In Canada, the credit card landscape is competitive, offering consumers a wide range of options. Whether you’re seeking rewards, low interest rates, or stellar customer service, there’s likely a credit card designed for your specific needs. In this article, we’ll cover some of the best credit cards available in Canada for 2024, segmented by various categories such as cashback, rewards, low-interest, and more.
(Note: Always check with the issuer’s official website for the most current information, as offers and features may change.)
Best for Cash Back
1. SimplyCash Preferred Card from American Express
– **Annual Fee**: $99
– **Cash Back**: 2% on all purchases
– **Intro Offer**: 5% cash back in the first six months (up to $300)
The SimplyCash Preferred Card offers straightforward cash back rewards and a lucrative introductory offer. With a decent 2% cashback on all purchases, you get good value without having to juggle multiple reward categories.
2. Scotia Momentum Visa Infinite
– **Annual Fee**: $120 (often waived in the first year)
– **Cash Back**: 4% on groceries and recurring bill payments, 2% on gas and public transit, and 1% on other purchases
– **Additional Features**: Comprehensive insurance package, including travel and auto
For those who spend significantly on groceries and recurring bill payments, the Scotia Momentum Visa Infinite offers a high return rate. Its insurance package makes it a well-rounded card for the family.
Best for Travel Rewards
1. TD Aeroplan Visa Infinite
– **Annual Fee**: $139 (often waived for the first year)
– **Travel Points**: 1.5 points per $1 spent on eligible grocery, gas, travel and dining, and 1 point on other purchases
– **Intro Offer**: Up to 25,000 Aeroplan points and a bonus Buddy Pass
For frequent travelers and Aeroplan enthusiasts, this card offers solid rewards and an appealing sign-up bonus. Points can be redeemed for flights, hotels, and more, through the Aeroplan program.
2. American Express Platinum Card
– **Annual Fee**: $699
– **Travel Benefits**: 3 points per $1 spent on dining, 2 points on travel, and 1 point on other purchases
– **Additional Features**: Comprehensive travel insurance, airport lounge access, and annual travel credits
Though the annual fee is on the higher side, the American Express Platinum Card offers unmatched travel perks, such as generous point accumulation rates and extensive travel insurance.
Best for Low-Interest
1. MBNA True Line Mastercard
– **Annual Fee**: None
– **Interest Rate**: 12.99% on purchases
– **Additional Features**: Around-the-clock fraud protection
For those looking to carry a balance, the MBNA True Line Mastercard offers one of the lowest interest rates among major credit cards in Canada.
2. RBC RateAdvantage Visa
– **Annual Fee**: None
– **Interest Rate**: Prime Rate + 4.99% to 8.99%
– **Additional Features**: Basic purchase protection and extended warranty
The interest rate is variable but potentially very low, depending on your credit score.
Best for Students
1. BMO SPC CashBack Mastercard
– **Annual Fee**: None
– **Cash Back**: 1% on all purchases
– **Additional Features**: Discounts at SPC (Student Price Card) retailers
Designed with students in mind, the BMO SPC CashBack Mastercard offers decent cash back and student-specific discounts.
2. CIBC Dividend Visa Card for Students
– **Annual Fee**: None
– **Cash Back**: 2% on groceries, 1% on transportation, dining, and recurring payments, and 0.5% on everything else
– **Additional Features**: No income requirement
The CIBC Dividend Visa Card is another solid choice for students, offering higher cash back percentages on common student expenses like groceries and dining.
Conclusion
The best credit card for you depends on your spending habits, credit score, and specific needs. Always remember to read the fine print for additional fees and features. Whichever card you choose, make sure to use it responsibly to enjoy the full range of benefits it offers.
In the fast-paced world of credit cards, offers and benefits can change rapidly. Make sure to keep yourself updated to get the most out of your credit card experience in Canada.
