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

Tangerine Money-Back Card

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• No annual fee
• 10% cash back up to $1,000 in spending ($100 cash back) for the first 2 months
• 2% cash back on up to 3 categories
• 0.5% cash back on all other purchases

Welcome bonus and earn rate

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

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

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

Tangerine Money-Back Credit Card categories

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

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

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

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

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

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

Benefits and perks

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

Purchase insurance

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

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

Balance transfer

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

How to redeem your cash back

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

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

Tangerine Money-Back Card eligibility

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

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

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

How the Tangerine Money-Back Card compares

Tangerine Money-Back Card vs. American Express SimplyCash Card

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

Tangerine Money-Back Card vs. Tangerine World Mastercard

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

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

Final thoughts

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

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

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

Tangerine World Mastercard

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• No annual fee
• Get $100 in cash back when spending $1,500 in the first 3 months.
• 2% cash back on up to 3 categories
• 0.5% cash back on all other purchases
• Mobile device insurance
• Rental car insurance

Welcome bonus and earn rate

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

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

Tangerine cash back categories

• Groceries
• Restaurants
• Drug store
• Entertainment
• Furniture
• Gas
• Hotel-motel
• Home improvement
• Parking and public transportation
• Recurring bills
• E-Games
• Fitness
• Foreign currency spend

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

Benefits and perks

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

Mobile device insurance

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

Rental car insurance

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

Purchase insurance

• Purchase assurance
• Extended warranty

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

Balance transfer

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

Mastercard World benefits

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

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

Tangerine World Mastercard eligibility

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

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

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

How the Tangerine World Mastercard® compares

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

Tangerine World Mastercard vs. Tangerine Money-Back Credit card

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

Tangerine World Mastercard vs. American Express SimplyCash Card

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

Tangerine World Mastercard vs. BMO CashBack World Elite Mastercard

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

Final thoughts

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

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

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

From balance transfers to cash advances, credit card fees in Canada can accumulate quickly. Luckily, most can be avoided with proper knowledge. Understanding the fee landscape helps you select the right card and use it wisely. Learn the major fee types, identify hidden costs, and apply smart strategies to save hundreds annually.

Understanding Credit Card Fees in Canada

Credit card fees range from $0 to over $770 annually, with extra charges for cash advances, foreign transactions, and late payments. These fees appear as separate line items on your monthly statement and vary widely among credit card providers.

Common Types of Fees

Before choosing a credit card, it’s crucial to understand the most common fees that can quietly add up and impact your bottom line.

• Annual fees: These are the most noticeable charges, ranging from $0 on basic cards to $120+ on core or premium travel or rewards cards.
• Interest charges: Apply when you carry a balance beyond the due date. Most Canadian cards charge 20% to 24% interest on unpaid amounts.
• Cash advance fees: Most cards immediately charge interest rates of 22% to 6% on cash advances.
• Foreign transaction fees: Add 2.5% to 3.5% to purchases made in non-Canadian currencies. Some cards waive this fee.
• Balance transfer fees: Usually 1% – 3% of the amount transferred to another card.

Why Credit Card Fees Exist

Credit card issuers charge fees to cover operational costs and generate revenue. Annual fees support premium perks such as travel insurance, concierge services, and enhanced rewards programs.

Interest charges compensate issuers for lending money when you carry a balance. Cash advance fees reflect the higher risk and immediate liquidity provided.

Foreign transaction fees cover costs for currency conversion and international processing. Late payment and returned payment fees discourage risky payment behaviour and cover administrative expenses.

Premium cards with higher annual fees usually provide better rewards and exclusive perks. No-fee cards generally have fewer benefits but offer basic features without yearly charges.

How Credit Card Fees Appear on Statements

Your credit card statement itemizes every fee with a clear label:

• Annual fees are posted annually, typically on your account anniversary.
• Interest charges appear under headings such as “Interest on Purchases” or “Interest on Cash Advances,” complete with detailed calculations.
• Cash advance fees are displayed immediately after the transaction is posted.
• Foreign transaction fees are included in the exchange fee for any purchase not made in Canadian dollars. This is the one fee that isn’t very transparent.
• Balance transfer fees are applied immediately upon completion of the transfer.

Your issuer must clearly identify each fee type and amount on your monthly statement to ensure full transparency.

Major Credit Card Fees and How to Avoid Them

Credit card issuers charge various fees that can quickly erode your rewards and increase your debt. The four most significant fees affecting Canadian cardholders are annual fees, foreign transaction fees, interest charges, and late payment fees.

Annual Fees

Annual fees for credit cards can range from $0 to over $799, depending on the card’s rewards program and travel perks. Premium travel cards typically charge $120 or more per year, while basic cards often come with no annual fee at all.

Cards with annual fees usually offer enhanced rewards, comprehensive travel insurance, airport lounge access, and other high-value benefits. The real question is: do the perks outweigh the cost?

