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Best Credit Cards in Canada 2017

Best Credit Cards Canada 2017If you’re looking to bathe yourself in points, miles, cash or simply bask in the glory of 0% interest rates, our latest picks for Canada’s Best Credit Cards for 2017 should get you lathered-up into a frenzy!

You can stick with the card you have in your wallet, but do so at your own risk. Some of the biggest deals out there are only offered to new cardholders. Why pay 19.9% interest when you can pay 0%? Why collect 2 miles per dollar spent when you can get 25,000 miles just for switching cards?

With hundreds of the best credit cards in Canada reviewed, dissected, analyzed, and put to the test, this is a great starting point in your hunt for the best credit card deals and offers in the country.

GreedyRates’ Best Credit Cards in Canada

Best Credit Card Offer For April 2017

Scotiabank Gold American Express Card

This card doesn’t get nearly the credit it deserves. But with it’s limited time offer until July 31, 2017, which waives the first year annual fee, and gives a $250 travel credit, it’s almost too good to pass up, especially when there’s no cost to give it a try.Scotiabank Gold American Express

Here’s what makes the card so special for the long run. You can get a 4% earn rate on gas, grocery, dining and entertainment spend, 1% everywhere else.

What makes this card so flexible is that you can then apply your travel rewards against any travel expenses on your credit card statement. Accumulate $200 worth of points, and simply apply them against your $300 hotel charge on your credit card statement.

There’s no grid, chart, black-outs, travel centre, or availability issues. Book how and where you want, and simply redeem the dollar value of your points against any travel charge.

With no annual fee in the first year, there’s zero risk to getting the card and a free $250 incentive. That’s free money. Why wouldn’t you get it?

Click Here To Apply For The Scotiabank Gold American Express Card

Best Credit Card For People Looking For CashBack

MBNA Rewards World Elite

The MBNA Rewards World Elite is not only the best cashback credit card in Canada, it’s also the best rewards card. It offers 2 points per $1 dollar spent, with each point worth 1 cent. As a result, you earn $2 for every $100 spent on your credit card, or 2% on ALL purchases with no limits, caps or tiers.MBNA Rewards World Elite MasterCard credit card

But this card sets itself apart with its flexibility and transparency. Spend $10,000, get $200 cash back. At any time, you can then request that the cash back be credited to your account as a statement credit or you can even request MBNA deposit the $200 into any Canadian checking account!

Many cash back credit cards only offer cash back as a statement credit at the end of each year. So if you wanted to use your cash back earlier you’d be out of luck. That’s why MBNA’s redemption policy is so refreshing – it’s user friendly – a novel concept for many credit card issuers.

The MBNA Rewards World Elite MasterCard comes with a $100 welcome bonus, which off-sets the $89 annual fee in the first year. Essentially, you’re getting to try a premium credit card, with premium rewards, on the house, for a full year.

Click Here To Apply For The MBNA Rewards World Elite MasterCard

Best Credit Card For People Looking For Free Travel

American Express Gold Rewards Card

This card is phenomenal if you’re looking for a rich sign-up bonus,  redemption flexibility, insurance and a great rewards rate.Best credit card Canada American Express Gold Rewards

The card comes with a great welcome bonus. First, the annual fee of $150 is waived for the first year. Second it comes with a 25,000 point welcome bonus. The annual fee waiver makes the 25,000 point bonus completely free. The great thing about the welcome bonus is that you can either use it as a $250 credit against any travel expense on your credit card statement. Or, you can convert it to Aeroplan miles 1:1 at no extra cost, meaning it effectively becomes a 25,000 bonus Aeroplan miles!

The Amex Gold Rewrds card also happens to be a great rewards earner, but more than that, the highest earning Aeroplan credit card in the country. You get 2 points per dollar spent in grocery, gas, pharmacy and all travel purchases and 1 point everywhere else. Remember, if you convert your points to Aeroplan that’s 2 Aeroplan miles in gas, grocery, pharmacy and all travel! The best any other Aeroplan credit card does is offer 1.5 miles per dollar spent!

With no annual fee in the first year, and 25,000 points that can be converted into a $250 travel credit or 25,000 Aeroplan miles, you can redeem for a free return flight to anywhere in North America from any Canadian city!

Click Here To Apply For The American Express Gold Rewards Card

Best Credit Card For People With Credit Card Debt

MBNA Platinum Plus MasterCard

If you have credit card debt and you’re paying interest, there’s hope. The truth is, if your credit is fine, you can avoid paying any interest. That’s right, you can pay 0% interest for an entire year. It’s cheaper than a home MBNA Platinum Plus 0%equity line of credit or a personal lone.

The MBNA Platinum Plus MasterCard comes with no annual fee and offers a 0% interest rate for 12 months. The only cost is a 1% balance transfer fee.

The potential savings with this card are huge. If you owe $5,500 in credit card debt at an interest rate of 19.9% you’d save over $965 in interest costs in one year alone!!! All your monthly payments will go towards paying down your debt, not interest. It’s also a great way to consolidate all of your credit card and store card debts, so that you end-up with one simple payment per month.

