The best credit cards in Canada for 2026
May 4, 2026
Looking for the best credit card in Canada? Whether you want the best Canadian credit card for travel, cash back, or everyday spending, this guide compares top options.
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Compare Canada’s best credit cards at a glance
As of:
featured
Annual fee
$192
Best for
- overall spending
- groceries
featured
Annual fee
$0
Best for
- no fee cash back
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
- low interest
- balance transfer
featured
Annual fee
$96
Best for
- building credit
- secured credit
featured
Annual fee
$799
Best for
- perks
featured
Annual fee
$120
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
featured
Annual fee
$199
Best for
- businesses
Our methodology: how we choose the best credit cards
Ratehub.ca evaluates the best credit card rewards credit cards by considering overall consumer value and suitability for various types of consumers. Our evaluation methodology incorporates factors such as the card’s annual fee, rewards earning rates, ease-of-use, welcome or promotional offers, approval rates, eligibility criteria, and redemption choices. We have also considered the pros and cons of each card to help you determine which case best suits your financial needs and spending habits.
Frequently asked questions
What is the best credit card in Canada?
The best credit card in Canada is the American Express Cobalt Card. It earns 5x points on dining and groceries, offers flexible point redemption toward travel or statement credits, and includes comprehensive travel insurance coverage, earning it Best Overall Credit Card in Ratehub's 2026 Credit Card Awards. It's the strongest single card for Canadians who want high everyday rewards and travel benefits in one.
Why should I get a credit card?
Owning even one credit card responsibly helps build credit and increase your credit score over time, signalling to potential lenders that you are reliable and trustworthy. Credit is important for major purchases such as cars and homes. Credit cards can also earn you money on purchases and offer added bonuses such as travel points and insurance.
What credit card should I get in Canada?
The best Canadian credit card for you depends on how you spend. If you buy groceries and dine out often, the American Express Cobalt is Canada's top overall pick. For gas and groceries with cash back, the CIBC Dividend Visa Infinite leads. If you want no annual fee, the Simplii Financial Cash Back Visa is the strongest option. Use Ratehub's CardFinder to find the best match for your income and spending habits.
What is the best credit card to build credit?
The best credit card to build credit in Canada is the Secured Neo Mastercard, thanks to its low $50 minimum security deposit, easy approval, and cash-back rewards — something most secured credit cards don't offer. It's ideal for anyone establishing or rebuilding their credit history.
What is the best cash back credit card?
The best cash back credit card in Canada is the CIBC Dividend Visa Infinite, which earns 4% back on groceries and gas — the highest rate in its category. It also offers 1% on all other purchases and lets you redeem cash back anytime once you reach $10 through CIBC's Cash Back on Demand tool.
What is the best credit card for travel?
The best travel credit card in Canada is the Scotiabank Gold American Express Card, which charges no foreign transaction fees, includes up to $1 million in travel medical insurance for 25 days, and earns 5x points on groceries, dining, and entertainment. For Canadians who want strong travel benefits alongside maximum everyday rewards in one card, the American Express Cobalt is also a top choice, with flexible points redeemable toward flights and hotels and comprehensive travel insurance coverage.
How long should I wait between credit card applications in Canada?
Most Canadians should wait at least 3 to 6 months between credit card applications. Each new application triggers a hard inquiry on your credit report, which can temporarily lower your score by a few points. Multiple applications in a short window signal financial stress to lenders and can hurt your approval odds, particularly for premium cards with strict eligibility requirements. As a general rule, apply for no more than one or two new credit cards per year to protect your credit profile.
What is the best balance transfer credit card in Canada?
The best balance transfer credit card in Canada is the CIBC Select Visa, which offers 0% interest on transferred balances for up to 10 months with a low transfer fee. It's a cost-effective way to consolidate credit card debt, and its relatively low ongoing interest rate helps keep costs manageable after the promotional period ends.
Best credit card per category
Ratehub’s pick for best overall rewards credit card
Best for Groceries & dining
based on spending $2,200/mo after $192 annual fee
- Earn rewards
1pt – 5pts / dollar spent
- Welcome bonus
Earn up to 15,000 points (a $150 value)
- Annual fee
$192
Perks of the American Express Cobalt® Card
| Perks | Details | |
|---|---|---|
| Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| No foreign exchange fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | up to $250,000 | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | $5,000,000 for first 15 consecutive days (under 65) | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | MSRP of up to $85,000, for 48 days | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Not included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Not included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | up to $500 (combined maximum with Baggage Delay Insurance); delays 4 hours or more | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | $500 per trip for all persons | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | $500 (combined maximum with Flight Delay Insurance); delays 6 hours or more | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | $500 against the loss of most personal items (excluding cash) | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Up to $1,000 for 90 days | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | Up to $1,000 for 90 days | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | Up to one additional year | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | up to 1 additional year | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Apply with confidence! See if you’ll be approved before you apply – with no impact to your credit score*.
- *Instant decisions are only available for Consumer (also known as Personal) Card applications.
- In your first year as a new Cobalt Cardmember, you can earn 1,250 Membership Rewards® points for each monthly billing period in which you spend $750 in net purchases on your Card. This could add up to 15,000 points in a year. That’s up to $150 towards a weekend getaway or concert tickets
- Earn 5x the points on eligible eats and drinks in Canada, including groceries and food delivery. Spend cap applies.
- Earn 3X the points on eligible streaming subscriptions in Canada
- Earn 2X the points on eligible ride shares, transit & gas in Canada
- Earn 1 additional point on eligible hotel and car rental bookings via American Express Travel Online
- Earn 1X point for every $1 in Card purchases everywhere else
- Enjoy access to hotel bookings, a room upgrade (when available), 12pm check-in and late check-out (when available), and up to $100 USD hotel credit to use on amenities when charged to the room for a stay of 2 or more consecutive nights through The Hotel Collection from American Express Travel
- Transfer points 1:1 to several frequent flyer and other loyalty programs
- Access Front Of The Line® Amex Presale & Reserved Tickets to some of your favourite concerts and theatre performances and special offers and events curated for Cardmembers with Amex ExperiencesTM
- $15.99/month (Equals $191.88 annually) for non-Quebec residents. $191.88/year for Quebec residents.
- American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.
Ratehub’s take
The American Express Cobalt is one of Canada’s best travel credit cards. If you’re looking for a versatile credit card that rewards both everyday spending and travel, the American Express Cobalt is an ideal choice. Cardholders can enjoy strong travel insurance, a generous welcome offer, and flexible point redemption options.