How to avoid annual fees:

• Opt for no-fee cards if you don’t need premium features
• Look for first-year fee waivers when signing up
• Open a bank account that offers fee waivers on select cards
• Choose cards with benefits that exceed the fee, like the Marriott Bonvoy American Express Card, which offers a free night certificate each year

Foreign Transaction Fees

Whenever you make purchases in a foreign currency or shop with international merchants, foreign transaction fees may apply. Most Canadian credit cards charge 2.5% on these transactions. You might not even notice it because it’s often embedded in the exchange rate.

If you’re offered the choice to pay in Canadian dollars or the local currency, always choose the local currency. Paying in Canadian dollars triggers dynamic currency conversion, where the merchant sets the exchange rate – often at a markup.

How to avoid foreign transaction fees:

• Use a prepaid card that has no foreign exchange fees, like the EQ Bank Card
• Get a no FX credit card, such as the Scotiabank Gold American Express or the Scotiabank Passport Visa Infinite

Interest Charges

Interest begins to accrue when you carry a balance past your payment due date. In Canada, the average annual percentage rate (APR) is around 19.99%, but it can rise above 22% for cash advances.

Interest is calculated daily on any unpaid balance, based on your average daily balance throughout the billing cycle, so even small balances can accumulate quickly.

How to avoid interest charges:

• Pay your full balance by the due date every month
• Take advantage of the 21-day grace period minimum

The grace period only applies to purchases, not cash advances or balance transfers. Missing even one payment can trigger penalty rates that make carrying debt significantly more expensive.

Late Payment Fees

Late payment fees range from $25 to $48 when you miss your minimum payment deadline. Some cards also impose penalty interest rates after late payments.

Beyond the immediate fee, late payments can damage your credit score and may result in higher interest rates on future balances.

How to avoid late payment fees:

• Set up automatic minimum payments
• Use online banking to avoid mail delays
• Call your issuer immediately if you miss a payment

The grace period does not apply to cash advances or balance transfers. Additionally, missing two payments can result in a negative impact on your credit score.

Other Common and Hidden Credit Card Fees

Beyond annual fees and interest charges, several less obvious fees can substantially increase your credit card costs. These charges often catch cardholders off guard and can total hundreds of dollars each year if you’re not cautious.

Over-the-Limit and Overdraft Fees

Over-the-limit fees happen when you go over your credit limit on purchases or interest charges. Most Canadian credit card providers charge between $25 and $35 for each incident. Some cards automatically decline transactions that would push your balance over the limit, while others allow the transaction but charge the fee right away.

How to avoid over-the-limit fees:

• Set up account alerts when you reach 75% of your limit
• Check your balance regularly through mobile apps
• Pay down your balance before you receive your statement
• Request a credit limit increase if you consistently approach your limit

Overdraft protection fees are separate but related. These fees apply when your bank account doesn’t have enough funds to cover a credit card payment, usually costing $45 each time.

Balance Transfer Fees

Balance transfer fees range from 1% to 5% of the transferred amount, with most Canadian cards charging 3% to 3.5%. On a $5,000 transfer, you’ll pay $150 to $175 upfront.

Some promotional offers waive balance transfer fees entirely. These deals typically last 6 to 12 months but require excellent credit scores.

Key considerations for balance transfers:

• Calculate whether the fee outweighs interest savings
• Factor in the promotional interest rate duration
• Read the fine print for minimum transfer amounts
• Avoid making new purchases on the destination card

Many cards also impose minimum balance transfer fees of $5 to $10, even on small amounts.

Cash Advance Fees

Cash advances are among the most expensive credit card transactions. You’ll usually pay a fee of $10 or 3.5% of the amount withdrawn, whichever is greater.

Unlike regular purchases, interest starts accumulating immediately, with no grace period. To make things worse, most cards charge a higher interest rate on cash advances, usually between 22% and 25% annually.

Alternatives to cash advances:

• Use your debit card at ATMs instead
• Consider a line of credit for emergency funds
• Ask friends or family for short-term loans

Tips for Minimizing and Avoiding Credit Card Fees

Strategic card selection paired with proactive account management can help you avoid nearly all fees. Focus first on finding cards that match how you spend, then put automated safeguards in place, like autopay reminders, to steer clear of penalties.

Choosing the Right Credit Card

Your spending habits should guide your choice of credit cards. If you travel internationally often, select cards that do not charge foreign transaction fees, such as the Scotiabank Gold American Express Card, which waives the usual 2.5% fee on foreign purchases. 

Cards without annual fees are ideal for infrequent users, providing basic rewards without ongoing costs. However, frequent spenders might see more value in premium cards that offer higher rewards, outweighing the annual fee. 

Key features to prioritize:

• No foreign transaction fees for travellers
• Low or no annual fees for occasional users
• Reward categories aligned with your spending habits

Think about your credit score when applying. Premium cards need excellent credit, while basic cards accept lower scores without extra fees.

