Low interest cards – Money We Have

Scotiabank Value Visa Card Review

Barry Choi — Thu, 03 Jul 2025 19:12:59 +0000

The Scotiabank Value Visa Card is a low interest, balance transfer credit card that is clearly aimed at people who are looking to reduce their debt or lower the amount they pay in interest.

Since this is a low interest credit card, you won’t get many additional perks, but that may not matter as your primary goal may be to reduce your debt. Read my Scotiabank Value Visa review now and find out why it’s one of the best balance transfer credit cards in Canada.

Welcome bonus and earn rate

There’s no traditional welcome bonus with this card. Instead, you get the option to balance transfer with a promotional interest rate of 0.99% interest for the first 9 months. Once that promotional period ends, your standard interest rate increases to 13.99%. Note that a 2% balance transfer applies with a $5 minimum. So, if you want to balance transfer $2,000, the fee would be $40. There’s also an annual fee of $29, but it’s often waived for the first year.

As for the earn rate, there is none. You don’t earn travel rewards, or cash back with this card. In other words, this card should only be used if you’re looking to pay down debt ASAP. Once you’ve paid off your debt, you’re better off switching to a card that earns you rewards.

Benefits and perks

Since this is a low interest credit card, your benefits are quite limited. The only perks you get are as follows:

Save money on interest

To be clear, the balance transfer option is a fantastic benefit. Most credit cards have an interest rate of 20%+. However, if you perform a balance transfer, you’ll pay 0% interest for 10 months. If you focused on debt repayment during this time, you could easily save hundreds of dollars. Alternatively, if you typically carry a balance, the standard interest rate of 12.99% is still reasonable.

Save on car rentals

When you rent a car at participating AVIS and Budget locations in Canada and the U.S., you’ll get up to 25% off the base rate. You must charge the full cost of the car rental to your Scotiabank Value Visa to get the discount.

Scotia Momentum VISA Infinite eligibility

You’re a Canadian citizen or permanent resident
You’re at least the age of majority in the province or territory where you live
You haven’t declared bankruptcy in the past 7 years
Your home address matches your credit report home address

You’ll notice that there’s no formal minimum income requirement to be considered for this card. In addition, no minimum credit score is listed, but I recommend having a credit score of at least 660 before applying.

How the Scotiabank Value Visa Card compares

The Scotiabank Value Visa has some tight competition with a few others card offering balance transfers or low interest.

Scotiabank Value Visa Card vs. MBNA True Line Mastercard

The MBNA True Line Mastercard offers a balance transfer of 0% interest for 12 months. Once your promotional period ends, the interest rate goes up to 12.99%. This is two months longer than what the Scotiabank card offers, but the balance transfer fee is 3% ($7.50 minimum). That said, the MBNA card has no annual fee. These cards are very similar, but if you think it’ll take longer to pay off your balance, having those two extra months with 0% interest could help a lot.

Scotiabank Value Visa Card vs. MBNA True Line Gold Mastercard

The MBNA True Line Gold Mastercard is supposed to be a better version of the MBNA True Line Mastercard, but that’s debatable. The card has an annual fee of $39, and the balance transfer interest rate is 8.99% (1% fee, $7.50 minimum applies). Although there’s no promotional interest rate, the 8.99% rate applies to all purchases and balance transfers, which is one of the lowest interest rates available.

Scotiabank Value Visa Card vs. Tangerine Money-Back Card

One other card with comparing is the Tangerine Money-Back Card. When performing a balance transfer, you get a promotional interest rate of 1.95% for six months. There’s no balance transfer fee, but your interest rate goes up to 19.95% once the promotional period ends. What makes this card good is that you can earn up to 2% in cash back on purchases made.

Final thoughts

My Scotiabank Value Visa Card review is positive. This card is ideal for people in the following situations:

You want to save money – The 0% interest balance transfer option is one of the best ways to reduce your debt. Not even your bank will offer you a rate that low.
You typically carry a balance – The regular interest rate of 12.99% is still lower than most credit cards in Canada.
You want to pay a low/no annual fee – The yearly fee for this card is just $29, and it’s usually waived for the first year.

It may not have the lowest rates compared to other low interest, balance transfer credit cards, but it’s pretty close. If you’re looking to reduce your debt, then this card will help you.

Apply now for the Scotiabank Value Visa

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.

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 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.

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 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.

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 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.

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 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 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.

MBNA True Line Gold Mastercard Review

Barry Choi — Mon, 01 Jan 2024 15:42:34 +0000

The MBNA True Line Gold Mastercard is a low interest credit card with limited benefits. This could be a good choice if you typically carry a balance on your credit card. That said, your goal should be to pay off your monthly balance in full to avoid interest charges.

Admittedly, some people will carry a balance, so having a low interest credit card could be beneficial. Read my MBNA True Line Gold Mastercard review now for the full details.

