Best Credit Cards in Canada for February 2024

This Page's Content Was Last Updated: February 16, 2024
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Credit cards are a useful tool to build credit and take advantage of your spending. They have different rewards, cashback options, flexible spending, and many benefits. There is no single best credit card because it depends on what you value. That is why we have compiled a list of the best credit cards in a wide variety of categories.

What Is the Best Credit Card in Canada?

There is no single best credit card because credit cards may have different bonuses. Different credit cards may be best suited for different lifestyles. This means that there are different credit cards for different needs. It is important to identify what different credit cards are best for before choosing one for yourself.

We classify our credit cards into 8 categories and identify the best credit cards for specific needs in each category. Even though we are looking at unique properties, we are also comparing cards based on common characteristics. The first thing we consider is rewards and signup bonuses. We also compare their annual fees, income requirements, and interest rates.

comparison-of-credit-cards

Cash Back and Point Rewards

Most credit card companies usually offer incentives for customers to sign up for their credit cards and make purchases with the card they are getting. Most common credit card incentives include redeemable reward points and cash back. The cashback rate can be easily compared directly between credit cards. However, rewards vary and do not have an exact cash equivalent, but we have provided an approximate $ worth for each credit card's rewards points and information on earning them.

* The monetary value of rewards points is an estimate and may not encompass the full variety and potential of the rewards.

Signup Bonuses

Credit card providers will often provide signup bonuses to new customers to make their credit cards more attractive. Generally, this entails financial incentives or extra reward points. Signup bonuses can make your credit card much better for the first few months.

Other Considerations

  • Annual Fee: Premium credit cards with the best benefits will usually have an annual or monthly fee. We report these fees on an annualized basis.
  • Income Requirements: Most credit cards will have a minimum income requirement. This is usually personal income, but most will have the option of using household income as well. We prefer credit cards with lower income requirements because they are easier to qualify for.
  • Interest Rate: Credit cards can have up to 3 different interest rates: a purchase interest rate, a cash advance interest rate, and a balance transfer interest rate. The purchase interest rate is charged on any credit balance you do not pay on time, the cash interest rate begins accruing immediately upon getting a cash advance or conducting any cash-like transaction using your credit card, and the balance transfer interest rate is the interest charge on any credit balance you transfer from another credit card.
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Best Travel Credit Card Canada

Travel credit cards are some of the most popular credit cards for Canadians. Some of the most notable travel credit cards are Aeroplan credit cards. They have great benefits like VIP lounges, generous welcome bonuses, and travel insurance. Travel credit cards are often used for credit card churning, which allows users to get the most out of welcome bonus and avoid costly annual fees. Visit each credit card’s official website for a complete list of rewards and perks.

HSBC World Elite Mastercard

Credit Card Image

Key Features

Annual Payment IconAnnual Fee

$149.00

Interest Rate IconInterest Rates

Purchase: 20.99%

Cash: 22.99%

Min Income IconMin. Income

No Income Required

Credit Score IconCredit Score

580

or More


Rewards: HSBC Travel Reward Points

1 HSBC Travel Reward Point ≈ ¢0.5

  • 6 HSBC Travel Reward Points for each $1 spent on: travel.
  • 4 HSBC Travel Reward Points for each $1 spent on: gas, grocery and drugstores.
  • 2 HSBC Travel Reward Points for each $1 spent on: everything else.

Desjardins Odyssey Visa Infinite Privilege

Credit Card Image

Key Features

Annual Payment IconAnnual Fee

For
Members

$295.00


For Non-Members

$395.00

Interest Rate IconInterest Rates

Purchase: 11.90%

Cash: 12.90%

Min Income IconMin. Income

Household: $200,000.00

Individual: $150,000.00

Credit Score IconCredit Score

660

or More


Cash Back

  • 4% Cashback for each $1 spent on: transit, restaurants and entertainment.
  • 3% Cashback for each $1 spent on: travel and grocery.
  • 1.75% Cashback for each $1 spent on: everything else.

Manulife ManulifeMONEY+ Visa Infinite

Credit Card Image

Key Features

Annual Payment IconAnnual Fee

$120.00

Interest Rate IconInterest Rates

Purchase: 19.99%

Cash: 21.99%

Min Income IconMin. Income

No Income Required

Credit Score IconCredit Score

580

or More


Cash Back

  • 3% Cashback for each $1 spent on: grocery.
  • 2% Cashback for each $1 spent on: travel.
  • 1% Cashback for each $1 spent on: everything else.