Pros
- Exceptional point earning: 5x the points on eligible restaurant and food delivery, 3x the points on eligible streaming services, 2x the points on ride shares, transit and gas. The earning potential for restaurants and takeout is significantly higher than most other cards
- Flexible point redemption: Travelers can choose from three ways to use their points: points 1:1 to several valuable loyalty programs including Aeroplan, use the Fixed Points Program to simplify redemptions regardless of travel dates, or use points for statement credits at a rate of 1 point = 1 cent. Or, redeem Membership Rewards for travel, gift cards, merchandise, or purchases
- Exclusive access: Enjoy privileges such as Front of the Line Presale and Reserved tickets to concerts, theatre performances, movie screenings, culinary events, and other special offers
- Comprehensive travel insurance: Benefit from a strong travel insurance package, including up to $5,000,000 in travel emergency medical
- No additional fee for authorized users: Add authorized users for no extra cost (an average fee of $30-50 on other comparable cards)
Cons
- Monthly fee: A monthly fee of $15.99 (totalling an annual fee of $191.88, which is higher than most other rewards cards)
- Limited acceptance: American Express isn’t as widely accepted in Canada compared to Visa and Mastercard
- Travel insurance age limitations: The travel insurance package does not cover trip cancellation or medical coverage for cardholders over the age of 65
- Lack of airport lounge access: Frequent travellers may be disappointed as this card does not offer access to airport lounges
Eligibility requirements
Minimum credit score: 725
Minimum income: N/A
Interest rates
Purchase interest: 21.99%
Cash advance: 21.99%
Balance transfer: N/A
Ratehub’s pick for best travel credit card, best credit card for groceries, best credit card for restaurants, and best credit card for travel insurance
Best for Groceries & dining
based on spending $2,200/mo after $120 annual fee
- Earn rewards
1pt – 6pts / dollar spent
- Welcome bonus
Earn up to 45,000 points (a $450 value)
- Annual fee
$120
Perks of the Scotiabank®* Gold American Express® Card
| Perks | Details | |
|---|---|---|
| Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| No foreign exchange fees | Included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | up to a maximum of $500,000 (to a maximum of $1,000,000 per occurrence) | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | $1,000,000 for 25 days (under 65) | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | MSRP of up to $65,000, for 48 days | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Up to $1,500 per person for travel expenses (maximum $10,000 per trip) | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Up to $1,500 per person for travel expenses (maximum $10,000 per trip) | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Up to $500 coverage per person | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | Up to $1,000 (combined maximum with lost baggage) | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | Up to $1,000 (combined maximum with lost baggage); delays over 4 hours | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | Up to $1,000 per burglary occurrence | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Up to $1,000 per occurence | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | Covered for 90 days | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | Up to one additional year | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | 60 days from the date of purchase of most new items of personal property purchased in Canada | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Earn up to $850 in welcome offers, first year rewards and savings value, and up to 45,000 bonus Scene+ points.¹
- Earn 6x Scene+ points¹ on every $1 you spend at Sobeys, Safeway, Freshco, Foodland and more
- Earn 5x Scene+ points¹ for every $1 you spend on dining, food delivery and other eligible grocery stores. Includes popular food delivery and food subscriptions.
- Earn 5x Scene+ points¹ for every $1 you spend in Canada eligible entertainment purposes.Includes movies, theatre and ticket agencies stores.
- Earn 3x Scene+ points¹ for every $1 CAD you spend in Canada on eligible gas and daily transit options.Includes rideshares, buses, subway, taxis and more
- Earn 3x Scene+ points¹ for every $1 CAD you spend in Canada on eligible select streaming sevices
Plus earn 1 Scene+ point for every $1 spent on all other eligible everyday purchases - Earn additional benefits + up to 4X Scene+ points for every dollar you spend on hotel bookings, car rentals, and things to do with Scene+ Travel, Powered by Expedia
- No Foreign Transaction Fee
- Comprehensive Travel Insurance coverage
- AMEX Offers®
- AMEX Front of the Line®
- American Express Invites®
- Complimentary Concierge Services
- Apply with confidence! See if you’ll be approved before you apply – with no impact to your credit score*.
- *Instant decisions are only available for Consumer (also known as Personal) Card applications.
- Rates, fees and other information are effective as of October 31, 2025. Subject to change.
Ratehub’s take
The Scotiabank Gold American Express Card earns an honourable mention as one of the best overall travel credit cards for the outstanding benefits it offers to cardholders. This card stands out as a top choice, thanks to its exceptional return on spending and a variety of travel-related perks. This card is particularly useful for those who dine out often, travel, and enjoy entertainment.
Pros
- No foreign exchange fee: Save on foreign currency purchases while travelling abroad or shopping online, as this card doesn’t charge the typical 2.5% foreign transaction fee
- Extensive insurance coverage: Enjoy comprehensive travel insurance, including the $1 million travel medical insurance, which lasts for 25 days and is one of the longer coverage periods available on the market
- High return on spending: Earn five points per $1 spent on groceries, restaurants, food delivery, and entertainment – one of the best in class multipliers in the market. Earn three points per $1 spent on gas and transit expenses
Cons
- Limited acceptance: American Express isn’t as widely accepted in Canada compared to Visa and Mastercard
- Annual Fee: This card carries an annual fee of $120
- Fixed point values: Although earn rates are high, travel points are always worth one cent per point and you can’t transfer your points to other airline rewards programs like you can with other cards
- Airport lounge access is not free: Although you’ll get a discount on a Priority Pass membership for airport lounge access, lounge visits aren’t included with the card
Eligibility requirements
Minimum credit score: 725
Minimum income: $12,000/yr
Interest rates
Purchase interest: 20.99%
Cash advance: 22.99%
Balance transfer: 22.99%
Ratehub’s pick for best cash back credit card and best credit card for gas
Best for Groceries & gas
based on spending $2,200/mo after the annual fee
- Earn rewards
1% – 4% / dollar spent
- Welcome bonus
Earn up to $250
- Annual fee
see Details
Perks of the CIBC Dividend® Visa Infinite* Card
| Perks | Details | |
|---|---|---|
| Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| No foreign exchange fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | $500,000 per person | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | $5,000,000 for 10 days (under 65) | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | MSRP of up to $65,000, for 48 days | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Not included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Not included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Not included | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | Not included | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | Not included | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | Not included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Up to $1,000 per occurence | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | Replacement/repair within 90 days | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | Up to one additional year | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
Ratehub.ca’s 2023 Award Winner – Best Cash Back Credit Card
Join and earn up to $400 in value including a first year annual fee rebate.†
Here’s how you can earn up to $400 in value
- Earn a 10% cash back welcome bonus of up to $250 (first 4 statements†)
- A $50 cash back bonus for setting up one pre-authorized payment within the first 4 monthly statements.†
- First year annual fee rebate valued at $120.†
- After that, get 4% cash back on eligible gas, EV charging and grocery purchases.†
- 2% cash back on eligible transportation, dining purchases and recurring payments†
- 1% cash back on all other purchases†
- Get cash back on demand – redeem your cash back at any time when you have a minimum of $10 through CIBC Online and Mobile Banking®†
- Save over $600 with CIBC and Skip
Get a 12-month Skip+ free trial and other exclusive benefits when you link your CIBC Dividend Visa Infinite Card with Skip.† - Save on gas with CIBC and Journie Rewards
- Link and use your CIBC Dividend® Visa Infinite* Card with Journie Rewards to save up to 10 cents per litre† at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations.†
- This is a digital-exclusive offer. To be eligible for this offer: 1) this offer must have been directly communicated to you from CIBC or from a partner/affiliate; and 2) you must apply for the eligible card through the link provided in the CIBC or partner/affiliate communication to you.† This offer is reserved for you. Please do not forward it to anyone else.
