Cash back cards – Money We Have

Scotia Momentum VISA Infinite Card Review

Barry Choi — Mon, 04 May 2026 18:35:50 +0000

Although the Scotia Momentum Visa Infinite Card is still one of the best cash back credit cards in Canada, it’s lost some of its appeal over the years. That’s not to say this card is no longer good. It’s just that other cards now offer better benefits or earning rates.

What’s interesting is that this card still has an incredible earning rate, and some of the best travel and purchase insurance available, so it’s still a potential keeper. Read my Scotia Momentum Visa Infinite review now to find out why it’s one of the best Scotiabank credit cards in Canada.

Welcome bonus and earn rate

The Scotia Momentum Visa Infinite Card typically offers 10% cash back on all purchases for the first three months (up to $2,000 in spending), but it has been as high as 15% back. In addition, the annual fee of $120 is usually waived for the first year as part of the welcome bonus.

As for the earning rate, you’ll get 4% cash back on groceries, recurring bills, and subscription purchases, 2% on gas, transit and food delivery purchases, and 1% on all other purchases. Even though you get a high earn rate for multiple categories, there is an annual spending cap of. $25,000 Once you reach that amount, your earning rate drops to 1%.

Benefits and perks

Like many cash back credit cards, the Scotia Momentum Visa Infinite doesn’t give you a ton of perks. That said, you do get some great insurance and Visa Infinite benefits.

Mobile device insurance

When you charge the full price of a mobile device (cellphone or tablet) to your Scotia Momentum Visa Infinite Card, you’re covered for up to $1,000 from loss, theft, or damage. Note that if you ever need to make a claim, depreciation applies.

Travel insurance

Travel medical – $1,000,000 coverage up to 15 days
Trip interruption – $2,000 per insured person (max $10,000 per trip)
Trip cancellation – $1,500 per insured person (max $10,000 per trip)
Flight delay – $500 per trip for eligible expenses for all insured travellers after a delay of 4 hours
Delayed and lost baggage – $500 per trip for eligible expenses for all insured travellers after a delay of 4 hours
Travel accident – $500,000 covering common carriers including airplanes, cruise ships, trains or buses
Rental car collision / loss damage insurance – $65,000/48 days

For a cash back card, the included travel insurance is quite impressive. You only need to charge 75% of your trip costs to your card for the trip cancellation and trip interruption insurance to apply. However, for rental cars, you need to charge the full amount. There is no hotel/motel burglary insurance included.

Purchase insurance

Purchase security – 90 days
Extended warranty – Up to one additional year

When charging your purchases to your Scotia Momentum Visa Infinite Card, you’re covered for 90 days from loss, theft, and damage, thanks to the included purchase security. In addition, you get an extended warranty on purchases for up to one additional year.

Concierge service

As a Visa Infinite cardholder, you get access to a personal concierge. Available 24/7, these concierges are able to help you with dinner reservations, shopping, and more. Note that concierge can’t make miracles happen, so be realistic about your requests.

Save on car rentals

When renting a car at participating AVIS and Budget locations in Canada and the U.S., you’ll get up to 25% off the base rate when paying with your Scotia Momentum Visa Infinite Card.

Visa Infinite Hotel Collection

Visa has exclusive deals with hundreds of hotels where you can get a free room upgrade and Wi-Fi when you book directly with them.

Visa Infinite Dining and Wine Country program

Throughout the year, Scotiabank offers cardholders tickets to exclusive dining events where you can meet celebrity chefs and more.

When your Scotiabank cash back is paid out

Scotiabank now pays out the cash back anytime as long as you’ve earned at least $25 in rewards. Previously, you had to wait until November to get your cash back so this change makes things much more flexible.

Scotia Momentum VISA Infinite eligibility

You’re a Canadian citizen or permanent resident
You’re at least the age of majority in your province or territory
You have a minimum annual personal gross income of $60,000
You haven’t declared bankruptcy in the past 7 years
Your home address matches your credit report home address

Although the Scotia Momentum VISA Infinite Card doesn’t have a formal minimum credit score requirement, a score of at least 700 is recommended.

How the Scotia Momentum Visa Infinite Card compares

Scotia Momentum Visa Infinite Card vs. American Express Cobalt Card

A natural comparison is the American Express Cobalt Card since it has a similar earning rate. The Cobalt Card gives you 5 American Express Membership Rewards points per $1 spent on eats and drinks (including grocery stores), 3 points on popular streaming services, 2 points on travel and transit, and 1 point on all other purchases. Since you can redeem 1,000 points for a $10 statement credit, this is essentially a hybrid cash back/travel rewards card.

Admittedly, the Scotia Momentum Visa Infinite Card has better insurance, but American Express Membership Rewards is a better program than Scene+. That’s because you can transfer your Membership Rewards points to other loyalty programs such as Aeroplan and Marriott Bonvoy. Depending on the redemption, you could get an increased value for your points.

Scotia Momentum Visa Infinite Card vs. BMO CashBack® World Elite®* Mastercard®*

The BMO CashBack® World Elite®* Mastercard®* also has an impressive earning rate of 5% cash back on groceries, 4% on transportation, 3% on gas and electric vehicle charging, 2% on recurring bills, and 1% on all other purchases. The catch is, there are monthly caps of $500 on groceries, $300 on transit, $300 on gas and electric vehicle charging, and $500 on recurring bills. If you typically spend more than that, then the Scotiabank is a better choice since it has a yearly cap, not a monthly one.

Scotia Momentum Visa Infinite Card vs. Tangerine World Mastercard

Of the best cash back credit cards in Canada, one other card worth comparing is the Tangerine World Mastercard. With the Tangerine card, you can choose up to three categories that will earn you 2% cash back, while all other purchases earn you 0.5% cash back. This is clearly lower than what the Scotia Momentum Visa Infinite Card offers, but it has no annual fee, which will appeal to many people.

Final thoughts

It should be pretty obvious that my Scotia Momentum VISA Infinite review is positive. It’s one of the best no-fee cash back card available and I’d argue it’s an excellent choice as a “travel rewards” card. Although the cash back is easy to redeem, it’s only paid out once a year in November as a statement credit or deposited directly into your personal chequing or savings account if you bank with Scotia.

Apply now for the Scotia Momentum Visa Infinite Card

Tangerine Money-Back Credit Card Review

Barry Choi — Sat, 02 May 2026 15:03:48 +0000

Are you ready for a Tangerine Money-Back Credit Card review? Tangerine credit cards have become incredibly popular since they launched since they allow you to pick up to three categories of your choice where you can earn extra cash back

While giving you more choice on how much cash back you can earn is definitely a huge advantage, that’s not something you should rely on alone when picking a credit card. Read my Tangerine money-back credit card review now to find out how much cash back you can earn, what other benefits are included, and how the card compares to others.

Welcome bonus and earn rate

The Tangerine Money-Back Credit Card often has a welcome bonus where you can earn 10% cash back in the first two months. This amount is usually capped between $100 and $200 in cash back.

As for the earn rate, you’ll earn 2% cash back on two categories of your choice. However, if you select to have your cash-back deposited right to your Tangerine savings account, you can choose a third bonus category that gives you 2% cash back. All other everyday purchases earn you 0.5% in cash-back.

Picking your categories is unique since every other cash back credit card out there has defined multipliers for each category. With this card, you get to choose the categories that will earn you the most cash back. One thing I don’t like is how travel doesn’t have its own category. Yes, there’s “hotel/motel,” but that’s just part of your travel expenses. Flights don’t fall under any cash-back categories, which means you can’t earn any bonus cash back with them. You’ll earn the base earn rate.

Tangerine Money-Back Credit Card categories

As mentioned, the Tangerine Money-Back Credit card allows you to choose up to three categories where you’ll earn 2% cash back. There are ten categories to choose from, which are as follows:

Grocery
Furniture
Restaurants
Hotel/motel
Gas
Recurring bill payments
Drug store
Home improvement
Entertainment
Public transportation and parking
E-Games
Fitness
Foreign currency spend

The money-back rewards categories are diverse, so it shouldn’t be hard to find the three you spend the most on. That said, there are a few quirks. Walmart Superstores fall under the grocery category, so any purchase you make there could earn you 2% cash back. Unfortunately, regular Walmarts and Costco don’t count as grocery transactions.

Gas at Costco does count towards the gas category since you pay for that directly at the pump. Recurring bill payments need to be automatic bill payments that are charged directly to your credit card. That means purchases like new hardware at your mobile provider wouldn’t count for the extra cash back.

Entertainment purchases refer to sports venues, theatres, amusement parks, tourist attractions, zoos and more. Finally, there’s public transportation which includes things such as buses, trains, taxis and even road tolls.

You can change your categories whenever you want to, but they don’t come into effect until the start of your next billing cycle. This is to prevent abusing categories or trying to game the system. This unique feature is the main reason why the Tangerine Money-Back credit card is considered one of the best cash back credit cards in Canada.

Benefits and perks

Since the Tangerine Money-Back credit card is an entry-level card with no fee, it comes with limited benefits. You get the following as a cardholder:

Purchase insurance

The Tangerine Money-Back Card provides you with the following insurance:

Purchase assurance – This covers your purchases from theft, loss and damage for 90 days from the date of purchase.
Extended warranty – Purchases charged to your card get the manufacturer’s warranty doubled, up to one extra year.

Balance transfer

With this card, you can make a balance transfer request that gives you a 1.95% interest rate for six months. This is a decent rate if you have an existing credit card balance you want to pay down. A 1% balance transfer fee applies, and you must do it within 30 days of account approval. Even though the interest rate goes up to 19.95% after the promotional rate period ends, the card is still one of the best balance transfer credit cards in Canada.

How to redeem your cash back

The cash back you earn with your Tangerine Money-Back Credit Card is paid monthly. It can be redeemed into your Tangerine Savings Account or applied directly to your credit card balance. There is no minimum balance requirement for your cash back redemptions.

Purchase protection covers your purchases in the event of loss, theft or damage for 90 days from the date of purchase. As for the extended warranty, any purchases charged to your Tangerine Money-Back Card see its manufacturer’s warranty doubled by up to one additional year. Both benefits are often overlooked and not usually offered with a no-fee credit card, so cardholders of the Tangerine Money-Back credit card should consider this a win.

Tangerine Money-Back Card eligibility

To qualify for the Tangerine Money-Back Card, you must meet the following conditions:

The age of majority in the province or territory in which you reside
Be a permanent resident of Canada
Have a gross annual income of $12,000 or more
Have not declared bankruptcy over the past seven years

Although there’s no mention of the credit score required, it’s safe to assume that you need to be at least in good standing, so about 670+.

How the Tangerine Money-Back Card compares

Tangerine Money-Back Card vs. American Express SimplyCash Card

As a cash-back card, the Tangerine Money-Back card is comparable to other market leaders to a certain extent. For example, the American Express SimplyCash Card also has no annual fee and gives you 1.25% cash-back on all purchases. The Tangerine card gives you a higher earn rate on up to three categories, so it depends on what categories you spend the most on. That said, since both credit cards offer no fees, you could use your Tangerine card on three categories and then use the American Express SimplyCash card on all other categories to maximize your return.

Tangerine Money-Back Card vs. Tangerine World Mastercard

Another card worth considering is the Tangerine World Mastercard, a higher-tier version of the Money-Back Card that comes with mobile device and rental car insurance. It also has no annual fee, but one of the eligibility requirements is to have a gross annual income of at least $60,000 or a household income of $100,000.

If you prefer something that allows you to earn travel rewards or gives you comprehensive travel insurance, then you should consider one of the best travel credit cards in Canada over the Tangerine card.

Final thoughts

Overall, my Tangerine Money-Back Credit Card review is positive. The card is ideal for people in the following situations:

You want customization – You get to choose up to three categories where you earn 2% cash back. All other purchases earn you 0.5% cash back.
You don’t have a high income – The income requirement for this card is just $12,000.
You don’t want to pay an annual fee – This is one of the best no fee credit cards in Canada.

The Tangerine Money-Back Credit Card keeps things simple by offering straightforward cash back that is paid out monthly. Although it may not have many additional benefits, the card will still be very attractive to many people, including students.

Apply now for the Tangerine Money-Back Card

Tangerine World Mastercard Review

Barry Choi — Sat, 02 May 2026 15:01:59 +0000

The first thing you need to know about my Tangerine World Mastercard® review is that this card is great. It’s one of the few credit cards where you can pick your cash back categories and has no annual fee. While this card is very similar to Tangerine’s Money-Back card, there are enough differences that you’ll want to know about before applying. Keep reading my Tangerine World Mastercard review for the full details.

Tangerine World Mastercard

Welcome bonus and earn rate

The Tangerine World Mastercard® typically has a welcome bonus in the $100 – $200 range. What’s great about this offer is that it applies to all purchases, not just specific categories.

As for the earn rate, the Tangerine World Mastercard® is one of the best cash back credit cards in Canada since you get to choose up to three categories where you’ll earn 2% cash back. All other purchases earn you 0.5% cash back. You get to choose two categories right away and the third one becomes available when you set your cash back to be applied directly to your Tangerine Savings account.

That’s a lot of choices, but, unfortunately, there’s no general travel category. You only have a hotel-motel category. That means flights, cruises, and vacation packages would only earn you the base rate of 0.5% cash back.

Benefits and perks

It’s important to go over the benefits in my Tangerine World Mastercard® review since some of the included perks may determine if you sign up for this card or not. For a no fee card, you get a surprising amount of perks.

Mobile device insurance

You get mobile device insurance up to $1,000. This applies to both cellular phones and tablets. For your insurance to be valid, you must charge the entire cost of your device to your Tangerine World Mastercard®. If you’re getting a phone that’s subsidized, you must charge your monthly bill to your card.

Rental car insurance

The only type of travel insurance you get is rental car collision/loss damage insurance. You’ll be covered for 31 days, but the vehicle can’t have an MSRP of more than $65,000. You must charge the entire amount of your rental card to your credit card and decline any damage insurance from your car rental agency for your insurance to apply.

Purchase insurance

Purchase assurance
Extended warranty

Purchase assurance and extended warranty are pretty standard benefits, but they can be incredibly handy if you ever need to make a claim. With purchase assurance, your purchases are protected from theft, loss, and damage for 90 days. As for the extended warranty, your manufacturer’s warranty is doubled for up to one additional year.

Balance transfer

One overlooked benefit is that new cardholders can perform a balance transfer with a promotional interest rate of 1.95% for six months. You must complete the balance transfer within 30 days of account approval, and a 1% fee applies. This balance transfer can help you reduce debt, as most credit cards charge an interest rate of 20%+.

Mastercard World benefits

What many people don’t realize is that all Mastercard World cardholders get the following benefits directly from Mastercard:

Boingo Wi-Fi – With your Mastercard credentials, you can sign up for a free Boingo Wi-Fi account. This will give you access to more than one million hotspots worldwide. This includes many Wi-Fi hotspots found in airports and on planes.
Travel Rewards – The Mastercard travel rewards site allows registered cardholders to earn additional cash back at select merchants and travel partners
Travel Pass provided by DragonPass – When you download the Mastercard Travel Pass app and register, you’ll get access to 1,300+ airport lounges in more than 140 countries. DragonPass provides this service. Note that you still need to pay for individual visits.

