9+ Best Credit Cards in Canada for February 2023
By Nick Robert
Choosing the best credit card is essential to help you manage your spending habits and build your credit score. The best credit cards come with cash-back, great travel rewards and other excellent benefits. In this guide, I ranked and reviewed the best credit cards in Canada, along with my top 3 choices summarized below.
Disclosure: We’re reader-supported. When you buy through links on our site, we may earn an affiliate commission at no cost to you
How to pick the best credit card for you
Choosing the best credit cards in Canada can be difficult, as there are many different options.
When choosing the best credit card in Canada, you will want to consider the cash rewards rate, bonus rewards & sign-up offers, annual fee & the interest rate charged on purchases. I reviewed all the credit cards I could find with offers from different banks and credit card companies to compile this list for you. Let’s get into it!
Best credit cards in Canada:
I have ranked and reviewed many of the top credit cards in Canada and broke it down to the top 10 options. You can use this list to find the card that best suits your individual needs. Below are my top choices for the best credit cards in Canada!
- SimplyCash Preferred Card from American Express – Best overall credit card
- BMO CashBack World Elite Mastercard – Best cash back credit card
- American Express Aeroplan Reserve Card – Best travel rewards credit card
- Students BMO CashBack Mastercard – Best student credit card
- Crypto.com Credit Card/prepaid visas – Best Crypto Currency credit card
- Brim World Elite Mastercard – Best no annual fee credit card
- RBC Avion infinite business – Best credit card for business owners
- American Express Cobalt Card – Best easy to qualify for credit card
- MBNA True Line Gold Mastercard – Best low interest credit card
- KOHO Premium Prepaid Mastercard – Best prepaid credit card
Best overall credit card: SimplyCash Preferred Card from American Express
This is my pick for the top overall credit card in Canada because it earns you 2% cash rewards on all purchases, with a reasonably low annual fee. It is excellent to use and not consider whether it is for an eligible purchase.
Highlights:
- Rewards rate: 2% on all purchases
- Sign up offer/welcome bonus: 10% cash back for the first four months up to $320
- Annual fee: $99/year
- Interest rate: 19.99% on all purchases, 21.99% on cash advances
This credit card is a great choice to earn rewards on all purchases, with a reward rate of 2% for all spending categories, with a low annual fee. This simplifies your purchase decisions and is applicable for most scenarios.
Pros:
Cons:
Best cash back credit card: BMO CashBack World Elite Mastercard
This is my pick for the best cash back credit card in Canada because it has a great sign-up offer, the annual fee is waived for the first year & the highest rewards rate on grocery purchases.
Highlights:
- Rewards rate: 1-5% depending on purchase category
- Sign up offer/welcome bonus: First year annual fee waived and 10% cash back for three months
- Annual fee: First year annual fee waived, $120/year after year 1
- Interest rate: 20.99% on everyday purchases, 23.99% for cash advances
Most Canadians’ spending habits include eligible purchases at grocery stores. This card offers the highest cash back rewards on grocery purchases at 5%! With no annual fee and 10% cash rewards for three months on credit card purchases, this is a great cash back credit card choice.
Pros:
Cons:
To read more about my other top picks for cash back credit cards in Canada, click here
Best travel rewards credit card: American Express Aeroplan Reserve Card
This is my pick for the best travel rewards credit card in Canada because you can earn up to $3,100 or more in your first year!
Highlights:
- Rewards rate: 1.25-3x Aeroplan rewards
- Sign up offer/welcome bonus: up to 110,000 welcome bonus Aeroplan points
- Annual fee: $599
- Interest rate: 19.99% on everyday purchases, 21.99% for cash advances
This Canadian credit card is excellent for travel rewards and has a solid welcome bonus. You can earn 60,000 points after spending $6,000 in net purchases within the first six months. Also, earn 5,000 additional Aeroplan points for each monthly billing period where you pay $1k in purchases on your card for the first six months + 10x the Aeroplan points on eligible eats and drinks.
Pros:
Cons:
Best student credit card: Students – BMO CashBack Mastercard
This is my pick for the best Canadian credit card for students because there is no annual fee, a fantastic welcome offer of 5% cash back for the first three months & no income requirement.
Highlights:
- Rewards rate: 0.5% – 3% on purchases
- Sign up offer/welcome bonus: 5% cash back in the first 3 months
- Annual fee: $0 – No annual fee!
- Interest rate: 20.99% on everyday purchases, 22.99% for cash advances
This is an excellent student credit card and is specifically targeted at students. While other Canadian credit cards may have cash back rewards, they generally also have an annual fee and eligibility requirements that can be difficult for a student to qualify for. This would also make a great no fee credit card choice. I’ve done a complete break down of the best student credit cards in Canada for more options!
Pros:
Cons:
Click here for all of the best Mastercard options in Canada
Best Crypto Currency credit card: Crypto.com Credit Card/prepaid visas
I picked Crypto.com’s selection of available cards because you can earn up to 5% crypto rewards + other benefits.
Highlights:
- Rewards rate: 0-5% depending on how much CRO is staked as collateral
- Sign up offer/welcome bonus: Free Spotify and Netflix for first 6 months on two lower tiered cards (less staked)
- Annual fee: No annual fee
- Interest rate: Not applicable – works as a prepaid credit card that uses your staked crypto
Crypto.com’s credit cards are prepaid visa cards that allow you to use your crypto holdings more easily for everyday purchases. If you have a large crypto balance with crypto.com, you can use this credit card to take advantage of significant savings like free Netflix, Spotify, and Amazon Prime. If you have a very high balance, you can also get great travel discounts at Expedia, Air BnB and free airport lounge access for you and one guest.
