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Canada Credit Card Guide: Best Offers, Rewards, and Benefits

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Canada Credit Card Guide: Best Offers, Rewards, and Benefits

Canada’s Best Credit Card Offers: Rewards, Cashback, and More.

Are you searching for the best credit card offers in Canada? Look no further! In this article, we’ll explore the top credit cards for rewards, cashback, travel, and more.

Best offers of the month

Here are the Best Credit Card offers in Canada of the month.

Thanks to this enhanced welcome offer for the TD® Aeroplan® Visa Infinite* Card, reserved for those who apply via this Milesopedia link, you can earn 10,000 more Aeroplan points than the current public offer!

With this offer for the TD® Aeroplan® Visa Infinite* Card, you can earn up to 50,000 Aeroplan points† and a first-year annual fee rebate:

  • Get a Welcome Bonus of 10,000 Aeroplan points when you make your first purchase with your new card†.
  • Earn 15,000 Aeroplan points when you spend $7,500 within 180 days of account opening†
  • Plus, earn a one-time Anniversary Bonus of 25,000 Aeroplan Points when you spend $12,000 within 12 months of account opening†.
  • Join NEXUS and get a rebate on membership fees every 48 months†
  • Plus, share free first checked bags with up to 8 travel companions†
  • Get an annual fee rebate for the first year†. To get the rebate, you must make a purchase within the first three months and add your authorized cardholders before January 6, 2025.

It’s the best TD credit card for occasional Air Canada travellers.

With the TD Aeroplan Visa Infinite* Card, you earn 1.5 points† per dollar of eligible purchase for:

  • Grocery stores
  • Gas stations
  • Air Canada purchases, including Air Canada Vacations

National Bank World Elite Mastercard is the best Mastercard credit card on NBC. With the current welcome offer exclusive to the Milesopedia Network, receive up to 35,000 bonus points, distributed as follows:

  • 10,000 points if you make at least $5,000 in purchases in the first 3 months
  • 10,000 points if you make at least $10,000 in purchases in the first 6 months
  • 15,000 points if you make at least $20,000 in purchases in the first 14 months

What’s more, you pay no annual fee for the first year.

With this card, you earn up to 5 points per dollar on your purchases:

  • 5 points per dollar on grocery and restaurant purchases
  • 2 points per dollar on gas and electric recharge purchases
  • 2 points per dollar on recurring bills
  • 2 points per dollar on À la carte Travel
  • 1 point per dollar on all other purchases

And since it’s a National Bank Mastercard credit card, you can use it at Costco.

With this card, you have access to a $150 annual travel credit that you can use in any of these categories:

  • Airport parking
  • Baggage fees
  • Seat selection
  • Access to airport lounges
  • Flight upgrades

In addition, you can enjoy access to DragonPass airport lounges and free Wi-Fi with Boingo. And unlimited access to the National Bank Lounge at Montreal-Trudeau.

About Credit Cards

How to choose a credit card in Canada

To choose a credit card in Canada, you need to know what you are looking for (and what you can get depending on your situation):

  • What is your income?
  • Rewards?
  • Benefits?
  • Insurance?
  • No-fee?
  • Low-interest?

You will then be able to choose the right credit card for you.

Income required by credit cards in Canada

In Canada, credit card issuers generally require a minimum income to apply for a credit card.

It is a request from networks(American Express, Mastercard, Visa):

  • American Express: no minimum income – $12,000
  • Mastercard: $15,000 – $60,000 – $80,000
  • Visa: $15,000 – $60,000 – $200,000

As you can see, if your income is not high, your best chances to get a credit card is through the American Express network (American Express Canada or Scotiabank).

And if you are a student, there are student credit cards adapted to your situation.

Also, if you are not an employee, you may qualify for one of the many credit card offers for self-employed, professionals or small business owners!

Credit cards rewards in Canada

There are three types of credit card rewards in Canada:

  • Cash back: the simplest way to go with a monthly/yearly credit to your credit card bill
  • Travel: all issuers offer travel reward cards. Also included in this category are some airline programs such as Aeroplan or hotels like Marriott Bonvoy. And some credit cards even allow you to use your points for Airbnb rentals.
  • Flexible: with some credit cards, you can redeem your points for cash back, travel rewards, or you can transfer them to other airline or hotel programs.

