Best Credit Cards in Canada for 2023

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.

• Recommended Credit Score: 740+
• Minimum Income Requirement: $60,000
• Annual Fee:$0

Tangerine is a Canadian online-only bank known for being untraditional.

By forgoing some services typically associated with brick-and-mortar banks, Tangerine can pass some hefty savings along to their customers.

The World Mastercard is arguably Tangerine’s most popular credit card offering, mostly thanks to its lack of annual fee and considerable benefits.

Somewhat unusual for a card with a $0 annual fee, the Tangerine World Mastercard comes with several reward options that will especially appeal to travelers, such as rental car insurance, free airport WiFi access, lounge access, and cashback rewards while traveling.

However, the biggest advantage of using this card comes with its 2% money-back rewards program. It is available across three spending categories that the cardholder can choose.

Unlike many other rewards credit cards, there is no limit to the amount of money-back rewards you can earn with the Tangerine World Mastercard, meaning your rewards balance can quickly add up.

• Recommended Credit Score:740+
• Minimum Income Requirement: $60,000
• Annual Fee:$120

The Scotia Momentum Visa Infinite stands out above the rest for one reason: cashback rewards.

Offering up to 4% on common everyday purchases, the Scotia Momentum Visa Infinite is one of the only Candian credit cards to offer these kinds of rewards outside of travel incentives.

When shopping with your Scotia Momentum Visa Infinite, you will receive 4% cashback on all grocery and bill payments, 2% back on every dollar spent on gas, and 1% back on everything else.

• Recommended Credit Score: 740+
• Minimum Income Requirement:$60,000
• Annual Fee: $129 (waived the first year)

TD Bank is another one of the most popular banks in the country, with nearly 11 million customers across Canada. The TD Aeroplan Visa Infinite is one of the most well-known Canadian credit cards, and with good reason.

First of all, there are the travel rewards. Aeroplan is a popular rewards program accepted at Star Alliance airline partners, including Air Canada. The TD Aeroplan Visa Infinite is beloved among travel cards because it offers a comprehensive package from the opportunity to earn Aeroplan Miles on your purchases to generous travel insurance coverage.

Here’s how it works: for every $1 that you spend on purchases, you earn 1 Aeroplan mile. For purchases of some nature, such as groceries, pharmacy items, Air Canada flights, and gas, you will earn 1.5 miles. For individuals who use their credit card to pay for everything, this can add up rather quickly.

• Recommended Credit Score:670+
• Minimum Income Requirement:$15,000
• Annual Fee: $29 (waived the first year)

The CIBC Select Visa is one of the bank’s standard credit card offerings, and while it may seem like a run-of-the-mill “Big Five” credit card option upon first glance, this card’s advantages are pretty persuasive.

First of all, the CIBC Select Visa offers a relatively low-interest rate for a credit card, making it an enticing option for anyone who finds themselves stuck with a card with a prohibitively high-interest rate.

The CIBC Select Visa stands out among other balance transfer credit cards because it offers an unusually low-interest rate.

With this card, new holders are not only given a great balance transfer opportunity, with a 1% fee and ten months of 0% interest, its regular interest rate is also low as well.

Even if you do not pay off your balance within the 0% interest period, you still can reap the benefits of a relatively low-interest rate of 13.99%.

• Recommended Credit Score: 740+
• Minimum Income Requirement: $80,000
• Annual Fee:$150 (waived the first year)

BMO, or the Bank of Montreal, offers the BMO World Elite Mastercard, an all-encompassing travel card that lives up to its name. Like the TD Aeroplan, this card offers carriers the opportunity to earn rewards through their purchases, which can then be redeemed for a diverse number of offerings from travel expenses to certain merchants, as well as investing options.

Where this card really shines, though, is with its travel insurance offerings. This credit card offers automatic emergency travel medical insurance for the cardholder, their partner, and their children, should they have any. This alone makes it one of the top travel cards on the market.

• Recommended Credit Score: 740+
• Minimum Income Requirement:$12,000
• Annual Fee:$120

Another offering from Scotia Bank, the Gold American Express Card, comes complete with a rewards program specially geared towards travelers.

