer points to Aeroplan 1:1, 5pts/$1 grocery & dining, 3pts streaming; 2pts/$1 gas & transport | $155.88 |
| Best Business Credit Card | Loop Corporate Credit Card | Multi-currency credit card, earn cash back points, Up to $1 million credit limit | $0 |
| Best Credit Card for Gas | Scotiabank Gold American Express | 3 pts/$1 spent on daily transit and gas, rental car insurance & 11 other types | $120 |
| Best Credit Card for Lounge Access | Scotiabank Platinum American Express Card | 10 complimentary airport lounge access yearly at Priority Pass and Plaza Premium lounges | $399 |
| Best Credit Union Credit Card | Desjardins Cash Back World Elite Mastercard | One of the most comprehensive travel insurance coverage in Canada | $100 |
| Best USD Credit Card | BMO U.S. Dollar Mastercard | Avoid FX fees on US purchases | $35 |
1. Scotiabank Gold American Express Card: Best Credit Card in Canada
The Scotiabank Gold American Express Card has many things going for it. It is a top rewards credit card that pays you up to 6 Scene+ points per $1 spent. These cash back points are also easy to redeem for travel, dining, grocery, or to pay off your statement balance.
The 5-6 points you earn per dollar spent on food and drink is one of the highest cash back rates for these categories in Canada. That said, the Scotiabank Gold Amex goes even further.
It is one of a few cards to waive the 2.50% foreign transaction fee you pay each time you spend in a foreign currency abroad. And while on the subject of travel, this card offers an impressive array of insurance benefits with 12 types of coverage.
Add on the discounted Priority Pass membership and 40,000 welcome bonus ($400 value), and you have a winner.
Lastly, this card has a low minimum income eligibility threshold of only $12,000, and its annual fee is $120. For comparative premium credit cards, you’d need a $60,000 to $80,000 minimum income to qualify.
This Scotiabank card wins three other awards that are discussed below.
Summary:
- 5 points (5% reward rate) on every $1 spent on groceries, dining, and entertainment
- 3 points for every $1 you spend on gas, daily transit, and streaming services
- No foreign transaction fees (a savings of 2.5%)
- 1 point on every $1 spent on everything else
- 20,000 bonus points ($200 travel value) when you spend up to $2,000 in the first 3 months, and an additional 20,000 bonus points when you spend $7,500 or more in the first year
- Comprehensive travel insurance, including travel emergency medical up to $1 million for up to 25 consecutive days (under 65 years) and up to 3 consecutive days (over 65 years), trip cancellation/interruption, delayed and lost baggage, travel accident (up to $1 million per incident), and hotel/motel burglary insurance
- Rental car collision loss and damage waiver (up to 48 consecutive days and $65,000 MSRP)
- Purchase security and extended warranty
- 35% discount on Priority Pass membership
- Easy to redeem travel rewards at 100 points = $1
For a card with an average annual fee, the Scotiabank Gold American Express does offer well-above-average benefits. You can read the full details.
Scotiabank Gold American Express Card
Best travel credit card in Canada
Annual fee: $120
Rewards: Earn up to 6x Scene+ points on groceries, 5x pts. on dining, food delivery, & entertainment, 3x pts. on gas, and 1x pts. on everything else.
Welcome offer: Get up to 40,000 bonus Scene+ points in the first 12 months.
Interest rates: 20.99% for purchases, 22.99% for cash advances.
Minimum income requirement: $12,000
Recommended credit score:
Good
On Scotiabank’s website
2. Simplii Financial Cash Back Visa Card: Best Credit Card for Newcomers
Newcomers to Canada can access a full suite of banking services through Simplii Financial.
From its no-fee chequing account that includes unlimited transactions and a $400 cash offer, to a cash back credit card, and international money transfers, Simplii has all the basics covered.
The Simplii Financial Cash Back Visa Card has no annual fees. It pays up to 4% cash back at restaurants, 1.5% cash back on gas, groceries, drugstore purchases, and pre-authorized payments, and 0.5% on everything else.
While there are spending caps for the 4% and 1.5% earning rates, this card stands out in the newcomer category.
Apply through the New to Canada Banking Program, and you could get up to a $10,000 credit limit with no Canadian credit history required.
The ease of application, no-transfer fee international money transfers, access to unlimited chequing transactions, and no monthly/annual fees make Simplii Financial a top banking choice for newcomers.
Simplii Financial Cash Back Visa Card
Excellent credit card for students and newcomers
Annual fee: $0
Rewards: Earn up to 4% cash back on high-spend categories.
Welcome offer: Earn up to 10% cash back† for your first 3 months up to $1,000 eligible spend.
Interest rates: 19.99% on purchases and 22.99% on cash advances.
Minimum income requirement: Minimum annual household income is $15,000.
Recommended credit score:
Good
On Simplii’s website
3. KOHO Credit Builder: Best Prepaid Card for Credit Building
Looking to build, rebuild, or establish credit? Your choices typically include applying for a traditional credit card or a secured credit card. However, it can be challenging to qualify for a regular credit card if you have poor credit.
This is where the KOHO Prepaid Mastercard comes into play.
KOHO does not require a credit check, and you qualify with any income. After you get a KOHO Card (free or paid), you can add on Credit Building for $5 to $10 monthly (the cost varies with the KOHO plan you have).
Your monthly payments are reported to Equifax, helping you build credit. KOHO users see an average credit score increase of 22 points after 3 months of using the Credit Building product.
Learn about credit building in Canada.
KOHO Credit Building
For a low monthly fee, build your credit score in one of three easy ways.
Monthly fee: $5 to $10 (depending on which KOHO Mastercard you have)
Free transactions: Unlimited debits and Interac e-Transfers.
Sign-up bonus: Earn $20 in cash back when you make a purchase within 30 days of registering.
Interest earned on deposit: Up to 4.00% interest rate, plus earn up to 5% unlimited cash back.
On KOHO’s website
4. Neo Credit: Best Cash Back Credit Card
