Credit cards have become an integral part of our lives, from transportation, groceries, insurance, education, among others.
However, the type of credit card you use can determine your long-term financial security.
With over 200 credit cards in Canada, choosing the best ones could save you hundreds or thousands of dollars annually.
Unfortunately, it could be challenging to narrow your selection on the best credit cards in Canada.
Fortunately, this post covers the best Canadian credit cards and how to narrow your selection.
Understanding Credit Cards in Canada
A credit card is a type of card that allows you to make cashless purchases at participating stores.
By using a credit card, you agree to return the loan, interest, and other charges in full or in installments.
When you make payment on your credit card balance, your credit limit will increase the following month up to the maximum limit.
That said, the convenience of a credit card allows you to meet your recurring bills or emergency expenses without cash.
Additionally, you can earn rewards and points with your credit cards to offset the cost of your purchases. For example, you can earn travel points or cash back, depending on your spending.
However, you may damage your credit score and attract hefty interest if you don’t meet your monthly payment.
This explains why not every credit card is suitable for you. As a result, you need to know the various types of credit cards to choose the one that matches your spending habit. To this, we now turn.
Types of Credit Cards in Canada
There are different types of credit cards in Canada suitable for different spending habits. The following are the major ones:
1. Student Credit Cards
Also known as starter cards, student credit cards are suitable for people looking to create a credit history.
As a result, student credit cards have no annual fees, low requirements, and moderate perks.
2. Balance Transfer Credit Cards
This type of credit card allows you to transfer your high-interest debt to a low-interest credit card.
That said, balance transfer credit cards offer zero interest rates for a particular period, helping you pay off your debt fast and cost-effectively.
3. Secured Credit Cards
A secured credit card is a type of credit card that helps you access “standard credit cards” to build or rebuild your credit score.
So if you’ve been denied credit because of your credit score, a secured credit card helps you get approval by securing a deposit.
4. Low-Interest Credit Cards
As the name implies, low-interest credit cards offer credit cards with below-standard interest rates. If you already carry a balance, this is the ideal credit card to choose.
While low-interest credit cards have low perks or rewards, they help you avoid hefty interest while having more time to pay off your balance.
5. Rewards Credit Cards
Rewards credit cards are types of credit cards that reward cardholders upon making eligible purchases. Examples of these rewards include miles, travel points, and cashback.
That said, reward credit cards help you pay off your balance fast by offsetting a portion of it with cash back or points.
20+Best Credit Cards in Canada for 2022
So far, I have explained how credit cards work in Canada and the various types of cards for different spending habits. But the question is, what are the best credit cards in Canada?
After in-depth research and comparison, Money Reverie identifies the following as the best credit cards in Canada:
Overall Best Credit Card in Canada
American Express Cobalt Card
- Annual Interest Rate on Purchase: 20.99%
- Annual Fee: $12.99
- Earning Rewards: Earn 5 points per every eligible $1 purchase.
The American Express Cobalt Card is our overall best credit card in Canada. This credit card offers 5 points for every $1 eligible purchase. If you earn up 1,000 points, that equals $10.
While this credit card has a 20.99% interest rate and a $12.99 annual fee, it has a wide range of perks and benefits that set it apart from other credit cards.
As a result, the American Express Cobalt Card is also one of our best reward credit cards for everyday spending, perks and young professionals in Canada.
Best Reward Credit Cards for Everyday Spending
If you’re looking for a cost-effective card to make everyday purchases, a reward credit card for everyday spending is what you need. This card will help you achieve your daily needs while saving dollars in your account. Here are some of the top reward credit cards for everyday spending in Canada.
American Express Cobalt Card
- Annual Interest Rate on Purchase: 20.99%
- Annual Fee: $12.99
- Earning Rewards: Earn 5 points per every eligible $1 purchase.
The American Express Cobalt Card is our overall best credit card and one of the best reward credit cards for everyday spending in Canada. This credit card offers 5 points for every $1 eligible purchase. If you earn up 1,000 points, that equals $10.
