The 35 Best Credit Cards in Canada for 2024

Last Updated on

Written by Enoch Omololu

Snappy Rates is reader-supported. This means if you click on some of our links, we may earn a commission. This does not affect the objectivity of our evaluations. Read our disclosure.

When researching which credit card you should apply for, there are many factors to consider.

Do you prefer earning travel points, cash back, or other benefits?

How much can you afford to pay in interest and annual fees?

And what’s your credit score and annual income?

You should take all of this and more into account when shopping around for a new credit card.

To help you decide, here’s our roundup of the best credit cards in Canada.

There are a lot to choose from, so we picked 7 of the top categories: best for cash back, travel rewards, prepaid cards, no annual fees, balance transfers, bad credit, and newcomers to Canada.

Each credit card has benefits and downsides, but all cards on this list offer great earning potential, rewards, and perks.

We picked 5 of the best for each category based on the annual fees, rewards, interest rates, welcome bonuses, insurance benefits, and more.

Table of Contents Show

Best Cash Back Credit Cards

Earning cash back on purchases is one of the best perks you can get from a credit card. It’s basically like earning free money whenever you shop!

Here are the 5 best cash back credit cards in Canada.

Tangerine Money-Back Credit Card

  • Annual fee: $0
  • Interest rate: 19.95%
  • Income requirement: $12,000
  • Cash back earn rate: 2% in up to 3 categories of your choice

The Tangerine Money-Back Credit Card is a no-annual-fee credit card that earns you unlimited 2% cash back on 2 categories of your choice and 0.5% cash back on all other purchases.

Categories include groceries, gas, hotel/motel, drugstore, entertainment, home improvement, restaurants, and more.

This is on our list of the best cash back credit cards, as you choose the categories you spend the most on.

Plus, if you deposit your cash back rewards in a Tangerine savings account, you get another 2% cash back category. 

Tangerine also offers a 1.95% promotional balance transfer rate for the first 6 months.

You can check out our detailed explanation about the Tangerine Money-Back Credit Card.

Simplii Financial Cash Back Visa Card

  • Annual fee: $0
  • Interest rate: 19.99% on purchases, 22.99% on cash advances
  • Income requirement: $15,000 household
  • Cash back earn rate: up to 4%

The Simplii Financial Cash Back Visa Card is another no-fee credit card that rewards your spending with up to 4% cash back. You earn:

  • 4% cash back on restaurant, coffee shop, and bar purchases (up to $5,000 annually)
  • 1.5% cash back on groceries, gas, drugstore purchases, and pre-authorized payments (up to $15,000 annually)
  • 0.5% unlimited cash back on all other purchases

Purchase security and extended warranty insurance is included for free.

Refer a friend, and you both could get a $50 bonus.

Here’s our detailed explanation of the Simplii Financial Cash Back Visa Card.

Scotia Momentum Visa Infinite Card

  • Annual fee: $120 (first year waived)
  • Interest rate: 20.99% on purchases, 22.99% on cash advances
  • Income requirement: $60,000 personal or $100,000 household
  • Cash back earn rate: up to 4%

The Scotia Momentum Visa Infinite Card combines exclusive Visa Infinite benefits with high cash back earn rates. Using this card, you earn:

  • 4% cash back on groceries, recurring bill payments, and subscriptions
  • 2% cash back on gas and daily transit
  • 1% cash back on all other purchases

After spending $25,000 annually on the 4% and 2% categories, you’ll earn 1% cash back on all further purchases.

Visa Infinite benefits include 24/7 concierge services, savings and benefits at select hotels, and access to the Visa Infinite Dining and Wine Country program.

You can also save up to 25% off at participating Avis and Budget car rental locations in Canada and the US.

Comprehensive travel and shopping insurance coverage are also included with this credit card, like $1,000 new mobile device insurance, trip cancellation and interruption insurance, flight delay insurance, and travel accident insurance.

Learn more about Scotia Momentum Visa Infinite Card here.

SimplyCash Preferred Card from American Express

  • Annual fee: $119.88
  • Interest rate: 20.99% on purchases, 21.99% on cash advances
  • Income requirement: N/A
  • Cash back earn rate: up to 4% cash back

If you spend a lot of money on gas and groceries, you could earn up to 4% cash back up to a certain limit when using the SimplyCash Preferred Card from American Express.

