Skip to main content
Ratehub logo
Ratehub logo

The best credit cards in Canada for 2022

Reading up on credit cards? Wondering what’s the best card for me? In under 60 seconds, CardFinder narrows down your top matches without impacting your credit score, no SIN required

find my perfect card
Ratehub logo

Every year, Ratehub.ca rounds up the best credit cards in the country to help Canadians wade through the financial weeds to find the card most suited to their spending habits and lifestyle.

Like clothing, credit cards aren’t one-size-fits-all. We’ve said this before — the best one for you depends on your financial situation and maybe one that saves you money via a low interest rate, balance transfer offer or cash back, or provides value through rewards points that can be redeemed for travel and merchandise.

Alongside a few standout new mentions, several of the best credit cards in Canada for 2021 have also made it on our list for 2022 because they continue to offer great value.

The best rewards cards for
  • all reward types
  • cash back
  • store credit
  • travel
with
  • any annual fee
  • no annual fee
CardBest used forAnnual feeRewards
Food & transit

$120

  • 5 pts/$1 for gas, groceries, restaurants
  • 1 pts/$1 for other

Purchase interest: 20.99%  |  Cash advance: 23.99%  |  Balance transfer: 23.99%

Groceries & dining

$155

  • 5 pts/$1 for groceries, restaurants
  • 2 pts/$1 for gas, travel
  • 1 pts/$1 for other

Purchase interest: 20.99%  |  Cash advance: 21.99%  |  Balance transfer: N/A

Everyday spending

$0

  • 1% all everyday purchases
  • 3% eligible airlines
  • 4% select retailers*

Purchase interest: 19.99%  |  Cash advance: 21.50%  |  Balance transfer: 19.99%

Canadian Tire

$0

  • 4% Canadian Tire Spending
  • 1.5% groceries
  • 0.5% everything else

Purchase interest: 19.99%  |  Cash advance: 22.99%  |  Balance transfer: 22.99%

Find your perfect credit card in under 60 seconds - No SIN required

  1. Tell us a bit about yourself

    Answer some questions so we can personalize our recommendations - this won't impact your credit score

  2. Check your eligibility

    We confirm your eligibility with our partner, TransUnion. This will be a ‘soft credit check’ which you can see but lenders cannot

  3. Find your perfect matches

    We show you the cards you’re most likely to want and most likely to get

let's get started

Best overall cash back card

Learn more about the Scotia Momentum Visa Infinite

Best rewards card for everyday spending

Learn more about the American Express Cobalt

Best credit card for gas

Learn more about the CIBC Dividend Visa Infinite

Best credit card for groceries

Learn more about the Scotia Momentum Visa Infinite

Best no fee cash back credit card

Learn more about the Tangerine Money-Back Card

Best store/retail credit card

Learn more about the PC Financial World Elite Mastercard

Best low interest credit card

Learn more about the MBNA True Line Gold Mastercard

Best credit card for bad/rebuilding credit

Learn more about the Home Trust Secured Visa

Best no foreign transaction fee credit cards

Learn more about the Scotiabank Passport Visa Infinite

Also consider:

Learn more about the Home Trust Preferred Visa

Best travel credit cards for frequent flyers

Learn more about the TD First Class Travel Visa Infinite Card

Also consider:

Learn more about the BMO Ascend World Elite Mastercard

Best credit card for hotel stays

Learn more about the Marriott Bonvoy American Express Card

Best Air Miles credit card

Learn more about the BMO Air Miles World Elite

Best credit card for Aeroplan

Learn more about the TD Aeroplan Visa Infinite

Best credit card for perks

Learn more about The Platinum Card from American Express

Best credit card for Costco

Learn more about the MBNA Rewards World Elite

Best credit card for students

Learn more about the BMO CashBack Mastercard

Find your perfect credit card in under 60 seconds - No SIN required

  1. Tell us a bit about yourself

    Answer some questions so we can personalize our recommendations - this won't impact your credit score

  2. Check your eligibility

    We confirm your eligibility with our partner, TransUnion. This will be a ‘soft credit check’ which you can see but lenders cannot

  3. Find your perfect matches

    We show you the cards you’re most likely to want and most likely to get

let's get started

Types of credit cards

 

Rewards cards

Rewards cards are the most popular type of credit card, and for good reason: these cards allow you to collect points or cash back with every dollar you spend. Depending on the card and provider, you can redeem these rewards for travel, statement balances, future purchases, and more. But let's take a deeper look into which cards fall under the "rewards" umbrella.

