Apart from security and convenience, credit cards provide several other benefits. Credit at our disposal tempts us to splurge money unnecessarily. But if you want to record and track all your spending and create a budgeting plan, a credit card statement would surely help.
There are credit cards in the Canadian market to suit every need. An estimate suggests, Canada issued 79.6 million credit cards in the year 2018. It is hard to find the best credit card, but we tried it here for you.
Which are the best credit cards to choose from in Canada?
While choosing a credit card, there are a few things to keep in mind. If you regularly carry a balance on your credit card or exceed the limit on the card, you may get trapped in the vicious cycle of the interest rate.
Choosing a card depends on your preferences. Compare the rewards and benefits offered by various credit cards before zero-in on a credit card.
Here is our pick on the best credit cards in Canada.
1. American Express Cobalt Credit Card:
The American Express CobaltTM Credit Card offers several benefits and features for users.
It has an affordable monthly fee of $10, and you get:
- 5 points: For spending every $1 at the restaurants, grocery stores, and food delivery services.
- 2 points: For spending every $1 on travel services, travel bookings local transportation services.
- 1 point: For spending every $1 on all other services.
- 1 additional point: spending money on Amex Travel Online.
You can redeem these points towards the eligible card purchases you want from the number of options provided.
2. SimplyCash Preferred Card from American Express:
With an affordable annual fee of $99, SimplyCashTM Preferred Card over American Express offers many other benefits. You get 10% cashback as a welcome offer on all purchases for the first four months. They also give a 2% cashback rate on all your card purchases and other exclusive offers.
3. Scotiabank Gold American Express® Card
With an annual fee of $120, Scotiabank Gold American Express® Card also offers rewards such as
- 5 points: spending every $1 on grocery, restaurants, and entertainment purchases.
- 3 points: On spending every $1 on eligible gas, daily transport, and eligible streaming services.
- 1 point: spending every $1 on all other purchases.
4. CIBC Dividend® Visa Infinite* Card
The CIBC Dividend® Visa Infinite* Card offers $120 as an annual fee. They give a rebate on the yearly fee for the first year. The top-rated cashback card provides you with exciting rewards, such as
- 4% cashback: On gas and groceries.
- 2% cashback: On dining, daily transportation, and recurring bill payments.
- 1% cashback: On everything else.
The minimum annual income required for this credit card is $60,000 for an individual or $100,000 for the household.
5. TD First Class Travel® Visa Infinite* Card
The TD First Class Travel® Visa Infinite* Card has an annual fee of $120, with the eligibility requirement of $60,000 personal or $100,000 annual household income.
You collect the TD points:
- 9 TD Points: For spending every $1 on online purchase made for traveling through Expedia for TD.
- 3 TD Points: For spending every $1 on all other purchases.
We can redeem the TD points collected through cashback, gift cards, and many other offers. The TD points you earn do not expire.
6. BMO World Elite®* Mastercard®*
The BMO World Elite®* Mastercard®* has an annual fee of $150 (waived in the first year). The minimum annual income for getting this card is a minimum of $80,000 (individual) or $150,000 (household).
You also get to earn:
- 3 points: spending every $1 on eligible travel, dining, and entertainment.
- 2 points: For spending every $1 on any other purchases.
- 2 bonus points: spending every $1 on rentals at participating National Car Rental and Alamo Rent a Car locations.
This card provides many other additional offers alongside the BMO reward benefits.
7. Home Trust Preferred Visa card:
The Home Trust Preferred Visa card provides you with many benefits and features, such as:
- No annual fee asked.
- 1% cashback on all qualified purchases.
- No exchange fees on foreign currency transactions.
- At least $15,000 yearly income.
You will get many additional benefits by applying for the card. But the credit card product is not available in Quebec.
You can count on these credit cards in Canada and choose the one that suits your needs and preferences the best.
Comparing the costs, benefits, and features, you will get a thorough grasp of which one is ideal for your use.
The next topic we cover is ‘What is the difference between a credit card and a debit card? And Which one is right for you?’