On eligible gas station and grocery store purchases, you earn 4% cash back up to a maximum of $30,000 annually (equivalent to $1,200 in cash back). After that, you’ll earn 2% cash back.

For any other purchases not in those categories, you get 2% unlimited cash back.

American Express has a generous referral program, where you can earn up to $1,500 cash back annually for referring your friends.

Mobile device insurance up to $1,000 plus buyer’s assurance and purchase protection plans are included, as well as various travel insurance benefits, like flight delay insurance, baggage delay insurance, travel accident insurance, and lost or stolen baggage insurance.

As with any American Express credit card, you get access to Amex Experiences, like Front of the Line presales and reserved tickets.

BMO CashBack World Elite Mastercard

  • Annual fee: $120 (waived in the first year)
  • Interest rate: 20.99% on purchases, 23.99% on cash advances
  • Income requirement: $80,000 personal or $150,000 household
  • Cash back earn rate: up to 5%

The BMO CashBack World Elite Mastercard is a step above its no-annual-fee counterpart. It rewards your spending in different categories with up to 5% cash back.

You can earn:

  • 5% cash back on groceries (up to $500 monthly)
  • 4% cash back on transit (up to $300 monthly)
  • 3% cash back on gas (up to $300 monthly)
  • 2% cash back on recurring bill payments (up to $500 monthly)
  • 1% unlimited cash back on all other purchases

After reaching the spending limit, you’ll earn 1% cash back on those categories until the next statement cycle.

You can redeem cash back at any time for as little as $1.

This BMO credit card includes free roadside assistance valued at $69/year and 8-day out-of-province/country emergency medical benefits.

Additional benefits include access to over 1 million wifi hotspots with Boingo Wi-Fi for Mastercard, a complimentary Mastercard Travel Pass by DragonPass, and 24/7 access to concierge services.

You also get savings of up to 25% off at select Alamo and National car rental locations, as well as extended warranty and purchase protection.

Best No Annual Fee Credit Cards

The following 5 credit cards are our top picks for the best no-fee credit cards in Canada. Without paying an annual fee, you get cash back, travel, and other benefits.

American Express Green Card

  • Interest rate: 20.99% on purchases, 21.99% on cash advances
  • Income requirement: N/A
  • Top features: earn & redeem Amex Membership Rewards points

The American Express Green Card is a great credit card for earning points that can be redeemed on almost anything.

You earn 1x the points on all card purchases, plus you can earn 1 additional Membership Rewards point for every $1 spent on eligible car rental and hotel bookings with American Express Travel.

Membership Rewards points can be redeemed for many things, including travel bookings, gift cards, merchandise, and Amazon.ca purchases.

They can also be transferred 1:1 to a frequent flyer or loyalty program.

Buyer’s assurance and purchase protection plans are included, as well as access to American Express Experiences.

MBNA Rewards Platinum Plus Mastercard

  • Interest rate: 19.99% on purchases, 24.99% on cash advances, 22.99% on balance transfers and access cheques
  • Income requirement: N/A
  • Top features: earn & redeem MBNA Rewards Points

Using your MBNA Rewards Platinum Plus Mastercard earns you points on every purchase. You can earn:

  • 2 points for every $1 spent on groceries, restaurants, memberships, digital media, and household utility purchases (up to $10,000 annually per category)
  • 1 point for every $1 spent on everything else
  • An annual birthday bonus of 10% of the points you earned the 12 months before your birthday month (up to 10,000 points)

Your points can be redeemed for almost anything with the MBNA Rewards Catalogue.

You can redeem them for gift cards, travel, and merchandise or apply your points directly to your credit card balance.

Mobile device insurance, extended warranty, and purchase assurance are all included for free.

Using this card, you can save a minimum of 5% to 10% off base rates at Avis and Budget car rental locations in Canada and the US.

BMO CashBack Mastercard

  • Interest rate: 20.99% for purchases, 22.99% for cash advances
  • Income requirement: $15,000
  • Top features: earn up to 3% cash back

This no-annual-fee cash back credit card is one of the best cash back credit cards with no annual fee, as you earn a high cash back rate on groceries.

You get 3% cash back on groceries, 1% cash back on recurring bill payments, and 0.5% cash back on all other purchases.

