Whether you’re looking for massive welcome bonuses, abundant rewards, generous cashback or 0% rates, GreedyRates’ round-up of Canada’s Best Credit Cards for 2016 outperform the rest.
Far too many Canadians leave hundreds, if not thousands of dollars on the table, simply by using the wrong credit card. We challenge everyone to open their wallets and compare their cards to those listed below.
With over 187 of the best credit cards in Canada evaluated, this is a phenomenal place to start your search for more value, more perks and more flexibility. Sometimes you don’t want to go through the hassle of sorting and comparing each and every card. We’re pretty confident one of these cards will blow your wallet away. Find the best credit cards for you now!
Check-out our updated suggestions for 2017 here!
GreedyRates’ Best Credit Cards in Canada
Best Credit Card Offer For December 2016
Scotiabank Gold American Express Card
Until January 31, 2017 the Scotiabank Gold American Express Card is currently waiving the $99 annual fee and offering a 20,000 point welcome bonus, worth $200 in travel. You earn the equivalent of 4% on your gas, grocery, dining and entertainment purchases and 1% everywhere else.
With no annual fee in the first year, you get $200 worth of travel credits you can apply to any travel purchase that appears on your credit card statement- offering total flexibility to book with any airline, hotel, cruise line or resort whenever you want, however you want.
There’s absolutely zero down side to getting this offer. All you have to do is spend $750 in the first 3 months and the $200 credit is yours. With no annual fee, that’s free money!
Best Credit Card For Rewards
MBNA Rewards World Elite
The MBNA Rewards World Elite is transparent, super flexible (cash back, travel or points) and offers the highest flat earn rate of any rewards card in Canada of 2% on all spend, with absolutely no limits. You earn 2 points per dollar spent, with each point worth 1 cent.
What makes the card truly unique is the complete flexibility of its rewards program – redeem your points when you want and how you want. For example, you can request that your points be redeemed as cash back and deposited into a checking or savings account of your choice, as a check mailed to you, or as a statement credit. You can also use your points in MBNA’s rewards catalogue or travel center.
The MBNA Rewards World Elite comes with a $100 welcome bonus, and a low annual fee of $89. The $89 annual fee is the lowest of any card offering a flat 2% earn rate in Canada. It also makes for a great 2% cash back card at Costco!
The MBNA Rewards World Elite also comes with a strong insurance and benefits package including the basics like car rental insurance, $1,000,000 accidental death & dismemberment, extended warranty and some really unique benefits like price protection and concierge services. This card separates itself from the best credit cards in Canada with its rich rewards rate, flexibility, and transparency.
Best Credit Card For CashBack
Tangerine Money-Back Credit Card
The Tangerine Money-Back card has turned the Canadian cashback credit card market on its head with the richest cashback rate of any no fee card in the country with none of the limits, caps or fine print.
First, YOU get to choose from 2 or 3 bonus spending categories. No other credit card in Canada allows you to choose your bonus categories.
Second, you earn 2% in your bonus categories, and 1% everywhere else, with no limits. That gives you more cashback than any other no fee cashback credit card in Canada. Period. How much more? If you spent $1,100 a month, you’d earn $312 cashback with the Tangerine MasterCard, but only $99 with the TD Cash Back MasterCard.
Third, you can change your bonus categories to optimize cashback as your spending patterns change.
Fourth, your cashback is automatically applied as a statement credit, or deposited into your Tangerine savings account, EVERY single month. Many cash back cards only allow you to redeem your cashback at the end of the year (Scotia, Amex, BMO). If you cancel your card before then, you lose all your rewards. Clearly one of the best credit cards in Canada. Clearly the best no fee cashback card in the country.
Best Credit Card For Travel
American Express Gold Rewards Card
This card truly is the gold standard in Canada. It offers a phenomenal welcome bonus, great flexibility, superb point earning opportunities and robust insurance. Here’s why it sets the bar among the aficionados:
First, it offers tremendous flexibility. You can either redeem your points for their cash value against any travel expense or you can convert them to Aeroplan or British Airways Avios miles at a 1:1 ratio for free. That feature alone makes it the highest earning Aeroplan credit card in Canada!
