- Travel cards
- Cash back cards
- No-fee cards
- Balance transfer cards
Our methodology: how we choose the best credit cards
Ratehub.caevaluates the best credit cards by considering overall consumer value and suitability for various types of consumers. Our evaluation methodology incorporates factors such as the card’s annual fee, rewards earning rates, ease-of-use, welcome or promotional offers, approval rates, eligibility criteria, and redemption choices. We have also considered the pros and cons of each card to help you determine which case best suits your financial needs and spending habits.
featured
American Express Cobalt® Card
Annual fee
156
Welcome offer
earn 1,250 points for each month you spend $750, up to a maximum of 15,000 points.
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featured
CIBC Dividend® Visa Infinite* Card
Annual fee
120
Welcome offer
earn 10% cash back welcome bonus of up to $250 (first 4 statements). Offer not available to QC residents. Terms and conditions apply.
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Annual fee
Welcome offer
earn an extra 10% back on up to $1,000 in everyday purchases within the first 2 months. Must apply by April 30, 2024.
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featured
Scotiabank Passport™ Visa Infinite* Card
Annual fee
Welcome offer
earn up to $1,300 in value in the first 12 months, including up to 40,000 bonus Scene+ points and first year annual fee waived. Offer ends July 1, 2024.
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Sponsored
Travel Card
Earn up to $1,300 in value in the first 12 months, including up to 40,000 bonus Scene+ points and first year annual fee waived.
Sponsored
TD® Aeroplan® Visa Infinite* Card
Earn up to $1,200 in value, including up to 50,000 Aeroplan points (enough for a round trip to New York City). Conditions apply. Account must be approved by June 3, 2024.
Cash Bonus offer
Rewards Points Card
Earn up to 25,000 bonus points in your first year!*
MBNA True Line® Mastercard®
Annual fee
Welcome offer
earn a 0% promotional annual interest rate for 12 months on balance transfers completed within 90 days of opening the account, with a 3% transfer fee.
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featured
CIBC Select Visa* Card
Annual fee
29
Welcome offer
Transfer your credit card balance. Get 0% interest for up to 10 months with a 1% transfer fee and a first year annual fee rebate. Terms and conditions apply.
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featured
Scotiabank Value® Visa* Card
Annual fee
Welcome offer
0% introductory interest rate on balance transfers for the first 10 months. Offer ends 31 October 2024.
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featured
BMO® Preferred Rate MasterCard®
Annual fee
Welcome offer
earn a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee and we'll waive the $29 annual fee for the first year*
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compare all balance transfer and low interest cards
2024 credit card awards
Discover the best credit cards of the year with our in-depth analysis and extensive testing. We’ve evaluated countless options to bring you the top cards tailed to your specific spending personality, whether you’re a frequent flyer or a student.
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Frequently Asked Questions
What is the best credit card in Canada?
The best credit card in Canada depends on your specific needs and preferences. Consider factors like your spending habits, annual fees, rewards, interest rates, and additional benefits when choosing a credit card. Compare options to find one that aligns with your financial goals and lifestyle.
What is a credit card and how does it work?
A credit card allows you to borrow money from a bank up to a set limit. You use the card to make purchases, and the bank sends you a bill at the end of each billing cycle. You can either pay the full balance to avoid interest or pay a minimum amount, which incurs interest charges. Responsible credit card use can help build your credit score, and some cards offer rewards for spending.
How many credit cards should I have?
There is no one-size-fits-all answer to how many credit cards you should have. It's a matter of personal preference and financial responsibility. For many individuals, one or two well-managed credit cards are sufficient. However, if you can handle them responsibly and benefit from the rewards and benefits, having a few additional cards may make sense. Always monitor your credit usage and financial situation to make informed decisions about your credit card portfolio.
How does interest work on a credit card?
Interest on a credit card is the cost of borrowing money from the card issuer. It's calculated based on the card's Annual Percentage Rate (APR) and your average daily balance. If you don't pay your full balance by the due date, you'll be charged interest on the remaining amount, and this can accumulate over time if you carry a balance. To avoid interest charges, pay your balance in full each month.
What should I compare when choosing a credit card?
There are a few different features to look at when comparing credit cards.
- Credit card APRs, it's important to look at a credit card's annual percentage rate as it's the interest on the card in the case you don't make your monthly payment in full.
- Credit card rewards, which include points, miles or cashback.
- Credit score, each card has its own credit score requirements for approval.
- Annual fee, not all cards have annual fees, but the ones that do often come with perks and rewards.
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