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Ratehub’s 2025 Credit Card Awards

Natasha Macmillan

Natasha Macmillan, Business Unit Director - Everyday Banking

The wait is over - drumroll please! Discover the best credit cards for 2025 with our in-depth analysis and extensive testing. We’ve evaluated countless options to bring you the top cards tailored to your specific spending personality, whether you’re a frequent flyer or a student. Congratulations to the winners!

Best overall rewards credit card: American Express Cobalt Card

For the fifth year in a row, we have selected the American Express Cobalt as the Best Overall Rewards Credit Card in Canada. The American Express Cobalt is the perfect choice for a rewards card that delivers for both everyday spending and travel. Despite removing its points multipliers for travel purchases and overseas spending, the card still offers a highly flexible rewards redemption system and strong travel insurance policy. This card includes:

  • Generous welcome bonus: earn 1,250 points for each month you spend $750, up to a maximum of 15,000 points.
  • Exceptional point earning, most notably: 5x the points on eligible restaurant and grocery purchases and 2x the points on ride shares, transit and gas. The earning potential for restaurants is significantly higher than most other cards
  • Redemption options for travel, gift cards, merchandise, or statement credits. Frequent flyers can also transfer points 1:1 to several loyalty programs
  • High earning potential for restaurants and takeout compared to other cards
  • Front of the Line Presale and Reserved ticket access to events and special offers
  • Strong travel insurance with up to $5,000,000 in travel emergency medical coverage
  • No fee for additional authorized users (other cards charge an average of $30 - $50)

Best travel credit card: Scotiabank Gold American Express Card

Also the winner for: Best credit card for travel insurance, Best credit card for groceries, Best credit card for restaurants

The Scotiabank Gold American Express stands out as a top-tier travel credit card offering exceptional travel insurance and additional benefits to travellers. This card can be even more lucrative for those who dine out, travel, and seek out entertainment opportunities! Winning features include:

  • Save on foreign currency purchases during international travel or online shopping: this card does not charge a foreign transaction fee (typically 2.5%)
  • Comprehensive travel insurance, including $1 million in travel medical coverage lasting for 25 days - one of the longest coverage periods available in the market
  • Earn an impressive 5 points per $1 spent on groceries, restaurants, food, delivery, and entertainment, making it one of the best multipliers on the market
  • Enjoy access to VIP airport lounges and take advantage of round-the-clock concierge services for a luxurious travel experience

Best cash back credit card: CIBC Dividend Visa Infinite

Also the winner for: Best credit card for gas

Unlock a world of rewards with the CIBC Dividend® Visa Infinite. This card offers the best rewards for everyday essentials, with a 1% earn rate for all purchases and an industry-leading 4% cash back on both groceries and gas purchases – two of the most common spending categories for Canadian households. Here are some additional features you can expect with this card: 

  • Supercharged savings with 4% cash back on groceries and gas
  • Flexibility to redeem your cash back whenever you want, in increments of $25
  • Access to CIBC’s Pace It program, allowing you to pay off large purchases in monthly increments
  • Excellent digital-only welcome bonus: earn a 10% cash back welcome bonus of up to $300 (first 4 statements). Offer not available to QC residents. Terms and conditions apply.
  • Experience exclusive dining events and hotel perks through Visa Infinite benefits program

Best no-fee cash back credit card: SimplyCash® Card from American Express

This year, the SimplyCash® Card from American Express takes the prize for best no-fee cash back credit card. Not only do you get 2% cash back per dollar spent on gas and grocery purchases, but you'll also get a generous 1.25% cash back on all other purchases. Some of the standout features of this credit card include: 

  • Generous cash back on all spending
  • Access events and special offers curated for Cardmembers with Amex ExperiencesTM
  • Extended warranty and purchase protection, as well as basic travel insurance
  • Up to 9 free supplementary cards

Best balance transfer credit card: CIBC Select Visa Card

If you’re looking to consolidate credit card debt, let the CIBC Select Visa Card help. With a fixed interest rate of 12.99% on purchases and no annual fee, you can minimize or even eliminate your debt with ease! Make full use of features like:

  • Excellent balance transfer promotion: Transfer your credit card balance. Get 0% interest for up to 10 months with a 1% transfer fee and a two year annual fee rebate. Terms and conditions apply.
  • A low interest rate of 13.99% afterwards (for purchases, cash advances, and balances transfers) helps keep your credit card balance on track
  • Low annual fee and income requirements

Best low interest credit card: MBNA True Line Mastercard

A repeat winner for the best low interest credit card, the MBNA True Line Mastercard is a valuable addition to your wallet. With a low interest rate and no annual fee, you can keep your credit card balance manageable. Here's what makes this card stand out against its competitors:

  • A low purchase interest rate of 12.99% that won’t change based on your credit rating, income, or the bank’s prime lending rate
  • No annual fee and no income requirements, making it accessible
  • Promotional balance transfer interest rate of 0% for a full year (with a 3% transfer fee), perfect for paying down debt

Note: this offer is not available for residents of Quebec.

