2017 RANKING & REVIEWS
TOP RANKING BEST CANADIAN CREDIT CARDS
The Best Canadian Credit Cards to Save Money and Get You Traveling
We take plenty of care in choosing relationships, paint colors, or even shoes. But how many of us put serious thought and research into which credit cards to use? After all, they greatly affect our money. For those in search of Canadian credit cards, we have done that work for you.
Award Emblem: Top 6 Best Canadian Credit Cards
If you live in Canada, you may be on the hunt for the lowest interest rate credit cards in Canada. Or perhaps you want the best Canadian rewards credit card to get you to an island getaway. Or maybe you are interested in the best Canadian credit card for cash back.
This article is your guide to the best Canadian credit cards in 2017. We will show you which top Canadian credit cards will satisfy any of your financial needs from travel credit cards in Canada to low rate credit cards in Canada.
AdvisoryHQ’s List of the Top 6 Best Canadian Credit Card Choices
List is sorted alphabetically (click any of the credit card names below to go directly to the detailed review section for that credit card):
- BMO® World Elite™ MasterCard®
- MBNA Rewards World Elite MasterCard®
- MBNA True Line®
- Scotia Momentum® Visa Infinite
- Tangerine Money-Back Credit Card
- TD Emerald Visa Card
Top 6 Best Canadian Credit Cards | Brief Comparison & Ranking
|BMO® World Elite™|
|One of the best Canadian rewards credit card choices|
|MBNA Rewards World Elite MasterCard®||19.99%|
|One of the best credit cards with rewards in Canada|
|MBNA True Line®||5.99% – 14.99%||$0||One of the low interest credit cards in Canada|
Visa Infinite card
|19.99%||$99||One of the best Canadian credit card choices for cash back|
|19.95%||NONE||One of the best Canadian rewards credit card choices|
|TD Emerald Visa Card||1.50% – 12.75%||$25||One of the lowest interest rate credit cards in Canada|
Why Low Rate Credit Cards in Canada?
You will soon see that two of the six cards on our list of the best Canadian credit cards are low-interest credit cards in Canada. Why did we include this in our list?
In 2015, 46% of Canadians had some form of credit card debt. Whenever cardholders carry a balance on their credit card, they have to pay an annual percentage rate (APR). This interest rate will be added to their balance payment every month.
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By choosing the lowest interest rate credit cards in Canada, these cardholders will pay less in interest rates and more off their balance. This is why two low rate credit cards in Canada were added to our best Canadian credit cards list.
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One Important Thing to Remember with Rewards
The remaining cards include four of the best Canadian rewards credit card choices in the country. While these Canadian credit cards may seem appealing for how quickly you can rack up points, there is something important to remember.
Just because these travel credit cards in Canada or cash back cards will earn you money, travel opportunities, or perks does not mean that they will always make sense for every consumer.
The best credit cards with rewards in Canada often come with higher fees and higher interest rates. Take the time to do the math. If you do not spend much each year, you may not earn enough with your best Canadian rewards credit card to make it worth the fees you spend.
For those who do spend more throughout the year, best Canadian credit cards with rewards can be a perfect way to make money or travel.
AdvisoryHQ’s Selection Methodology
What methodology does AdvisoryHQ use in selecting and finalizing the credit cards, financial products, firms, services, and products that are ranked on its various top rated lists?
Please click here “AdvisoryHQ’s Ranking Methodologies” for a detailed review of AdvisoryHQ’s selection methodologies for ranking top rated credit cards, financial accounts, firms, products, and services.
Detailed Review – Top Ranking Best Canadian Credit Cards
Below, please find the detailed review of each credit card on our list of top Canadian credit cards. We have highlighted some of the factors that allowed these Canadian credit card offers to score so highly in our selection ranking.
BMO® World Elite™ MasterCard® Review
We will start off our list of Canadian credit cards with one of the best Canadian rewards credit card offers: the BMO® World Elite™ MasterCard®. This Canadian credit card gives cardholders 2% back in travel rewards with every purchase.
As one of the top travel credit cards in Canada, the BMO World Elite™’s rewards never expire. But you will find higher fees and rates in exchange for all these travel perks. This best Canadian rewards credit card charges a high $150 annual fee and a 19.99% rate on purchases.
Best Canadian Rewards Credit Card: The Highlights
- VIP airport lounge access
- Travel insurance
- Large scope of ways to redeem points beyond travel options
- Security precautions
- BONUS OFFER: 30,000 bonus points for opening these travel credit cards in Canada
MBNA Rewards World Elite MasterCard® Review
Next up on our list is the best Canadian rewards credit card if you want travel credit cards in Canada that can also be used for great cash back perks. The MBNA Rewards World Elite MasterCard® earns you a simple 2 points for every dollar spent.