Tangerine World Mastercard eligibility

To qualify for the Tangerine Money-Back Card, you must meet the following conditions:

The age of majority in the province or territory where you live
Be a permanent resident of Canada
Have a gross annual personal income of $60,000, a household income of $100,000 or $250,000 invested or saved with Tangerine.
Have not declared bankruptcy over the past seven years

Like all other banks, Tangerine doesn’t have a formal credit score requirement listed, but you likely want yours to be at least 670 before applying since that would put you in good standing.

How the Tangerine World Mastercard® compares

Cash back credit cards in Canada are very popular, so many similar rewards cards are available on the market. When comparing cards, consider the earning rate, ease of redeeming your cash back and any benefits you get by holding the card.

Tangerine World Mastercard vs. Tangerine Money-Back Credit card

The Tangerine World Mastercard® is an enhanced version of the Tangerine Money-Back Credit Card. In other words, if you want a Tangerine credit card and meet the minimum income requirement, you should apply for the Tangerine World Mastercard® since it gives you additional benefits.

Tangerine World Mastercard vs. American Express SimplyCash Card

Another no fee credit card to look at is the American Express SimplyCash Card, which also has no annual fee. You don’t get any enhanced earn rates on specific categories, but you get 1.25% cash back on all purchases.

Tangerine World Mastercard vs. BMO CashBack World Elite Mastercard

If you’re willing to pay a fee, the BMO CashBack® World Elite®* Mastercard®* is worth considering. You get 5% cash back on grocery purchases, 3% cash back on gas and electric vehicle charging, 2% cash back on recurring bill payments, and 1% cash back on all other purchases. The annual fee is $120, but the first year is usually waived.

Final thoughts

My Tangerine World Mastercard® review is positive. Although it has a higher minimum income requirement, it will appeal to people in the following situations:

You want to pick your cash back – You get to choose up to three categories where you’ll earn 2% cash back.
You want free mobile device insurance – This is one of the few cards with no annual fee and offers mobile device insurance.
You don’t want to pay an annual fee – There’s no yearly fee to worry about with this card.

The card is nearly identical to the Tangerine Money-Back Credit Card, but it comes with more benefits that will appeal to many people. With no annual fee and the ability to choose your categories where you’ll earn more cash back, this card is a winner.

Apply now for the Tangerine World Mastercard

RBC Cash Back Preferred World Elite Mastercard Review

Barry Choi — Thu, 11 Dec 2025 14:24:39 +0000

The RBC Cash Back Preferred World Elite Mastercard is RBC’s top cash back card. Instead of having a higher earning rate on select categories, you’ll get 1.5% cash back on all purchases. This may be acceptable for some people, but it’ll likely leave many wanting more. Read my RBC Cash Back Preferred World Elite Mastercard and find out if this card deserves a spot in your wallet.

Welcome bonus and earn rate

The RBC Cash Back Preferred World Elite Mastercard typically has no welcome bonus. Considering the card comes with an annual fee of $99, you’d think there’d be some increased cash back offer when signing up. Even cash back credit cards with no annual fee usually have a small welcome bonus, so it’s disappointing that the RBC Cash Back Preferred World Elite Mastercard doesn’t come with one.

Despite the lack of a welcome bonus, the earning rate is respectable. You’ll earn a straight 1.5% return in cash back on all eligible purchases, but it’s capped at $25,000 in spending. Once you reach that limit, you’ll earn 1% cash back on all purchases.

Some people prefer cards with bonus rewards on specific categories, such as gas and groceries, but this card gives you the same return on all purchases. This can benefit people who spend more on items that don’t fall under the base earn rate with other cards. For reference, most cash back cards only give you 1% cash back on all other purchases.

Benefits and perks

In another weird move, the RBC Cash Back Preferred World Elite Mastercard has no premium benefits. The perks you get are standard RBC ones and what’s available to all World Elite Mastercard holders.

Save at Petro-Canada

You can save 3¢ per litre on fuel and earn 20% more Petro points when using your linked RBC Cash Back Preferred World Elite Mastercard. While this may not seem like a big deal, you’re saving on gas, earning Petro points and cash back just by paying with your linked card. Sign in to RBC Online Banking to link your card and add your Petro-Points number.

Earn Be Well points at Rexall

When shopping at Rexall, you’ll earn 50 Be Well points for every dollar spent on eligible purchases. To get your bonus points, you need to scan your Be Well card and then pay with your RBC Cash Back Preferred World Elite Mastercard.

Save on delivery fees with DoorDash

As an RBC Cash Back Preferred World Elite Mastercard holder, you get a 6-month DashDash Pass subscription for free. This perk gives you unlimited free deliveries on orders of $15 or more with DoorDash. Your RBC Cash Back Preferred World Elite Mastercard must be set as the payment method for your $0 delivery fees to apply.

Purchase insurance

Purchase security – Up to 90 days
Extended warranty – Up to one additional year

With purchase security, any purchases that are fully paid with your RBC Cash Back Preferred World Elite Mastercard are protected from loss, theft, and damage for 90 days. The extended warranty doubles your manufacturer’s warranty, up to one additional year.

Free Boingo Wi-Fi

RBC Cash Back Preferred World Elite Mastercard holders get a free Boingo Wi-Fi account. This gives you access to more than 1 million Wi-Fi hotspots worldwide, including on planes. All you need to do is register your card at mastercard.boingo.com.

Auto Rental Collision/Loss Damage Waiver Insurance

When you rent a car and pay for it in full with your RBC Cash Back Preferred World Elite Mastercard, you get rental collision/loss damage waiver insurance for up to 48 days. Only vehicles with an MSRP of no more than $65,000 qualify, and you must decline the car rental agency’s insurance. Note that liability insurance is not included.

Airport lounge access

Another card benefit is free access to the Mastercard Travel Pass Program provided by DragonPass. This gives you access to 1,400+ airport lounges worldwide. Note that you still need to pay for each entry (normally $32U.S.), but you can’t get in at all without a membership.

When your RBC cash back is paid out

Cash back earned with RBC is automatically paid out in January. However, you can call customer service (1-800-769-2512) to get your cash back earlier as long as you’ve earned at least $25 in cash back. Some people will find this annoying as other cards allow you to redeem your cash back monthly.

RBC Cash Back Preferred World Elite Mastercard eligibility

You’re a Canadian citizen or permanent resident
You’re at least the age of majority in your province or territory
You have a minimum personal income of $80,000 or a household income of $150,000

Although no formal credit score is listed under the requirements, having a credit score of at least 700 is what I recommend before applying. This puts you in a better position to be approved for this premium credit card.

How the RBC Cash Back Preferred World Elite Mastercard compares

It’s time to go over comparables in this RBC Cash Back Preferred World Elite Mastercard review. There are a lot of cash back cards out there, but the following are other cards I recommend you look at.

RBC Cash Back Preferred World Elite Mastercard vs. Scotiabank Momentum Visa Infinite Card

The Scotiabank Momentum Visa Infinite Card is incredibly popular since you’ll earn 4% cash back on groceries, recurring bills, and subscription purchases, 2% on gas and daily transit purchases, and 1% on all other purchases. While the base earn rate is lower than the RBC card, the Scotiabank card has many generous bonus categories. In addition, the Scotiabank card comes with some great additional benefits, such as comprehensive travel and mobile device insurance. The annual fee for the Scotiabank card is a bit higher at $120, but there’s typically a welcome bonus of 10% cash back up to $2,000 in purchases.

RBC Cash Back Preferred World Elite Mastercard vs. American Express Cobalt Card

The American Express Cobalt Card is another card that has a very high earning rate. You’ll earn 5 American Express Membership Rewards points per $1 spent on eats and drinks, 3 points on streaming services, 2 points on travel, and 1 point on all other purchases. Although you earn points instead of cash, you can redeem 1,000 points for a $10 statement credit, so you treat it like a cash back card if you so desire. The annual fee for the Cobalt card is a bit high at $12.99 a month, but it has one of the highest earning rates in Canada.

RBC Cash Back Preferred World Elite Mastercard vs. SimplyCash Preferred Card from American Express

For those more focused on a solid base earning rate, the SimplyCash Preferred Card from American Express is worth a look. The earning rate is 4% cash back on groceries and gas purchases, and 2% cash back on all other purchases. You will pay a slightly higher annual fee of $9.99 monthly, and not all merchants accept American Express. That said, the earning rate is higher, and you get mobile device insurance.

Final thoughts

The RBC Cash Back Preferred World Elite Mastercard is RBC’s top cash back credit card and is ideal for people in the following situations:

You want a cash back card – With cash back, you don’t need to worry about rewards charts or blackout dates like some travel rewards programs.
You want a good flat rate return – The 1.5% cash back on all purchases is decent.
You bank with RBC – Some people prefer to use credit cards from their financial institution.

While there are some benefits to the RBC Cash Back Preferred World Elite Mastercard, the earning rate is low compared to some of the best cash back credit cards in Canada. In addition, the lack of benefits is disappointing. If you bank with RBC and want to stick with them, this card is perfectly acceptable, but better options are available elsewhere.

Rogers Red World Elite Mastercard Review

Barry Choi — Fri, 17 Jan 2025 22:45:17 +0000

The Rogers Red World Elite Mastercard (formerly known as the Rogers World Elite Mastercard) is often overlooked, but it’s easily one of the best cash back credit cards in Canada. This no fee card gives you a cash back rate of up to 3%. Plus, you get five free Roam Like Home days each year.

Simply put, this is the best no fee cash back credit card. The catch is, you must be a Rogers, Fido, or Shaw customer to maximize your return. Read my Rogers Red World Elite Mastercard review now.

Welcome bonus and earn rate

The welcome bonus is $60 cash back when you make a mobile wallet purchase within the first 90 days and six automatic payments within the first eight months for your Rogers, Fido or Shaw postpaid service. Although that may not seem like a lot, it’s decent since this is a no fee card. It’s also worth noting that this offer isn’t always available.

The earning rate is straightforward. If you’re a Rogers, Fido, or Shaw customer, you’ll earn 2% cash back on all purchases. Non-customers get 1.5%. Purchases made in U.S. dollars earn you 3% cash back. You should redeem your cash back for Rogers, Fido, or Shaw services to maximize your rewards, since you get a 1.5X boost. That makes your cash back 3%.

Rogers World Elite Mastercard benefits

For a no fee card, the Rogers World Elite Mastercard has a decent amount of benefits. Admittedly, some of these perks only give you basic coverage, but this is a no fee card, so any additional benefits should be considered a win.

1.5X cash back boost

When you redeem your cash back for Rogers, Fido, or Shaw services, you’ll get a 1.5X boost. That means your regular earning rate can be as high as 3%. There’s no other no fee credit card that earns you that much cash back.

5 Roam Like Home days

The Rogers Red World Elite Mastercard recently added five free Roam Like Home days. That means you can use your cell phone abroad and not be charged data for five days (as long as you don’t exceed your regular data limits). This benefit has a value of up to $75.

Travel insurance

Emergency medical – $1,000,000 / 10 days for those 64 and under, 3 days for those aged 65 – 75
Trip interruption – $1,000 per person, up to $5,000 total
Trip cancellation – $1,000 per person, up to $5,000 total
Rental car collision/damage – $65,000 / 31 days

The included travel insurance is surprisingly good for a no fee card. You get travel medical, trip interruption/cancellation and rental car collision/damage insurance. The only extended insurance you’re missing is delayed/lost bags and hotel/motel burglary insurance. Although you only get up to 10 days of emergency medical insurance, you can extend that by calling the insurance provider and paying for the additional days.

Airport lounge access

Cardholders get a complimentary membership to Mastercard Travel Pass provided by DragonPass. This gives you access to more than 1,300 airport lounges worldwide. However, this is just the membership (regular value $99 USD). You still need to pay for individual lounge visits, which are $32 USD.

Purchase insurance

Purchase assurance – 90 days
Extended warranty – Up to one additional year

As a World Elite Mastercard holder, you get some excellent purchase insurance. Any purchases charged to your card are covered for 90 days from theft, loss, or damage. In addition, the manufacturer’s warranty is doubled up to one additional year. If you ever need to make a claim, you must provide your original receipt and the statement when you made the purchase.

Free Boingo Wi-Fi

Although not advertised on the website, cardholders get a free Boingo Wi-Fi account since it’s a standard benefit for World Elite cardholders. With this perk, you’ll get access to 1,000,000+ Wi-Fi hotspots with no additional fees.

When your cash back is paid out

As part of this Rogers World Elite Mastercard review, it’s vital to understand how your cash back is paid out. Once you’ve accumulated at least $10 in rewards, you can apply the balance to any purchase made in the last 90 days with the Rogers Bank app or through your online banking. Alternatively, you can set your cash back to be redeemed automatically toward your next purchase. This is a great feature since many other cash back programs pay out only once a year. Again, redeeming your cash back for Rogers, Fido, or Shaw services is best since you get an increased cash back rate.

Rogers World Elite Mastercard eligibility

You’re a Canadian citizen or permanent resident.
You’re at least the age of majority in your province or territory.
You have a minimum annual personal gross income of $80,000 or a household income of $150,000.

In addition, a credit check will be performed to determine your eligibility. Although Rogers doesn’t state a minimum credit score requirement, you’ll want yours to be at least 700 before applying. Also, Rogers requires you to spend a minimum of $15,000 on this card each year, or you’ll be downgraded to a different card.

How the Rogers World Elite Mastercard compares

The Rogers World Elite Mastercard is often considered one of the best cash back credit cards in Canada, so it has a lot of competition. Generally, you’ll want to compare it to a few different cards to see what’s best for you.

Rogers Red World Elite Mastercard vs. Rogers Mastercard

The Rogers Mastercard is the most comparable credit card. It’s essentially the same as the Rogers Red World Elite Mastercard but has fewer benefits. That said, the World Elite card has a much higher minimum income requirement of $80,000.

Rogers World Elite Mastercard vs. Tangerine Money-Back Card

The Tangerine Money-Back Card is a popular cash back card since you can earn 2% cash back on up to three categories of your choice. All other purchases earn you 0.5%. Although the base earning rate is lower than the Rogers World Elite Mastercard, the Tangerine Money-Back card only requires a minimum personal income of $12,000 to be considered.

Rogers World Elite Mastercard vs. American Express Cobalt Card

If your goal is to earn as many rewards as possible, and you’re not worried about an annual fee, then the American Express Cobalt Card is a good choice. You’ll earn 5 American Express Membership Rewards points on eats and drinks (including groceries) per $1 spent, 3 points on streaming services, 2 points on travel and transit, and 1 point on all other purchases. With American Express Membership Rewards you can redeem 1,000 points for a $10 statement credit. This makes the card a hybrid cash back/travel program. The monthly fee for this card is $12.99, so that’s $155.88 you’d be spending each year.

