Best Credit Cards in Canada for April 2024
IN CANADA FOR
BEST CREDIT CARD
Best Credit Cards in Canada for Travel
Best travel credit cards are some of the best credit cards in Canada. Travel credit cards usually collect reward points that can be used for flights and other travel expenses. Aeroplan credit cards are among the most popular travel credit cards because of their perks and generous rewards. They include benefits like VIP lounges, travel companion vouchers, and generous travel insurance packages.
How we Sort Credit Cards: We sort credit cards based onand the card's annual fee. We estimate the dollar value of the rewards you would get based on your spending categories, and we subtract the annual fee the card charges to get the best credit cards for your spending habits. We also use the salary to filter out cards based on the minimum income requirement.
- Receive 100 WestJet Dollars points when you spend $1,000.00 during the first 3 months.
$39.00
Purchase: 20.99%
Cash: 22.99%
No Income Required
580
or More
Rewards: WestJet Dollars Points
1 WestJet Dollars Point ≈ ¢100
- 0.015 WestJet Dollars Point for each $1 spent on: WestJet Purchases.
- 0.01 WestJet Dollars Point for each $1 spent on: everything else.
- Receive 3500 Avion points when you spend $500.00 during the first 3 months.
- Receive 3500 Avion points when you make 1 purchase.
$48.00
Purchase: 20.99%
Cash: 22.99%
No Income Required
580
or More
Rewards: Avion Points
1 Avion Point ≈ ¢0.58
- 3 Avion Points for each $1 spent on: gas, grocery, streaming, EV charging and entertainment.
- 1 Avion Point for each $1 spent on: everything else.
- Receive 10000 Aeroplan points when you spend $1,000.00 during the first 3 months.
- Receive 10000 Aeroplan points when you make 1 purchase.
$89.00
Purchase: 20.99%
Cash: 22.99%
No Income Required
580
or More
Rewards: Aeroplan Points
1 Aeroplan Point ≈ ¢1
- 1 Aeroplan Point for each $1 spent on: Air Canada.
- 1 Aeroplan Point for each $1.5 spent on: everything else.
- Receive 35000 Avion points when you make 1 purchase.
$120.00
Purchase: 20.99%
Cash: 22.99%
No Income Required
580
or More
Rewards: Avion Points
1 Avion Point ≈ ¢0.58
- 1 Avion Point for each $1 spent on: all eligible purchases.
Best Credit Cards in Canada for Rewards
Credit cards are a great way to get reward points on your purchases. Best rewards credit cards are the best overall for getting the most out of your spending. Since these credit cards are gathered from all available rewards credit cards, you need to pick what rewards you value most.
- Receive 100 WestJet Dollars points when you spend $1,000.00 during the first 3 months.
$39.00
Purchase: 20.99%
Cash: 22.99%
No Income Required
580
or More
Rewards: WestJet Dollars Points
1 WestJet Dollars Point ≈ ¢100
- 0.015 WestJet Dollars Point for each $1 spent on: WestJet Purchases.
- 0.01 WestJet Dollars Point for each $1 spent on: everything else.
- Receive 3500 Avion points when you spend $500.00 during the first 3 months.
- Receive 3500 Avion points when you make 1 purchase.
$48.00
Purchase: 20.99%
Cash: 22.99%
No Income Required
580
or More
Rewards: Avion Points
1 Avion Point ≈ ¢0.58
- 3 Avion Points for each $1 spent on: gas, grocery, streaming, EV charging and entertainment.
- 1 Avion Point for each $1 spent on: everything else.
- Receive 10000 Aeroplan points when you spend $1,000.00 during the first 3 months.
- Receive 10000 Aeroplan points when you make 1 purchase.
$89.00
Purchase: 20.99%
Cash: 22.99%
No Income Required
580
or More
Rewards: Aeroplan Points
1 Aeroplan Point ≈ ¢1
- 1 Aeroplan Point for each $1 spent on: Air Canada.
- 1 Aeroplan Point for each $1.5 spent on: everything else.
$120.00
Purchase: 20.99%
Cash: 21.99%
No Income Required
580
or More
Rewards: Marriott Bonvoy Points
1 Marriott Bonvoy Point ≈ ¢0.7
- 5 Marriott Bonvoy Points for each $1 spent on: Marriott purchases.
- 2 Marriott Bonvoy Points for each $1 spent on: everything else.