- CIBC may approve your application, but you are not eligible to receive this Offer if you have opened, transferred or cancelled another Dividend card within the last 12 months.†
- This offer is not available for the residents of Quebec.
- †Terms and Conditions Apply. Select Apply Now to learn more.
Ratehub’s take
The biggest selling point of the CIBC Dividend Visa Infinite is its impressive rewards on everyday essentials. On top of the 1% earn rate for all purchases, this card earns 4% cash back on both groceries and gas purchases – the best on the market, for two of the most common spending categories for Canadian households.
Pros
- High earn rates on specific categories: Significantly higher earn rates on groceries, EV charging, and gas than most other cards (4% cash back)
- Redeem any time: Users can redeem rewards at any time as a statement credit starting in increments of $10
- Convenient payment option for large purchases: Access to CIBC’s Pace It program, allowing you to pay off large purchases in monthly increments
- Exclusive program access: Access to the Visa Infinite Program, entitling you to attend special dining events and hotel perks at participating hotels and restaurants
Cons
- Income requirement: The annual fee ($120) and personal income requirements ($60,000) may be prohibitive
- Limited insurance coverage: Insurance coverage isn’t as comprehensive as other similar rewards cards (if insurance is a priority for you, consider the cards featured on our list of best credit cards for travel insurance)
- Annual cash back is limited: While the points earnings rate is impressive, annual rewards at 4% and 2% are capped at $80,000 total, then you’ll earn at the base rate
Eligibility requirements
Minimum credit score: 725
Minimum income: $60,000/yr
Interest rates
Purchase interest: 21.99%
Cash advance: 22.99%
Balance transfer: 22.99%
Annual fee
$120
Ratehub’s pick for best no fee cash back credit card
based on spending $2,200/mo after the annual fee
- Earn rewards
0.5% – 20% / dollar spent
- Annual fee
see Details
Perks of the Simplii Financial™ Cash Back Visa* Card
| Perks | Details | |
|---|---|---|
| Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| No foreign exchange fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | Not included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | Not included | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | Not included | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Not included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Not included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Not included | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | Not included | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | Not included | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | Not included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Not included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | Included | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | Included | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Not included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Earn 20% cashback† for your first 3 months on up to $500 spend on eligible gas, groceries, drugstore purchases and pre-authorized payments.
- Earn 4% on eligible restaurant, bar and coffee shop purchases up to $5,000 spend per year†.
- Earn 1.5% on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year†.
- Earn 0.5% on on all other credit card purchases with no limit on how much you can earn†.
- Purchase Security and Extended Protection Insurance†.
- Protect your purchases with double the manufacturer’s warranty, up to one additional year.
- Get cash back when you send a Global Money Transfer and pay with your Visa* Card.†
- †Terms and conditions apply. Click ‘Apply Now’ for complete details. Banking services are not available in Quebec.
- “Purchase” means any Transaction other than a Cash Advance, Balance Transfer or Convenience Cheque. “Cash” means a Cash Advance, Balance Transfer and Convenience Cheque. Interest rates may change from time to time.
Eligibility requirements
Minimum credit score: 660
Minimum income: $15,000/yr
Interest rates
Purchase interest: 20.99%
Cash advance: 22.99%
Balance transfer: 22.99%
Annual fee
$0
Ratehub’s pick for best low interest credit card
Purchase interest rate
- Pay $5/mo
Based on a credit balance of $500
- Annual fee
$0
Perks
- Ratehub.ca’s 2023 Award Winner – Best Low Interest Credit Card and Best Balance Transfer Credit Card
- This offer is not available for residents of Quebec.
- No annual fee
- Standard Annual Interest Rates of 12.99% on purchases, 17.99% on balance transfers✪, and 24.99% on cash advances
- You could get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening, with a 3% transfer fee.
- This card is made from 100% recycled plastic
- Around-the-clock fraud protection
- Use available credit on your credit card to transfer funds right to your chequing account.
Apply for the MBNA True Line® Mastercard® credit card today.
Ratehub’s take
For those looking to reduce their credit card debt, the MBNA True Line Mastercard comes packed with helpful features. The card has no annual fee and a below-average purchase interest rate of 12.99% on purchases. For anyone trying to work themselves out of debt and rebuild their credit score, the 0% promotional annual interest rate for 12 months provides an excellent head start.
Pros
- Best promotional balance transfer offer on the market: A promotional balance transfer of 0% is available for a full year helping pay down or eliminate credit card debt (note: there is a 3% balance transfer fee)
- Fixed low interest rate: The low interest rate of 12.99% is fixed and won’t change regardless of your credit rating, income, or the bank’s prime lending rate
- Accessibility: No annual fee and no income requirements to qualify making it very accessible
Cons
- Lack of additional benefits: This card does not include insurance or other benefits
- Restrictions for Quebec residents: Offer not available to residents of Quebec
Eligibility requirements
Minimum credit score: 660
Minimum income: N/A
Interest rates
Purchase interest: 12.99%
Cash advance: 24.99%
Balance transfer: 0.00% for the first 12 months. 17.99% after promo.
Ratehub’s pick for best balance transfer credit card
- Pay $6/mo
Based on a credit balance of $500
- Annual fee
see Details
Perks
- Transfer your credit card balance of $100 or more – Get 0% interest for up to 10 months with a 1% transfer fee† (BT fee does not apply for Quebec residents) and a two year annual fee rebate†
- Check full offer details below†
- Transfer your credit card balance of $100 or more and get 0% interest for up to 10 months with a 1% transfer fee† (BT fee does not apply for Quebec residents)
- Transfer up to 50% of your assigned credit limit†
- If you choose to carry a balance and you make your minimum payments on time, a balance transfer could save you money on interest
- Take advantage of this 0% introductory interest rate on balance transfers of $100 or more for your first 10 months. You’ll only have to pay a 1% fee† (BT fee does not apply for Quebec residents) when you transfer your balance from another card to the CIBC Select Visa Card
- This balance transfer offer is only available at the time of your online application.† Simply tick the checkbox to select the balance transfer option when you’re filling out your application
Once you take advantage of this offer, you will have a promotional rate balance on your account. As a result, you will lose your interest-free grace period on new purchases unless you pay your amount due, including any promotional rate balances, in full each month. While you will enjoy the promotional rate on the balances you transfer by using this offer, new purchases will be subject to the purchase interest rate. - Balance transfers of amounts less than $100 are not eligible for this promotional balance transfer offer and will be subject to the regular interest rate for Cash Advances applicable to your account
- Save over $600 with CIBC and Skip
- Get a 12-month Skip+ free trial and other exclusive benefits when you link your CIBC Select Visa Card with Skip.†
- Save on gas with CIBC and Journie Rewards
- Link and use your CIBC Select Visa Card with Journie Rewards to save up to 10 cents per litre† at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations.†
- Purchase Interest Rate – 13.99%
- Ongoing Balance Transfer APR – 13.99%
- Cash advance Interest – 13.99%
- †Terms and Conditions Apply. Select Apply Now to learn more.