Second, it provides superb earning power. You get 2 points per dollar spent in the 4 categories of gas, grocery, pharmacy and ALL travel purchases and 1 point everywhere else. Earn 25,000 points its’ worth $250. Or, you can convert them to Aeroplan miles and get 25,000 miles enough for a free long-haul round-trip.
Third, it comes with a great welcome bonus. There’s no annual fee in the first year and it comes with a 25,000 point welcome bonus, which is either worth $250 if you redeem against your travel expenses, or it’s worth 25,000 Aeroplan miles, which is enough for free round-trip airfare to anywhere in continental North America. With no annual fee in the first year, it’s truly free to try before you buy and so is the free flight!
Best Credit Card For Balance Transfers
MBNA Platinum Plus MasterCard
Do you have credit card debt? Are you paying high interest rates on your credit card balances? If so, transferring your balance to the MBNA Platinum Plus MasterCard is the absolute cheapest solution – better than a line of credit, better than a personal loan. You can’t beat 0%.
The MBNA Platinum Plus MasterCard has no annual fee and offers a 0% interest rate for 12 months on transferred balances, with a 1% transfer fee. If you’re paying 19.9% interest on a credit card balance of $5,500 your paying approximately $965 in interest a year! You’ll pay $0 in interest payments for a full year with the MBNA Platinum Plus MasterCard. 100% of your payments will go towards paying down your principle. This card clearly tops the best credit cards in Canada to get rid of your current debt cheaply and quickly.
Best Credit Card For A Low Interest Rate
MBNA TrueLine MasterCard
Th MBNA TrueLine MasterCard is perfect if you carry a credit card balance from time to time. It’s one of the few low interest credit cards in Canada with no annual fee, and offers interest rates between 5.99% and 14.99% depending on your credit score. What makes this card unique is that MBNA allows you to find your rate BEFORE you apply, without impacting your credit score – one of the only cards in Canada to do so!
If you carry a balance occasionally, a low rate of 5.99%, can be a great alternative to carrying a balance at 19.99% to 29.99%. You should always carry more than one credit card in your wallet, in case one gets lost, stolen or blocked. With no annual fee, the MBNA TrueLine MasterCard is a perfect back-up card for your wallet, allowing you to access a low interest rate when you need it.
Best Credit Card For Students
BMO SPC MasterCard
First, it allows you to get access to a credit card without any co-signature, part-time income or credit history requirement. Some student cards, such as the Scotia Scene Visa card, require proof of part-time income.
Second, get the BMO SPC MasterCard and you get FREE membership into the SPC student discount program, worth over $40. You’ll also get 10%-15% off, in addition to your credit card rewards, at Canada’s biggest and best retailers including Aldo, American Eagle, Forever 21, Taco Bell, Urban Outfitters, Pizza Pizza etc… No other student credit card comes close to offering that type of value.
Third, get great credit card rewards with no annual fee. Either get the no fee cashback card, offering 1% cashback on all spend (comes with a limited time $60 cashback welcome bonus), or the no fee Air Miles card (comes with a limited time 500 Air Miles bonus).
If you’ve had the same credit card in your wallet since forever, you’re not alone. However, continuing to do so when the best credit cards are so easy to get, and offer a much better alternative, is a shame.
Maybe your one of the tens of thousands of Canadians paying well over 19.99% interest on your credit card balance. With a little effort, we’re talking 10 minutes or so, you could be paying 0% for 12 months. Inertia or apathy can be costing you thousands of dollars.
Likewise, how many people have a credit card earning them 1% cashback thinking they got a great deal? Why in the world would you be happy with 1% cashback, when, with the same effort you could be earning 2% or more!
The truth is, loyalty doesn’t pay in credit cards. Many of the best deals are reserved for new cardholders. Whether it be massive welcome bonuses or 0% promotional interest rates. Moreover, competition is constantly improving credit cards. So do yourself a favour and make sure you have the best credit cards in your wallet, whether it be for the rewards, low interest, perks, insurance or all of the above!