The 20 Best Credit Cards in Canada
Some people might prefer a credit card with a low interest rate, while others might prefer a credit card with a rewards program. That said, we rated our 20 best credit cards in Canada in the list below. Some sites will tease the best towards the end of the article – we start with the winner:
The American Express Platinum Card
The Canadian American Express Platinum Card gives access to a concierge service, priority boarding, and complimentary airport lounge access. Additionally, cardholders can earn rewards points that can be redeemed for travel, merchandise, or gift cards.
The Disadvantages of the Canadian American Express Platinum Card are the annual fee, which is currently $699 and the fact that cardholders must have a good to excellent credit score in order to be approved for this card.
Its detailed features are as follows:
- No preset spending limit
- Complimentary membership to Luxury Hotel & Resort Collection
- Complimentary membership to American Express Fine Hotels & Resorts
- Access to more than 1,000 airport lounges around the world with the American Express Global Lounge CollectionSM
- 60,000 Membership Rewards® points after you use your new Card to make $5,000 in purchases in your first 3 months
- Multipliers for Membership Rewards® points for every $1 you spend on eligible travel purchases, dining and food delivery & streaming services
- Access to American Express Invites® – exclusive tickets and experiences to some of the hottest shows, concerts, and events
- American Express Platinum Card Travel Service – 24/7 access to Travel Counselors who can help you plan and book your travels
- Baggage Insurance Plan – up to $500 per covered trip for lost or damaged luggage
- Travel Accident Insurance – up to $500,000 in coverage
- Purchase Protection – up to $10,000 per occurrence, $50,000 per year, for eligible purchases
- Extended Warranty – doubles the original manufacturer’s warranty up to one additional year
- Car Rental Loss and Damage Insurance – up to $85,000 in coverage
- Access to American Express Platinum Concierge – 24/7 access to a team of experts who can help you with whatever you need, whether it’s finding hard-to-get tickets or making dinner reservations
- Roadside Assistance – 24/7 access to emergency services like towing, jump-starts, and flat tire changes
- Emergency Card Replacement and Emergency Cash Advance – provides you with a replacement Card within 2 business days and access to cash within 24 hours
- Fraud Protection Guarantee – protects you from fraudulent charges, and you will not be responsible for any unauthorized charges
Source: American Express
The Platinum card is the clear winner, other contenders are below.
Capital One Aspire Travel Platinum:
The main advantage of Capital One Aspire Travel Platinum is the annual fee of $0. This card offers 1 Reward Mile on every dollar spent with no limits and no restrictions. You can also enjoy Car Rental Collision/Loss Damage Waiver and Baggage Delay protection.
The main disadvantage of Capital One Aspire Travel Platinum is the comparatively low cashback rate.
MBNA World Elite Mastercard:
The main advantage of MBNA World Elite Mastercard is the annual fee waiver for the first year. Also, this card offers a great earn rate of 2% on all purchases with no limits and no restrictions. You can also enjoy a welcome bonus of up to 40,000 points.
The main disadvantage of MBNA World Elite Mastercard is the high minimum income requirement of $80,000 personal or $150,000 household.
TD First Class Travel Visa Infinite Card:
The main advantage of TD First Class Travel Visa Infinite Card is the comprehensive travel insurance coverage. This card also offers a great earn rate of 3 TD points per $1 spent on all purchases, with no limit to the amount of points you can earn. You can also enjoy a welcome bonus of up to 30,000 TD points.
The main disadvantage of TD First Class Travel Visa Infinite Card is the high annual fee of $399.
CIBC Aventura Visa Infinite Card:
The main advantage of CIBC Aventura Visa Infinite Card is the annual fee waiver for the first year. This card also offers a great earn rate of 2 Aventura points per $1 spent on all purchases, with no limit to the amount of points you can earn. You can also enjoy a welcome bonus of up to 30,000 Aventura points.
The main disadvantage of CIBC Aventura Visa Infinite Card is the high minimum income requirement of $60,000 personal or $100,000 household.
BMO World Elite Mastercard:
The main advantage of BMO World Elite Mastercard is the annual fee waiver for the first year. This card also offers a great earn rate of 2% on all purchases with no limits and no restrictions. You can also enjoy a welcome bonus of up to 40,000 points.
The main disadvantage of BMO World Elite Mastercard is the high minimum income requirement of $80,000 personal or $150,000 household.
ScotiaGold Passport Visa:
The main advantage of ScotiaGold Passport Visa is the annual fee waiver for the first year. This card also offers a great earn rate of 5 Scotia Rewards points per $1 spent on all purchases, with no limit to the amount of points you can earn. You can also enjoy a welcome bonus of up to 30,000 Scotia Rewards points.
The main disadvantage of ScotiaGold Passport Visa is the high minimum income requirement of $60,000 personal or $100,000 household.
RBC Avion Visa Infinite Card:
The main advantage of RBC Avion Visa Infinite Card is the annual fee waiver for the first year. This card also offers a great earn rate of 1.25 RBC Avion points per $1 spent on all purchases, with no limit to the amount of points you can earn. You can also enjoy a welcome bonus of up to 30,000 RBC Avion points.
The main disadvantage of RBC Avion Visa Infinite Card is the high minimum income requirement of $60,000 personal or $100,000 household.
