The Best Credit Cards in Canada - July 2022
Last Updated on June 10, 2022
Rewards Canada is known for starting the top credit card ranking trend in Canada when we launched our first Top Travel Rewards Credit Card rankings in 2009. Since that time we continued with annual travel card rankings and added in cash back rankings. Now we add in one more ranking - the best cards in Canada for different types of categories. Unlike our other rankings where we list first to fifth place this feature only displays the top card for each type of credit card category. From best overall to best low interest to best hotel card and many others in between, you'll find the best of each here. With nearly 20 years of research, experience in the loyalty and credit card space you can count on Rewards Canada to give you the most un-biased straight forward rankings. Unlike other websites and blogs we don't just cover cards we earn commissions on - we take them all into account as we have done since our inception in 2001. Do some cards earn us a commission? Yes! Do all of them? No. They all get equal consideration.
Also be sure to check out our Top Travel Rewards Credit Card Rankings and Top Cash Back Credit Card Rankings
Quick jump to each of the categories on this page:
The best overall card in Canada is the American Express Cobalt Card and it has been since it was launched late in 2017. Since that time it has been ranked as our number one overall travel rewards card and as of 2021 it also earned the title of the top cash back card in Canada. That's why we rank it the best overall card in Canada. It broke records when it was launched in 2017 by offering 5x points on eats and drinks - no other card had done that before. And by eats and drinks it means restaurants, fast food, grocery stores, convenience stores, bars and yes food and grocery delivery services. Next the card earns 3x points on popular streaming services, 2x points on gas, travel and transit while all other spending earns 1 point per dollar. With travel and cash back redemptions on the Cobalt Card starting at a value of 1 cent per point that means this card gives you a minimum 1%, 2%, 3% and 5% return on your spending but it can actually go higher than that with some of the card's other redemption options. We recommend reading our review of the card hereto learn about those redemption options.
Also check out our new Rewards Canada Clash - Clash of the Reward Charts! American Express vs. RBC and see how the Cobalt Card destroys the RBC Avion card.
Why is this card the best?
Provides the utmost in rewards flexibility with a trio of travel redemption options and redeem for any purchase made on the card (ie cash back)
Earns 5x Points per dollar on Eats & Drinks (Globally) - including food delivery services like Skip the Dishes and Instacart
Hint: Use Instacart to bypass Costco, Loblaws, Real Canadian Superstore,
and other Loblaw family of stores non-acceptance of American Express. Check out our Cobal Card Confirmed Multiplier Locations to see where you can earn more points around the world!
Provides a 1% to 10% or higher rate of return when redeeming for travel
Provides a 1% to 5% rate of return when redeeming for any purchase on the card outside of travel (your cash back option)
Redeem your points at anytime for virtually any purchase starting at only 1,000 points (or as little as $200 in spending)
Convert points to Air Canada Aeroplan, British Airways Executive Club, Marriott Bonvoy and others
    American Express Cobalt® Card 2022 Overall Top Travel Rewards Card 2022 Top Hybrid Travel Rewards Card 2022 Top Cash Back Card This is the best overall credit card in Canada! Monthly Fee $12.99/month of Cardmembership ($155.88 annually) Additional Cards: $0 Annual interest rate 20.99% on purchases and 21.99% on funds advances • In your first year as a new Cobalt Cardmember, you can earn 2,500 Membership Rewards® points for each monthly billing period in which you spend $500 in net purchases on your Card. This could add up to 30,000 points in a year • Transfer points 1:1 to several frequent flyer and other loyalty programs
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This is something we like to see! RBC has decided to bring their flagship card into the game of bigger and better bonuses. So many other issuers have been steadily increasing the offers on their cards - many with their best ever bonuses - and even RBC has done so on their British Airways, Cathay Pacific and WestJet cards. Now, it's the RBC Avion Visa Infinite card's turn. Right now the card has a new welcome bonus of up to 55,000 RBC Rewards points which just happens to be the best ever bonus ever provided for this card.
Why is this the best limited time offer?
You get 35,000 points upon approval - no purchase necessary. In fact people report getting the bonus in their account before receiving the physical card
The additional 20,000 points is easy to earn as you only have to spend $5,000 over the course of 6 months. That's less than $1,000 per month (You can spend more if you like however so that you can get the additional bonus sooner!)
You'll have no less than 60,000 points you'll have after spending the $5,000
60,000 points are worth $600 to over $1,000 when redeemed for travel
It is currently one of the easiest welcome bonus offers to achieve that gives you great bang for your buck!