Final thoughts

My Rogers World Elite Mastercard review is positive. The card is ideal for anyone in the following situations:

You make a lot of U.S. dollar purchases – Although you’ll pay a foreign exchange fee of 2.5%, the 3% cash back earned on U.S. dollar purchases will offset your costs.
You don’t want to pay an annual fee – There’s no monthly or yearly fee to worry about.
You want easy cash back – The earn rate is incredibly since you can get up to 3% back.

Overall, this card is impressive, but it has a high minimum personal income requirement for you to be approved. Additionally, some people will also be annoyed that the extra cash back doesn’t apply to all foreign transactions. That said, the card has no annual fee, and any cash back earned is easy to redeem.

The Best no fee Credit Cards in Canada for 2026

Barry Choi — Wed, 01 Jan 2025 12:23:46 +0000

Are you looking for the best no fee credit cards in Canada? Whether you’re looking to travel for less, earn cash back, or you want a card with a low interest rate, there’s a no fee card that’s good for you. I personally looked at dozens of cards to come up with my personal list of the best no fee credit cards in Canada based on some popular categories.

Credit card	Best for
American Express Green Card	Travel
CIBC Aeroplan Visa Card	Aeroplan
Tangerine Money-Back Credit Card	Cash back
SimplyCash Card from American Express	Flat rate cash back
Wealthsimple Cash Card	No foreign exchange fees
Rogers Mastercard	Cash back for Rogers customers
PC Financial World Elite Mastercard	Groceries
Scotiabank Scene+ Visa Card	Students
KOHO	Prepaid
MBNA True Line Mastercard	Low interest / Balance transfer
Neo Secured Card	Secured card

Best no fee card for travel

The best no fee credit card in Canada for travel is the American Express Green Card. You’ll earn 2 American Express Membership Rewards points per $1 spent on hotels and car rentals booked via Amex Travel Online, while all other purchases get you 1 point per $1 spent.

American Express Membership Rewards is incredibly Flexible. 1,000 points can be redeemed for a $10 statement credit. That means you can apply your points to travel or everyday purchases. That makes Membership Rewards a hybrid travel/cash back program, which will appeal to many people.

In addition, American Express has a fixed points travel program where you can double the value of your points when redeeming them for select flights. Alternatively, you can transfer your points to some travel loyalty programs such as Aeroplan and Marriott Bonvoy.

Eligibility: There’s no minimum income required. A credit score of 660 is recommended before applying.
Welcome bonus: It’s consistently been 10,000 points when you charge $1,000 to your card in the first three months of cardmembership.

Best no fee card for Aeroplan Rewards

If you want to earn Aeroplan points but don’t want to pay an annual fee, the CIBC Aeroplan Visa Card is the best choice. Your earn rate is 1 Aeroplan point per $1 spent on gas, groceries, and Air Canada purchases. All other expenses get you 1 Aeroplan point per $1.50 spent. Generally speaking, 1 Aeroplan point is worth 1.5 to 2 cents each, so there’s some good value here.

Since Air Canada is the largest airline in Canada, it makes sense for people who want to save on travel to collect Aeroplan points. The points you’ve accumulated can be used for any available seat on Air Canada. This includes their mainline, Rouge, and Jazz. In addition, Aeroplan has 45+ airline partners that make some seats available for redemption with points. In other words, it’s possible to get to most destinations in the world on points.

Although this is a no fee card, you still get some basic benefits. Any purchases charged to your card are covered for 90 days from theft, loss, and damage. The manufacturer’s warranty is also doubled for up to one additional year. Note that despite this being a co-branded Aeroplan card, you get no Air Canada benefits.

Eligibility: Minimum income of $15,000. A credit score of at least 640 is recommended.
Welcome bonus: Typically 10,000 Aeroplan points after your first purchase.

Best no fee card for cash back

With the Tangerine Money-Back Credit Card, you get to pick two categories to earn 2% cash back. A third category is given if you have your cash back paid directly into your Tangerine account. Some categories include grocery, restaurants, gas, drug stores, and more. All other purchases earn you 0.5% cash back. It’s no surprise that this is one of the best no fee credit cards in Canada since no other card allows you to pick your bonus categories.

Unlike some of the best cash back credit cards in Canada, Tangerine pays out your rewards monthly, regardless of how much cash back you’ve accumulated. You can apply your cash back as a statement credit, or you can have it deposited right into your Tangerine Savings Account. Going the deposit route is more beneficial since it gives you access to that third 2% category.

It’s worth noting that there’s also a Tangerine World Mastercard available where you get additional benefits such as mobile device insurance (cell phone protection) and a Mastercard Travel Pass Provided By DragonPass (no free passes). You’ll automatically be considered for this card if you meet the higher minimum income requirement.

Eligibility: A personal income of $12,000. If you have a personal income of $60,000, a household income of $100,000, or a balance of $250,000 or more with Tangerine, you may qualify for the Tangerine World Mastercard. A minimum credit score of 660 is recommended.
Welcome bonus: Typically 10% cash back up to $1,000 in spending in the first two to three months. This bonus offer has been worth as much as 15%.

Best no fee cash back card for flat rate

SimplyCash Card from American Express

The SimplyCash Card from American Express is appealing since it gives you 2% cash back on gas and grocery purchases. All other purchases give you 1.25% cash back. While the increased earning rate on gas and groceries is great, each is capped at $15,000 in spending each year. Once you reach that cap, your earning rate drops to the base earning rate of 1.25%.

This increased flat rate is good for anyone who spends a lot outside of the standard enhanced categories. That said, with American Express, your cash back is paid out only once a year as a statement credit in January. This is annoying for some people since many cards now offer monthly payments.

On a positive note, you get some good benefits such as travel accident insurance, buyer’s assurance and purchase protection. In addition, you get access to American Express experiences, which include things such as front of the line presales, reserved tickets, and offers.

Eligibility: There’s no minimum income required. A credit score of 660 is recommended before applying.
Welcome bonus: New cardholders usually get a $10 statement credit when spending $300 each month for 10 months. That’s a total of $100 in statement credits you could earn.

Best no fee card for no foreign transaction fees

Without a doubt, the Wealthsimple Cash Card is the best no fee credit card without foreign transaction fees. Most Canadian credit cards charge you a fee of 2.5% whenever you make a purchase in any currency that’s not Canadian dollars, but not with the Wealthsimple Card. Instead, you just pay the spot rate. This applies to ATM withdrawals, too, but note that the local ATM may charge you a one-time fee.

In addition, you’ll earn 1% cash back on all purchases made. Plus, any funds you have deposited to the card earn you interest. Deposits are required since this is a prepaid card. That means your spending limit is tied to how much you have on your card. You also won’t earn a credit history since this isn’t a real credit card.

There are many no foreign transaction fee credit cards in Canada, but the Wealthsimple Cash Card is arguably the most convenient and gives you the most benefits.

Eligibility: Must have a Wealthsimple Cash account, but no income or credit history is required.
Welcome bonus: Up to $3,000 (it’s random)

Best no fee cash back card for Rogers customers

Rogers Mastercard

The Rogers Mastercard is the best no fee, cash rewards credit card. But there’s a catch. You must have at least one qualifying Rogers, Fido, or Shaw service to maximize your earning and rewards potential. If you meet the criteria, you’ll get 2% cash back on all your purchases. If you don’t have a qualifying service, you’ll only earn 2% cash back on U.S. dollar purchases and 1% cash back on everything else.

To sweeten the deal, if you apply the cash back you’ve earned to Rogers services or products, you’ll get an additional 30% in cash back. That works out to a flat earning rate of 2.6%, which is higher than some cards with an annual fee.

The other major benefit of this card is five free Roam Like Home days. That’s a value of up to $75, but only Rogers wireless customers can access Roam Like Home, so it’s useless if you’re with Fido or anyone else.

Eligibility: There’s no minimum income required. A credit score of 660 is recommended before applying.
Welcome bonus: 10% Cash back for 3 months (up to $100 in cash back earned).

Best no fee card for groceries

Anyone who shops at Loblaws-owned grocery stores, such as Loblaws, No Frills, and Superstore, should get the PC Financial World Elite Mastercard. The earning rate is 45 PC Optimum points per $1 spent at Shoppers Drug Mart, 30 points at Loblaws-owned grocery stores and Esso/Mobil gas stations, and 10 points on all other purchases. That works out to a 3% return at eligible grocery stores. It’s no wonder this card is on the list of the best no fee credit cards in Canada.

You can redeem 10,000 PC Optimum points for $10 off when buying groceries at Loblaws-owned stores. However, if you wait for bonus redemption events at Shoppers Drug Mart, you can get extra value. For example, some past promotions have included redeeming 200,000 points for $300 off. That’s an extra $100 in value.

This card is only beneficial if you shop at Loblaws-owned grocery stores. If you get your food from somewhere else, you’ll want to consider a different card.

Eligibility: A personal income of $80,000 or $150,000 is required. That said, two other PC Financial Mastercards have lower earning rates and a lower minimum income requirement. A credit score of 700 is recommended.
Welcome bonus: You can sometimes get up to 100,000 PC Optimum points when signing up in a store.

Best no fee card for students

I personally recommend the Scotiabank Scene+ Visa Card to any student who who wants a no annual-fee card. The rewards you earn are useful to students, there’s a high chance of being approved if you bank with Scotiabank, and you get a minimum credit limit of $500.

As for the earning rate, you’ll get 2 Scene+ points per $1 spent at Empire-owned grocery stores (Sobeys, Safeway, Foodland & Participating Co-ops, FreshCo, etc.), Home Hardware, and Cineplex. All other exepnses earn you 1 Scene+ point per dollar spent.

When you’re ready to redeem your Scene+ points, you can redeem 1,000 points for $10 off Empire-woned grocery stores, Cineplex, and select restaurants (Swiss Chalet, Harvey’s, East Side Mario’s). This is ideal for students as it gives you discounts on groceries, entertainment, and dining.

Eligibility: A personal income of $12,000 is required, but students may be approved without income. The recommended minimum credit score before applying is 660.
Welcome bonus: Typically worth 5,000 Scene+ points when spending $750 in the first three months.

Best no fee card for roadside assistance

The Triangle World Elite Mastercard is a highly underrated card. The best benefit you get is the Roadside Assistance Gold Plan. This serviceperk normally costs $99.95 annually and gives you access to 24-hour tows, battery boosts, fuel delivery, flat tire changes and more. Each year, you’re entitled to give service calls up to 250 kilometres, but if you’re going to a Canadian Tire Auto Service centre within your limits, there’s no limit.

The earning rate for this card is also good. You’ll get 4% in CT Money at Canadian Tire, Sport Chek, Mark’s/L’Équipeur, Atmosphere, Party City, Sports Rousseau, Hockey Experts, L’Entrepôt du Hockey, and participating Sports Experts stores, 3% at grocery stores (up to $12,000 per year) and 1% on all other purchases. If you fill up at Gas+/Essence+ locations, you get 7¢ per litre in CT Money on premium fuel and 5¢ per litre on all other fuel.

One other benefit of this card that’s worth mentioning is the no interest financing. When you make a purchase of $150 or more at participating Canadian Tire corporate-owned merchants, you can choose to pay for the purchase in installments over a one-year period. If your purchase is $500 or more, you get a two-year window. There are no additional fees or charges as long as you make your payments on time.

Eligibility: A personal income of $80,000 or $150,000 is required. A minimum credit score of 700 is recommended.
Welcome bonus: None.

Best no fee prepaid card

KOHO has quickly become one of the best prepaid cards in Canada. Although you won’t build your credit score when using this card, it does help you manage your money. Through the KOHO app, you can get a detailed breakdown of your spending. By analyzing this data, you can make adjustments to your budget.

Even though this is a prepaid card, you can earn up to 5% cash back on your purchases. There’s a base earn rate of 1% cash back on grocery and transportation purchases. Select retail partners will give you 5% cash back. As for any money deposited to your card, you’ll get 0.5% interest. It is possible to get a higher earning and interest rate, but that requires a paid subscription.

Admittedly, if you want a prepaid card, the Wealthsimple Cash Card gives you a higher cash back and interest rate. However, KOHO has better tools if you’re looking to manage your spending.

Eligibility: None.
Welcome bonus: $20 when signing up with a referral link.

Best no fee card with low interest

Anyone who wants to focus on paying down their debt should consider the MBNA True Line Mastercard. A balance transfer promotional rate of 0% interest is available for 12 months, as long as new cardholders perform the transfer within 90 days of account opening. Although there’s a balance transfer fee of 3%, the interest you’ll save overall could be worth it.

Once the promotional period ends, your interest rate increases to 12.99%. That’s the same interest rate for new purchases. Despite this higher rate, it’s still much lower than most other credit cards, as they typically charge 20% – 24% interest. The idea here is to pay down your balance as quickly as possible before your rate goes back up.

Eligibility: There’s no minimum income requirement. A minimum credit score of 660 is recommended.
Welcome bonus: Balance transfer option with 0% interest for 12 months (3% fee applies).

Best no fee secured card

Neo Secured Credit Card

The Neo Secured Credit Card is designed for people wit little to no credit history or who are looking to improve their credit score. Since the card has guaranteed approval and no annual fee, it can be a good choice for people in different situations.

Since this is a secured card, you need to load funds which act as a security deposit. Although you can’t use these funds to pay your balance, you will get the money back if you cancel your cards. Secured cards are designed for consumers who want to show that they’re responsible with credit. As long as cardholders use their cards responsibly, they should see their credit score increase over time.

What’s interesting about this secured credit card is that it offers cash back rewards. Neo claims the average cash back earned is 5%, but you’re guaranteed a minimum of 0.5% cash back if you average less than that.

Eligibility: You’re guaranteed to be approved for this card.
Welcome bonus: Up to 15% cash back on your first-time purchases at participating merchants.

What is a no fee credit card?

A no fee credit card is a credit card that doesn’t charge an annual fee. Unlike premium credit cards that often give you a generous welcome bonus when you spend a certain amount within three months of cardmembership, no fee cards typically have no or a limited welcome bonus. In addition, no fee cards typically have limited additional benefits.

That said, some premium credit cards have promotions where the annual fee is waived for the first year. That means you can test out the card for a year without paying any fees. That’s quite the incentive since you can get incredible benefits such as insurance coverage for car rentals and an increased earn rate on dining with select cards.

Fees that still apply

While the term ‘no-fee credit card’ is meant to refer to a credit card with no annual fees, the ‘no-fee’ part can be misleading. There are still other fees that you need to be aware of when holding these credit cards.

