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10 Best Credit Cards in Canada for 2022

Best Credit Cards in Canada

According to Statista, there were more than 76 million credit cards in use countrywide as of January 2021. The average interest rate for Canadian credit cards is roughly 19%, but there are other factors to take into account when selecting the ideal credit card for your needs.

Also Read:- Best Credit Cards in Australia for 2022

In order to help you locate the finest credit card for your spending patterns and financial objectives, we’ve selected the best cards available in Canada from a variety of card categories.

the top credit cards available to assist Canadians navigate the financial maze and choose the card that best fits their spending patterns and way of life.

Credit cards are not a one-size-fits-all item of apparel. We’ve said it before: the best one for you will depend on your financial situation. It can be one that saves you money with a low interest rate, a balance transfer offer, or cash back, or one that gives you value with rewards points that can be used for merchandise and travel.

With diverse lifestyles and a unique way of wasting money, the locals treasure the perks they receive by obtaining the best credit cards in Canada. The average person is constantly looking for freebies like rebates, annual fees that are not charged, and travel rewards.

Statistics show that there are more than 80 million credit cards in use nationwide. Although the interest rate on Canadian credit cards is typically around 19%, other factors must be taken into account when comparing the Best credit cards in Canada.

Also Read: –Best Credit Cards For Shopping 2022

Look at the list of the top credit cards in Canada that has been particularly compiled to help you find the ideal card for your level of wealth and spending habits. The top contenders in each of the different credit card categories are the best credit cards in Canada that we have personally chosen for you. You can find a special card quickly depending on your shopping therapy and financial objectives.

List of Best credit cards in Canada

Best overall credit card

American Express Cobalt® Card

Annual Fee
$155.88

Interest Rates
20.99% / 21.99%

Rewards Rate
1x-5x Points

Intro Offer
Up to 30,000 Points

Best Rewards Credit Cards in Canada

American Express® Business Edge™ Card

Intro offer:
Up to 67,000 points

Annual Fee:
$99*

Interest Rates:
19.99%/21.99%*

Rewards Rate:
1x-10x points

Scotiabank Gold American Express® Card

Intro offer:
Up to 40,000 points

Annual Fee:
$120* (Waived for the first year)

Interest Rates:
19.99%/22.99%*

Rewards Rate:
1x-5x points

American Express® Green Card

Intro offer:
Up to 10,000 points

Annual Fee:
0*

Interest Rates:
20.99%/21.99%*

Rewards Rate:
1x-2x points

MBNA Rewards Platinum Plus® Mastercard®

Intro offer:
Up to 10,000 points

Annual Fee:
$0*

Interest Rates:
19.99%/24.99%*

Rewards Rate:
1x-4x points

SCENE®* Visa* Card

Intro offer:
Up to 7,500 points

Annual Fee:
$0*

Interest Rates:
19.99%/22.99%*

Rewards Rate:
1x-5x points

Tangerine MoneyBack Credit Card

Intro offer:
Up to $150*

Annual Fee:
$0*

Interest Rates:
19.95%*

Rewards Rate:
0.5%-15%*
Best Overall Rewards Card

Laurentian Bank Visa Infinite card

Annual fee:
$130*

Interest Rates:
19.99%/21.99%*

Rewards Rate:
1x-2x points

Intro Offer:
Up to 67,000 points

Best Cashback Credit Cards in Canada

Scotia Momentum® Visa Infinite* Card (Best for cash back bonus rewards)

Intro offer: Up to $200*

Annual Fee: $120* (Waived for the first year)

Interest Rates: 20.99%/22.99%*

Rewards Rate: 1%-10%*

BMO CashBack® World Elite® Mastercard®

Intro offer: Up to $260*

Annual Fee: $120* (Waived for the first year)

Interest Rates: 20.99%/23.99%*

Rewards Rate: 1%-10%*

MBNA Smart Cash Platinum Plus® Mastercard®

Intro offer: Up to $150*

Annual Fee: $0*

Interest Rates: 19.99%/24.99%*

Rewards Rate: 0.5%-5%*

Meridian Visa Infinite Business Cash Back Plus Card

Intro offer: N/A

Annual Fee: $110* (Waived for the first year)

Interest Rates: 19.50%*

Rewards Rate: 1.5%-3%*

SimplyCash™ Preferred Card from American Express

Intro offer: Up to $400

Annual Fee: $99*

Interest Rates: 19.99%/21.99%*

Rewards Rate: 2%-10%*

Best Travel Credit Cards in Canada

Marriott Bonvoy® American Express®* Card

Intro offer: Up to 75,000 points
Annual Fee: $120*
Interest Rates: 19.99%/22.99%*
Rewards Rate: 2x-5x points

American Express® AIR MILES®* Platinum Credit Card

Intro offer: 2000 Miles
Annual Fee: $120*
Interest Rates: 20.99%/21.99%*
Rewards Rate: 0.1x-0.2x Miles*