 RBC Avion Visa Infinite Annual Fee: $120 Additional Card Fee: $50 Get up to 55,000 bonus points (a value of up to $1,100), that’s enough to fly anywhere in North America or the Caribbean! (Taxes and Fees extra) - You’ll get 35,000 Welcome Points on approval and 20,000 bonus points when you spend $5,000 in your first 6 months. Apply by September 16, 2022
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One of Canada's oldest, largest and best known loyalty programs has a lot of credit cards partnered with it. The question is which one is the best Air Canada Aeroplan card at this point in time. Right now that's the TD Aeroplan Visa Infinite Card thanks to its sign up bonus and first year annual fee rebates. Add in the benefits for flying with Air Canada and the Preferred Pricing for Aeroplan flight redemptions and this is why this card is the mainstay Aeroplan card in Canada
Why is this card the best?
The welcome bonus of up to 50,000 Aeroplan Points coupled with no annual fee in the first year provides huge value of at least $750!
Aeroplan Miles are very valuable when redeeming for business class and first class flights
A strong earn rate is offered on this card of 1 to 1.5 Aeroplan Miles per dollar spent
Extra benefits like preferred pricing on Aeroplan award flights, first checked bag free on Air Canada flights & more!
Annual Fee $139 Limited Time Offer
This offer is not available for residents of Quebec. For Quebec residents, please click here. † Terms and Conditions apply. |
Now approaching five years of being in the Canadian market, the HSBC World Elite Mastercard is the card to have whether you do lots of travel or shop online in other currencies you'll save on average 2.5% over most cards in Canada. On top of this it has earn rates that give you 1.5% to 3% back on your spending when you redeem for any travel (yes any travel with any travel provider) Or you can choose to convert points to three airline programs (British Airways being the most popular) which can provide huge outsized value, think 5 to 15% or more. It has a $100 annual travel enhancement credit, business class lounge access and a very good insurance package.
Why is this card the best?
The welcome bonus of 80,000 HSBC Rewards Points and no annual fee in the first year provide huge travel value
Earn 6 points per dollar spent on any travel (3% return) and 3 points per dollar on all other spending (1.5% return)
No Foreign Transaction fees
Redeem points for any travel you book on the card. No restrictions of booking via a credit card's travel agency!
Ability to convert points to British Airways Executive Club, Cathay Pacific Asia Miles & Singapore Airlines KrisFlyer
• Welcome bonus of 20,000 points* ($100 travel value) • Earn 40,000 points* when you spend $6,000 within 6 months of account opening ($200 travel value) • Earn 20,000 points* as an anniversary bonus ($100 travel value) • First year annual fee rebate for the primary cardholder* ($149) • Receive a $100 annual travel enhancement credit* • Earn 3% in travel rewards on all eligible travel purchases (6 Points per $1) and earn 1.5% in travel rewards on all other eligible purchases (3 Points per $1)
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Another major category to pay attention to in our current market situation is if you are needing to run a balance on your credit card(s). If you are and that card is a reward card with high interest rates you may need to look at a lower interest card. This is especially the case if you feel like it will take you more than two or three months to pay off that balance. In these cases the best low interest card in our market is the MBNA True Line Mastercard. It has a great standard low interest rate of 12.99%, which is 6 to 9% lower than most cards.
Why is this card the best?