The 3% and 1% cash back categories are capped at a limit of $500 per month, which you will then earn 0.5% cash back until the next statement cycle.

Cash back can be redeemed at any time for as little as $1. You can deposit it into your BMO chequing or savings account, use it as a credit on your monthly statement, or put it into your InvestorLine account.

Other benefits include extended warranty and purchase protection, savings of up to 25% off at Alamo and National car rental locations, and 15% to 20% off admission to Cirque du Soliel shows.

SimplyCash Card from American Express

  • Interest rate: 20.99% on purchases, 21.99% on cash advances
  • Income requirement: N/A
  • Top features: earn up to 2% cash back

The SimplyCash Card from AMEX is a no-annual-fee version of the SimplyCash Preferred Card from American Express. It has no fees, thus a little bit less earning potential, but it is great for what it offers.

You can earn 2% cash back on gas station and grocery purchases up to $15,000 annually, which is equivalent to $300 cash back. On all other purchases, you earn 1.25% cash back with no limits.

$100,000 travel accident insurance is included, along with buyer’s assurance and purchase protection plans.

As an Amex cardholder, you get access to American Express experiences and events like Front of the Line presales and reserved tickets.

Learn more about SimplyCash Card from Amex here.

BMO Air Miles Mastercard

  • Interest rate: 20.99% on purchases, 22.99% on cash advances
  • Income requirement: $15,000 personal
  • Top features: earn up to 3x Air Miles on every purchase

With every purchase at Air Miles partners and grocery stores, you can earn Air Miles.

You get 3 Miles for every $25 spent at participating Air Miles partners and 2 Miles for every $25 spent at eligible grocery stores.

When you use your BMO Air Miles Mastercard and present your Air Miles card, you can earn 2x the Miles at participating retailers.

Extended warranty and purchase protection are included.

You get up to 25% off rentals at participating Alamo and National car rental locations, as well as 15% to 20% off touring Cirque du Soleil shows.

Best Credit Cards For Balance Transfers

If you tend to carry a balance each month, you may want to apply for a credit card that has a low interest rate or low introductory balance transfer rate.

We recommend the following 5 credit cards for transferring your balance and paying off debt.

Scotiabank Value Visa Card

  • Annual fee: $29 (first year waived)
  • Interest rate: 12.99%
  • Promotional balance transfer rate: 0% on cash advances for 10 months
  • Income requirement: N/A
  • Top features: low interest rate

The Scotiabank Value Visa Card is one of the best credit cards for balance transfers, as the interest rate is set at 12.99% for purchases and balance transfers.

For the first 6 months, no interest is charged on cash advances.

This credit card has no additional features, as its primary focus is to help you pay off your balance.

Tangerine World Mastercard

  • Annual fee: $0
  • Interest rate: 19.95%
  • Promotional balance transfer rate: 1.95% for 6 months
  • Income requirement: $60,000 personal or $100,000 household
  • Top features: 2% cash back in up to 3 categories

The Tangerine World Mastercard offers a 1.95% introductory balance transfer rate for 6 months. This gives you quite a bit of time to pay off your balance.

Many of the same benefits are included as the Money-Back Credit Card, but this one has some travel benefits.

Along with earning 2% cash back in 2-3 categories and 0.5% cash back everywhere else, you get access to Mastercard Travel Rewards, on-demand and subscription services, Boingo Wi-Fi for Mastercard, and Mastercard Travel Pass by DragonPass.

You’re covered with purchase assurance and extended warranty for most new purchases on this credit card.

BMO Preferred Rate MasterCard

  • Annual fee: $20
  • Interest rate: 12.99% on purchases, 15.99% on cash advances,
  • Promotional balance transfer rate: 0.99% for 9 months
  • Income requirement: $15,000
  • Top features: low interest rate

The BMO Preferred Rate MasterCard has a low interest rate of 12.99% on purchases and 15.99% on cash advances.

For the first 9 months of card membership, you get a 0.99% introductory balance transfer rate with a 2% transfer fee.

This is the only credit card on our list with a 0.99% balance transfer interest rate, which means you can pay down your balance at a low cost.

