Your Loan is Just a Few Steps Away
APR can range depending on sum,
your credit score and lender

We use 256 bit SSL technology to encrypt your data.

Best Credit Cards Canada for 2022

Choosing the right credit card could be the difference between losing or saving thousands of dollars yearly on transactions. Although your preferences come into play here, you still have to consider the interest rates, welcome bonuses, rewards, and insurance. So, you’ll certainly be happier with your financial life if you choose right and pay off your dues monthly.

When considering the top credit cards in Canada, the list is exhaustive. Depending on your job, you might need business, cashback, travel, or even hotel credit cards. Hence, here is an honest curation of some of the best credit cards in Canada this year. The list has various sections based on requirements, spending habits, and other features that mean much to you.

Best Credit Cards in Canada For Businesses

A business credit card design seeks to meet the demands of business owners and corporate organizations. These business variants usually offer more cash back and sign-up bonuses. They also offer travel rewards and high credit limits.

Business credit cards also offer extra tools to manage many transactions and employee cards. However, the downside is their lack of consumer protection. Their interest rates are not fixed too, with high maintenance fees.

Best Options Annual Fees Interest Rates Reward Rate Intro Offer
American Express Aeroplan Business Reserve $599 16.99% on Purchase, 21.99% on Cash Advance 3X Aeroplan Points on Air Canada, 2X on eligible hotel and car rentals, 1.25X on others. N/A
The RBC Avion Visa Infinite Business $175 16.99% on Purchases, 21.99% on Cash Advances 1 RBC point for every dollar spent. 25% extra reward on eligible travel payments. 25,000 RBC points
Desjardins Visa Business $60 13.95% on Purchases, 13.5% on Cash Advances 1% Cashback $0

 

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

Cons

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

Cons

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

Cons

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.

Best Options Annual Fees Interest Rates Reward Offers Intro Offers
Home Trust Preferred Visa $0 19.99% on Purchases, 19.99% on Cash Advance 1% Cashback $0
Scotiabank Passport™ Visa Infinite* $150 20.99% on Purchases, 22.99% on Cash Advance 2 points per $1 on groceries, restaurants etc. 1 point on other purchases. 25,000 points (after spending $1,000 in the first 3 months)

 

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

Cons

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

Cons

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.

Best Options Annual Fees Interest Rates Reward Rates Intro Offers
SimplyCash™ Preferred $99 19.99% on Purchases, 21.99% on Cash Advance 2% Cashback 10% Cashback and $400 Bonus
BMO CashBack® World Elite® Mastercard® $120 20.99% on Purchases, 23.99% on Cash Advance 1% Cashback 10% Cash Back in the first 3 Months
Scotia Momentum® Visa Infinite* $120 20.99% on Purchases, 22.99% on Cash Advance 4% Groceries, 2% Gas, 1% All Purchase 10% cashback for the first 3 months (up to $2,000 total purchases)
Tangerine Money-Back $0 19.95% on Purchases and Cash Advance 2% Cashback 15% Cash Back (Up to $1,000)

 

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

Cons

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

Cons

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

Cons

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

Cons

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.

Best Options Annual Fees Interest Rates Reward Rates Intro Offers
Chime Credit Builder Visa® $0 None N/A N/A
Capital One Platinum Secured Credit Card $0 28.49% Variable APR N/A N/A
Discover it® Secured $0 25.24% Standard Variable Purchase APR 2% Cashback on Gas and 1% on all purchases 2x Cash Back Match
Petal® 1 “No Annual Fee” Visa® $0 22.24% – 31.74% APR 2% – 10% cash backs (at selected merchants) N/A
Capital One Quicksilver Secured Cash Rewards $0 17.99% – 27.99% Variable APR 1.5% cash back on every purchase N/A

 

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

Cons

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

Cons

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

Cons

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

Cons

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

Cons

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.

Best Options Annual Fees Interest Rates Reward Rate Intro Offer
Discover it® Student Cash Back $0 15.99% – 24.99% Variable APR 5% on Grocery, Gas Stations, Restaurants, PayPal, Amazon, Household Utility Purchases, and Digital Wallets. 1% on other purchases. Cashback Match
Bank of America® Unlimited Cash Rewards for Students $0 16.24% – 26.24% Standard Variable Purchase APR 1.5% cash back 0% APR for 18 billing cycles and $200 bonus (at least $1,000 deposits in the first 90 days)
Capital One SavorOne Student Cash Rewards $0 17.99% – 27.99% Variable APR 3% on dining, entertainment, and grocery stores. 8% cash back on selected events. 1% on every other purchase $100 for $100 spent in first 3 months

 

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

Cons

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

Cons

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

Cons

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.

Best Options Annual Fees Interest Rates Reward Rates Intro Offers
Refresh Secured Visa $12.95 17.99% on Purchases, 17.99% on Cash Advances N/A N/A
KOHO Prepaid Mastercard $10 per monthly billing period 0.5% Cashback on all eligible card purchases. 0.5% on all purchases, up to10% cash back for online shopping, and selected in-store partners. N/A
Home Trust Secured Visa Card $59 14.90% Purchases, 19.80% Cash Advance N/A N/A

 

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

Cons

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

Cons

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

Cons

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.