Click Here To Apply For The MBNA Platinum Plus MasterCard

Best Credit Card For Family Travel

WestJet RBC World Elite MasterCard

If you’re looking for a credit card that can help lighten the cost of travelling with your spouse and kids, there’s no better card than the WestJet RBC World Elite MasterCard.WestJet World Elite MasterCard

To start, the WestJet World Elite MasterCard comes with a $250 WestJet Dollar sign-up bonus travel credit, in addition to an annual companion voucher. Both the bonus and voucher can be used on the same itinerary. For example, you can use the $250 on your ticket, and for the same trip buy your spouses ticket (plus taxes and fees) for $99 to any destination in North America.

But what also makes this card really stand-out, is that it offers first checked bag free for the primary cardholder and up to 8 travelling companions! With checked baggage now costing up to $30 each way, for a family of 4 that could be equal to a savings of $240 return per trip! Not only that, you get your first checked bag free whether it’s a rewards flight or not.

Lastly, the WestJet World Elite MasterCard offers solid protection, with Travel Medical Insurance for you and the entire family while your out of country or out of province. In fact, you don’t even have to fly to get covered, you can drive down to the U.S. and your families still protected.

Click Here To Apply For The WestJet RBC World Elite MasterCard

Best Credit Card If You’re A Student

BMO SPC MasterCard

Getting you’re first credit card when you’re a student should be a simple task. You want a card that offers easy approval, does not require income or proof of income and offers great rewards!
BMO Student SPC Mastercard

Unfortunately, not all Canadian student credit cards fit the bill. In fact, some require that you hold a part-time job and show proof of income. Not exactly friendly to the full-time student. Others require you pay an annual fee, which makes no sense.

That’s why we love the BMO SPC Student MasterCard. It comes with no annual fee, no income required, and has 2 amazing rewards programs built into one card. First, you get automatic membership into the SPC Card student program – a savings of $10 on the membership fee each and every year you’re in school. Second, you get 10-15% discounts at hundreds of retailers across Cananda through SPC.

Lastly, you can either get the cash back or Air Miles no fee student credit card. The BMO SPC Cash back card offers a welcome bonus of $60 and 1% cash back on all purchases, and the no fee Air Miles card comes with a 500 Air Miles welcome bonus!

Click Here To Apply For The BMO SPC MasterCard

 

 

15 comments

  1. I have the Capital One Aspire World Travel Mastecard, and I feel that it is the best card I have in my wallet. It accrues 2 points per $1 spent, it is an annual fee of $120, but on my anniversary date of the card, I receive 10,000 bonus points = $100, so the card actually costs me $20 per year. I can scrub any travel expense to the $, (example airfare of $1030 could be scrubbed with 103,000 points). I don’t think new cardholders get the 10,000 bonus points on the anniversary date of the card however.

  2. Hi,

    I’m a small business owner putting about $10k a month on my RBC Avion. I just got an upgrade offer to their Privilege card and it made me realize that with my current spend, there may be a better card for my needs than the Avion. I like the travel benefits I get from RBC. Would love to know any recommendations you have. Thanks for your help.

    J

    • Hi Jesse!

      Thanks for the comments. Glad to hear that you’ve been inspired to upgrade, and you’re completely right – you could be getting much better benefits elsewhere. It’s helpful that you mentioned you like travel benefits, and it happens that there’s a bonus-heavy card that fits your needs well. Based on your monthly travel needs, a card like The Business Platinum Card® from American Express® could hit the mark with a 40,000-point welcome bonus, 25 points per $1 spent, worldwide airport lounge access and other benefits that are tailored for business owners.

      We suggest you go over to our 2017 list of the best business cards in Canada for a detailed review of other cards that could fit your needs.

      We hope that helps,

      GreedyRates Staff

  3. What is the credit score needed for MBNA card?
    i have 5 years of credit history
    no late payments
    recently cleared my outstanding balances.

    current stats: equifax score 730
    trans union score : 710
    utilisation: 28%

    in total i have 5 cards 15000 limit altogether
    what are my chances
    Thank you

    • Hey John – thanks for your excellent question! You seem to have a great credit history and a score that reflects a responsible outlook on debt.

      The article you reference has two MBNA cards mentioned: the MBNA Platinum Plus and the MBNA Rewards World Elite, and due to the differences between them, MBNA will appraise your creditworthiness differently depending on which you apply for.

      That said, a 5 year history of good credit like yours plus utilization under 30% means that you have a good chance of being accepted. Regardless, it comes as little risk to you or your credit report just to apply, so we say go right ahead.

      We hope that helps,

      GreedyRates Staff

  4. Hi,
    I am looking for the best credit card, whether it be rewards or cash back or travel – it doesn’t matter. I spend approximately $1500 a month and always pay it off at the end of every month. Suggestions on which card would be the best for me?
    Thanks, Allie

    • Hey Allison! Let us help you on your search.

      Considering that you spend around $1500 each month and always pay your balance, we highly recommend the Scotiabank Momentum Visa Infinite credit card. This is one of the most powerful cash back deals available, but you might want to hurry! They are currently running a promotion until April 30th, that gives 5% cash back on ALL purchases made for the first three months. For you, this promo alone would equal $225 cash back from standard monthly use. Also, the card provides an impressive 4% back on gas and groceries, 2% on pharmacies and recurring bills and then 1% on everything else (even on top of gas, groceries, bills etc.). For raw cash back, this card is hard to beat.