While this credit card has a 20.99% interest rate and a $12.99 annual fee, it has a wide range of perks and benefits that set it apart from other credit cards.
Scotiabank Gold American Express
- Annual Interest Rate on Purchase: 19.99%
- Annual Fee:$120
- Earning Rewards: 5 points per every $1 eligible purchase.
The Scotiabank Gold American is the 2021 Rewards Canada Top Travel Point Credit Card winner. It’s obvious why.
Besides the 5 points reward on every $1 eligible purchase, this credit card doesn’t charge foreign transaction fees for all foreign currency purchases.
Best Travel Rewards Credit Cards
Do you travel frequently? Are you looking for a card that offsets travelling costs? The best travel reward credit card is what you need. The following are some of the best travel rewards credit cards in Canada to consider.
TD First Class Travel Visa Infinite Card
- Annual Interest Rate on Purchase: 19.99%
- Annual Fee: $120
- Earning Rewards: 3 points per every $1 eligible purchase.
If you travel frequently, the TD First Class Travel Visa Infinite Card could help you save costs on your spendings.
That said, this credit card offers 3 points for every $1 purchase and 20,000 points as a welcome bonus. Also, it offers 80,000 for $1,0000 purchases within the first 90 days,
However, you must have an average personal annual income of $60,000 or $100,000 household annual income to use the TD First Class Travel Visa Infinite Card.
RBC Avion Visa Infinite
- Interest Rate on Purchase: 19.99%
- Annual Fee: $120
- Rewards: 1 point for every $1 purchase + 25% cashback extra for all eligible purchases on travel.
The RBC Avion Visa Infinite card is another best travel reward card in Canada that distinguishes itself with 25% cashback extra on all eligible purchases on travel.
This card offers up to a $7,5015 welcome bonus. This is far more than what most credit cards offer in the industry.
Besides that, the card comes with comprehensive insurance on a mobile device and purchase protection.
Best Credit Card With No Foreign Transaction Fees
Travelling with a domestic credit card will cost you hundreds of dollars on foreign transaction fees. However, a no-foreign-transaction-fees card allows you to make free foreign transactions worldwide. The following are some of the best no-foreign-transaction-fees credit cards in Canada.
Brim World Elite Mastercard
- Annual Interest Rate on Purchase: 19.99%
- Annual Fee: $199
- Earning Rewards: 2% cashback per every $1 purchase.
Brim World Elite Mastercard is one of the best no-foreign-transaction-fees credit cards in Canada, offering 2% cashback per every $1 purchase.
In addition to insurance coverage, this credit card waives the first-year annual fee for new users.
Scotiabank Gold American Express
- Annual Interest Rate on Purchase: 19.99%
- Annual Fee: $120
- Earning Rewards: 5 points per every $1 eligible purchase.
The Scotiabank Gold American is the 2021 Rewards Canada Top Travel Point Credit Card winner. It’s obvious why.
Besides the 5 points reward on every $1 eligible purchase, this credit card doesn’t charge foreign transaction fees for all foreign currency purchases.
Best Balance Transfer Credit Card
Transferring your high-interest debt into a low-interest card is a wise decision to pay off your debt fast. This is where a balance transfer credit card comes into play. Here are some of the best balance transfer credit cards in Canada to consider.
BMO CashBack Mastercard
- Annual Interest Rate on Purchase: 19.99%
- Balance Transfer Rate: 1.99% for the first 9 months, 22.99% after.
- Annual Fee: $0
- Earning Rewards: 5% cashback for the first three months
The BMO Cashback Mastercard charges a low balance transfer interest rate of 1.99% for the first 9 months and 22.9% after.
Besides that, the BMO Cashback Mastercard offers up to 5% welcome bonus cashback for the initial three months of account opening.
Furthermore, this credit card offers 3% cashback on grocery purchases, 1$ cashback on recurring bills spendings, and 0.5% cashback on all other purchases.
