Best Credit Cards Canada for 2022

American Express Aeroplan Business Reserve Card

The American Express Aeroplan Business Reserve is a robust credit card option in Canada. It offers business travels rewards. It’s useful for anyone who flies on Air Canada airlines. This Amex account is ideal for business owners. You’ll enjoy the payment medium if you seek big welcome bonuses and premium offers.

Highlights

Annual Fees: $599

Interest Rates: 16.99% on Purchases, 21.99% on Cash Advances

Reward Rate: 3X Aeroplan Points on Air Canada, 2X on eligible hotel and car rentals, 1.25X on others.

Intro Offer: N/A

Pros

• Special welcome offer.
• Premium benefits on Air Canada flights.
• Access to employee cards at no extra cost.
• Travel accident and mobile device insurance.
• Offers free flight for your companion if you meet spend requirements.

Cons

• Costly annual fees.
• Not widely accepted.
• Bonus reward rates don’t apply to daily purchases.

Conclusion

The American Express Aeroplan Business Reserve is a valuable option with premium features. It offers bonus offers for new and existing users. But, its annual fee and limited acceptance are hard pills to swallow.

The RBC Avion Visa Infinite Business

RBC Avion Visa Infinite is also an excellent option for business owners. This is a great bank for people who love flexible travel rewards. This premium credit card is ideal for fast bonus point redemption. It also offers business reporting tools and insurance for many scenarios. So, you can get travel, medical, and even mobile device insurance with RBC Avion.

Highlights

Annual Fees: $175

Interest Rates: 19.99% on Purchase, 22.99% on Cash Advance

Reward Rate: 1 RBC point for every dollar you spend. 25% extra reward on eligible travel purchases.

Intro Offer: 25,000 points

Pros

• Premium travel access.
• Earn Avion Points on net purchases.
• Access business tracking and management tools.
• Travel insurance and protection.

Cons

• Offers average points-to-dollar ratio.
• Limited opportunities to earn points faster.

Conclusion

The Avion Card is a quick, reliable card to ease business travels. It also speeds up business purchases and supports many transactions.

Desjardins Visa Business Credit Card

The Desjardins Visa Business is your go-to option if you’re self-employed. It’s also recommended for small business owners. The visa offers low-interest rates and an extra 1% cashback. The cashback is available on eligible travel purchases and other transactions.

Highlights

Annual Fees: $60

Interest Rates: 13.95% on Purchases, 13.5% on Cash Advances

Reward Rate: 1% Cashbacks

Intro Offer: $0

Pros

• There is a 1% cashback policy on all accounts.
• It has low interest rates.
• Flexible credit limit.
• Access legal help services for free.

Cons

• Low return and rewards rates.
• Limited travel offers.
• No insurance for long-distance travel.

Conclusion

The Desjardins Business Card is good for small businesses. It offers fair credit limits and flexible invoicing methods. Its travel insurance package also gives you a[ worry-free travel

Best Credit Cards in Canada With No Foreign Transaction Fees

Many credit card users spend time overseas or buy from foreign merchants. This would incur extra charges on a regular credit card. It’s around 2-3% deductions from your transaction by the issuer (the exact figure varies).

No Foreign Transaction Fees Credit Cards help you remove foreign transaction fees on bills paid outside the United States. Of course, you’ll find many banks with no foreign transaction fee. But each has unique features that appeal to its users.

Home Trust Preferred Visa

Home Trust Preferred Visa is a good option for travellers and online shoppers. There is no annual card fee or foreign exchange charge. Like all rewards credit cards, it also gives users a free 1% cashback on all transactions.

Highlights

Annual Fees: $0

Interest Rates: 19.99% on Purchases, 19.99% on Cash Advance

Reward Rate: 1% Cashbacks

Intro Offer: $0

Pros

• Zero charges for foreign exchanges.
• Zero annual fees.
• No limit for cashback earnings.
• Free buy and rental car theft and damage insurance.

Cons

• No welcome offer.
• No cashback earnings for foreign credit card purchases.
• Rewards available once a year.

Conclusion

The Home Trust Visa is a value-packed card with notable features. The free insurance and zero annual charges give it an edge over several alternatives. But, you can consider other options if you like welcome bonuses and high cashback.

Scotiabank Passport™ Visa Infinite* Card

This is another option with no foreign exchange fees. The Scotiabank Passport™ Visa Infinite* Card has been around for a few years. Long enough to win many “Best Rewards Card with No Foreign Transactions Fees” awards. Hence, it got awards from notable bodies of MoneySense and RateHub.

Highlights

Annual Fees: $150

Interest Rates: 20.99% on Purchases, 22.99% on Cash Advance

Reward Rate: 2 points per $1 on groceries, restaurants etc. 1 point on other purchases.