First Year Free Cards

Some credit cards waive annual fees during the first year, offering access to enhanced benefits without immediate costs. This approach is especially useful for testing whether a card’s perks justify its ongoing annual fee. 

First-year promotions often include higher welcome bonuses. You can earn significant points or cashback while avoiding the annual fee entirely. Cancel before the second year if the benefits do not justify the cost.

Popular first-year waiver options:

• Travel cards with lounge access
• Premium rewards cards with bonus categories
• General travel rewards via a bank loyalty program

Monitor your anniversary date closely. Set calendar reminders two months ahead to assess whether maintaining the card remains financially worthwhile. Many cardholders forget and face unexpected charges.

Annual Fee Waived With Specific Bank Accounts

Banks often waive credit card annual fees if you keep qualifying accounts with them. This relationship banking strategy can help you avoid fees on premium cards permanently. 

TD Bank and some other institutions offer fee waivers when you maintain chequing accounts with a minimum balance. The required threshold usually ranges from $3,000 to $6,000 in total deposits.

Common waiver requirements:

• Maintain minimum balance in chequing account
• Set up direct deposit for employment income
• Keep multiple products with the same bank

Calculate whether the required balance earns enough interest elsewhere to cover the annual fee. If your savings account pays 4% yearly, maintaining $5,000 to avoid a $120 fee costs you $200 in lost interest.

Some banks waive fees based on the overall relationship value rather than specific account types. Your mortgage, investments, and deposits might collectively qualify for waivers across multiple credit cards.

Setting Up Automatic Payments

Automatic payments help avoid late fees and protect your credit score from missed payments. Set up payments for at least the minimum amount due, ideally the full balance, to prevent interest charges. 

Your credit card payment should be made several days before the due date to account for processing delays. Weekend and holiday schedules can cause delays in transfers between different financial institutions.

Payment automation options:

• Full balance payment to avoid all interest
• Fixed dollar amount above minimum requirements
• Minimum payment only as backup protection

Check your bank account balance before automatic payments go through. Insufficient funds can lead to dishonoured payment fees from both your bank and credit card company, potentially costing $50 or more overall.

Scotiabank Scene+®* Visa* Card

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• No annual fee
• 2,500 Scene+ points when you spend $250 in the first 3 months
• Additional 5,000 Scene+ points when you spend $1,000 in the first 3 months
• Earn 2 Scene+ points per $1 spent at Cineplex theatres, cineplex.com and Empire owned grocery stores
• Earn 1 Scene+ point per $1 spent on all other purchases

Welcome bonus and earn rate

The first thing to understand is that the Scotiabank SCENE Visa is one of the best no fee credit cards in Canada. The welcome bonus is typically worth 5,000 Scene+ points, but you do need to spend $1,000 in the first three months of cardmembership to get it. This welcome bonus is one of the better offers for a no fee credit card.

As for the earning rate, it’s respectable. You’ll earn 2 Scene+ points per $1 spent at Empire-owned grocery stores (Sobeys, Safeway, IGA, Foodland, etc.), Cineplex (theatres and online), and Home Hardware. All other purchases earn you 1 Scene+ point per $1 spent.

Benefits and perks

This card is often called one of the best student credit cards. However, as changes have been made to Scene+, it’s also good for newcomers to Canada and anyone who doesn’t want to pay an annual fee. Unfortunately, you get no significant benefits with this card.

Save on car rentals

When renting a car at participating AVIS and Budget rent a car locations in Canada and the U.S., you can save up to 25% off the base rate when you pay with your Scotiabank Scene+ Visa Card.

3X points on some travel

Although it’s not advertised on the Scotiabank Scene+ Visa Card product page, you’ll earn 3 Scene+ points per $1 spent on hotels and car rentals booked from Scene+ Travel powered by Expedia. This is clearly outlined on the Scene+ website, so there’s no doubt.

Free supplementary card

There’s no annual fee when you add a supplementary cardholder to your Scotiabank® Scene+ Visa* Card account. This allows all users to accumulate Scene+ points into a single account. That said, supplementary users won’t build their credit score and the primary cardholder is responsible for all charges.

How to redeem your points

In case you didn’t know, Scotia Rewards and SCENE merged a few years ago to become Scene+. Since then, the program has added additional partners which gives you more flexibility with your points. You can now redeem 1,000 Scene+ points to get $10 off at the following:

• Travel
• Cineplex movie theatres and Cineplex.com
• Participating restaurants (Harvey’s, Swiss Chalet, East Side Mario’s and more)
• Participating grocery stores (Sobey’s, Safeway, Foodland, IGA and more) 

What’s great about Scene+ is that your travel redemptions are restricted to the Scotiabank travel portal. You can redeem your points on any travel purchase charged to your Scotiabank Scene+ Visa Card. That said, there’s a 5,000 Scene+ points ($50) minimum when going to book any travel route.