That said, this credit card offers 3% cashback on grocery purchases, 1% cashback on recurring bills spendings, and 0.5% cashback on all other purchases.
Tangerine Money-Back Credit Card
- Annual Interest Rate on Purchase: 19.95%
- Balance Transfer Rate: 0% for 12 months, 12.99% after.
- Annual Fee: $0
- Earning Rewards: 2% Money-Back Rewards per everyday purchase
The Tangerine Money-Back Credit Card charges no balance transfer rate for the initial 12 months but charges 12.99% after. This unique credit card offers 2% unlimited cash-back on everyday purchases and 0.50% cashback on other purchases.
To qualify, you must have an average of $12,000 gross annual income with no bankruptcy history over the past seven years.
Best Low-Interest Credit Cards
Whether you’ve high-interest debt on your card or are looking to save cost, a low-interest credit card is what you need. Here are some of the best low-interest credit cards in Canada to consider.
MBNA True Line Gold Mastercard
- Annual Interest Rate on Purchase: 8.99%
- Annual Fee: $39
- Rewards: N/A
This is our overall best credit card for low interest on purchases and spendings in Canada.
The MBNA True Line Gold Mastercard has a super-low interest rate on purchase and balance transfers that you can’t easily find elsewhere.
Furthermore, this card has comprehensive insurance on purchase assurance and extended warranty benefits.
MBNA True Line Mastercard
- Annual Interest Rate on Purchase: 12.99%
- Annual Fee: $0
- Rewards: N/A
The MBNA True Line Mastercard is our runner-up best low-interest credit card in Canada, having 12.99% interest rates on purchase and balance transfers.
While the MBNA True Line Gold Mastercard has super-low rare on purchase and balance transfers with a $39 annual fee, the MBNA True Line Mastercard has a considerably low rate with no annual fee.
That said, the card offers 12 months promotional offer of 0% interest rate on balance transfers.
Best Overall Cash Back Credit Cards
Cashback is the most cost-saving reward you can get from a credit card in Canada. However, not all cash-back credit cards are the same. The following are the overall cashback credit cards in Canada to consider.
American Express SimplyCash Preferred
- Annual Interest Rate on Purchase: 19.99%
- Annual Fee: $99
- Earning Rewards: 10% cashback as a welcome offer and 2% cashback when the welcome offer ends.
The American Express SimplyCash Preferred offers 10% cashback for the initial first month of account opening and 2% cashback after.
While you can earn up to $400 cashback through this credit card, be ready to spend $99 for an annual fee and a 19.99% annual interest rate on purchases.
CIBC Dividend Visa Infinite Card
- Annual Interest Rate on Purchase: 19.99%
- Annual Fee: $120
- Cash Back Structure: 4% cash back on gas and groceries. 2% cash back on dining, transportation, and recurring payments. 1% cashback back all other purchases.
The CIBC Dividend Visa Infinite Card offers unlimited cash back on gas and groceries, dining, transportation, recurring payments and other purchases.
Besides that, the card waives the first-year annual fee ($120), helping you save more. In addition, it offers emergency travel medical and mobile devices.
Best No-Fee Cash Back Credit Cards
The best no-fee cash back credit cards are the most cost-saving credit cards in Canada. Besides offering competitive cashback, these cards charge no annual fee, helping you save more. The following are some of the best no-fee cashback credit cards in Canada.
Neo Financial Mastercard Essential
- Annual Interest Rate on Purchase: 19.99%
- Annual Fee: $0
- Earning Rewards: 5%+ cashback per every eligible purchase.
The Neo Financial Mastercard is one of the best credit cards in Canada, offering competitive cashback.
This credit card offers competitive cashback on all its three plans, as shown on the table below:
| Account | Fee | Cashback |
| Standard | Free | 4%+ at Neo partners
1%+ on all other spendings
|
| Plus | $2.99/month | 5%+ at Neo partners
1%+ on all other spendings
|
| Ultra | $8.99/month | 6%+ at Neo partners
1%+ on all other spendings |
Furthermore, Neo Financial Mastercard tops up your cashback when it’s below $1. Also, you can earn up to 15% cashback as a welcome bonus.