Standard annual interest rate of 12.99% on purchases and balance transfers
No annual fee
 MBNA True Line® Mastercard® credit card You could get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening • No annual fee • Standard Annual Interest Rates of 12.99% on eligible purchases, 12.99% on balance transfers✪, and 24.99% on cash advances • You could get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening • Around-the-clock fraud protection • Use available credit on your credit card to transfer funds right to your chequing account. Apply for the MBNA True Line® Mastercard® credit card today • This offer is not available for residents of Quebec. Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the Apply Now button. ✪ Balance transfers will be fulfilled in the order listed and are treated as balance transfers in accordance with your Account Agreement. The total value of balance transfers cannot exceed your authorized credit limit. If the value is greater, MBNA may send a partial payment to the named creditor/designated account. THERE WILL BE A TRANSACTION FEE EQUAL TO 3.00% OF THE DOLLAR AMOUNT OF EACH BALANCE TRANSFER INITIATED WITH THIS APPLICATION. A MINIMUM FEE OF $7.50 WILL APPLY TO EACH BALANCE TRANSFER TRANSACTION. A balance transfer may not be used to pay off or down your account balance or any other balances with us (including our affiliates, which would include any member of the TD Bank Group). † Promotional Rates: Balance Transfers: 0.00% This Promotional Rate applies to any balance transfers made within 90 day(s) of your account opening (each, an "eligible transaction") and will remain in effect for 12 Statement Periods from the transaction date of each eligible transaction. The Promotional Rate will increase and the remaining balance of the eligible transaction will become subject to the Standard Rate for balance transfers either: (1) on the first day of the first Statement Period that occurs after the expiry of the Promotional Rate; or (2) on the first day of the second Statement Period following any late Minimum Payment. Other conditions apply. Offer may be changed, extended or withdrawn at any time, without notice. Standard Rates: Purchases: 12.99% Balance transfers and access cheques: 12.99% Cash advances: 24.99% Default Rates: If your Minimum Payment is late twice within any [12] consecutive Statement Periods (the "change event"), the Standard Rate(s) that apply to your account at that time will increase to the following new Standard Rate(s): Purchases: 19.99% Balance transfers and access cheques: 21.99% Cash advances: 24.99% The new Standard Rate(s) will apply on the first day of the second Statement Period following the change event. If you then pay each Minimum Payment on time for [12] consecutive Statement Periods ("cure period"), the new Standard Rate(s) will decrease to the Standard Rate(s) that applied on your account at the time of the change event. Such rates will apply on the first day of the first Statement Period that occurs after the cure period. The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. |
Canada's Top Travel Rewards Credit Card for five years running is now the number one cash back card in Canada! Thanks to American Express changing the Use Points for Purchases rate from 1,000 points for $7 to 1,000 points for $10 in 2021. This means the card earns a healthy 1%, 2%, 3% and 5% on spending. Even with paying the monthly fee on this card its cash back earning beats other true cash back cards in the Canada! And it's a quick access cash back card. As soon as you have 1,000 points (as little as $200 in spending) you can redeem for $10 towards any purchase you made on the card. Not to mention in the first year it's welcome bonus of 30,000 points is worth $300 in cash back alone. There is a reason why we call this card 'The Destroyer'
Recommended reading: The best credit card in Canada doesn't just beat the competition - it destroys them now
Why is this card the best?
Provides the utmost in rewards flexibility with a trio of travel redemption options and redeem for any purchase made on the card (ie cash back)
Earns 5x Points per dollar on Eats & Drinks - including food delivery services like Skip the Dishes and Instacart
Hint: Use Instacart to bypass Costco, Loblaws, Real Canadian Superstore,
and other Loblaw family of stores non-acceptance of American Express
Provides a 1% to 5% rate of return when redeeming for any purchase on the card outside of travel (your cash back option)
Redeem your points at anytime for virtually any purchase starting at only 1,000 points (or as little as $200 in spending)
| American Express Cobalt® Card 2022 Overall Top Travel Rewards Card 2022 Top Hybrid Travel Rewards Card 2022 Top Cash Back Card This is the best overall credit card in Canada! Monthly Fee $12.99/month of Cardmembership ($155.88 annually) Additional Cards: $0 Annual interest rate 20.99% on purchases and 21.99% on funds advances • In your first year as a new Cobalt Cardmember, you can earn 2,500 Membership Rewards® points for each monthly billing period in which you spend $500 in net purchases on your Card. This could add up to 30,000 points in a year • Transfer points 1:1 to several frequent flyer and other loyalty programs
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The Canadian credit card market has no shortage of no annual fee cards and most provide a very similar level of rewards and benefits. The best of them in our mind has changed in 2021 - we think the best card is now the American Express Green Card. It provides the same type of flexibliity as its older sibling, the American Express Cobalt Card in that you can redeem for any travel, redeem for cash back and even convert the points to Aeroplan, British Airways, Marriott Bonvoy and other programs. In fact it is the best no annual fee card for earning Aeroplan points!
Recommended reading: Clash of the Credit Cards! American Express® Green Card vs. CIBC Aeroplan® Visa* Card
Why is this card the best?