MBNA True Line Gold Mastercard

Welcome bonus and earn rate

The MBNA True Line Gold Mastercard has no welcome bonus. However, the card offers a balance transfer option for new applicants (1% fee applies, $7.50 minimum). That’s where you can transfer the balance on an existing card and move it over to your new MBNA card. The advantage is that the MBNA True Line Gold Mastercard has a balance transfer and purchase interest rate of just 8.99%. That’s significantly lower than most other credit cards that typically have an interest rate of 20% – 24%.

When it comes to the earning rate, there is none. This card doesn’t earn any cash back or rewards. It should only be used to help you pay off your debt. Once your debt is cleared, you can switch to a rewards card. On a positive note, the annual fee is just $39.

Benefits and perks

The MBNA True Line Gold Mastercard has minimal benefits. This shouldn’t be a massive surprise since this is a low interest credit card. As a cardholder, you get the following:

Save with Avis Rent A Car and Budget Rent A Car

When paying with your MBNA True Line Gold Mastercard, you’ll get at least 10% off base rates in Canada and the U.S. and at least 5% off base rates internationally at participating Avis and Budget locations. To take advantage of this deal, you must use promo code #C078405 at the time of reservation with Avis or with #A331704 Budget Rent A Car

Purchase insurance

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

When you charge the full amount of eligible purchases to your MBNA True Line Gold Mastercard, you’re covered from loss, theft, and damage for 90 days. There’s a lifetime cumulative limit of $60,000 per account. In addition, your manufacturer’s warranty is doubled up to one additional year.

Trip and legal assistance

Cardholders who are travelling and lose any documents or their luggage can contact MBNA to get assistance in replacing their documents and luggage. They can also get pre-trip information and legal assistance. Note that this is just an assistance plan. You’ll be charged for any services that MBNA needs to perform on your behalf.

Mastercard zero liability

If your card is compromised and unauthorized charges are made to your card, the included Mastercard zero liability ensures that you won’t have to pay for these transactions. Reasonable steps still need to be taken to protect the security of your card, but at least this gives you an extra layer of protection.

MBNA True Line Gold Mastercard eligibility

You’re a Canadian resident
You’re the age of majority in your province or territory of residence

The MBNA True Line Gold Mastercard has no minimum income requirement. In addition, there’s no formal credit score requirement, but I recommend your score be at least 660 before applying.

How the MBNA True Line Gold Mastercard compares to others

Since the MBNA True Line Gold Mastercard is a low interest card and offers a balance transfer, those are the types of cards you want to compare to.

MBNA True Line Gold Mastercard vs. MBNA True Line Mastercard

The MBNA True Line Mastercard is considered the lower tier True Line card, but many argue it’s better than the Gold version. That’s because the MBNA True Line Mastercard typically comes with a balance transfer option with a promotional interest rate of 0% for 10 months. Although a 3% balance transfer fee applies, this incredible interest rate will help many people pay off their debt quicker. The Gold version should be used if you typically carry a balance, while the regular version is best for paying down debt.

MBNA True Line Gold Mastercard vs. TD Low Rate Visa Card

The TD Low Rate Visa Card has an annual fee of $25 and a purchase interest rate of 12.90%. Although the annual fee is lower than the MBNA card, the interest rate is significantly higher. The one advantage that the TD Low Rate Visa Card has over the MBNA card is that it allows you to earn 50% more Stars at participating Starbucks stores. That obviously shouldn’t be a dealbreaker as clearly, the MBNA Card is better for those looking to keep their interest payments down.

MBNA True Line Gold Mastercard vs. Scotiabank Value Visa Card

The Scotiabank Value Visa is another credit card that offers a promotional interest rate of 0% on balance transfers (1% fee applies, $5 minimum). However, once the promotional period ends, your interest rate goes up to 12.99%. In other words, the Scotiabank card is appealing if you need to reduce debt by performing a balance transfer, but the MBNA True Line Gold Mastercard is better if you plan on carrying a balance on your everyday purchases.

Final thoughts

It’s time to wrap things up in my MBNA True Line Gold Mastercard review. The card is ideal for people in the following situations:

You typically carry a balance – The 8.99% purchase interest rate is one of the lowest rates in Canada for a credit card.
You want to reduce debt – Performing a balance transfer so you’re only paying 8.99% interest can help you lower your debt if you focus on paying down your debt.

While this card isn’t bad, it’s only a good fit for those who typically carry a balance on their card each month. That’s because the interest rate charged is much lower than traditional cards. That said, the MBNA True Line Gold Mastercard doesn’t have a promotional interest rate offer or provide any rewards and good benefits.

MBNA True Line Mastercard Review

Barry Choi — Mon, 01 Jan 2024 15:36:32 +0000

The MBNA True Line Mastercard is one of the most underrated credit cards in Canada. Instead of offering cash back or travel rewards, it only gives you the option to balance transfer and a low interest rate. For people who are high on rewards, this is obviously disappointing. However, if debt and cash flow management is a concern, then this card can be a good choice.

