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Best Credit Cards in Canada 2023

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The team at WealthRocket only recommends products and services that we would use ourselves and that we believe will provide value to our readers. However, we advocate for you to continue to do your own research and make educated decisions.

Closeup image of a woman holding and choosing one of best credit cards in Canada to use

There are few financial decisions as important as deciding which credit card to use. While every Canadian will have different financial needs and preferences, some credit cards stand out above the rest. In this WealthRocket article, we will take a look at the best credit cards in Canada.

For many of us, breaking down which credit card to use is not our idea of a fun evening activity. However, investing just a small amount of time into credit card research can go a long way in improving your financial hygiene.

This is exactly why we created this page. Continue reading our best credit card for Canadians page to quickly and efficiently find the right card for your needs.

The best credit cards for Canadians

Canadians have many credit card options available to them. Below, we’ll take a look at the best credit cards in Canada and who they’re best suited for.

In This Article

Best for everyday use: Tangerine World Mastercard

Tangerine World Mastercard

Tangerine World Mastercard

Our Review
Apply Now
  • Welcome Offer 10% cash back on up to $1000 Terms apply
  • Annual Fee $0
  • Regular APR Purchases & Cash Advances: 19.95%
  • Recommended Credit 740+

Most Ideal For

  • Individuals who use their credit cards to pay for most things

  • Individuals who often travel internationally

  • Individuals who do not generally carry a credit card balance

Less Ideal For

  • Anyone looking to pay off a residual credit card balance, as this card’s interest rate is a less-than-desirable 19.95%

  • Individuals who do not meet the minimum income requirement or credit score requirement

Best cash back credit card: SimplyCash® Preferred Card from American Express

AMEX SimplyCash Preferred

SimplyCash® Preferred Card from American Express

Not Yet Reviewed
Apply Now
  • Welcome Offer $400 in statement credits in the first 10 months (up to $40 per statement)
  • Annual Fee $9.99 monthly ($119.88 annually)
  • Regular APR/Interest rates Purchases: 20.99%, Cash Advances: 21.99%
  • Recommended Credit 660+

Most Ideal For

  • Daily commuters

  • Families

Less Ideal For

  • Those looking for a low-interest card

  • Those looking for a no annual fee card

Best for groceries: BMO CashBack® World Elite Mastercard

BMO CashBack World Elite Mastercard

BMO CashBack World Elite Mastercard

Our Review
Apply Now
Rewards
  • 5% Earn 5% cash back on groceries on the first $500 spent.
  • 4% Earn 4% cash back on transit, including taxis, ride-sharing, and public transportation on the first $300 spent.
  • 3% Earn 3% cash back on gas and electric vehicle charging on the first $300 spent.
  • 2% Earn 2% on cash back on recurring bill payments.
  • 1% Earn 1% unlimited cash back on all other purchases.

Most Ideal For

  • Families with large grocery orders

  • Daily commuters

Less Ideal For

  • Those looking for a card with no annual fees

  • Those with a lower annual income

Best for Aeroplan points: TD Aeroplan Visa Infinite Card

TD Aeroplan Visa Infinite

TD Aeroplan Visa Infinite

Our Review
Apply Now
  • Welcome Offer N/A
  • Annual Fee $129 (first year waived)
  • Interest Rates Purchases: 19.99%, Cash Advances: 22.99%
  • Recommended Credit 740+

Most Ideal For

  • Credit card users who pay off their balance consistently and use their credit card for all purchases

  • Credit card users who want a travel rewards card

Less Ideal For

  • Somebody who has no interest in earning Aeroplan flight rewards

  • Somebody who wants a 0% annual fee grace period, which is an automatic win for students

Best balance transfer credit card: CIBC Select Visa

CIBC Select Visa

CIBC Select Visa

Our Review
Apply Now
  • Welcome Offer 0% interest and 1% transfer fee for first 10 months
  • Annual Fee $29 (first year waived)
  • Interest Rates Purchase & Cash Advance: 13.99%
  • Recommended Credit 670+

Most Ideal For

  • Anyone seeking a balance transfer option to pay off a credit card balance who fears they may not be able to pay their card off within the zero-interest period.

Less Ideal For

  • Somebody who is not concerned about paying off a credit card balance and is looking for a card with perks.

Best Mastercard: BMO World Elite Mastercard

BMO World Elite Mastercard

BMO World Elite Mastercard

Not Yet Reviewed
Apply Now
  • Welcome Offer 40,000 points
  • Annual Fee $150 (first year waived)
  • Interest Rates Purchases: 20.99%, Cash Advances: 22.99%
  • Recommended Credit 740+

Most Ideal For

  • Credit cardholders who earn a high income

  • Credit cardholders travel internationally often.