Provides the utmost in rewards flexibility with a trio of travel redemption options and redeem for any purchase made on the card (ie cash back)
Earns 1 point per dollar on all spending. That's no less than a 1% return and goes higher depending on how you redeem the points
The welcome bonus of 10,000 points is worth no less than $100
Convert points to Air Canada Aeroplan, British Airways Executive Club, Marriott Bonvoy and others
  American Express® Green Card Card Type: Credit Card Annual Fee: $0 Additional Card Fee: $0 Annual interest rate 20.99% on purchases and 21.99% on funds advances; Missed payment applicable rates, 23.99% and/or 26.99% • Get the Card that lets you live in the moment while getting ready for the future. The American Express® Green Card lets you go for it with every swipe or tap of your Card •As a new American Express® Green Cardmember, you can earn a Welcome Bonus of 10,000 Membership Rewards® points when you charge $1,000 in purchases to your Card in the first 3 months of Cardmembership • Earn 1x the points on Card purchases • Charge an eligible purchase to your Card and redeem your Membership Rewards points for a statement credit (All eligible purchases: 1,000 points = $10 statement credit) • With American Express Experiences and Front Of The Line®, American Express Cardmembers get access to amazing events in Canada • Transfer points 1:1 to several frequent flyer and other loyalty programs • American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply |
One of Canada's largest and most popular loyalty programs AIR MILES has quite a few credit cards to choose from. The best one of the bunch is the American Express® AIR MILES* Platinum Credit Card as it has amazing earning potential. It is the only card in the market that earns 1 AIR MILES Reward Mile for every $5 spend in the select categories of food and drinks as well as gas and transit. All other spending earns 1 AIR MILES Reward Miles for every $10 spent - a rate that's not even matched by the next best AIR MILES card the BMO AIR MILES World Elite Mastercard. Add in a welcome bonus of 2,000 miles, an annual travel redemption benefit that saves you 25% on an AIR MILES award flight (up to 750 miles in total discount) and you see why this card is the best AIR MILES credit card in Canada
Why is this card the best?
A strong welcome bonus of 2,000 AIR MILES which is worth just over $200
The best earn rate of any AIR MILES credit card with 1 mile earned for every $5 on eligible food & drinks and gas & transit
Annual travel redemption benefit that gives you back 25% of the miles used for a flight as a bonus - up to a max of 750 bonus miles
 American Express® AIR MILES* Platinum Credit Card Card Type: Credit Annual Fee: $120 Additional Card Fee: $50 Annual interest rate 20.99% on purchases and 21.99% on funds advances; Missed payment applicable rates, 23.99% and/or 26.99% • New American Express® AIR MILES®* Platinum Credit Card Cardmembers, earn a Welcome Bonus of 2,000 AIR MILES®* Bonus Miles when you charge a total of $1,500 in purchases to your Card within your first three months of Cardmembership. That’s enough to redeem for $200 towards your purchases with AIR MILES®* Cash • Earn 1 Mile for every $5 in Card purchases, up to $30,000 annually, on eligible food & drinks, (such as eligible restaurants, coffee shops and stand-alone grocery stores), and eligible gas & transit (such as local commuter transportation including ridesharing services and taxi) in Canada. • Earn 1 Mile for every $10 in Card purchases everywhere else. • American Express® AIR MILES®* Platinum Credit Card Cardmembers can take advantage of the Annual Travel Redemption Benefit. Once per calendar year, when an eligible Cardmember uses Dream Miles with the AIR MILES Reward Program to book their first single flight or package vacation through airmiles.ca or vacations.airmiles.ca, they can get Bonus Miles equivalent to 25% of the net number of Miles used (up to a maximum of 750 Bonus Miles). • Shop at participating AIR MILES®* Partners®* across Canada with your Card and show your AIR MILES®* Card, and you can earn Miles twice • American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply
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Several years ago we had upwards of six credit card choices for hotel loyalty programs but that has now dwindled down to two. Unfortunately many Canadians haven't caught on to hotel programs and the value they can provide. The best hotel credit card in Canada is the Marriott Bonvoy American Express card and it can provide huge value. Marriott Bonvoy points have a minimum redemption value of about a penny each and with this card earning no less than 2 points per dollar that translates to a 2% return - at a minimum. There are many cases where the value is much higher depending on which hotel you redeem for. Another good thing about a hotel credit card is that if there 2 or 3 or 4 of travelling you only need to earn enough points for one redemption - ie one hotel room - compare this to trying to earn enough points to redeem for 2 to 4 flights. Hotel programs, especially Marriott Bonvoy are a hidden gem in the travel world.
Why is this card the best?
The welcome bonus of 50,000 Marriott Bonvoy points
You earn a free night award each year on your card's anniversary date
Automatic Marriott Bonvoy Silver Elite status and 15 night credit towards status
You can convert Marriott Bonvoy points to over 40 airline programs including Air Canada Aeroplan
The card has one of the best everday best earn rates of 2 points per dollar which we value as a 2% return at a minimum
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You would think CIBC's Mastercard that is exclusively for Costco members would be the best Mastercard for Costco purchases but that's not the case! That card only earns 1% cash back at Costco where other cards can earn more. Your best bet is the Brim World Elite Mastercard as it provides a 2% return (on $25,000 in total annual spend), great benefits, No Foreign Transaction Fees and has no annual fee in the first year.