CIBC Select Visa Card

  • Annual fee: $29 (first year rebated)
  • Interest rate: 13.99% on purchases, 13.99% on cash advances
  • Promotional balance transfer rate: 0% for 10 months
  • Income requirement: $15,000 household
  • Top features: insurance coverage, savings at gas stations

This CIBC credit card has a promotional 0% balance transfer interest rate for up to 10 months with a 1% transfer fee. The first year’s annual fee is also rebated.

$100,000 common carrier accident insurance is also included, which is rare for balance transfer credit cards.

When you link your Journie Rewards card, you can save up to 10 cents per litre at Chevron, Fas Gas, Ultramar, and Pioneer gas stations.

MBNA True Line Mastercard

  • Annual fee: $0
  • Interest rate: 12.99% on purchases, 24.99% on cash advances
  • Promotional balance transfer rate: 0% for 12 months
  • Income requirement: N/A
  • Top features: low interest rate, no annual fee

The MBNA True Line Mastercard has no annual fee and a 0% introductory balance transfer rate for up to 12 months, as long as transfer your balance within 90 days of opening the account.

MBNA offers a payment plan where you can pay for eligible purchases of over $100 in 6, 12, or 18-month terms.

You also get up to 10% off at participating Avis and Budget car rentals in Canada and the US.

image showing a man holding credit card

Best Credit Cards For Travel Rewards

If you like to travel, you should consider applying for a travel rewards credit card.

The following top 5 travel credit cards offer points that can be redeemed for travel and other things, as well as benefits like travel insurance.

Scotiabank Gold American Express Card

  • Annual fee: $120 (first year free)
  • Interest rate: 20.99% on purchases, 22.99
  • Income requirement: $12,000 personal
  • Top features: no FX fees, discounted Priority Pass membership, earn up to 6 Scene+ points

The Scotiabank Gold American Express Card rewards your spending with Scene+ points, which can be redeemed for movie tickets, travel, dining, statement credits, and more. You earn:

  • 6 Scene+ points for every $1 spent at select grocery stores
  • 5 Scene+ points for every $1 spent on eating out and Cineplex purchases
  • 3 Scene+ points for every $1 spent on gas, daily transit, and select streaming services
  • 1 Scene+ point for every $1 spent on everything else

Along with earning an elevated amount of Scene+ points, you pay no transaction fees when using this card abroad.

As this is an American Express card, you get access to exclusive Amex offers and Front of the Line perks.

You can book and redeem travel easily through Scene+ Travel, and you get complimentary 24/7 access to concierge services.

Scotiabank Passport Visa Infinite Card

  • Annual fee: $150
  • Interest rate: 20.99% on purchases, 22.99% on cash advances
  • Income requirement: $60,000 personal or $100,000 household
  • Top features: no FX fees, earn up to 3x Scene+ points

The Scotiabank Passport Visa Infinite Card is a premium travel credit card that earns you Scene+ points with every purchase. You earn:

  • 3 Scene+ points for every $1 spent at participating grocery stores
  • 2 Scene+ points for every $1 spent on dining, other grocery stores, Cineplex purchases, and daily transit
  • 1 Scene+ point for every $1 spent on everything else

With this card, you get 6 complimentary airport lounge access passes, you don’t pay foreign transaction fees, and you get a complimentary Avis Preferred Plus Membership.

As this is a Visa Infinite card, you also get access to Visa Infinite benefits, like a 24/7 concierge service and experience the perks of their Hotel Collection and Dining and Wine Country program.

8 types of insurance come with the card, including travel accident insurance, flight delay insurance, hotel/motel burglary insurance, and travel emergency medical insurance.

BMO Air Miles World Elite Mastercard

  • Annual fee: $120
  • Interest rate: 20.99% on purchases, 23.99% on cash advances
  • Income requirement: $80,000 personal or $150,000 household
  • Top features: earn & redeem Air Miles, travel insurance, Mastercard Travel Pass

The BMO Air Miles World Elite Mastercard is the premium version of the regular BMO Air Miles Mastercard. You earn more Miles on everyday purchases and get a range of travel benefits.

You can earn:

  • 3 Miles for every $12 spent at Air Miles partners
  • 2 Miles for every $12 spent at eligible grocery stores
  • 1 Mile for every $12 spent on everything else

This World Elite Mastercard comes with a 25% discount on one worldwide Air Miles flight per year.