That’s because the introductory interest rate on balance transfers is incredibly low. Plus, the regular purchase interest rate is lower than most other credit cards. Also, the card has no annual fee. Read my MBNA True Line Mastercard review now for all the details.

Welcome bonus and earn rate

Instead of a traditional welcome bonus of points or cash back, the MBNA True Line Mastercard allows you to perform a balance transfer. That’s where you transfer the existing balance from one credit card and move it to your MBNA True Line Mastercard with an introductory interest rate of 0% for 12 months. Once the promotional period ends, you’ll pay 12.99% interest.

This is beneficial since most credit cards have an interest rate of 19.99%+. You’d be able to cut the amount of interest you’re paying by quite a bit. That said, there is a balance transfer fee of 3% (minimum fee of $7.50), and you must complete the transfer within 90 days of opening your account.

As for the earning rate, there is none. You don’t earn any rewards or cash back with this card.

Benefits and perks

The only worthwhile benefit is the balance transfer option, but that’s technically part of the welcome bonus. If you’re looking for additional perks, you’re going to be very disappointed. That said, you do get access to the following:

Save with Avis and Budget Rent A Car

When renting a car at Avis or Budget and paying with your MBNA True Line Mastercard, you’ll get at least 10% off the base rate in Canada and the U.S., and at least 5% off internationally. When making online bookings, use discount code #C078405 at Avis or #A331704 with Budget.

Zero liability protection

As a Mastercard cardholder, you’re not responsible for any unauthorized purchases made with your card in-stores or online. Fraudulent cash advances also won’t be blamed on you.

Emergency services

If your card is lost or stolen, you can contact customer service to have an emergency replacement card sent to you within 7-10 days.

MBNA True Line Mastercard eligibility

You’re a Canadian resident
You’re the age of majority in your province/territory of residence

There’s no minimum income required to be considered for this card. Although there’s also no minimum credit score listed, a score of at least 660 is recommended.

How the MBNA True Line Mastercard compares to others

MBNA True Line Mastercard vs. Scotiabank Value Visa Card

The Scotiabank Value Visa is arguably the closest competition to the MBNA True Line Card. With the Scotiabank card, there’s a 0% interest on balance transfers for the first ten months. That’s the same length has MBNA’s promotional rate, but the Scotiabank Card has a balance transfer fee of just 1% ($5 minimum). The Scotiabank Value Visa has an annual fee of $29, but it’s usually waived for the first year.

MBNA True Line Mastercard vs. MBNA True Line Gold Mastercard

Another competitor is the MBNA True Line Gold Mastercard. Although there’s no promotional interest rate when performing balance transfers, you get a purchase and balance transfer interest rate of 8.99% (1% fee for balance transfers apply, $7.50 minimum). This card has an annual fee of $39.

MBNA True Line Mastercard vs. American Express Essential Card

You could also consider the American Express Essential Card, which has an annual fee of $25 and a low standard interest rate of 12.99% on purchases. That’s the same as the MBNA True Line card. With this card, you get access to American Express perks, such as Invites, which will appeal to some people.

The one advantage of the MBNA True Line Mastercard is that it’s a Mastercard and is more widely accepted compared to American Express cards.

Final thoughts

My MBNA True Line Mastercard review is positive. The card is one of the best balance transfer credit cards in Canada and it’s ideal for people in the following situations:

You want to reduce your debt – The 0% interest for 12 months balance transfer option can help you reduce your debt.
You typically carry a balance – the 12.99% standard purchase interest rate is significantly lower than many other cards on the market.
You don’t want to pay an annual fee – This card has no monthly or yearly fees.

While the low interest is great, there are no additional benefits or perks of interest that come with this card.

The Best Balance Transfer Credit Cards in Canada for 2026

Barry Choi — Mon, 01 Jan 2024 12:33:15 +0000

What are the best balance transfer credit cards in Canada? It depends on your needs, but any card that gives you a lower interest rate for a set period is a good start. Now, why would you need to balance transfer? To simply put it, balance credit cards are designed to help people get their debt under control.

The concept is simple, balance transfer credit cards allow you to take your debt from an existing credit card and port it over your new card. By doing this, you can take advantage of credit card balance transfer promotions and the lower interest rate that may come with the new card. Since you’ll get a low promotional interest rate for 6-12 months and a low (compared to most credit cards) interest rate after, you can pay down your debt quicker.

Are you still not sure if a balance transfer is worth it? Let me be clear. If your goal is to reduce your debt or if you want to get a hold of your finances, choosing one of the best balance transfer credit cards in Canada will help you get there.

Credit card	Balance transfer rate
MBNA True Line Mastercard	0% for 12 months
PC Financial Mastercard	0.97% for 6 months
Scotiabank Value Visa Card	0.99% for 6 months
Tangerine Money-Back Credit Card	1.95% for 6 months
BMO Preferred Rate Mastercard®*	0.99% for 9 months

The MBNA True Line Mastercard has no annual fee but it still comes with a 0% balance transfer interest rate for 12 months. Although MBNA has a higher tier version (Gold) of this card, it doesn’t always come with a balance transfer option. That said, it does have a lower daily interest rate.