Recommended reading: Top 5 Mastercard Cards to use at Costco
Why is this card the best?
You'll earn 2% cash back on all your Costco purchases until you reach the annual $25,000 cap on 2% cash back
The card offers No Foreign Transaction Fees so you'll save 2.5% on average on purchases made outside of Canada
It has a really strong insurance benefits package
 Brim World Elite MasterCard Annual Fee: $199 Primary Card (Waived in first year) $50 Secondary Card • Up to $500 in first time bonuses from Brim merchant partners • 2 points for every $1 spent up to $25,000 annually • 1 point for every $1 spent after that • No Foreign Transaction fees • Complimentary membership in Mastercard Airport Experiences provided by LoungeKey • Free Global Wi-Fi • Comprehensive package of insurance benefits |
Don't be swayed by the $699 annual fee - this is a high end card with an annual fee to match. The card comes with welcome bonus of up to 80,000 points which is worth $800 or more. This isn't even taking into consideration all the other benefits that this card affords and there are a lot. An annual $200 travel credit, hotel elite status, NEXUS credit, the best lounge access of all cards in Canada and more.
Recommended reading: How to maximize the elite status benefits from The Platinum Card from American Express
Why is this card the best?
Earns 3x Points per dollar on dining - including restaurants, fast food, coffee shops and more.
Redeem your points at anytime for virtually any purchase starting at only 1,000 points (or as little as $334 in spending)
Convert points directly to Air Canada Aeroplan or British Airways Executive Club on a 1:1 basis
Amazing travel benefits like an annual $200 travel credit, airport business class lounge access benefits, hotel elite status and more
 
The
Platinum Card® • Unlock special experiences with the Platinum Card
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Storming onto the market in late 2019 the American Express Business Edge Card quickly took the honours of the best small business card in Canada. A strong sign up bonus and mid-level annual fee on the primary card only (up to 99 supplementary cards are free) are just the start of why this card is so good. Now add in the earn rate of 3 points per dollar on eats & drinks, office supplies & electronics and rides & transit and the card just gets better. Then you have have the power of the Membership Rewards program on the redemption side where 1,000 points = $10 towards any purchase or you can utilize Amex' Fixed Points travel program to score huge value when travelling and the list goes on!
Why is this card the best?
The welcome bonus of 45,000 points (worth $450+) coupled with a mid level annual fee is a huge benefit to this card
The earn rate of 3 points per dolla on eats & drinks, office supplies & electronics and rides & transit
1,000 bonus points for each month you spend $3,000 or more on the card - for the life of the card!
Valuable redemption options via the Membership Rewards Select program including the ability to convert to Marriott Bonvoy
 American Express Business Edge™ Card • Earn up to 57,000 bonus points –that’s $570 in statement credits you can reinvest into your business • Earn 45,000 Welcome Bonus points when you charge $5,000 in purchases to your Card in your first three months of Cardmembership • You can earn an extra 1,000 Membership Rewards points for each monthly billing period in which you spend $3,000 in purchases on your Card. This could add up to 12,000 extra points in a year • You can earn 3 times the points for Card purchases on eligible business essentials including office supplies & electronics, rides & gas, eats & drinks. Caps and other conditions may apply. • You can earn 1 times the points on all other purchases charged to the Card • Use points to offset business expenses: Membership Rewards® allows you to offset business expenses by covering the cost of purchases made on your Card, in full or in part. Redeem points for statement credits and to book flights, hotels, and car rentals. Redeem points for flight purchases on AirCanada.com and even transfer to frequent flier and hotel programs. • Make the most of a suite of business management tools that give you more control over your business anytime and anywhere • Employee Card Misuse Protection is a benefit created specifically for business owners and it provides coverage of up to $100,000 per Basic Cardmember in the event an employee misuses their Supplementary Card for unauthorized charges. • Leverage your cash flow with the option of carrying a balance or paying in full each month • American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply
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There you have it! The best cards to get in various categories in Canada! Be sure to book mark this page as we will be adding more categories and as new cards or offers come along the best cards in each category may change!
Feel free to explore our site for many more articles, tips and tricks for credit cards and loyalty programs in Canada!