Interest charges – If you do not pay off your credit card in full every month’s billing cycle then you risk being charged interest charges on your credit card balance. Credit cards are known to have very high interest rates, around 20%, so this is something you want to avoid.
Foreign transaction fees – If you shop online in a different currency or travel abroad and use your credit card to pay for something in a different currency then you will likely be charged foreign transaction fees. There are specific credit cards in Canada that waive these fees but most don’t and will result in a 2.5% surcharge on your purchase.
Cash Advance fees – If you choose to take out cash from your credit card rather than your debit card there is a fee associated with that plus additional interest charges. It’s best to avoid this because it can result in so many fees but it can be handy in an emergency situation. Just be sure to pay it off right away and don’t take out more than you need.
Inactivity fee – Inactivity fees are charged when you haven’t used your credit card for a prolonged amount of time. Usually, it’s a year and the charge is around $10.
Over-limit fees – When you get a credit card there is a limit as to how much you can spend on it. If you go over that amount, you’ll be charged a fee of around $30. If you think you will have to go over your limit, it’s best to get in touch with your credit card provider and ask them to increase the limit.
Balance Protection Insurance – This is an add-on feature that many credit card providers encourage you to opt into. Essentially, it’s used to pay off your credit card balance in the event of your death so your family doesn’t have to worry about it. However, it’s incredibly expensive.

No fee credit card features

Typically speaking, no-fee credit cards aren’t known for their perks and benefits. These are generally reserved for credit cards that do charge a fee and oftentimes, the higher the fee the better the benefits. That being said, these days, we see more no-fee credit cards offered with some perks. You can’t expect airport lounge access (those are typically reserved for high-end travel cards) but some features you might see offered include things like purchase assistance and extended warranty. You may also see some basic insurance coverage and brand-specific benefits like American Express Experiences and Front of the Line access to advance ticket sales.

Do no fee credit cards earn rewards?

Many of the best no fee credit cards in Canada earn you rewards. The type of rewards you’ll earn depends on the type of card you get. Generally, you can break down rewards into three categories:

Travel – With travel rewards, you’ll earn points or miles, which can then be redeemed for free or discounted travel. Aeroplan, Air Miles, and American Express Membership Rewards are the most popular travel rewards programs.
Cash back – Cash back cards are easier to understand than travel rewards since you’ll earncash back on all your purchases. Best of all, some bonus categories will give you an increased earn rate.
Store and retail – A few stores have their own loyalty program or are partnered with a loyalty program where you can earn rewards points. The points you earn can later be used for discounts, merchandise, gift cards, and more. Some retail loyalty programs include PC Optimum and Scene+.

How to choose a no fee credit card

With a no-fee credit card you are starting on equal ground as all your options have no annual fee. From here there are a few things you can consider and compared to choose the best credit card for you. Look at:

The interest rate
Any rewards programs
Perks or benefits included in the credit card
Welcome bonus for new cardholders

How to apply for a no fee credit card

Applying for an airline credit card follows the same method as other credit card applications. They are often easiest when completed online but if there is a physical branch for the card issuer, you can do it in person as well.

Gather all necessary documents needed for the application. You will need to know all of your personal information including contact information. Your annual income and contact information for your workplace is also required. You may need your social insurance number (SIN) so have that handy as well.
Decide which card you would like to apply for based on the list above. Consider the application requirements and make sure you qualify. Most credit cards have credit score and minimum income requirements. Once you have determined your card choice, go to the web page for the credit card and click the button to apply. Or visit a bank branch in person to start your application if applicable. Step 3: Fill out the form. Note that you will presented with some small print details. credit card. Make sure you understand the terms and conditions. If you are happy, continue the application form and submit it online or to a representative at the bank.
Wait for approval. Many online applications offer instant approval but it still might take a couple of weeks for the card to get to you. Once received, activate it and you can start using it.

Are no fee credit cards worth it?

When it comes to applying for a new credit card, many people look towards rewards cards or cash back cards, which will give them something in return for using their credit card. However, these cards often come with fees. If you don’t use a credit card a lot, then it might not be worth paying for one with an annual fee. In this case, a no-fee credit card is a smart choice. But, if you plan on using a credit card frequently, it might be worth considering getting one with higher rewards.

No fee credit cards are also good for those just starting out and looking to build credit. Typically, they don’t require high credit scores and annual income which makes them easier to apply for.

FAQ

What is the best no fee credit card in Canada?

As mentioned above, no fee credit cards don’t tend to have the same perks as credit cards that do charge an annual fee, there are are sometimes still benefits and rewards offered that might be worth taking advantage of depending on your spending habits. For example, Tangerine money back offers cash back while the CIBC Aeroplan Visa allows you to earn Aeroplan points on your purchases. Another critical thing to pay attention to is the welcome bonus as these vary from card to card.

Can you get a no annual fee credit card with bad credit?

This depends on your circumstances. While most no fee credit cards may not require high income or excellent credit scores to qualify, that doesn’t mean everyone can qualify.

If you are a student with no credit, then there are no fee student credit card options, which you will likely be approved for. However, if you are someone with poor credit or a new-comer to Canada, you likely would be better off starting with a secured credit card to build your credit, then move onto a no annual fee credit card from there.

Who should get a no fee credit card?

There are a few scenarios where getting one of the best no fee credit cards in Canada makes sense. In the end, it depends on your situation, but consider the following:

You want to minimize your costs – Since no fee credit cards won’t cost you anything and you still get access to credit, they can be a great tool to help you manage your finances without becoming an additional cost to worry about.
You need a back up credit card – Many people have a primary credit card but keep a backup card in their wallet just in case. This is handy if the merchant does not accept your main card’s credit card issuer (Visa, Mastercard, or American Express). Or in situations where you may lose a credit card, have it compromised, or even just have a big purchase that you need to divide onto a couple of credit cards.
You don’t use credit much – There are some people that prefer to use cash or their debit card. This is perfectly acceptable, but there are some places that require you to have a credit card. For these situations, it’s likely not worth getting a cash back or rewards card. If you rarely use it, then you won’t get enough value to make it worth the annual fee. So in this circumstance, a no fee credit card is great to have handy in your wallet.
You want to build your credit score – Using your credit card responsibly will help you improve your credit score. This is especially true for students who are getting their first credit cards and starting to build credit. Many student cards are no-fee cards making it easy to start building your credit without having to worry about bringing on any additional costs.

Are credit cards with an annual fee better?

Some people are totally against the idea of paying an annual fee for a credit card, but the benefits typically far exceed what you’re paying. That said, premium credit cards can chance an annual fee of $120 to $699, so it is a healthy amount to be paying.

You need to ask yourself, how much value are you getting from the annual fee? For example, many travel rewards credit cards come with comprehensive travel insurance. That benefit is typically worth $300 a year, which is much more than a card that has an annual fee of $120 – $150.

Even the American Express Platinum Card, which has an annual fee of $699, pays for itself since you get perks such as unlimited lounge access, hotel status upgrades and more.

As long as you can extra more value out of the benefits provided than what you’re paying in annual fees, you’re coming out ahead.

What are the pros and cons of a no fee credit card?

Like all credit cards, there are pros and cons to be aware of when debating a no-fee credit card. Here are the main points to be aware of to help in your decision making.

Pros of a no fee credit card

Besides not having to pay an annual fee, no fee credit cards can be useful for many reasons including:

Building your credit history – Your credit score is important if you ever want to get a loan in the future. Using a no fee credit card and paying your bills in full and on time will show lenders that you’re creditworthy.
You can make purchases – You can obviously make purchases with any credit card, but a no fee credit card is best suited for people who don’t use credit often. Get a no fee card and keep it in your wallet so you can access credit when needed.
It can be a backup card – If you already have one of the best travel credit cards in Canada, then getting one of the best no fee credit cards in Canada can complement your spending. For example, American Express isn’t accepted anywhere so you can use your no fee card instead.

Cons of a no fee credit card

While there’s no denying the advantages of a no fee credit card, there are also some disadvantages to consider.

Mediocre welcome bonuses – Don’t expect the sign up bonus to be anything spectacular.
Lower earn rate – A 50% decrease in earn rate compared to premium credit cards isn’t uncommon and applies to cash back and travel rewards cards.
Fewer benefits – You typically get limited benefits with no fee cards. It’s unlikely you’ll get things such as extended travel medical insurance, mobile device insurance, lounge access or travel credits.

on’t incur any interest charges. That said, paying an annual fee can be worth it since the welcome bonus and annual perks are almost always worth more than the fee you pay.

The Best Credit Cards in Canada for 2026

Barry Choi — Wed, 01 Jan 2025 12:22:05 +0000

When you look at the various lists of the best credit cards in Canada, you’ll quickly notice that everyone has different criteria. Some people will say they’re unbiased and use data points to develop their lists, but I think that’s silly, as you can’t rely strictly on numbers to come up with the best cards.

In my opinion, there needs to be some bias. Many companies will have a bias towards cards that earn them a commission. I prefer to pick cards that are more practical for everyday Canadians. Not everyone will agree with my list of the best credit cards in Canada, but these cards will at least get you looking in the right direction.

Credit card	Best for
American Express Cobalt Card	Everyday spending
Scotia Momentum Visa Infinite Card	Cash back
Tangerine Money-Back Credit Card	No fee
American Express Platinum Card	Frequent travellers
Scotiabank Passport Visa Infinite	All-in-one travel
American Express Green Card	No fee travel
American Express Aeroplan Reserve Card	Aeroplan
WestJet RBC World Elite Mastercard	WestJet Rewards
Marriott Bonvoy American Express Card	Hotels
Wealthsimple Cash Card	No foreign transaction fees
Scotiabank Gold American Express	Groceries
PC Financial World Elite Mastercard	PC Optimum
Scotiabank SCENE Visa	Students
MBNA True Line Mastercard	Low interest
American Express Business Gold Rewards Card	Business owners

Best for everyday spending

When it comes to everyday spending, it doesn’t get much better than the American Express Cobalt Card. The earning rate is 5 American Express Membership Rewards points per $1 spent on eats and drinks, 3 points on streaming services, 2 points on travel and transit, and 1 point on all other purchases. Although there is a spending cap of $2,500 per month for eats and drinks, that’s still a lot of points you can earn.

Another reason this card is so popular is that you can redeem 1,000 points for a $10 statement credit. So whether you’re looking to pay for groceries, book travel, or buy gifts, you can use your points to do so. This makes the card a hybrid travel/ cash back card.

Some people also like this card because your points are flexible. Besides redeeming your points for a statement credit, you can also transfer them to some travel loyalty programs such as Aeroplan, Hilton and Marriott Bonvoy. Alternatively, you can use your points on the Fixed Points Travel Program, which allows you to double the value of your points on some bookings.

Eligibility: There’s no minimum income required. A credit score of 700 is recommended before applying.
Welcome bonus: Typically, you’ll earn 1,250 American Express Membership Rewards points when you spend $750 monthly for the first 12 months. That’s 15,000 bonus American Express Membership Rewards points you can earn in the first year.

Best for cash back

I have a detailed list of the best cash back cards in Canada, and the Scotiabank Momentum Visa Infinite Card is on that list. The earning rate is 4% cash back on groceries and recurring bill payments, 2% on gas and transit purchases, and 1% on all other eligible purchases. Admittedly, the American Express Cobalt Card has a better earn rate and also offers cash back, but that card is already featured above for a different category.

The good thing about the Scotia Momentum Visa Infinite Card is that the spending cap of $25,000 is calculated per year, so you don’t need to worry about monthly thresholds. The one downside is that Scotiabank’s cash back is only paid out once a year on your November statement.

Some people also prefer this card because it has a great overall insurance package. Not only do you get comprehensive travel insurance, but you also get mobile device and purchase insurance.

Eligibility: A personal income of $60,000, household income of $100,000 or a minimum of $250,000 of assets under management. A credit score of at least 700 is recommended.
Welcome bonus: Usually 10% cash back for the first three months, up to $2,000 in spending, and no annual fee for the first year.

Best for no fee

Credit cards with no annual fee are incredibly popular, but they don’t typically come with many benefits. The Tangerine Money-Back Credit Card is an exception to this trend as you can earn up to 2% cashback on three categories of your choice while all other spending earns you 0.5% cash back.

You get to choose two categories that earn you 2% cash back right away, and a third one if you set up your cash back to automatically deposit into your Tangerine account. Although Tangerine offers 10 broad categories to choose from, there’s no general travel category. You can choose hotel/motels, but not flights. This isn’t a deal-breaker, but it’s something to be aware of.

What’s interesting is that Tangerine also offers a World Mastercard version of this card. Although you’ll need a higher personal or household income to qualify, you do get some added insurance.

Best for frequent and luxury travel

The American Express Platinum Card is the best credit card for frequent travellers. You get unlimited airport lounge access for you plus a guest, a comprehensive travel insurance package that includes trip cancellation/interruption and car rental insurance, hotel status upgrades, a NEXUS (TSA precheck / Global entry) rebate and more.

This card earns you American Express Membership Rewards points, which are very valuable. When you redeem 1,000 points, you get a $10 statement credit. This applies to any purchase you make. In addition, your points can be transferred to multiple travel loyalty programs such as Aeroplan and Marriott Bonvoy. Depending on the redemption, you could increase the value of your points.

Some people will look at the annual fee of $799, and instantly pass. However, there’s a way to get the annual fee down to $199 for the first year. When you sign up, you get a dining credit of $200 per calendar year. This credit can be used at some high-end restaurants across the country. You also get a $200 travel credit, once per year. That’s $600 in travel credits you can get in the first year. Plus, the welcome bonus is often very generous, so you could easily come out ahead with this card.

Eligibility: There’s no minimum income required. A credit score of 740 is recommended before applying.
Welcome bonus: Typically worth 80,000 to 100,000 American Express Membership Rewards points when using a referral link. The minimum spending requirement is usually $5,000 to $10,000.

Best for all-in-one travel needs

Canadians who don’t want multiple credit cards and prefer one card that gives them good benefits should consider the Scotiabank Passport Visa Infinite Card. It has no foreign transaction fees, airport lounge access with six free annual visits, and great travel insurance.

With this card, you’ll earn Scene+ points. Although this rewards program isn’t the best one out there, it’s added some great partners over the years. The biggest partnership would be Empire-owned grocery stores, which include Sobeys, IGA, Foodland and more. They’re also partnered with Cineplex and Home Hardware. That means you can double dip the points at these retailers by scanning your Scene card and paying with your Scotiabank Passport Visa Infinite Card.

When it comes to redeeming your points, you can do so easily through the Scotiabank travel portal. Alternatively, you can pay for any travel purchase with your card and redeem your points later for the transaction ($50 minimum). You can also use your points at Cineplex and Empire-owned grocery stores.

Eligibility: A minimum personal income of $60,000 or a household income of $100,000 or at least $250,000 in assets under management. A credit score of 700 is also recommended.
Welcome bonus: You’ll typically get 35,000 to 50,000 Scene+ points as the welcome offer. In most cases, you’ll need to spend a minimum amount in the first three months and another in the first 12 months for the full bonus.

Best for no fee travel

The American Express Green Card has quickly become one of the most popular no fee travel credit cards. The earn rate is a straight 1 point per $1 spent. For a no fee card, that’s pretty standard. However, this card also comes with a generous welcome bonus that’s worth at least $100.

What makes this card popular is that you earn Amex Membership Rewards points. As mentioned above, you can redeem 1,000 points for a $10 statement credit. Alternatively, you can book travel through the American Express travel portal, the fixed points travel program, or you can transfer your points to other loyalty programs.

