Choosing the Best Credit Cards in Canada
It was not that difficult for me. I have already reviewed some of the best Credit Cards from different categories.
Thus, the job was already done.
All I had to do was, just pick the top one from each category and that was not really hard.
So, let’s dive into the list first.
Summary of the Best Credit Cards in Canada
- Student Credit Card – BMO SPC Student MasterCard.
- Cash Back Credit Card (Premium) – Scotia Momentum VISA Infinite Card.
- Cash Back Credit Card (No Annual Fee) – Tangerine Money-Back Credit Card.
- Travel Credit Card – American Express® Gold Rewards Credit Card.
- Balance Transfer Credit Card – MBNA Platinum Plus.
- Low-Interest Credit Card – MBNA TruLine Credit Card.
- Low-Interest Credit Card – Cash Advance – RBC Cash Back MasterCard®.
- Credit Card for Bad Credit – Affirm MasterCard® Credit Card.
- Credit Card for No Credit – Capital One® Guaranteed MasterCard®
#1 Best Student Credit Card in Canada – BMO SPC Student MasterCard
Those who have already read the article about the 5 best student Credit Cards in Canada, which I recently posted, can easily understand why BMO SPC Student MasterCard deserve this position.
If you haven’t read it, here is the link to the article.
Nonetheless, I will go through some of the important features of BMO Student Credit Card here.
Specialties of BMO SPC Student Credit Card
- Annual Fee: $0.
- Cash Back Rate: 1 % cashback on all purchases with no restrictions.
- Additional Benefits: SPC Discounts of 10-15% at hundreds of your favorite stores in Canada
- Sign-up Bonus: Up to $60 cashback bonus (Limited time offer).
Would you like to see who are the competitors of BMO SPC MasterCard in the Student Credit Card category?
Check my “5 Best Student Credit Cards in Canada” article to see more about it. I have a lot more covered in that article.
#2 Best Cash Back Credit Card (Premium) – Scotia Momentum VISA Infinite Card
While researching about the best Cash Back Credit Cards in Canada, I realized that it is important to categorize them as two different cards.
I mean, Cash Back Credit Cards with an annual fee and without an annual fee.
I know that will help at least some of you.
In both categories, it was really hard to rank Credit Cards, because all of them offered cash backs in different ways.
Finally, I ranked them in terms of what people are looking into with a Cash Back Credit Card.
That way, Scotia Momentum Credit Card became the best annual fee Cash Back Credit Card on my list.
Don’t you like to know more on how it got that place? Let’s see how..
Specialties of Scotia Momentum VISA Infinite Card
- Annual Fee: $99 – first-year annual fee waiver.
- Cash Back Rate: This is what it makes the best Cash Back credit cards.
Scotia Momentum offers different cash back rates on different categories in which, people spend more money in their daily life.
What else you want from a Cash Back Credit Card?
Let’s check the rates and categories.
- 4% for Gas Stations.
- 4% for Grocery Stores.
- 2% for Drug Stores.
- 2% for recurring bill payments.
- Plus 1% on everything else.
I would say, these rates are amazing when it comes to saving money on Credit Cards.
Let’s check the Sign-Up Bonus: An introductory 1.99% on Balance Transfer for the first six months.
Balance Transfer offers are amazing opportunities to get rid of your credit card debts if you have any.
Is Balance Transfer something new to you?
Then we have a lot of information to get started here.
Check this out – Ways to get rid of Credit card debts by Balance Transfer.
Even though Scotia gives some offers, they are not the best when it comes to Balance Transfer. Then who is the best?
Check this out – MBNA Platinum Plus is the Final Word on Balance Transfer.
Let’s come back to the Sign-Up Bonuses.
In addition to the Balance Transfer offer, there are some annual fee waivers in the first year – You just save $99 as soon as you sign-up with the Scotia Momentum Card.
We have an article here which describes more about the Best Cash Back Credit Cards in Canada, where you can find:
- More about Scotia Momentum Infinite Card – how it became the best;
- Who are the competitors of Scotia Momentum Infinite Card?
- And Finally, CAD Economy’s favorite Cash Back Credit Cards.
In short, “Ways to get rid of Credit card debts by Balance Transfer” and “MBNA Platinum Plus is the Final Word on Balance Transfer” are the must check resources for you.
#3 Best Cash Back Credit Card (No Annual Fee) – Tangerine Money-Back Credit Card
Like I mentioned above, we have a second category in the Cash Back Credit Cards, which more people will look into – That is No Annual Fee Cash Back Credit Cards.
Here, undoubtedly I can say that Tangerine Money-Back Credit Card is the Best No-Annual Fee Cash Back Credit Card in Canada.
Let’s check the Specialties of Tangerine Money-Back Credit Card
- No annual Fee which I’ve already mentioned.
- Cash Back Rates: 2% Money-Back Rewards on chosen category and 1% Money-Back Rewards on all other purchases.
- Sign-Up Bonuses: It offers 4% Money-Back Rewards for the first 3 months in your chosen category.
These numbers are unbelievable in the Cash Back category, especially when it is a no-annual fee Cash Back Credit Card.
We have an article that talks more about Tangerine and it’s two other competitors in the no-annual fee category.
Check this out – The Best No Annual Fee Cash Back Credit Cards in Canada – In summary, you will find;
- How Tangerine became the Best No-Annual Fee Cash Back Credit Card in Canada.
- Hidden cash back truths about Tangerine Money-Back Credit Card.
- Two competitors of Tangerine Money-Back Credit Card.
We will be focusing on the flat rate offers that would be beneficial to you in the long run.
After all, obviously Choosing the right Credit Card is you call.
This is not a complete list of Best Credit Cards in Canada. We are still working on it and will update more Credit Cards in many different categories in the coming days.