The $89 annual fee is slightly lower than our first option, but you must have an annual income of over $70,000 to be eligible for this top Canadian credit card. As one of the best credit cards with rewards in Canada, earned points can be used for cash, merchandise, travel, and more.
Best Canadian Rewards Credit Card: The Highlights
- Rental car damage waiver
- Purchase assurance
- Extended warranties
- Lost luggage assistance
- BONUS OFFER: 10,000 bonus points for opening these travel credit cards in Canada
MBNA True Line® Review
So far, we have looked at two of the best credit cards with rewards in Canada, but these cards often come with higher fees and rates. Now it is time to look at the lowest interest rate credit cards in Canada. The MBNA True Line® is not only one of the best low rate credit cards in Canada, but it is also low in fees too.
The $0 annual fee on these Canadian credit cards is matched with a low 5.99% – 14.99% APR range (of course, dependent upon your credit worthiness). Though you do not earn rewards with these top Canadian credit cards, they are the perfect choice for people who carry a balance and do not want to pay extremely high interest.
Best Canadian Credit Card with Low Interest and Low Fees: The Highlights
- Free security protection
- Low interest rates on balance transfers (5.99 – 14.99%)
Scotia Momentum® Visa Infinite Review
On our list of the best Canadian credit card options, the Scotia Momentum® Visa Infinite card has some of the best cash back systems available. As long as you spend enough to cover the $99 annual fee of this Canadian credit card, you can make some easy extra money.
This best Canadian rewards credit card offers 1% back on all purchases, 2% back on all drugstore purchases and recurring bills, and 4% back on gas station and grocery purchases. The ability to get 4% back puts this Canadian credit card into the must-have category.
Best Canadian Credit Card for Cash Back: The Highlights
- First year annual fee is waived
- 1.99% introductory offer on balance transfers
- Travel emergency medical insurance
- Rental car insurance
- Access to luxury hotel collection and dining
Tangerine Money-Back Credit Card Review
The best Canadian rewards credit card that does not weigh you down in fees is definitely the Tangerine Money-Back Credit Card. Out of many Canadian credit cards with a rewards system, this card is by far the most accessible for the average person. No annual fee and no limit to awards make this one of the best credit cards with rewards in Canada.
With these best Canadian credit cards, choose three categories that you would spend the most on and then earn 2% back on those categories (as long as you redeem the rewards into your Tangerine Savings Account; otherwise, you get only two categories). Categories for this best Canadian credit card include: grocery, gas, entertainment, hotels, bill payments, public transport, home improvement, and more.
Best Canadian Rewards Credit Card: The Highlights
- BONUS OFFER: Earn 4% back for the first three months with your chosen categories on this top Canadian credit card
TD Emerald Visa Card Review
The last card on our list of top Canadian credit cards is the TD Emerald Visa Card. As one of the low-interest credit cards in Canada, this card allows you to save money on the interest rate while paying a low $25 annual fee. If you will have a balance left on your Canadian credit card each month, or think you may in the future, it is important to choose one of these lowest interest rate credit cards in Canada.
These low rate credit cards in Canada charge a variable APR as low as 1.50% and as high as 12.75%. Even if your credit worthiness forced your Canadian credit card to reach the 12.75% mark, you will still have rates significantly lower than many other options, even out of the top Canadian credit cards.
Best Canadian Credit Card with Variable Interest: The Highlights
- Up to 3 free authorized users
- $1000 credit limit minimum Avis and Budget Rent-A-Car preferred rates
- Chip technology enabled
Popular Article: Top Credit Cards | Ranking & Reviews
Conclusion – Top 6 Canadian Credit Cards
Hopefully, this overview and ranking of the top best Canadian credit card options has helped you realize which Canadian credit cards may be just right for your financial wants and needs.
To help that process even further, we have compiled a few questions that will help you think through which is the perfect top Canadian credit card for you.
- Do you want high-reward travel credit cards in Canada? Then apply for one of the best Canadian rewards credit card choices that charge a higher annual fee and APR rate. As long as you spend enough on your Canadian credit card each year, you will make enough to cover the difference.
- Do you want to pay off the balance on your Canadian credit card? If so, then choose one of the low rate credit cards in Canada. In order to pay down the principal instead of simply paying interest, you will need some of the lowest interest rate credit cards in Canada.
- Are you a fan of cash back? Then choose one of best Canadian credit card options that supply high cash back percentages. But remember, these best Canadian credit cards often come with fees.
Then before you know it, you will be able to take advantage of some of the many perks from these Canadian credit cards that made the 2017 top six best Canadian credit cards list.
AdvisoryHQ (AHQ) Disclaimer:
Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.
Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Click to view AdvisoryHQ's advertiser disclosures.