Canadian issuers such as the Bank of Nova Scotia, Desjardins, and Bank of Montreal feature rewards, cashback, low annual fee, student, and other types of cards that are not to miss. Customers enjoy a number of added perks such as rewards schemes, concierge services, car rental discounts and insurance, and sign-up bonuses.
Best Travel Credit Cards
Scotiabank Gold American Express
Scotiabank features a travel card that offers rewards points on entertainment, dining, grocery shopping, gas, and other eligible purchases. Their Scotia Rewards Travel Service enables customers to book travel and enjoy a comprehensive insurance package. Other travel perks and incentives include special offers, Priority Pass membership and access to airport lounges, and concierge services. The card offers additional benefits such as access to fashion, music, film, and dining events. Supplementary cards are also available.
- Annual fee: $99
- Interest rate: 19.99 percent
- Balance transfers and cash advances: 22.99 percent
- Limited time offer: Earn 20,000 bonus Scotia Rewards points with your first $1,000 in everyday purchases in first 3 months. Offer ends on March 1, 2020
Home Trust Preferred Visa
Home Trust offers a Visa card with travel benefits such as no foreign exchange conversion fees, auto rental collision insurance, and roadside assistance. Roadside assistance is offered free of charge and entitles customers to 4 service calls annually. Cardholders also earn 1 percent cash back on all items charged to the card, and there is no limit to the amount that can be earned.
- Annual fee: none
- Interest rate: 19.99 percent
- Cash advance rate: 19.99 percent
Best Low Fee Credit Cards
MBNA Rewards Platinum Plus MasterCard
This rewards credit card by MBNA is a good deal in that it allows customers to earn points on a daily basis. Every dollar spent on eligible purchases earns 2 points, including dining, grocery items, and gas. A welcome bonus of 2,500 points is offered with the first purchase to customers who opt for e-statements. Cardholders are free to redeem points for gift cards, travel, merchandise, charity donations, etc. They also enjoy everyday and security services such as lost luggage assistance, emergency services, and ticket replacement.
- Annual fee: none
- Purchase rate: 19.99 percent
- Balance transfer rate: 22.99 percent
- Cash advance rate: 24.99 percent
Blue Sky Credit Card
This card by American Express also features multiple benefits such as free additional cards, access to special offers and reserved tickets, and travel coverage. Customers are offered the chance to make restaurant reservations and buy presale tickets for special events, including theatre performances and concerts. An added advantage is the fact that there are no travel and seat restrictions. The first $500 purchase earns 10,000 rewards points, and referring a friend earns additional $5,000 points. Each dollar in purchases is equal to 1.25 points.
- Annual fee: none
- Interest rate: 19.99 percent
- Funds advance fee: 22.99 percent
Best Canadian Cashback Cards
Scotia Momentum® Visa Infinite Card
Offered by the Bank of Nova Scotia, this cashback card features a special offer so that customers earn 10 percent back on all purchases made during the first three months. Each dollar spent at grocery and drug stores earns 4 percent and at gas stations – 2 percent. Other benefits worth mentioning include concierge services, access to dining experiences and premier events, wine purchase discounts, complimentary wine tastings, and more.
- Annual fee: $99
- Cash advance rate: 22.99 percent
- Purchase rate: 19.99 percent
- Credit limit: 5,000 or higher
- Limited time offer: Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). Plus, no annual fee in the first year, including on supplementary cards. A welcome offer value of $350*. Offer ends on April 30, 2020
Meridian Visa Infinite Cash Back Card
Also a great credit card to earn money on purchases, Meridian Visa Infinite features 10 percent cash back on items charged during the first 3 months. Utility bills and pharmacy purchases earn 2 percent, grocery and gas earn 4 percent, and all other purchases – 1 percent. Rewards can be redeemed in the form of gift cards, account credit, events tickets, and merchandise. The card also comes with a comprehensive insurance package, including travel assistance, baggage insurance, and emergency health care coverage.
- Annual fee: $99
- Purchase rate: 19.50 percent
- Cash advance rate: 21.99 percent
Best Rewards Credit Cards
American Express Cobalt
Also a good choice to earn rewards points, this card by American Express comes with a low interest rate and a welcome bonus of 30,000 points for purchases worth $500 made on a monthly basis. Each dollar spent in cafes, bars, and restaurants earns 5 rewards points. Supplementary cards are offered at no additional cost. Customers enjoy multiple benefits, including shopping deals, weekend gateway experiences, advance movie screenings, reserved tickets, and presale tickets for major events.
- Monthly fee: $10
- Interest rate: 19.99 percent
- Funds advance rate: 22.99 percent
BMO World Elite MasterCard
The Bank of Montreal also offers a rewards card with shopping and travel benefits, an annual fee waiver during the first year, and a welcome bonus of 35,000 points. One dollar spent on everyday purchases earns 2 points, and $1 on entertainment, restaurant, and travel purchases earns 3 points. Customers also benefit from access to vacation packages, cruises, car rentals, and other travel benefits.
- Annual fee: $150
- Cash advance rate: 22.99 percent
- Purchase rate: 19.99 percent
- Annual income requirement: $150,000 for households; $80,000 for individuals
Best Credit Cards with Travel Insurance Coverage
Scotiabank Platinum American Express
Customers who need a card with comprehensive travel coverage may check this card by Scotiabank, which also features an attractive rewards scheme. Travel coverage includes travel accident, travel emergency medical, flight delay, lost and delayed baggage, and other types of insurance. Cardholders also earn 1 point per dollar on everyday purchases and 4 points per dollar on entertainment, gas, dining, and grocery purchases. The list of added benefits includes concierge services, access to special offers, experiential tours, culinary experiences, and Hertz #1 Club Gold membership.
