There are few financial decisions as important as deciding which credit card to use. While every Canadian will have different financial needs and preferences, some credit cards stand out above the rest. In this WealthRocket article, we show you the best credit cards in Canada, including the best travel credit card, best prepaid credit card, best overall credit card, and more.
Best Credit Cards in Canada
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Why you can trust us
The team at WealthRocket only recommends products and services that we would use ourselves and that we believe will provide value to our readers. However, we advocate for you to continue to do your own research and make educated decisions.
Our picks
Best overall credit card
American Express Cobalt Credit Card
Rewards
- 5pts Earn 5x the points on food and drinks, including restaurants and food delivery purchases.
- 3pts Earn 3x the points on streaming subscriptions including Netflix, Disney+, and Crave.
- 2pts Earn 2x the points on travel and transit including flights and public transportation.
- 1pt Earn one point on all other purchases.
- Welcome Offer Up to 30,000 Membership Points Terms apply.
- Annual Rewards $1029 Learn how we calculate this.
- Annual Fee $155.88
- Minimum Income Required None
Pros
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Flexible rewards redemption for nearly every purchase you make with your Cobalt card.
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Maximize points on everyday purchases.
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Comprehensive travel, mobile device, and purchase protection insurance when you book with your Cobalt card.
Cons
- The Cobalt card costs $12.99 a month, which works out to be an annual fee of $155.88.
- The annual interest rate is 20.99%, which is not recommended for those with a balance.
The American Express Cobalt card is recommended for those looking for a low-fee card that features a flexible rewards program. You’ll quickly earn points on purchases you’re already making, like streaming subscriptions, and you’ll rest easy knowing you have a thorough insurance plan abroad (and at home).
Why we picked it
The best overall credit card we’ve reviewed is the American Express Cobalt Card. It has an unbeatable blend of rewards and flexibility tailor-made for avid travellers and food enthusiasts alike. Every spend feels rewarding with its impressive 5 point per dollar return on dining and food delivery, ensuring every meal, whether at a restaurant or home, counts.
The true power of the American Express Cobalt card lies in its Membership Rewards and Cobalt Perks programs. The perks are always changing, but in the past, you could earn $15 when you spend at least $60 on seasonal deals online at Indigo, a prime example of the card’s added rewards when you shop. At the same time, you earn one more Membership Rewards point per dollar on hotel and car rental bookings. This card transforms your everyday spending into a source of continuous benefits, making it an ideal choice for individuals seeking to maximize their rewards potential.
Comparatively, while other cards might offer similar rewards without an annual fee, the Cobalt’s superior everyday earning potential and flexible reward options make it the top choice. If you’re looking for a card that offers unmatched daily value with amazing rewards, the Cobalt Card is your undisputed champion.
Note: the best overall credit card is typically rated as the card that will net you the most rewards with a solid hybrid of insurance, perks, and exclusive offers.
Best cash back card
SimplyCash® Preferred Card from American Express
Rewards
- 4% Earn 4% cash back on eligible gas station purchases made in Canada.
- 4% Earn 4% cash back on eligible grocery store purchases in Canada — up to $1,200 annually.
- 2% Earn 2% cash back on all other purchases with no limit.
- Welcome Offer Up to $400 in statement credits in the first 10 months Terms and conditions apply.
- Annual Rewards $636 Learn how we calculate this.
- Annual Fee $9.99 a month ($119.88 total per year)
- Minimum Income Required None
Pros
- Mobile device insurance up to $1,000 if you buy your phone with the card
- Cash back bonus for referring
a friend
- Exclusive event ticket access through American Express
- Travel insurance for trips purchased with the card
Cons
- Cash back on groceries limited to $1,200 a year
- No travel points collection program
The SimplyCash Preferred card from American Express is a great option for those looking to get the most out of their essential daily purchases, while also travelling enough to make use of the card’s travel insurance and online booking deals. However, frequent flyers may miss getting extra points on travel that can lead to free flights. To get a comprehensive understanding of the card, continue reading our detailed review below.
Why we picked it
The best cash back credit card we’ve reviewed is the SimplyCash Preferred Card from American Express. Tailor-made for individuals seeking substantial cash back rewards, this card stands out with its impressive 2% cash back on all eligible purchases. Every spend feels rewarding with this feature. With no limit on how much cash back you can earn and a straightforward redemption process, the SimplyCash Preferred Card simplifies the path to maximizing your earnings.
The true power of the SimplyCash Preferred Card lies in the gas and grocery cash back it offers. Cardholders can enjoy 4% cash back on gas and grocery purchases. The essential nature of the three cash back categories makes it easy to get your earnings in. It’s like putting money back in your pocket every time you use it. Plus, you benefit from tailored Amex offers that reward you for spending at your favourite shops.