Less Ideal For

  • Credit cardholders who do not travel often

  • Credit cardholders who do not want a credit card with a high annual fee

Best “no foreign exchange fee” Card: Scotiabank Gold American Express Card

Scotiabank Gold AMEX

Scotiabank Gold American Express Card

Our Review
Apply Now
  • Welcome Offer Up to 25,000 Scotia Rewards points
  • Annual Fee $120
  • Regular APR/Interest rates Purchases: 20.99%, Cash Advances: 22.99%
  • Recommended Credit 740+

Most Ideal For

  • Credit card users looking to get the most out of a travel rewards system

  • Credit card users 65 or older seeking to benefit from comprehensive travel insurance

  • Those who regularly make purchases in a foreign currency

Less Ideal For

  • Credit card users who do not travel often

Best for frequent Costco shoppers: CIBC Costco Mastercard

CIBC Costco Mastercard Image

CIBC Costco Mastercard

Our Review
Apply Now
Rewards
  • 3% Earn 3% back at participating restaurants and Costco Gas purchases.
  • 2% Earn 2% back on Costco.ca and non-Costco gas purchases.
  • 1% Earn 1% back on all in-store Costco items and all other purchases.

Most Ideal For

  • Frequent Costo shoppers with a Costco member rewards card

  • Those looking to earn cash back rewards

Less Ideal For

  • Those looking to redeem cash back rewards outside of Costco

  • Those looking for a low-interest credit card

Best for daily spenders: MBNA Rewards Platinum Plus Mastercard

MBNA Rewards Platinum Plus Mastercard

MBNA Rewards Platinum Plus Mastercard

Our Review
Apply Now
Rewards
  • 2 pts Earn 2 points for every $1 spent at restaurants, and on groceries, digital media items, memberships, and household utilities.
  • 1 pt Earn 1 point for every $1 spent on all other purchases.
  • Welcome Offer Up to 10,000 points ($50 cash value)
  • Annual Fee $0
  • Interest rate 19.99%-24.99%
  • Minimum Income Required None

Most Ideal For

  • Spenders with habits that mostly revolve around every day expenses and looking to earn rewards on their purchases.

Less Ideal For

  • Spenders looking to perform a balance transfer

  • Spenders who are seeking a cashback credit card, as this card focuses more on rewards than it does on cashback

Best points value: HSBC +Rewards Mastercard

Image of the HSBC +Rewards credit card

HSBC +Rewards™ Mastercard®

Our Review
Apply Now
Rewards
  • 2pts Collect 2 points for every $1 spent on eligible dining and entertainment purchases.
  • 1pt Collect 1 point for every $1 spent on all other everyday purchases.

Most Ideal For

  • Somebody trying to pay off a credit card balance and feels gouged by a high interest rate

Less Ideal For

  • Somebody paying off their credit card balance in full every month who has no use for a low interest rate

Best student credit card: BMO Cashback Mastercard for Students

BMO Cashback Mastercard for Students

BMO Cashback Mastercard for Students

Not Yet Reviewed
Apply Now
  • Welcome Offer $30 cash back
  • Annual Fee $0
  • Interest Rates Purchases: 20.99%, Cash Advances: 22.99%
  • Recommended Credit 660-724

Most Ideal For

  • Students on a tight budget looking to build credit with a no annual fee card

  • Students who plan to use their credit card for groceries and to make recurring bill payments

Less Ideal For

  • Students with a well-established credit history who are looking for a more intensive rewards system out of their credit card

Best for big spenders: Platinum Card from American Express

Platinum Card from American Express

Platinum Card from American Express

Not Yet Reviewed
Apply Now
  • Welcome Offer Up to 80,000 rewards points
  • Annual Fee $699
  • Interest Rates Balance must be paid in full each month with this card. An interest rate of 30% applies to balances not paid in full.
  • Recommended Credit Score 760+

Most Ideal for

  • Frequent travellers

  • Big spenders who can repay their balance each month

Less Ideal For

  • Those looking for a no-fee card

  • Those who may carry a balance on their card

Best for foodies: American Express Cobalt Credit Card

American Express Cobalt Credit Card

American Express Cobalt Credit Card

Our Review
Apply Now

On American Express's Website

Rewards
  • 5pts Earn 5x the points on food and drinks, including restaurants and food delivery purchases.
  • 3pts Earn 3x the points on streaming subscriptions including Netflix, Disney+, and Crave.
  • 2pts Earn 2x the points on travel and transit including flights and public transportation.
  • 1pt Earn one point on all other purchases.

