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The best credit cards in Canada for 2024

Natasha Macmillan, Business Unit Director - Everyday Banking

October 31, 2024

Discover the best credit cards in Canada from our carefully curated list across all categories. Compare options to find a credit card that perfectly aligns with your unique spending habits and lifestyle.

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Canada’s best credit cards at a glance

As of:

featured

Annual fee

$156

Best for

  • overall spending
  • groceries

featured

Annual fee

$150

Best for

  • travel
  • no foreign transaction fee
  • lounge access

featured

Annual fee

$120

Best for

  • cashback
  • gas

Purchase interest: 20.99%

Cash advance: 22.99%

Balance transfer: 22.99%

featured

Annual fee

$0

Best for

  • no fee cash back

featured

Annual fee

$0

Best for

  • low interest
  • balance transfer

featured

Annual fee

$60

Best for

  • building credit
  • secured credit

featured

Annual fee

$799

Best for

  • perks

featured

Annual fee

$120 $0 first year

Best for

  • travel insurance

featured

Annual fee

$139 $0 first year

Best for

  • Aeroplan

featured

Annual fee

$120

Best for

  • hotels

featured

Annual fee

$0

Best for

  • students

Compare credit cards side-by-side

Finding a new credit card just got easier. Instantly compare up to 3 credit cards side-by-side to see how their rewards, features, perks, and rates stack up.

Our methodology: how we choose the best credit cards

Frequently asked questions

Why should I get a credit card?


How do I apply for a credit card?


What is the best credit card to build 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?


How does credit card interest work?


Best credit card per category

Best rewards credit card and best credit card for groceries

Featured

4.5 Ratehub rated

Best for Groceries & dining

First year reward
$643/yr

based on spending $2,200/mo after $156 annual fee

Earn rewards

1pt – 5pts / dollar spent

Welcome bonus

15,000 points (a $150 value)

Annual fee

$156

Best travel credit card, best no foreign transaction fee card, and best credit card for lounge access

Featured

4.0 Ratehub rated

Best for Travel perks

First year reward
$515/yr

based on spending $2,200/mo after $150 annual fee

Earn rewards

1pt – 3pts / dollar spent

Welcome bonus

25,000 points (a $250 value)

Annual fee

$150

Honourable mention for best travel credit card

Featured

4.0 Ratehub rated

Best for Groceries & dining

First year reward
$1,306/yr

based on spending $2,200/mo after $120 annual fee

Earn rewards

1pt – 6pts / dollar spent

Welcome bonus

45,000 points (a $450 value)

Annual fee

$120 $0 first year waived

Best cash back credit card and best credit card for gas

Featured

4.5 Ratehub rated

Best for Groceries & gas

First year reward
$735/yr

based on spending $2,200/mo after the annual fee

Earn rewards

1% – 4% / dollar spent

Welcome bonus

$300

Annual fee

see Details

Best no fee cash back credit card

Featured

4.5 Ratehub rated

Best for Flexible spending

First year reward
$756/yr

based on spending $2,200/mo after $0 annual fee

Earn rewards

0.5% – 10% / dollar spent

Welcome bonus

$100

Annual fee

$0

Best low interest credit card and best balance transfer credit card

Featured

4.5 Ratehub rated
12.99%

Purchase interest rate

Pay $5/mo

Based on a credit balance of $500

Annual fee

$0

Best credit card for building credit and best secured credit card

Featured

3.0 Ratehub rated

Best for Everyday spending

First year reward
$132/yr

based on spending $2,200/mo after $0 annual fee

Earn rewards

1% – 15% / dollar spent

Annual fee

$0

Best credit card for perks

Featured

5.0 Ratehub rated

Best for Premium perks

First year reward
-$476/yr

based on spending $2,200/mo after $799 annual fee

Earn rewards

1pt – 2pts / dollar spent

Anniversary bonus

40,000 points (a $400 value)

Annual fee

$799

Best credit card for travel insurance

Featured

4.0 Ratehub rated

Best for Groceries & dining

First year reward
$1,306/yr

based on spending $2,200/mo after $120 annual fee

Earn rewards

1pt – 6pts / dollar spent

Welcome bonus

45,000 points (a $450 value)