HSBC World Elite® Mastercard®

Intro offer: Up to 80,000 points
Annual Fee: $149* (Waived for the first year)
Interest Rates: 19.90%/22.90%*
Rewards Rate: 3x-6x points

TD® Aeroplan® Visa* Infinite Privilege* Card

Intro offer: Up to 1,05,000 points
Annual Fee: $599*
Interest Rates: 19.99%/22.99%*
Rewards Rate: 1.25x-2x points

CIBC Aventura® Visa Infinite Privilege* Card

Intro offer: Up to 60,000 points
Annual Fee: $499*
Interest Rates: 20.99%/22.99%*
Rewards Rate: 1.25x-3x points

CIBC U.S. Dollar Aventura® Gold Visa* Card

Intro offer: Up to 10,000 points
Annual Fee: $35 USD (Waived for the first year)
Interest Rates: 20.99%/22.99%*
Rewards Rate: 0.5x-1x points

TD Business Travel Visa* Card

Intro offer: Up to 1,50,000 points
Annual Fee: $149* (Waived for the first year)
Interest Rates: 19.99%/22.99%*
Rewards Rate: 2x-9x points

American Express® Aeroplan® Reserve Card

Intro offer: Up to 1,10,000 points
Annual Fee: $599*
Interest Rates: 19.99%/21.99%*
Rewards Rate: 1.25x-10x points

TD First Class Travel® Visa Infinite* Card

Intro offer: Up to 1,00,000 points
Annual Fee: $120* (Waived for the first year)
Interest Rates: 19.99%/22.99%*
Rewards Rate: 3x-9x points

Best Low Interest Rate Credit Cards In Canada

Scotiabank Platinum American Express® Card

Intro offer: Up to 60,000 points
Annual Fee: $399*
Interest Rates: 9.99%*
Rewards Rate: 2x points

Scotiabank Value® Visa* Card

Intro offer: N/A
Annual Fee: $29* (Waived for the first year)
Interest Rates: 12.99%*
Rewards Rate: N/A

Simplii Financial™ Cash Back Visa Card

Intro offer: Up to $500
Annual Fee: $0*
Interest Rates: 19.99%/22.99%*
Rewards Rate: 0.5%-10%

Capital One Low Rate Guaranteed Mastercard®

Intro offer: N/A
Annual Fee: $79*
Interest Rates: 14.90%/21.90%*
Rewards Rate: N/A

Best Store Rewards Credit Cards In Canada

Amazon.ca Rewards Mastercard®

Intro offer: Up to $150*
Annual Fee: $0*
Interest Rates: 19.99%/22.99%*
Rewards Rate: 1%-5%

CIBC Costco® Mastercard®

Intro offer: Up to $500
Annual Fee: $0*
Interest Rates: 19.99%/22.99%*
Rewards Rate: 0.5%-10%

President’s Choice Financial World Elite Mastercard

Intro offer: N/A
Annual Fee: $0*
Interest Rates: 20.97%/22.97%*
Rewards Rate: 10x-45x points

Triangle™ World Elite Mastercard®

Intro offer: N/A
Annual Fee: $0*
Interest Rates: 19.99%/22.99%*
Rewards Rate: 1%-4%

FAQs for Credit Cards in Canada

How does credit card interest work?

Your financial condition and aspirations will determine how many credit cards you should have. Numerous Canadians possess several credit cards, frequently from two distinct credit card networks. For instance, if your primary card is an American Express, you might wish to purchase a Visa or Mastercard as a backup card. Having cards that maximise various types of spending, such as a cash-back card with a high earn rate on groceries and a travel credit card that earns rewards on your preferred airline, can be very helpful.

How does interest on credit cards work?

The interest rate on many credit cards issued in Canada is around 20%. If you don’t pay off the entire debt by the time your bill is due, you would only be subject to this interest rate. You will continue to pay interest as long as you keep a balance. It may be challenging to reduce the main balance if interest payments are ongoing.

To qualify for a credit card, what credit score must I have?

To qualify for the best credit cards, you normally need a decent credit score. For those who have poor or fair credit scores, little credit history, or neither, there are many possibilities. Consider a more acceptable option, such as a secured credit card or prepaid card, if you are still working on improving your credit score.

Can Americans get a credit card from Canada?

Yes, a lot of Canadian banks provide credit cards for newcomers and non-residents. These cards normally don’t require a credit check because they are made with transients and newbies in mind.

You should also think about getting a prepaid or secured credit card online if you’re a citizen of the US. These cards are an excellent alternative for people visiting Canada; however, you must deposit using them.

Which Credit Cards Are Most Commonly Accepted in Canada?

The two most widely used credit cards from Canada are Mastercard and Visa. However, Costco and No Frills are two well-known businesses who do not accept visas. Since American Express cards are less common in Canada, it’s crucial that you bring a backup method of payment if you have one.

How Is Canadian Credit Card Interest Calculated?

You’ll typically pay interest on Canadian credit cards at a rate of about 20% annually. Only if you don’t pay your total balance in full by the due date will you be compelled to pay interest. For as long as you carry the balance, you will be required to pay interest.

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