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The 15 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

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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
BMO eclipse Visa Infinite* Card
Purchase interest: 20.99%, Cash advance: 23.99%, Balance transfer: 23.99%

Food & transit

$120

  • 5 pts/$1 for gas, groceries, restaurants
  • 1 pts/$1 for other
Featured
Brim Mastercard
Purchase interest: 19.99%, Cash advance: 21.50%, Balance transfer: 19.99%

Everyday spending

$0

  • 1% all everyday purchases
  • 3% eligible airlines
  • 4% select retailers*
Featured
American Express Cobalt® Card
Purchase interest: 20.99%, Cash advance: 21.99%, Balance transfer: N/A

Groceries & dining

$155

  • 5 pts/$1 for groceries, restaurants
  • 2 pts/$1 for gas, travel
  • 1 pts/$1 for other
Featured
SimplyCash™ Preferred Card from American Express®
Purchase interest: 19.99%, Cash advance: 21.99%, Balance transfer: N/A

Everyday spending

$99

  • 2% all purchases

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

Best rewards card for everyday spending

Best flat-rate cash back credit card

Best cash back card for groceries and gas

Best no fee cash back credit card

Best store/retail credit card

Best low interest credit card

Best credit card for bad/rebuilding credit

Home Trust Secured Visa

  • Annual fee: $0
  • 19.99% interest rate on purchases
  • Credit limit is set by the amount of security deposit put down, between $500-$10,000
  • Not available to residents of Quebec

Best no foreign transaction fee credit cards

Also consider:

Best travel credit cards for frequent flyers

Also consider:

Best credit card for hotel stays

Best Air Miles credit card

Best credit card for Costco

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

How to Apply for a Credit Card

New to credit cards and wondering how to begin your application process? Here's a few things to know:

Know your eligibility

Knowing whether you're eligible (or how likely you are to be approved) for certain cards is essential before beginning to apply. Getting rejected for a credit card can do harm to your credit score, and repeated rejections can inflict some serious damage, so it's best to have a good idea going in of whether or not your application will be accepted.

Pay special attention to a card's minimum income requirement (if there is one) and make sure your current income meets or exceeds it before choosing to apply. It's also a good idea to be aware of your credit history and score, as these factors will also affect how likely you will be to get approved for certain cards.

In the event that you don't meet the income or credit requirements for your chosen card, don't despair just yet: there are plenty of options available if you're on a fixed income or looking to rebuild your credit. For those needing a card with a less-prohibitive minimum income requirement, check out our list of the best cards here. Or, if you're someone trying to build or fix your credit, look into applying for a balance transfer credit card or secured credit card. Both have an easy approval process and are great ways to get your credit on the right track.

Use our new eligibility checker tool to quickly discover in minutes whether you're eligible for a card or not, or contact a Canadian credit bureau (such as TransUnion) and request a copy of your credit report. This report outlines your bill payment history (as well as other information) and will tell you your credit score, a number which lenders use to decide whether you are a reliable user of credit. Knowing where your credit stands will help you narrow down your card choices to ones you're likely to be approved for

 

Know what you're looking for

Everyone has different needs when it comes to credit cards. For frequent travellers, a credit card with a travel points system can help them save money on flights and accommodations. For those who use their card for everyday items like gas and groceries, a category-specific cash back card with a great earn rate can make their lives much easier.

Think about your spending habits and what you ultimately want this card to do for you. It may even help to make a short list of your must-haves all the way down to the "would be nice, but not essential" type of features. This will help you choose a card that's the right fit.

 

Apply for your new credit card

When you've found the perfect card for you, it's time to apply! You can easily do this online by following the instructions provided on your financial institution's website. Typically, you should find out if you’ve been approved in 5-7 days, although in some cases it may take up to 30. If you’ve applied online, instant-approval cards (such as the PC Mastercard or Amex Cobalt) will tell you immediately if you’ve been approved, but you’ll still have to wait 5-7 days for your card to arrive.

Why should I get a credit card?

How do I apply for a credit card?

What should I look for in a credit card?

What is the best credit card to rebuild credit?

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