Annual fee

$120 $0 first year waived

Best student credit card

Featured

Best for Groceries

First year reward
$331/yr

based on spending $2,200/mo after $0 annual fee

Earn rewards

0.5% – 3% / dollar spent

Annual fee

$0

Best hotel credit cards

Featured

Best for Hotel stays

First year reward
$1,082/yr

based on spending $2,200/mo after $120 annual fee

Earn rewards

2pts – 5pts / dollar spent

Welcome bonus

50,000 points (a $585 value)

Annual fee

$120

Best credit card for Aeroplan

Featured

4.0 Ratehub rated

Best for Aeroplan Points

First year reward
$803/yr

based on spending $2,200/mo after $139 annual fee

Earn rewards

1pt – 1.5pts / dollar spent

Welcome bonus

25,000 points (a $360 value)

Anniversary bonus

25,000 points (a $360 value)

Annual fee

$139 $0 first year waived

Honourable mention for best credit card for Aeroplan

Featured

4.5 Ratehub rated

Best for Groceries & dining

First year reward
$643/yr

based on spending $2,200/mo after $156 annual fee

Earn rewards

1pt – 5pts / dollar spent

Welcome bonus

15,000 points (a $150 value)

Annual fee

$156

Everything you need to know about credit cards

Low-interest and balance transfers cards

While it's not recommended, those who tend to 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. 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 credit 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 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 that will determine your ability to be approved for future credit cards, mortgages, lines of 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.

Rewards

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


Cash back


Retail


What to look for in a credit card

Shopping around for the right credit card can be overwhelming. There's a lot of information to consider, and you don't want to get stuck with something less-than-ideal. Thankfully, there are a handful of major features you'll always want to look at when making a decision. Here are a few things to look out for when assessing credit cards in Canada:

Annual fee
  • Arguably, the first thing to look at when considering a credit card is the annual fee. This can vary card-by-card (some don't have one at all), but generally the more rewards and perks a card offers, the higher its fee will be. If you're in a higher income bracket, the bells and whistles of a top-tier rewards card may be worth the substantial yearly charge. For others, however, an annual fee can eat into your cash back or points, making your eventual savings much less than they should be. Plus, it's one more bill you'll have to pay. If you're on a fixed income or don't plan on using your card much, you may be better off with a no fee credit card.

Interest rate

  • If you're someone who tends to keep a balance from month to month, you'll want to look at the interest rate of a credit card before you apply. This is a percentage of your total statement that will be charged on top of your principal owed if you don't pay your bill in full and on time. Most cards carry an interest rate of around 19.99-22.99%, but if that's a concern for you, look into low interest credit cards instead. These cards have lower standard interest rates, and sometimes will offer promotional rates of zero to ultra-low interest for a specific window of time.

Rewards
  • One of the biggest reasons why people apply for credit cards is the ability to earn and collect rewards. Whether it's in the form of cash back, points, or miles, users can redeem them for travel, merchandise, statement credits, and more (depending on the card and provider). When considering what types of rewards are best for you, think about your lifestyle and spending habits. If you're a frequent traveller, a travel card that rewards you for purchasing flights and hotel rooms could make your life a lot easier. On the other hand, if you mostly intend to use your card for regular errands like groceries and gas, an everyday cash back card with high earning potential in those categories would probably suit you best.

Welcome offers and incentives
  • Most credit cards offer signup incentives designed to entice new customers. These can range from a waived annual fee for the first year, accelerated rewards for a limited time, and an ultra-low promotional interest rate, among other things. Shop around and compare welcome offers to see which one offers the best value. Taking advantage of the right promotion at the right time could net you some serious savings. One thing to keep in mind, however, is that signup offers and promotions don't last forever. Eventually, the card's typical annual fee, interest rate, and reward system will kick in, so make sure you are going to be alright with those before signing up.

Eligibility
  • Getting rejected for a credit card can not only hurt your pride but your credit score, too. That's why it is important to have a good idea of your eligibility for a card before applying. Pay attention to the card's minimum income requirement and make sure you meet or exceed it. Also, make sure your credit is in good standing. To find out which cards you'll be most likely to get approved for before applying, use our handy credit card CardFinder and eligibility checker.

Everyone's needs are different, so view the elements above in terms of what most benefits you and what you can afford. 

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