AMEX Cobalt

Credit Card Image

Key Features

Annual Payment IconAnnual Fee

$155.88

Interest Rate IconInterest Rates

Purchase: 20.99%

Cash: 21.99%

Min Income IconMin. Income

No Income Required

Credit Score IconCredit Score

580

or More


Rewards: AMEX Points

1 AMEX Point ≈ ¢1

  • 5 AMEX Points for each $1 spent on: grocery, restaurants and food delivery.
  • 3 AMEX Points for each $1 spent on: streaming.
  • 2 AMEX Points for each $1 spent on: gas, travel and transit.
  • 1 AMEX Point for each $1 spent on: everything else.

Best Rewards Credit Card Canada

Credit cards are a great way to get rewards on your purchases. These credit cards are the overall best for getting the most out of your spending. Since these credit cards are gathered from all that is available, you need to pick what types of rewards you value most.

MBNA Rewards World Elite Mastercard

Credit Card Image

Key Features

Annual Payment IconAnnual Fee

$120.00

Interest Rate IconInterest Rates

Purchase: 19.99%

Cash: 24.99%

Transfer: 22.99%

Min Income IconMin. Income

Household: $150,000.00

Individual: $80,000.00

Credit Score IconCredit Score

580

or More


Rewards: MBNA Points

1 MBNA Point ≈ ¢1

  • 5 MBNA Points for each $1 spent on: grocery, restaurants and recurring bills.
  • 1 MBNA Point for each $1 spent on: everything else.

AMEX Cobalt

Credit Card Image

Key Features

Annual Payment IconAnnual Fee

$155.88

Interest Rate IconInterest Rates

Purchase: 20.99%

Cash: 21.99%

Min Income IconMin. Income

No Income Required

Credit Score IconCredit Score

580

or More


Rewards: AMEX Points

1 AMEX Point ≈ ¢1

  • 5 AMEX Points for each $1 spent on: grocery, restaurants and food delivery.
  • 3 AMEX Points for each $1 spent on: streaming.
  • 2 AMEX Points for each $1 spent on: gas, travel and transit.
  • 1 AMEX Point for each $1 spent on: everything else.

PC Financial World Elite Mastercard

Credit Card Image

Key Features

Annual Payment IconAnnual Fee

$0.00

Interest Rate IconInterest Rates

Purchase: 21.99%

Cash: 22.97%

Min Income IconMin. Income

Household: $150,000.00

Individual: $80,000.00

Credit Score IconCredit Score

580

or More


Rewards: PC Points

1 PC Point ≈ ¢0.1

  • 45 PC Points for each $1 spent on: drugstores.
  • 30 PC Points for each $1 spent on: gas and grocery.
  • 10 PC Points for each $1 spent on: everything else.

Scotiabank Gold American Express

Credit Card Image

Key Features

Annual Payment IconAnnual Fee

$120.00

Interest Rate IconInterest Rates

Purchase: 20.99%

Cash: 22.99%

Min Income IconMin. Income

No Income Required

Credit Score IconCredit Score

580

or More


Rewards: Scene+ Points

1 Scene+ Point ≈ ¢0.7

  • 6 Scene+ Points for each $1 spent on: grocery.
  • 5 Scene+ Points for each $1 spent on: restaurants and entertainment.
  • 3 Scene+ Points for each $1 spent on: gas, transit and streaming.
  • 1 Scene+ Point for each $1 spent on: everything else.

Best Cash Back Credit Card Canada

Sometimes, rewards are too complex and hard to claim. Cashback credit cards are easy to compare and make it easy to track your savings. Instead of having rewards points that can expire or never be used, cashback rewards can be used to buy anything.

BMO CashBack World Elite Mastercard

Credit Card Image

Key Features

Annual Payment IconAnnual Fee

$120.00

Interest Rate IconInterest Rates

Purchase: 20.99%

Cash: 23.99%

Transfer: 23.99%

Min Income IconMin. Income

Household: $150,000.00

Individual: $80,000.00

Credit Score IconCredit Score

580

or More


Cash Back

  • 5% Cashback for each $1 spent on: grocery.
  • 4% Cashback for each $1 spent on: transit.
  • 3% Cashback for each $1 spent on: gas.
  • 2% Cashback for each $1 spent on: recurring bills.
  • 1% Cashback for each $1 spent on: everything else.