RELATED: Neo Financial Review
BMO CashBack Mastercard
- Annual Interest Rate on Purchase: 19.99%
- Balance Transfer Rate: 1.99% for 9 months, 22.99% after
- Annual Fee: $0
- Earning Rewards: 5% cashback for the first three months
The BMO Cashback Mastercard offers up to 5% welcome bonus cashback for the initial three months of account opening.
Furthermore, this credit card offers 3% cash back on grocery purchases, 1$ cashback on recurring bills spendings, and 0.5% cashback on all other purchases.
That said, this credit card offers 3% cash back on grocery purchases, 1% cashback on recurring bills spendings, and 0.5% cashback on all other purchases.
Best Secured Credit Card For Building Credit
If you’re looking to build or rebuild your credit score, a secured credit card is what you need. A secured credit card helps you build or rebuild your credit score in no time by making a security deposit. The following are some of the best-secured credit cards in Canada.
Home Trust Secured Visa
- Annual Interest Rate on Purchase: 19.99%/14.90%
- Annual Fee: $0/$59
The Home Trust Secured Visa is our overall best-secured card in Canada, with two competing versions.
The first version of this card charges 19.99% interest rates on purchase with no annual fee. On the other hand, the second version charges a 14.90% purchase rate with a $59 annual fee.
All these are cost-saving compared to other secured credit cards in the market.
However, the Home Trust Secured Visa is not available in Quebec.
Refresh Financial Secured Card
- Annual Interest Rate on Purchase: 17.99%
- Annual Fee: $12.95
This is our runner-up best secured credit card in Canada with a competitive annual interest rate on purchase and fees.
You’re likely to build up your credit fast with this card’s 17.99% annual interest rates and $12.95 annual fees.
Best Aeroplan Cards
If you travel by Aeroplan frequently, it’s essential to have an Aeroplan card. These cards help offset a portion of your flight, whether at the airport, hotel, lounge etc. The following are some of the best Aeroplan credit cards out there.
TD Aeroplan Visa Infinite
- Annual Interest Rate on Purchase: 19.99%
- Annual Fee: $139
- Earning Rewards: 1.5 points per eligible $1 purchase
The TD Aeroplan is our overall best Aeroplan credit card in Canada. This card is ideal for you if you have an average annual personal income of $60,000 or $100,000 household annual income.
This credit card offers 1.5 points per eligible $1 purchase and charges a $139 annual fee and 19.99% annual interest.
American Express Aeroplan Reserve
- Annual Interest Rate on Purchase: 19.99%
- Annual Fee: $599
- Rewards: Variable
The American Express Aeroplan Reserve is our runner-up best Aeroplan credit card in Canada.
Even though it charges a $599 annual fee, it compensates it with a wide range of rewards, such as:
- 90,000 points welcome bonus
- 30,000 for spending $3,000 in the first three months of registration.
- 5,000 Aeroplan points for spending up to $1,00 worth of monthly billing in the first year of membership.
Best Air Miles Credit Cards
Air miles credit cards are Aeroplan cards that reward you with extra air miles that offset a portion of your flights. The following are some of the best air miles credit cards in Canada.
BMO Air Miles World Elite Mastercard
- Annual Interest Rate on Purchase: 20.99%
- Annual Fee: $120
- Earning Rewards: 1 mile per every $12 spent on credit card and 3 miles per every $12 eligible purchase.
Get 1 mile for every $12 purchase on a credit card and 3 miles for a $12 eligible purchase through the BMO Air Miles World Elite Mastercard.
In addition to a 15% discount on all AIR MILES flights in North America, the BMO Air Miles World Elite Mastercard waives your first-year annual fee when you allow pop-up information and reach 2,000 AIR Miles Bonus Miles.
That said, you must have an average of $80,000 annual personal income or $150,000 household annual income to qualify for this credit card.
