Best Credit Cards for Good Credit Score
Having a good credit score is critically important in Canada, because it indicates your creditworthiness to lenders if you’re ever looking to secure additional credit. Not only does a good credit score make you more likely to be approved when you apply for a credit card, but it may also mean that the credit cards that you’re qualified to apply for will offer premium perks and benefits.
What are the best credit cards for Canadians with good credit scores? Below are six of our top suggestions.
In This Article:
Best Credit Cards for People with Good Credit
|Credit Card||Annual Fee||Card Type||Key Features|
|CIBC Dividend Platinum® Visa Card||See terms below||Cash Back||After the Welcome Offer ends 3% cash back on gas and groceries†||Apply Now|
|TD® Aeroplan® Visa Infinite* Card||$139 (first year rebated)†||Travel/Aeroplan||1.5 points† per $1 spent on eligible gas, groceries, and and direct through Air Canada® purchases (including Air Canada Vacations®) made with your card||Apply Now|
|American Express Cobalt® Card||$155.88 ($12.99 monthly fee)||Rewards||5 points per $1 spent on groceries, restaurants, and food delivery in Canada||Apply Now|
|BMO Ascend™ World Elite®* Mastercard®*||$150||Travel||5x the points for every $1 spent on eligible travel purchases*||Apply Now|
|The PC Financial® World Elite Mastercard®||$0||Grocery Rewards||30 points per $1 spent in Loblaw network grocery stores||Apply Now|
|BMO CashBack® Business Mastercard®*||$0||Business||1.5% cash back on gas, office supplies, and recurring cell phone/internet bills*||Apply Now|
†Terms and conditions apply.
#1 CIBC Dividend Platinum® Visa Card
– Minimum Credit Score: Excellent
– Minimum Income: $15,000†
– Age: Age of majority in province
– Residency: Canadian resident
– Other: No bankruptcy for the past 7 years
The CIBC Dividend Platinum® Visa Card is a great option for those who want to bump up their everyday cash back rates, as it gives 3% cash back in two common spending categories: gas and groceries after the Welcome Offer ends.† New cardholders can also take advantage of the CIBC Dividend Platinum’s welcome offer: Get a first-year annual fee rebate for you and up to three Authorized Users† and 10% cash back for the first 4 statements on net purchases of up to $2,500.†
Though the card has a $99 annual fee, this is rebated for the first year†, and you can easily earn enough cash back in a given year to make up for the fee and then some. The interest rates are: 20.99%† Purchase Annual Interest Rate, 22.99%† (for non-Quebec residents only) Cash Advance Annual Interest Rate, and 22.99%† (for non-Quebec residents only) Balance Transfer Annual Interest Rate.. We recommend the card to anyone who expects to spend at least $300 on gas and groceries each month, which will yield $108 in cash back over the course of a year. The card’s overall value is even more notable given its low minimum income requirement: applicants need to make only $15K or more annually.†
This is a digital-exclusive offer.† To be eligible for this offer, you must apply for a new eligible card using the “Apply Now” link available on this webpage.†
Quebec Residents – Learn More about this CIBC product here
Résidents du Québec : Pour en savoir plus sur ce produit CIBC, suivez ce lien
#2 TD® Aeroplan® Visa Infinite* Card
– Balance Transfer APR: 22.99%
– Cash Advance APR: 22.99%
– Current Promotion Expires: January 3, 2023
– Credit score required: Good-Excellent
– Min personal income required: $60,000
– Annual fees: $139 (Annual Fee Rebate the first year)†
If you’re looking for a credit card with a generous sign-up bonus, then the TD® Aeroplan® Visa Infinite* Card is the first option you should consider. Online exclusive: Earn up to 50,000 Aeroplan points†. Plus, first year no Annual Fee†. Conditions Apply. Must apply online by January 3, 2023.
You’ll earn 1.5 Aeroplan points† per $1 spent at participating gas, grocery, and direct through Air Canada® purchases (including Air Canada Vacations®) made with your card, and 1 Aeroplan point† for every $1 spent on all other purchases made with your card. Additional perks include travel insurance†, and discounts at participating Avis and Budget Rent-A-Car locations†.