Most Ideal For

  • Foodies and streaming fans

  • Those looking for versatile cash back options

Less Ideal For

  • Those looking for a no-fee card

  • Those looking for a low-interest card

Best for dining out: Simplii Financial™ Cash Back Visa Card

Simplii Financial™ Cash Back Visa Card

Simplii Financial™ Cash Back Visa Card

Our Review
Apply Now
Rewards
  • 4% Earn 4% back at participating restaurants and bars (up to $5,000 per year).
  • 1.5% Earn 1.5% back on gas, groceries, and drugstore purchases (up to $15,000 per year).
  • 0.5% Earn 0.5% back on all other credit card payments, with no maximum spend.

Most Ideal For

  • Those who dine out regularly

  • Those looking to earn cash back rewards

Less Ideal For

  • Quebec residents: Simplii Financial doesn’t operate in Quebec.

  • Those looking for a low-interest credit card

Best low-interest Card: MBNA True Line Mastercard

MBNA True Line Mastercard

MBNA True Line Mastercard

Not Yet Reviewed
Apply Now
  • Welcome Offer 0% annual interest rate on balance transfers within 90 days of opening your account
  • Annual Fee $0
  • Interest Rates Purchases: 12.99%, Cash Advances: 24.99%
  • Recommended Credit Score 550+

Most Ideal For

  • Those looking for a low-interest credit card with no annual fee

  • Those looking to transfer an existing balance

Less Ideal For

  • Those looking for a rewards credit card

Best card with no annual fee: Neo Credit Card

A photo of the neo credit card with a banner highlighting the average 5% cashback

Neo Credit

Our Review
Apply Now
  • Welcome Offer Apply now and get $25 plus up to 15% cashback on first-time purchases with participating partners
  • Annual Fee $0
  • Regular APR Purchase: 19.99% - 29.99%, Cash Advance: 22.99% - 31.99%
  • Recommended Credit 600+

Most Ideal For

  • Those looking for a cash back credit card with no annual fee

  • Those looking for a high interest savings option (via Neo Money)

Less Ideal For

  • Those who prefer visiting a physical banking location

  • Those looking for a low-interest card

Best prepaid credit card: Koho Prepaid Mastercard

An image of the KOHO prepaid credit card.

KOHO

Our Review
Apply Now
  • Welcome Offer N/A
  • Annual Fee $0 (Easy); $48 (Essential); $108 (Extra); $228 (Everything)
  • Regular APR/Interest rates Prepaid
  • Recommended Credit 300+

Most Ideal For

  • Those looking to rebuild their credit and get help with budgeting

  • Those looking for a low-fee cash back credit card

Less Ideal For

  • Those looking to charge large amounts on credit

Best flexible travel redemption: RBC Avion Visa Infinite Card

RBC Avion Visa Infinite

RBC Avion Visa Infinite

Our Review
Apply Now
  • Welcome Offer 30,000 Avion points and up to 20,000 additional points on a $5,000 spend within the first 6 months
  • Annual Fee $129
  • Interest Rates Purchases: 19.99% Cash Advances: 22.99%
  • Credit Score 700+

Most Ideal For

  • Frequent travellers

  • Those seeking travel flexibility

Less Ideal For

  • Those seeking a no-fee rewards credit card

  • Those seeking a low-interest card

Best for Air Canada travellers: American Express Aeroplan Reserve Card

American Express Aeroplan Reserve Card

American Express Aeroplan Reserve Card

Not Yet Reviewed
Apply Now
  • Welcome Offer Up to 85,000 Aeroplan points
  • Up to 85,000 Aeroplan points $599
  • Interest Rates Purchases: 20.99%, Cash Advances: 21.99%
  • Recommended Credit Score 700+

Most Ideal For

  • Frequent Air Canada travellers

  • Foodies

Less Ideal For

  • Those looking for a no-fee travel card

  • Those looking for a low-interest card

Best for travel rewards that won’t expire: CIBC Aventura® Visa* Card

CIBC Aventura® Visa* Card

CIBC Aventura® Visa* Card

Not Yet Reviewed
Apply Now
  • Welcome Offer 15,000 Aventura Points on your first purchase, and up to 20,000 additional points when you spend $1,000 or more in the first 4 statement periods.
  • Annual Fee $139 (first year waived)
  • Interest Rates Purchases: 20.99%, Cash Advances: 22.99% (21.99% in Quebec)
  • Recommended Credit Score 660+

Most Ideal For

  • Frequent travellers

  • Those looking to earn rewards points that won’t expire

Less Ideal For

  • Those looking for a no-fee credit card

  • Those looking for a low-interest credit card

Best for WestJet customers: WestJet RBC World Elite Mastercard

WestJet RBC World Elite Mastercard

WestJet RBC World Elite Mastercard

Our Review
Apply Now
  • Welcome Offer Up to 450 WestJet dollars when you charge a minimum of $5,000 in the first 3 months
  • Annual Fee $119
  • Interest Rates Purchases: 19.99%, Cash Advances: 22.99%
  • Credit Score 660+