Intro Offer: 25,000 points (after spending $1,000 in the first 3 months)

Pros

• It offers a grace period on purchases with zero interest.
• Earn valuable rewards and benefits.
• Access secured and swift payment methods.
• Save on car rentals.

Cons

• Expensive annual fees.
• No cashback rewards on transactions.
• Not ideal for debt consolidation.

Conclusion

Scotiabank Passport Visa Infinite Card is a secured payment method for frequent purchases. It has flexible rewards programs and valuable insurance packages. But, its major drawbacks is its high annual fees and subpar reward rates.

Best Canada Cash Back Credit Cards

Cashback is the share you get when you pay a bill. It’s a regular feature on credit accounts but not available on all card issuers, some of them are credit cards with pre-approval. Sometimes it is on specific commodities or purchases like bills and fuels. The reduction in the cost of purchases with cash-back makes it popular. As a result, many card issuers give cashback as a regular feature on their payment card.

SimplyCash™ Preferred Card

This is an American Express card perfect for earning cash back rewards. It has several benefits and a good insurance package for users. Besides, users aren’t limited by income and can access the American Express Invites.

Highlights

Annual Fees: $99

Interest Rates: 19.99% on Purchases, 21.99% on Cash Advances

Reward Rate: 2% Cashback

Intro Offer: 10% and $400 bonus

Pros

• Make extra earnings with cashback on purchases.
• Excellent welcome offer.
• Zero requirements for income streams.
• No fees for extra cards.

Cons

• Costly annual fee.
• Limited annual cashback rewards.
• Limited benefits and premium offers.

Conclusion

Asides from the $99 annual fee, it is a good choice for anyone searching for flat-rate cashback. It also has fair welcome offers and a reliable insurance package.

BMO CashBack® World Elite® Mastercard®

This Mastercard made the list because it won three Cash Back awards in 2022. It offers some of the best cashback rates on products and all other purchases.

Highlights

Annual Fees: $120

Interest Rates: 20.99% on Purchases, 23.99% on Cash Advances

Reward Rate: 1% Cashback

Intro Offer: 10% Cash Back in the first 3 Months

Pros

• Generous welcome bonus.
• Many insurance options.
• Add-on roadside help service.
• Comprehensive travel and medical protection.

Cons

• High annual fee.
• High-income requirements.
• Expensive foreign exchange fees.

Conclusion

This BMO Mastercard is a strong choice for the best cashback options. Its impressive welcome bonuses and insurance offers add to its reputation. Although the $120 annual fee is costly, it’s still comforting to have this waived in the first year.

Scotia Momentum® Visa Infinite* Card

Scotia Momentum Visa Infinite Card is a payment medium available across all provinces. It won several awards in 2022 and has nice cashback rewards for grocery shopping.

Highlights

Annual Fees: $120

Interest Rates: 20.99% on Purchases, 22.99% on Cash Advance

Reward Rate: 4% Groceries, 2% Gas, 1% All Purchase

Intro Offer: 10% cashback for the first 3 months (up to $2,000 total purchases)

Pros

• Great welcome offer.
• Complimentary insurance package.
• Impressive cashback rates.
• Offers an interest-free grace period on purchases.

Cons

• No foreign transaction discount.
• Rewards are only paid yearly.
• Income requirements are higher than average.

Conclusion

It’s a preferable payment medium with many good tidings. But, the $60,000 minimum personal income is less desirable for average income earners.

Tangerine Money-Back Credit Card

The no-fee policy makes it one of the best cash-back cards you can get. It supports balance transfers and gives users complete control. So, you can manage all your rewards and spending patterns.

Highlights

Annual Fees: $0

Interest Rate: 19.95% on Purchases and Cash Advances

Reward Rate: 2% Cashback

Intro Offer: 15% Cash Back (Up to $1,000)

Pros

• No limit on cashback rewards.
• Offers transaction tracking tools.
• Zero annual fees.
• 1.95% credit card balance transfer interest for the first 6 months.

Cons

• It has a limited insurance package.
• No discounted foreign transaction fees.
• Lower cashback on regular purchases (0.5%).

Conclusion

Tangerine Money-Back Credit Card is an excellent option on this list. But, the lack of insurance package options and low regular cash backs dent this card’s record.

Best Secured Credit Cards for Building Credit

Secured Credit Card is an account that allows cardholders to use cash deposits as a backup. Their deposits act as collaterals and serve as a security for the bank/company. The bank deducts the deposit when cardholders don’t have enough. So, the amount deposited will serve as the credit limit. These cards often report to credit bureaus too, which can boost credit score.

Chime Credit Builder Visa®

Chime is a financial tech company affiliated with The Bancorp Bank and Stride Bank. This card has the basic features expected from a building card. These include zero interest, credit checks, and no minimum security deposits.