This offer is not available for residents of Quebec. For Quebec residents, please click here.
†Terms and conditions apply.
#3 American Express Cobalt® Card
The American Express Cobalt® Card has become one of the most popular cards in Canada recently, particularly among millennials. New applicants can earn 2,500 points for each of the first 12 billing periods in which you make at least $500 in purchases on the card (up to 30,000 points in the first year). That’s up to $300 towards a weekend getaway or concert tickets. Terms and conditions apply.
The fee to have the card is $155.88 ($12.99 monthly fee), which is more of a subscription model and appeals to those who don’t like paying their annual fee in one lump sum. What really makes the card shine though is that it earns 5 points per $1 spent on eligible eats and drinks, including groceries and food deliveries. The travel category earns 2 points per $1 spent, which is also notable since public transportation and rideshare charges count as part of the category. You also earn 3 points for every $1 spent on eligible streaming services. All other purchases nab 1 point per dollar spent. American Express Membership Rewards Points can be redeemed toward the card’s statement balance, on gift cards, and for merchandise, but cardholders will get maximum value when redeeming points on travel.
#4 BMO Ascend™ World Elite®* Mastercard®*
– Credit score required: Excellent
– Min personal income required: $80,000
– Annual fees: $150
Those looking for a solid all-around travel credit card should consider the BMO Ascend™ World Elite®* Mastercard®*. New cardholders get up to 60,000 points and the annual fee waived in the first year for both the primary cardholder and authorized users.* Cardmembers also receive complimentary membership in Mastercard Travel Pass provided by DragonPass,* with four annual complimentary passes.
Additionally, cardholders will be covered with comprehensive travel insurance*. As for the earn rate, you’ll get 5x the points for every $1 spent on eligible travel purchases,* 3x the points for every $1 spent on eligible dining and entertainment purchases and recurring bill payments,* 1 point for every $1 spent everywhere else.* Points can be redeemed toward travel through the BMO Rewards website, with one of the major benefits being that there are no blackout periods.
*Terms and conditions apply
#5 The PC Financial® World Elite Mastercard®
– Credit score required: Fair-Good
– Min personal income required: $80000
– Annual fees: $0
A favourite on the market right now is the PC Financial® World Elite Mastercard®, a great no annual fee card for Canadians who shop at Loblaws and Shoppers Drug Mart, since it rapidly earns PC Optimum points. Cardholders earn 45 PC Optimum points for every dollar spent at Shoppers Drug Mart or Pharmaprix. Purchases made at PC Travel and anywhere else President’s Choice products are sold earn 30 points per $1 spent. Additionally, the PC Financial® World Elite Mastercard® comes with 10 days of free travel insurance. Points are easy to redeem, as cardholders need 10,000 points to claim $10 in groceries or merchandise—just present your card to the cashier when you are making a purchase and ask to redeem them.
#6 BMO CashBack® Business Mastercard®*
– Credit score required: Fair-Good
– Min personal income required: $0
– Annual fee: $0
The BMO CashBack® Business Mastercard®* is the perfect companion to make sure you’re getting the most from your business’ everyday dealings. With a strong promotional offer of 10% cash back on gas, office supplies, and cell phone or internet recurring payments for your first 3 months*, you can get back quite a bit on the expenses you currently have. After those first 3 billing cycles, your earn rate will reduce to 1.75% at Shell stations*, 1.5% on eligible gas station, office supplies and recurring cell phone/internet bills*, and finally, 0.75% on all other purchases*. If you’re a business owner, this card offers optional employee cards and liability protection in case any of your employees start feeling a little too “generous”. Best of all, with a $0 annual fee, all that’s left is to start earning!
*Terms and conditions apply
Recommended Read: Visa Infinite vs. World Elite Mastercard.
This article is intended for Canadian consumers with credit scores 700; 710; 720; 730; 740; 750; 760; 770; 780; and 790. If your credit score is below this range, please read our articles about the best credit cards for average/fair credit scores and the best credit cards for poor credit scores. This post was not sponsored. The views and opinions expressed in this review are purely my own.
BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply.