The best credit cards in Canada for 2022

The American Express Cobalt retains its spot as one of the best credit cards in Canada for four years running thanks to its wide variety of bonus categories. You’ll earn five times the Membership Rewards points on groceries, restaurants, bars, cafés, and food deliveries, double the points per dollar on flights, hotel stays, public transportation, taxis and rideshares, 3 times the points on eligible streaming subscriptions in Canada, and one point per dollar on everything else.

The card’s annual fee is $155.88, but charged at a more manageable $12.99 a month. As a new cardholder, you can also get 2,500 bonus points each month you spend at least $500 for your entire first year - up to a total of 30,000 points.

Why we like it:

Along with the card’s strong everyday earn rate and welcome bonus, the American Express Cobalt stands out for its flexible travel redemption options.

You can either: redeem points for hotel stays or flights on virtually any airline at a flat rate of 1,000 points for $10 (1 cent per point); leverage the rewards chart of AMEX’s Fixed Points Travel Program to get special redemption rates and potentially earn up to 50%-75% more value out of your points on round trip flights out of Canada; or transfer your points to select hotel partners like Marriott Bonvoy. You can also redeem points for prepaid cards to use for any purchase at a rate of roughly 0.8 cents per point. Plus, you can also now transfer points 1:1 to several frequent flyer and other loyalty programs.

Another great feature: it doesn’t cost extra to add authorized users, so you won’t have to shell out an additional $30 to $50 in annual fees just to share the account with a loved one.

Travel insurance benefits:

The card provides a suite of insurance benefits including travel emergency medical ($5 million for 15 days) and travel accident ($500,000), $500 for flight interruption and baggage loss/delay, as well as car rental collision/loss damage waiver for vehicles up to $85,000.

Additional perks:

Through American Express Invites, cardholders get access to ticket presales and reserved seats for concerts, movie screenings, and culinary events, along with other special offers.

The biggest selling point of the CIBC Dividend® Visa Infinite* is its impressive rewards on everyday essentials. The card earns an industry-leading quadruple the cash back on gas purchases – one of the most common spending categories for Canadian households.

But its bonus rewards aren't restricted to the pump. The card also earns an accelerated 4% on groceries and 2% cash back on dining (yes, that includes food deliveries) and public transit (from Uber rides to transit passes). Plus, you’ll earn 2% on recurring bills (think monthly pre-authorized payments for your smartphone, internet, and streaming services). All other purchases net a 1% return.

Thanks to CIBC’s new Cash back on demand feature, cardholders can choose to redeem rewards at any time as a statement credit starting in increments of $25. Otherwise, cash back will be credited to your account automatically as part of your January statement. Like all Visa Infinite Cards, you’ll need to earn a personal income of at least $60,000 to get approved (or $100,000 as a household).

Why we like it:

The card earns between 4% and 2% in straight-up cash back across five bonus categories encompassing food, transit, and recurring bill payments – easily making it one of the highest-earning rewards cards in Canada for all spending personalities. Right now, cardholders can also get a digital-exclusive offer of a first-year annual fee rebate for themselves and up to three authorized users, plus 10% cash back for the first four statements on net purchases of up to $2500.

Additional perks:

The CIBC Dividend® Visa Infinite* offers access to the Visa Infinite Program, entitling you to attend special dining events and hotel perks at participating hotels and restaurants. Cardholders will receive access to a roster of insurance benefits from emergency travel medical insurance to new mobile device coverage, and rental auto theft/loss/collision insurance. Additionally, as a CIBC cardholder, you can leverage the bank’s Pace It installment program, which lets you pay off eligible purchases in smaller chunks over time at a reduced interest rate (though, if you do regularly carry a balance month-to-month, we do recommend a full-fledged low interest credit card instead).

The Tangerine Money-Back Card earns you 2% cash back in two chosen spending categories (or three categories when you also open a Tangerine Savings Account) and 0.5% on everything else. There’s a total of 10 bonus categories to choose from – including everything from groceries and gas, to restaurants, public transit, hotel stays, and more.