Ratehub’s take
The CIBC Select Visa tops our list for best balance transfer cards, offering a below-average interest rate of 13.99% across all transactions. With a low annual fee, a strong welcome bonus, and additional benefits like extended warranty and purchase protection, it is a strong choice for efficiently managing credit card debt.
Pros
- Low APR across the board: Below-average APR of 13.99% across the board on purchases, balance transfers, and cash advances
- Affordable annual fee and readily accessible: Low $29 annual fee (which is rebated for the first two years) and has a minimum household income requirement of just $15,000 making it accessible to most Canadians
- Free secondary cards: Get up to three free secondary cards, enhancing flexibility for shared finances
- Additional benefits: Access additional benefits including extended warranty, purchase protection, and access to CIBC’s 24/7 customer service team
Cons
- Limited perks: As a low interest credit card, the CIBC Select Visa doesn’t offer much in the form of perks
- Online exclusive offer: The balance transfer offer is exclusively available to new cardholders applying online
- Transfer limit restrictions: You can only transfer 50% of your assigned credit limit (e.g. if you’re approved for the CIBC Select Visa with a $2,000 credit limit, you can only transfer up to $1,000 from another credit card)
Eligibility requirements
Minimum credit score: 660
Minimum income: $15,000/yr
Interest rates
Purchase interest: 13.99%
Cash advance: 13.99%
Balance transfer: 0.00% for the first 10 months. 13.99% after promo.
Annual fee
$29
Ratehub’s pick for best credit card for building credit
based on spending $2,200/mo after $96 annual fee
- Earn rewards
1% – 15% / dollar spent
- Annual fee
$96
Perks of the Secured Neo Mastercard®
| Perks | Details | |
|---|---|---|
| Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| No foreign exchange fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | Included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | first fourteen (14) consecutive days; up to $1,000,000 | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | up to (48) consecutive days | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | combined maximum $5,000 per Covered Trip with trip interruption | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | combined maximum $5,000 per Covered Trip with trip cancellation | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | maximum of $500 per any one occurrence | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | up to a maximum of $1,000 | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | up to a maximum of $1,000 | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | up to a maximum of $1,000 | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Not included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | up to ninety (90) days after the date of purchase | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | one full year following the expiry of the applicable Manufacturer’s Warranty | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Not included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Guaranteed, instant approval whether you’re just starting out, or looking to build or rebuild your credit. Start building with Canada’s first credit card designed to grow with you.
- Guaranteed, instant approval* with access to your virtual card to start using immediately
- Guided credit building tools with built-in credit score tracking
- 1% cashback on gas & groceries, plus up to 15% back at over 10,000 Neo partners across Canada
- No income or credit score requirements
Ratehub’s take
The Secured Neo Mastercard offers you the opportunity to earn cash back rewards – a feature that is hard to come by for a secured card. The card also comes with noteworthy budgeting features through Neo AI and the ability to adjust your credit limit anytime.
Pros
- Cash back rewards: Cash back rewards apply to gas and grocery purchases, as well as purchases with Neo partners
- Low minimum deposit requirement: The $50 minimum deposit requirement makes this card accessible for most – many other cards require at least $500
- Customize rewards: For a low monthly fee, you can subscribe to Perks which allow you to earn rewards from your spending and benefits like airport lounge access for specific categories, such as travel or wellness
Cons
- Higher interest rate: The card’s 19.99% interest rate is quite a bit higher than some low interest cards and other secured cards
- Cash back rewards are limited: You can earn a maximum of $680 in cash back per year, which is quite limited
Eligibility requirements
Minimum income: N/A
Interest rates
Purchase interest: 19.99% – 29.99%
Cash advance: 22.99% – 31.99%
Balance transfer: N/A
Ratehub’s pick for best credit card for perks
Best for Premium perks
based on spending $3,500/mo after $799 annual fee
- Earn rewards
1pt – 2pts / dollar spent
- Welcome bonus
Earn up to 70,000 points (a $700 value)
- Anniversary bonus
Earn up to 30,000 points (a $300 value)
- Annual fee
$799
Perks of the American Express® The Platinum Card®
| Perks | Details | |
|---|---|---|
| Lounge access | Complimentary access; 1,400 lounges | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| No foreign exchange fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | $500,000 per person | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | $5,000,000 for first 15 days (under 65) | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | MSRP of up to $85,000, for 48 days | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | $2,500 per person, $5,000 per trip | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | $2,500 per person, $6,000 per trip | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Up to $1,000; delays over 4 hours | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | Combined maximum $1,000 | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | Up to $1,000; delays of 6 hours or more | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | Included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Not included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | Up to $1,000 within 120 days | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | Up to one additional year | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Apply with confidence! See if you’ll be approved before you apply – with no impact to your credit score*.
- *Instant decisions are only available for Consumer (also known as Personal) Card applications.