You can use your points for gift cards, Apple purchases, merchandise and statement credit, but the value is lower, so it’s not recommended. For more information, read my detailed Scene+ guide.

Scotiabank Scene+ Visa Card eligibility

• You’re a Canadian citizen or permanent resident
• You’re at least the age of majority in your province or territory
• You have a minimum personal annual income of $12,000
• You haven’t declared bankruptcy in the past seven years
• Your home address matches your credit report home address

While the Scotiabank Scene+ Visa Card has a minimum income requirement of $12,000, some people students who bank with Scotiabank have reported that it has been waived occasionally. Since this is considered an entry-level card, it’s often targeted at students and newcomers. That means it’s possible to get this card even if you don’t have a credit history.

How the Scotiabank Scene+ Visa Card compares

When reading my Scotiabank Scene+ Visa Card review, it’s essential to see how this card compares to others. Interestingly, this card could easily be compared to student, no fee, and travel credit cards. Let’s look at some other cards to see what they offer.

Scotiabank Scene+ Visa Card vs. American Express Green Card

The American Express Green Card is arguably the most comparable card. It has no annual fee and typically comes with a 10,000 American Express Membership Rewards points welcome bonus. Membership Rewards is a better program than Scene+ because you can redeem 1,000 points for a $10 statement credit. With Scene+, you only get that value on some redemptions. In addition, you can transfer your Membership Rewards points to other loyalty programs such as Aeroplan and Marriott Bonvoy.

Scotiabank Scene+ Visa Card vs. Tangerine Money-Back Card

Although it’s a cash back card, the Tangerine Money-Back Card is worth considering since you’ll earn 2% cash back on up to three categories of your choice. All other purchases earn you 0.5% cash back. I wouldn’t call this a comparable student credit card since you need a minimum personal income of $12,000 to be approved. However, this card does deserve a mention since it’s one of the most popular no fee cash back cards. If you want to earn cash back over points, this card could be a good fit.

Scotiabank Scene+ Visa Card vs. American Express Cobalt Card

Now, if you’re willing to pay a monthly fee of $12.99 for the ability to earn more points, the American Express Cobalt Card is the way to go. The earning rate is 5 points per $1 spent on eats and drinks, 3 points on streaming services, 2 points on travel and transit, and 1 point per $1 spent on everything else. American Express has no formal income requirement, but they often look at your credit history when considering your application. If you have an established credit profile and want more rewards, the American Express Cobalt Card is often the top choice for many people.

Final thoughts

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

• You don’t want to pay an annual fee – With this card, you don’t need to worry about any monthly or yearly fees.
• You’re a student – This card is typically aimed at students, so it has lower eligibility requirements.
• You want simple rewards – Scene+ is a respectable rewards program that allows you to use your points on travel, groceries, Cineplex and more.

Even though the card comes with limited benefits, it’s still a great entry-level card. It has no annual fee, you earn flexible rewards, and it’s ideal for students and new immigrants who are looking to build their credit scores.

That said, the earning rate of this card is relatively low, so it may take some time for you to accumulate enough points for a meaningful redemption. In addition, you don’t get any Air Canada benefits. Read my CIBC Aeroplan Visa Card review now for the full details. 

CIBC Aeroplan Visa Card

• No annual fee
• 2,500 Aeroplan points when you make your first purchase
• 2,500 points when spending $1,500 in the first 4 months
• 5,000 points when spending $10,000 in the first 12 months
• Earn 1 Aeorplan point per $1 spent on gas, groceries, and Air Canada
• Earn 1 Aeroplan point per $1.50 spent on all other purchases

Welcome bonus and earn rate

The CIBC Aeroplan Card consistently offers a welcome bonus of 10,000 Aeroplan points. While this may not seem like a lot, it is a no-fee card.

The earning rate is 1 Aeroplan point per dollar spent on gas, electric vehicle charging, groceries, and Air Canada purchases (including Air Canada Vacations). All other purchases earn you 1 Aeroplan point per $1.50 spent. While the base earning rate isn’t very high, 1 Aeroplan point is typically worth 1.5 to 2 cents each. In other words, the earning rate is worth more than it first appears.

Benefits and perks

You’ll quickly realize there aren’t many exciting benefits for me to discuss in my CIBC Aeroplan Visa Card review. The reality is that this is a no fee card, so getting perks are limited. You don’t get any Air Canada benefits at all.

Auto rental collision and loss damage insurance

When you charge the total cost of your car rental to your CIBC Aeroplan Visa Card, you get auto rental collision and loss damage insurance for up to 48 days for vehicles with a manufacturer’s suggested retail price of up to $65,000. Note that this policy does not cover liability, and you must decline any insurance offered by the car rental agency for your policy to be valid.