American Express AIR MILES Platinum Credit Card
- Annual Interest Rate on Purchase: 20.99%
- Annual Fee: $120
- Earning Rewards: 1 mile per $5 spent on food and drink, gas, and local transit; 1 mile per $10 spent elsewhere
The American Express AIR MILES Platinum Credit Card is our overall best air miles credit card in Canada.
This card offers 2,000 bonus miles for spending $1,500 in your initial three months.
Besides that, it offers 1 mile per $5 spent on food and drink, gas, and local transit, and 1 mile per $10 spent elsewhere.
Best Hotel Cards
If you lodge in a hotel frequently or spend at a hotel, a hotel credit card could help you save costs. The following are some of the best hotel credit cards to consider in Canada.
Marriott Bonvoy Brilliant American Express
- Annual Interest Rate on Purchase: 15.74% to 24.74%
- Annual Fee: $450
- Rewards: Variable
The Marriott Bonvoy Brilliant American Express is our overall best hotel credit card in Canada due to its competitive interest rates.
While it charges a $450 annual fee, you can save more with this card due to its wide range of rewards. Over, you will earn up to 75,000 points within your first three months of membership.
Furthermore, this card offers the following reward points:
- 6 points for all eligible purchases at partner hotels.
- 3 points for direct flight booking with airlines.
- 3 points for dining at U.S. restaurants.
- 2 points for every eligible $1 purchase.
Best Western Rewards Mastercard
- Annual Interest Rate on Purchase: 19.99%
- Annual Fee: $0
- Rewards: 5 points for every eligible $1 purchase at Best Western properties; 1 point for every other $1 eligible purchase.
The Best Western Rewards Mastercard is our runner-up best hotel credit card in Canada due to its competitive rewards and without an annual fee.
This card offers 20,000 points for an initial eligible purchase. This is equal to the cost of a one-night lodge.
Best Card for Perks
Perks can save you hundreds if not thousands of dollars from your credit card purchases. However, not every card comes with perks. The following are some of the best credit cards for perks in Canada.
American Express Platinum Card
- Annual Interest Rate on Purchase: 15.99% to 22.99%
- Annual Fee: $695
- Rewards: Variable
The American Express Platinum Card is our overall best credit card for perks in Canada due to its competitive interest rates and wide range of rewards.
This care offers 100,000 points for spending $6,000 during your initial three months of membership. Also, it offers a $200 annual travel credit to all cardholders.
Furthermore, this card offers access to discounts on your first International trip.
American Express Cobalt Card
- Annual Interest Rate on Purchase: 20.99%
- Annual Fee: $12.99
- Earning Rewards: Earn 5 points per every eligible $1 purchase.
The American Express Cobalt Card is our overall best credit card in Canada. This credit card offers 5 points for every $1 eligible purchase. If you earn up 1,000 points, that equals $10.
While this credit card has a 20.99% interest rate and a $12.99 annual fee, it has a wide range of perks and benefits that set it apart from other credit cards.
That said, this card offers up to 50,000 points as a welcome bonus, 30,000 points for $500 monthly purchases in your initial year and 20,000 points for $3,000 purchases during your first three months.
Best Student Credit Cards
The best student credit cards are designed with the condition of students in mind. These cards are often competitive rewards with no annual fee. The following are some of the best student credit cards in Canada.
BMO CashBack Mastercard for Students
- Annual Interest Rate on Purchase: 19.99%
- Annual Fee: $0
- Earning Rewards: 3% cashback on grocery purchases, 1% cashback on recurring bill payments & 0.5% cashback on all other purchases
The BMO Cashback Mastercard for Students is our overall best student credit card due to its competitive cashback rates with no annual fees.
This card offers 3% cash back on grocery purchases, 1% cashback on recurring bill payments & 0.5% cashback on all other purchases.