- Ratehub.ca’s 2023 Award Winner – Best Perks Credit Card
- Unlock special experiences with the Platinum Card®
- Earn up to 100,000 Membership Rewards® points – that’s up to $1,000 towards a weekend away
- New Platinum® Cardmembers, earn 70,000 Welcome Bonus points after you charge $10,000 in net purchases to your Card in your first 3 months of Cardmembership
- Plus, earn 30,000 points when you make a purchase between 15 and 17 months of Cardmembership
- Earn 2 points for every $1 in Card purchases on eligible dining and food delivery in Canada, 2 points for every $1 in Card purchases on eligible travel, and 1 point for every $1 in all other Card purchases
- Access a $200 Annual Travel Credit through American Express Travel Online or Platinum® Card Travel Service
- Enjoy a $200 Annual Dining Credit at some of Canada’s best restaurants
- Unlock $200 or more in additional value with Member extras. You can earn statement credits for qualifying purchases with participating brands
- Take full advantage of The American Express Global Lounge CollectionTM which unlocks access to over 1,400 airport lounges worldwide. This includes The Centurion® Lounge network, Plaza Premium Lounges, and hundreds of other domestic and international lounges designed to enhance your travel experience. Terms and Conditions apply
- Enjoy flexible ways to use your points such as statement credits for any eligible purchase charged to your Card, new travel purchases booked on American Express Travel Online through the Flexible Points Travel Program, and eligible flights through the Fixed Points Travel Program
- Transfer points 1:1 to several frequent flyer and other loyalty programs
- Enjoy complimentary benefits that offer an average value of $550 USD at over 1,600 extraordinary properties worldwide when you book Fine Hotels + Resorts
- Platinum Cardmembers can enjoy access to special events and unique opportunities
- Enjoy premium benefits at the Toronto Pearson Airport
- You will also have access to many leading hotel and car rental companies’ loyalty programs. Our partners include Marriott International, Hilton Hotels and Resorts, Hertz and Avis
- Interest applies in accordance with your Cardmember Agreement, Information Box, and Disclosure statement if the total New Balance is not paid by the Payment Due Date each month. All payments must be received by the Payment Due Date shown on the monthly statement
- American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment
Ratehub’s take
While the American Express Platinum card’s annual fee is steep, the premium travel perks arguably outweigh the cost to use it. You’ll enjoy free, unlimited airport lounge access (while most other cards only offer a free membership or a few passes per year), hotel upgrades, a valuable annual travel and dining credit, and more.
Pros
- Unlimited lounge access: Enjoy free, unlimited lounge visits at over 1,400 lounges across the world with the
- American Express Global lounge collection
- Strong travel insurance offering: Includes everything from out-of-province emergency medical to $500,000 travel accident insurance
- Stretch your points values further: Transfer points to other travel loyalty programs at a 1:1 ratio for increased value and flexibility
- Upgraded gold hotel status with Marriott Bonvoy and Hilton Honors and deals on car rentals through American Express Online
Cons
- Very high annual fee
- Doesn’t waive foreign transaction fees, which can really add up when you’re traveling
- This is a charge card, so you’ll have to pay off whatever you spend in full each month or face a high interest rate
- American Express isn’t as widely accepted in Canada compared to Visa and Mastercard
Eligibility requirements
Minimum credit score: 725
Minimum income: N/A
Interest rates
Purchase interest: N/A
Cash advance: N/A
Balance transfer: N/A
Ratehub’s pick for best student credit card
Best for PC Points
based on spending $2,200/mo after $0 annual fee
- Earn rewards
10pts – 30pts / dollar spent
- Welcome bonus
Earn up to 20,000 points (a $20 value)
- Annual fee
$0
Perks of the PC® Mastercard®
| Perks | Details | |
|---|---|---|
| Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| No foreign exchange fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | Not included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | Not included | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | Not included | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Not included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Not included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Not included | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | Not included | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | Not included | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | Not included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Not included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | In the event of theft, loss or damage in the first 90 days when you pay in full with your PC Financial Mastercard credit card. | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | Doubles the manufacturer's regular warranty for up to an additional year on items purchased with your PC Financial Mastercard credit card. | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Not included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Earn 20,000 PC OptimumTM welcome points when you spend $50 or more at participating stores within 60 days of account approval.**
- Mastercard Global Service™
- Award-winning, no annual fee credit card
- Earn at least 3 cents per litre in PC Optimum™ points on gas at Esso™ and Mobil™ stations
- Earn at least 30 points per litre on gas at at Esso™ and Mobil™ stations
- Earn 25 PC Optimum™ points per $1 spent at Shoppers Drug Mart® stores
- Earn 10 PC Optimum™ points for every $1 spent everywhere you shop
- No limits on points earning and points don’t expire
Ratehub’s take
The PC Mastercard is a great option if you want to earn rewards on one of the most common expenses – groceries. Especially if you frequently shop at affiliated stores like Loblaws, No Frills or Shoppers Drug Mart.
Pros:
- Accessible to all: No annual fee and no income requirements, making it accessible to a wider range of customers
- Abundant earning opportunities: Loblaw is one of Canada’s largest retailers, so there’s no shortage of opportunities to earn and redeem points
- Unlimited points earnings: Your Optimum points earnings isn’t limited to monthly or annual amounts like with other cards
Cons:
- Redemptions are restricted: You can’t redeem your points for things like statement credits, you are limited to redeeming for gas or groceries at affiliated stores
Eligibility requirements
Minimum credit score: 560
Minimum income: N/A
Interest rates
Purchase interest: 21.99%
Cash advance: 22.97%
Balance transfer: N/A
Ratehub’s pick for best business credit card
based on spending $2,200/mo after $150 annual fee
- Earn rewards
2pts – 5pts / dollar spent
- Welcome bonus
Earn up to 70,000 points (a $819 value)
- Anniversary bonus
Earn up to 10,000 points (a $117 value)
- Annual fee
$150
Perks of the Marriott Bonvoy® Business American Express®* Card
| Perks | Details | |
|---|---|---|
| Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| No foreign exchange fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | Included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | Not included | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | Included | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Not included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Not included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Included | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | Included | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | Included | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | Included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Not included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | Included | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | Included | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Not included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Earn up to 80,000 bonus Marriott Bonvoy® points
- New Marriott Bonvoy® Business American Express®* Cardmembers can earn 70,000 points after you spend $5,000 on your Card in your first 3 months of Cardmembership
- Plus, earn 10,000 points when you spend $1,000 on your Card in your 13th month of Cardmembership
- Earn Marriott Bonvoy points that you can redeem in a variety of ways:
- Earn 5 points for every $1 in Card purchases at participating Marriott Bonvoy hotels.
- Earn 3 points for every $1 spent on eligible gas, dining and travel
- Earn 2 points for every $1 spent on everything else
- Redeem points for free nights with no blackout dates at over 7,000 of some of the world’s most extraordinary hotels and resorts around the globe. Use your points for flights on some of the world’s leading airlines
- Make the most out of a full suite of business management tools that give you more control over your business – anytime and anywhere.
- Leverage your cash flow with the option of carrying a balance or paying in full each month
- Control employee expenses plus track and accumulate points on your account with Supplementary Cards, so you have an opportunity to maximize the points you earn.
- Experience the exclusive benefits of the Marriott Bonvoy® Business American Express®* Card.
- Receive an Annual Free Night Award automatically each year after your anniversary
- Receive 15 Elite Night Credits each calendar year with your Marriott Bonvoy Business American Express Card. These can be used towards attaining the next level of Elite status in the Marriott Bonvoy program
- Upgrade to Gold Elite status after you charge $30,000 in net purchases to your Card each year, or when you combine 10 qualifying paid nights within one calendar year with the 15 Elite Night Credits from your card.