Best student credit card: BMO CashBack Mastercard (Student)

The BMO CashBack Mastercard - Student is a smart choice for students. With no annual fee and strong returns on everyday essentials, this card provides a simple and valuable way to earn rewards on your spending. Key highlights of this card include: 

  • No annual fee and no income requirement - two critical features students should seek when considered a credit card
  • 3% cash back on groceries
  • Great welcome offer: earn 5% cash back in your first 3 months
  • Redeem cash back for as little as $1 at a time
  • Enjoy extra benefits like purchase protection, extended warranty, and car rental discounts from National and Alamo

Best newcomer credit card: BMO CashBack Mastercard

Newcomers to Canada looking to build up their financial capabilities will find plenty of support from the BMO CashBack Mastercard. With no annual fee and strong returns on everyday essentials, this card provides a simple and valuable way to earn rewards on your spending. Key highlights of this card include: 

  • Great welcome offer: earn up to 5% cash back in your first 3 months.
  • No annual fee and no Canadian credit history required
  • 3% cash back on groceries
  • Redeem cash back for as little as $1 at a time
  • View your credit score anytime for free
  • Enjoy extra benefits like extended warranty and purchase protection, discounts on Shell fuel, and car rental discounts

People’s Choice Award: Scotiabank Passport Visa Infinite

The Scotiabank Passport Visa Infinite card is an excellent travel credit card and companion, with valuable benefits that set it apart from others. With no foreign transaction fees, its one of the few Canadian credit cards that save you 2.5% on all your foreign purchases. Plus, it comes packed with perks, including: 

  • Up to 3 Scene+ points per dollar spent on groceries, dining, entertainment, and daily transit
  • Access to airport lounges worldwide (with 6 free visits per year) via the Visa Airport Companion Program
  • Luxury hotel stays and dining experiences through the Visa Infinite Hotel Collection and Dining Series
  • Avis Preferred Plus membership 
  • Comprehensive travel insurance for peace of mind on trips
  • Flexible point redemption options for travel, groceries, gift cards, and movie tickets

Best business credit card: American Express Business Gold Rewards Card

The American Express Business Gold Rewards Card should be any small business owner’s credit card of choice to earn rewards on monthly office expenses and streamline expenses. This card offers a simple and flexible rewards program, with rewards earned on all purchases and no restrictions on how rewards can be redeemed. Here are some additional features you can expect with this card:

  • Generous welcome offer: earn 40,000 bonus Membership Rewards points
  • Healthy earn rate on everyday business spending
  • Access to exclusive business benefits, including travel insurance, purchase protection and up to 55 interest-free days 
  • A maximum of 99 additional employee cards can be added to the primary cardholder account - considerably more than other business credit cards

Best perks credit card: American Express Platinum Card

When it comes to extra perks, the American Express Platinum Card is in a class all its own, making it easily the best premium credit card in Canada. While its annual fee isn’t cheap, the American Express Platinum Card offers all the bells and whistles that make it worthwhile for those with high monthly spends. The perks it offers include: 

  • Very lucrative welcome bonus: earn 100,000 Welcome Bonus points after you charge $10,000 in net purchases to your Card in your first 3 months of Cardmembership. Offer ends Jan 28, 2025
  • High earn rate on dining and travel purchases 
  • Unlimited complimentary access to 1400+ airport lounges worldwide with the American Express Global Lounge CollectionTM
  • Dedicated 24/7 concierge service
  • $200 travel credit and $200 dining credit annually
  • Best-in-class travel insurance coverage and VIP benefits at Toronto Pearson Airport including access to Pearson Priority Security Lane, free valet parking (usually a $25 fee), and 15% discount on parking as a statement credit
  • Upgraded hotel status with Marriott Bonvoy and Hilton Honors
  • Transfer points 1:1 to several frequent flyer programs

Best credit card for credit building: Secured Neo Mastercard

The Secured Neo Mastercard is a highly accessible credit card that offers rewards for its users, making it our winner for the second year in a row. With a minimum security deposit of $50 and low monthly fee, this card is perfect for those looking to build or improve their credit score. The card offers 1% - 4% off gas and grocery and up to 1% on all other purchases, with an annual cash back limit of $680. This secured card stands out against the other in this category for the following reasons:

  • Low $5 monthly fee 
  • Only secured card on the market with cash back rewards
  • Flexible credit limit - increase or decrease as needed
  • Insights dashboard to track spending 
  • Auto-pay feature
  • No hard credit check, excluding Quebec applicants (hard credit inquiries may have a negative impact on your credit score)

Past winners

2025 Credit Card Awards Methodology

How do you determine the winners?


Best rewards credit card


Best travel credit card


Best cash back credit card


Best no fee cash back credit card


Best low interest credit card


Best balance transfer credit card


Best student credit card


Best business credit card


Best perks credit card


Best credit card for building credit


People’s Choice


Best credit card for newcomes


Best credit card for gas, groceries, restaurants


Best credit card for travel insurance