The Best Credit Cards in Canada for 2024: 23 Categories Compared

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 $1,000 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.

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.

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.

4. Neo Credit: Best Cash Back Credit Card

There are cash back credit cards, and there is Neo Credit, the top no-annual-fee cash back credit card in Canada by far.

For everyday purchases at Neo partners, you earn up to 5% cash back, which is easily one of the best rates offered by any of the 180+ credit cards we analyzed.

Using the Neo app, you can easily browse real-time offers in your area, from food and drink to grocery, transportation, travel, hotels, online shopping, and more.

And these perks all come with the no-annual-fee plan. For even more rewards, you can sign up for a Premium account at $4.99 monthly.

Learn about Neo Credit.

5. Tangerine World Mastercard: Best No-Annual Fee Credit Card

When you weigh the premium perks and no-annual fee status of the Tangerine World Mastercard, it is undoubtedly the best credit card in its category.

Cardholders earn an unlimited 2% cash back in two spending categories and get a third category if they deposit their cash back in a free Tangerine Savings Account.

Unlike most no-fee cards, this Tangerine credit card includes rental car collision and mobile device insurance. It also includes a complimentary Mastercard® Travel Pass Provided by DragonPass membership, with access to 1,300 airport lounges at $32 USD per visit.

Not to be left out is its introductory 1.95% balance transfer rate for 6 months and a 10% promotional cash back in the first two months valued at $100.

To qualify, you only need a 600 credit score and a personal annual income of $60,000 (or $100,000 for a household).

Learn about no-fee credit cards.

6. Neo Money Card: Best Prepaid Credit Card

Want to avoid paying interest while earning cashback? The free Neo Money card offers the best of both worlds: convenient payments worldwide and cash back rates of up to 3%.

The free version works well and comes with a spending account with unlimited transactions and e-Transfers.

Another highlight of the Neo Money card is that it has no credit or income requirements.

Power users can upgrade their account to Premium for a monthly fee and enjoy higher cashback rates, plus access to insurance benefits, credit score monitoring, and priority support.

In a world of prepaid cards that are limited in function and more like gift cards, the reloadable Neo Money Mastercard is ahead of the competition.

Learn about prepaid credit cards.

7. Scotiabank Gold American Express Card: Best Grocery Credit Card

The overall best credit card in Canada also ranks as the best credit card for grocery purchases. If you shop at Sobeys, Safeway, FreshCo, or Foodland, you’ll get the best bang for your buck using the Scotiabank Gold American Express Card.

It offers 6 points for every $1 you spend at these stores and 5 points per $1 at other eligible grocery stores (over 1,100 stores). The 5x rate also extends to restaurants, food delivery, and food subscriptions.

8. Neo Secured Credit Card: Best Secured Credit Card

Neo Secured Credit is the top secured credit card in Canada.

It doubles as a cashback credit card, standing shoulder-to-shoulder with many of the best cash back credit cards that have no annual fee.

The features that set this card apart from the others in its category include:

• No annual fees: While secured credit cards can set back up to $120 annually, Neo Secured Credit has a $60 annual fee.
• Cashback rewards: Cardholders earn up to 5% cashback at partner stores.
• Guaranteed approval: There is no hard credit check, and approval is guaranteed if you are the age of the majority, are a Canadian resident, and can provide security funds (starting at only $50).

Neo Financial reports to a credit bureau to help you build your credit history.

Learn about secured credit cards.

9. Scotiabank Value Visa: Best Low-Interest Credit Card

If you seek a low-interest credit card that saves you money when you carry a balance, consider the Scotiabank Value Visa Card. It has a low 12.99% regular interest rate for purchases and cash advances, and offers a 0% introductory rate on balance transfers for the first 10 months.

The Scotiabank Value Visa costs $29 annually, but this is currently waived in the first year.

This card isn’t designed for earning cash back. However, if what you need is a low-rate card that significantly lowers the interest you pay on your credit card balance, consider adding it to your wallet.

Learn about low interest credit cards.

10. The Platinum Card: Best Premium Credit Card

The American Express Platinum Card is the best premium credit card in Canada.