Even though this is an entry-level no fee card, you still get access to American Express Experiences, which includes front of the presales, reserved tickets, offers, entertainment and dining experiences, and more.

Best for Aeroplan

Air Canada is Canada’s top airline, so many people will naturally want to collect Aeroplan points. The TD Aeroplan Visa Infinite Privilege Card is a premium Aeroplan credit card, with incredible perks. The earning rate is 2 Aeroplan points per $1 spent on Air Canada purchases, 1.5 points on gas, groceries, dining, and travel, and 1.25 points on all other purchases.

The included Air Canada benefits are impressive as you get Maple Leaf Lounge access in North America for you and a guest, priority boarding (zone 2), priority baggage handling, priority airport standby, and priority upgrades. You can also carry over up to 50 unused eUpgrade credits.

Eligibility: A minimum personal income of $60,000 or a household income of $100,000 is required. It’s also recommended that you have a credit score of at least 700.
Welcome bonus: Typically worth between 50,000 to 70,000 Aeroplan points. This bonus is usually divided into multiple parts with different minimum spending requirements.

Best for WestJet Rewards

The WestJet RBC World Elite Mastercard is one of the best airline credit cards in Canada. Simply put, if you fly WestJet regularly, this card can help you save big since you’ll earn 2% back in WestJet dollars on WestJet flights or WestJet Vacations packages and 1.5% on all other purchases. In addition, the primary cardholder and guests on the same itinerary (up to 8 total) get their first bag checked free.

WestJet is appealing to those who live in Alberta and British Columbia since they offer many flights across the country and abroad. Even if you don’t fly WestJet regularly, the card does come with a WestJet companion voucher that could help you save. When travelling with the primary cardholder, the voucher allows you to buy another ticket for your companion at a base fare starting at CAD $119.

The companion voucher is ideal for families with two kids. If each parent had the card, they’d get two companion vouchers. That would allow them to save on trips to Disney World or Universal Orlando Resort. These are some great travel perks you’re getting.

Eligibility: Minimum personal income of $80,000 or a household income of $150,000.
Welcome bonus: Usually up to 45,000 WestJet points.

Best for hotel stays

Instead of saving on flights, some people would prefer to save on their hotel stays. If that sounds like you, the best credit card in Canada for you is the Marriott Bonvoy American Express Card. That’s because Marriott has over 8,000 properties in 130+ countries.

With this card, you get an earning rate of 5 Marriott Bonvoy points per $1 spent at participating properties and 2 points on all your other purchases. One Marriott Bonvoy point is worth about .9 cents, so you’re getting a decent rate of return.

What really makes this card appealing is the free annual night certificate you get each year worth up to 35,000 points. That certificate can easily have a value of $300+, which is clearly more than the $120 annual fee. You also get Silver Elite Status and 15 elite night credits each year.

Eligibility: No listed income requirement. A credit score of at least 700 is recommended.
Welcome bonus: Typically worth 50,000 – 75,000 Marriott Bonvoy points when you spend $3,000 in the first three months of card membership.

Best for no foreign transaction fees

The Wealthsimple Cash Card has quickly become one of the most popular no foreign transaction fee cards in Canada. In case you didn’t know, most credit cards in Canada charge a 2.5% fee when you make any purchase that’s not in Canadian dollars. That clearly adds up. When using the Wealthsimple Cash Card, you just pay the spot exchange rate. Since this is a no fee prepaid card, it’s the perfect card to have when you need to make a foreign purchase.

Another advantage of this card is that you also won’t be charged exchange fees when using foreign ATMs. That said, the ATM operator will likely charge you a fee of around $3 to use their machine, so max out your limit of $500 CAD when you do need to get cash.

Some people will also like the fact that you’ll earn 1% in cash back rewards instantly on all your purchases. Plus, any funds you have loaded to your card will earn you interest. The only downside of this card is that it doesn’t earn you interest since it’s a prepaid card.

Eligibility: Must have a Wealthsimple Cash account, but no income or credit history is required.
Welcome bonus: Up to $3,000 (it’s random)

Best for groceries

To some people, the Scotiabank Gold American Express® Card might be an odd choice as the best credit card in Canada for groceries, but let me explain. The earning rate is 6 Scene+ points per $1 spent at Empire-owned supermarkets (Sobeys, IGA, Foodland, etc.), 5 points at other grocery stores, 3 points on gas, and daily transit, and 1 point on all other purchases. If you shop at Empire-owned grocery stores, then this card gives you the highest earning rate.

That said, say you shop at Loblaws-owned stores such as Loblaws, No Frills, and Superstore, the PC Financial World Elite Mastercard would be a better choice. Also, the American Express Cobalt Card earns you 5X the points at grocery stores, and you can transfer your points to Aeroplan and Marriott Bovnoy for a potentially higher value.

The other benefits of the Scotiabank Gold American Express® Card are no foreign transaction fees, mobile device insurance, and great travel insurance. With these benefits, it’s arguably one of the best travel credit cards in Canada.

Eligibility: There’s no minimum income requirement. A credit score of at least 700 is recommended.
Welcome bonus: Typically worth between 40,000 and 60,000 Scene+ points when. To get the full bonus, you usually need to meet multiple minimum spending requirements.

Best for PC Optimum

If you’re a fan of PC Optimum the PC Financial World Elite Mastercard will earn you the most points. You’ll get 30 PC Optimum points per $1 spent at Loblaws-owned grocery stores (Loblaws, No Frills, Superstore, etc.). If you shop at Shopper Drug Mart, you earn 45 points per $1 spent and gas purchased at Esso/Mobil locations earns you 30 points per litre.

The real value of this card comes with PC Optimum. PC Optimum is one of the best loyalty programs, and they have many ways to earn additional points. If you don’t do your grocery shopping at Loblaws-owned stores, you’re better off with the American Express Cobalt Card or Scotiabank Momentum Visa Infinite Card.

Best for students

The best student credit card in Canada is a bit subjective, but I personally recommend the Scotiabank® Scene+ Visa* Card. It has no annual fee, you get a minimum credit limit of $500 and the odds of being approved as a student are high- especially if you bank with Scotiabank.

The Earning rate is 2 Scene+ points per dollar spent at Empire-owned grocery stores (Sobeys, Safeway, Foodland & Participating Co-ops, FreshCo, etc.), Home Hardware, and Cineplex. All other purchases earn you 1 Scene+ point per dollar spent.

You don’t get any other benefits that are worth mentioning, but this card will allow you to build your credit score. As a student, establishing a good credit history is essential since it’ll help you if you ever need a loan in the future.

Best for low interest

Anyone who typically carries a balance would likely be better off with a low interest credit card than a rewards card since it’ll help them save money in the long run. The MBNA True Line Mastercard is the perfect card since the regular interest rate is 12.99% on all everyday purchases.

Instead of offering a welcome bonus, this card allows you to perform a balance transfer with an introductory interest rate of 0% for 12 months. Once the promotional period ends, you’ll pay the regular interest rate. There is a balance transfer fee of 3%, but the savings can be worth it. This is easily one of the best balance transfer credit cards in Canada.

Eligibility: There’s no minimum income requirement. A minimum credit score of 660 is recommended.
Welcome bonus: Balance transfer option with 0% interest for 12 months (3% fee applies).

Best for business owners

Admittedly, the best business credit card in Canada will depend on the type of business you have and what your purchasing needs are. That said, I recommend the American Express Business Gold Rewards Card because it’s a charge card. That means you can get an incredibly high credit limit if you always pay your bills on time.

What makes this card appealing is that it has a low annual fee of $199, and you get business benefits. That includes 55 interest free days, expense reports, and employee abuse protection. In addition, the welcome bonus offered is typically one of the best available.

Eligibility: There’s no minimum income required. A credit score of 700 is recommended before applying.
Welcome bonus: Typically worth 75,000 American Express Membership Rewards points when spending $5,000 in the first three months.

How do credit cards work

A credit card is a method of payment that allows you to borrow money from a financial institution temporarily rather than use your own money.

When you are approved for the credit card, you are given a limit on the amount you can spend. Every time you use your credit card, the limit decreases until you pay it off, and it resets. Credit cards are meant to be paid off in full monthly, and the inability to do so will lead to interest charges and potentially other fees as well. Inability to pay off your credit card in full can also result in losing and any perks, benefits, or rewards that come with the card. Not to mention it may lead to hefty credit card debt

Those who pay off their credit card in full and on time can build their credit and reap the rewards of high-value credit cards that offer points, cash-back, and other benefits. It’s an incredibly helpful and lucrative tool, when used properly.

Types of credit cards in Canada

Although credit cards all function in the same way, there are different types of credit cards designed for various people. When choosing a credit card, the type of credit card you’re interested in is often the first consideration. Note that one type of credit card might be a good choice for you at this moment, but your situation may change later. That’s why you’ll want to know about all the different types of credit cards and how they work.

Rewards credit cards

With travel rewards credit cards, you earn travel, cash back, or store rewards. These types of credit cards can be very lucrative since they’ll allow you to travel for less or you can get money back in your pocket. Most premium rewards cards also come with additional benefits such as travel insurance, extended warranty, and more.

No fee credit cards

As the name implies, no fee credit cards have no annual fee. These cards are ideal for people that want to keep their costs down or have limited income. Note that no fee credit cards don’t offer nearly as many benefits as credit cards with an annual fee.

Student credit cards

Every financial institution has student credit cards. Generally, these cards have lower requirements for approval, so they’re an excellent way for students to start building credit. If you already bank with the financial institution where you’re applying for the student credit card, there’s an even greater chance of being approved.

Low interest credit cards

If you think you’ll carry a balance each month, then a low interest credit card is the way to go. Most credit cards charge an interest rate of 20% – 22%, but with low interest cards, you’ll be paying 8% – 16%. While that’s still high, is much lower than traditional cards.

Balance transfer credit cards

With balance transfer credit cards, you can transfer your balance from an existing credit card to a new credit card. You would do this because balance transfer credit cards typically come with a low interest promotional rate. If you took advantage of this, you could quickly pay down your debt.

Secured credit cards

Even if you have a low credit score you can still qualify for a credit card. The catch is, you’ll likely only be approved for a secured credit card. With these cards, you need to load a security deposit first. Those funds act like your credit limit. Your credit score will slowly increase as you make your payments on time.

Prepaid credit cards

Prepaid credit cards aren’t traditional credit cards. With prepaid credit cards, you load funds first, and then you can spend them on the associated card network (Visa, Mastercard, and American Express). They don’t typically come with as many benefits as regular credit cards, but some people like them since it can help them manage their finances.

What are credit card rewards?

Many credit cards give you rewards whenever you make a purchase. The type of rewards you’ll earn depends on your card type. As a general rule, you want to pick a rewards program that lines up with the type of rewards you like. For example, you shouldn’t get a travel rewards credit card if you don’t like to travel. You’d be better off with a cash back credit card.

The following are the four types of rewards you can earn from a credit card:

Airline / Hotels

Multiple credit cards are co-branded with airline and hotel loyalty programs. For example, Aeroplan, Marriott Bonvoy, and WestJet Rewards. The points you earn can only be used with the co-branded loyalty program. These credit cards can a good choice as they often come with extra perks such as free checked bags, priority services, and early check-in.

General travel

Every financial institution has a general travel rewards program where you can earn points with one of their credit cards. These types of rewards are great for people who don’t tend to be loyal to a single airline or hotel. While the flexibility is nice, the value of your points can be less than specific airline or hotel loyalty programs

Cash back

Many people like cash back credit cards because they’re easy to understand. For every purchase you make, you get a set percentage back in cash back. Your cash back is typically paid monthly, annually, or when you meet a minimum threshold.

Store rewards

A few major merchants have their own loyalty programs or are partnered with a loyalty program where you can earn points. Getting a co-branded credit card that offers store rewards can be worth it if you regularly shop at the participating merchants. This can be especially true for grocery stores or Costco.

What are credit card earn rates?

Every rewards card has different earn rates. You could earn additional rewards depending on the card and the categories you’re spending on. This is an incredible way to increase your cash back or rewards if the increased earn rates line up with your natural spending. Understanding how credit card earn rates work is essential, so you never leave rewards on the table.

Promotional rate

Some credit cards offer promotional earn rates when you sign up for a new credit card. For example, you might earn 10% cash back on all purchases or 10X the points on food purchases. You can even get a promotional low interest balance transfer rate for some cards. Note that these promotional rates are only for a limited time and typically have a cap.

Accelerated earn rate

Accelerated earn rates are where you earn extra points every day on specific categories. For example, you might get 5X the points on grocery purchases or 3% back in cash at gas stations. Most accelerated earn rates have a cap. Once you reach that cap, you’d earn the base earn rate until you hit your cardmembership anniversary.

Base earn rate

You’re earning the base earn rate when there’s no promotional or accelerated earn rate. This is the minimum number of rewards you’ll earn for all other eligible purchases. No fee credit cards typically have a very low base earn rate, whereas premium credit cards will have a higher one.

How to redeem your credit card rewards

Earning rewards with the best credit cards in Canada is easy, but that’s only half the battle. Eventually, you’ll want to claim those hard earned rewards. How you do it will differ depending on the card and rewards program.

Cash back – You’ll usually be paid out monthly, annually, or when you meet a minimum threshold. The cash back can be a statement credit or a cheque.
Airline / hotel rewards – With co-branded airline and hotel credit cards, your points are typically deposited into your account at the end of each billing period. Once the points are in your account, you can use them anytime.
General travel – How you use your general travel rewards points depends on the program. Some require you to book travel through their travel portal, while others allow you to redeem your points against any travel purchase.
Store Rewards – When it comes to store rewards, you can get discounts on your purchases as soon as you you have enough points for the minimum redemption amount.
Balance transfer – Although balance transfers aren’t technically a reward, it is sort of. Most credit cards that allow you to make a balance transfer typically require you to do so at the time of application or within 90 days of cardmembership.

How to choose a credit card

There are hundreds of credit cards in Canada. Since each of them has different features and rewards, it can be overwhelming to pick just one. That said, picking a card can become much easier when you look at the card requirements and features.

Credit score

Most credit cards require you to have a fair credit score to be considered eligible to apply. If you are looking for a top-tier or premium credit card, they will likely require you to have an excellent credit score. For individuals with poor credit, you may have to start with a secured card to build your credit. From there, you can apply for non-secured cards with perks like rewards programs or cash back.

Income

Your annual income may play a role in what credit card you can apply. Again, this varies by credit card. There are many on the market where there are no income requirements at all, but top-tier cards especially tend to have high income requirements. This can be individual income or household income.

Type of card

As discussed above there are several types of credit cards, ranging from student credit card to cash back credit card, travel credit cards and more. Consider what you are hoping to get from your credit card as well as your spending habits. For example, if you are someone who takes a lot of Air Canada flights, then it might be in your best interest to choose a co-branded Aeroplan credit card rather than a general travel card or hotel credit card.

Card issuer

Canada’s three credit card issuers are Visa, Mastercard, and American Express. It’s worth keeping in mind that Visa and Mastercard are more widely accepted than American Express, so before you choose, consider the places you shop the most and what they accept. You may also have a personal preference.