Common carrier accident insurance 

Common carrier accident insurance provides a lump sum payout of up to $100,000 if you die or suffer a severe injury while travelling. This is not a travel medical insurance policy. You obviously never want to claim this type of insurance, but I suppose it’s nice to have.

Purchase security

Any purchases fully charged to your CIBC Aeroplan Visa Card are covered for 90 days from theft, loss, and damage. Although this insurance policy is rarely used, it’s an excellent thing to have if something happens shortly after your purchase.

Extended protection insurance

A slightly more helpful benefit that’s included is extended protection insurance. This is essentially an extended warranty that doubles your manufacturer’s warranty by up to one additional year. For this policy to be valid, you must charge the full purchase to your CIBC Aeroplan Card. If you ever need to make a claim, you’ll need a copy of the original receipt and the statement where you charged the purchase.

How to redeem your points

The CIBC Aeroplan Visa Card earns you Aeroplan points. That means you’re restricted to what the program offers. Fortunately, Aeroplan is one of the best travel programs available, and you can get incredible value.

With Aeroplan, you can use your points on any available Air Canada seat in any class, with no blackout dates. In addition, Aeroplan has 45+ partners where you can use your points, but they only release a limited number of seats. The number of points required for a redemption depends on where you’re flying from, where you’re flying to, and the miles flown.

One slight complication about Aeroplan is that they use dynamic pricing. That means the number of points will increase if there’s more demand. Conversely, the number of points decreases if there’s less demand. While this may sound negative, it’s no different from cash prices.

As mentioned, you can generally get a value of 1.5 to 2 cents per point when redeeming your points for an economy class ticket. If you’re booking in business, it’s not too hard to get double that value.

CIBC Aeroplan Visa Card eligibility 

• You’re a Canadian citizen or a permanent resident
• You’re at least the age of majority in the province or territory in which you reside
• You have a minimum annual personal income of $15,000

Although there’s no formal credit score listed, you likely want yours to be at least 660 before applying. It’s also worth mentioning that there’s a student version of this card available. It’s exactly the same but has no minimum income or credit score requirement. To qualify for that card, you must be a student and apply in person at a CIBC branch.

How the CIBC Aeroplan Visa Card compares

The CIBC Aeroplan Visa is the only no fee Aeroplan card in Canada, so there aren’t any direct comparables. That said, some cards are worth looking at if you’re looking for a travel credit card.

CIBC Aeroplan Visa Card vs. American Express Green Card

The American Express Green Card has no annual fee, and you can transfer your points to Aeroplan at a 1:1 ratio. In other words, this is like an Aeroplan card. The earning rate is 2 points per dollar spent on hotel and car rentals booked through the Amex travel portal, and 1 point per dollar spent on all other purchases. The overall earning rate is higher with the American Express Green Card, but to get the welcome bonus of 10,000 American Express Membership Rewards points, you must spend $1,000 in the first three months.

CIBC Aeroplan Visa Card vs.CIBC Aeroplan Visa Infinite Card

Although the CIBC Aeroplan Visa Infinite Card has an annual fee of $139 (usually waived for the first year), it’s still worth mentioning. With this card, the earning rate is 1.5 Aeroplan points per dollar spent on gas, groceries, and Air Canada purchases. All other purchases earn you 1 Aeroplan per dollar spent. In addition, you get your first checked bag free on Air Canada, discounts on Aeroplan redemptions, comprehensive travel insurance, and mobile device insurance. The benefits of this card are easily worth more than the annual fee, but there’s a minimum personal income requirement of $60,000 or a household income of $100,000 to qualify for this card. If you want to travel for less, this card may be a better choice.

Final thoughts

My CIBC Aeroplan Visa Card review is positive. It’s easily one of the best Aeroplan credit cards and is ideal for people in the following situations:

• You don’t want to pay an annual fee – There’s no monthly or yearly fee to worry about with this card.
• You want to earn Aeroplan points – You’ll earn Aeroplan points on all eligible purchases.
• You don’t earn a high income – The minimum income requirement for this card is just $15,000.

For a no fee card, the welcome bonus is generous. You won’t be racking up the points with this card, but with the flexibility of Aeroplan, collecting points now is worth it since it’ll help you lower your travel costs later.

