If you’re curious to see how your card stacks up, Money.ca recently released its ranking of the best credit cards in Canada.
The financial comparison and news platform used a ranking system created by industry experts who compared over 125 credit cards with over 70 data points to determine the top cards across various categories.
The ranking examined key factors like the rewards value, travel benefits, lifestyle perks, and insurance coverage of various credit cards.
“Reward credit cards give Canadians incentives for paying with a card, but the rules of earnings, when you can redeem and the added perks can be confusing to navigate,” said Romana King, senior editor of Money.ca, in a release.
“This complexity around reward credit cards can make it challenging for Canadians to make informed decisions.”
From earning points to travel perks, using the right credit cards can make a big difference. Here’s Money.ca’s full ranking of the best credit cards in Canada.
Best overall credit card
American Express
The American Express Cobalt card took the top spot for the best overall card. Money.ca said it ranked “above average” for almost all categories and was recognized for its points versatility.
It allows users to earn five times the points on eligible dining and groceries, an extra three times the points on eligible streaming subscriptions, two times the points on eligible rideshares, transit, and gas, and one times the points on everything else.
This card has an annual fee of $155.88 ($12.99 per month) and a purchase APR of 21.99%.
Best travel credit card
Money.ca
The best credit card for travel is the CIBC Aeroplan Visa Infinite. Money.ca recognized the card as a major perk for Air Canada flyers, allowing them to maximize their points on airline purchases. It also has a “generous” welcome bonus, providing users with 30,000 Aeroplan points in their first year.
As for rewards, cardholders earn 1.5 Aeroplan points on eligible gas, electric vehicle charging, groceries, and purchases made directly with Air Canada, including through Air Canada Vacations.
They also get some sweet travel perks like a free first checked bag for two travellers and an extra night free for every three hotel nights redeemed with Aeroplan.
Best cash-back credit card
Money.ca
Money.ca named the CIBC Dividend Visa Infinite card the best cashback card. It has a high earn rate (4% cash back) and allows users to earn 2% cash back on every eligible spend. This card has an annual fee of $120 and a purchase APR of 20.99% (for non-Quebec residents).
Best low-rate card and best balance transfer card
Money.ca
The MBNA True Line Mastercard took the number one spot in this category.
“You just can’t beat a 0% balance transfer offer (even with a 3% fee) because it gives you a whole year, 365 days to pay down that balance,” notes Money.ca. Moreover, this card has no annual fee and a 0% APR for 12 months on transfers.
Best gas and grocery credit card
Money.ca
With the high cost of living, using a credit card to rack up points for everyday expenses like gas and groceries can be helpful. Money.ca named the BMO CashBack World Elite Mastercard the best card for these expenses.
It comes with lucrative earning rates, allowing users to earn 3% (a maximum of $500) cash back on groceries. They also get up to seven cents off per litre on Shell fuel. This card has an annual fee of $120 and a purchase APR of 20.99%.
Best student credit card
Money.ca
The RBC ION+ Visa wins for best student card. Money.ca highlights that it’s a great option for students because of its high points earnings (3 points per $1 on qualifying grocery, dining, food delivery, gas, rideshare, public transit, EV charging, streaming, digital gaming and online subscriptions). It also has a fuel discount of 3¢/L. This card has an annual fee of $48.
Best welcome bonus and rewards card
Money.ca
For those looking to sign up for a new card, take advantage of welcome points, the TD Aeroplan Visa Infinite Privilege. Money.ca notes that the points for this card go a long way. Users can earn up to $2,900 in value, including up to 80,000 Aeroplan points. They also earn 2 points for every $1 spent on eligible purchases made directly through Air Canada and 1.5 points for every $1 spent on eligible gas, grocery, travel, and dining purchases.
It also comes with some helpful perks: users can get an application fee rebate (up to $100) when they enroll for NEXUS, complimentary Maple Leaf lounge access, and six worldwide lounge visits annually.