Comparatively, while other cards might offer higher earn rates on travel and transit, the SimplyCash Preferred Card’s superior everyday earning potential make it a standout choice for those who value simplicity and substantial cash back rewards. You can always explore more cash back credit cards, but if you’re looking for a card that offers unmatched daily value with amazing rewards, the SimplyCash Preferred Card is our top choice.
Best no annual fee card
Tangerine World Mastercard
Rewards
- 2% Earn 2% cash back in up to three spending categories, when you deposit your rewards to a Tangerine savings account.
- 0.5% Earn 0.5% cash back on all other purchases.
- Welcome Offer 10% cash back on up to $1000 Terms and conditions apply
- Annual Fee $0 Learn how we calculate this.
- Annual Rewards $282
- Minimum Income Required $60,000 personal; $100,000 household
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Pros
- No annual fee
- Unlimited cash back
- Travel perks
Cons
- High qualifying income requirements
- Short period for a lower-interest balance transfer
- No annual fee
The Tangerine World Mastercard is a no-annual-fee cash back credit card designed for the everyday spender who also likes to travel. This card boasts impressive travel perks, such as airport lounge access and Mastercard Travel Rewards, making it an enhanced version of its counterpart, the Tangerine Money-Back credit card. That said, it does have higher qualifying requirements.
Why we picked it
The best no annual fee credit card we’ve reviewed is the Tangerine World Mastercard. It effortlessly combines savings with spending power, tailor-made for budget-conscious consumers who don’t want to compromise on benefits. Every purchase becomes an opportunity to save, with its customizable 2% cash back categories allowing cardholders to choose where they earn the most.
The true allure of the Tangerine World Mastercard lies in its ability to provide premium perks without a yearly cost. From mobile device insurance to rental car coverage, cardholders can enjoy a suite of benefits that are typically reserved for cards with hefty annual fees. And, with no limits on the cash back earned, the savings potential is truly unlimited.
Comparatively, the Tangerine World Mastercard outshines many no annual fee cards with its generous cash back and added benefits, like the Mastercard Travel pass that provides exclusive dining, shopping, and spa offers at more than 650 global airports. For more top contenders, see our roundup of the best no annual fee cards. However, for top-tier features without the price, the Tangerine World Mastercard remains unmatched.
Best travel card
American Express Cobalt Credit Card
Rewards
- 5pts Earn 5x the points on food and drinks, including restaurants and food delivery purchases.
- 3pts Earn 3x the points on streaming subscriptions including Netflix, Disney+, and Crave.
- 2pts Earn 2x the points on travel and transit including flights and public transportation.
- 1pt Earn one point on all other purchases.
- Welcome Offer Up to 30,000 Membership Points Terms apply.
- Annual Rewards $1029 Learn how we calculate this.
- Annual Fee $155.88
- Minimum Income Required None
Pros
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Flexible rewards redemption for nearly every purchase you make with your Cobalt card.
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Maximize points on everyday purchases.
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Comprehensive travel, mobile device, and purchase protection insurance when you book with your Cobalt card.
Cons
- The Cobalt card costs $12.99 a month, which works out to be an annual fee of $155.88.
- The annual interest rate is 20.99%, which is not recommended for those with a balance.
The American Express Cobalt card is recommended for those looking for a low-fee card that features a flexible rewards program. You’ll quickly earn points on purchases you’re already making, like streaming subscriptions, and you’ll rest easy knowing you have a thorough insurance plan abroad (and at home).
Why we picked it
The best travel credit card we’ve reviewed is the American Express Cobalt credit card. This card is tailor-made for young professionals who love to travel and dine out, making it a perfect fit for those who seek adventure and great cuisine. Its most notable feature is the rewarding 5 points per dollar return on restaurants and food delivery, elevating every dining experience. However, what truly sets the Cobalt card apart is its exceptional travel benefits.
The true power of the American Express Cobalt card lies in its Fixed Points Travel Program and American Express Travel Online booking system. Cardholders can redeem Membership Rewards Points on the base ticket price of eligible flights, making travel more affordable and accessible. Additionally, the card offers generous points transfers different airlines and hotel partners, providing unparalleled opportunities for exclusive deals on accommodations, flexible point redemption, and unforgettable travel experiences. For example, you can transfer your Membership Rewards points to six different airlines, expanding your options for free flights and upgraded experiences.
Comparatively, while other cards might offer better returns on daily essentials like gas and groceries, the American Express Cobalt card’s superior travel redemption options, elevated experiences, and comprehensive security and coverage while you’re traveling make it the top choice for globetrotters. If you’re in search of a credit card that offers exceptional travel benefits, combined with its dining rewards, the American Express Cobalt card is your ideal companion.
Best secured card
Neo Secured Credit
Rewards
- 15% Earn 15% cash back on first-time purchases at participating partners.
- 5% Earn an average of 5% unlimited cash back at thousands of Neo partners.