If you want to be spoiled on your travels while enjoying comprehensive insurance benefits and coverage, The Platinum Card is for you.

For a $799 annual fee, you get a $200 annual travel credit, a $200 annual dining credit at eligible restaurants, access to over 1,300 airport lounges worldwide, premium perks at Toronto Pearson International Airport, hotel perks, and more.

In addition to this, cardholders earn up to 2 points per $1 spent and can use these points for travel booking, gift cards, and statement credits.

You can also transfer your points to many other loyalty programs.

See the best Amex credit cards.

11. Scotiabank Passport Visa Infinite Card: Best No-FX Credit Card

When travelling abroad, you pay a 2.50% foreign transaction fee each time you make a foreign currency purchase using your Canadian credit card. Some credit card issuers even charge 3%.

You can waive these FX fees using the Scotiabank Passport Visa Infinite Card, which tops all other no-FX fee credit cards in Canada.

Apart from waiving FX fees, this card offers up to 3 Scene+ points on your purchase. It is also an excellent card for airport lounge access, with six complimentary lounge visits annually via the Visa Airport Companion Program.

Lastly, cardholders can take advantage of 11 insurance types.

To qualify for the Scotiabank Passport Visa Infinite, you need a minimum personal income of $60,000 or $100,000 for a household.

New applicants get up to 40,000 bonus points ($400 value). This card has a $150 annual fee.

12. Students – BMO CashBack Mastercard: Best Student Credit Card

The Students BMO CashBack Mastercard is the best no-fee cashback credit card for students in Canada. It takes the top spot with its ease of qualification and significant cash back earn rates for everyday purchases.

Cardholders earn 3% cashback on grocery spending up to a limit of $500 spent monthly.

For recurring bill payments, you earn 1% cashback (up to $500 limit for each statement period), and you earn 0.50% cashback on all other purchases.

Cashback earned can be deposited into your BMO chequing, savings, or InvestorLine account, or you can get a statement credit.

To qualify for this card, you must be between 18 and 24 and be a student at a recognized post-secondary school.

Learn about student credit cards.

13. American Express Green Card: Best No-Fee Travel Credit Card

The American Express Green Card is our top choice for Canada’s best no-annual-fee travel credit card.

With no annual fees, cardholders earn 1 Membership Rewards (MR) point for every $1 spent. The points earned double while you use the card to book hotel or car rentals on the Amex Travel Online platform.

MR points can be redeemed for gift cards, merchandise, travel bookings, or to pay for Amazon purchases.

Even better, you can transfer your points on a 1:1 basis to frequent flyer programs like Aeroplan, Asia Miles, Delta SkyMiles, and Etihad Guest.

14. Scotiabank Gold American Express Card: Best Travel Credit Card

In choosing the best travel credit card, we looked at the card that scored highest across the main features you want in a travel card: flexibility, reward rate, insurance coverage, ease of redemption, welcome bonus, and no-FX fees.

Our overall best Canadian credit card, the Scotiabank Gold American Express Card, tops the list of cards you should consider for travelling.

You save 2.5% on foreign currency transaction fees, earn 3 points per $1 spent on daily transit and gas, and access to comprehensive travel insurance.

You can also redeem your points to book travel through Scene+ Travel.

15. MBNA True Line Mastercard: Best Balance Transfer Credit Card

With its offer of a 0% introductory rate on balance transfers for 12 months, the MBNA True Line Mastercard is the best balance transfer credit card in Canada.

This exceptional offer is available for balance transfers you complete within 90 days of opening your account.

Considering you could be paying 20% interest on your balance, the MBNA True Line Mastercard can provide significant savings. It also has no annual fees.

After the promotional period ends, you pay a standard 12.99% interest rate on purchases and balance transfers. To qualify for this card, you must be a Canadian resident and the age of the majority in your province of residence.

Learn about balance transfer cards.

16. Scotiabank Gold American Express Card: Best Credit Card for Travel Insurance

While the top premium cards generally provide travel insurance, none combines them on a cost-per-value basis like the Scotiabank Gold American Express Card, our #1 best credit card for 2024.

