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6 Best Credit Cards in Canada for 2024

In the intricate world of credit cards, finding the perfect match requires a delicate balance of art and science. From enticing introductory offers to premium travel rewards, the ideal credit card varies for each individual.

Today, we understand the nuances and complexities of credit cards in Canada. In this article, we will discuss the best credit cards in Canada, secting the best options and unveiling the methodology behind our choices.

Top 6 Canadian Credit Cards 2

Best Credit Cards in Canada

1. Scotia Momentum Visa Infinite Card: Best Overall Cash-Back Card

Summary

  • Annual Fee: $120 (Waived first year)
  • Interest Rates: Competitive
  • Rewards Rate: Up to $1,000 cash back on grocery shopping and recurring bill payments (4% rewards rate)
  • Intro Offer: Special offer of 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases) with no annual fee in the first year, including supplementary cards. The offer ends on October 31, 2024.

Why We Like It

  • Exceptional Rewards: Earn up to $1,000 in cash back with a 4% rewards rate on groceries and bill payments.
  • Fee Waiver: The annual fee can be waived by using the Scotiabank Ultimate Package.
  • Versatile Rewards: Earn 2% on gas and transit, and 1% on all other purchases.

Considerations

  • Delayed Payout: Cash back is redeemable as a statement credit in November, with Scotiabank account holders having the option for a direct deposit.
  • Category Limitations: The 4% rate is specific to groceries from designated stores.

Special Offer

New applicants enjoy a lucrative 10% cash back on all purchases for the initial 3 months and no annual fee in the first year.

2. MBNA True Line Mastercard Credit Card: Best Overall Card for Balance Transfers

Summary

  • Annual Fee: None
  • Intro Interest Rates: 0% for 12 months on balance transfers
  • Interest Rates: 12.99% on eligible purchases, 12.99% on balance transfers, and 24.99% on cash advances
  • Intro Offer: 0% promotional annual interest rate for 12 months on balance transfers with a 3% transfer fee.

Why We Like It

  • Affordable Balance Transfers: 0% intro interest for a full year on balance transfers.
  • No-Fee Structure: No annual fee, making it an economical choice.
  • Fraud Protection: Around-the-clock fraud protection for added security.

Considerations

  • Higher Interest: Interest rates are slightly higher compared to the MBNA True Line Gold Mastercard.

3. Scotiabank Platinum American Express Card: Best Overall Travel Card

Summary

  • Annual Fee: $399
  • Interest Rates: Competitive
  • Rewards Rate: Up to $2,100 in value in the first 14 months, including up to 60,000 bonus Scene+ points.
  • Intro Offer: Earn up to $2,100 in value in your first 14 months, including up to 60,000 bonus Scene+ points. The offer ends on October 31, 2024.

Why We Like It

  • Generous Rewards: Earn 2X Scene+ points on various purchases, including travel and dining.
  • Luxury Privileges: Access to VIP airport lounges, Hertz #1 Club Gold membership, and more.
  • Comprehensive Insurance: Extensive travel insurance coverage and mobile device insurance.

Considerations

  • Higher Annual Fee: The $399 annual fee may be substantial, but the benefits outweigh the cost for frequent travelers.

Introductory Offer

New cardholders can earn up to $2,100 in value in their first 14 months, including up to 60,000 bonus Scene+ points.

4. RBC ION+ Visa Credit Card: Best Overall Points Card

Summary

  • Annual Fee: $48 ($4 charged monthly)
  • Interest Rates: Competitive
  • Rewards Rate: Earn unlimited 3X Avion points on various categories.
  • Intro Offer: Get 3,500 Welcome Points on approval and earn 3,500 bonus points when you spend $500 in your first 3 months.

Why We Like It

  • Versatile Earning: Earn 3X Avion points on groceries, gas, rideshare, streaming, and more.
  • Monthly Fee Rebate: Enjoy a $4 rebate each month with specific banking accounts.
  • Mobile Device Insurance: 2 years of coverage up to $1,000 for mobile devices.

Considerations

  • Limited Insurance Offerings: While mobile device insurance is included, other insurance options are limited.

Welcome Bonus

New applicants receive 3,500 Welcome Points on approval and an additional 3,500 bonus points after spending $500 in the first 3 months.

best credit cards in canada

5. American Express Aeroplan Reserve Card: Best Overall Metal Credit Card

Summary

  • Annual Fee: $599
  • Interest Rates: Competitive
  • Rewards Rate: Earn up to 90,000 Aeroplan points with various incentives.
  • Intro Offer: New card members can earn up to 90,000 Aeroplan points.

Why We Like It

  • Unlimited Rewards: Strong earn rates, Air Canada benefits, and a comprehensive travel insurance package.
  • Airport Privileges: Access to Maple Leaf Lounges, priority check-in, and boarding.
  • Companion Pass: Receive an Annual Worldwide Companion Pass after spending $25,000 in net purchases.

Considerations

  • High Annual Fee: The $599 annual fee may be substantial, but the benefits cater to frequent travelers.

Welcome Bonus

New card members can earn up to 90,000 Aeroplan points through a combination of welcome bonuses and ongoing benefits.

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6. Simplii Financial Cash Back Visa Card: Best Overall Reward Card

Summary

  • Annual Fee: $0
  • Interest Rates: Preferred rates: 19.99% for purchases, 22.99% for cash advances.
  • Rewards Rate: 0.5%-10%
  • Intro Offer: Up to $150

Why We Like It

  • The Simplii Financial Cash Back Visa Card, with no annual fee, lets you earn bonus cash back on your everyday purchases.
  • Receive up to 4% cash back on qualifying purchases at restaurants, bars, and coffee shops.
  • Earn cash back on fee-free global money transfers.

Considerations

  • While the 0.5% base rate may not be particularly impressive, it comes into effect only after surpassing the annual spending limits in bonus categories.
  • Additionally, it solely encompasses purchase security and extended protection insurance.

Conclusion

Choosing the best credit card involves meticulous consideration of personal preferences, spending habits, and desired benefits.

From cash back to travel rewards, our recommendations are tailored to suit diverse financial needs. Make an informed decision and embark on a rewarding financial journey with the best credit card for you.