The Best Canadian Credit Cards In 2023 Were Ranked — Here’s How To Get More Value For Your $$$
Yeah, 'cause choosing a good credit card is no easy task.
A sign on an ATM with the logos indicating the credit and debit pay cards accepted, that include Visa, Interac and Cirrus,.
You're gonna want a credit card that offers you great rewards, but also one that can be used for travel, supports Air Miles, and has cash back, too. Oh, and are you okay with paying an annual fee? Yeah, for many, that's a bunch of mumbo jumbo that makes navigating the world of credit all the more confusing. Fortunately, one company breaks it all down.
If you need a little bit of help (or a lotta bit), Milesopedia specializes in loyalty programs and credit cards. It ranked the best credit cards in Canada for 2023 based on individual needs.
\u201c\ud83c\udfc6 Voici notre classement des meilleures cartes de cr\u00e9dit au Canada en 2023 https://t.co/bQp4FKxAeh\u201d— Milesopedia (@Milesopedia) 1673352814
"As you know, there is no ONE best credit card for everyone – everyone’s needs and abilities differ," says Milesopedia.
The ranking was divided into several categories according to the four main criteria: best credit card for everyday life, for travel, according to the customer's profile and according to the Milesopedia network, which is made up of a group of partners with expertise in comparing the many different credit cards offered across Canada.
Here are some of the best credit cards in Canada in 2023:
What are the best credit cards in Canada for travel?
"Credit cards offering access to airport lounges, travel credits to improve comfort, insurance to cover all contingencies, or the absence of conversion fees for foreign currency transactions stood out in this ranking.," Milesopedia wrote.
The top card for travel is National Bank's World Elite Mastercard, while the Mastercard HSBC World Elite is the best for no international conversion fees, which is a blessing since those fees can add up.
National Bank also comes out on top with its World Elite Mastercard for travel insurance, while the Marriott Bonvoy American Express took the top spot for the best credit card in Canada in 2023 for hotels.
What are the best credit cards in Canada for everyday use?
"Canadians are looking for products that can help them save money on expenses such as groceries, gas, recurring bills or drugstore purchases," said Milesopedia.
The company highlighted several credit cards including the CIBC Dividend Visa Infinite for cash back, the Scotiabank Gold American Express Gold for groceries, and the BMO eclipse Visa Infinite for gas and transportation.
Milesopedia also ranked the American Express Gold Rewards credit card as the best credit card in Canada for pharmacy purchases. As for online shopping, the HSBC Cash Rewards Mastercard took the top spot.
If you like to dine out, the American Express Cobalt is the best credit card for dining.
What is the best credit card in Canada for students?
The CIBC Dividends Visa for students is the best credit card in Canada for students in 2023, according to Milesopedia's research.
The company also ranked the American Express Cobalt as the best credit card in Canada for young professionals.
What is the best credit card in Canada for families?
The Scotiabank Gold American Express was ranked as the best credit card in Canada for families in 2023, per Milesopedia.
What is the best credit card in Canada for newcomers?
If you're new to Canada and want to get your first Canadian credit card, Milesopedia suggests applying for the NBC mycredit Mastercard.
This article's cover image was used for illustrative purposes only.
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