It offers travel emergency medical insurance, trip cancellation/trip interruption, flight delay, delayed and lost baggage, travel accident, rental car collision, hotel/motel burglary, mobile device insurance coverage and more.

The only letdown is that travel emergency medical insurance coverage for those 65 and older is for up to 3 consecutive days.

Given this card’s comparatively low $120 annual fee, it is a bargain when you consider its entire package.

Learn about credit card insurance.

17. Triangle World Elite Mastercard: Best Credit Card for Roadside Assistance

The Triangle World Elite Mastercard is your best choice for free roadside assistance.

If you regularly shop at Canadian Tire, this card is an absolute must-have with 4% cash back (Canadian Tire Money) on your purchases at Canadian Tire, Sport Chek, Mark’s and Atmosphere stores, 3% on groceries, and 1% on everything else.

It also offers a free Gold Plan roadside assistance with towing distance of up to 250km with each service call in Canada and the US, car rental collision insurance, and 5-7 cents per litre on gas purchased at Gas+ locations.

Considering it has no annual fees, this Triangle credit card is a well-hidden secret. To qualify, you need a minimum income of $80,000, or $150,000 for household income.

18. American Express Cobalt Card: Best Aeroplan Credit Card

The American Express Cobalt Card is one of the top credit cards that come to mind when considering travel rewards. While cardholders don’t earn Aeroplan points directly, using this Amex card, they can transfer their Membership Rewards points on a 1:1 basis to Aeroplan.

With the Amex Cobalt offering up to 5 points per $1 spent on food and drinks, 3 points/$1 on streaming subscriptions, 2 points/$1 on travel, and 1 point/$1 everywhere else, it is easy to accumulate points.

This card also includes comprehensive travel insurance and other perks for a $12.99 monthly fee or $155.88 annually.

The TD Aeroplan Visa Infinite Privilege Card ($599 annual fee) is a runner-up for the best Aeroplan credit card in Canada.

19. Loop Corporate Card: Best Business Credit Card

The Loop Corporate Credit Card is just one of many innovative products available in the Loop ecosystem of financial products.

Issued by WFCU Credit Union Ltd., small businesses can get multiple corporate credit cards in various currencies, including CAD, USD, GBP, and EUR. This can save you thousands in FX fees annually since you can now make payments in the local currency.

There is no monthly or annual fee. You can get up to a $1 million credit limit based on your revenues and have 55 days to make payments.

In addition, Loop offers opportunities to earn cash back points on your purchases, with easy redemption at brands like Amazon, Uber, and Air Canada.

A Loop Corporate Card also makes running your business a lot easier, with the ability to:

• Create multiple virtual cards in different currencies for your team members
• Set spending limits
• Digitally capture receipts for verification
• Integrate your transactions with accounting software like Quickbooks and Xero for easy reconciliations

Pair this card with their free global banking account (USD, CAD, GBP, and EUR) and international transfer service, and you have the best business credit card in Canada.

Learn about business credit cards.

20. Scotiabank Gold American Express Card: Best Credit Card for Gas

For the fifth time on this list, the Scotiabank Gold American Express claims the top spot, this time as the best credit card for gas purchases.

It offers 3 points for every $1 spent on gas and daily transit, including rideshare, buses, subway, and taxis.

Add on the fact you earn up to 6 points per $1 spent on groceries, get comprehensive travel insurance and can redeem your points in so many ways.

21. Scotiabank Platinum American Express Card: Best Credit Card for Lounge Access

The Scotiabank Platinum American Express Card is Canada’s top airport lounge access credit card.

It offers 10 complimentary airport lounge access annually at Priority Pass and Plaza Premium lounges with over 1200 VIP lounges worldwide. Supplementary cardholders get 4 free visits each year.

Airport lounge access is just one of many perks offered by this card. It also provides comprehensive insurance coverage (10 types), no FX fees, luxury travel privileges, and more.

The Scotiabank Platinum Express Card has a $399 annual fee, and supplementary cards cost $99.

22. Desjardins Cash Back World Elite Mastercard: Best Credit Union Credit Card