Traditionally, MBNA True Line Mastercards have had the best balance transfer rates. With the MBNA True Line Mastercard, you’ll pay 12.99% interest on your balance after your promotional period ends. The balance transfer fee of 3% with a minimum fee of $7.50. Admittedly, paying a fee to balance transfer is annoying, but it’ll likely still save you more money in the long run. With a great balance transfer option and a low interest rate, the MBNA True Line Mastercard is one of the best no fee credit cards in Canada.

Rounding up my list of the best balance transfer credit cards in Canada is the Scotiabank Value Visa. It has a modest fee of $29 and gives you 0.99% interest rate on balance transfers for the first 6 months. After your six months is up, you’ll pay 12.99% interest. To be honest, the MBNA True Line Mastercard gives you better rates, but this card is good for people who do all their banking with Scotiabank and prefer to stay with them. To learn more about the card, you can read my Scotiabank Value Visa review here.

If you know that you’ll pay off your balance within six months, then consider the Tangerine money-back credit card. The interest rate is 1.95% for six months and jumps up to 19.95% when the promotional period ends, but it’s one of the best cash back credit cards in Canada which makes it appealing. It’s worth mentioning that there’s a higher tier version of this card called the Tangerine World Mastercard that also comes with a balance transfer option. In addition, with the World version of the card, you get extra benefits such as rental car insurance and mobile device insurance.

BMO Preferred Rate Mastercard®*

The BMO Preferred Rate Mastercard®* is a great pick for one of the best balance transfer credit cards in Canada since the annual fee is waived for the first year. Your balance transfer promotional interest rate is 0.99% interest for 9 months, but there’s a 2% transfer fee.

Getting purchase protection and extended warranty is a nice bonus with this card. Purchase protection covers your purchases from theft, loss and damage for 90 days, while extended warranty doubles your manufacturer’s warranty by up to one additional year.

Why choose one of the best balance transfer credit cards?

If it’s not obvious by now, getting one of the best balance transfer credit cards will benefit anyone who wants to reduce their debt or typically carries a balance on their credit card. For example, traditional credit cards typically have an interest rate around 19.99% whereas most balance transfer credit cards have an interest rate of 12.99%. That’s a savings of 7% annually which is a fair amount.

Don’t forget, there’s also credit card balance promotions where you’ll pay 0%-3.99% interest for 6-12 months so you really tackle your debt. Keep in mind that with balance transfer credit cards, you need to pay your bills on time and at least make the minimum payment or you’ll lose your promotional rate.

How to choose a balance transfer credit card

When it comes to choosing the best balance transfer credit cards in Canada, there are few key things you need to look at before you apply.

Balance transfer promotions – This is usually the most important factor when choosing a balance transfer credit card since your goal is to reduce your debt. The balance transfer promotion has two parts, the interest rate and length. Generally speaking, the lower the interest rate, the shorter the term of the promotion. If you can pay your debt off in that period, great. If not, you may want to consider a promotion with a longer term even if the rate is higher.
Balance transfer fee – Some balance transfer credit cards charge a fee of 1-3% when you do a balance transfer. For example, let’s say you’re looking at the MBNA True Line Gold Mastercard that has a balance transfer of 3%. If you were to balance transfer $1,000, your fee would be $30.
Regular interest rate – Don’t forget to check the regular interest rate once your promotional period ends. Hopefully, you would have your debt before then, but that might not be possible. As long as you get an interest rate that’s lower than what you’re paying now, you’re coming out ahead.
Annual fee – Some of the best balance transfer credit cards charge an annual fee. Although this may annoy some people, if the fee you’ll pay is less than what you’ll save in interest, it’s worth it.

How to do a credit card balance transfer?

If you’re going to do a credit card balance transfer, make sure you read the terms and conditions before you apply. In most cases, you only do a credit card balance transfer during the following situations:

At the time of application
Within X days of being a cardholder

Since some credit cards only allow you to balance transfer at the time of application, you only get one shot at doing it. Make sure you have all the account details of your other credit cards ready before you apply. Other cards may give you a little bit more time as you might have 30 days from the time you become a cardholder to complete a balance transfer.

The actual balance transfer process is simple as in most cases, things are done online these days. All you do is provide your new credit card provider with the account number and balance from your previous credit card. The new credit card provider pays off the requested amount and then adds it to the balance of your new credit card. Although it’s called a balance transfer, your new credit card is paying off your other card.

Keep in mind that it’s possible that the credit limit on your new balance transfer credit card may be lower than the current balance on your other credit cards, so you may not be able to balance transfer the entire amount.