Annual fee

The annual fee of a credit card can range from $0 no-fee cards to options that cost hundreds of dollars. The more expensive credit cards have more perks and benefits and better rewards programs. It’s worth considering how much value you will get from the credit card. You want to make sure that, at the bare minimum, you get at least the value of the annual fee, ideally more.

Rewards

Think about what kind of rewards would be most helpful to your lifestyle and would be the easiest for you to both earn and use. First consider whether you would like points or cash back. Then, consider your spending habits and how you can earn those rewards faster. For example, if you eat out a lot, you might want to find a card with accelerated earning rates for restaurants rather than grocery stores to earn your points or cash back faster.

Welcome bonus

A generous welcome bonus is a good incentive to apply for a credit card. Oftentimes, a welcome bonus will require you to spend a large chunk of money within the first couple of months of card membership. In this case, it’s best to time getting a new credit card when you have a big purchase to make.

Earn rate

As mentioned above, you want to choose a credit card that you can earn rewards with quickly so pay attention to the spending categories. Most credit cards have accelerated earn rates on specific categories. This could be grocery, restaurant, travel, entertainment purchases etc. Think about how you spend your money and choose the credit card that offers the higher earn rates for your spending habits.

Additional benefits

Most credit cards have a few additional benefits. Typically, the more expensive the credit card the better the perks. Perks and benefits included with credit cards can include access to airport lounges, insurance coverage, Nexus discounts, discounts on rental cars, annual fee rebates, and more.

How to apply for a credit card

Now that you know what the best credit cards in Canada are and how credit cards work, it’s time to apply for one. There is some information to fill out, and the credit card provider will need to verify your information, but it’s a relatively straightforward process.

Click apply now – Above, you’ll find the list of the best credit cards in Canada. Click apply now for the one you’re interested in. You’ll be taken to another page to verify the card’s details.
Fill out the application – To apply for a credit card, you must provide personal information such as your name, address, social insurance number, and income.
Wait for a response – Once you’ve submitted your information, your application will be processed. Some credit card providers will give you an instant response, while others may need 7 to 10 business days to come to a decision.
Wait for your card – If you’re approved, your credit card will be mailed to you. Some credit card providers will give you a virtual card so you can use it right away.
Activate your card – As soon as your card arrives in the mail, activate it. This is done by calling the number on the back of your card or logging into your online account.

Are credit cards worth it?

Credit cards can be incredibly helpful financial tools when used correctly. They are a great way to help build credit which will help in other areas of life, including renting an apartment or buying a home, leasing a car, or getting a loan. They also can be lucrative if you choose a rewards card. That being said, you do need to use them wisely and responsibly. Credit cards have incredibly high interest rates and when used incorrectly can lead to debt.

FAQ

What is the best credit card in Canada?

This depends on your needs. If you are someone who travels frequently and is looking to earn rewards to use towards flights or hotels, then a travel card is your best option and something like the American Express Platinum card might be a great choice for you. On the other hand, if you are more of a homebody and would like to earn some cash back on your day-to-day purchases, then the PC Financial World Elite Mastercard might be the most lucrative. Don’t love the idea of paying an annual fee? Then stick to a no-annual fee option like the Tangerine Money Back Credit Card. There are so many credit card options out there it’s easy to find one to pick your needs.

What’s better, American Express, Visa, or Mastercard?

This is where you really need to consider your spending habits. American Express credit cards typically offer the best rewards and can be some of the most lucrative credit cards on the market. However, they are not as widely accepted as Visa or Mastercard. So, if the places you most frequently shop don’t accept it, then an American Express card isn’t going to be the best pick.

Visa and Mastercard and often considered to be ‘universally’ accepted, but even then it’s worth noting that only Mastercard branded credit cards are accepted at Costco. So if you are a big Costco shopper, it’s worth keeping that in mind.

In the end, it’s more important to choose a card that you qualify for and will get the most use of rather than stressing over which network provider to choose.

Do credit cards affect my credit score?

Yes, credit cards will impact your credit score. When used correctly credit cards can boost your credit score. However, if used improperly (ie: not paid off in time or in full), then they can have a negative impact on your credit score. Having a credit card requires responsible spending habits. If you aren’t sure you can use it properly, then it’s best to avoid or stick with a pre-paid card because not only can it impact your credit score, but misuse can also land you in debt.

How is credit card interest calculated?

Most credit cards in Canada have a purchase interest rate of 20% – 24%. If you’re always paying your bills in full and on time each month, then the balance transfer won’t matter.

But what about those people who can’t make the full payment? How is credit card interest calculated? To figure that out, you need to figure out a few things. Let’s assume the purchase interest rate is 22%, and you’re looking to buy a pair of shoes for $100. To calculate your credit card interest rate, you would do the following:

Calculate your daily rate – You would take your card’s annual interest rate and divide it by 365 (the number of days in a year to calculate your daily interest rate. Using the example above, your formula would look like this
- 22% / 365 = .00060
Get your daily interest accrual –You would now need to calculate your daily interest accrued on any unpaid balance. To do this, you multiply your daily interest rateby your average daily balance. In this case, we’re using the $100 pair of shoes exaple.
- .00060 X $100 = $0.06
Find out how much interest you’re paying –Finally, you take your daily interest accrual and multiply it by the days in your billing cycle.
- $0.06 X 30 = $1.80

Paying $1.80 in interest may not seem like a big deal, but remember that most people typically have much higher balances. You’ll quickly be drowning in debt if you’re always carrying a balance and making minimum payments.

How do you pay off a credit card?

You can pay off your credit card online or via the app, over the phone, or even in person. For more details on how to pay off your credit card, including if your credit card is linked to a different bank, take a look at this post.

How many credit cards should I have?

This depends on your needs but Equifax recommends having 2-3 credit cards at a time. Multiple credit cards can be a good thing and come in handy, as long as you use them properly. If you have more, you might lose track and fall behind on payments which can impact your credit score.

How do you maximize credit card rewards?

Credit cards are an excellent way to manage your finances and earn rewards when used responsibly.

Welcome bonuses – Welcome bonuses will always be the quickest way to earn points or cash back. Always keep an eye out to see what’s available as offers change regularly.
Aim for accelerated rates – If your credit card gives you an accelerated rate on some categories, you should try to max them out since it’s an easy way to cash in.
Maximize promotional rates – Since promotional rates are typically even better than accelerated rates, you should take full advantage of them.
Sign up for more than one credit card – You can sign up for multiple credit cards to get more than one welcome bonus. This is known as travel hacking, leading to cheap luxury travel.
Get to know your rewards program – Every rewards program is different. If you study the program, you can often find sweet spots where your points are worth more.

The Best Costco Credit Cards in Canada for 2026

Barry Choi — Wed, 01 Jan 2025 12:22:03 +0000

Choosing the best Costco credit cards in Canada can be a bit complicated. Even though the new CIBC Costco Mastercard is about to replace the Capital One version, it’s still a bit lacking. Yes, you’ll now earn cash back at Costco.ca and get a slightly higher earn rate on all other purchases, but you also lose some of your insurance.

That said, it doesn’t make much sense to dwell on the past. As a consumer, you should always be looking at what products give you the best bang for your buck. If you regularly shop at Costco, you’ll know that only Mastercard is accepted. While the CIBC Costco Card will do a fine job, it’s also worth considering one of these cards on my list of the best Costco credit cards in Canada.

The best Costco credit cards in Canada

Credit card	Base earn rate
CIBC Costco Mastercard	1%
National Bank World Elite Mastercard	1%
WestJet World Elite Mastercard	1.5%
PC Financial World Elite Mastercard	1%
BMO CashBack® World Elite®* Mastercard®*	1.5%

Since the CIBC Costco Mastercard is the official credit card of Costco, it makes sense to feature it first. The overall earn rate has been slightly increased over the previous version. You now get 3% back on restaurant purchases, 3% at Costco Gas, and 2% at non-Costco gas stations on the first $5,000 (1% after), 2% on Costco.ca purchases up to $8,000 (1% after), and 1% on all other purchases.

Similar to before, your CIBC Costco Mastercard doubles as your membership card, but you still have to pay the annual fee to get into Costco. The card also now comes with mobile device insurance.

The National Bank World Elite Mastercard may not be the most popular credit card in Canada, but it comes packed with benefits. The welcome bonus is usually generous, and the earn rate is quite good. Since Costco would fall under the base earn rate, you would be getting 1% back in NBC Rewards points on all Costco purchases. What really makes it stand out is the included travel insurance. You get 60 days of travel medical insurance if you’re under the age of 55. 31 days are offered for those aged 55 to 64. If you’re between the ages of 65 and 75, you get 15 days of travel insurance.

I’m a huge fan of WestJet Rewards, as it’s one of the best travel rewards programs in Canada. With the WestJet World Elite Mastercard, you would earn 1.5% back in WestJet dollars on your Costco purchases which is a decent rate of return, but it’s the additional benefits that come with the card that makes this card a winner.

The free annual companion voucher is incredibly valuable and you also get your first bag checked free. One other feature that many people don’t often think about is the member exclusive fares which are cheaper than regular tickets but can only be booked using WestJet dollars which is why you want to build up your bank as quickly as possible.

At first glance, the PC Financial World Elite Mastercard may seem like a poor choice for one of the best Costco credit cards in Canada since you’ll only earn 10 PC Optimum points per $1 spent at Costco, which is the same as the CIBC Costco Card. However, when you look at the value of your PC Optimum points, you’ll see why it makes sense to earn as many points as possible.

For example, about 3-4 times a year, you can redeem 200,000 PC Optimum points for $300 in credit or even 250,000 points for $400. The normal redemption rate would be $200 so you’re getting an extra $100 or $150. Using a PC Mastercard at Costco would help you rack up those points.

If you’re looking for a Costco credit card that earns you cash back, take a look at the BMO CashBack® World Elite®* Mastercard®* as you’ll earn 1.5% cash back on all your purchases. What’s nice about this card is that there are often promos where new applicants can earn increased cash back for 3 months. Costco would be the perfect place to take advantage of that promo.

The card does have an annual fee of $120, but the first year is usually free. It’s also worth noting that the free roadside assistance program is worth about $120 per year so technically speaking, you’re breaking even on the card every year. Not only is the BMO CashBack World Elite Mastercard one of the best Costco credit cards, but it’s also one of the best cash back credit cards in Canada.

Does Costco take Visa or American Express?

In Canada, Costco only accepts Mastercard in stores. One way around this is to purchase Costco gift cards online with the credit card of your choosing and then use those credit cards in-store.

The Costco website does take Visa and American Express, but their stock is not the same as what’s available in the store.

What merchant category is Costco?

When it comes to merchant categories set by the credit card providers, Costco is considered retail. Since it’s not considered a grocery merchant, you would not earn any additional points with any credit cards that give an increased earn rate for grocery purchases. You get the base earn rate regardless of which credit card you use at Costco.

Is the Costco Executive Membership worth it?

The Costco Executive Membership is a higher tier Costco membership that many people consider but aren’t sure if it’s worth it. I wrote a detailed post about the value of a Costco Executive Membership which you should check out, but if you’re looking for a quick answer, it comes down to value. Basically, you need to spend at least $3,000 a year at Costco for the Executive Membership to pay for the increased annual fee. If you spend at least that, you’ll come out ahead. Overall, the Costco benefits in Canada are amazing.

How to pick the best Costco credit card

There’s no one Costco credit card that’s perfect for everyone so you need to consider the following to help you choose the right card.

Type of benefits – The type of benefits you want is usually the most important choice. Are you interested in travel or cash back rewards? Don’t forget to consider a low interest credit card if you have any debt.
Annual fee – Will the benefits you get from your credit card be worth more than the annual fee? If not, look at no fee credit cards. Keep in mind that you may get your annual fee waived if you have a premium banking plan with RBC.
Welcome bonus – The welcome bonus is usually worth more than the annual fee so always take a look at what credit card deals are available when applying.
Additional benefits – For some people, the additional benefits such as no foreign transaction fees, lounge access and travel insurance are important, so check to see what each card offers and compare it to others.

Final thoughts

When it comes to the best Costco credit cards in Canada, there are a lot of limitations. Instead of focusing on getting the highest rate of return, think about what type of rewards you like to earn or if any of your current cards can be used at Costco. Unless you’re spending a lot of money, you probably don’t need a separate credit card that you only use at Costco

The Best Scotiabank Credit Cards in Canada for 2026

Barry Choi — Wed, 01 Jan 2025 12:21:59 +0000

Deciding the best Scotiabank credit cards in Canada is an easy task. Generally, every bank has cards for specific reasons, and Scotiabank is no different. Scotiabank has you covered whether you’re looking for travel rewards, cash back, or a low-interest credit card.

Since every card Scotiabank offers is different, it’s always in your best interest to compare things before making a decision. Quite often, you may realize there’s a perk included with one of the cards that may appeal to you. Here are the best Scotiabank credit cards in Canada.

Credit card	Best for
Scotiabank Passport Visa Infinite Card	Travel rewards
Scotiabank Gold American Express	Earn rate
Scotia Momentum VISA Infinite Card	Cash back
Scotiabank Scene+ Visa Card	Students
Scotiabank Value Visa Card	Low interest
Scotia Momentum No-Fee Visa Card	No fee

Best Scotiabank card for travel

It’s not hard to make a case that the Scotiabank Passport Visa Infinite Card is the bank’s flagship product. It has a high earning rate and it comes packed with benefits. You’ll earn 3 Scene+ points per dollar spent on Empire-owned grocery stores (Sobeys, FreshCo, Safeway, etc.), 2 points on all other grocery stores, dining, entertainment, and transit purchases, and all other purchases get you 1 point.

As for the benefits, there are no foreign transaction fees, so you’ll save 2.5% in fees compared to most other credit cards in Canada. You also get airport lounge access and six free annual visits via the free Visa Airport Companion Program membership. Finally, a comprehensive travel insurance package that covers travel medical, trip cancellation, flight delays, lost luggage, travel accidents, and more is also provided.

Admittedly, there are better travel credit cards from other providers, but this is easily the best all-in-one travel card since it includes many perks. It’s ideal for people who don’t want to carry multiple credit cards in their wallet.

Best Scotiabank card for earn rate

Those who want to maximize their rewards should look at the Scotiabank Gold American Express Card. You’ll earn 6 Scene+ points per dollar spent at Empire-owned grocery stores, 5 points on other eligible grocery stores, dining, and entertainment purchases, 3 points on gas, public transportation, rideshares and streaming purchases, and 1 point on all other purchases.

This card also has no fees for foreign currency purchases. That said, any foreign purchases you make with this card only give you the base earn rate of 1 Scene+ point per dollar spent. Whereas, the Scotiabank Passport Visa Infinite Card still gives you the multipliers on foreign purchases.

The other benefits you get with this card include a comprehensive travel insurance package and mobile device insurance, which covers your cellphone or tablet up to $1,000.