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

Rogers Red World Elite Mastercard

• No annual fee
• $60 cash back when you make a mobile wallet purchase within the first 90 days and 6 automatic payments within the first 8 months for your Rogers, Fido or Shaw postpaid service
• 2% cash back on all non-U.S. dollar purchases if you have 1 qualifying service with Rogers, Fido or Shaw – 1.5% if you’re not a customer
• 3% cash back on purchases made in U.S. dollars.
• 1.5x more cash back every time you redeem for Rogers, Fido or Shaw purchase
• 5 Roam Like Home days

Welcome bonus and earn rate

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

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

Rogers World Elite Mastercard benefits

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

1.5X cash back boost

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

5 Roam Like Home days

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

Travel insurance

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

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

Airport lounge access

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

Purchase insurance

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

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

Free Boingo Wi-Fi

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

When your cash back is paid out

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

Rogers World Elite Mastercard eligibility

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

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

How the Rogers World Elite Mastercard compares

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

Rogers Red World Elite Mastercard vs. Rogers Mastercard

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

Rogers World Elite Mastercard vs. Tangerine Money-Back Card

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

Rogers World Elite Mastercard vs. American Express Cobalt Card

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

Final thoughts

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

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

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

Best no fee card for travel

American Express Green Card

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• No annual fee
• 10,000 Membership Rewards points welcome bonus
• Earn 1 point per $1 spent on all purchases
• Earn 1 Additional point per $1 spent on American Express Travel
• Buyer’s assurance and purchase protection

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

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

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

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

Best no fee card for Aeroplan Rewards

CIBC Aeroplan Visa Card

• No annual fee
• 2,500 Aeroplan points when you make your first purchase
• 2,500 points when spending $1,500 in the first 4 months
• 5,000 points when spending $10,000 in the first 12 months
• Earn 1 Aeorplan point per $1 spent on gas, groceries, and Air Canada
• Earn 1 Aeroplan point per $1.50 spent on all other purchases

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

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

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

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

Best no fee card for cash back

Tangerine Money-Back Card

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• No annual fee
• 10% cash back up to $1,000 in spending ($100 cash back) for the first 2 months
• 2% cash back on up to 3 categories
• 0.5% cash back on all other purchases

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

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

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

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

Best no fee cash back card for flat rate

SimplyCash Card from American Express

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• No annual fee
• Spend $300 each month and get a $10 statement credit for 10 months ($100 total)
• 2% cash back on groceries
• 2% cash back on gas purchases
• 1.25% cash back on all other purchases
• Buyer’s assurance
• Purchase protection

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

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

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

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

Best no fee card for no foreign transaction fees

Wealthsimple Cash Card

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• No annual fee
• Up to $3,000 welcome bouns
• 1% back in cash, stocks, or crypto on all purchases
• 4% interest on deposited funds
• No foreign transaction fees on purchases or ATM withdrawals
• CDIC insurance protection

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

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

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

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

Best no fee cash back card for Rogers customers

Rogers Mastercard

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• No annual fee
• $60 cash back when you make a mobile wallet purchase within the first 90 days and 6 automatic payments within the first 8 months for your Rogers, Fido or Shaw postpaid service)
• 2% cash back on all purchases for Rogers, Fido and Shaw postpaid customers
• 1.5x redemption bonus on Rogers, Fido and Shaw purchase
• 5 Free Rome Like Home days

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

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

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

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

Best no fee card for groceries

PC Financial World Elite Mastercard

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• No annual fee
• Earn 45 PC Optimum Points per $1 dollar spent at Shoppers Drug Mart
• Earn 30 PC Optimum Points per $1 spent where PC Products are sold and at PC Travel
• Earn at least 30 PC Optimum Points per litre at Esso/Mobil locations
• Earn 10 PC Optimum Points per $1 spent on all other purchases

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

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

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

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

Best no fee card for students

Scotiabank Scene+®* Visa* Card

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• No annual fee
• 2,500 Scene+ points when you spend $250 in the first 3 months
• Additional 5,000 Scene+ points when you spend $1,000 in the first 3 months
• Earn 2 Scene+ points per $1 spent at Cineplex theatres, cineplex.com and Empire owned grocery stores
• Earn 1 Scene+ point per $1 spent on all other purchases

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

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

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

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

Best no fee card for roadside assistance

Tangerine World Elite Mastercard

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• No annual fee
• Earn 4% in CT Money at Canadian Tire, Sport Chek, Mark’s/L’Équipeur, Atmosphere, Party City, Sports Rousseau, Hockey Experts, L’Entrepôt du Hockey, and participating Sports Experts stores
• Earn 3% in CT Money on grocery purchases (up to $12,000), 1% on all other purchases
• Earn 7¢ per litre in CT Money on premium fuel, and 5¢ per litre on all other fuel types at Gas+/Essence+ locations
• Free Roadside Assistance Gold Plan
• No fee, no interest financing available

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

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

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

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

Best no fee prepaid card

KOHO

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• No annual fee
• $20 for free when signing up with a referral link
• Earn up to 5% cash-back
• 1% cash back on groceries and transportation
• 0.5% interest on your spending and savings accounts with direct deposit set up

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

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

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

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

Best no fee card with low interest

MBNA True Line Mastercard

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• No annual fee
• 0% balance transfer for 12 months – 3% balance transfer fee applies
• 12.99% standard interest rate
• Save with Avis Rent A Car and Budget Rent A Car

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

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

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

Best no fee secured card

Neo Secured Credit Card

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• No annual fee
• Up to 15% cash back on first-time purchases at participating partners
• 5% Average cash back at over 12,000 Neo partners
• 0.5% minimum cash back guarantee (up to $50 per month)

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

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

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

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

What is a no fee credit card?

