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Ratehub's best credit cards for May 2022

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The best rewards cards for
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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 & gas

$120

  • 4% eligible gas, groceries
  • 2% bills, restaurants, Daily transit
  • 1% cash back on all other purchases†.

Purchase interest: 20.99%  |  Cash advance: 22.99%  |  Balance transfer: 22.99%

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%

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Best overall cash back card

The Scotia Momentum Visa Infinite card is our pick for best overall cash back card due to its phenomenal cash back value. Using this card, you'll earn a whopping 4% cash back on grocery purchases, recurring payments, and subscriptions. Not only that, but you'll also get an impressive 2% on gas and daily transit, with a 1% earn rate on everything else.

And if that isn't enough for you, new cardholders will be able to earn 10% cash back on all purchases for the first 3 months (up to $2000 in total purchases). Plus, no annual fee in the first year (including supplementary cards). Offer expires August 31, 2022. That's an excellent incentive for anyone thinking of signing up.

Why we like it:

The card's generous welcome offer and standard earn rates are impressive enough, but its comprehensive insurance coverage is what really sets it apart. With the Scotia Momentum Visa Infinite, you'll receive new mobile device insurance, purchase security and extended warranty protection, plus a thorough travel insurance package including trip cancellation/interruption, travel emergency medical, delayed/lost baggage, and much more.

Additional perks:

For those using the card to travel, you'll also enjoy complimentary Visa Infinite* concierge service, hotel room upgrades (when available), and up to 25% off base rates at participating AVIS locations and at participating Budget locations in Canada and the U.S.

 

Best everyday rewards card

What makes the American Express Cobalt arguably the best rewards card in Canada is its impressive array of bonus categories. Users can earn a whopping five points per dollar on groceries, restaurants, bars, and food deliveries,  two points per dollar on transportation and travel, three times the points on eligible streaming subscriptions in Canada, and one point per dollar on everything else.

While the card’s annual fee is a little higher than average at $155.88, its manageable $12.99/month payment schedule makes it easy to handle. Plus, in your first year with the card, you can earn 2,500 bonus points each month you spend at least $500 - up to a total of 30,000 points. Plus, you can earn a Welcome Bonus of 20,000 Membership Rewards points when you spend a total of $3,000 in purchases on your Card in your first 3 months of Cardmembership.

Why we like it:

Outside of its generous welcome offer and point values, the American Express Cobalt also provides flexible point redemption options for travellers.

Users have the choice to either: redeem points for hotel stays or flights on virtually any airline at a flat rate of $10 per 1000 (1 cent per point); use AMEX’s Fixed Points Travel Program to get special redemption rates and potentially earn up to 50%-75% more point value on round trip flights out of Canada; or transfer 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.

It also won't cost you extra to add authorized users, meaning you'll avoid annual fees should you have to share the account with a loved one.

Travel insurance benefits:

The American Express Cobalt also provides a wide variety of insurance benefits, including:

  • travel emergency medical ($5 million for 15 days) 
  • travel accident ($500,000), $500
  • flight interruption
  • baggage loss/delay
  • car rental collision/loss damage waiver for vehicles up to $85,000

Additional perks:

As with many other Amex cards, users get access to ticket presales and reserved seats for concerts, movie screenings, and culinary events, along with other special offers.

 

Best everyday cash back credit cards

For those looking for the best flat-rate cash back card, the SimplyCash Preferred Card from American Express should definitely catch the eye. Offering a standard 2% cash back across the board, cardholders can save on groceries, entertainment, recurring bills, and everything in between. Plus, new cardholders will earn a welcome rate of 10% cash back (up to $400) on all their spending for the first four months of ownership. Cash back is refunded once a year in September as an account credit.

Why we like it:

At 2%, the SimplyCash Preferred earns the highest flat cash back rate on the market. Plus, because the rate is the same for every type of purchase, users won't have to spend time navigating bonus categories and participating retailers to maximize their savings. Authorized users are also free to add, making it easy for family members to share the same account.