Best Scotiabank card for cash back

The Scotia Momentum Visa Infinite Card is the way to go for those who want to earn a lot of cash back. You’ll earn 4% cash back on grocery, recurring bills, and subscription purchases, 2% cash back on gas and daily transit purchases, and 1% cash back on everything else. It’s worth noting that your cash back is only paid out once a year in November. This may not bother some people, but many people prefer monthly payments.

You may have noticed that the Scotiabank Gold American Express Card arguably has a better earning rate. However, with the Gold card, you earn Scene+ points, and those are best used for travel, movies, and participating restaurants for maximum value. If you want a statement credit, which is like cash back, the value of your points drops considerably.

You do get some decent benefits with this card. You get an excellent travel insurance package that covers all the essentials. You also get mobile device insurance, which protects your tablet and cellphone as long as the full cost is charged to your Scotiabank Momentum Visa Infinite Card.

Best Scotiabank card for students

The Scotiabank Scene+ Visa Card can be highly appealing to students. That’s because Scene+ points can be redeemed at Empire-owned grocery stores, Cineplex theatres, and participating restaurants, such as Swiss Chalet, Kelseys, Montana’s, and more.

When it comes to the earning rate, you’ll get 2 Scene+ points per dollar spent at Cineplex theatres, cineplex.com and Empire-owned grocery stores, and 1 Scene+ point on all other eligible purchases. While this earning rate isn’t as good as other cards on this list, it’s reasonable for a no fee card.

Even though this card has a minimum income requirement of $12,000 to be approved, many students without an income are often approved for this card if they bank with Scotiabank.

Best Scotiabank card for low interest and balance transfers

Instead of focusing on rewards, some people may be more interested in reducing their debt. The Scotiabank Value Visa Card is a low interest credit card with a balance transfer option that could save you hundreds of dollars.

New cardholders have the option to perform a balance transfer with a 0% introductory interest rate for 10 months. Once the promotional period ends, the regular interest rate of 12.99% applies. Although a 1% balance transfer fee applies, you could potentially save hundreds of dollars.

Balance transfers are appealing since you can transfer an existing balance on a different credit card with a high interest rate and then transfer it to your Scotiabank Value Visa Card. If you were to focus on debt repayment during the promotional period, you would greatly reduce how much interest you’re paying. You won’t get any other benefits with the card, but the balance transfer alone is worth it for the low interest rates.

Eligibility: No income requirement, but you must be a Canadian resident and the age of majority in the province or territory in which you reside.
Welcome bonus: Usually, 0% interest on balance transfers for the first 10 months (1% fee applies), and the annual fee is waived for the first year.

Best no fee Scotiabank card

If you want a no fee cash back card, then the Scotia Momentum No-Fee Visa Card is the top choice for the best Scotiabank credit cards in Canada. The earning rate is 1% cash back on gas, groceries, drug stores and recurring payments. All other purchases get you 0.5% cash back.

Since this is a no fee card, you don’t get any meaningful perks besides up to 25% off at participating Avis and Budget locations. The Scotiabank Scene+ Visa Card also has no fee, but comes with a higher earning rate.

Eligibility: A personal income of $12,000. A credit score of at least 660 is recommended.
Welcome bonus: Typically 5% cash back for the first three months (Up to $2,000 in spending)

How do Scotiabank credit cards work

As you can see from above, Scotiabank has a range of different credit cards. Here’s how the different category options work.

Scotiabank Cash back Cards

Scotiabank Cash back cards start their year in December and accumulate points monthly. However, the actual Cashback is only given out annually. Each year in November you will be paid out your total Cashback for the previous year and then it will restart again in December.

Scotabank Scene+

Scene+ is the Scotiabank rewards program. As mentioned earlier, Scotia Rewards Points merged with Scene points a couple of years ago to create this encompassing rewards platform. Scene points can be earned by using your Scene+ credit card when shopping at eligible brand partners for everyday purchases.

Scene+ points can then be redeemed either in store with brand partners or online/via the app. Your points can be used to book travel, purchase gift cards, for free movies, and more. As long as your account is in good standing and you remain active your Scene+ points won’t expire.

Scotiabank Low Interest Cards

Most credit cards have a typical interest rate of around 20%. Then you have balance transfer cards or even just low interest cards that offer lower values than that, making it easier for individuals who typically carry a balance on their credit card to pay it off. In the case of the Scotiabank Value Visa card, you do get a promotional period where the rate is 0% and then it goes to 12.99% which is still significantly lower than normal rates.

How to pick the best Scotiabank card

Since there are quite a few options when it comes to Scotiabank credit cards, you’ll need to figure out exactly what your needs are before you apply. Here are the things to look out for.

Type of benefits – First off, determine the type of benefits you want when choosing one of the best Scotiabank credit cards. That could be travel rewards, cash back, low interest or even movie rewards. Once you know what you want, that makes things easy.
Annual fee – Do you mind paying an annual fee? If you said yes, make sure the benefits you’re earning are worth more than that yearly fee.
Welcome bonus – Always check to see what the welcome bonus is and what the criteria are to earn it.
Additional benefits – For some people, the additional benefits such as no foreign exchange fees or access to airport lounges are important so check to see what each card offers.

How to apply for a Scotiabank credit card

Determine which credit card you want from the list above and click the “apply now” button. Make sure you qualify. Most credit cards will have a minimum income requirement.
Once you have confirmed you qualify, gather all the required paperwork to apply. This includes all of your personal information. You will also need information about your income and possibly your SIN so have that handy.
Complete the form as required. Online applications are very straightforward and easy. Be sure to read any fine print to ensure that you understand all the terms and conditions.
Wait for approval. Many online applications offer immediate approval, but receiving the physical card could still take up to ten business days. Once you receive the card, activate it and use it as you wish.

FAQ

Are Scotiabank credit cards worth it?

If there is a Scotiabank credit card that meets your goals then sure. They have plenty of options for different needs. For those looking specifically at the Scene+ program, it’s a pretty decent rewards program. You do want to consider your shopping habits though and make sure that you already spend at partner brands, including eligible gas stations. Popular partner brands include Cineplex theatres, Sobeys, Foodland, FreshCo, Bestbuy, and Home Hardware.

Plus, if you are already a Scotiabank client, then it makes it even easier to have a credit card at the same place as your other financial products.

What is the best Scotiabank credit card?

The best credit card to pick will depend on your needs, but here’s my quick take.

If you love to travel, then the Scotiabank Passport is the best card. It’s pretty easy to earn points that you can redeem towards travel, and there are some great perks and benefits, including airport lounge passes and insurance coverage.

If you are rewards focused, but not necessarily a huge traveller, then the Scotiabank Gold will allow you to earn points the fastest.

*** Passport for all-in-one travel, Scotiabank Gold for earn rate, Scene+ for students

How do Scotiabank credit cards compare?

Scotiabank does have decent credit cards. However, if you are really looking at the best credit card rewards program, then American Express comes out on top. Their program offers great deals on travel, but points can also be used towards gift cards, merchandise, and more. Perhaps the biggest standout for American Express cards is that they have tons of partners that allow you to convert your points, adding to the programs flexibility.

Why get a Scotiabank credit card?

Scotiabank is one of the big five banks in Canada, so they have an established history that Canadians can rely on. If you have one of the premium Scotiabank chequing accounts, you can get one of their credit cards without paying an annual fee. This benefits you since you’ll be able to use a top tier card without worrying about any yearly fees. Even if you don’t bank with Scotiabank, getting one of their credit cards may be a good fit for you.

The Best Cash Back Credit Cards in Canada 2026

Barry Choi — Wed, 01 Jan 2025 12:19:37 +0000

Anyone that’s looking to put more money back in their pockets should consider one of the best cash back credit cards in Canada. The concept is simple, every time you make a purchase, you’ll earn some cash back. However, with so many credit cards that earn you cash back, some people aren’t sure which one to choose.

Unlike travel rewards credit cards, where there are so many variables to consider, cash back cards are easier to narrow down since there are only a few categories you need to think about. Here’s my list of the best cash back credit cards in Canada.

Credit card	Best cash back card for
American Express Cobalt Card	Overall spending
BMO CashBack® World Elite®* Mastercard®*	Highest earn rate
Tangerine Money-Back Card	No fee
American Express SimplyCash Preferred Card	Flat rate
PC Financial World Elite Mastercard	Groceries/PC Optimum
Wealthsimple Cash Card	No foreign transaction fees
Scotiabank Momentum Visa Infinite Card	Insurance
Triangle World Elite Mastercard	Roadside assistance
KOHO	Prepaid

Best cash back card for overall spending

Without a doubt, the best cash back credit card in Canada for overall spending is the American Express Cobalt Card. Your earning rate is 5 American Express Membership Rewards points per $1 spent on eats and drinks (including grocery stores and dining), 3 points on popular streaming services, 2 points on travel and transit, and 1 point on all other purchases. Even though there’s a monthly cap of $2,500 for each of these bonus categories, that’s the most cash back you’ll earn.

Now some people will rightly point out that this card earns you American Express Membership Rewards points, and not cash back. What some people don’t realize is that you can redeem 1,000 American Express Membership Rewards points for a $10 statement credit. This effectively makes the American Express Cobalt Card a cash back card. You can still use your points on travel purchases or transfer them to travel partners such as Aeroplan and Marriott Bonvoy. You get a lot of redemption options with this rewards program.

Best cashback card with the highest earn rate

If you’re the type of person who wants to maximize their return, then the BMO CashBack® World Elite®* Mastercard®* will be of interest. The earning rate is 5% cash back on groceries, 4% on transit, 3% on gas, 2% on recurring bills, and 1% on all other everyday purchases. There’s simply no credit card with a higher earn rate.

There is a catch. There’s a spending cap for each bonus category of $500 on groceries, $400 on transit, $300 on gas, and $500 on recurring bill payments. Once you hit those caps, you’ll earn 1% cash back. On a positive note, you only need $1 in cash back rewards earned to get paid out as a statement credit. If you typically spend more than that, the American Express Cobalt Card or Scotiabank Momentum Visa Infinite card would likely be better choices.

Additional benefits you get with this card include airport lounge access (no passes), roadside assistance, concierge service, travel insurance, and extended warranty.

Eligibility: Minimum personal income of $80,000 or a household income of $150,000. A credit score of 700 is recommended.
Welcome bonus: Usually 10% cash back for the first three months, up to $2,600 in spending ($500 on groceries, $300 on transit, $300 on gas, $500 on recurring bills, and $1,000 on everything else). The annual fee of $120 is sometimes waived.

Best cash back card with no annual fee

Some people don’t like paying an annual fee for a credit card. Fortunately, the Tangerine Money-Back Credit Card doesn’t charge you an annual fee, and you get a crazy amount of flexibility. si

Instead of having defined bonus categories where you get an increased earning rate, the Tangerine Money-Back Card allows you to select up to three categories to earn 2% cash back. You get two categories, to begin with, and you get a third category if you set your cash back to automatically deposit into your Tangerine bank account. All other purchases earn you 0.5% cash back. No other credit card in Canada allows you to pick your categories, so this card is extremely valuable depending on your chosen categories.

Admittedly, 2% isn’t as high as some other cards on this list, but the ability to choose your own categories is a game-changer. Some people will use this card to complement another cash back card. That would allow them to earn at least 2% cash back on multiple categories. Alternatively, you can keep things simple and use this as your primary credit card.

Best cash back card with a flat earn rate

Instead of having to worry about enhanced earning rates, it could be worthwhile to get a flat-rate card that gives you the same cash back on all your purchases. The American Express SimplyCash Preferred Card gives you 4% cash back on gas and groceries (capped at $1,200 annually for grocery purchases). All other purchases earn you 2% cash back with no limits.

Having a base earn rate of 2% cash back is incredibly rare, so this can be a great card for people who spend a lot of money. The card has a monthly fee of $9.99 ($119.88 annually), so that’s something to factor in when figuring out your earning potential.

The other benefits you get include mobile device insurance and American Express experiences. With the experiences, you get some great perks, such as front of the line access at some of the most popular concerts and offers where you can earn statement credits on your everyday purchases.

Eligibility: There’s no minimum income required. A credit score of 660 is recommended before applying.
Welcome bonus: New cardholders usually get a $40 statement credit when spending $750 each month for 10 months. That’s a total of $400 in statement credits you could earn.

Best cash back card for groceries/PC Optimum

With the PC Financial World Elite Mastercard, this card is you’ll earn 30 PC Optimum points per $1 spent at Loblaws’ owned grocery stores, such as No Frills, Loblaws, and Real Canadian Store. If you don’t shop at Loblaws’ banner stores, you’re better off with the American Express Cobalt Card or BMO CashBack® World Elite®* Mastercard®* since they have higher earn rates than the

What makes this card stand out for groceries is that you earn PC Optimum points, which is similar to cash back rewards. The regular redemption rate is 10,000 PC Optimum points for $10 off. However, Shoppers Drug Mart often runs bonus redemption events where you can get increased value. For example, you might be able to redeem 50,000 points for $65 off or 250,000 points for $400 off. If you’re maximizing PC Optimum, then you can save big.

In addition, PC Optimum has many in-store and targeted offers. That means you can earn additional points. Since earning points is just as important as redeeming them, PC Optimum offers you many options.

Best cash back card without foreign transaction fees

If you’re looking for a cash back card with no foreign transaction fees, the Wealthsimple Cash Card is a good choice. You’ll earn a straight 1% cash back on all eligible purchases. This includes foreign currency purchases. Note that this is a prepaid card, so you must load funds before using it. That said, any money you put on the card earns you interest.

Another reason this card is great is that you won’t pay any FX fees when using a foreign ATM. That said, the ATM may charge you a one-time fee of $3 to access its machines. Having access to no foreign transaction fees on purchases and cash withdrawals is ideal.

Eligibility: Must have a Wealthsimple Cash account, but no income or credit history is required.
Welcome bonus: Up to $3,000 (it’s random)

Best cash back card for insurance

When you look at the earning rate of 4% cash back on groceries and recurring payments, 2% on gas and transit, and 1% on everything else, you’d think the Scotiabank Momentum Visa Infinite Card would be best for groceries. However, as you’ve already learned, two other cards already give you a higher earning rate at grocery stores. That’s why I recommend this card if you’re looking for excellent insurance coverage.

The included travel medical insurance covers you for 15 days if you’re under the age of 65. You also get a trip protection plan that covers trip cancellation/interruption, flight delay, delayed and lost baggage, and rental car collision loss/damage insurance. In addition, you get mobile device insurance, purchase security, and extended warranty.

Best cash back card for roadside assistance

One often overlooked benefit is roadside assistance. With this service, you can help if you ever have car issues at home or on the road. With the Triangle World Elite Mastercard, you get Canadian Tire’s gold roadside assistance plan for free. It comes with 24/7 service, five service calls a year, tows up to 200 kilometres, and more.

Although you’re earning CT Money as your reward, it’s like cash back and can be used at participating stores such as Canadian Tire, Party City, Markls, Sport Chek, and more. In addition, if you download the Triangle Rewards app, they often have targeted offers where you can earn even more CT Money.

Note that you must make at least one purchase every 12 months for your card to remain active. This is a small price to pay to get free roadside assistance.

