Credit card users are seeing a big change in how payments have been made over the past 60 years.
With tap-to-pay gaining in popularity since the beginning of the pandemic, companies have begun rolling out their vertical credit cards to align with how consumers use them.
Popular credit card issuers who have already started to ditch the traditional horizontal credit card in favour of the vertical layout include the likes of Mastercard, Paypal, HSBC, Tangerine and BMO.
Read on to learn about the best vertical credit cards in Canada.
What Are Vertical Credit Cards?
Three years ago, many of us started to tap our cards more instead of inserting them into machines. It was a much faster, more convenient, and safer way to pay for things.
Fast forward to 2024, and most of us have continued to make our payments this way.Â
Banks have started to adopt the new vertical orientation of credit cards to make using these cards easier and more comfortable.
This seems like the right approach as the world around us is starting to use portrait orientation more rather than landscape; just see apps like Instagram and TikTok.
A vertical credit card gives consumers a smoother experience as it mimics how they would normally use their card when they tap to pay.Â
Best Vertical Credit Cards in Canada
Are you interested in getting a vertical credit card? Here are some of the best vertical credit cards in Canada:
1. Tangerine Money-Back Mastercard
The Tangerine Money-Back Mastercard is a credit card that has no annual fees and lets you earn up to 2% unlimited money-back rewards on your day-to-day purchases.
The money-back rewards can be used to pay for your credit card balance or be placed in your Tangerine Savings Account.
In your first 30 days of having this card, you can transfer your balance and pay only 1.95% interest on transferred balances for the first six months. The interest rate will ramp up to 19.95% after this period.
Here’s our Tangerine Money-Back Mastercard review.
Tangerine Money-Back Credit Card
Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases.
Welcome offer: Get an extra 10% cash back on up to $1,000 in spending in the first 2 months ($100 value); 1.95% balance transfer rate for 6 months.
Interest rates: 19.95% for purchases, balance transfers, and cash advances.
Annual fee: $0
2. Tangerine World Mastercard
The Tangerine World Mastercard is another credit card with no annual fees that gives up to 2% money-back rewards.
With this card, you will gain access to over one million Wi-Fi hotspots globally with Boingo Wi-Fi.
You will also save on on-demand apps and subscription services. As a Tangerine World Mastercard holder, you get to enjoy special perks and offerings from these on-demand apps and subscription services.
Lastly, you will also get access to Mastercard Travel Rewards and Travel Pass, making this a great option for people who travel often.
Tangerine World Mastercard
Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases; VIP perks.
Welcome offer: Get an extra 10% cash back on up to $1,000 in spending in the first 2 months ($100 value).
Interest rates: 19.95% for purchases, balance transfers, and cash advances.
Annual fee: $0
Related: Tangerine World Mastercard guide.
3. BMO eclipse Visa Infinite Card
The BMO eclipse Visa Infinite Card is a good option for those who travel often as cardholders gain access to Visa Infinite benefits like Dining Series and Luxury Hotel Collection.
On top of that, you also receive five points for every $1 spent on things like gas, dining in and out, and groceries. To make things even better, you still get one point for every $1 spent on anything else.
The card also comes with a $50 yearly lifestyle credit to use however you would like. It has a $120 annual fee.
Learn more from this review.
4. BMO World Elite Business Mastercard
The BMO World Elite Business Mastercard is a great card for all business owners. For the annual fee, the yearly payment of $149 is waived for the first year.
Cardholders also receive four points for every $1 spent on gas, phone bills, internet bills, and office supplies. You also get 1.5 points for every $1 spent on anything else.
You can get up to an additional 22 cards, which can be given to employees so they can help you earn more points by purchasing on behalf of your business.Â
On top of all of that, if you shop at qualifying merchants, you can get rebates between 1% to 25%.
Best Vertical Debit Cards in Canada
We’ve talked a lot about vertical credit cards in this article, but there are also vertical debit cards. Here are the best vertical debit cards you can find in Canada:
5. EQ Bank Card
The EQ Bank Card is a reloadable card with zero fees that can be used at any ATM in Canada. EQ will pay you back within 10 business days if you do get charged for ATM withdrawals.
Cardholders are not charged fees for paying bills, making online purchases, or buying something from a store.
This card also gives you a 0.5% cashback on all of your purchases, may it be eating out, gas, groceries, and more.