Additional perks:

Users of the SimplyCash Preferred Card will enjoy 24/7 customer service, comprehensive travel insurance with up to $5,000,000 in travel medical emergency insurance, up to $85,000 in rental car/damage/loss waiver insurance, and access to American Express Invites.

Conversely, if you're looking for a card to earn you big points in common spending categories, the CIBC Dividend® Visa Infinite* provides an impressive 4x the points on everyday essentials like groceries and gas.

In addition to that, cardholders will also enjoy 2% cash back on dining (including food deliveries), public transit (from Uber rides to transit passes) and recurring bills. All other purchases net a 1% return.

CIBC’s new Cash back on demand feature also provides a fair bit of redemption flexibility, letting cardholders choose to cash in their 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:

Yielding between 4% and 2% in cash back across nearly all major spending categories, the CIBC Dividend® Visa Infinite* is one of the most lucrative cash back cards in the market today. Plus, for a limited time, cardholders can also get the card’s annual fee rebated for themselves and up to 3 additional authorized users.

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 also receive access to a variety of insurance benefits ranging from emergency travel medical insurance to new mobile device coverage and rental auto theft/loss/collision insurance. Additionally, as a CIBC cardholder, you can make use of the bank’s Pace It installment program, enabling you to 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).

 

Best no fee credit card

For those looking to avoid annual fees and gain more freedom and flexibility, the no-fee Tangerine Money-Back Credit Card gives you 2% cash back in two spending categories of your choice (from a total of 10 options) with 0.5% on all other purchases. Plus, if you choose to deposit your cash back in a Tangerine savings account, you’ll get a third bonus category earning the same 2% rate.

Bonus category options include: groceries, restaurants, gas, drugstores, entertainment, furniture, motel-hotel, recurring bills, home improvement, and public transportation (which includes parking, taxis and rideshares like Uber). And, if your spending habits change, you can easily modify your chosen categories at any time (just bear in mind it’ll take one pay period for any adjustments to take effect).

As a new user, you can also earn 10% cash back (up to $100) when you spend up to $1,000 in everyday purchases within your first two months. Offer ends February 28, 2022.

Why we like it:

The card’s personalized cash back options make it easy to collect in categories where you spend the most, and at 2%, it offers among the highest pound-for-pound return on bonus categories of any no fee credit card. There’s no limit to the amount of cash back you can earn, and rewards are refunded monthly (for most cards, it’s annually) as either a credit on your account statement or a deposit in your Tangerine savings account.

Additional perks:

The card features purchase assurance and extended warranty benefits. Plus, if you have an annual income of at least $60,000, you’ll be referred to the higher-tier Tangerine World Mastercard which comes with more extensive insurance coverage.

 

Best store credit card

While PC Financial offers three credit cards for users (including the PC Financial Mastercard and World Mastercard), the no-fee PC Financial World Elite Mastercard lands top spot for its extensive insurance coverage, and supreme point value.

 

Using this card, customers can earn:

  • 45 points per dollar at Shoppers Drug Mart
  • 30 points per dollar at Loblaws banner stores 
  • 30 points per litre Esso and Mobil gas stations
  • 30 points per dollar at PC Travel
  • 10 points per dollar on all other purchases

 

Why we like it: 

For loyal customers, the PC Financial World Elite Mastercard offers better point value than any other store credit card on the market. Plus, at 10 points per dollar on all other purchases, you’ll still earn rewards even when you’re not shopping at a PC-affiliated business. The card also comes with an impressive amount of insurance and security benefits, including Travel Emergency Medical Insurance, car rental collision/loss damage waiver insurance, identity theft assistance, and 24/7 concierge service. And while the card’s $80,000 minimum income requirement may seem slightly steep, cardowners who spend at least $25,000 per year on any other PC Financial card may get the opportunity to upgrade to the World Elite. 

Additional perks: 

The card offers an interest-free grace period for the first 21 days of ownership, as well as the option of adding account balance protection.

 

Best credit card for gas

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. For a limited time, cardholders can also get the card’s annual fee rebated for the first year and earn a boosted 10% cash back rate on all purchases for the first four monthly statement periods (up to $250).