You get a complimentary membership to Mastercard Travel Pass by DragonPass, allowing you to visit airport lounges for just USD $32 per visit.

You also get free access to over 1 million wifi hotspots with Boingo Wi-Fi for Mastercard.

Concierge services can help you out 24/7, and you can shop confidently with extended warranty and purchase protection.

As with most BMO credit cards, you can get up to 25% off Avis and Budget car rentals.

Travel and medical protection are also included, like 15 days out-of-province/country emergency medical insurance and a collision damage waiver on rental cars.

Also included with this credit card is a discount on the Priority Pass membership, which gives you access to over 1,200 airport lounges worldwide.

You also get comprehensive shopping and travel coverage, including travel accident insurance, flight delay insurance, travel emergency medical insurance, and purchase security & extended warranty protection.

Marriott Bonvoy American Express Card

  • Annual fee: $120
  • Interest rate: 19.99% on purchases, 21.99% on cash advances
  • Income requirement: N/A
  • Top features: earn up to 5x Marriott Bonvoy points, one annual free hotel stay, automatic Silver Elite status

With every purchase, you earn 2 Marriott Bonvoy points and 5x the points on eligible hotels participating in the Marriott Bonvoy program.

You can redeem these points for free hotel stays with no blackout dates at over 7,000 hotels worldwide or transfer the points to frequent flyer miles with various airlines.

With this card, you automatically get Marriott Bonvoy Silver Elite status, and after spending $30,000, you’ll get upgraded to Gold Elite Status.

After your card anniversary each year, you receive an Annual Free Night Award.

Travel coverage includes flight delay insurance, baggage delay insurance, hotel burglary insurance, travel accident insurance, and more.

American Express Cobalt Card

  • Annual fee: $155.88 ($12.99 charged monthly)
  • Interest rate: 20.99% on purchases, 21.99% on cash advances
  • Income requirement: N/A
  • Top features: earn & redeem Membership Rewards points

With the American Express Cobalt Card, you earn Membership Rewards points on every purchase, as follows:

  • 5x the points on restaurants and food delivery (up to $30,000 annually)
  • 3x the points on eligible streaming subscriptions
  • 2x the points on travel and transit
  • 1x the points on everything else

Additionally, you earn 1 extra point for every $1 spent on car rental and hotel bookings with American Express Travel.

These points can be redeemed for entertainment purchases, food and drinks, retail, statement credits, and more. They can also be transferred 1:1 to several frequent flyer loyalty programs.

Mobile device insurance, car rental theft or damage insurance, and 6 types of travel insurance are included.

American Express experiences and offers are waiting for you with the Amex Cobalt card.

Best Credit Cards For Bad Credit

If you don’t have a good credit history, it can be difficult to be approved for a credit card in Canada.

However, there are a few credit cards, including secured cards, that guarantee instant approval and can help raise your credit score if you pay your balance monthly.

These are the top 5 credit cards for bad credit in Canada.

Neo Secured Card

  • Annual fee: $0
  • Interest rate: 19.99% to 24.99%
  • Security deposit: $50 or more
  • Top features: earn up to 15% cash back

The Neo Secured Card is a credit card that earns you cash back on all purchases. You are guaranteed approval, as long as you put down a security deposit of at least $50.

With this top cash back credit card, you earn an average of 5% cash back at Neo partners, with most first purchases earning you 15% cash back as a welcome bonus.

If your overall cash back falls below 0.5%, Neo will top you up.

Neo Financial comes with a mobile app where you can view cash back offers, track your spending, and pay your balance.

As long as you pay the balance each month, your credit score will slowly improve.

Home Trust Secured Visa Credit Card

  • Annual fee: $0 or $59
  • Interest rate: 19.99% or 14.90%
  • Security deposit: $500 to $10,000
  • Top features: low interest rate

The Home Trust Secured Visa Credit Card either has an interest rate of 19.99% or 14.90%, depending on how much you want to pay.

You can upgrade from the no-annual-fee version to $49 per year for a lower 14.90% interest rate.

You must deposit at least $500, but can deposit up to $10,000. Your security funds is your credit limit, so it’s up to you.

Capital One Guaranteed Secured Mastercard

  • Annual fee: $59
  • Interest rate: 19.8% on purchases and balance transfers, 21.9% on cash advances
  • Security deposit: $75 to $300
  • Top features: build credit

The Capital One Guaranteed Secured Mastercard only requires security funds between $75 and $300.