Highlights

Annual Fees: $0

Interest Rate: None

Reward Rate: N/A

Intro Offer: N/A

Pros

• Zero annual fees
• No APR.
• Flexible credit limit.
• No credit check.

Cons

• No reward rates or cash backs.
• Compulsory Chime account registration before usage.
• No upgrade path.

Conclusion

Chime Credit Builder Visa is a debt-proof, no-interest card. A good recommendation for anyone who doesn’t mind opening a chime account. It also means you won’t expect rewards or upgrade for your account.

Capital One Platinum Secured Credit Card

Raising money for your security deposit can sometimes be difficult. But, the Capital One Platinum Secured Card provides a simple way to make your deposits. The $0 annual fee and low security deposit make this card useful for improving your credit.

Highlights

Annual Fees: $0

Interest Rate: 28.49% Variable APR

Reward Rate: None

Intro Offer: None

Pros

• Zero annual fees.
• No foreign exchange fees on card purchases.
• Limited credit qualification.

Cons

• No reward offers.
• High APR.
• Requires security deposits.

Conclusion

You’ll enjoy this credit card option if you are building your credit. It is also nice if you like flexible security deposits and zero annual fees on your card.

Discover it® Secured

Discover it® Secured is one of the strongest contenders for credit builders. It offers cashback coupled with free FICO score reports to boost credit profile.

Highlights

Annual Fees: $0

Interest Rate: 25.24% Standard Variable APR

Reward Rate: 2% Cashback on Gas and 1% on all purchases

Intro Offer: 2x Cash Back Match

Pros

• Zero annual fees.
• Generous welcome bonus.
• Free FICO credit score review.
• Impressive cashback offers.

Cons

• High APR.
• Requires security deposits on some accounts.

Conclusion

The rewards here might not be impressive, but it still has some good offers on display. It’s a great way to build a credit score for those who can’t pay their bills in time.

Petal® 1 “No Annual Fee” Visa®

Secured cards like Petal® 1 “No Annual Fee” Visa® offer the best features when it comes to lower fees and more rewards. This card also supports improvements of your credit profile.

Highlights

Annual Fees: $0

Interest Rate: 22.24% – 31.74% APRs

Reward Rate: 2% – 10% cash backs (at selected merchants)

Intro Offer: N/A

Pros

• Avoid foreign transaction fees on purchases wherever you go.
• No annual charges.
• Generous cashback offers.
• Supports credit improvement.

Cons

• No welcome bonus offer.
• No bonus offers.
• Limited credit limit.

Conclusion

There are zero annual fees and security deposit requirements for this credit card. You’ll also be able to avoid charges from unsecured cards. Hence a Petal Card also helps boost credit score and create smooth cash flow.

Capital One Quicksilver Secured Cash Rewards

This Cash Rewards Card by Capital One is a useful option for anyone with a low reputation. The no-annual-fee card helps boost your scores by reporting to the major bureaus (TransUnion, Equifax, and Experian).

Highlights

Annual Fees: $0

Interest Rate: 26.99% variable APR rate

Reward Rate: 1.5% cash back on every purchase

Intro Offer: N/A

Pros

• Zero annual fees.
• Unlimited cash back rewards.
• Supports Limited/bad credit.
• Unlimited redemption amount.

Cons

• High APR.
• No welcome bonus offer.

Conclusion

It offers a rewards program and other card services such as credit reporting. You can also upgrade to an unsecured card and access emergency payday loans. So, it’s perfect for those who want to improve their financial history.

Best Student Credit Cards

Students don’t have enough financial background to create a credit score. Hence, they need Student Credit Cards. This solution helps them sort out necessary expenses. It also kicks off their credit history and builds their credit profile. A student credit card is best used for building your credibility. It can also earn you rewards, and create an emergency source of funds.

Discover it® Student Cash Back

Students can never go wrong with a rare offer like Discover it® Student Cash Back. It’s a good card with an offer designed for students. There is no credit score required, so this card is available to every student.

Highlights

Annual Fees: $0

Interest Rate: 15.99% – 24.99% Variable APR

Reward Rate: 5% on Grocery, Gas Stations, PayPal, Amazon, and Household Utility Purchases. 1% on other purchases

Intro Offer: Cashback Match

Pros

• Zero annual fees.
• Reduced APR for the first 6 months.
• No score requirements for application.
• Offers regular reports to three major credit bureaus.

Cons

• High APR.
• Rewards are hard to understand.

Conclusion

This is a valuable card for students with their first card handling experience. Asides from the various rewards program, others include low fees on every payment. You’ll also get a free FICO score report.

Bank of America® Unlimited Cash Rewards for Students

The Unlimited Cash Rewards for Students is an industry-standard payment option for students. You can access nice rewards and get a 0% welcome APR offer for all purchases.