Final thoughts

Getting one of the best balance transfer credit cards in Canada makes perfect sense if you want to pay off your debt. However, since this is still a credit card, you could still end up carrying a balance on a regular basis. Make sure you come up with a debt repayment plan so you’re constantly working towards a zero balance.

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The Best Low Interest Credit Cards in Canada for 2026

Barry Choi — Mon, 01 Jan 2024 12:32:32 +0000

If you typically carry a balance on your credit card, it’s in your best interest to switch to one of the best low interest credit cards in Canada. Sure, it might be tempting to stick with your cash back or travel credit card, but why would you do that when you’re paying 19.99%+ interest. To simply put it, the rewards you earn are worth the interest you’re paying. Fortunately, getting out of debt is easy if you use one of the best low interest credit cards in Canada.

The Best Low Interest Credit Cards in Canada

Card	Interest rate
MBNA True Line Gold Mastercard	8.99%
HSBC +Rewards™ Mastercard®	11.90%
BMO Preferred Rate Mastercard®*	12.99%
Scotiabank Value Visa	12.99%
American Express Essential Card	12.99%

Why is a low interest credit card?

As the name implies, low interest cards charge you low interest. These cards typically have rates between 8.99% – 12.99%, which is significantly lower than the average of 19.99% – 21.99% that most credit cards charge. For those who always pay their entire balance on time, the interest rate won’t matter. However, if you typically carry a balance, you’re better off carrying a low interest credit card.

Some people don’t realize that when you make just the minimum payment on your credit card, you’re paying huge interest charges. To get out of this debt cycle, you need one of the best low interest credit cards in Canada which will help you with your debt repayment plan.

Additionally, if you keep carrying a balance on your credit card, your credit score could drop. That’s not something you want as it could affect your ability to borrow in the future. In an ideal situation, you’ll use one of the following best low interest credit cards in Canada to help you get back on your feet.

MBNA True Line Gold Mastercard

The MBNA True Line Gold Mastercard has lowest daily interest rate of 8.99%. That’s less than half of what most credit cards charge. You won’t get any additional benefits besides purchase assurance and extended warranty, but the low interest rate should be more than enough until you clear your debt. It’s worth noting that MBNA often has promotions where you can do a balance transfer at an even lower interest rate. That’s where you port your existing balance on another credit card to your MBNA True Line Gold Mastercard. Although there’s a 1% fee to do so, the interest you save in the long run can be worth it.

HSBC +Rewards Mastercard®

The HSBC +Rewards Mastercard® has an interest rate of 11.90%, but you also earn HSBC Rewards points on all your purchases. That’s why this card is one of the best low interest credit cards in Canada. The earn rate is 2 HSBC points for every $1 spent on eligible dining and entertainment purchases; and 1 HSBC point per $1 spent on all other purchases. HSBC Rewards is a highly undervalued rewards program, so it’s amazing that you can actually earn points with a low interest card. You also get price protection which is incredibly rare these days.

BMO Preferred Rate Mastercard®*

Not only is the BMO Preferred Rate Mastercard®* one of the best low interest credit cards in Canada, it’s one of the best BMO credit cards in Canada. This is BMO’s top low interest credit card so it’s ideal for people who want to reduce their debt. The balance transfer interest rate of 0.99% is one of the best on this list, and it lasts for 9 months. However, there is a transfer fee of 2%. Once that introductory rate ends, you’ll pay 12.99% interest which is still reasonable. With this card, you also get purchase protection which covers your purchases from loss, theft and damage for 90 days, as well as extended warranty.

Rounding out the list of the best low interest credit cards in Canada is the Scotiabank Value Visa. As you can see, compared to the American Express Essential credit card and the MBNA True Line Mastercard, the Scotiabank Value Visa has a slightly higher interest rate and comes with an annual fee. Obviously, the other two cards are better choices, but some who bank with Scotiabank likely prefer a Scotiabank credit card so it’s understandable why they’d choose this card over the others.

American Express Essential Card

The American Express Essential credit card consistently comes out on top of just about every best low interest credit cards list since it has no annual fee and you get a 1.99% interest rate on balance transfers for the first 6 months. These low rates make it incredibly easy to pay down your debt and even when the promotional period ends, you’ll be paying just 12.99% on purchases and cash advances which is still incredibly low. Since this is an American Express card, you’ll also get access to American Express Invites which gives you access to dining and entertainment experiences. You also get buyer’s assurance, purchase protection and some basic travel insurance.

How to choose a low interest credit card

As you can see, there’s a lot of choices when it comes to low interest credit cards, but it comes down to three simple things that will help you determine which of the best low interest credit cards in Canada you should choose.

Annual fee – Although a low interest rate is great, you need to figure out if the annual fee you’re paying offsets what you’re saving. You might be surprised to find that paying that fee may well be worth it since you’ll be saving more in interest.
Credit card balance transfer promotions – If your intention is to take advantage of the balance transfer option, then any promos available is arguably the most important factor to consider. Every promo has different terms, so you need to look at the interest rate offered and how long you’ll get it for. A short term with a low interest rate is fine if you can pay it off quickly, but if it’ll take you time, a longer term with a higher rate may be a better option.
Additional fees – Besides the annual fee, you need to see if any of the best low interest credit cards in Canada charge a balance transfer fee. This fee applies to the amount you’re transferring and can quickly add up. Sometimes it makes more sense to go with the no fee option.