Why we like it:

Two percent on bonus categories is one of the richest return rates for a no fee credit card. The freedom to choose your bonus categories is also great, as is the fact your cash back is refunded on a monthly basis (instead of the standard annual reimbursement). There's also their excellent welcome offer where new users can Earn 10% cash back when you spend up to $1,000 in everyday purchases within your first 2 months (up to a limit of $100 cash back). Must apply by July 31, 2022.

Additional perks:

This card offers a 1.95% promotional interest rate on balance transfers for new cardholders for the first six months. If you state that you earn at least $60,000 during the application process, you’ll get bumped up to the higher-tier Tangerine World Mastercard and get additional benefits like mobile device insurance and rental car coverage.

If you regularly cross off your shopping list at Shoppers Drug Mart and Loblaws banner grocery stores (think Loblaws, No Frills, Real Canadian Superstore, Fortinos, among several others), then the PC Financial World Elite Mastercard is a no brainer.

The premium, no-fee retail credit card earns between 45 to 30 PC Optimum points per dollar spent at affiliate retailers (the equivalent of 4.5% and 3% in store credit respectively), and 10 PC points per dollar everywhere else you swipe the card (the equivalent of 1% in store credit). With over 4,500 retail and gas locations affiliated with the PC Optimum program, there’s no shortage of opportunities to rack up bonus points.

PC Optimum points can be redeemed for purchases from Shoppers Drug Mart and Loblaws banner grocery stores in increments of 10,000 points for $10.

To qualify for the PC Financial World Elite, you’ll need to earn an annual income of $80,000 (or $150,000 as a household). If you don’t hit those minimum income requirements, the good news is you can still qualify for PC Financial’s other great (but slightly less lucrative) no fee retail credit cards.

Why we like it:

Thanks to its impressive earn rates of between 4.5% to 3% and its partnership with some of Canada’s largest grocery, pharmacy, and gas station brands, the PC Financial World Elite stands out for being one of the best no fee credit cards for purchasing household essentials.

It also doesn’t hurt that the PC Optimum Points program is extremely easy-to-understand (with 10,000 points being redeemable for $10; or 10 points worth 1% in-store credit) and flexible (can be redeemed for purchases at the counter or online from over 2,500 Shoppers Drug Mart and Loblaws banner store locations).

Additional perks:

The PC Financial World Elite includes out-of-province/country travel emergency medical insurance for trips up to ten days (for those under the age of 65) and car rental collision/loss/damage waiver insurance – both impressive perks for a no fee store credit card.

If you carry a balance on your credit card from month to month, you shouldn’t be chasing rewards — you also shouldn’t be paying a high interest rate. The True Line Gold Mastercard from MBNA currently offers the lowest fixed interest rate for purchases in Canada at 8.99%, which is half the interest rate of the typical rewards credit card. This card does have a $39 annual fee.

Why we like it:

This card stands out for the fact it offers the lowest fixed interest rate on purchases and balance transfers in the country. So, whether you anticipate you’ll carry a balance or are looking to consolidate and pay off high-interest debt from other cards, the True Line Gold Mastercard can help you save a considerable amount of money on interest long term.

Additional perks:

Fraud protection and access to 24/7 customer service.

Do you have a less than stellar credit score that’s making it difficult for you to get approved for new credit or loans? Maybe it’s because you were irresponsible with credit in the past, you’re new to Canada, or you hit a financial rough patch and had to go through a bankruptcy or consumer proposal. Whatever the reason, the Home Trust Secured Visa can help rebuild your credit.

The card has virtually no application requirements and you’re basically guaranteed to be approved. All your payment activity is reported to the credit bureaus, so when you use the card responsibly and make payments on time, you can gradually rebuild your credit score and get lenders to trust you with credit and borrowed money.

Like all secured credit cards, you must provide a deposit as collateral that will be equal to the size of your credit limit. You can provide a deposit of as little as $500 all the way up to $10,000. Your deposit will be reimbursed in full when you close your account, provided you don’t owe any balance of course. The card doesn’t have an annual fee and carries a standard interest rate of 19.99% (which can be completely avoided as long as you pay off your balance owing in full each and every month). If you don’t use the card at least once for a consecutive 365 day period, you will have to pay a $10 inactivity fee.

Why we like it:

At its core, the Home Trust Secured Visa works the same as any secured credit card. What really sets it apart is the fact it doesn’t charge an annual fee or monthly maintenance fee, which is virtually unheard of for a secured card. Just be sure to use the card at least once every year, even if it’s for a tiny purchase, to avoid the $10 inactivity fee.