American Express AeroplanPlus Platinum Card:
The main advantage of American Express AeroplanPlus Platinum Card is the annual fee waiver for the first year. Also, this card offers a great earn rate of 1.25 Aeroplan points per $1 spent on all purchases, with no limit to the amount of points you can earn. You can also enjoy a welcome bonus of up to 30,000 Aeroplan points.
The main disadvantage of American Express AeroplanPlus Platinum Card is the high minimum income requirement of $60,000 personal or $100,000 household.
WestJet RBC World Elite Mastercard:
The main advantage of WestJet RBC World Elite Mastercard is the comprehensive travel insurance coverage. This card also offers a great earn rate of 2% on all purchases with no limits and no restrictions. You can also enjoy a welcome bonus of up to $250 WestJet dollars.
The main disadvantage of WestJet RBC World Elite Mastercard is the high annual fee of $199.
Air Canada Altitude Visa Infinite Card:
The main advantage of Air Canada Altitude Visa Infinite Card is the comprehensive travel insurance coverage. This card also offers a great earn rate of 2 Altitude points per $1 spent on all purchases, with no limit to the amount of points you can earn. You can also enjoy a welcome bonus of up to 35,000 Altitude points.
The main disadvantage of Air Canada Altitude Visa Infinite Card is the high annual fee of $120-$149 depending on the province you live in.
Desjardins Odyssey World Elite Mastercard:
The main advantage of Desjardins Odyssey World Elite Mastercard is the annual fee waiver for the first year. This card also offers a great earn rate of 3% on all purchases in foreign currency and 1% on all other purchases, with no limit to the amount of points you can earn. You can also enjoy a welcome bonus of up to 30,000 Desjardins Rewards points.
The main disadvantage of Desjardins Odyssey World Elite Mastercard is the high minimum income requirement of $60,000 personal or $100,000 household.
National Bank World Elite Mastercard:
The main advantage of National Bank World Elite Mastercard is the annual fee waiver for the first year. This card also offers a great earn rate of 3% on all purchases in foreign currency and 1% on all other purchases, with no limit to the amount of points you can earn. You can also enjoy a welcome bonus of up to 30,000 National Bank Rewards points.
The main disadvantage of National Bank World Elite Mastercard is the high minimum income requirement of $60,000 personal or $100,000 household.
HSBC World Elite Mastercard:
The main advantage of HSBC World Elite Mastercard is the annual fee waiver for the first year. This card also offers a great earn rate of 3% on all purchases in foreign currency and 1% on all other purchases, with no limit to the amount of points you can earn. You can also enjoy a welcome bonus of up to 25,000 HSBC Rewards points.
The main disadvantage of HSBC World Elite Mastercard is the high minimum income requirement of $80,000 personal or $150,000 household.
Merrill Lynch Cash Back Visa Infinite Card:
Some advantages of the Canadian Merrill Lynch Cash Back Visa Infinite Card include no annual fee, a welcome bonus of up to $120 cash back, and earn 3% cash back on gas and grocery purchases.
The main disadvantage of the Canadian Merrill Lynch Cash Back Visa Infinite Card is that it has a high interest rate.
PC Financial World Elite Mastercard:
Some advantages of the PC Financial World Elite Mastercard include no annual fee, a Welcome Bonus of up to 20,000 PC points, and earn 3 PC points per dollar spent on all eligible purchases. Cardholders also get free supplementary cards and access to the PC Financial World Elite Concierge service.
Disadvantages of the PC Financial World Elite Mastercard include a high interest rate and some restrictions on points redemption.
Rogers World Elite Mastercard:
Some advantages of the Rogers World Elite Mastercard include no annual fee, a Welcome Bonus of up to 40,000 points, and earn 3 points per dollar spent on all eligible purchases. Cardholders also get free supplementary cards, access to the Rogers Platinum Concierge service, and preferred pricing on Rogers products and services.
Disadvantages of the Rogers World Elite Mastercard include a high interest rate and some restrictions on points redemption.
Shaw World Elite Mastercard:
Some advantages of the Shaw World Elite Mastercard include no annual fee, a Welcome Bonus of up to 35,000 points, and earn 3 points per dollar spent on all eligible purchases. Cardholders also get free supplementary cards and access to the Shaw Travel Advisor program.
Disadvantages of the Shaw World Elite Mastercard include a high interest rate and some restrictions on points redemption.
TD Platinum Travel Visa Card:
Some advantages of the TD Platinum Travel Visa Card include no annual fee, a Welcome Bonus of up to 30,000 points, and earn 3 points per dollar spent on eligible travel and hotel purchases. Cardholders also get free supplementary cards and access to the TD Rewards program.
Disadvantages of the TD Platinum Travel Visa Card include a high interest rate and some restrictions on points redemption.
CIBC Imperial Service Visa Infinite Card:
Some advantages of the CIBC Imperial Service Visa Infinite Card include no annual fee, a Welcome Bonus of up to 20,000 points, and earn 3 points per dollar spent on eligible gas, grocery, and travel purchases. There are also some insurance benefits including out-of-province/country medical insurance and travel accident insurance.
Disadvantages of the CIBC Imperial Service Visa Infinite Card include a high interest rate and some restrictions on points redemption.