Credit card benefits in Canada

Credit cards in Canada often come with many benefits such as:

  • Zero liability guarantee in case of fraud
  • Pending transactions for car rentals, hotel bookings, etc.
  • Access to funds anywhere in the around the world
  • Contactless transactions
  • And more!

And travel benefits such as free wi-fi access with some Mastercard credit cards or VIP airport lounge passes!

Credit cards insurance in Canada

Most credit cards offer insurance for your purchases or travel. Generally, the higher the annual fee, the better the insurance.

For example, here are the insurance coverages offered by the National Bank World Elite Mastercard®, one of the best credit cards in Canada for insurance:

  • Out-of-province hospital insurance
  • Flight Cancellation
  • Trip Interruption Insurance
  • Flight delay
  • Baggage insurance in case of delay
  • Lost or Stolen Baggage Insurance
  • Vehicle rental insurance
  • Theft of Personal Effects
  • Insurance against theft or breakage
  • Possibility of tripling the manufacturer’s warranty

Credit card annual fees in Canada

We generally advise you to start with a no-fee credit card. And to keep it as long as possible to help improve your credit score.

But you’ll soon realize that for rewards and benefits, it’s worth paying a credit card fee. You’ll earn more points as a welcome bonus, and for every purchase you charge to your card.

Take advantage of some credit card welcome offers waiving the first-year annual fee!

Credit card interest rates in Canada

Before earning rewards, it’s best to pay no interest on your credit card. For your information, here are the three types of credit card interest rates to be aware of:

  • Purchase interest rate: to pay your credit card balance, you have a grace period of 21 to 55 days, depending on the credit cards. If you pay only the minimum amount required, the interest rate shown will be calculated from the date of your purchases. Some issuers offer low-interest credit cards.
  • Cash Advance Interest Rate: This is the interest rate applied to ATM withdrawals made with your credit card.
  • Balance Transfer Interest Rate: This is the interest rate applied if you choose to transfer your credit balance from another institution to your credit card . Some credit cards have promotional balance transfer interest rates.

How we choose the credit card offers in our rankings

Each day, we analyze more than 200 credit card offers in Canada. We calculate the value you can get the first year with:

  • the welcome offer in points or cash rewards
  • the benefits coming with the credit card (statement credit, VIP airport lounge passes, etc)

Each rewards program offers points having a different value than the others. So, to simplify your search for a credit card in Canada, we evaluate each program to indicate a fair value, in Canadian dollars, for each type of point.

On this page, you’ll find the best credit card offers in Canada at the moment, by category, ranked according to the value of the offer.

For more suggestions, you can browse through each category or compare credit card offers with our search engine. This credit card search engine has many filters (network, issuer, reward type, loyalty program, annual fee, income, value, audience) to help you find the best credit card for your needs!

Top Rewards Credit Cards

1. American Express Membership Rewards Card: Earn 50,000 bonus points after spending $3,000 in 3 months.
2. RBC Avion Visa Infinite Card: Earn 25,000 bonus points after approval.
3. TD Cash Back Visa Card: Earn 10% cashback on all purchases in the first 3 months.

Best Cashback Credit Cards

1. CIBC Dividend Visa Card: Earn 4% cashback on gas and grocery purchases.
2. Scotiabank Scene Visa Card: Earn 5% cashback on entertainment purchases.
3. PC Financial Mastercard: Earn 3% cashback on groceries.

Top Travel Credit Cards

1. Chase Marriott Bonvoy Card: Earn 60,000 bonus points after spending $1,500 in 3 months.
2. American Express Aeroplan Card: Earn 50,000 bonus points after spending $3,000 in 3 months.
3. RBC British Airways Visa Infinite Card: Earn 50,000 bonus Avios after approval.

Best No-Fee Credit Cards

1. PC Financial Mastercard: No annual fee, 3% cashback on groceries.
2. TD Cash Back Visa Card: No annual fee, 10% cashback in the first 3 months.
3. CIBC Dividend Visa Card: No annual fee, 4% cashback on gas and groceries.

