When managing your finances, having the right credit card can make a big difference. With so many options available, it can be overwhelming to choose the one that best suits your spending needs. To help you make an informed decision, we’ve compiled a list of some of the best credit cards in Canada, along with their features and benefits.
Low-Interest Credit Cards in Canada
If you carry a balance on your credit card from month to month, a low-interest credit card is a way to go. These cards typically have a lower annual percentage rate (APR) than other types of credit cards, which means you’ll pay less in interest charges.
TD Emerald Visa: The TD Emerald Visa offers a low introductory interest rate of 1.99% for the first 6 months, after which the rate increases to 9.99%. It also has a $25 annual fee and rewards you with 1 TD point for every $1 spent.
MBNA True Line Mastercard: The MBNA True Line Mastercard has a low ongoing interest rate of 8.99% and no annual fee. This card is perfect for those who want to save money on interest charges and don’t want to pay an annual fee.
Cash Back Credit Cards in Canada
Cash-back credit cards are ideal for those who like to earn rewards for their spending. These cards typically offer cash back or points for every dollar spent, which can be redeemed for things like travel, merchandise, or statement credits.
Capital One Aspire Travel World Elite Mastercard: The Capital One Aspire Travel World Elite Mastercard offers a generous rewards program, with 4 points for every trip and 2 points for every dollar spent on other purchases. It also has a sign-up bonus of 50,000 points and an annual fee of $150.
Scotiabank Gold American Express Card: The Scotiabank Gold American Express Card offers 4% cash back on gas, groceries and dining, 3% on entertainment, and 1% on all other purchases. It also has a sign-up bonus of 25,000 points and an annual fee of $99.
Travel Credit Cards in Canada
If you’re a frequent traveler, a travel credit card can be a great way to save money and earn rewards for your travel expenses. These cards typically offer perks like free checked bags, priority boarding, and lounge access, as well as rewards that can be redeemed for travel-related expenses.
BMO World Elite Mastercard: The BMO World Elite Mastercard offers a comprehensive travel insurance package, including out-of-province emergency medical coverage, trip interruption insurance, and car rental collision and loss damage insurance. It also rewards you with 3 BMO Rewards points for every dollar spent on travel, dining, and entertainment purchases.
RBC Avion Visa Infinite: The RBC Avion Visa Infinite offers a flexible rewards program, allowing you to redeem your points for travel, merchandise, or statement credits. It also includes perks like concierge service, 24/7 emergency assistance, and exclusive access to RBC Avion experiences.
When selecting a credit card, it is crucial to take into account your spending habits and financial objectives. Whether you prioritize a low-interest rate, cash-back rewards, or travel benefits, there is a credit card tailored to your preferences in Canada. By carefully reviewing the list of the best credit cards in Canada, you can refine your choices and discover the one that aligns perfectly with your requirements.
Considerations such as your typical expenses, whether they are primarily for groceries, gas, dining, or travel, will help you determine which credit card offers the most relevant rewards program. If you frequently carry a balance on your card, finding a credit card with a low-interest rate can save you money in the long run. On the other hand, if you consistently pay off your balance in full each month, a credit card with generous cash-back rewards or travel perks may be more beneficial for you.
Ultimately, choosing the right credit card involves assessing your individual needs and financial situation. By thoroughly evaluating the available options and considering factors such as rewards programs, interest rates, fees, and promotional offers, you can make an informed decision and select the credit card that will best support your financial goals.