Pros:
Cons:
Crypto.com also made my list as one of the best crypto exchanges in Canada.
Best no annual fee credit card: Brim World Elite Mastercard
This is my pick for the best no annual fee credit card because it offers 2 points for every $1 spent.
Highlights:
- Rewards rate: 2 points ($0.02) for every $1 spent and more on select eligible purchases
- Sign up offer/welcome bonus: Up to 30x points back at eligible grocery stores & retailers
- Annual fee: $0
- Interest rate: Vary by card member but around the 20% mark on purchases
This Canadian credit card has so many benefits with no annual fee that it blows the competition out of the water. This is a great option and is one of the better overall picks for a Canadian credit card.
Pros:
Cons:
Best credit card for business owners: RBC Avion infinite business
The RBC Avion Infinite business credit card is my pick for the best credit card for Canadian business owners because it offers 1.25% rewards on all purchases with industry-leading reporting tools to help you manage your spending habits for your business.
Highlights:
- Rewards rate: 1.25% on all eligible purchases
- Sign up offer/welcome bonus: 25,000 points
- Annual fee: $175 for the first card, and $75 per additional card
- Interest rate: 19.99% on purchases, 22.99% on cash advances
As far as Canadian credit cards go, you can’t beat a visa card, as most retailers widely accept it. With low annual fees covered by the welcome bonus and the extra reporting tools to help you understand your spending habits, this card is an excellent option for business owners.
Pros:
Cons:
If you are looking to start an online business, this card is a great choice. Click here to learn how to make money online in Canada & click here to see the best business to start in Canada.
Best easy to qualify for credit card: American Express Cobalt Card
This is my pick for the top overall credit card in Canada because it has a great sign-up offer of 30,000 points ($300 value) & some of the highest reward rates (5%) on eligible restaurants or food delivery.
Highlights:
- Rewards rate: 2 points ($0.02) for every $1 spent and more on select eligible purchases
- Sign up offer/welcome bonus: Up to 30x points back at eligible grocery stores & retailers
- Annual fee: $0
- Interest rate: Vary by card member but around the 20% mark on purchases
With high cash rewards, a definite welcome bonus and no income qualification requirements, this is an excellent pick for anyone looking to build their credit history while earning cash rewards.
Pros:
Cons:
Best low interest credit card: MBNA True Line Gold Mastercard
This is my pick for the best low interest credit card because of the low interest rate on purchases & balance transfers at 8.99%. This is one of the best balance transfer credit card options for Canadians.
Highlights:
- Rewards rate: 0
- Sign up offer/welcome bonus: low interest charges
- Annual fee: $39
- Interest rate: 8.99% on purchases, 8.99% on balance transfers, 24.99% on cash advances
This card is the best balance transfer and low-interest credit card with a very low annual fee. This can be a lifesaver if you carry high balances on your credit card. With interest rates skyrocketing, this interest charge on purchases is not much higher than a home equity line of credit.
Pros:
Cons:
Best Prepaid Credit Card: KOHO Premium Prepaid Mastercard
The KOHO Premium Prepaid Mastercard is my top pick for prepaid credit card as it has lowly monthly fees, great cash-back rewards and you can earn interest on your prepaid account balance. Unlike most credit cards in this list, it also qualifies for cash-back grocery purchases at Costco and Walmart
Highlights:
- Rewards rate: 2% on groceries (including Costco and Walmart), transport, eating & drinking. 0.5% cash-back on all other purchases.
- Sign up offer/welcome bonus: $20 referral fee & up to 5% rewards at KOHO partnered merchants
- Annual fee: $84
- Interest rate: N/A
This card is easy to qualify if you have a poor credit score and you do not have to worry about racking up debt, as you can only spend what you load on the card. It’s accepted wherever Mastercards are accepted. You can my full review of KOHO’s Mastercards here.
Pros:
Cons:
Why use a credit card?
Build your credit score
You are building up your credit score by using credit cards and paying them off in full. The higher your credit score, the better the credit card you can get. Additionally, by getting a credit card, the additional credit you have but don’t use will also improve your credit utilization and help to build your credit score.
Click here to learn more about how to improve your credit score
Save money and manage your spending habits
You can save money by taking advantage of a welcome bonus & rewards credit cards and using a credit card to pay for your everyday purchases. It’s also easy to manage your spending habits and track against a budget if your spending is all categorized on your monthly statement instead of trying to remember what cash you spent for a purchase.
Click here to learn more about personal finance
Purchase protection
Most credit cards offer you purchase protection on your purchases. This gives you more power as a consumer and protects you from issues from vendors. A credit card primarily benefits you without additional transaction fees for the consumer.
Conclusion
I hope this list of the best credit cards in Canada helped you identify which credit card may be right for you. Over time I will add more credit cards to the list, so be sure to check back.
About the Author
Nick Robert is the founder and creator of Nickrobert.com. I created this website to educate Canadians about everything related to personal finance. As a Chartered Professional Accountant & Chartered Accountant, I have worked with many Canadians to achieve their personal finance goals.
To contact me, you can visit my contact page to email me directly, or you can visit and participate in my subreddit. Let me know about any topics you would like me to cover. If you are interested in guest posting on this website, message me through the contact page.