One of just two credit cards from Canada’s big banks to waive its foreign transaction fees (the other in question being the Scotiabank Gold AMEX), the Scotiabank Passport Visa Infinite also offers impressive lounge access benefits and is issued by Visa so it’s more widely accepted when travelling outside of North America.

In terms of everyday rewards, the Scotiabank Passport Visa Infinite will earn you two Scotia Rewards points for every dollar you spend on eligible grocery stores, dining, entertainment (including movie theatres, musicals/plays, orchestras, concert tickets), and daily transit purchases (including buses, subways, taxis, trains, and ferries). For all your other purchases, you’ll get one point per dollar. As a new Scotiabank cardholder, you can also Earn up to 35,000 bonus Scotia Rewards points in your first year (that’s up to $350 towards travel)‡.

Why we like it:

The card’s lack of foreign transaction fees (which will save you 2.5% on all your purchases made in a non-Canadian currency) is the cherry on top of a number of perks including a $300 travel points bonus and Priority Pass membership with six free visits per year to over 1,200 lounges worldwide. As with other Visa Infinite cards, cardholders have access to the Visa Infinite Luxury Hotel Collection and Visa Infinite Dining Series.

Additional perks:

The card includes travel emergency medical and travel accident insurance, trip cancellation, trip interruption, flight delay, baggage delay and loss insurance, and car rental collision/loss damage waiver. You can also pick up one free supplementary card.

Besides the Scotiabank Passport Visa Infinite, the Home Trust Preferred Visa is among the select few credit cards in Canada with no foreign transaction fees. This card also doesn’t charge an annual fee and offers 1% cash back on all your purchases in Canada. This card isn’t available to residents of Quebec and has a limit of 10 authorized transactions per day. There is a $12 inactivity fee if you don’t charge at least one purchase on the card for a consecutive 365 days.

Why we like it:

With its lack of foreign transaction fees and annual fees, the Home Trust Preferred Visa is a good card to keep on hand as a backup just for when you’re travelling abroad or need to make a purchase in a foreign currency. Just be sure to use your credit card at least every year, even if it’s a small purchase. If you don’t, you’ll get hit with a $12 inactivity fee.

Additional perks:

Car rental collision insurance at no extra cost.

As its name clearly suggests, the TD First Class Travel® Visa Infinite* Card is made with frequent flyers in mind. For every dollar spent on travel booked via ExpediaforTD.com (which includes the same wide array of airline and hotel options as Expedia.ca), this card will earn you 9 TD points. For all your other everyday purchases, you’ll get 3 TD points per dollar. For reference, 1 TD point = $0.005 when redeemed on the ExpediaforTD website, so that adds up to 4.5% in rewards on travel and 1.5% on everything else.

New applicants who apply by October 29, 2022 can earn up to 100,000 TD Points (a travel value of up to $500 when you book travel purchases through ExpediaForTD.com) and get a full annual fee rebate for the primary and additional cardholders (a value of up to $170) for the first year. That’s a total value of $670. Conditions apply.

• Welcome Bonus of 20,000 TD Points when you make your first Purchase with your Card.
• 80,000 TD Points when you spend $1,500 within 90 days of Account opening.

To receive the first-year annual fee rebate, you must activate your Card and make your first Purchase on the Account within the first 3 months after Account opening. This offer is not available for residents of Quebec. For Quebec residents, please click here.

Why we like it:

Few travel credit cards in comparison offer as many rewards (4.5%) on airfare, hotels, and vacation packages. If you’re a frequent flyer who spends big on travel every year, the TD First Class Travel® Visa Infinite* Card can help you rack up a ton of points faster. Through the ExpediaforTD website, cardholders also have the choice to pick flights from hundreds of airlines as opposed to only a handful of partner carriers.

Travel insurance:

This card includes an extensive suite of travel insurance benefits including $1 million in emergency medical out of province coverage, up to $1,500 in trip cancellation coverage per person, $500,000 in common carrier travel accident insurance, and more.

Additional perks:

This card offers between 5% and 10% off car rentals from Avis and Budget locations, concierge services, as well as a 20% discount on annual Priority Pass airport lounge memberships.