Within this program, card users can receive five Scotia Rewards points per dollar spent on entertainment, dining, and groceries.

Three Scotia Rewards points for every spent on gas, and a Scotia Rewards point for all other purchase categories. New users are also offered 25,000 bonus points just for signing up. These points are redeemable for travel purchases as well as balance credits and more.

To make it even more incentivizing for users always on the go, the Scotia Bank Gold American Express card does not charge a foreign transaction fee — a rarity for Canadian credit cards.

• Recommended Credit Score: 670+
• Minimum Income Requirement: N/A
• Annual Fee: $0

MBNA is an American bank that offers co-branded credit cards to Canadians. The MBNA Rewards Platinum Plus Mastercard is a popular choice for many Canadians as it offers the opportunity to earn awards on everyday purchases and comes with no annual fee.

The earning scheme behind the MBNA Rewards Platinum Plus Mastercard is simple: for every $1 spent, cardholders earn 1 point.

Most purchases outside of cash advances or balance transfers will be eligible.

There is an annual spending cap of $5,000, but this may not matter much for the modest spender.

Card carriers can redeem their MBNA Rewards within various contexts, whether it be travel or even against a statement. This card also comes with a $0 annual fee.

• Recommended Credit Score: 700+
• Minimum Income Requirement: N/A
• Annual Fee: $25

HSBC is an internationally-known bank whose credit card offerings are popular among Canadians. The HSBC +Rewards Mastercard is especially popular, mostly thanks to its unusually low-interest rate of 11.9% and a low annual fee of only $25.

Furthermore, this card also offers its holders the ability to earn 2 points on every $1 spent, when applicable, and 1 point for every $1 spent for all other purchases. You can then put the points that you redeem towards your account balances, or just them to make a purchase. An added bonus is that these points don’t expire.

Overall, this card is a great choice for those looking for a rewards program but who do not necessarily pay off their credit card balance every month, as the 11.9% interest rate is much more forgiving than the standard credit card APR.

• Recommended Credit Score: 670+
• Minimum Income Requirement: $0
• Annual Fee: $0

True to its name, the CIBC Dividend Visa Card for Students offers perks for a portion of the population who has particular financial needs: students.

Often (though not always), many people get their first credit card as a new student. In fact, it’s not an uncommon sight to see bank representatives set up shop at freshmen fairs at the beginning of the school year, offering different credit card deals to fresh-eyed students.

Needless to say, it can be a little difficult to know whether or not you are choosing the right card.

The CIBC Dividend Visa stands out from the rest, though. Unlike many of the credit cards in its caliber, this CIBC product offers the opportunity to earn 2% cashback on all grocery purchases, as well as 1% cashback on any other purchase.

In addition, new carriers will earn $25 back as a sign-up bonus. It’s a great no-frills card that comes without embellished incentives or hidden tricks of any kind.

• Recommended Credit Score: 670+
• Minimum Income Requirement: $15,000
• Annual Fee: $0

The BMO Cashback Mastercard for Students deserves its spot as another highlight among Canadian credit cards geared towards students. Its main appeal is its $0 annual fee, paired with its cashback abilities, a welcome concept to Canadian students dealing with a tight budget.

Its grocery cashback opportunities, in particular, but it a few steps ahead of the rest — cardholders can earn up to 3% cashback on all grocery purchases for up to $500 monthly.

This is unparalleled in the Canadian credit card landscape. The card also enables its users up to 1% back on bill payments and 0.5% back on payments of any other kind.

For many students, using a credit card is all about building credit for themselves, and as a result, they are not looking for many things outside of a simple and functional no-fee credit card. The BMO Cashback Mastercard takes it one step forward by offering zero annual fees as well as the opportunity to earn cashback on every purchase.

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 credt. Credit cards charge interest on purchases and grant a grace period to pay their bills.

Credit cards usually offer some cashback or rewards with each purchase made. They also tend to come with sign-up offers. 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 to receive the card. These requirements could range from a minimum income requirement to a minimum credit score.