The EQ Bank Card is accepted in over 210 countries worldwide.
Related: EQ Bank Card overview.
6. Neo Money Card
The Neo Money Card is a card you can use instantly. Even without the physical card on hand. You can add the virtual card to Google Pay or Apple Pay and start using it once approved.
New cardholders can expect no annual fees and welcome bonuses like a 15% cashback on their first purchase.
All cardholders also earn an average cashback of 5% at thousands of partnered merchants across Canada.
With the money you receive through the cashback, you can have this deposited in a Neo Savings Account that has an interest rate of 2.25%
Check out this Neo Money Card review.
7. KOHO Easy Mastercard
The KOHO Easy Mastercard is the free version of KOHO’s master cards with no monthly fees.
Cardholders get a 1% cashback on transportation and groceries. It also pays a 0.5% interest rate on your balance.
8. KOHO Essential Mastercard
The KOHO Essential Mastercard is the second-tiered KOHO mastercard priced at $4 per month.Â
With the Essential Mastercard, you receive a 1% cashback on food and drinks, transportation, and groceries. You also get a 0.25% cashback on all other purchases.Â
Read our review of the KOHO Essential Mastercard.
9. KOHO Extra Mastercard
The KOHO Extra Mastercard is the third-tiered KOHO mastercard that costs $9 per month.
With this card, you will receive 2% cashback on things like transportation and groceries, along with food and drinks. You also get 0.5% cashback on anything else.
Cardholders get 30% off on their Credit Building product and incur no foreign transaction fees when they spend abroad.
Advantages of Vertical Credit Cards
Here are a few advantages of using vertical credit cards:
Vertical credit cards are more intuitive
Using vertical bank cards in today’s world just makes more sense as our lives are mostly lived in portrait mode, just like how we use our phones.
From how we insert our cards in ATMs and tap to pay for our purchases, vertical credit cards are just much more intuitive compared to their counterparts.
Vertical credit cards have added security
Vertical credit cards that utilize tap-to-pay technology have added security compared to horizontal credit cards.
This is because the technology that powers this payment method generates one-time tokens rather than actual card numbers.
This added security measure prevents scammers from intercepting sensitive information.
Vertical credit cards have enhanced design
If you’ve seen any vertical credit cards posted online, you would have noticed that the 16-digit credit card number is not seen.
This is because the account number, expiration date, and other sensitive data are placed on the back.
This allows consumers to safely share their vertical credit cards on social media, which in turn provides free marketing for the banks.
Vertical credit cards are more accessible
Another great advantage to virtual credit cards is that they are more accessible to people with visual impairments or people with low cognitive functioning.
HSBC launched a virtual card that was praised by several accessibility organizations because of the raised tactile dots that were placed for consumers with visual impairments.
On top of that, the card also had a larger font and labels showing which way to use the card.
Downsides of Vertical Credit Cards
As with everything else in finance, if there are advantages, there will also be downsides. Here are a few downsides of using vertical credit cards:
Vertical credit cards may have compatibility issues
One of the problems with vertical credit cards is they might not work on all card reader machines. This is a possible inconvenience for consumers.
Vertical credit cards have reduced card real estate
Since all of the sensitive information on a vertical credit card has been placed on the back, this may be harder for the card owner to read because of the smaller font sizes.
FAQs
The following banks offer vertical credit cards: Tangerine, HSBC, BMO, KOHO, EQ, and NEO.Â
There are vertical credit cards now because of the gaining popularity of tap-to-pay. The vertical orientation makes it easier and more comfortable to use.Â
HSBC, along with other banks, have rolled out vertical credit cards as most consumers prefer to tap their cards onto machines rather than swiping them. A vertical credit card gives the consumers a smoother experience as it already mimics how they would normally use their card when they tap to pay.Â
The most prestigious credit card you can get in Canada is the American Express Black Card, which you can only get via invitation. Here are six other premium credit cards in Canada: American Express Cobalt Card, BMO Eclipse Visa Infinite Privilege, The Platinum Card from American Express, Scotiabank Passport Visa Infinite Card, Scotia Momentum Visa Infinite Card, and RBC Avion Visa Infinite.
The black card is a credit card that is used by the wealthiest people in Canada. This card was designed for those who live luxurious lives.Â
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