Top 3

Best Credit Cards in Canada

Credit Card

MBNA Rewards World Elite Mastercard

#1 Travel Credit Card

On MBNA’s Secure Website

Credit Card

Scotiabank Momentum VISA Infinite Card

#1 Cash Back Credit Card

On Scotiabank’s Secure Website

Credit Card

Tangerine Money-Back Credit Card

#1 No Fee Credit Card

On Tangerine’s Secure Website

We hear a lot about the evils of credit cards. And, while it’s possible to get into debt using credit cards, the truth is that they can also be very helpful to your finances. A credit card can be a great tool, if you use it responsibly. With the right credit card for your individual situation, it’s possible to improve your finances.

With the right credit card for your individual situation, it's possible to improve your finances. Check out the best credit cards available, by category.There are plenty of credit card options designed to fit a variety of lifestyles and financial goals. When choosing a credit card, take into account your own spending habits and the financial goals you have. What are most likely to spend money on? How are you likely to redeem your rewards? What kinds of things do you focus on?

I like to cash back cards. Nothing’s quite as flexible as cash. Every time I spend money, I get a little bit back. It makes everything a little cheaper. However, not everyone cares about cash back cards. There are great travel cards that allow you to earn free trips and other travel-related perks. Maybe you have high-rate debt that you want to get rid of once and for all. In that case, it makes sense to use a balance transfer card with a low, low rate.

Before you apply for a credit card, get clear on your goals. You want to make sure your credit card fits in with your life and finances, rather than changing them are running them. It’s also important to make sure you have a plan for your credit card spending. Your spending should be planned out and part of your budget. You don’t want to spend more than you have. That’s how people get into debt. Plan your spending, and only use your credit cards on the things you would buy anyway. Make sure you pay off your credit card each month so you aren’t stuck paying a high rate of interest.

Once you have your finances under control, and you know what you want in a credit card, you can go ahead and apply. Below are descriptions of different credit card categories. You can go to those pages to see the offerings and find a credit card that will work best for you and your situation.

Check out the best credit cards available in Canada, arranged by category:

Cash Back Credit CardsBest Cash Back Credit Cards: Are you a savvy shopper looking to offset your purchases. A cash back credit card can provide you with just what you need. Get money back when you spend on things you would have bought anyway.

Travel Rewards Credit CardsBest Travel Rewards Credit Cards: Looking for a way to make the most of each vacation? If you travel a lot, use one our picks and start earning points that can be redeemed for airfare, hotel stays, car rentals, and even cruises.

Best No Annual Fee Credit Cards: Don’t want to pay fees? Get your perks for free. In some cases, it can make sense to pay an annual fee. However, if you are dead set against fees, you can choose one of our great cards that don’t charge fees. These cards include those that offer travel rewards, as well as cash back cards with other perks.

Credit Cards for StudentsBest Student Credit Cards: We all have to start somewhere. If you are just getting started with credit, these credit cards can help you establish your good financial name, while helping you earn perks in many cases.

Best Air Miles Credit Cards: Are you looking for ways to earn and redeem Air Miles for free air travel? Look for the cards that give you the largest amount of points, including discounted travel when you use certain cards. Earn free travel whenever you spend like normal.

Best Aeroplan Credit Cards: Aeroplan can provide you with a way to save up for travel. If you want to boost your ability to earn, consider signing up for an Aeroplan credit card. You’ll earn rewards for your regular spending, and be able to use those rewards in conjunction with Aeroplan for better results.

Balance Transfer Credit CardsBest 0% Balance Transfer Credit Cards: If you are trying to pay off debt more efficiently, use a 0% balance transfer credit cards. These cards allow you to consolidate your debt and put more of your payment toward your principal.

Low Interest Credit CardsBest Low Interest Credit Cards: If you occasionally carry a credit card balance, it’s important to have a low interest credit card. Stay away from the high interest cards and choose something that works a little better for you.

Secured Credit CardsBest Secured Credit Cards: Have you had trouble with your credit in the past? If so, you might need to re-establish your credit. A secured credit card ensures that you get a second chance to prove yourself. Almost anyone is approved for a secured card.


How to Choose the Right Credit Card for You

Your credit card can be a great financial tool. Credit cards provide you with convenience, and can even be a source of free money and rewards. When you are smart about your credit card use, there are a number benefits that you can enjoy.

However, there are many different credit cards available so you’ll need to know how to choose the right credit card for you. If you want the best possible results for your pocketbook, you need to be choosy. Don’t just pick the first credit card you see. Make sure that you compare your credit card options, and then apply for the card that best fits your individual financial needs.

Comparing Credit Cards

The first thing to do is look for a web site that can help you compare credit cards. A good credit card comparison web site will help you pinpoint exactly what you are looking for in a card, and lay out the options in an easy to read format. A good web site will help you narrow down your options by helping you define the purpose of your card (business, personal, student), as well as figure out what you want to use the card for. Some of the reasons that you might get a credit card include:

  • Low interest
  • Balance transfer
  • Rewards
  • Rebuild your credit history

There are plenty of great tools out there that can help you quickly view your choices. You will see the different terms, including interest rate, introductory rate, annual fee, and rewards program, laid out for you. When you can quickly compare your options, you will be far more likely to make the right choice for your finances.

What’s Most Important to You?

If you don’t carry a balance, it really doesn’t matter if you have a low interest credit card. On the other hand, a good rewards program might be a must. Think about what’s most important to you in a credit card. So you travel a lot? Maybe you need the airline miles. Do you use your credit card for every day items? It might make sense to get a cash back credit card. Have you made mistakes in the past with your finances? A guaranteed or secured card can help you rebuild your credit score. Do you have high interest balances? A balance transfer card with a low intro rate, or a regular low rate credit card, might be able to help you pay off your debt faster.

Take a few minutes to consider your situation. Think about what type of card is most likely to help you reach your most important financial goals right now. Then, visit a credit card comparison site to help you view your options. Choose the card that is right for you. Then, make sure that you follow savvy credit card practices. Pay off your balance each month (or put as much toward it as you can, if you already have debt) so that you don’t end up racking up interest charges. You will be much more effective in your credit card use if you plan it out.

There is no reason to get the first card that you see. You have options. Use the online tools available to you to compare credit cards and get what works best for you.

Best Credit Cards Canada