Best Credit Cards in Canada for Cash Back
Cashback credit cards are easy to compare, track, and redeem. Instead of having reward points that can change their value or even expire, cashback is transparent and can be used to buy anything. The best credit cards in Canada that offer cashback as a reward often offer other perks and comprehensive insurance policies.
$0.00
Purchase: 19.99%
Cash: 24.99%
Transfer: 22.99%
No Income Required
580
or More
Cash Back
- 2% Cashback for each $1 spent on: gas and grocery.
- 0.5% Cashback for each $1 spent on: everything else.
- Get up to 5% in Cashback on eligible purchases in the first 3 months. (Max Cashback $97.50)
- 0.99% Balance Transfer Rate for 9 Months with a 2% transfer fee.
$0.00
Purchase: 20.99%
Cash: 22.99%
Transfer: 22.99%
No Income Required
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.
- Receive $10 in statement credit every month you spend at least $300.00 for the first 10 months.
$0.00
Purchase: 20.99%
Cash: 21.99%
No Income Required
580
or More
Cash Back
- 2% Cashback for each $1 spent on: gas and grocery.
- 1.25% Cashback for each $1 spent on: everything else.
$0.00
Purchase: 19.99%
Cash: 22.99%
Transfer: 22.99%
No Income Required
580
or More
Cash Back
- 2.5% Cashback for each $1 spent on: Amazon purchases.
- 1% Cashback for each $1 spent on: everything else.
Best No Fee Credit Cards in Canada
If you don’t use a credit card often, the best no-fee credit cards may help you get the most rewards from a credit card you don’t have to pay for. No-fee credit cards are the best for people who use a credit card only occasionally or those looking for a free credit card to supplement their main credit card.
$0.00
Purchase: 19.99%
Cash: 24.99%
Transfer: 22.99%
No Income Required
580
or More
Cash Back
- 2% Cashback for each $1 spent on: gas and grocery.
- 0.5% Cashback for each $1 spent on: everything else.
- Receive 800 Air Miles points when you spend $1,000.00 during the first 3 months.
- 0.99% Balance Transfer Rate for 9 Months with a 2% transfer fee.
$0.00
Purchase: 20.99%
Cash: 22.99%
Transfer: 22.99%
No Income Required
580
or More
Rewards: Air Miles Points
1 Air Miles Point ≈ ¢10
- 3 Air Miles Points for each $25 spent on: gas.
- 2 Air Miles Points for each $25 spent on: grocery.
- 1 Air Miles Point for each $25 spent on: everything else.
- Get up to 5% in Cashback on eligible purchases in the first 3 months. (Max Cashback $97.50)
- 0.99% Balance Transfer Rate for 9 Months with a 2% transfer fee.
$0.00
Purchase: 20.99%
Cash: 22.99%
Transfer: 22.99%
No Income Required
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.
- Receive 10000 AMEX points when you spend $1,000.00 during the first 3 months.
$0.00
Purchase: 20.99%
Cash: 21.99%
No Income Required
580
or More
Rewards: AMEX Points
1 AMEX Point ≈ ¢1
- 2 AMEX Points for each $1 spent on: AMEX travel.
- 1 AMEX Point for each $1 spent on: everything else.
Best Low-Interest Rate Credit Cards in Canada
Low-interest credit cards are best for people with a credit card balance. Low-interest credit cards usually don’t offer great rewards, but they can help you save on interest rate charges that can be expensive on an average credit card. If you already have a balance on a credit card with a high interest rate, you should also consider balance transfer credit cards that allow you to have a low interest rate on the balance you currently have.
$0.00
Purchase: 10.90%
Cash: 12.90%
No Income Required
580
or More
$0.00
*Home Equity is required as collateral.
Purchase: 8.99%
Cash: 8.99%
No Income Required
580
or More
$20.00
Purchase: 12.99%
Cash: 12.99%
No Income Required
580
or More
$25.00
Purchase: 12.99%
Cash: 12.99%
No Income Required
580
or More
Best Credit Cards for Bad Credit
The best credit cards for bad credit allow you to build your credit history regardless of your credit score. You have multiple options to consider for a credit card for bad credit.
You can get secured credit cards that require a cash deposit or home equity. Secured credit cards may have a low interest rate and an annual fee. Unsecured credit cards do not require collateral but usually have a higher interest rate and annual fee. Prepaid credit cards can also be a good alternative because many offer a credit-building program.