A low interest credit card will help you save money, but don’t think of it as a long term solution. Pay off your debt right away and make sure you don’t pick up any additional debt.

Final thoughts

Overall the difference between all five cards is pretty minor so you really can’t go wrong with any of them. Once you’ve cleared your debt and have your spending under control, you can maximize your return by applying for one of the best travel credit cards or one of the best cash back credit cards.

American Express Essential Credit Card Review

Barry Choi — Sun, 02 Jan 2022 05:00:00 +0000

Quite often on my site, I focus on the best travel credit cards in Canada, but if you’re constantly carrying a balance on your credit cards, it doesn’t make any sense to use a credit card that charges you 19.99%+ interest.

Fortunately, there are low interest credit cards available that can help you reduce the amount of interest you pay. Read my American Express Essential credit card review now to find out why this card is a winner.

American Express Essential Credit Card Benefits

If you want to reduce the amount of interest you’re paying, then you need to seriously consider the American Express Essential credit card since it has an interest rate of 12.99%. That’s significantly lower than the standard 19.99% that other credit cards charge.

In an ideal world, you’ll never be carrying a balance, but that may not be possible for everyone. By using a low interest credit card, you’re paying less fees in the long run.

The benefits include with the card are limited, but since it’s an American Express card, you get access to American Express Invites which includes things such as special seating at concerts, advance film screenings, and exclusive dining experiences.

Purchase protection covers you from loss, theft, and damage for the first 90 days while buyer’s assurance doubles your manufacturer warranty up to one additional year.

Finally, travel accident insurance is also included and gives you a payout of $100,000. Not that you would ever want to claim that.

How the American Express Essential compares to other cards

The most comparable card to the American Express Essential credit card is the MBNA True Line Mastercard which also has an interest rate of 12.99% and no annual fee.

MBNA also offers an MBNA True Line Gold Mastercard that has an annual fee of $39, but the interest rate is just 8.99%.

Keep in that the interest rate on the American Express Essential credit card can increase to 23.99% and/or 26.99% if you miss paying your bills multiple times.

Final thoughts

My American Express Essential credit card review is positive. The card is aimed at people who typically carry a balance and want to have a lower interest rate. The included American Express Invites is a perk that is often overlooked, but cardholders will love it.

Apply now for the American Express Essential Card

How Credit Card Interest Works

Hannah Logan — Fri, 05 Nov 2021 06:53:00 +0000

Credit cards are essential for many Canadians. However, if you’re not responsible with your spending, you could easily go into debt.

Credit cards act like an interest free loan which is great, but once your bill arrives, you need to pay it on time and in full or you could end up paying 20%+ interest.

In this article, I’m going to break down how credit card interest works so you can better understand what types of interest you may incur, and how to best avoid them. Here’s what you need to know about credit card interest.

Types of credit card interest

As you likely already know, credit card interest isn’t just one number based on one factor. There are several components to credit card interest and several types of credit card interest. It all depends on the type of credit card you have, your payment history, and the types of purchases you make.

All credit card interest rates are calculated on an annual basis. This is why when you apply for a credit card you will see the interest rate called APR which stands for annual percentage rate. However, don’t let the word annual fool you. You aren’t charged interested only once a year. That annual interest rate is broken down and then charged monthly on cardholders with an outstanding balance.

However, APR isn’t necessarily one percentage. Different credit cards have different APRs depending on how you are using your credit card. To be clear, credit card interest used a different formula compared to compound interest.

What is the purchase interest rate?

Purchase interest rate is the most common type of interest. It’s the interest you will pay on the sum of your total purchases made with your credit card should you not pay off your statement within the grace period.

Most credit cards have a purchase APR of 19.99%, however, some do have lower rates. I’ll discuss low interest credit cards later in this article. There are also credit cards that can charge 30% interest which are known as charge cards.

What is the cash advance interest rate?

Most people use their credit cards to make purchases, but you can also use your credit card to take out cash from an ATM as well with the cash advance option. Keep in mind that this should only be done in emergency situations. Cash advances on credit cards come with steep interest rates that are often higher than your purchase APR.

Please note that some other transactions may be considered cash advance as well. These include wire transfers, money orders, and occasionally even lottery tickets.

It’s also worth mentioning that some credit cards allow you to withdraw money at no extra cost if you have a positive balance on your card. For example, let’s say you overpaid your bills and your account has a $500 positive balance, you could withdraw that without paying the cash advance rate.

What is the balance transfer rate?