Signature RBC Rewards Visa
- Interest Rate on Purchase Rate: 19.99%
- Annual Fee: $39 (no fee for students)
- Rewards: 1 point for every $1 purchase + bonus points for purchases at eligible retailers
The Signature RBC Rewards Visa is our runner-up best student credit card, following the BMO Cashback Mastercard for Students.
This card offers 1 point for every $1 purchase plus bonus points for purchases at eligible retailers. It also offers comprehensive insurance, purchase security and extended warranty, and car rental.
Best Family Credit Card for Gas and Groceries
If you’re responsible for your family or gas or groceries spending, it’s essential to arm yourself with the perfect credit card. The following are some of the best family credit cards for gas and groceries to consider.
PC Financial World Elite Mastercard
- Annual Interest Rate on Purchase: 20.97%
- Annual Fee: $0
- Rewards: 30 points on every $1 eligible purchase and 10 points for all other $1 purchases.
The PC Financial World Elite Mastercard is our overall best family credit card for gas and groceries in Canada.
This card offers 30 points on every $1 eligible purchase and 10 points for all other $1 purchases.
Furthermore, the card offers comprehensive insurance on travel emergency medical insurance in addition to purchase protection and an extended warranty.
Walmart Mastercards
- Annual Interest Rate on Purchase: 19.89%
- Annual Fee: $0
- Rewards: Variable
This is our runner-up best family credit card for gas and groceries in Canada.
Walmart Mastercards are divided into Walmart Rewards World Mastercard and Walmart Rewards Mastercard.
The Walmart Rewards World Mastercard has the following cash back structure:
- 3% for purchases at Walmart.ca
- 25% for purchases at gas stations
- 25% for purchases at Walmart stores in Canada
- 1% for purchases everywhere else
On the other hand, the Walmart Rewards Mastercard has the following cash back structure:
- 25% for purchase at Walmart.ca and Walmart stores
- 1% for purchases at gas stations
- 1% for purchases everywhere else
Best Credit Cards for Young Professionals
If you’re a young professional looking to save money from your credit card, this is the type of credit card you need. The following are some of the best credit cards for young professionals in Canada.
American Express Cobalt Card
- Annual Interest Rate on Purchase: 20.99%
- Annual Fee: $12.99
- Earning Rewards: Earn 5 points per every eligible $1 purchase.
The American Express Cobalt Card is our overall best credit card in Canada. This credit card offers 5 points for every $1 eligible purchase. If you earn up 1,000 points, that equals $10.
While this credit card has a 20.99% interest rate and a $12.99 annual fee, it has a wide range of perks and benefits that set it apart from other credit cards.
As a result, the American Express Cobalt Card is also one of our best reward credit cards for everyday spending, perks and young professionals in Canada.
Scotia Momentum Visa Infinite
- Annual Interest Rate on Purchase: 19.99%
- Annual Fee: $120
- Earning Rewards: 4% cashback per every $1 groceries and recurring spendings, 2% cashback per every $1 gas and daily transit spending, and 1% for all other purchases.
The Scotia Momentum Visa Infinite is our runner-up best credit card for your professionals in Canada due to its competitive reward structure.
In addition to New Mobile Device Insurance, the Scotia Momentum Visa Infinite offers Travel Insurance.
That said, this credit card waives the first-year annual fee for new users.
To qualify, you must have an average annual personal income of $60,000 or a household average annual income of $100,000 or $250,000 average assets under management.
How I Reviewed the Best Credit Cards in Canada
It was not by chance we arrived at the above best credit cards in Canada. At Money Reverie, we follow a systematic process of ranking the best products in the industry. Here are the factors we considered when evaluating the best credit cards in Canada.
- Interest Rate: While most of the above credit cards have the common 19.99% interest rate on purchases and cash advances, most offer additional values in the form of rewards and low fees.
- Fees: Some of the above credit cards have no annual fees, while others have low fees. This helps you save more money from your everyday spending.
- Rewards: Most of the above credit cards offer competitive rewards that you can’t easily find elsewhere.
- Perks and Benefits: The above credit cards have varying perks and benefits from purchase assurance, extended warranty to mobile device protection.
How to Choose the Best Credit Card
Now that you know the best credit cards in Canada, which should you choose?
Since there are different credit cards out there, not every credit card will be perfect for you.
As a result, it’s essential to narrow your selection to the best credit card that suits your spending habit. But how could you achieve that? Consider the following factors:
- Rewards vs. Low interests: A reward credit card is ideal for you if you don’t have a credit balance, But if you have a credit balance, it’s essential to choose a low-interest credit card to reduce the cost of paying off your debt.
- Fees and Interest Rate: Different credit cards have different fees and interest rates. Choose a credit card that offers the best value and earning opportunities.
That said, the following table highlights our best credit cards in Canada per category:
| Credit Card | Best For |
| American Express Cobalt Card | Overall Best |
| TD First Class Travel Visa Infinite Card | Travel |
| Scotia Momentum Visa Infinite | Cashback |
| Home Trust Secured Visa | Secured Credit |
| American Express Business Edge | Business |
| BMO CashBack Mastercard for Students | Student |
| Brim World Elite Mastercard | Insurance |
Verdict on the Best Credit Cards in Canada
A credit card affects your financial success or failure. Your fate is not only determined by your spending habits but the type of card you choose.
As a result, it’s essential to choose a credit card that suits your spending habits. The above review covers the best credit cards in Canada across different spending habits.
The ball is now on your court to choose the credit card you need. But if you need more clarification or help in determining the perfect credit card, drop your concerns in the comment section.
So which credit card are you starting with?
RECOMMENDED READING:
- Best Metal Credit Cards in Canada
- KOHO Prepaid Credit Cards Review
- Best High-Interest Savings Accounts in Canada
- Ampli App Review: Get Real Cash Back & $5 Bonus
FAQs on Best Canadian Credit Cards
What is the Best Credit Card in Canada?
The overall best credit card in Canada is the American Express Cobalt Card.
However, since different credit cards suit different spending habits, your best credit card is the one that offers the best value and earning opportunities.
What is the Best American Express Credit Card in Canada?
The American Express Cobalt Card is the overall best credit card among the 30+ American Express Credit Cards in Canada.
Why Should I Compare Credit Cards?
It’s essential to compare credit cards to choose the one that suits your spending habits. Also, comparing credit cards will help you find a credit card with the best value and earning opportunities.
Why Do Some Credit Cards Have an Annual Fee?
Some credit cards charge annual fees in order to offer the best perks, rewards, or low-interest rates. However, most credit cards waive first-year annual fees for new users.
How Do I Find the Best Credit Card?
All you need is to identify the card that suits your spending habits with competitive interest rates and annual fees.
How Do I Apply for a Credit Card in Canada?
You can apply for a credit card online or in-person in Canada, depending on your choice. When applying for a card in Canada, you will be required to provide your:
- Full name
- Email address
- Residency status
- Social Insurance Number
- Home address
- Date of birth
- Employment status
- Annual income
What Credit Score Do I Need to Apply for a Credit Card in Canada?
Different credit card providers have different requirements. However, most credit card providers in Canada require a 660 credit score from applicants.
How Long Does it Take to Get Approved for a Credit Card in Canada?
It varies by the credit card provider. Most credit card providers approve applications within 5-7 days.
Is there More than One Type of Credit Card in Canada?
Yes, there’s more than one type of credit card in Canada. The common types of credit cards in Canada are:
- Secured credit cards
- Student credit cards
- Low-interest credit cards
- Balance Transfer cards
- Rewards credit cards
What’s the Benefit of a Balance Transfer Credit Bard?
A balance transfer credit card allows you to transfer your balance from a high-interest card to a low-interest card. This helps you pay off your debt faster.
Who are the Major Credit Card Lenders in Canada?
American Express, RBC, BMO, Scotiabank, and MBNA are some of the major credit card lenders in Canada.
If you have more questions about the best Canadian credit cards, drop them in the comment section.