Simplii Financial Cash Back Visa

Credit Card Image

Key Features

Annual Payment IconAnnual Fee

$0.00

Interest Rate IconInterest Rates

Purchase: 19.99%

Cash: 22.99%

Min Income IconMin. Income

Household: $15,000.00

Credit Score IconCredit Score

580

or More


Cash Back

  • 4% Cashback for each $1 spent on: restaurants.
  • 1.5% Cashback for each $1 spent on: gas, grocery, drugstores and recurring bills.
  • 0.5% Cashback for each $1 spent on: everything else.

Meridian Visa Infinite Cash Back

Credit Card Image

Key Features

Annual Payment IconAnnual Fee

$99.00

Interest Rate IconInterest Rates

Purchase: 19.50%

Cash: 21.99%

Min Income IconMin. Income

Household: $100,000.00

Individual: $60,000.00

Credit Score IconCredit Score

580

or More


Cash Back

  • 4% Cashback for each $1 spent on: gas and grocery.
  • 2% Cashback for each $1 spent on: utility and drugstores.
  • 1% Cashback for each $1 spent on: everything else.

Desjardins Cash Back World Elite Mastercard

Credit Card Image

Key Features

Annual Payment IconAnnual Fee

$100.00

Interest Rate IconInterest Rates

Purchase: 19.90%

Cash: 19.90%

Min Income IconMin. Income

Household: $150,000.00

Individual: $80,000.00

Credit Score IconCredit Score

580

or More


Cash Back

  • 4% Cashback for each $1 spent on: grocery.
  • 3% Cashback for each $1 spent on: transit, restaurants and entertainment.
  • 1% Cashback for each $1 spent on: everything else.

Best Student Credit Card Canada

Students arguably have the toughest time finding a good credit card. With no credit history and a low income, it may seem like you have few options. However, there are student credit cards specifically designed to help build credit and save money. Naturally, you will have a lower credit limit to start with, but you can increase quickly with timely payments.

BMO Student CashBack Mastercard

Credit Card Image

Key Features

Annual Payment IconAnnual Fee

$0.00

Interest Rate IconInterest Rates

Purchase: 20.99%

Cash: 22.99%

Transfer: 22.99%

Min Income IconMin. Income

No Income Required

Credit Score IconCredit Score

580

or More


Cash Back

  • 3% Cashback for each $1 spent on: grocery.
  • 1% Cashback for each $1 spent on: recurring bills.
  • 0.5% Cashback for each $1 spent on: everything else.

CIBC Aeroplan Visa for Students

Credit Card Image

Key Features

Annual Payment IconAnnual Fee

$0.00

Interest Rate IconInterest Rates

Purchase: 20.99%

Cash: 22.99%

Min Income IconMin. Income

No Income Required

Credit Score IconCredit Score

580

or More


Rewards: Aeroplan Points

1 Aeroplan Point ≈ ¢1

  • 1 Aeroplan Point for each $1 spent on: gas, grocery and Air Canada.
  • 1 Aeroplan Point for each $1.5 spent on: everything else.

BMO Student AIR MILES Mastercard

Credit Card Image

Key Features

Annual Payment IconAnnual Fee

$0.00

Interest Rate IconInterest Rates

Purchase: 20.99%

Cash: 22.99%

Transfer: 22.99%

Min Income IconMin. Income

No Income Required

Credit Score IconCredit Score

580

or More


Rewards: Air Miles Points

1 Air Miles Point ≈ ¢10

  • 3 Air Miles Points for each $25 spent on: select merchants.
  • 2 Air Miles Points for each $25 spent on: grocery.
  • 1 Air Miles Point for each $25 spent on: everything else.

CIBC Aventura Visa for Students

Credit Card Image

Key Features

Annual Payment IconAnnual Fee

$0.00

Interest Rate IconInterest Rates

Purchase: 20.99%

Cash: 22.99%

Min Income IconMin. Income

No Income Required

Credit Score IconCredit Score

580

or More


Rewards: Aventura Points

1 Aventura Point ≈ ¢0.625

  • 1 Aventura Point for each $1 spent on: gas, grocery, drugstores and CIBC Travel.
  • 1 Aventura Point for each $2 spent on: everything else.

Best No Fee Credit Card Canada

People who do not purchase a lot with credit cards may benefit a lot from no-fee credit cards. Luckily, at the cost of slightly lower earnings, some credit cards can save you money no matter how much you spend. Credit cards in any category can have no fee, so we have put together the best credit cards from every category.

Neo Financial Secured Credit

Credit Card Image

Key Features

Annual Payment IconAnnual Fee

$0.00

*$50 minimum deposit required.