- 0.5% Earn 0.5% guaranteed top-up cash back, up to $50.
- Welcome Offer Earn up to 15% cash back rewards on your first purchase at select partners Terms and conditions apply.
- Annual Rewards $155 Learn how we calculate this.
- Annual Fee $0
- Minimum Income Required None
Pros
- Average of 5% cash back, which is a rarity for secured credit cards
- No annual or overdraft fees
- Robust perks program
- Low security deposit requirement ($50)
Cons
- Rewards only available at Neo partners
- Only reports to one of the two credit reporting agencies
The Neo Secured Credit card is best for those who want to improve their credit, but also want to enjoy cash back and other rewards. While most secured credit cards require a hefty security deposit, the Neo Secured card requires just $50. Applicants also won’t get a hard inquiry on their credit report when applying — another plus.
Why we picked it
The best secured credit card we’ve reviewed is the Neo Secured Credit Card. Tailor-made for individuals who are keen on building their credit while simultaneously earning cash back, this card offers a unique value proposition that sets it apart in the market. Every spend feels rewarding with its remarkable feature: a 15% cash back rate on first-time purchases at participating Neo partners. This exceptional cash back rate allows cardholders to not only improve their credit but also enjoy substantial cash rewards with every eligible purchase. The Neo Secured Credit Card is an ideal choice for those looking to enhance their financial standing while reaping the benefits of cash back rewards.
The true power of the Neo Secured Credit Card lies in its guaranteed approval, absence of annual fees, and the potential for unlimited cash back. Following the initial 15% cash back, this card offers an average cash back rate of 5% on all subsequent transactions. Moreover, its unique security funds feature ensures that cardholders don’t exceed their credit limits, providing a secure and controlled approach to building credit. This combination of accessible credit building and generous cash back opportunities makes the Neo Secured Credit Card a standout choice for those seeking to responsibly manage their credit while enjoying financial rewards.
Comparatively, while other cards might offer better complimentary insurance coverage and exclusive experiences, the Neo Secured Credit Card’s accessible credit-building power combined with its cash back rewards make it a top contender in the secured credit card category. It’s a smart choice for those who want to rebuild their creditworthiness while enjoying the perks of cash back on their purchases. But, feel free to explore more of the best secured credit cards in Canada.
Best student card
BMO CashBack® Mastercard®* for students
Rewards
- 3% Collect 3% back on grocery purchases, up to $500 in monthly spend.
- 1% Collect 1% back on recurring bill payments, up to $500 in monthly spend.
- 0.5% Collect 0.5% back on all other purchases.
- Welcome Offer 5% cash back on up to $2,500 in purchases made in the first three months ($125 maximum) Terms and conditions apply.
- Annual Rewards $270 Learn how we calculate this.
- Annual Fee $0
- Minimum Income Required None
Pros
- No annual fee
- Welcome bonus
- Strong cash back rate on groceries
- Flexible cash back redemptions
Cons
- Lack of additional benefits
- Low spending caps on cash back rates
- 3% cash back doesn’t apply to convenience stores, bakeries, and specialty shops
The BMO CashBack Mastercard for students is a solid credit card for students looking to earn rewards on common spending categories like groceries, streaming services, and subscriptions. With no annual fee, an attractive welcome bonus, flexible redemptions, and useful discounts, it’s well-suited for students who want to maximize cash back earnings from their daily spending.
Why we picked it
The best student credit card we’ve reviewed is the BMO CashBack Mastercard for Students, tailor-made for those who need cash rewards on everyday purchases. What sets this card apart is its introductory offer; cardholders can enjoy up to a 5% cash back rate in the first three months. This promotion ensures that every spend feels rewarding right from the start, setting it apart from other student credit cards.
The true power of the BMO CashBack Mastercard for Students lies in its regular cash back feature. Cardholders can earn 3% cash back on groceries and 1% cash back on recurring bill payments, effectively pocketing more money for essential purchases and monthly expenses. This card offers unparalleled opportunities for building a more flexible student budget. Additionally, you’ll earn every time you spend, as the card provides 0.5% cash back on all other purchases, making it a practical choice for students looking to maximize their cash rewards.
Comparatively, while other cards might offer better travel insurance and perks, the BMO CashBack Mastercard for Students stands out for its practical cash back rates and accessible eligibility requirements. For students seeking a card that offers guaranteed cash back with flexible cash redemption, the BMO CashBack Mastercard for Students is the undisputed champion in its category. If you’re looking to earn while you spend and save on everyday essentials, this card is a top choice for student finances.
Best prepaid card
Wealthsimple Cash Card
Rewards
- 1% Earn 1% cash back on every purchase.
- 4% Earn 4% interest on accounts with any balance.
- 4.5% Earn 4.5% interest on accounts with a balance of $100,000 or more.
- 5% Earn 5% interest on accounts with a balance of $500,000 or more.
