What’s The Best Credit Card In Canada?
Finding the best credit card is like finding the perfect pair of jeans- you know when they’re not your style, but you keep looking until you find one that fits and makes you feel good about yourself.
With so many cards available these days, it can be tricky to know which ones are worth using and which should be ignored or replaced with another brand. It is very difficult to compare different brands because each company designs their services and products differently.
Some may offer more expensive rewards while others may have better fee structures. The same goes for monthly limits – some companies limit how much you spend per month whereas others don’t.
By having all of these things across several cards, you get the best balance of reward value, price, and coverage! Unfortunately, this can be hard to do well unless you have money to invest in this research. Luckily, we’ve gathered some tips here for you to consider.
We will talk about why it is important to have a variety of credit cards, what types of credit cards you need, and then who the top pick credit cards at both low and high spending levels are.
Scotiabank Mastercard
If you are looking for the best credit card in Canada, look no further than the Scotiabank® Visa Infinite™ World Elite Canadian Global Refillable FMCG (Fluid Money Transfer Catalyst Gift) Preferred Membership Card!
As of August 2017, this gift membership comes with one free direct-deposit account per person.
This includes an HSBC Online Savings Account or RBC Digital Banking Plus account. Both offer 1% daily up to $1,000 monthly as well as 2% daily up to $10,000 monthly. You get adjusted income on your savings so it is more efficient way to grow your money.
This article will talk about some pros and cons of the SCOBI Bank Visa Infinite Preferred Membership Card.
RBC Royal Bank Visa
As one of the top credit cards for balance transfers, this card has proven to be a worthy addition to your collection. Not only does it offer 0% introductory fees for up to twelve months, but you can also earn 1% back on all purchases!
In fact, like most Royal Bank products, this reward program is not always made known to customers. There are actually two different rewards programs that vary depending on how you use your credit card.
One rewards you for being smart with money by offering additional cash back or gift cards if you’re able to spend less than $1,000 on your card. The other rewards you for going beyond budgeting when spending money, as it doesn’t matter whether you spend more or less than $1,000, you get the same amount of rewards.
The way it works is through an online tool where you enter your purchase information every time you make a transaction. Then you’ll receive your rewards via direct deposit into your account.
CIBC World Elite Mastercard
With this credit card, you will earn 1% back on every purchase at Amazon.ca and Target. This is great to know since both of those sites offer substantial discounts and coupons that can be loaded onto your cart from them!
You get an additional 3% back at restaurants through The Platform – Yummly + Visa Signature. Plus, you receive 2% back on all other purchases!
The best part about this credit card is its easy-to-use mobile app. You can easily track your rewards, find redeeming codes for apps and stores, and check your balance on the go.
There are no annual fees or spending limits for using the card either. This allows users to keep the card open without having to worry about it being declined or maxed out.
TD Canada Trust Visa
If you are looking for the best credit card in Canada, look no further than the TD Canada Trust Visa! This is probably one of the most popular cards in Canada.
It has an impressive list of rewards that increase as you use the card more. You will also get 2% back at grocery stores on your normal spending, and up to 10% back at restaurants.
The annual fee is also very minimal, only $60 per year – which is usually enough to keep this reward member happy.
There is also a limited time offer available right now where you can earn 0% APR for up to 24 months on purchases made via the Amazon website!
This is great if you like shopping online as it may help fund some new gadgets or furniture pieces.
Bank of Montreal Visa
While not as flashy as some other cards, what makes the Bank of Montreal (BOM) credit card unique is its excellent value for money. The BMO Visa Signature comes with several features that are designed to help you manage your finances and keep track of bills.
Some of these include automatic bill pay, easy to understand online account access, and free mobile apps. There’s also rewards programing where you can earn points towards merchandise or cash back!
The BMO Visa Signature has an annual fee of $59 which includes two year reward membership to Voyage Rewards – a frequent flyer program that offers airline credits and hotel points. You get one thousand Airline Credits after buying a new international flight ticket and 1,000 Hotel Points after signing up for a stay at a participating hotel.
There are also monthly service fees of $15 per month for a premium Visa branded phone, and $8 per month for either Amazon Prime or Netflix. These services are very popular now so they’re worth it.
Canadian Tire Mastercard
The Canadian Tire Visa Infinite is one of the best credit cards in Canada for personal use. It may be expensive to consider plastic over cash, but it will make paying for your purchases way easier!
The Canadian Tire Visa Infinite comes with some incredible benefits that other top credit card picks don’t have. You get 2% back on all grocery stores, 1% back at restaurants and movie theatres, and Get $10 off any purchase when you add an approved mobile phone plan from Cellular Direct.
This makes it easy to stay connected while out and about. Plus, there are no annual fees or monthly minimum balance requirements. There is also nothing too flashy about this style of credit card, making it more accessible to most people.
If you like rewards programs then you can earn by taking regular visits to Canadian Tire and buying groceries, movies and cell phones. All major credit cards offer small reward perks such as airline tickets and shopping vouchers so they aren’t very motivating alone. This card adds depth to its rewards by offering bigger savings online and through cellular providers.
Overall, this card helps you save money due to the large discounts available at Canadian Tire and via VISA.
National Bank Visa
If you are looking for great credit card rewards, then look no further than the National Bank Visa! This is one of the highest reward credit cards in Canada that can really add to your financial portfolio.
The National Bank Visa has some incredible rewards. You get 2% back at national chain restaurants, Get 1% back on all Amazon purchases, and receive 5% back on entertainment expenses.
These credits do not carry over from month-to-month or year-to-year, but if you have a bad month or week, they will help mitigate the effects.
National bank also offers 0% introductory monthly fees for a limited time when you open an account with them!
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Citibank Mastercard
As a proud member of the international banking group, CITI, as well as being an award winning bank several times over, you can be sure that they are going to do everything possible to keep up with the trends in credit cards.
As of January 2018, CITI has rebranded their corporate credit card as the ‘Mastercard’. The brand new name is designed to emphasize the high quality services offered by the bank, not just for its business customers, but also individuals looking to improve their financial literacy or earn extra rewards.
If you’re looking to find the best balance between spending and reward options, this may be one of the better credit cards for you.
