Choosing a credit card in Canada should be a w♔ell-thought-out process. Depending on various factors, including your reasons for getting a card, budget, and priorities, the credit card that’s best for you may differ from what's best for someone else.
To help simplify the credit card selection for Canadians, this article shortli𒀰sted the best credi📖t cards in Canada.
Whether yo🙈ur interest lies in no-fee cards, travel rewards, cash back incentives, or student-friendly options, this list encompasse🐭s cards perfectly tailored to meet your specific financial requirements.
Best Credit Cards in Canada With No Fee
Get started with these no-꧂annual-fee credit cards and earn rewards that include cash back, i▨nsurance coverages, and more.
1. Tangerine Money-Back Credit Card
If you want to maximize cash 🧔back opportunities without paying an annu💛al credit card fee, the is a great option.
With this card, you can earn an unlimited 2% cash back on your preferred 2 spending categories and a 0.50% cash back on other e🎐ligible purchases. Your rewards are paid monthly and are automatically redeemed into your Tangerine Savings Account or applied to your credit card balance.
The APR for both purchases and cash advances is at a competitive rate of 19.95%. Just note t🐼hat over-limits and dishonoured payments are 🗹charged with $25.
2. Neo Credit Card
Neo Financial, a Canadian financial t💜echnology company, also offers one of Canada's top no-fee credit cards.
The provides unlimited cash back, averaging about 5%, when you purchase from one of its 10,000+ partners. Plus, it allows you to customize your subscription-based credit card rewards, ranging from travel perks and fitness-related rewards to dining-related offꦇers.
Your interest rates ൲on the Neo Credit card will vary depending on your credit profile. The APR for purchase transactions ranges from 19.99% to 29.99%, while cash advance transactions are charged between 22.99% and 31.99%.
3. Tangerine World Mastercard
Similar to the Money-Back credit card from the same company, offers an unlimited 2% cash back in 2 spending cat🐎egories of your choice and a 0.50% cash back rate in other eligible ༒purchases.
However, this card stands out in providing more travel-re꧃lated rewards, including a rental car collision/loss insurance coverage and an exclusive travel pass that gives you access to exclusive retail, spa and dining offers in over 650 airports worldwide.
Heads up, though, you must have a gross annual income of at least $60,000ও or a household income of at least $100,000 to be eligible for this card.
4. Simplii Financial Cash Back Visa Card
If you want to 🐓avoid annua🎶l fees while maximizing cash back rewards, the Simplii Financial Cash Back Visa Card might just be the credit card for you.
With this card,ꦕ you can earn 4% cash b🐭ack on your restaurant spending, 1.5% cash back on eligible pre-authorized payments, groceries, gas and drugstore purchases, and 0.50% cash back on all other purchases.
It’s worth noting, howev🙈er, that the 4% cash back is capped at $5,000 a year, and you can only enjoy a 1.5% cash back of up to $15,000 worth of eligible purchases per year.
You can also open a new Simplii Financial no-⭕fee chequing ac👍count and earn a .
5. SimplyCash Card from American Express
Another excellent no-fee American Express credit card is the SimplyCash Card from American Express. This credit card offers 2% cash back on gas, a limited 2% cash back on g🌳roceries, and an additional 1.25% cash back on all other eligible everyday purchase☂s.
On top of receiving cash back re🦹wards, you can also enjoy exclusive access to live performances, virtual events, and other American Express experiences.
Plus, you’ll be covered with up to $1♍00,000 of dismemb༒erment and accidental death insurance when booking road trips and flights using your card.
Best Credit Cards in Canada for Travel
Check ꧒out these travel credit cards for VIP perks, comprehensive travel insurance, hotel rew💟ards, and more.
6. Scotiabank Passport Visa Infinite Card
is undou൲btedly one of the best credit cards in Canada for your travel adventures.
In exchange for a $150 ann𝓡ual fee, this card doesn’t charge a foreign transaction fee, allowing you to transact and shop internationally with no additဣional expenses.
Plus, with this card, you and your travel companions can enjoy 6 complimentary airport lounge access visits annually to o🦂ver 1,200 airport lounges worldwide.
Up to 3X Scene+ points can be earned for every eligible dollar you spend using this Scoti👍abank credit card, and, of course, points can be used to further maximize your travel savings!
7. Scotiabank Gold American Express Card
The is an excellent choice for young adul𓃲ts in Canada who love to travel.
With a low minimum income requirement of $12,000 and a moderate annual fee of $120, this card allows you to earn up to 6X Sceneꦏ+ points for each eligible dollar you spend. Plus, it lets you waive the typical 2.5% foreign transaction fee that many other travel credit cards still charge.