Another interest rate offered on credit cards is the balance transfer rate. A balance transfer rate is often a low promotional interest rate used to entice those in credit card debt to open a new card. With this low balance transfer rate, those who are struggling with credit card debt can get ahead with their payments and pay off their debt faster.

However, as I said above, balance transfer rates tend to be promotional and only valid for a few months. The rate then jumps up to the credit card’s standard purchase APR. This is still a useful strategy for people looking to reduce their debt.

Take a look at this article to learn about my top picks for the best balance transfer credit cards in Canada.

What is the interest free grace period?

You might have noticed above when I was discussing purchase APR that I mentioned a ‘grace period’. So, what exactly is that?

The grace period is a period of time in which you will not be charged interest. The minimum grace period for credit cards in Canada is 21 days. However, if you don’t make your payment by the time your grace period is over, you will be charged interest on the owing balance. The grace period will still apply to new purchases even if you haven’t paid off your previous credit card debt.

Variable interest credit cards vs. fixed interest credit cards

Another thing to take into consideration is fixed rate credit cards versus variable rate credit cards. The majority of credit cards in Canada are fixed rate credit cards. So, for example, the purchase rate APR will always be 19.99%.

However, there are a couple of variable interest credit cards on the market. These types of credit cards use Canada’s prime rate plus your personal rate depending on your credit assessment. The interest rate will fluctuate when the Bank of Canada raises or lowers the prime rate which could potentially be both good or bad.

If you do decide to go with a variable interest credit card, you’ll want to shop around to ensure that you get the best rate. The prime rate is only part of the equation. The second part of this interest equation is determined based on your credit score, income, employment history, credit score, etc. Basically, the better you look on paper, the lower rate you will be given.

What is the minimum payment?

When you get your credit card statement each month you will see a list of all your purchases, the total sum of what you need to pay off, and a minimum payment amount. The minimum payment is the smallest amount you can pay off without negatively impacting your credit score and incurring a penalty interest rate. However, this does not mean you are excluded from paying interest. Interest will still be charged on any amount owing after the grace period, whether you made the minimum payment or not.

To stay in good standing, you have to, at the very least, pay off the minimum payment. Again though, it’s best to pay off the entire owing balance every month to avoid being charged interest.

How do penalty interest rates work?

If you don’t make your minimum payments each month you can incur an additional interest known as penalty interest. Penalty interest rates depend on the credit card (you’ll have to read the fine print for your specific credit card) but can be as high as 30%. Normally, you won’t be punished if you miss just one payment, but if you miss two payments in a row or a couple over time, you can expect your credit card provider to penalize you. Your credit score could also take a huge hit.

Note that penalty interest isn’t an additional interest you need to pay, but rather your normal interest rate raised to a higher level. If you do incur the penalty interest rate you will have to be diligent with making timely payments for a few months before it’s lowered again.

Choosing a low interest credit card

If credit card interest is a concern, then consider applying for a credit card with a low interest rate. There are a number of options for low interest credit cards available to Canadians and they can be a great option for individuals who need to make a large purchase but don’t have the cash on hand. The low interest will make it easier for you to pay off that debt faster.

To help you choose, I’ve put together this list of the best low interest credit cards in Canada.

Keep in mind, low interest credit cards don’t have the same perks and rewards systems as your day-to-day credit cards. So, if you are confident that you can pay off your credit card statements each month then you should consider a travel rewards credit card or a cash back credit card to get the extra benefits.

If a low interest card makes sense for you, here’s one that I recommend.

BMO Preferred Rate Mastercard®*

The BMO Preferred Rate Mastercard®* has an annual fee of $20 is waived for the first year. The balance transfer option gives you a 3.99% introductory interest rate on balance transfers for 9 months which is a great way to reduce your debt, but note there is a 1% transfer fee. Once the promotional period is up, you’ll pay 12.99% interest which is still a great rate.

Final thoughts

Credit card interest can be a bit confusing given that there are so many types of interest involved. It’s important to be aware of different rates and charges that can apply with credit cards but the main takeaway is your best bet is to use your credit card responsibly and pay it off in full every month.

The Different Types of Credit Cards

Barry Choi — Mon, 21 Dec 2020 12:48:05 +0000

With hundreds of different credit cards out there, signing up for a new one may require a lot of research. But instead of focusing on the benefits you get or the earn rate, you should consider the category of credit card that best suits your needs. Once you know what your primary goals are, you can narrow down your choices.

With the right credit card, you can manage your finances and potentially earn some rewards at the same time. These are the different types of credit cards out there.

Travel credit cards

The best travel credit cards in Canada can be lucrative since they allow you to travel for free or at a discount. With these cards, you earn points on all your purchases, but before you sign up, you need to do some research about the type of travel rewards points/miles you’re earning.

First, there are airline credit cards. Both Aeroplan and WestJet Rewards have credit cards where you can earn points. These cards are highly lucrative since they come with additional benefits such as free checked bags, lounge access, and companion vouchers. If you happen to fly one airline on a regular basis, then it probably makes sense to get a co-branded credit card.