      For travel, the American Express Gold Rewards card is great. Amex offers new customers that spend $1500 within the first three months 25,000 reward points, and then points accrue at a rate of 2 points for every $1 spent. This favorable rate is made better by the fact that these points transfer 1:1 with Aeroplan and Avios programs, and can also apply to a range of other programs from Delta, Etihad, Starwood, and others. It’s an extremely flexible travel card and there are few situations where it will not benefit you in some way. Also, there is no annual fee. Which card you go with is up to you, but there are some extremely solid choices that will suit your needs wonderfully.

      We suggest you go through our full list of the best credit cards in Canada in 2017 for more insights.

      Good luck and happy travels!

      GreedyRates Staff

  5. I currently have a MBNA platinum plus card (zero balance), am I eligible to apply for another same card so that I can get 12 month of 0% interest free? In the past, MBNA offers existing card holders for 0.99% interest free for 12-18 months but I haven’t see any offer yet in 2017.

    • Hi Kim,

      Yes you can apply for another MBNA Platinum Plus MasterCard. In order to pay down the first MBNA Platinum Plus MasterCard you’ll have to use a simple workaround, since no banks allow you to do a balance transfer from one of their own credit cards to another of their own credit cards.

      Simply ask MBNA to do a “deposit Transfer” from your new MBNA Platinum Plus credit card to any Canadian checking account. You’ll get the requested amount deposited in your checking account at the same 0% rate for 12 months. It’s kind of like a cash advance, except it’s deposited into your checking account at 0% for 12 months. Then use the cash from your checking account to pay down the balance on your first MBNA Platinum Plus MasterCard – or for any other purpose.

      We do not recommend you take a balance transfer from MBNA on one of your existing accounts, since they typically charge a 3% balance transfer fee on those cards, as opposed to only a 1% balance transfer on new balance transfer credit cards.

      Hope that helps,

      GreedyRates Staff

  6. Hey guys, I have a couple very large purchases to make shortly (~$20K) and have been comparing cards for this. They will mostly be on accommodations but also thigns that do not fall into typical categories. I think the Amex preferred cash back makes the most sense (5% back on purchases (no restrictions that I can see) up to $8000 then 1.5% thereafter).

    I travel a lot so travel points are fine too but I think this is the best value for large but infrequent purchases? My spend will drop to very little following these purchases. Have I missed anything??

    • Craison,

      Great question! If you were to only get one cash back card for your situation, the Amex Simply Cash Preferred card would be it. Essentially you would get 5% on the first $8K and 1.5% on the next $12K for a total of $580 cash back.

      However, if you’re willing to get two cards, you can get the MBNA Rewards World Elite MasterCard as well, which gives you 2% on all purchases (comes with an $89 annual fee which is off-set by the $100 welcome bonus). You would then get 5% on the first $8K using the Amex Preferred and the 2% on the next $12K for a total of $640 cash back.

      If you want to think outside cash back, you could consider something like the Amex Gold Rewards card, which gives you 2 Amex points (2%) on travel expenses – which your accommodations may fall under. However, you can then transfer those Amex points to Aeroplan 1:1. With each Aeroplan mile worth 1.27 to 1.4 cents per mile, you’d be getting 2.54% to 2.8% in value – giving you even more than the MBNA Rewards world elite card. Then again, cash is king!

      Hope that helps!

      GreedyRates Staff

  7. I went to the american express gold rewards card site and did not see any mention of the annual fees being waved the first year. Is this perk still valid?

    • Hi Barbara,

      The Amex Gold Rewards card absolutely continues to waive the first year annual fee and says so right at the top of its landing page, third line below the image “Annual Fee:Your first year’s on us! That’s a value of $150”

      Hope that helps,

      GreedyRates Staff

  8. Trying to decide what to switch my credit card off to, I’m currently on the TD Emerald Visa, I know this gives me a lower credit rate but I don’t think I’m getting anything out of it other than just less interest.

    I have about 3000$ on it so I don’t know if I should go with something with a 0% transfer rate for balance or a rewards card. Thinking need a MasterCard as one card since my groceries are all done at No Frills really.

    • Hi Langley,

      We would suggest you do 2 things. First, you should definitely transfer your $3,000 balance to the MBNA Platinum Plus MasterCard at 0% for 12 months. Because TD owns MBNA, you won’t be able to do a direct balance transfer – you’ll have to do a “deposit “transfer” from your MBNA Plat Plus MasterCard to any Canadian checking account of your choice, then pay-off your TD Emerald Visa card from their. The deposit transfer will also be at MBNA’s 0% for 12 month term with a 1% transfer fee – best offer in Canada right now.

      If you’re not going to keep a balance on future spend, you should get a rewards card and earn something in return for your spend. Use our calculator to determine which is best for you. However, if you’re going to keep a balance from time to time, you’re probably better off sticking with your low rate card.

      Hope that helps,

      GreedyRates Staff

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