This card doesn’t have travel-related insurance coverages, but you’ll have access to over 1200 VIP airport lounges worl🧸dwide, and you can enjoy other AMEX-exဣclusive offers.
8. American Express Cobalt Card
For an annual fee of $155.88, the American Express Cobalt Card offers not only extensive travel rew꧋ards and ♈insurance coverage but also the opportunity to earn up to 5X points for every eligible dollar you spend.
When booking tickets with this card, you’ll be financially protec⛎ted against medical expenses, flight delays, baggage delays, hotel burglary and travel a🔯ccidents, which many other travel credit cards do not cover.
As an AMEX card, it also provides access to American Express Experiences, which include exclusive events, food festivals, retail deals and presale tick🏅ets.
9. CIBC Aventura Gold Visa Card
If you’re interested inꦇ getting a CIBC travel credit card in Canada, the CIBC Aventura Gold Visa Card may be for you.
For only a $139 annual fee, this card offers travel points, lounge 𝄹visits, and more. It covers you a🔯nd your purchases with an extended purchase warranty, auto rental collision/loss insurance, and up to $500,000 common carrier accident insurance.
Best Credit Cards in Canada for Students
These are t♏he best credit cards for students. They are easy to qualify for, and don’t have annual ܫfees.
10. KOHO Prepaid Mastercard
You’ll never miss the when reading lis꧟ts of the best credit cards in Canada ♛with instant approval.
Despite not a𝔉ctually being a credit card but, rather, a prepaid card that you’d have to load with money before use, this Mastercard has plenty of features that mimic those of an actual credit card.
To name some, the KOHO Prepaid Mastercard offers up to 5% cash back on eligible purchases, provides a budgeting applica෴tion, and helps you build your credit score with an optional credit-building program.
On top of those benefi🐠ts, you can also earn 0.50% interest on your entire balance and automate your savings plan.
11. Scotiabank SCENE+ Visa Card for Students
The Scotiabank SCENE+ Visa Card is ideal for students who want to have their first credit card. You can easily apply for this no-fee credit🍰 card online or in person if you’re enrolled at a Canadian♉ post-secondary school and earn at least $12,000 a year.
The interest rates are competitive, with the APR for purchases at 19.99% and cash advance transactions a💎t 22.99% APR.
Since this is a SCENE+ card, you can also earn up to 2X Scene+ points for everyꦡ dollar yo❀u spend on eligible spending categories.
12. BMO CashBack Mastercard for Students
Skip the annual fees, earn cash back, and cash out your earnings anytime🦄 with the BMO CashBack Mastercard.
Through this st𒆙udent-friendly credit card, you can earn 3% cash back on groceries, 1% cash back on recurring bill payments, and 0.5% on all other purchases, ensuring you always earn back a little every time you spend.
Best Cash Back Credit Cards in Canada
Easily earn cash back on all purchases you make online and in-p൲erson with the best cash back credit cards in Canada.
13. SimplyCash Preferred Card from American Express
In exchange for ꦇan annual fee of $119.88, this credit offers unlimited 4% cash back on eligible gas purchases, a generous 4% cash back on groceries, and 2% cash back on all other pur🏅chases.
On top of the incredibly high cash back rates, this card also provides comprehensive insurance coverage for your travel, moﷺbile device, and shopping expenditures. And it g🐲ives you access to exclusive offers from American Express Experiences.
14. CIBC Dividend Visa Infinite Card
The CIBC Dividend Visa Infinite Card also offers a competitive 4% cash back on eligible✨ gas, electric vehicle charging, and grocery expenses. 2% cash back is offered on transportation, dining and ꦏrecurring payments, and you can earn 1% cash back on everything else.
Luckily, this CIBC credit card has no annual limit on the🍷 cash back you can earn; you may redeem your rewards anytime𒊎 you want.
15. American Express Green Card
One of the top no-fee credit cards in Canada is the American Express Green Card. It offers 20𝓰.99% APR on purchases and 21.99% on cash advanc♔e transactions while providing reward points for eligible spending categories.
For every dollar𝔉 you spend on eligible everyday purchases, you can earn 1X points, along with an additio🐲nal point for selected hotel and car rental bookings.
Points can b💛e redeemed for a wide array of goods and services, including groceries and travel. And your purchases will be protected by a standard extended warranty and a 90-day purchase protection plan.