Eligibility: A personal income of $80,000 or $150,000 is required. A minimum credit score of 700 is recommended.
Welcome bonus: None.

Best prepaid cash back card

Prepaid credit cards have evolved over the years. Traditionally, people would only get them if they didn’t qualify for a traditional credit card or wanted simplicity. However, these days they come packed with benefits and are tied to an app that gives you insights into your spending.

With KOHO, you’ll pay no annual fee, and you’ll earn 5% cash back on all your purchases. Additionally, if you have a direct deposit set up, you’ll earn interest on all funds deposited into your account.

Many people like KOHO because it teaches you to be smarter with your money. For example, you can set rounds up for all your purchases. That allows you to save automatically. Additionally, you get real-time spending insights, which can be helpful if you’re trying to balance your budget.

Since this is a prepaid card, you won’t build your credit score. That said, KOHO does offer a premium service where you can build your credit for a monthly fee.

Eligibility: None.
Welcome bonus: $20 when signing up with a referral link.

How do cash back credit cards work?

Cash back credit cards give you money back as your reward for charging your purchases to your credit card. Cash back is highly appealing to people who want simple rewards. Unlike travel rewards, there’s no need to worry about dynamic pricing, blackout dates, or expiring points. Cash back puts money back into your pocket.

How much you’ll get depends on the earn rate of the card. All cash back credit cards have a base earn rate, but most also give you an accelerated earn rate on select categories. For example, you might earn 5% cash back on grocery purchases but 1% on everything else.

Generally, you want to choose a cash back credit card that aligns with your spending. For example, if you do the majority of your spending on gas and transit, then pick a card that gives you a high return on those categories.

How do cash back credit card earning rates work?

Every cash back card has different earning rates. Generally speaking, they can be broken down into two categories:

Accelerated earn rate – This is where you’ll earn additional cash back on select categories.
Base earn rate – This is the amount of cash back you’ll earn on all other categories that don’t fall under the accelerated rate.

Accelerated earn rates are appealing since it’s like bonus rewards on select categories. That said, every credit card provider will typically cap the accelerated earning rate at a certain amount (typically $25,000 – $30,000). Once you’ve reached that amount, you’ll get the base earn rate.

Generally speaking, the base earn rate for cash back cards is 1%. That said, some entry-level cards have a base earn rate of less than that. It’s also worth mentioning that some cash back cards offer a flat rate of cash back regardless of where you make your purchases.

Every credit card chooses which categories have an enhanced earning rate. There’s one exception to this rule in the Tangerine Money-Back Card: you can choose up to three categories where you earn 2% cash back. All other purchases would earn you 0.5% cash back.

What are cash back credit card categories?

Card issuers (Visa, Mastercard, and American Express) assign every retailer a merchant category code (MCC). When a credit card offers an accelerated earn rate on certain categories, the MCCs would be coded, so you get that rate.

In the past, categories were straightforward to understand, but credit card providers now often lump some together or have created new categories that offer additional cash back to appeal to consumers. The most common categories you’ll see these days include:

Grocery – This category applies to any purchases made inside a grocery store. This would include gift cards, so if you bought a Costco gift card at Metro, you’d get the accelerated groceryearn rate for that purchase. Keep in mind Costco itself doesn’t count as a grocery store but Metro, Sobeys, Farm Boy, and Loblaws Superstores do.
Restaurants – Cafes, bars, coffee shops, and restaurants would all be categorized as restaurants.
Food delivery – While most food delivery companies – such as UberEats, DoorDash, and SkipTheDishes – would fall under restaurants, some credit cards separate them under food delivery.
Travel – Anything related to travel, including airline purchases, hotels, theme park tickets, cruises, and car rentals, typically falls under travel.
Gas – Any time you make a purchase at a gas station, it would fall under the gas category.
Transportation – Any expenses related to parking, public transit, taxis, and EV charging would be types of transportation merchants.
Entertainment – Entertainment is a broad category that covers things such as movies, bowling alleys, theatre productions, and live concerts.
Streaming services – Generally speaking, this refers to things, such as select streaming services, including Spotify, YouTube, Disney+, and Netflix.
Gaming – With gaming, it would be stores that offer digital gaming downloads, such as Nintendo and Steam. In-game transactions and yearly online subscriptions would typically count too.
Recurring bill payments – When it comes to recurring bills, it usually refers to things such as utilities and your cell phone bill.
Drug stores and pharmacies – this may include typical drugstore purchases made at well-known Canadian drug stores such as Shoppers Drug Mart.

It’s important to see what merchants are covered in accelerated earn rate categories before signing up for a cash back credit card. For example, the Tangerine Money-Back Card has a category just for hotel/motel, whereas other cards would lump that together with travel. Then there’s the American Express Cobalt card that puts all food-related categories under “food and drinks.” Understanding the merchant categories with your cash rewards credit card is vital.

Remember that some merchants may not fall under certain categories that you would expect. For example, Walmart doesn’t count as a grocery store, unlike Walmart Supercentres, which do. Costco is another merchant that doesn’t count as a grocery store.

Since credit card companies don’t typically release their MCC lists, it may take some trial and error for you to figure out what category certain stores fall under. That said, it’s usually pretty straightforward.

When is credit card cash back paid out?

Every cash back credit card in Canada has different rules when it comes to payouts. Some payout in the form of a statement credit, while others payout based on a date. This date could be monthly or once a year. Redeeming cash may even require you to accumulate a minimum amount first. Before you sign up for a card, make sure you find out when you get paid, as it may not work for your timeline. Here’s when the best cash back cards in Canada pay out the money you’ve earned.

American Express – On your September statement for cash back cards or as needed for cards that earn American Express Membership Rewards.
BMO – You can choose once you meet a certain amount. As little as $1 for a statement credit or $25 as automatic deposits to an eligible BMO account.
CIBC – Once you have at least $25 or every January statement.
Home Trust – Every January as a statement credit.
KOHO – Your cash back gets paid out immediately into your KOHO account.
RBC – Minimum of $10 cash back earned, and you must call in for the redemption. Alternatively, all cash back earned is paid out in January.
Scotiabank – Once per calendar year in November
Tangerine – Every month to your savings account or applied as a statement credit.
TD – All cash back is paid out in January. If you prefer the money earlier, you can redeem it anytime as long as you have earned at least $25 in cash back.

What additional benefits come with cash back credit cards?

The benefits you get with your cash back credit card will depend on the card that you have. Generally speaking, higher-tier cards come with better benefits. That said, there are some no fee and low fee cards that offer some excellent perks. Some benefits you should look for include:

Mobile device insurance – Cellphones and tablets purchased with a credit card with cell phone protection are covered from theft, loss, and damage for up to $1,000 – $1,500.
Roadside assistance – With roadside assistance plans, you can get emergency services if your car ever breaks down. Note that each plan differs, so see what each one offers before signing up for a credit card.
Travel insurance – A few cash back credit cards offer comprehensive travel insurance. If you want travel benefits, go for a travel rewards credit card.
No foreign transaction fees – Some cash back credit cards don’t charge the 2.5% fee that’s typically standard for purchases made in a currency that’s not Canadian dollars.
Extended warranty – Sometimes referred to as buyer’s assurance, extended warranty typically doubles your manufacturer’s warranty, up to one additional year.
Purchase protection – With purchase protection, items charged to your card are protected from loss, theft, and damage for 90 to 120 days.
Concierge service – Some cash back credit cards offer you 24/7 support via their concierge services that can assist you with various tasks including booking travel, making restaurant reservations, and even ordering and arranging delivery of gifts.

How to pick a cash back credit card

The best cash back credit cards in Canada can vary quite a bit, so you need to establish some standards to help you narrow down your choices. Here are the things you should look out for when deciding which new card to add to your wallet.

Annual fee

Many of the best cash back credit cards come with an annual fee but also come with a higher earn rate. This is fine if you spend a lot on your credit cards, but if you make limited purchases, go for a no fee credit card. Annual-fee cards also typically come with extra perks and generous sign-up bonuses.

Welcome offer

If you have some major purchases coming up, choose a card that has a good sign-up bonus, such as 10% cash back for the first three months. Note that these offers are always capped, so the maximum cash bonus you would earn is usually $200.

Accelerated earn rates

You’ll notice that just about every one of the best cash back credit cards in Canada gives you higher cash back for certain categories. E.g. groceries, gas, etc. You should look for a card that lines up with your spending. If you spend the most at grocery stores, you want a cash back card that will earn you more cash back there.

Base earn rate

The base earn rate is what you get for any purchases, not in a bonus category. This isn’t a big deal if most of your spending is on bonus categories, but if you do a lot of random spending, the base rate may benefit you. Alternatively, get a cash back credit card that has a flat earn rate for all categories

Additional benefits

Finally, you’ll want to see what additional benefits come with each card to see if they interest you. Travel insurance, mobile device insurance, no foreign transaction fees, and roadside assistance can be quite valuable.

How to maximize cash back credit cards

If you use your cash back cards responsibly by paying off your entire balance each month, there are a few tips you can use to increase the amount of cash back you earn. Remember that some of these tips may require you to track your spending, so make sure you have a system set up that makes things easier, like labelling your cards so you know how much cash back they earn.

Sign up for multiple cash back cards

Since every cash back card differs, some cards will have a higher earn rate than others. However, if you sign up for multiple cash back cards, you can maximize the earn rate on multiple categories. For example, the BMO CashBack® World Elite®* Mastercard®* gives you 5% cash back on groceries, 4% on transit purchases, 3% on gas and EV charging, and 2% on recurring bill payments. You could complement that with the PC Financial World Elite Mastercard (which has no annual fee) since it gives you 4.5% back in points at Shoppers Drug Mart. You could then add the Tangerine Money-Back credit card, which has no annual fee, and select restaurants, entertainment, and hotel/motel as your 2% categories. That’s a lot of categories where you’d be earning 2% or more in cash back.

Buy gift cards at grocery stores

Grocery stores typically have a higher earn rate with many cash back credit cards. You can use this to your advantage since many grocery stores sell gift cards to merchants that would typically be in a lower merchant category. For example, you could buy Costco, Amazon or Apple gift cards at a grocery store with your Scotiabank Momentum Visa Infinite Card since it gives you 4% cash back. By doing this, you would get the accelerated grocery earn rate instead of the base earn rate that those merchants would typically get.

Apply for cards that give you a valuable single benefit

Some of the best cash back credit cards in Canada may not appear good at face value, but a single benefit can make a huge difference. For example, the Triangle World Elite Mastercard comes with a free roadside assistance plan. That is worth over $100, and the card has no annual fee. Then there’s the Wealthsimple Cash Card with no foreign exchange fees on purchases or foreign ATM withdrawals. That saves you 2.5% each time, and there’s no annual fee.

Watch for welcome bonuses

Over the years, cash back credit cards have become quite competitive regarding the welcome bonus. Multiple cash back cards have offered 10% cash for three months. Some have even offered 15%. There’s just one catch. The promotional rate is usually capped at $200 to $300 in cash back earned. Of course, this only applies to new applicants, so one trick is to cash out all of the rewards you’ve earned and then cancel your card before the annual fee is due. You could then sign up for a new cash back card that waives the annual fee for the first year or has no annual fee.

Add supplementary users

Credit cards allow you to add supplementary users to your account. That means you could get your spouse and kids their own cards, which would still fall under your account. This is beneficial because all the cash back rewards earned go to the primary cardholder. With more people spending, you’ll be earning more cash back.

Product switch

A few credit card providers allow you to switch your credit card to another product. This can be beneficial if you want to maximize your welcome bonus without paying an annual fee. This works because many credit cards waive the annual fee for the first year. If you switch cards before your anniversary date is up, you could potentially get another welcome bonus with a different card, without having to get a credit check done. For example, you could go from the TD Cash Back Visa Infinite card to the TD Aeroplan Visa Infinite card.

How to apply for a cash back card?

Now that you know the ins and outs of the best cash back credit cards in Canada, it’s time to pick up a card to start earning rewards. Applying for a cash back card is easy, just follow these steps:

Browse the above list – I’ve picked out the top cards, so there’s less work for you.
Click apply now – You’ll be taken to another page where you can verify that you qualify for the card you’re interested in,
Fill out the application – You’ll be asked for personal information to verify your identity
Wait for your card to arrive – Some applications get instantly approved, while others may require waiting up to 10 business days for a decision.
Activate your card – When it arrives, activate it by calling in or using the mobile app.
Start spending – If you’ve signed up for a cash back credit card with a welcome bonus, start spending to max out your offer.

Are cash back credit cards worth it?

If you spend a lot on your credit card then yes, cash back credit cards might be worth it. That said, other types of rewards cards might be more lucrative depending on your lifestyle, such as travel credit cards.

FAQ

What’s the best cash back credit card in Canada?

The best credit cards for cash back will depend on your goals. If you are looking for a no-fee card, then the Tangerine Money-Back Card is the obvious choice. If you’re looking for a high earn rate, it’s worth looking at the American Express Cobalt Card. Consider your spending habits- wherever you spend the most is likely where you can earn the most. Once you know how you spend your money, this list can help you choose the best cash back credit card.

What credit score do I need for a cash back credit card?

Generally, rewards cards tend to have higher requirements for credit scores than a credit card with no rewards. When it comes to cash back credit cards, it depends on the card. You should aim for a good credit score (around 700) to apply. The higher end cash back credit cards with all the perks and benefits might require a higher credit score of around 740+.

Are there cash back limits?

Many cash-back credit cards have spending caps that you need to be mindful of. This varies by card, but typically, the spending caps are on the accelerated categories, not the base rate. That said, you also need to be mindful of when the limits reset. Some have monthly limits, while others have annual limits.

What are the pros and cons of cash back credit cards in Canada

The advantages of a cash back card may seem obvious, but it’s not that simple. Cash back cards can have drawbacks, especially compared to travel rewards credit cards. Always consider the pros and cons before applying for a credit card.

Cash back credit card pros

Easy to understand – Cash back rewards are simple. There’s no need to worry about redemption charts or blackout dates like you might with travel rewards.
High earn rates – Cash back cards have become quite competitive, so the number of accelerated earn rate categories has grown.
Easy to cash out – Most financial institutions now allow you to redeem your cash back once you’ve earned at least $25 instead of waiting for it once a year.

Cash back credit card cons

Not as valuable – While cash back is simple, travel rewards – such as Aeroplan – are often more valuable.
Limited benefits – Travel rewards cards offer more benefits such as airport lounge access, free checked bags, travel insurance, priority airport services, and more.
Welcome bonuses are average – Even though some credit cards have good welcome bonuses – such as 10% cash back – travel rewards cards typically have even better offers.

Are Cash back or travel rewards better?

Travel and cash back are the two most popular credit card rewards. Travel rewards can be very lucrative as the value of your points can be quite valuable depending on what you’re redeeming for.

Cash back may not give you as big of a return, but it’s easy to understand. With cash back, there’s no need to worry about blackout dates, seat availability or taxes since you get paid out in cash. Which one you choose is a personal decision, but try to stick to one.

**Credit card providers are not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.

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