- American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply
Ratehub’s take
The Marriott Bonvoy Business American Express Card is a strong choice for growing businesses whose employees travel frequently. You’ll get rewarded for hotel stays and accumulate rewards you can use to cover the cost of future bookings. Just keep in mind you’ll need to reach a certain spending threshold to be eligible for points bonuses, and to get upgraded to Marriott Bonvoy Gold Elite status for the best travel perks.
Pros
- High points earn rate: The welcome offers promise high points earnings, but the regular rate is impressive, too, and not applicable to spending limits.
- Earn free hotel stays: You can get one free hotel stay per year, or up to 15 stays if you meet the offer conditions.
- Business perks: Amex offers business perks with the card like payment flexibility, installment plans, expense management tools and more to help you run things smoothly.
- Travel insurance: You get full travel coverage including baggage, flight delay, car rental insurance and more for peace of mind and convenience on business trips.
Cons
- Supplementary cards aren’t free: Each additional card costs $50, which can add up if you are distributing cards to employees. Some other cards may waive this fee.
- Points are less flexible: If you want to use points for things like bill payments or statement credits, you may want to consider another card as this card is best used for travel redemptions (although you can redeem for some merchandise and gift cards, too.)
- Your points are worth less if you are using them for redemptions other than hotel stays. You can transfer Marriott Bonvoy points to other airline rewards programs at a ratio of 3:1, although you will get extra bonus points for doing so.
Eligibility requirements
Minimum credit score: 725
Minimum income: N/A
Interest rates
Purchase interest: 21.99%
Cash advance: 21.99%
Balance transfer: N/A
Ratehub’s pick for best credit card for Aeroplan and best premium credit card
based on spending $2,200/mo after $599 annual fee
- Earn rewards
1.25pts – 3pts / dollar spent
- Welcome bonus
Earn up to 60,000 points (a $1,200 value)
- Anniversary bonus
Earn up to 25,000 points (a $500 value)
- Annual fee
$599
Perks of the American Express® Aeroplan®* Reserve Card
| Perks | Details | |
|---|---|---|
| Lounge access | Enjoy access to select Air Canada Maple Leaf LoungesTM* and Air Canada CaféTM in North America for you and a guest, with a same day ticket on a departing Air Canada or Star Alliance flight | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| No foreign exchange fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | up to $500,000 | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | up to $5,000,000 under 65 years old | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | up to 48 days; MSRP up to $85,000 | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | up to $1,500 per insured person per trip, to a maximum of $3,000 for all insured persons combined | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | up to $1,500 per insured person per trip, to a maximum of $6,000 for all insured persons combined | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | flights delayed 4 hours or more; up to $1,000 (combined maximum with Baggage Delay Insurance) | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | up to $1,000 per trip for all insured person(s) combined | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | delayed for 6 hours or more; up to $1000 (combined maximum with Flight Delay Insurance) | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | up to $1,000 | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Not included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | up to 90 days; up to $1,000 per occurrence | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | up to one additional year | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Not included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Apply with confidence! See if you’ll be approved before you apply – with no impact to your credit score*.
- *Instant decisions are only available for Consumer (also known as Personal) Card applications.
- New American Express® Aeroplan®* Reserve Cardmembers can earn up to 85,000 Aeroplan points.
- Earn 60,000 Aeroplan points after spending $7,500 in purchases on your Card within the first 3 months
- Plus, earn an additional 25,000 Aeroplan points when you spend $2,500 in purchases in month 13
- You could earn up to $4,400 in value within your first 13 months. When you combine the Welcome Bonus offer of up to $1,700 in value, your earn potential in accelerated and everyday spend earn rate categories with approximately $1,760 in value, and the $1,000 in value you get from exceptional benefits, you can earn up to $4,400 or more in value within your first 13 months. Terms and usage assumptions apply.
- Cardmembers can now get an extra night free for every 3 hotel nights redeemed with Aeroplan points. Enjoy even more at over 300,000 hotel properties worldwide
- Receive up to $100 CAD in statement credits every four years when a NEXUS application or renewal fee is charged to your American Express Aeroplan Reserve Card
- Highest Air Canada earn rate on an Aeroplan payment card in Canada: Earn 3X the points on eligible purchases made directly with Air Canada®* and Air Canada Vacations®*
- Standard Earn Rate: Earn 2X the points on eligible Dining and Food Delivery purchases in Canada and earn 1.25X the points on everything else
- Get through the airport quicker with Air Canada Priority Check-In, Air Canada Priority Boarding and Air Canada Priority Baggage Handling
- Receive one Annual Worldwide Companion Pass when you spend $25,000 in net purchases prior to your Card anniversary date; your Pass entitles you to buy an accompanying Air Canada economy class ticket for a companion at a fixed base fare from $99 to a maximum of $599 CAD (plus taxes, fees, charges, and surcharges)
- Enjoy access to select Air Canada Maple Leaf LoungesTM* and Air Canada CaféTM in North America for you and a guest, with a same day ticket on a departing Air Canada or Star Alliance flight
- Enjoy your eligible first checked bag free for up to 9 people travelling on the same reservation on Air Canada flights
- Get a 10% Head Start. Starting in 2027, eligible Basic Cardmembers with Aeroplan EliteTM* Status will receive a 10% head start toward qualification, based on Status Qualifying Credits (SQC) accumulated the year before. Roll over any unallocated unused eUpgrade Credits to the following year to enjoy during your travels
- Get access to more than 1,200 Priority PassTM airport lounges and enjoy an oasis of comfort before your flight, regardless of your airline or cabin class
- Amex ExperiencesTM opens doors for you to access a number of special events, including special dining experiences, VIP parties, advance film screenings and more
- Get more from your travel experience at Toronto Pearson International Airport with:
- Access to Pearson Priority Security Lane
- Complimentary valet service at the Express Park and Daily Park
- 15% discount on parking rates at the Express Park and Daily Park
- 15% discount on Car Care Services
- Insurance Coverage: whether you’re shopping nearby or travelling abroad, you can feel confident knowing you can be taken care of
- American Express® Aeroplan®* Reserve Card is made from precision cut and engraved 13g metal – it’s the perfect companion on your next exceptional journey
- American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.
Ratehub’s take
The American Express Aeroplan Reserve Card is a top-tier Aeroplan credit card, offering a large welcome bonus and a blend of premium perks from both Air Canada and American Express. If you like VIP treatment while traveling, this card definitely delivers.