Summary of the Best Credit Cards in Canada
| Credit Card | Card Type | Top Features | Annual Fee |
| Neo Credit Card | No-Fee | An averageไ cash back of 5% and customizꦐable credit card rewards. | $0 |
| Tangerine Money-Back Mastercard | Cash Back | Up to 2% unlimited cash back, welcome bonus, purchase ins﷽urance co꧃verage, low-interest balance transfer | $0 |
| Tangerine World Mastercard |
| Up to 2% unlimited cash back, welcome bonus, purchase insurance coverage, low-interest 💦balance transfer; airport lounge access membership, Boingo Wi-Fi | $0 |
| American Express Cobalt Card | Travel | Earn up to 5X points for every eligible dollar you spend ꧙and get comprehensive insurance coverage for most travel-related accidents and delays. | $155.88 |
| Scotiabank SCENE+ Visa Card for Students | Student-focused | No annual 💯fees and ღup to 2X Scene+ points for every eligible dollar spent. | $0 |
| KOHO Prepaid Mastercard
| Student-focused | Get approved instantly and enjoy up to 5% cash back on elꦏigible purchases for no annual fee. | $0 |
| SimplyCash Preferred Card from American Express | Cash back | Enjoy up to 4% cash back on eligible gas and grocery purch🌺ases and access to exclusive AMEX ex🅠periences. | $119.88 |
| CIBC Dividend Visa Infinite Card | Cash back | Unlimited cash back rewards of 1% to 4% that you cꦺan redeem a𓃲nytime. | $120 |
| SimplyCash Card from American Express | No-Fee | Up to 2% cash back on eligible purchases and exclusive access to 𝔉AMEX experiences. | $0 |
Types of Credit Cards in Canada
There are 10 types of credit cards in Canada, each with its own set of pros and cons. The names of these c🎃ard types often provide clear hints about their intended purposes, maki♐ng it quite straightforward to grasp which category suits your priorities most.
For example, a travel credit card is often best fo🦩r travellers, while a “poor credit” credit card is ideal for individuals with a poor credit history.
Just take note, though, that most credit cards can fall into more than one credit card category. A prepaid credit card, for exampl🅺e, may also qualify as both a no-fee card and a rewards credit card if it meets the c🧜riteria for these categories as well.
How to Choose the Best Credit Card for You
When pick💟ing out the best credit card for you, it’s always best to think about why you want a credit card in the first place. Some of the reasons you may need a credit card include:
- Financing your studies
- Building your credit history
- Saving money through cash back
- Enjoying travel perks and rewards
- Having an accessible source of extra funds
On top of your reasons for getting a card, you should also consider how much you’re willing to spendཧ to have a new creditܫ card.
Once you know exactly what your priorities are for getting a card, review the features of the credit cards listed above. Then, among them, choose the card that best serves your intꦫerests ಞand budget.
Just take note that y♌ou may need to compromise either certain features or your budget. Finding a credit card that perfectly aligns with all your priorities at the exact price point you're comfortable with isn’t always possible.
Pros and Cons of Credit Cards
Pros:
- You’ll have an accessible source of extra funds.
- Having a credit card is helpful in building your credit history.
- You can benefit from insurance coverage policies, money-saving rewards, and other exclusive perks offered by the credit card.
Cons:
- For some credit cards, you’ll have to pay an annual fee.
- It may be tempting to spend more money with a credit card on hand, which may cause you to fall into debt.
How Many Credit Cards Should You Have?
There’s no one-size-fits-all limit to how many credit cards you should have. Aft♋er all, having multiple credit cards and managing just one or two both have their pros and 🍬cons.
If you have multiple credit cards, you’ll ♌benefit from having more sources of extra funding, potentially building your credit ♛history faster and enjoying diverse rewards and points offered by each card.
On the other hand, if you only ☂have one or two credit cards, you can avoid significantly increasing your consumer debt and, of course, enjoy the ease of managing the payment dates of only one or two credit cards.
Visa vs. Mastercard: Which is Better?
Visa and Mastercard offer very similar benefits, so for most Canadians, it doesn’t really matter wh𝓀ich one you choose. However, as the two payment networks still have some differences, you might prefer one over the other, d🤪epending on your priorities.
Iꦉn general, if you’re a big spender who loves to access the most exclusive VIP perks, Mastercard may be the better option for you. Its high-tier cards provide more luxurious access to hotels, resortꦑs, and exclusive events, exceeding what Visa often provides on its higher-end credit cards.
However, if you plan on applying for low to mid-tier credit cards, Visa may be the superior choice. This is because when you directly compare its tiers to the ones Mastercard offers, Visa provides more advantages, including better insurance coverage, m𓂃ore hotel upgrades, and various travel benefits.
Key Takeaways
- Some of the best no-fee credit cards in Canada include the American Express Green Card, Tangerine Money-Back Credit Card and the Neo Credit Card.
- To choose the best credit for you, always consider the reasons you want one in the first place, then choose the credit card that best suits your current financial needs.
Disclaimer: The above is a sponsored post, the views expressed are those of the sponsor/author and do not represent the stand and views of Outlook Editorial.