Interest Rate IconInterest Rates

Purchase: 29.99%

Cash: 31.99%

Min Income IconMin. Income

No Income Required

Credit Score IconCredit Score

No Minimum
Credit Score


Cash Back

  • 15% Cashback for each $1 spent on: select merchants.
  • 6% Cashback for each $1 spent on: restaurants.
  • 2% Cashback for each $1 spent on: gas and grocery.

PC Financial World Elite Mastercard

Credit Card Image

Key Features

Annual Payment IconAnnual Fee

$0.00

Interest Rate IconInterest Rates

Purchase: 21.99%

Cash: 22.97%

Min Income IconMin. Income

Household: $150,000.00

Individual: $80,000.00

Credit Score IconCredit Score

580

or More


Rewards: PC Points

1 PC Point ≈ ¢0.1

  • 45 PC Points for each $1 spent on: drugstores.
  • 30 PC Points for each $1 spent on: gas and grocery.
  • 10 PC Points for each $1 spent on: everything else.

Simplii Financial Cash Back Visa

Credit Card Image

Key Features

Annual Payment IconAnnual Fee

$0.00

Interest Rate IconInterest Rates

Purchase: 19.99%

Cash: 22.99%

Min Income IconMin. Income

Household: $15,000.00

Credit Score IconCredit Score

580

or More


Cash Back

  • 4% Cashback for each $1 spent on: restaurants.
  • 1.5% Cashback for each $1 spent on: gas, grocery, drugstores and recurring bills.
  • 0.5% Cashback for each $1 spent on: everything else.

PC Financial World Mastercard

Credit Card Image

Key Features

Annual Payment IconAnnual Fee

$0.00

Interest Rate IconInterest Rates

Purchase: 21.99%

Cash: 22.97%

Min Income IconMin. Income

Household: $100,000.00

Individual: $60,000.00

Credit Score IconCredit Score

580

or More


Rewards: PC Points

1 PC Point ≈ ¢0.1

  • 35 PC Points for each $1 spent on: drugstores.
  • 30 PC Points for each $1 spent on: gas.
  • 20 PC Points for each $1 spent on: grocery.
  • 10 PC Points for each $1 spent on: everything else.

Best Low-Interest Rate Credit Card Canada

If you have trouble keeping up on credit card payments and you are thinking about transferring your credit card balance, lower interest rates can help you save hundreds or even thousands of dollars a year. Instead of paying a hefty 19.99% interest rate on your credit card debt, you can pay as low as 8.99%. One disadvantage to low-interest rate credit cards is that you will not receive many of the usual benefits you may have come to enjoy. These cards are mainly used to help pay off credit card debt, so the bonuses are not a priority.

Home Trust Equityline Visa

Credit Card Image

Key Features

Annual Payment IconAnnual Fee

$0.00

*Home Equity is required as collateral.

Interest Rate IconInterest Rates

Purchase: 8.99%

Cash: 8.99%

Min Income IconMin. Income

No Income Required

Credit Score IconCredit Score

580

or More

MBNA True Line® Gold Mastercard®

Credit Card Image

Key Features

Annual Payment IconAnnual Fee

$39.00

Interest Rate IconInterest Rates

Purchase: 8.99%

Cash: 8.99%

Min Income IconMin. Income

No Income Required

Credit Score IconCredit Score

580

or More

Scotiabank Platinum American Express

Credit Card Image

Key Features

Annual Payment IconAnnual Fee

$399.00

Interest Rate IconInterest Rates

Purchase: 9.99%

Cash: 9.99%

Transfer: 9.99%

Min Income IconMin. Income

Individual: $12,000.00

Credit Score IconCredit Score

660

or More


Rewards: Scene+ Points

1 Scene+ Point ≈ ¢0.7

  • 2 Scene+ Points for each $1 spent on: all eligible purchases.

Desjardins Flexi Visa

Credit Card Image

Key Features

Annual Payment IconAnnual Fee

$0.00

Interest Rate IconInterest Rates

Purchase: 10.90%

Cash: 12.90%

Min Income IconMin. Income

No Income Required

Credit Score IconCredit Score

580

or More

Best Prepaid Credit Card Canada

Prepaid cards are different from regular credit cards. They have no eligibility requirements, but still offer some of the same benefits as a regular credit card. There is no interest rate or annual fee, so it is better to think of them as modified debit cards. Some prepaid gift cards are sold in stores, such as Vanilla Prepaid Cards at Walmart, Petro-Canada, and Best Buy.