You will be guaranteed approval as long as you meet the following conditions:

  • You’re the age of majority in your province or territory
  • You haven’t applied for another Capital One account in the past 30 days
  • You don’t have an existing or pending Capital One account
  • You deposit $75 or $300 for security funds

This credit card includes everyday benefits like purchase assurance, extended warranty, and price protection services.

Travel benefits include common carrier travel accident insurance, baggage delay insurance, and car rental collision or loss damage insurance.

Plastk Secured Credit Card

  • Annual fee: $48 + $6 monthly maintenance fee
  • Interest rate: 17.99%
  • Security deposit: $300 to $10,000
  • Top features: earn rewards points for cash back & other rewards

With the Plastk Secured Credit Card, you earn points that can be redeemed for cash back and other rewards while building your credit.

When applying, you must deposit at least $300. This deposit will be your credit limit.

Plastk has a sign up bonus of 0% APR for 3 months.

Points earned can be redeemed for back back (250 points = $1), merchandise, gift cards, hotel, and travel bookings. You can also donate your points to charity.

With the Plastk mobile app, you can check your card balance, points, and statements. You can review your spending habits and set budgets.

Canadian Tire Triangle Mastercard

  • Annual fee: $0
  • Interest rate: 19.99% on purchases, 22.99% on cash advances and balance transfers
  • Security deposit: N/A
  • Top features: earn up to 4% in CT Money

Unlike the other 4 credit cards in this category, the Canadian Tire Triangle Mastercard is an unsecured credit card, meaning you don’t have to put down a security deposit.

This Mastercard is relatively easy to apply for, as it doesn’t have a minimum credit score or income requirement.

If you shop at Canadian Tire-owned stores, this credit card is perfect for you. The earn rate is as follows:

  • Earn 4% CT Money at Canadian Tire, Mark’s, L’Equipeur, Sport Chek, Atmosphere, and more
  • Get 5 cents per litre back in CT Money at Gas+ and Essence+ locations
  • Earn 1.5% CT Money at grocery stores, excluding Walmart and Costco (up to $12,000 per year)
  • Earn 0.5% CT Money everywhere else

CT Money can be redeemed at participating Canadian Tire-owned stores. $1 in CT Money = $1 in free stuff.

Best Prepaid Credit Cards

The following prepaid cards are a great alternative to traditional credit cards, as you only spend the money that you load onto it.

There are no interest rates and generally no annual fees. These are our picks for the top prepaid credit cards in Canada.

KOHO Prepaid Mastercard

  • Fees: None, but upgrading to premium is $9/month or $84/year
  • Top rewards: earn up to 2% cash back, earn interest, build credit history

The KOHO Prepaid Mastercard rewards your spending with cash back. It is a free spending and savings account that comes with a Mastercard and mobile app.

The free version gives you 0.5% cash back on all purchases, while KOHO Premium earns you 2% cash back on 3 categories: groceries, food, and transportation.

KOHO Premium also drops the FX fees you’d normally pay when shopping outside of Canada, and they offer price protection.

Set up direct deposit, and you’ll earn 1.2% interest on your balance.

Optionally, you can build your credit for an extra $10 per month.

STACK Prepaid Mastercard

  • Fees: none
  • Top rewards: cash back on FX fees and non-Canada ATM withdrawals

If you don’t like paying foreign transaction fees and frequently shop outside of Canada, you can get cash back for it.

This is one of the only cards that gives you cash back on FX fees and ATM withdrawals outside the country.

STACK has a mobile app where you can get notified every time your card is used, keep track of your spending habits, and you can choose to automatically round up your purchases and put the difference in your savings.

STACK has a great feature where you can get your paycheque up to 2 days before payday.

MOGO Visa Platinum Prepaid Card

  • Fees: none
  • Top rewards: N/A

Every time you make a purchase with the MogoCard, they plant a tree. Their aim is to help you save money with the prepaid card while being environmentally friendly. 

The Mogo mobile app is very handy to track your finances, keep on top of your budget, and know your balance. They send you notifications after each purchase.

Learn more about Mogo.