Most Ideal For

  • Frequent WestJet flyers

  • Those travelling with a partner

Less Ideal For

  • Those looking for a no-fee card

  • Those looking for a low-interest card

Best for business owners: American Express Business Edge Card

Most Ideal For

  • Business owners

  • Those with regular business expenses

Less Ideal For

  • Those looking for a no-fee card

  • Those looking for a low-interest card

Best secured credit card: No Fee Home Trust Secured Visa Card

Home Trust Secured Visa

Home Trust Secured Visa

Not Yet Reviewed
Apply Now
  • Welcome Offer N/A
  • Annual Fee $0 or $59 for a reduced interest rate of 14.90%
  • Interest Rates Purchases: 19.99% for no annual fee; 14.90% for $59 annual fee Cash Advances: subject to additional service fees
  • Recommended Credit 300+

Most Ideal For

  • New Canadian residents

  • Those looking to rebuild their bad credit rating

Less Ideal For

  • Those who don’t have the funds for the initial deposit (minimum $500)

  • Those who don’t have the funds for the initial deposit (minimum $500)

Best for Air Miles users: BMO Air Miles World Elite Mastercard

BMO Air Miles World Elite Mastercard

Not Yet Reviewed
Apply Now
  • Welcome Offer 2,000 Air Miles points
  • Annual Fee $120 (first year waived)
  • Interest Rates Purchases: 20.99%, Cash Advances: 23.99% (21.99% in Quebec)
  • Recommended Credit Score 700+

Most Ideal For

  • Frequent flyers

  • Air Miles users

Less Ideal For

  • Those looking for a no-fee credit card

  • Those looking for a flexible rewards redemption plan

Best for shopping internationally: Brim Mastercard

Brim Mastercard

Brim Mastercard

Not Yet Reviewed
Apply Now
  • Welcome Offer Up to $200 in first-time bonuses from select Brim partners
  • Annual Fee $0
  • Interest Rates Brim charges 0% interest, but its Installment Plan charges 7% of your purchase to your first statement.
  • Recommended Credit Score 700+

Most Ideal For

  • Frequent international travellers

  • Those looking for flexible rewards redemption

Less Ideal For

  • Those looking to earn rewards at shops not affiliated with Brim

Best for earning PC Optimum Points: PC Financial Mastercard

PC Financial Mastercard

PC Financial Mastercard

Not Yet Reviewed
Apply Now
  • Welcome Offer N/A
  • Annual Fee $0
  • Interest Rates Purchases: 20.97%, Cash Advances: 22.97% (21.97% in Quebec)
  • Recommended Credit Score 600+

Most Ideal For

  • Those looking to accumulate Optimum Points

  • Those looking for a credit card with no annual fee

Less Ideal For

  • Those looking for a cash back rewards program they can use anywhere

What is a credit card?

A credit card is a plastic (or sometimes metal) card issued to a customer by banks or various companies. It allows the cardholder to make purchases with borrowed money, also known as credit. Credit cards charge interest on purchases and grant a grace period to pay their bills.

Credit cards usually offer some cash back or rewards with each purchase made. They also tend to come with sign-up or welcome offers. Most credit cards help customers build up their credit score through their credit reports.

When signing up for a credit card, there are several qualifications one must meet. These could range from a minimum income requirement to a minimum credit score.

Pros and cons of credit cards

Most Ideal For

  • Rewards programs/perks: Credit cards often offer rewards or various perks for using your credit card, which can add up to substantial savings, depending on your usage.

  • Shopping and experiences: Many online purchases or experiences (e.g., concerts, travel) can only be purchased via a credit card.

  • Building credit: If you don’t have the money to purchase something outright via a debit card, a credit card will allow you to finance the purchase. Just be sure to pay each bill by the due date to avoid extra fees.

Less Ideal For

  • Interest fees: Most credit cards have high interest rates, which can vary from 12% to 30%. If you don’t expect to be able to pay off your bill in full each month, be sure to select a low-interest credit card to avoid exorbitant interest charges.

  • Annual fees: Many credit cards have annual fees, which can run in the hundreds of dollars per year. Be sure your credit card perks are worth the fee; if not, you can opt for a card without an annual fee.

  • Over-spending: Credit cards make shopping almost too easy, which can quickly lead to over-spending. Monitor your credit card use carefully and avoid adding high-interest charges to your bill.

Article Tags

Credit Card Round Up
Gabe Sigler Headshot

Gabriel Sigler

Born and raised in Montreal, Que., Gabriel is a graduate of Concordia University’s Journalism department, and the founder and editor-in-chief of Bad Feeling Magazine. For WealthRocket, he specializes in credit card reviews.

More from Gabriel

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