Neo Financial Money Mastercard

Credit Card Image

Key Features

Annual Payment IconAnnual Fee

$0.00

Interest Rate IconInterest Rates

Purchase: 0.00%

Min Income IconMin. Income

No Income Required

Credit Score IconCredit Score

No Minimum
Credit Score


Cash Back

  • 15% Cashback for each $1 spent on: select merchants.
  • 6% Cashback for each $1 spent on: restaurants.
  • 2% Cashback for each $1 spent on: gas and grocery.

KOHO Prepaid Extra Plan

Credit Card Image

Key Features

Annual Payment IconAnnual Fee

$108.00

Interest Rate IconInterest Rates

Purchase: 0.00%

Min Income IconMin. Income

No Income Required

Credit Score IconCredit Score

No Minimum
Credit Score


Cash Back

  • 6% Cashback for each $1 spent on: select merchants.
  • 2% Cashback for each $1 spent on: grocery, transit, restaurants and food delivery.
  • 0.5% Cashback for each $1 spent on: everything else.

KOHO Prepaid Easy Plan

Credit Card Image

Key Features

Annual Payment IconAnnual Fee

$0.00

Interest Rate IconInterest Rates

Purchase: 0.00%

Min Income IconMin. Income

No Income Required

Credit Score IconCredit Score

No Minimum
Credit Score


Cash Back

  • 1% Cashback for each $1 spent on: grocery and transit.

CIBC AC Conversion Visa Prepaid Card

Credit Card Image

Key Features

Annual Payment IconAnnual Fee

$0.00

Interest Rate IconInterest Rates

Purchase: 0.00%

Min Income IconMin. Income

No Income Required

Credit Score IconCredit Score

No Minimum
Credit Score


Cash Back

  • 1% Cashback for each $1 spent on: all eligible purchases.

Best Credit Cards for Bad Credit

If you have bad credit or want to build credit, credit cards for bad credit are a great option. They are specifically designed for people with poor credit and they have low interest rates. You can also get a prepaid credit card with no eligibility requirements. Since most poor credit cards do not have rewards, you should only use these to help build your credit score until you can get a better credit card. Building up your credit score is especially important for those looking to get a mortgage.

Secured credit cards: Unlike regular (unsecured) credit cards, you must pay an initial security deposit, but this deposit cannot be used to pay your credit card balance. It is just collateral for the lender in case you cannot pay off your balance.

Home Trust Secured Visa (Low-Rate)

Credit Card Image

Key Features

Annual Payment IconAnnual Fee

$59.00

*$500 minimum deposit required.

Interest Rate IconInterest Rates

Purchase: 14.90%

Cash: 14.90%

Min Income IconMin. Income

No Income Required

Credit Score IconCredit Score

No Minimum
Credit Score

Refresh Financial Secured Visa

Credit Card Image

Key Features

Annual Payment IconAnnual Fee

$48.95

*$200 minimum deposit required.

Interest Rate IconInterest Rates

Purchase: 17.99%

Cash: 17.99%

Min Income IconMin. Income

No Income Required

Credit Score IconCredit Score

No Minimum
Credit Score

Home Trust Secured Visa

Credit Card Image

Key Features

Annual Payment IconAnnual Fee

$0.00

*$500 minimum deposit required.

Interest Rate IconInterest Rates

Purchase: 19.99%

Cash: 19.99%

Min Income IconMin. Income

No Income Required

Credit Score IconCredit Score

No Minimum
Credit Score

Capital One Guaranteed Secured Mastercard

Credit Card Image

Key Features

Annual Payment IconAnnual Fee

$59.00

*$75 minimum deposit required.

Interest Rate IconInterest Rates

Purchase: 21.90%

Cash: 21.90%

Min Income IconMin. Income

No Income Required

Credit Score IconCredit Score

No Minimum
Credit Score

Pick the “Best” One

Everyone has their own preferences and the credit card you pick has to depend on your spending habits, what rewards you like, your financial circumstances, and more. Even within the 8 categories we have put together, the best credit card really depends on you. Our top picks are a great starting point for selecting a credit card. You should use these as a reference point for other credit cards to make sure that you are getting the best deal possible. Once you pick the credit card is right for you, you may be able to apply for it online, over the phone or in-person depending on the card. Most cards these days offer instant approval so that you can start enjoying the benefits of the card at the earliest.

The calculators and content on this page are provided for general information purposes only. WOWA does not guarantee the accuracy of information shown and is not responsible for any consequences of the use of the calculator.