Choosing the right credit card in Canada can mean serious savings, enhanced rewards, and tailored benefits for your spending habits. But, with so many options available, making the best choice can be daunting. Whether you're a young adult just starting out, a student managing expenses, or someone looking to build or improve credit, there's a card designed with your needs in mind.
Financial experts at Hardbacon have taken the guesswork out of the equation by reviewing and ranking the top credit cards in the country for 2024. Based on a systematic comparison of rewards, fees, and various offers, they've identified the cards that offer the best value.
Whether you're looking for cash back, travel perks, or low fees, here are the cards that will give you the maximum benefit for your buck:
Best credit card in Canada: Neo Credit
A white Neo Credit Mastercard.
Neo Credit has been deemed the best credit card in Canada. With no annual fees, a low credit threshold, and interest rates that won't break the bank, it's a solid choice for many. They've partnered up with a ton of brands — over 10,000 to be exact, including favourites like Netflix and Avis. That means cardholders can snag an average of 5% cashback. And for the lucky ones, some spots even toss in a cashback rate of 25%.
The Neo Credit app makes monitoring cashback options simple and handy with easy access to partner deals. It has also introduced Neo Money where you can drop your cashback, watch it grow with a 2.25% interest, and manage your Neo Credit card balance.
The card also has some cool add-ons. Whether it's travel or dining, you can stack your card with perks that suit your preference. A $4.99 monthly add-on includes a 2% cash back on all foreign transactions, a 1.5x cash back at participating hotel partners, and access to over 1,300 Priority Pass airport lounges worldwide. You can also get comprehensive travel insurance that covers everything from medical emergencies to trip cancellations and car rental issues.
Best travel credit card in Canada: BMO Ascend World Elite Mastercard
A black BMO Ascend World Elite Mastercard.
For Canadian travellers, the BMO Ascend World Elite Mastercard is a top pick. It gives 5x points on every dollar spent on travel, which means a lucrative 3.35% return on travel expenses, given BMO's point valuation of $0.67. BMO also ensures redeeming points is a breeze with no annoying blackout dates.
Beyond accumulating points, the card comes with unbeatable perks, like four complimentary airport lounge visits courtesy of the DragonPass membership and connection to free Boingo hotspot access. The card doesn't skimp on insurance, with coverage like 21 days of emergency medical protection, concierge service, and rental car collision coverage.
However, such luxury does have its requirements: a solid credit score between 740 and 900 and an individual annual income of $80,000 (or $150,000 for households).
Best cashback credit card in Canada: BMO CashBack Mastercard
A blue BMO CashBack Mastercard.
If you're on the hunt for a credit card that maximizes returns on your daily spending, look no further than the BMO CashBack Mastercard. Touted as Canada's premier cashback card, with no annual fee, it offers 3% back on groceries. Regular expenses like recurring bills fetch you a 1% cash back, while all other spends give a decent 0.5%. There are monthly caps for high-return categories, but even after you hit those limits, you continue racking up at an unlimited 0.5% rate.
The card is also packed with added goodies like purchase insurance and an extended warranty to ensure your buys are protected. Cardholders get exclusive discounts on select events and shows.
While it's packed with benefits, it's also accessible. You need a fair credit score (around 600) and an estimated income of just $15,000.
Best credit card for rewards in Canada: Scotiabank American Express Card
A black Scotiabank American Express Card.
The Scotiabank American Express Card is your ticket to racking up rewards, and you don't have to pay an annual fee. At the grocery checkout, you're looking at a cool three points for every dollar when you shop at spots like Sobey's, Safeway, and more.
Pulling out the card at restaurants, for movie night, or even during your daily commute earns you two Scene+ points on the dollar. And for everything else, it’s one point per dollar.
What sets Scene+ points apart is flexibility. You can use them for travel, banking perks, or even knock off part of your card statement. Plus, being a part of the AMEX fam gets you in on special events with American Express Invites. And if you’re hitting the road, you've got a 25% discount at Avis and Budget car rentals. The card is accessible with a good credit score, starting from 660 and up.
Best Aeroplan credit card in Canada: TD Aeroplan Visa Infinite
A black TD Aeroplan Visa Infinite.
For those on the hunt for the ultimate Aeroplan credit card, TD Aeroplan Visa Infinite pretty much nails it. It offers a welcome bonus valued up to $1,400. Plus, you can rack up 1.5x Aeroplan points on your gas, grocery, and Air Canada buys. Every other purchase still gets you a point for every dollar.
Partnering up with Aeroplan brands can pump up those point totals. You'll also snag preferred flight rewards pricing, free checked bags on Air Canada flights, and a bunch of nifty Visa Infinite extras like solid travel insurance and car rental deals.
In order to qualify, you'll need a decent credit score — think around 725 or more — and an income of either $60,000 on your own or $100,000 for the household.