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).

 

Best low interest credit card

With an industry-leading 8.99% interest rate on both purchases and balance transfers, the MBNA True Line Gold Mastercard is incomparable to any other low interest credit card on the market.

Ideally suited for those who intend to use it for basic, everyday purchases while keeping a balance from month to month, the card’s ultra low interest rate (about half of the typical 19.99% APR found on most other credit cards) allows users to manage their balance much more easily as they spend. 

As an added bonus, the MBNA True Line Gold Mastercard can also work as a balance transfer card due to its 8.99% rate on balance transfers. That means you can transfer existing debt from another card and pay it off with a much lower amount of interest, making it easier to improve your credit.

Why we like it:

The MBNA True Line Gold Mastercard’s interest rates are fixed, meaning they won’t be affected by market fluctuations, which is important if you’re trying to pay down or maintain a balance. There’s also no income requirement, making it accessible for users of all levels. 

Additional perks:

The card’s purchase assurance and extended warranty security protect you in the event that a return or exchange is needed. Plus, for those traveling, its trip assistance provides support for lost documents, tickets, and luggage.

 

Best credit card for bad credit

For those trying to rebuild their credit, the Home Trust Secured Visa is an excellent option due to its virtually-guaranteed approval and zero annual fee. 

The Home Trust Secured Visa is a secured credit card, meaning that it requires a security deposit up front equal to the credit limit desired. For example, if you wanted a $3000 credit limit, you would have to personally front load the same amount of funds onto the card first. In this way, users can build back their credit while limiting their chances of acquiring more debt. When it comes to interest rate and annual fee, the Home Trust Secured Visa gives its users two choices: you can either pay a $59 annual fee for a reduced interest rate of 14.90% or pay no annual fee and get a standard interest rate of 19.99%. Which option you choose depends on your individual priorities. 

Why we like it:

This card is perfect for those looking to rebuild (or simply build) their credit before moving on to a non-secured credit card. Whether you’re new to Canada or recently recovering from financial instability or bankruptcy, the Home Trust Secured Visa makes it very easy to get on the right track.

Additional perks:

While some secured credit cards can be restrictive in terms of use, the Home Trust Secured Visa can be used just like any normal card, whether online, by phone, or in person.

 

Best credit card with no foreign exchange fee

The Scotiabank Passport Visa Infinite not only has the distinction of being Canada’s first credit card with no foreign transaction fees - it’s also an impressive rewards card unto itself. With this card, you can earn two Scene+ points per dollar on eligible grocery stores, dining, entertainment purchases, and daily transit (including buses, subways, taxis, and more). Any other purchases will still net you one point per dollar.

There’s also its excellent welcome offer of 30,000 Scene+ points and a waived annual fee in the first year (including any supplementary cards), plus an extraordinary 2.99% interest rate on purchases and balance transfers for the first six months.

Why we like it:

Outside of having no foreign transaction fees, the Scotiabank Passport Visa Infinite offers other great incentives for frequent travelers. Cardowners can enjoy a complimentary Priority Pass membership, plus six free visits each year to all participating lounges across the globe (including Priority Pass and Plaza Premium lounges) as well as a complimentary membership to Avis Preferred Plus for car rentals. You can also redeem your Scene+ points for travel costs wherever you decide to book.

Additional perks:

Customers using this card for larger transactions can take advantage of Scotia SelectPay, which allows you to pay off purchases of $100 or more with zero interest in installment plans of 3, 6, or 12 months.

 

Best credit card for flights

For frequent flyers, you arguably can’t do better than the TD First Class Travel Visa Infinite due to its flexible airline options and high return on travel spending.

Cardholders who book through TD and Expedia’s co-branded website ExpediaforTD can earn and redeem 9 points per dollar on flights, accomodations, and other travel-related expenses like car rentals and all-inclusive vacations. For all other purchases, this card offers 3 TD points per dollar. Plus, TD points don’t expire, meaning you can continue to collect until you have enough to pay for that pricey flight or hotel you’ve had your eye on.