How to Choose the Best Credit Card

1. Consider Your Spending Habits: Choose a card that aligns with your spending patterns.
2. Evaluate Rewards and Benefits: Weigh the rewards against the annual fee.
3. Check Interest Rates: Ensure the interest rate is competitive.
4. Read Reviews and Compare: Research and compare cards before applying.

Frequently Asked Questions (FAQs) About The Best Credit Cards In Canada

What is the best credit card for rewards in Canada?

American Express Membership Rewards Card.

Can I get a credit card with bad credit?

Yes, consider secured credit cards.

What is the minimum credit score required for credit cards?

Typically 600+.

What are the interest rates for credit cards in Canada?

Credit card interest rates in Canada generally range from 19% to 25%. However, some credit cards offer lower interest rates for purchases and balance transfers. It is important to compare the different offers and choose a credit card that suits your needs and your customer profile. Read the terms and conditions and fees associated with each credit card before committing.

What is the credit card conversion fee in Canada?

The credit card conversion fee is an additional charge that may be imposed when you use your credit card abroad or make a purchase in foreign currency. This charge is in addition to the exchange rate applied by your credit card and is usually expressed as a percentage of the purchase amount.

The credit card conversion fee is usually between 1% and 3% of the purchase amount. Some credit cards do not charge a conversion fee, while others may have a higher conversion fee. If you are using your credit card abroad or making purchases in foreign currencies, checking the conversion fees imposed by your card before making the purchase is essential.

There are several ways to reduce or avoid credit card conversion fees. You can use a credit card that does not charge a conversion fee or a debit or travel card to make purchases abroad. You may also want to use a credit card that offers favourable exchange rates, rather than one that charges high conversion fees.

How can I avoid paying a credit card interest rate?

Here are some ways to avoid paying a credit card interest rate:

  1. Pay off your balance in full each month: If you pay off your balance in full each month, you won’t have to pay interest on your credit card debt.
  2. Use a zero-interest credit card: Some credit cards offer zero-interest rates for a limited time. If you are able to pay off your debt before the end of this period, you will not have to pay any interest rate.
  3. Transfer your debt to a zero-interest credit card: If you have high-interest debt on another credit card, you can transfer it to a zero-interest credit card to avoid paying interest. However, there is usually a balance transfer fee associated with this option.
  4. Negotiate a lower interest rate with your credit card issuer: If you have a good credit history and are a good customer for your credit card issuer, you can try to negotiate a lower interest rate.

How can I avoid paying credit card cash advance fees?

Here are some ways to avoid paying credit card cash advance fees:

  1. Avoid using the cash advance option: If you need cash quickly, it may be tempting to use the cash advance option on your credit card. However, this option usually comes with high fees and interest rates, so it’s best to avoid it if possible.
  2. Use a personal loan or line of credit: If you need cash, you may want to consider taking out a personal loan or opening a line of credit. These options can often offer better interest rates and fees than a cash advance on a credit card.
  3. Use a credit card that does not charge a cash advance fee: Some credit cards do not charge a cash advance fee. If you use such a card, you will not have to pay any additional fees when you use the cash advance option.
  4. Ask a friend or family member for financial help: If you need emergency cash, you can try asking a friend or family member for financial help. This option may be less expensive than advancing funds on a credit card.
  5. Use a savings account: If you have a savings account, you can try to withdraw money from it instead of using the cash advance option on your credit card. This option may be less expensive in the long run, although it may require some planning in the short term.

What is credit card cash back?

Credit card cash back is a reward offered by some credit cards that consists of a percentage of each purchase made with the card that is credited to the cardholder’s account. Cash back can be used to reduce the balance on the credit card or paid into a bank account.

Credit card cash back is typically offered on rewards credit cards, which are cards that offer rewards in the form of points or cash back for each purchase made with the card. Cash back rates generally range from 1% to 5% depending on the card and the type of purchase.

There are several ways to maximize credit card cash back. You can use your credit card to make purchases that offer higher cash back rates, or you can use your credit card to make purchases on which you already have a good price to get an additional reward. You can also try consolidating your purchases on one credit card to maximize the cash back you receive.

Conclusion

Canada’s best credit card offers vary depending on your needs. By considering rewards, cashback, travel benefits, and fees, you can find the perfect card for your lifestyle.

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