CIBC AC Conversion Visa Prepaid Card

  • Fees: none
  • Top rewards: earn 1% cash back

The CIBC AC Conversion Visa Prepaid Card is one of the best for international purchases. It can be loaded with up to 10 currencies, and you do not pay FX fees.

You can sign up for this prepaid card online or at CIBC banking centre at the Toronto Pearson Airport.

CIBC is also offering 1% cash back for a limited time.

Wealthsimple Cash Visa Card

  • Fees: none
  • Top rewards: 1% back in cash, crypto, or stocks

The Wealthsimple Cash Visa Card is one of a kind, as you get 1% back in cash, stocks, or crypto on every purchase.

There are no monthly or FX fees, and you can sign up in as little as 3 minutes.

The Wealthsimple app allows you to freeze or unfreeze the card at any time, as well as manage your spending and how you’d like to be rewarded.

Check out our detailed review of the Wealthsimple Cash Card.

Best Credit Cards For Newcomers to Canada

Getting approved for a credit card can be difficult when first moving to Canada. You may have credit history from another country or none at all.

These 5 top credit cards for newcomers to Canada are easy to apply and qualify for and can help build your credit.

Scotiabank Scene+ Visa Card

  • Annual fee: $0
  • Interest rate: 19.99% on purchases, 22.99% on cash advances
  • Income requirement: N/A
  • Top features: earn & redeem Scene+ points

The Scotiabank Scene+ Visa Card is great for newcomers, as it does not have a minimum income requirement or credit score needed.

You earn Scene+ points on every purchase, which can be redeemed for groceries, eating out, entertainment purchases, and more.

You earn 2 Scene+ points for every dollar spent at Sobeys, Safeway, Loblaws, FreshCo, and other participating grocery stores, as well as at Cineplex theatres or online. On everything else, you earn 1 Scene+ point for every $1 spent.

This card comes with savings of up to 25% off at participating Avis and Budget car rental locations in Canada and the US.

Home Trust Preferred Visa Card

  • Annual fee: $0
  • Interest rate: 19.99%
  • Income requirement: N/A
  • Top features: no FX fees, earn 1% unlimited cash back

This no-annual-fee credit card has no income requirement, which makes it easy to be approved for.

You get 1% cashback on all purchases with no spending cap, and you don’t pay foreign transaction fees.

On most other credit cards, you’ll pay up to 3% in FX fees when spending money abroad.

The Home Trust Preferred Visa Card includes purchase security insurance, which insures eligible items against theft or damage for 90 days.

Another perk of this card includes guaranteed hotel reservations anywhere in the world.

Scotia Momentum Visa Card

  • Annual fee: $39
  • Interest rate: 19.99% on purchases, 22.99% on cash advances
  • Income requirement: $12,000 personal
  • Top features: up to 2% cash back

The Scotia Momentum Visa Card is a low-fee credit card with a low annual income requirement.

You earn 2% cash back for every $1 spent on recurring bill payments, grocery store, drugstore, and gas purchases, and you’ll get 1% cash back on everything else.

Cardholders get savings of up to 25% off rental cars at Avis and Budget locations across the US and Canada.

It also includes purchase security and extended warranty protection.

Scotiabank American Express Card

  • Annual fee: $0
  • Interest rate: 19.99% on purchases, 22.99% on cash advances
  • Income requirement: $12,000 personal
  • Top features: earn up to 3x Scene+ points

The Scotiabank American Express Card is a top choice for those who like to travel but want to avoid annual fees.

You earn Scene+ points on every purchase, as follows:

  • 3x the points on purchases at select grocery stores (Sobeys, Safeway, FreshCo, and more)
  • 2x the points on restaurants, fast food, drinking establishments, and other grocery stores
  • 2x the points at Cineplex or Cineplex.com and on select streaming services
  • 2x the points on gas and daily transit
  • 1x the points on everything else

Cardholders can use Scene+ Travel to book travel and redeem Scene+ points. You also earn 3 Scene+ points per dollar spent on car rental and hotel bookings.

You also get up to 25% off at Avis and Budget car rental locations in Canada and the US.

As this is an American Express-branded card, you get access to American Express Invites.

New mobile device insurance and purchase security, and extended warranty protection are included.

