Here in this article, we have compared three credit cards and their features. Find out more about the benefits and distinctive features of each card. Leveraging the information listed below will help you select the best card for you. To learn more, continue reading.
1. Amazon.ca Rewards Mastercard®
First, let us discuss the Amazon.ca Rewards Mastercard®-
- Open to all Canadian citizens who have reached the legal age in their province or territory.
- Annual fee:
- Interest charged on Balance–
- Purchase interest rate is 19.99%
- Cash advance interest rate is 22.99%, and
- Balance transfer interest rate is 22.99%
This specific card offers you 5% back on your first $3,000 in qualifying purchases at Amazon.ca Whole Foods Market locations, grocery stores, and restaurants for the first six months after approval
|Eligibility||a) No minimum income requirement |
b) A credit score of 660-724+
c) Permanent residency in Canada and of legal age.
|Interest charged on Balance||a) Purchase interest rate: 19.99%|
b) Cash advance interest rate: 22.99%
c) Balance transfer interest rate: 22.99%.
|Reward||Get 1% back on all eligible purchases anywhere else.|
2. CIBC Costco® Mastercard®
- A minimum annual income of $15,000 is required to qualify for this card.
- To qualify for the CIBC Costco® World Mastercard®, you must have a minimum household income of $60,000 or a household income of $100,000.
- Annual fees
- $0 annual fee.
- Interest on balances
- Purchase interest rate on this card is 19.75%, and
- Cash advance interest rate is 21.49%.
- 3% cash back at restaurants and Costco gas
- 2% cash back at other gas stations and Costco
- 1% cash back on all other purchases, including Costco
Let us present it in a tabular manner:
|Eligibility||The minimum annual income of $15,000 Canadian citizen or permanent resident|
|Interest charged on Balances||Purchase interest rate: 19.75%; Cash advance interest rate: 21.49%.|
|Reward||a) Cashback on money transfers |
b) Use Mastercard Zero Liability Protection to defend against illegal activity.
3. President’s Choice Financial World Elite Mastercard
- A minimum income of $80,000/year or
- $150,000/year minimum household income.
- Your recommended Credit Score is between 670-739.
- Annual fees–
- The annual fee on this card is $0.
- Interest on balances
- Purchase interest rate is 20.97%.
- Cash advance interest rate is 21.97%
- The interest-free grace period on new purchases is 21 days
- Cashback and Rewards
- Shoppers Drug Mart/Pharmaprix: 45 points per $1 spent
- Loblaw: 30 points per $1 spent on groceries and PC travel
- Esso or Mobil: 30 points per liter bought
- Everything else: 10 points per $1 spent
Also, on this card, you get ten days of travel emergency medical insurance, car rental collision/loss, and damage waiver insurance.
|Eligibility||Minimum personal income of $80,000/year or $150,000/year minimum household income. A credit score between 670-739. A permanent resident of Canada and legal ag|
|Interest on balances||The purchase interest rate on this card is 20.97%. The cash advance interest rate is 22.97%. 21-day period with no interest charged on new purchases|
|Cashback/ Rewards||For every $1 spent on groceries and PC travel through Loblaw, customers earn 30 points, 30 points per liter at Esso or Mobil stations, and 10 points for every $1 spent on all other purchases. You get protection against Identity Theft, Assistant Service, and concierge service.|
Knowing these three credit cards, let us do a comparative analysis of these three credit cards.
|Amazon.ca Rewards Mastercard®||CIBC Costco® Mastercard®||President’s Choice Financial World Elite Mastercard|
|Additional Benefits||Lost Luggage Assistance, rewards to help cover foreign transaction fees Lost Document and Ticket Replacement Trip help & Legal Assistance Purchase Assurance Extended Warranty Benefit Mastercard® Zero Liability Emergency Card Replacement||Mobile Device Insurance Purchase Security and Extended Warranty Insurance CIBC Pace It™ Installment Plans Credit card replacement and up to $5,000 in emergency cash advances||Travel Emergency Medical Insurance Car Rental Collision/Loss Damage Waiver Insurance Identity Theft Assistant Service 24/7 concierge service|
|Welcome Offer||Earn 5% back on qualifying purchases made at Canadian Whole Foods Market, Amazon.ca, and grocery or dining establishments up to $3,000 in total.||$20 welcome bonus||N/A|
|Minimum Income Requirement||–||A minimum annual income of $15,000 is required to qualify for the CIBC Costco Mastercard. Minimum $60,000 individual or $100,000 household income||$80,000 personal or $150,000 household.|
|Condition of Canadian Resident||Yes.||Yes.||Yes.|
We have listed all the cards that are best for Amazon.ca online shopping, best for Costco in-store shopping, and Loblaw’s in-store shopping.
If you are looking for a card with rewarding features for online shopping, the Amazon.ca Rewards Mastercard® can be the best for you.
But, if you want a card with added rewards, cashback, and added benefits, the other two can be a good pick.
Evaluate your requirements and select the card that better serves your needs.