Highlights

Annual Fees: $0

Interest Rate: 16.24% – 26.24% Standard Variable Purchase APR

Reward Rate: 1.5% cash back

Intro Offer: 0% APR for 18 billing cycles and $200 bonus (at least $1,000 deposits in first 90 days)

Pros

• Zero annual fees.
• Welcome APR offer.
• Bonus offers for new cardholders.
• Cash back rewards.

Cons

• Reasonable credit score requirements.
• Better rewards are only available to specific customers.
• No discount on foreign transaction fees.

Conclusion

This card is the student version of the regular Bank of America accounts. It offers flat-rate cash backs, loyalty bonuses, and reasonable interest.

Capital One SavorOne Student Cash Rewards Credit Card

This is another great student account option, thanks to its unlimited cash back offer. It also doesn’t charge you annual fees. Students can also earn extra income by referring friends and family.

Highlights

Annual Fees: $0

Interest Rate: 17.99% – 27.99% Variable APR

Reward Rate: 3% on dining, entertainment, and eligible grocery stores. 8% cash back on selected events. 1% on every other purchase

Intro Offer: $100 for $100 spent in first 3 months

Pros

• Zero annual fees.
• No foreign transaction or hidden fees.
• Cash back rewards.
• Flexible due dates.

Cons

• High APR.
• No FICO credit score reporting.

Conclusion

Regardless of your school, this option is a deal breaker for students. So, you can build your score and access basic features like other cardholders.

Best Credit Cards For Bad Credit in Canada

Sometimes life happens, and people cannot pay their loans on time or end up taking huge loans. This scenario is ‘bad credit’ and often manifests as a low credit score for the cardholder. So, if you want to increase your score, you can opt for credit cards for bad credit. There are a lot of credit cards for bad credit, it can be metal credit cards, credit cards with no balance transfer, rewards cards, etc. The cards usually have a low account limit and a huge interest rate. They are also useful for balance transfers.

Refresh Secured Visa

Refresh Financial is a reliable financial company seeking to help manage your finances. The Refresh Secured Visa is one of the company’s efforts to realize this goal. This card allows Refresh cardholders to improve their credit score.

Highlights

Annual Fee: $12.95

Interest Rates: 17.99% on Purchases, 17.99% on Cash Advances

Reward Rate: N/A

Intro Offer: N/A

Pros

• Free reports to the two Canadian credit bureaus.
• Low-security deposit requirements.
• Free course on financial education.

Cons

• The total annual fee is $48.95 (annual fee + monthly maintenance fee, others).
• Doesn’t offer insurance packages.
• No reward rate or welcome offers.

Conclusion

The card has no credit check requirements. It also offers easy application, which makes it quite accessible. But, the card’s high annual fee might be because of dealing with poor reputation users.

KOHO Prepaid Mastercard

The KOHO Prepaid Mastercard is a savings account where you can earn, spend, and save. You can use the prepaid card anywhere and it offers some nice features that benefit bad credit.

Highlights

Annual Fees: $10 per monthly billing period

Interest Rates:

Reward Rate: 0.5% on all purchases, up to10% cash back for online shopping, and selected in-store partners.

Intro Offer: N/A

Pros

• No credit checks.
• Cash back on all purchases.
• Earn interest on every dollar spent in your account.
• No transaction fees.

Cons

• No discount on foreign currency purchases.
• High annual fees.

Conclusion

The spending and saving account is a rewarding model that benefits many users. It uses its low credit card interest rates and cashback to help anyone with bad spending habits.

Home Trust Secured Visa Card

The Home Trust Secured Visa is a valuable payment medium for credit builders. Users can choose between two secured Canadian credit cards based on what they prefer. Either a no-annual-fee option with high interest (19.99%) or a $59 low-interest credit card (14.90%).

Highlights

Annual Fee: $59

Interest Rates: 14.90% Purchases, 19.80% Cash Advances

Reward Rate: N/A

Intro Offer: N/A

Pros

• Low-interest rate.
• Can upgrade to an unsecured credit account.
• Credit report to Equifax and TransUnion.
• Access to account management tools.

Cons

• High annual fees.
• Requires hard credit check.
• Requires minimum security fund deposit.

Conclusion

Although it has strict requirements, it’s still accessible to most credit builders. You can use it as a balance transfer credit card with a $500 least deposit. There is a no-frills experience, even if you have a poor credit history.

The Bottom Line

The advent of credit cards has made financial services smoother for credit card companies and their cardholders. But it is sometimes difficult to pick from the various options available. So knowing their strengths and weaknesses can help you make a beneficial decision.

Business cards like Amex Aeroplan Business Reserve and Avion are excellent choices for travellers and business owners. But, you can opt for the Hometrust Preferred Visa or Scotiabank Passport™ Visa Infinite* Card to cut costs if you deal with foreign merchants. Align any of the options in this guide with your needs and you’ll get a clear vision of which is best for you.