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

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

Fees that still apply

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

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

No fee credit card features

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

Do no fee credit cards earn rewards?

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

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

How to choose a no fee credit card

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

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

How to apply for a no fee credit card

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

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

Are no fee credit cards worth it?

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

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

FAQ

What is the best no fee credit card in Canada?

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

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

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

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

Who should get a no fee credit card?

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

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

Are credit cards with an annual fee better?

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

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

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

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

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

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

Pros of a no fee credit card

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

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

Cons of a no fee credit card

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

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

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

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.

Best for everyday spending

American Express Cobalt Card

• $15.99 Monthly fee ($191.88 yearly)
• 1,250 monthly points when charging $750 each month for a year (15,000 points total)
• Earn 5 points per $1 spent on eats and drinks
• Earn 3 points per $1 spent on streaming services
• Earn 1 point per $1 spent on all other purchases
• MESSAGE ME FOR A REFERRAL LINK

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

Scotia Momentum Visa Infinite Card

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• $120 annual fee – first year free
• Earn 15% cash back on all purchases for the first 3 months (up to $2,000 in purchases)
• Earn 4% cash back on groceries, recurring bills and subscription purchases
• Earn 2% cash back on gas, daily transit and food delivery purchases
• Earn 1% cash back on all other purchases with no cash back limit
• Travel and mobile device insurance included

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

Tangerine Money-Back Card

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• No annual fee
• 10% cash back up to $1,000 in spending ($100 cash back) for the first 2 months
• 2% cash back on up to 3 categories
• 0.5% cash back on all other purchases

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

American Express Platinum Card

• $799 annual fee
• Earn 90,000 Membership Rewards points when using a referral link and spending $10,000 in the first 3 months
• 50,000 additional points when making any purchase in months 15 – 17
• Earn 2 points per $1 spent on dining and travel, and 1 point on all other purchases
• $200 annual travel credit
• $200 annual dining credit (per calendar year)
• Unlimited airport lounge access
• MESSAGE ME FOR A REFERRAL LINK

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

Scotiabank Passport Visa Infinite* Card

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• $150 annual fee
• 40,000 Scene+ points when spending $2,000 in the first 3 months
• 10,000 points when spending $10,000 in the first six months
• Earn 3 Scene+ points per $1 spent at Empire owned supermarkets
• Earn 2 Scene+ points per $1 spent on eligible grocery stores, dining, entertainment, and daily transit purchases
• Earn 1 Scene+ point per $1 spent on all other eligible purchases
• Visa Airport Companion Program membership + 6 passes per year
• No foreign transaction fees

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

American Express Green Card

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• No annual fee
• 10,000 Membership Rewards points welcome bonus
• Earn 1 point per $1 spent on all purchases
• Earn 1 Additional point per $1 spent on American Express Travel
• Buyer’s assurance and purchase protection

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

TD Aeroplan Visa Infinite Privilege Card

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• $599 annual fee
• Earn 20,000 Aeroplan points after your first purchase
• Earn 35,000 Aeroplan points when you spend $12,000 in the first 180 days
• Earn a one-time anniversary bonus of 30,000 Aeroplan points when you spend $24,000 within 12 months of account opening
• Earn 2 Aeroplan points per $1 spent on Air Canada purchases, 1.5 points on gas, and groceries, and 1.25 points on all other purchases
• First bag checked free, priority check-in & boarding on Air Canada flights
• Maple Leaf Lounge access in North America
• Visa Airport Companion Program + 6 free annual passes

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

WestJet RBC World Elite Mastercard

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• $119 annual fee
• 25,000 WestJet points after your first purchase
• 5,000 WestJet points up to twelve (12) weeks after your first purchase
• 30,000 WestJet points after spending $5,000
• 10,000 WestJet points up to sixteen (16) weeks after your first anniversary
• Earn 2 WestJet points per dollar spent on WestJet, WestJet Vacations, Sunwing Vacations, groceries, and gas
• Earn 1.5 points per $1 spent on all other purchases
• Receive a round-trip companion voucher
• Get free first checked bags for the primary cardholder and up to 8 guests on the same reservation

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

Marriott Bonvoy American Express Card

• $120 annual fee
• 55,000 Marriott Bonvoy points when you charge $3,000 in the first 3 (must use a referral link)
• Earn 5 Marriott Bonvoy points per $1 spent at participating Marriott properties
• Earn 2 Marriott Bonvoy points for per $1 spent on all other purchases
• Annual free night certificate worth up to 35,000 points
• MESSAGE ME FOR A REFERRAL LINK