RBC Cash Back Mastercard

  • Annual fee: $0
  • Interest rate: 19.99% on purchases, 22.99% on cash advances
  • Income requirement: N/A
  • Top features: 2% cash back

The ​​RBC Cash Back Mastercard earns you unlimited cash back on all purchases and up to 2% cash back on groceries.

You earn 2% cash back on groceries and up to 1% cash back on pre-authorized payments and all other purchases, up to a maximum of $6,000 per year.

Additional features include a 3-month complimentary DashPass subscription, and you can earn 50 Be Well points for every $1 spent at Rexall when you link your card.

Optional add-on services include travel insurance, RBC Road Assist, and more.

Methodology:
The Snappy Rates team assesses the best credit cards in Canada based on their annual fees, interest rates, welcome bonuses, rewards, top features, categories, insurance coverage, and other perks. We carefully evaluate each credit card and place more weight on the long-term rewards value each card offers. Only credit cards we would personally use are recommended. While these credit cards are some of the best on the market, but may not be right for you. Always do your own research and make informed financial decisions.

What To Consider When Choosing a Credit Card

There are many factors to consider when choosing a credit card. Think about why you want to get a credit card, and ask yourself these questions:

  • Do you prefer travel rewards, cash back rewards, or other benefits? Depending on the level of benefits you want, consider getting a credit card with an annual fee, as they usually give you higher rewards. If you shop at a certain store often or are loyal to a travel rewards program, consider signing up for a credit card that earns you points for that rewards program.
  • Do you have a balance you need to pay off? If so, you may want to consider getting a credit card with a low interest rate or promotional balance transfer rate.
  • Do you have a poor credit score or no credit history? If so, consider applying for a secured credit card that can help build your credit score quickly.
  • How much can you afford to pay in interest if you carry a balance? Look for credit cards with a lower interest rate, and try to pay your balance as soon as possible.

Another tip is to look for credit cards with no annual or monthly fees that also have the benefits you require.

There are many no-fee credit cards on the market that reward you with cash back, points, or travel perks.

Lastly, look at the income and credit score requirements to see what you can qualify for, as well as the credit limit.

FAQs

What is the best credit card in Canada for points?

The best credit card for points will be different for everyone, as it all depends on what you want to redeem your points for and how often you shop at certain places to earn points. For example, if you want to earn and redeem Scene+ points, the Scotiabank Gold American Express Card is a great choice. If you shop at Canadian Tire-branded stores often, consider the Triangle Rewards Mastercard.

How many credit cards should I have?

There is no one answer as to how many credit cards you should have, as it depends on your financial situation and credit history. A good number is 1 to 3 credit cards, but it is different for everyone.

Which bank issues the most credit cards?

According to this report by Nilson, TD issued the most credit cards in Canada in 2019. BMO, Scotiabank, RBC, and CIBC also have impressive lineups of credit cards.

Who is bigger: Mastercard or Visa?

Visa and Mastercard are both widely accepted worldwide. Mastercard is accepted in 210 countries by over 30 million merchants, while Visa is accepted in 200 countries by more than 28 million merchants.

Bonuses & Deals for April

Free prepaid card with up to 5% cashback. No credit check & $20 bonus when you deposit $50 and complete first purchase.

Earn average of 5% unlimited cashback. No annual fees and $25 bonus.

Get a $100 cashback bonus in the first 2 months. No annual fee credit card.

No current offers for this category.

Subscribe to our Newsletter!

Subscribe to get the latest personal finance news, offers, and our weekly newsletter. You can unsubscribe at any time.

Gravatar for Enoch Omololu

Enoch Omololu

Enoch Omololu is a personal finance expert. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. Enoch is passionate about helping others win with their finances and has written about money matters for over a decade. He has been featured or quoted in The Globe and Mail, CBC News, Yahoo Finance, GO Banking Rates, Financial Post, Bankrate, Forbes, Toronto Star, CTV News, and other personal finance publications. He founded Savvy New Canadians, one of Canada’s top financial education platforms.

Leave a comment

Hello there
  • Earn up to 225x more than other banks!
  • Get 4.00% interest rate* on every dollar.
  • No monthly fees and unlimited free transactions.
*Terms and conditions apply. Limited time offer.
  • Earn up to 225x more than other banks!
  • Get 4.00% interest rate* on every dollar.
  • No monthly fees and unlimited free transactions.
*Terms and conditions apply. Limited time offer.