Travel

Travel rewards cards are perfect for frequent flyers, as the points you earn by using the card can be redeemed for big discounts on flights and accommodations. These cards also frequently come equipped with thorough travel insurance coverage as well as fancy perks such as VIP airport lounge access, complimentary checked baggage, priority security lines, and hotel room upgrades. Some even feature no foreign transaction fees, allowing you to use the card abroad without having to pay an extra fee for purchases in foreign currency. Plus, if you're a member of a loyalty program such as Aeroplan or Air Miles, you can use a co-branded travel rewards card (such as the BMO Air Miles World Elite Mastercard) to double your points when you use them both at partnered retailers.

 

Cash back

Another popular rewards card option is the cash back card. Unlike cards which offer points, cash back cards earn you different percentages back on specific spending categories such as gas and groceries (or, in the case of some cards, one flat rate across the board). Cash back rewards are also pretty straightforward: users can typically log into their account online and see their rewards total in dollars and cents. Redemption options can vary, depending on your provider. Some are quite restrictive, only allowing you to redeem after a certain amount of points have been collected, while others will let you redeem in any increment at any time. Cash back rewards are typically redeemed for statement balances, but some cards offer other options such as gift cards or savings account deposits.

 

Retail

For loyal customers of certain retailers, getting a retail rewards card could be a smart choice. These cards often boast accelerated points or cash back when you use the card at their partnered stores, allowing you to get the most out of your regular shopping trips. While these cards aren't super useful in the outside world, those who regularly visit these retailers can net big rewards over time, leading to savings on future purchases.

 

Low-interest and balance transfers cards

While it's not recommended, those who tend to take out cash advances or carry a balance on their account from month to month would benefit from a low-interest credit card. The interest rates on your card may not seem like much at first, but allowing them to creep in month after month will take a toll on your credit card balance and credit score in general. That's why owning a low-interest credit card would be beneficial - if you're taking the risk of accumulating interest, you'll suffer less potential damage with a lower rate. Low interest credit cards in Canada offer rates as low as 8.99% to 14.99%, but keep in mind that rewards and perks on these cards are minimal to non-existent.

For those attempting to overcome credit card debt, a balance transfer card could be the ticket back to healthy credit. Essentially, users with debt can offload a percentage (or the entirety) of what they owe onto the card, most of which offer introductory interest rates as low as 0% for a specific period of time (usually 6-12 months). If you've got a solid repayment plan and can eradicate your debt in that window, a balance transfer card can allow you to do so much quicker without the added stress of additional interest in your way. They will charge a balance transfer fee (usually around 3% of the total you're transferring), but the benefit of much lower (or zero) interest is generally worth it.

 

Secured cards

Secured credit cards are perfect for newcomers to Canada, students just starting their credit journey, or users trying to rebuild their credit after suffering a financial loss such as bankruptcy. These cards require an upfront security deposit to activate, and your credit limit on the card will be of the same amount. While you can generally deposit as much as you'd like, there are usually minimums (anywhere from $50 to $500) and maximums (around $10,000) set in place by your provider. 

This security deposit acts as a kind of collateral for the issuer in case of missed or late payments, and it's why secured credit cards are incredibly easy to be approved for. The most important thing about secured credit cards, however, is that they report your payments to Canada's credit bureaus. This is imperative to building credit, as these organizations track your credit behaviour and assign you a score which will determine your ability to be approved for future credit cards, mortgages, lines or credit, and more. If you use a secured credit card consistently and responsibly, you'll eventually build your score and graduate to a non-secured credit card, closing down your secured account in good standing and receiving your deposit back in full.

Why should I get a credit card?


How do I apply for a credit card?


How do I choose the best credit card?


What is the best credit card to rebuild credit?


What is the best credit card for foreign transactions?


What is the best credit card for students?


What is the best cash back credit card?


What is the best credit card for travel?


The knowledge bank

A wealth of wealth knowledge delivered right to your inbox.

By submitting your email address, you acknowledge and agree to Ratehub.ca‘s Terms of Use and Privacy Policy. Contact us for more information. You can unsubscribe at any time.