The TD First Class Travel Visa Infinite also provides new cardholders with a first-year annual fee rebate and an extremely attractive points bonus: 20,000 TD points after making your initial purchase on the card and another 60,000 TD points when you spend at least $1,000 within the first 90 days. Plus, you’ll also get a 0% promotional interest rate on travel purchases for the first 6 months (must apply by March 6, 2022).

Why we like it:

This card offers a regular earn rate of 4.5% per dollar on any purchase made on the ExpediaforTD website - one of the most lucrative reward values for travel spending and more than double the travel rewards rate offered by many other cards on the market.

The TD First Class Travel Visa Infinite also has the added advantage of flexibility: because you’ll get access to Expedia’s complete inventory of airlines and hotels, you’ll never have to worry about blackout dates or restrictions Plus, with the ability to redeem rewards from increments of only 200 points, you can begin spending earlier on travel without having to wait.

Card travel insurance benefits:

This card features a truly impressive array of travel insurance benefits, including travel medical insurance, trip cancellation/interruption insurance, delayed/lost baggage insurance, and common carrier travel accident insurance. You’ll also get access to emergency travel assistance services and receive a Priority Pass membership discount, giving you access to 1200 VIP airport lounges across the globe.

Additional perks:

Cardholders can get up to 10% off car rentals from select Avis and Budget locations as well as purchase security and extended warranty coverage.

 

Best credit card for hotels

If you’re a frequent traveler, owning a credit card that can score you deals on accommodation or a free nights stay at a hotel goes hand in hand with a great air travel card. That’s why the Marriott Bonvoy American Express Card should be in your wallet if it isn’t already.

Relaunched in February 2019 following the merger of Starwood and Marriott, this card offers 5 points per dollar spent at any of the 7,000 hotels under the Marriott umbrella and 2 points per dollar on all other purchases. Points can be redeemed for free nights at any of those same 7,000 hotels, which include brands such as Starwood Hotels and Resorts, Ritz Carlton, Sheraton, Delta, and over a dozen others. This card also features a large welcome bonus allowing you to earn 50,000 points after spending $1,500 within your first three months (which you can redeem for 2 free nights at a category 4 hotel). Offer subject to change at any time.

Why we like it:

This credit card gives one of the highest returns on hotel bookings at 5 points per dollar, with points that can be redeemed with no blackout dates at over 7,000 hotels worldwide. Another added plus of this card is its wide array of point transfer options: you can convert Bonvoy points to the loyalty programs of over 40 airlines.

Additional perks:

With a Marriott Bonvoy American Express Card, you’ll be charged no annual fee for any additional cards. You'll also receive an annual free night for up to 35,000 points at eligible hotels and resorts worldwide every year after your first anniversary. Not only that, but you’ll get the benefit of extensive travel insurance, covering everything from flight delays to lost or stolen baggage. 

 

Best credit card for Air Miles

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.

 

Best credit card for Aeroplan

If you're a collector of Aeroplan points, the TD Aeroplan Visa Infinite Card should be on your radar.

Users can earn 1.5 points for every dollar spent on eligible gas, grocery, and direct through Air Canada purchases (including Air Canada vacations), plus one point per dollar on all other transactions. Not only that, but you can earn your points twice over when you pay with your card and provide your Aeroplan number at over 150 Aeroplan partner brands and at 170+ online retailers via the Aeroplan store. You can also earn 50% more Aeroplan points at Starbucks when you link the card with your Starbucks account.

The card's current welcome bonus is also eye-catching: new users can Earn up to 50,000 Aeroplan points†. Plus, first year no Annual Fee†. Conditions Apply. Must apply online by September 5, 2022.

Why we like it:

In addition to the Aeroplan points you can earn just by using this card for travel and everyday expenses, there are plenty of perks that frequent flyers can enjoy, including complimentary checked bags on Air Canada flights, rebated annual NEXUS fees, and the opportunity to earn Aeroplan Status Qualifying Miles. The card also offers a thorough insurance package, covering travel medical insurance, trip cancellation/interruption, flight/trip delay, plus more.

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