Pros
- Premium travel benefits: Enjoy exclusive perks with Air Canada, such as priority boarding, check-in, and a free first checked bag on all Air Canada flights. Plus, complimentary visits to Air Canada Maple Leaf Lounges within North America
- Comprehensive insurance coverage:The American Express Aeroplan Reserve Card offers a wide array of insurance coverage, including travel insurance for Aeroplan flight rewards and 11 types of coverage such as flight delay, baggage delay, and hotel burglary
Cons
- High annual fee: While the card offers impressive perks, the annual fee is steep at $599. Consider maximizing the benefits to offset this cost
- Limited acceptance: American Express isn’t as widely accepted in Canada compared to Visa and Mastercard
- Subpar rewards rates: Despite the high annual fee, the card doesn’t have the best earn rates, especially compared to other Aeroplan cards. It may not be the most rewarding unless you frequently fly with Air Canada or dine out often
Eligibility requirements
Minimum credit score: 725
Minimum income: N/A
Interest rates
Purchase interest: 21.99%
Cash advance: 21.99%
Balance transfer: N/A
Ratehub’s honourable mention for best credit card for Aeroplan
based on spending $2,200/mo after $599 annual fee
- Earn rewards
1.25pts – 2pts / dollar spent
- Welcome bonus
Earn up to 55,000 points (a $1,100 value)
- Anniversary bonus
Earn up to 30,000 points (a $600 value)
- Annual fee
$599
Perks of the TD® Aeroplan® Visa Infinite Privilege* Card
| Perks | Details | |
|---|---|---|
| Lounge access | Included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| No foreign exchange fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | Included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | Included | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | Included | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Included | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | Included | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | Included | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | Included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | Included | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | Included | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Not included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Up to $3,000 in value† including up to 85,000 Aeroplan points† and additional travel benefits could be yours. Conditions Apply.
- Earn a welcome bonus of 20,000 Aeroplan points when you make your first purchase with your new card†
- Earn an additional 35,000 Aeroplan points when you spend $12,000 within 180 days of Account opening†
- Plus, earn a one-time anniversary bonus of 30,000 Aeroplan points when you spend $24,000 within 12 months of Account opening†
- Offer may be changed, withdrawn, or extended at any time and cannot be combined with any other offer unless otherwise indicated.
- Additional Travel Benefits
- Apply for the NEXUS program membership and once every 48 months get a partial application fee rebate (up to $100 CAD)†.
- Share first free checked bags with up to 8 travel companions† and get unlimited access to Maple Leaf Lounges† including complementary access for one guest.
- Plus, primary cardholders get 6 complimentary worldwide select airport lounge visits annually through the Visa Airport Companion Program†
- Earn Aeroplan Points on your everyday purchases
- Take advantage of an extensive suite of travel insurance.
- Get access to Priority Airport Services† like Priority Boarding, Priority Baggage Handling, and Priority Airport Standby & Priority Airport Upgrades†.
- Earn 2 points† for every $1 spent on eligible purchases made direct through Air Canada® purchases (including Air Canada Vacations®)
- Earn 1.5 points† for every $1 spent on eligible gas, electric vehicle charging, groceries, travel & transit and dining purchases.
- Earn 1.25 points† for every $1 spent on all other purchases made with your Card
- Earn points twice when you pay with your Card and provide your Aeroplan number at over 150 Aeroplan partner brands and at 200+ online retailers via the Aeroplan eStore (www.aeroplan.com/estore).
- Earn more at Starbucks: Link your eligible Card to earn 50% more Aeroplan points plus more Starbucks Stars. Redeem points for even more Stars. Conditions apply.
- This offer is not available for residents of Quebec
- †Terms and conditions apply.
- Financial institutions pay us for connecting them with customers, including by paying for advertisements, clicks, or when someone applies for/is approved for a product. Terms and conditions apply between you and the provider of the product – please be sure to review them. Product information and details vary for Quebec. The content provided on our site is for information only; it is not meant to be relied on or used in lieu of advice from a professional. Partners/Advertisers are not responsible for the accuracy of information on our site. However, not all products we list are tied to compensation for us. Our industry-leading education centres and calculators are available 24/7, free of charge, and with no obligation to purchase. To learn more, visit our About us page.
Ratehub’s take
The TD Aeroplan Visa Infinite Privilege is a premium travel rewards card that will get you access to airport lounges around the world, faster access to Aeroplan Elite Status, priority boarding and more. You’ll have to pay for these benefits with the high annual fee, but it might be worth the price for frequent fliers who appreciate luxury.
Pros
- Generous bonuses: Get both a generous welcome bonus and an anniversary bonus to multiply your Aeroplan rewards points (conditions apply)
- Travel insurance: Strong travel insurance package including travel medical and trip cancellation/interruption
- Wide array of travel perks: an annual round-trip companion pass from $99, free access to Air Canada’s Maple Leaf Lounges in Canada or the United States, priority airport check-in and baggage handling, and an annual fee rebate for NEXUS can every 48 months (up to $100 CAD).
Cons
- Annual fee: Steep annual fee of $599 can be too pricey for some users. However, the amount of perks and benefits offered make it well worth it for the right cardholder
- Mostly suited for loyal Air Canada customers: Those who fly other airlines or want more flexibility may want to look elsewhere
Eligibility requirements
Minimum credit score: 660
Minimum income: $150,000/yr
Interest rates
Purchase interest: 21.99%
Cash advance: 22.99%
Balance transfer: 22.99%
New credit cards to watch in Spring 2026
Three notable credit cards are hitting the Canadian market this spring — spanning ultra-premium travel, U.S. airline rewards, and everyday points earning. Here's what you need to know about each.
Rogers Red World Legend Mastercard
Annual Fee: $495
Income Required: $150,000 personal / $200,000 household
Canada's first-ever World Legend Mastercard, a new tier above World Elite, places this card alongside the Amex Platinum and Visa Infinite Privilege at the top of the premium market.
- 2% cash back on all purchases worldwide; 3% when redeemed toward Rogers, Fido, or Shaw services
- No foreign transaction fees
- 10 complimentary Roam Like Home days per year (Rogers wireless customers)
- $200 annual entertainment credit (Rogers Xfinity, Sportsnet+)
- 6 Plaza Premium Lounge passes annually + complimentary DragonPass membership
Best for: Rogers/Fido customers who travel frequently. Non-Rogers users earn only 1.5% cash back, which makes the $495 annual fee harder to justify. Note: There is no traditional welcome bonus at launch.
United MileagePlus Neo World Elite Mastercard
Annual Fee: TBD (waitlist open until March 25)
Income Required: $80,000 personal / $150,000 household
The first Canadian credit card to earn United Airlines MileagePlus miles on everyday spending, a significant gap in the market that Neo Financial is filling ahead of the Big Five banks.
- Priority boarding on United flights
- 1 free checked bag on United-operated flights (saves ~USD $35–70 per round trip)
- Bonus miles on United and Star Alliance carriers, including Air Canada
- Earn accelerated miles at 10,000+ Canadian merchants through Neo's rewards network
- Miles redeemable across the full Star Alliance network
- Secured version planned for newcomers to Canada
Best for: Canadians who travel regularly to the U.S. or connect through American hubs. Pairs well with the updated MileagePlus program launching April 2026. Note: Full fee and earn rate details to be confirmed at launch.