- Annual fee: $399
- Cash advance rate: 22.99
- Interest rate: 19.99 percent
- Minimum credit limit: $10,000
Desjardins Odyssey Visa Infinite Privilege
This Visa card also comes with a comprehensive insurance package, including travel, common carrier accident, emergency health care, trip interruption or cancellation, and baggage insurance. The card also offers 2 percent cash back on purchases and features wine and food experiences, concierge services, and hotel and travel benefits. Customers enjoy exclusive travel benefits such as airport parking discounts, security fast track lanes, and Priority Pass membership. Hotel benefits include beverage and food credit, complimentary daily breakfast, and automatic room upgrades based on availability.
- Annual fee: $295 for members; $395 for non-members
- Interest rate: 9 percent
- Minimum annual combined or individual income: $200,000
Best Student Credit Cards
BMO SPC® CashBack® Student MasterCard®
This credit card by the Bank of Montreal is especially designed for students and features discounts on food, dining, clothing, beauty, and other items. Cardholders are offered 5 percent cash back on purchases during the first three months and 1 percent after the promotional period. Students also benefit from access to sports events, premiers, and concerts, exclusive deals, and add-ons such as BMO Roadside Assistance and Credit Alert. A signature or reference letter from parents is not required.
- Annual fee: none
- Standard interest rate: 19.99 percent
- Cash advances: 22.99 percent
Scotiabank Scene Visa Card
Scotiabank also offers a student card that is suitable for young people with no credit history. The card features a rewards program that offers customers the chance to earn 5 points per dollar on Cineplex purchases and 1 point on everyday purchases. Scotiabank offers multiple benefits such as discounts on car rentals, supplementary cards, and optional protection in case of critical illness, lockout or strike, job loss, disability, etc.
- Annual fee: none
- Cash advance rate: 22.99 percent
- Standard rate: 19.99 percent
- Minimum credit limit: $500
Best Secured Credit Cards and Credit Cards for Bad Credit
Home Trust Secured No Annual Fee Visa
This card is a good option for borrowers with tarnished credit and requires a security deposit as a guarantee of repayment. The minimum deposit is $500 and the maximum deposit – $10,000. Customers can use the card to book vacations and make online or in-store purchases. Cash can be accessed at ATMs with the Plus and Visa logo. The approval rate is quite high (over 95 percent), which makes this secured card a good choice for customers who seek to reestablish credit.
- Annual fee: none
- Purchase interest rate: 19.99 percent
OR
- Annual fee: $59
- Purchase interest rate: 14.99 percent
Refresh Secured Visa
This secured card from Refresh helps customers build credit and comes with beneficial features such as low security deposit, easy approval, and free financial resources and education. Cardholders are offered free courses on different topics, including finances, money, how to set financial goals, and how to improve credit.
- Annual fee: $48.95
- Interest rate: 17.99 percent
Scotiabank Value® No-Fee Visa Card
This card is a good choice for newcomers to Canada and persons with no credit history. Scotiabank offers the option to transfer balances, and customers benefit from a low 3.99 percent introductory rate during the first 6 months. Additional benefits for cardholders include car rental discounts and Visa Checkout.
- Annual fee: none
- Purchase rate: 16.99 percent
- Balance transfers and cash advances: 16.99 percent
- Minimum credit limit: $500
Best Balance Transfer Credit Cards
MBNA True Line MasterCard
This MasterCard by MNBA comes with a zero promotional rate on balance transfers during the first 10 months, allowing customers to transfer high-interest balances. There are many benefits for cardholders, among which legal assistance, pre-trip information, and lost ticket and lost card replacement. Up to nine authorized users can be added free of charge.
- Annual fee: none
- Cash advance rate: 24.99 percent
- Purchase rate: 12.99 percent
President’s Choice Financial® MasterCard®
Another option by President’s Choice Financial, this card comes with a very low balance transfer rate of 0.97 percent during the first 6 months. Customers also earn 3 cents per litre at Mobil and Esso gas stations, 25 points per dollar at Shoppers Drug Mart, 20 points per dollar at PC Travel, and 10 points on all other purchases. Added benefits for cardholders are emergency cash advances, free extended warranty, and the option to request up to 4 additional cards at no added cost.
- Annual fee: none
- Purchase rate: 19.97 percent
- Cash advances: 22.97 percent
Best Store Credit Cards
Triangle™ World Elite MasterCard®
This card by Canadian Tire allows holders to earn 3 percent on grocery purchases, 5 – 7 cent per litre at Husky and Gas+ stations, and 4 percent in CT money. Customers also enjoy perks such as concierge services, personalized offers, roadside assistance, and access to exclusive events.
- Annual fee: none
- Purchase rate: 19.99 percent
- Cash advances: 22.99 percent
- Minimum annual income: $80,000
Capital One® MasterCard
This card is offered to Costco members and features 1 percent cash back on regular purchases, 2 percent on gas, and 3 percent on dining. The array of everyday and travel benefits includes travel assistance, baggage delay and common carrier travel accident insurance, and price protection.
- Annual fee: none
- Interest rate: 19.75 percent
There are plenty of great credit cards that offer money back, rewards points, comprehensive insurance coverage, low interest rate balance transfers, and other incentives. Financial institutions offer cards to customers with different credit scores, including secured cards to help build credit and take advantage of a wealth of attractive offers.