This offer is not available for residents of Quebec. For Quebec residents, please click here

With the BMO Ascend World Elite Mastercard, you’ll earn five BMO Rewards points for every dollar you spend on travel, three points for dining, entertainment,  and recurring bills, and one point per dollar on everything else. When redeemed for travel rewards like flights or vacation packages, 1 BMO point = $0.0067 (or 0.67%).

Their current welcome bonus also offers up to 70,000 points and the annual fee waived in the first year for both the primary cardholder and authorized users.

Why we like it:

From perks to flexibility, the BMO Ascend World Elite Mastercard delivers on multiple fronts. BMO Rewards points can be used to cover travel taxes and fees as well as book seats on virtually any airline with no blackout dates (BMO Rewards also offer a price match guarantee on eligible flights). Plus, thanks to the card’s global lounge access benefits (which on its own carries an annual value of $140), you can always travel in style.

Travel insurance benefits:

This card has you covered with travel insurance, which includes $2.5 million in travel medical (up to 21 days, under age 65) and $5 million in travel accident coverage, up to a maximum of $5,000 in trip cancellation coverage, and more.

Additional perks:

While the built-in lounge access is easily the BMO Ascend World Elite Mastercard’s most stand-out perk, it also comes with concierge services, purchase protection, and extended warranty on most purchases.

The Marriott Bonvoy American Express Card is specifically made for hotel rewards, making it an excellent card for frequent travellers. With this card, you’ll earn five points for every $1 spent on eligible card purchases at hotels participating in the Marriott Bonvoy® program, and two points per dollar on all other card purchases. Points can be redeemed for free nights at more than over two dozen hotel brands including Marriott, Starwood Hotels and Resorts, W Hotels, St. Regis, Ritz Carlton, Sheraton and Delta. The card’s strong welcome points bonus also helps to cement the card’s place on this list as new cardholders can Earn 50,000 Marriott Bonvoy points when you spend $1,500 in your first 3 months.

Why we like it:

The recent merger between SPG and Marriott’s rewards programs means there are more than 7,000 hotels worldwide under this loyalty program, so you’ll always find somewhere to stay.

Additional perks:

On the anniversary of opening your account, you’ll receive one free night at eligible hotels and resorts worldwide. If you make $30,000 in purchases on the card annually, you’ll also be upgraded to Marriott Bonvoy Gold status.

If you’re an avid Air Miles collector, you can rack up significantly more rewards with the BMO Air Miles World Elite in your wallet and get some premium travel perks to boot. The card offers a lucrative 0.083 Miles per dollar, triple the miles when shopping at Air Miles partner stores (think Sobeys, Metro, Shell, Staples, among many others), and over a dozen types of insurance.

The Air Miles World Elite also includes a sign-up bonus for new cardholders that includes a first year annual fee waiver and up to 3,000 bonus miles: 1,000 Miles after making your first purchase on the card and another potential 2,000 Miles if you hit a minimum spend of $3,000 within your first three months of activating your account.

Why we like it:

When shopping at Air Miles Partners (like Metro, Sobeys, Shell, Staple, and more), you can rack up triple the Miles by paying with this credit card and showing your Air Miles Collector Card at the same time. The Air Miles World Elite also offers arguably the best insurance of any other Air Miles credit card period, with up to $2 million in out of province medical insurance along with personal effects coverage (the latter of which is rarely offered by credit cards). Last but not least, the sign-up bonus is enough to let you book up to two short-haul flights within North America.

Additional perks:

Cardholders get a 15% discount on flights booked using Miles within North America.

Enter the MBNA Rewards World Elite.

This Mastercard will earn you a flat 1 point per dollar on all your purchases. When redeemed for travel on any airline, 1 MBNA points equals $0.01.

As a new MBNA cardholder, you can earn up to 30,000 bonus points provided you do the following within your first 90 days: enrol for online e-statements and make at least $2,000 in card purchases.

Why we like it:

You can redeem points for cash back, brand-name merchandise gift cards from participating retailers, charitable donations, and travel.

Additional perks:

With mobile device insurance, you've got up to $1,000 on coverage for eligible mobile devices in the event of loss, thift, accidental damage or mechanical break down.