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

Wealthsimple Cash Card

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• No annual fee
• Up to $3,000 welcome bouns
• 1% back in cash, stocks, or crypto on all purchases
• 4% interest on deposited funds
• No foreign transaction fees on purchases or ATM withdrawals
• CDIC insurance protection

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

Scotiabank Gold American Express® Card

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• $120 annual fee
• 30,000 Scene+ points when you spend $2,000 in the first 3 months
• 20,000 Scene+ points when you spend $7,500 in the first year
• Earn 6 Scene+ points per $1 spent at Empire owned supermarkets
• Earn 5 Scene+ points per $1 spent on grocery, dining, and entertainment
• Earn 3 Scene+ points per $1 spent on gas, and daily transit purchases
• Earn 1 Scene+ point on all other purchases
• No foreign transaction fees

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

PC Financial World Elite Mastercard

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• No annual fee
• Earn 45 PC Optimum Points per $1 dollar spent at Shoppers Drug Mart
• Earn 30 PC Optimum Points per $1 spent where PC Products are sold and at PC Travel
• Earn at least 30 PC Optimum Points per litre at Esso/Mobil locations
• Earn 10 PC Optimum Points per $1 spent on all other purchases

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

Scotiabank Scene+®* Visa* Card

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• No annual fee
• 2,500 Scene+ points when you spend $250 in the first 3 months
• Additional 5,000 Scene+ points when you spend $1,000 in the first 3 months
• Earn 2 Scene+ points per $1 spent at Cineplex theatres, cineplex.com and Empire owned grocery stores
• Earn 1 Scene+ point per $1 spent on all other purchases

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

MBNA True Line Mastercard

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• No annual fee
• 0% balance transfer for 12 months – 3% balance transfer fee applies
• 12.99% standard interest rate
• Save with Avis Rent A Car and Budget Rent A Car

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

American Express Business Gold Rewards Card

• $199 annual fee
• Earn 50,000 Membership Rewards points when spending $7,500 in the first 3 months
• Earn 20,000 points when you charge $30,000 in the first year
• Earn 1 point per $1 spent on all purchases
• Mobile device insurance
• MESSAGE ME FOR A REFERRAL LINK

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.

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.

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.

Best Scotiabank card for travel

Scotiabank Passport Visa Infinite* Card

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• $150 annual fee
• 40,000 Scene+ points when spending $2,000 in the first 3 months
• 10,000 points when spending $10,000 in the first six months
• Earn 3 Scene+ points per $1 spent at Empire owned supermarkets
• Earn 2 Scene+ points per $1 spent on eligible grocery stores, dining, entertainment, and daily transit purchases
• Earn 1 Scene+ point per $1 spent on all other eligible purchases
• Visa Airport Companion Program membership + 6 passes per year
• No foreign transaction fees

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.

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 Scotiabank card for earn rate

Scotiabank Gold American Express® Card

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• $120 annual fee
• 30,000 Scene+ points when you spend $2,000 in the first 3 months
• 20,000 Scene+ points when you spend $7,500 in the first year
• Earn 6 Scene+ points per $1 spent at Empire owned supermarkets
• Earn 5 Scene+ points per $1 spent on grocery, dining, and entertainment
• Earn 3 Scene+ points per $1 spent on gas, and daily transit purchases
• Earn 1 Scene+ point on all other purchases
• No foreign transaction fees

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.

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 Scotiabank card for cash back

Scotia Momentum Visa Infinite Card

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• $120 annual fee – first year free
• Earn 15% cash back on all purchases for the first 3 months (up to $2,000 in purchases)
• Earn 4% cash back on groceries, recurring bills and subscription purchases
• Earn 2% cash back on gas, daily transit and food delivery purchases
• Earn 1% cash back on all other purchases with no cash back limit
• Travel and mobile device insurance included

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.

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 Scotiabank card for students

Scotiabank Scene+®* Visa* Card

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• No annual fee
• 2,500 Scene+ points when you spend $250 in the first 3 months
• Additional 5,000 Scene+ points when you spend $1,000 in the first 3 months
• Earn 2 Scene+ points per $1 spent at Cineplex theatres, cineplex.com and Empire owned grocery stores
• Earn 1 Scene+ point per $1 spent on all other purchases

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.

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 Scotiabank card for low interest and balance transfers

Scotiabank Value Visa Card

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• $29 annual fee – First year free
• 0.99% interest rate on balance transfers for the first 9 months – 2% balance transfer fee applies
• 13.99% interest rate after the promotional period ends
• Up to 25% off at participating Avis and Budget car rental locations

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

Scotia Momentum No-Fee Visa Card

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• $0 annual fee
• Earn 5% cash back on all purchases for the first 3 months (up to $2,000 in purchases)
• 0.99% interest rate on balance transfers for the first 6 months
• 1% cash back on gas, groceries, drug stores and recurring payments
• 0.5% cash back on all other purchases

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

1. 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. 
2. 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.
3. 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.
4. 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.