Best balance transfer credit cards in Canada: MBNA True Line Mastercard
A blue MBNA True Line Mastercard.
For anyone tangled up in high-interest credit card debt, the MBNA True Line Mastercard is like a lifeline. It's your escape plan from those 20%-plus APRs, giving you a whole year of zero-interest breathing room on balance transfers. That’s 12 months to tackle your debt without it growing bigger because of interest. And when the promo period wraps up, you're not left high and dry; you're looking at a steady 12.99% rate on balance transfers and purchases, which is pretty solid.
No annual fee means you're not shelling out extra just to keep the card in your wallet. It's a standout for savvy savers who want to cut down on interest without the usual post-promotional rate shock. A good credit score (think 660 or up) is your ticket in, no minimum income required.
Best student credit card in Canada: Student BMO CashBack Mastercard
A blue Student BMO CashBack Mastercard.
If you're starting university and need a credit card, the BMO CashBack Mastercard might be your top choice. It's a standout for students across Canada, letting you earn money back from late-night snack runs and study group takeouts. With no annual fee, you won’t feel the pinch, which is especially handy when you’re counting pennies before your next allowance or paycheck.
You get 5% cash back in the first three months. After that, every grocery run earns you 3%, monthly bills like Netflix get you 1%, and all other spends give a 0.5% cash back. It also offers extended warranties and purchase protection.
To get started, you just need a fair credit score (around 600) and an income of about $15,000. Make sure you're of legal age in Canada and have your basic info handy.
Best card to build credit: KOHO Prepaid Mastercard
A peach and blue KOHO Prepaid Mastercard.
The KOHO Prepaid Mastercard is a solid choice for those looking to build credit. It combines the benefits of a credit-building program with the perks of cashback rewards. For a modest monthly fee, KOHO's credit-building feature assists users in boosting credit scores. Impressively, the average KOHO user experiences a 22-point increase in their score within a three-month span.
The card offers 1% cash back on certain purchases, with opportunities to enhance rates via premium plans. Its structured credit-building feature, paired with digital convenience, gives you a direct route to healthier credit.
For eligibility, there's no specific credit score or income threshold. You only need to be a Canadian resident who's reached the age of majority in your respective province or territory.
Best free credit card in Canada: Tangerine World Mastercard
A silver Tangerine World Mastercard.
The Tangerine World Mastercard ranks high among Canada's free credit cards. Cardholders can benefit from a 10% cash back on their first $1,000 spent within three months. One of the distinguishing features of the card is flexibility: cardholders can select two categories to earn 2% cash back. That becomes three categories if rewards are directed to a Tangerine Savings Account.
With its Mastercard affiliation, the card ensures broad acceptability globally. It also has perks like worldwide WiFi through Boingo and various travel rewards. The card also has benefits like purchase protection and mobile device insurance.
Best low interest credit card in Canada: MBNA True Line Mastercard
A blue MBNA True Line Mastercard.
The MBNA True Line Mastercard is a top choice for Canadians in search of a low-interest credit card. The card has no annual fee and offers a competitive 12.99% interest rate for both purchases and balance transfers. A strong feature for new cardholders is the 0% interest rate on balance transfers for a year, granted they complete the transfer within the initial 90 days. The feature can be particularly beneficial for those looking to consolidate debt and save on interest.
Apart from financial perks, the card offers additional conveniences like Apple Pay integration, fund transfers, options for additional cardholders, and convenient installment plans. Overall, the MBNA True Line Mastercard strikes a balance between low interest and functionality, making it a good pick for those prioritizing cost-effectiveness.
Best credit card for young adults in Canada: Simplii Financial Cashback Visa
A black and lime green Simplii Financial Cashback Visa Card.
Courtesy of Simplii Financial.
The Simplii Financial Cashback Visa Card is gaining traction among young adults in Canada. With a $0 annual fee and competitive cashback rates, it's little wonder. Particularly appealing is the 4% cash back on spending at restaurants, bars, and cafés. The card offers 1.5% back on essentials like groceries, gas, utility bills, and drugstore purchases. All other expenditures earn a decent 0.5%.
For those who dine out often, the introductory offer is tempting: a 10% cash back at restaurants and bars for the first four months, up to $500, before settling at the regular 4% rate. While there are certain caps in the bonus categories, they allow cardholders to enjoy the accelerated rates without maxing out too soon.
An interesting feature is the card's year-end redemption system. Cash back accumulates throughout the year and is then redeemed in a lump sum at the end of December. The design could be seen as a timely savings boost right around the holiday season.
The transparent structure and the absence of an annual fee make the Simplii Cashback Visa stand out as a suitable card for young adults. Its focus on categories that align with common expenditures and the straightforward cashback mechanism means young Canadians get good value.
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