Alternatively, you could collect bank travel rewards points. These loyalty programs are popular because they often come with flexibility. For example, with American Express Membership Rewards, you can use your points for any type of travel or transfer your points to a different travel loyalty program.

Cash back credit cards

If you don’t want to worry about points/miles, availability, or blackout dates; getting a cash back card is the way to go. With cash back, you earn money back on every purchase you make. While earning cash back is easy, you still need to do a bit of research.

The best cash back credit cards in Canada have different earn rates depending on the spending category. What you earn at grocery stores may differ from transit purchases. Take a look at your spending and pick a card that gives you a higher earn rate on the categories you spend the most on.

One card that’s incredibly popular is the Tangerine Money-Back card since you’ll earn 2% cash back on up to 3 categories of your choice and 0.5% cash back on all other purchases.

Low interest / balance transfer credit cards

For those who have existing debt, your priority should be reducing it. There’s no point in earning rewards if you need to pay interest. A better strategy would be to get a low interest / balance transfer credit card.

As the name implies, these types of credit cards come with a low interest rate. The rate is about 8-14% which is significantly lower than the standard interest rate of 20-21%. The real way you save is by taking advantage of the balance transfer option. With this promotion, you can lower your interest rate to 0-4% for up to 10 months. When your interest rate is that low, you can quickly reduce the amount you owe by tackling your debt. Just try to avoid spending more with your card.

Secured credit card

People who are new to Canada or individuals who are looking to rebuild their credit should consider getting a secured credit card. Although these cards typically don’t give you any benefits, they’ll help you improve your credit score.

Your credit score is important since lenders look at it when determining if you’re credit worthy. In other words, if you ever want a loan in the future, you’ll want a good credit score. Secured credit cards will help you improve your credit score even if your current score is poor.

The key thing to note about secured credit cards is that you need to deposit security funds. You can’t use this money to pay for your bills, but you’ll get it back if you cancel your card. The reason this is necessary is that you need to show the credit card provider that you’re ready to use credit responsibly.

Prepaid credit cards

Some people prefer not to use credit cards but not many online merchants accept debit. That’s where prepaid credit cards can be handy. Everyone knows how prepaid credit cards work. You load money onto them, and then you can only spend what you have available. It’s really that simple, but there are more options these days.

KOHO is my favourite prepaid credit card since it allows you to earn cash back on all your purchases. Since it uses the Visa network, you can use the card wherever Visa is accepted. That includes both in-store and online shopping.

Final thoughts

There really is a credit card for every situation, you just need to find which one is best for you. Start with the type of credit card and then look at the individual features to help you decide. Remember, you can always switch cards later if your circumstances change, so there’s no need to think this decision is permanent.

Low interest cards – Money We Have

Scotiabank Value Visa Card Review

Scotiabank Value Visa Card

Welcome bonus and earn rate

Benefits and perks

Save money on interest

Save on car rentals

Scotia Momentum VISA Infinite eligibility

How the Scotiabank Value Visa Card compares

Scotiabank Value Visa Card vs. MBNA True Line Mastercard

Scotiabank Value Visa Card vs. MBNA True Line Gold Mastercard

Scotiabank Value Visa Card vs. Tangerine Money-Back Card

Final thoughts

The Best Credit Cards in Canada for 2026

Best for everyday spending

American Express Cobalt Card

Best for cash back

Scotia Momentum Visa Infinite Card

Best for no fee

Tangerine Money-Back Card

Best for frequent and luxury travel

American Express Platinum Card

Best for all-in-one travel needs

Scotiabank Passport Visa Infinite* Card

Best for no fee travel

American Express Green Card

Best for Aeroplan

TD Aeroplan Visa Infinite Privilege Card

Best for WestJet Rewards

WestJet RBC World Elite Mastercard

Best for hotel stays

Marriott Bonvoy American Express Card

Best for no foreign transaction fees

Wealthsimple Cash Card

Best for groceries

Scotiabank Gold American Express® Card

Best for PC Optimum

PC Financial World Elite Mastercard

Best for students

Scotiabank Scene+®* Visa* Card

Best for low interest

MBNA True Line Mastercard

Best for business owners

American Express Business Gold Rewards Card

How do credit cards work

Types of credit cards in Canada

Rewards credit cards

No fee credit cards

Student credit cards

Low interest credit cards

Balance transfer credit cards

Secured credit cards

Prepaid credit cards

What are credit card rewards?

Airline / Hotels

General travel

Cash back

Store rewards

What are credit card earn rates?

Promotional rate

Accelerated earn rate

Base earn rate

How to redeem your credit card rewards

How to choose a credit card

Credit score

Income

Type of card

Card issuer

Annual fee

Rewards

Welcome bonus

Earn rate

Additional benefits

How to apply for a credit card

Are credit cards worth it?

FAQ

What is the best credit card in Canada?

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

Do credit cards affect my credit score?

How is credit card interest calculated?