$0.00
Purchase: 20.90%
Cash: 21.90%
No Income Required
No Minimum
Credit Score
Cash Back
- 2% Cashback for each $1 spent on: transit, restaurants, entertainment and recurring bills.
- 0.5% Cashback for each $1 spent on: everything else.
$0.00
*$500 minimum deposit required.
Purchase: 19.99%
Cash: 19.99%
No Income Required
No Minimum
Credit Score
$0.00
*$50 minimum deposit required.
Purchase: 29.99%
Cash: 31.99%
No Income Required
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.
$48.95
*$200 minimum deposit required.
Purchase: 17.99%
Cash: 17.99%
No Income Required
No Minimum
Credit Score
What Is the Best Credit Card in Canada?
There is no single best credit card that fits everyone. Different credit cards may be best for different lifestyles. We can compare the best credit cards based on their rewards, sign-up bonuses, and other factors that may significantly affect the outcome.
Rewards for Best Credit Cards
Most credit cards offer some rewards to incentivize customers to use them. The most common credit card incentives include redeemable reward points and cash back. The best credit cards in Canada offer these incentives to the most used spending categories, such as grocery, gas, transit, travel, recurring bills, etc.
Reward points are valued differently depending on what you buy with them. For example, American Express MR points can be used for statement credit at 1¢ per point, or they can be transferred to Aeroplan rewards and used for flights at 2.8¢ per point. Different reward points have different values that can be changed depending on what you buy.
Welcome Bonuses for Best Credit Cards
Some of the best credit cards in Canada offer welcome bonuses that can offer as much as thousands of dollars in value. Some people even do credit card churning, allowing them to harvest the welcome bonus and close the credit card to avoid paying additional fees. Credit card welcome bonuses are an important factor to consider when picking the best credit card. A welcome bonus may provide rewards that may take a few years to collect otherwise.
Best Credit Cards in Canada For Welcome Bonuses
| Card | Welcome Bonus |
|---|---|
AMEX Platinum Charge Card Int. Rate: 30% Annual Fee: $799.00 | Up to 100000 AMEX points in Welcome Bonus Rewards:
|
AMEX Aeroplan Reserve Int. Rate: 20.99% Annual Fee: $599.00 | Up to 85000 Aeroplan points in Welcome Bonus Rewards:
|
CIBC Aeroplan Visa Infinite Privilege Int. Rate: 20.99% Annual Fee: $599.00 | Up to 80000 Aeroplan points in Welcome Bonus Rewards:
|
AMEX Gold Rewards Int. Rate: 20.99% Annual Fee: $250.00 | Up to 60000 AMEX points in Welcome Bonus Rewards:
|
CIBC Aeroplan Visa Infinite Int. Rate: 20.99% Annual Fee: $139.00 | Up to 50000 Aeroplan points in Welcome Bonus Rewards:
|
Annual Fee
If you pay off your credit card in full and on time, the main cost of the credit card is the annual fee. The best credit cards in Canada may sometimes have an annual fee of up to $500. You should compare different credit cards and see what you are willing to pay for your credit card. As a rule of thumb, you should get a credit card where the rewards outweigh the fees. The following table shows you the best credit card in Canada for different annual fees.
Best Credit Cards in Canada by Annual Fee
| Annual Cost | Standard Benefits | Our Top Picks |
|---|---|---|
| $0 |
| |
| $39 |
| Learn More Int. Rate: 13.99% Annual Fee: $29.00 |
| $99 |
| |
| $120 |
| |
| Over $120 |
|
Income Requirements
The best credit cards in Canada usually have a minimum income requirement. Credit cards usually look at personal or household income, depending on the situation. Some high-end credit cards may also look at the Assets Under Management (AUM) to qualify a person for the credit card. Most credit cards with high rewards are offered to individuals or households with $60,000 and $80,000 salaries, respectively.
Interest Rate
Credit cards may have three different interest rates: purchase, cash advance, and balance transfer interest rates. 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. The balance transfer interest rate is the interest charge on any credit balance you transfer from another credit card.
Generally, you may not have to worry about interest rates if you use your credit card for purchases only and you plan to pay off your credit card in full on time every time. If you plan to hold a balance on your credit card, consider the interest rate to avoid expensive interest charges.