Tangerine Scene+ Credit Card
Annual Fee: TBD
Tangerine's first-ever points-based rewards card, powered by Scene+. It's a natural fit as Tangerine is a Scotiabank subsidiary, and Scene+ is co-owned by Scotiabank, Empire, and Cineplex.
- Earn Scene+ points on groceries, fuel, dining, and retail
- Partner network includes Sobeys, IGA, Safeway, FreshCo, Voilà, Shell, Home Hardware, Cineplex, The Rec Room, and Playdium
- Shell fuel savings can be stacked with gas reward points earning
Best for: Existing Tangerine customers who want to graduate from cash back into a points program without switching providers. Note: Annual fee and full earn rates to be confirmed at launch.
How credit cards work in Canada
Credit cards play a key role in day-to-day life in Canada, from building credit to earning rewards to accessing short-term financing. Understanding how credit cards work, how lenders evaluate applicants, and which features matter most will help you choose the right card for your needs.
Credit card eligibility and approval odds in Canada
To be approved for a credit card in Canada, you generally need a steady income, a credit score of 660 or higher for most rewards cards, and a history of on-time payments. Premium cards typically require a minimum personal income of $60,000 or household income of $100,000. However, each issuer has its own criteria, though most look for the same core factors:
- Income and employment: Many premium cards require a minimum personal or household income (e.g., $60,000 personal or $100,000 household). Issuers want to see that you can manage ongoing payments.
- Credit history: Lenders look at how long you’ve had credit, whether you’ve made payments on time, and how responsibly you’ve handled existing accounts.
- Credit utilization and existing debt: Using a high percentage of your credit limit, or carrying large balances across cards, may reduce your approval odds.
- Recent credit activity: Multiple recent credit applications can signal financial stress and may hurt your chances.
- Overall credit score: Good-to-excellent credit increases approval odds for most rewards and travel cards, while fair credit may limit your options to basic or secured cards.
Because approval criteria vary by issuer, even strong applicants can be declined for specific cards. Ratehub's CardFinder tool lets you check which cards you're likely to qualify for in 60 seconds, without a hard inquiry on your credit report.
How credit scores work in Canada
In Canada, credit scores range from 300 to 900 and are calculated by two credit bureaus: Equifax and TransUnion. Your score summarizes your overall credit health and determines which credit cards you're likely to qualify for, with most rewards and travel cards requiring a score of 660 or higher. Several key factors influence where your score lands:
- Payment history (largest factor): Paying your bills on time has the biggest impact on your score.
- Credit utilization: Using more than 30% of your available credit can negatively affect your score.
- Length of credit history: Older accounts and long-term responsible use help strengthen your profile.
- Credit mix: A combination of credit types (e.g., credit cards, loans) can boost your score.
- New credit inquiries: Too many hard checks in a short period can lower your score temporarily.
General score ranges in Canada are:
- 760–900: Excellent
- 725–759: Very good
- 660–724: Good
- 560–659: Fair
- 300–559: Poor
Stronger scores open the door to better credit cards, lower interest rates, and higher approval odds. If your score needs improvement, a secured credit card is the most reliable way to build credit in Canada. Your payment history gets reported to both bureaus, and most secured cards can be graduated to a standard card within 12 to 24 months.
How does credit card interest work?
Credit card interest in Canada is charged at rates of 19.99% to 22.99% on any balance you don't pay in full by the due date. Because interest compounds — meaning it accrues on both your original balance and previously accumulated interest — even a small unpaid balance can grow quickly.
Interest is applied only to the portion of your statement that remains unpaid after the grace period. Paying your statements on time and in full every month ensures you avoid interest entirely. If you're managing existing debt, tools like Ratehub’s credit card interest calculator can help you understand how much interest you're paying and how long repayment may take.
Types of credit cards in Canada
Credit cards in Canada generally fall into a few key categories based on how they’re used and the benefits they offer. For a breakdown of top cards in each category, see Ratehub’s 2026 Credit Card Awards.
Low-interest credit cards
Low-interest credit cards in Canada offer purchase rates as low as 8.99% to 14.99%, compared to the standard 19.99% to 22.99% on most cards. They're the right choice for Canadians who occasionally carry a balance month to month and want to minimize interest costs. The trade-off is that most low-interest cards offer minimal rewards or perks.
Balance transfer credit cards
For those carrying credit card debt, a balance transfer card offers a path to paying it down faster. These cards let you transfer what you owe and pay 0% interest for an introductory period, usually 6 to 12 months. A balance transfer fee of around 3% typically applies, but the interest savings generally outweigh that cost if you have a solid repayment plan.
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 setback. These cards require an upfront security deposit to activate, and your credit limit equals the amount you deposit, with minimums typically starting at $50 and maximums around $10,000.
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 easy to be approved for. The key benefit is that secured cards report your payments to Canada's credit bureaus, Equifax and TransUnion, which is what actually builds your credit score over time. Use the card consistently and responsibly, and you'll eventually qualify to graduate to a standard card, closing your secured account in good standing and getting 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
Airline and hotel
Cash back
Retail
Premium credit cards
Premium credit cards are high-end cards designed for Canadians who want elevated rewards, luxury travel benefits, and comprehensive insurance packages. These cards typically come with higher annual fees (sometimes $400 or more), but offer perks such as airport lounge access, travel credits, elite status with airlines or hotels, concierge services, and superior earn rates on key spending categories.
Premium cards usually require strong credit and higher income to qualify (like the Visa Infinite Privilege or American Express premium tiers). However, for frequent travellers or high spenders, the value of the included benefits often outweighs the cost.
No-fee credit cards
No-fee credit cards are a simple, cost-effective choice for Canadians who want rewards or basic credit-building tools without paying an annual fee. While these cards typically offer fewer perks than premium options, many still provide solid cash-back rates, accelerated earn categories, or introductory offers that deliver meaningful everyday value.
No-fee cards can be especially appealing for students, newcomers to Canada, or budget-conscious households that want to avoid yearly costs. They also work well as secondary cards to help you earn rewards in spending categories not covered by your primary card.
How to choose the best credit card in Canada for you
Choosing the best credit card in Canada depends on your financial habits, goals, and day-to-day spending. With hundreds of Canadian credit cards on the market, from cash back and travel rewards to low-interest and no-fee options, comparing credit cards across a few key features before you apply will help you find the right fit. Here are a few things to look out for when assessing credit cards in Canada:
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Annual fees on Canadian credit cards range from $0 to $799. The right choice depends on how much you'll actually use the card. If the rewards, travel credits, and perks you'd realistically use in a year add up to more than the fee, it's worth paying. If you spend modestly or won't use the included benefits, a no-fee card will likely put more money back in your pocket.
Interest rate
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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.
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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.
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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.
- 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.