- Welcome Offer None
- Annual Rewards $240 Learn how we calculate this.
- Annual Fee $0
- Minimum Income Required None
Pros
- High-interest earnings
- No account fees
- Automated investing
- No foreign exchange fees
- Increased CDIC protection of $300,000
Cons
- Won’t help you build credit
- Premium features only available with significant asset holdings
The Wealthsimple Cash Card offers a unique financial opportunity for those who want to actively invest in stocks or cryptocurrencies while enjoying a 1% cash back benefit on their purchases. This prepaid card can also be a valuable tool for individuals seeking to manage their spending more effectively, as it restricts expenditures to the loaded amount. It does not, however, help you build credit.
Why we picked it
The best prepaid credit card we’ve reviewed for individuals seeking a dynamic blend of banking and investment benefits is the Wealthsimple Cash Card. Tailor-made for those who want the advantages of a chequing and high-interest savings account combined, this card is set to improve your financial journey. Every spend feels rewarding with its 1% stock, crypto, and cash back rate on all purchases. This unique feature sets the Wealthsimple Cash Card apart, allowing you to build your wealth with every transaction.
The true power of the Wealthsimple Cash Card lies in its cash account interest rate, providing a 4% base rate, which can increase to 5% for Generation clients. This means you can save while spending. The more you have saved, the more you earn. For instance, you’ll receive 4% interest on any balance, 4.5% on $100,000 or more, and an impressive 5% on balances of $500,000 or higher, making this card an exceptional choice for savers.
Comparatively, while other cards might offer more cash back, the Wealthsimple Cash Card’s $0 account fee, no foreign transaction fees, and investment potential set it leagues apart. If you’re looking for a card that offers high-interest on savings combined with investment earnings and no credit risk, the Wealthsimple Cash Card is for you. It’s a financial companion that not only simplifies your banking but also empowers you to build wealth, making it the ideal choice amongst other prepaid credit cards.
Notable offers from our partners
Earn 2% Money-Back Rewards on purchases in two 2% Money-Back Categories of your choice, and 0.50% Money-Back Rewards on all other purchases
Tangerine Money-Back Credit Card
How we select our cards
When evaluating credit cards on our website, we use a comprehensive and unbiased methodology.
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Spending scale
Every card is analyzed on a $2,000 monthly spending scale, adjusted per the card’s category to ensure realistic spending reflections.
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Features analysis
With close scrutiny of almost 100 available credit card features, we ensure each card is benchmarked against the standard for its category. Depending on the category, further adjustments are made for elements like fees, card type, and more.
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User-centric analysis
Recognizing that every card has its own target audience, our formulas are crafted with a deep understanding of who’s using the card. This means we don’t just generalize; we focus on delivering insights that truly resonate with potential card users.
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Diverse category analysis
Our reviews dissect cards based on major categories, such as rates and fees, offers, rewards, various insurances (like travel, car rental, and purchases), and other perks. Depending on the card’s nature, some categories might be omitted for a precise and fair evaluation.
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Impartial
Importantly, our ratings remain impartial. They’re never influenced by affiliates or sponsors.
Recent updates
| October 31, 2023: | Added rationale for selection of each credit card in each category. |
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What is a credit card?
A credit card is a plastic (or sometimes metal) card issued to a customer by banks or various companies. It allows the cardholder to make purchases with borrowed money, also known as credit. Credit cards charge interest on purchases and grant a grace period to pay their bills.
Credit cards usually offer some cash back or rewards with each purchase made. They also tend to come with sign-up or welcome offers. Most credit cards help customers build up their credit score through their credit reports.
When signing up for a credit card, there are several qualifications one must meet. These could range from a minimum income requirement to a minimum credit score.
Types of credit cards
While credit cards are not necessarily exclusive to one category, most often have a defining feature that places them in one of the following classes:
Cash back credit cards
With a cash back credit card, you earn cash as you spend. The amount of cash you receive depends on specified cash back rates per spending category (for example, groceries, gas, etc.) The cash you earn can be redeemed to your savings or as a statement credit.
No annual fee credit cards
This type of card boasts having no monthly or annual fee to use the card.
Travel credit cards
Travel cards often have great welcome offers to help fund your vacation but also extensive travel insurance to keep you covered. Reward programs are also part of what makes a travel card valuable, allowing cardholders to accumulate points for redemption on flights, accommodation, and more.
Secured credit cards
A secured card requires a financial deposit that insures your spending. The amount deposited becomes your credit limit. By making payments on time, you can improve your credit score.
Student credit cards
Student credit cards are usually easy to qualify for to ensure those living with student expenses can still build credit while making a lower income.
Prepaid credit cards
Unlike secured cards, prepaid credit cards only allow you to spend what you’ve loaded on to the card, making it impossible to get in to debt. However, they don’t affect your credit score.
