Best Credit Cards in Canada for 2024

Why you can trust Money.ca's best credit cards in Canada list

Money.ca rates all credit cards on a numeric scale of 1 to 5 stars, with 1 being the lowest and 5 the highest rating, respectively. Money.ca’s proprietary scoring formulas break down the confusing language, complex points, rewards and earn rates to give you the real data that caters to your needs first, not ours.

Our partnerships have no impact on our ratings, which are solely determined by the merits of each card. To learn more about how we researched and ranked these cards, read our full credit card review methodology.

Pros and cons of credit cards

Tips for choosing the best credit card for your needs

As you can probably guess from the fact that we’ve chosen 20 different credit cards just for this list, there are a lot of different types of credit cards. On the surface, credit cards all serve the same purpose of giving us an easy way to spend money and borrow. But when you get down to the details, different cards can help borrowers achieve very different end goals.

Take a look at the seven main categories of cards.

Rewards credit cards

Rewards cards pay you in some way when you spend. This can be in the form of cash back, travel, or points. Redemption options and earnings rates will vary by card, but the general idea is that you’re earning something on some or all of your spending. Rewards cards often earn the most rewards in a certain category such as groceries or travel.

Branded credit cards

Branded credit cards are offered by credit card issuers in partnership with other corporations such as retailers, airlines, or hotels. These typically earn the most rewards for loyalty programs specific to the associated brand and may also offer perks like preferred bookings, discounts, or priority treatment.

Student and beginner credit cards

Credit card issuers for student and starter cards don’t expect to see applicants with polished, well-rounded credit histories and shiny credit scores. There’s definitely a time and a place for starter cards. College students, new immigrants to Canada, and people rebuilding after bankruptcy are just a few examples of those who might benefit from these cards.

Balance transfer cards

Balance transfer credit cards are different from your typical credit card. They’re not meant to replace your other cards but rather provide a vehicle for debt repayment. By transferring multiple card balances to one single balance transfer credit card, you can save on interest and make your life easier as you work to pay back what you owe. These cards often offer promotional 0% APRs for a set number of months from account opening so you don’t have to start paying interest right away.

Low-interest credit cards

Like a balance transfer credit card, a low-interest credit card is designed to give you a break. But rather than a low introductory rate, these have regular APRs that are lower than comparable cards so that when you do carry a balance, you won’t owe as much interest in the long run. These can be smart for people who struggle with debt and overspending.

Expert Tip: How to pick the best Canadian credit card for you

Consider your personal spending habits when choosing the best credit card for you. What to look for when choosing the best credit card can be daunting, but if you break it down by your goals and your spending habits then it will be easier to decide. Consider this: are you more likely to use points? Or would you prefer cash back? Do you spend more money on groceries or do you like eating out? Do you have loyalty to any specific brands or are you willing to shop around? Choosing the best credit card means choosing the one that you are personally going to get the most value from based on your lifestyle. Take the time to consider where you shop and compare earning rates, partners, and of course, rewards value.

—Hannah Logan, Money.ca credit card, saving and travel expert

What are the most popular credit cards networks in Canada

The most favoured credit cards vary depending on the type, such as travel rewards, cashback offers, or low-fee options. Recent insights from YouGov categorize the top cards by their payment networks, including Visa and Mastercard, with an additional analysis by age group to assist you in choosing the most suitable option for those within your age bracket.

For younger demographics, specifically ages 18-24 and 25-35, Visa emerges as the preferred provider, capturing 33% and 41% of the market share in these age groups, respectively. In contrast, Mastercard holds a 16% and 27% share for the same age ranges. Conversely, among the older population (55 and over), Mastercard leads with a 37% market share, surpassing Visa's 33%. When considering all age groups combined, both payment networks maintain nearly equal market shares, with Mastercard at 33.44% and Visa slightly ahead at 34.4%.

Which credit card should I get? 5 ways to compare the best credit cards in Canada

When choosing the right credit card for you, you should be mindful of the good and the bad. Try to look into all of the following details when comparing your options. Or you can use the new Money.ca Canadian credit card comparison tool which uses feature filters, extensive research and more than 70 data points to compare 100 of the best credit cards in Canada.

Credit card fees

Any fees your card has will eat into your rewards earning – and budget. This is why it’s important to be mindful of annual fees, foreign transaction fees, and more when thinking about signing up for a card.

But free isn’t always better. Often, great cards are worth paying for. A card’s value can easily cancel out an annual fee in just a month or two if it includes a variety of statement credits, discounts, and perks. Consider what fees you’re willing to pay for the benefits of having a particular card.

Read more: Why Pay for a Credit Card with an Annual Fee?

Credit card rewards

One of the most significant features of any reward/cash-back card is how fast and easy it is to earn rewards/cash. Overall, the higher the earn rate, the better.

However, to really understand a card’s value, it’s essential to know what points are actually worth in real-world terms as well as how easy they are to use. Flexible redemption is almost always more important than higher rates. Bonus points (sorry) if rewards can be transferred to other programs.

Credit card perks

Cards can offer a wide variety of perks. Often, the type of card dictates what types of perks you may get. For example, a card that earns travel rewards may include complimentary travel insurance. Low-interest credit cards may include purchase protection.

Whenever you get to the perks section of a card’s sales page, you should think as realistically as possible. Sure free stuff is nice, but which perks are you actually going to use and which ones are you going to forget you have? Which ones do you already pay for that you could save money on and which ones would you never pay for but use if you had them for free?

Examples of credit card perks include: 

• Extended warranties
• Insurance (e.g. travel interruption insurance)
• Emergency assistance services (e.g. roadside dispatch)
• Airport lounge access
• Free checked bags
• Hotel upgrades
• Early/Late check-in
• Concierge services

Credit card interest

APRs are a huge factor for any kind of credit card, especially for people who don’t pay off their balance in full each statement period. Pay close attention to how much interest you might pay if you carry a balance, make a balance transfer, request a cash advance, or miss a due date on your card payment.

Credit card sign-up bonuses

The bigger the welcome bonus, the better. But we generally favour substance over flash, and we’re critical of cards that won’t deliver repeated value over time. Even the best credit card sign-up bonus won’t make a mediocre card worth signing up for, so don’t sign up for a card to get a bonus unless you would sign up if it didn’t have that bonus too.

Read more: Best credit card offers

What's the best credit card company (or what you need to know about credit card customer service)

When selecting the best credit card, it's crucial to evaluate the quality of customer service, which encompasses the ease of accessing support and the variety of contact methods available. As we reflect on our own experiences at Money.ca, customer service and hold times are critically important. When we ask some of our writers about their best and most frustrating moments, long wait times is a consistent theme.

To shore up our best credit card rankings, we charted J.D. Power’s Canada Credit Card Satisfaction Studies from 2018, 2019, 2020, 2021, 2022, and 2023. In addition to some credit card issuers consistently performing better than others, like Tangerine, 2023 highlights a declining trend in customer satisfaction across Canadian issuers.

If customer satisfaction was the only determining factor, the best credit card issuers in Canada would continually be Tangerine, Canadian Tire Financial, and PC Financial. Traditional issuers like RBC credit cards and BMO credit cards consistently rank in the middle or the bottom with MBNA bringing up the rear.

Summary

Canadian credit cards come in many different shapes and sizes. Okay, so they’re all pretty much the same shape and size, but they’re really varied in terms of what they require, what they offer, and who they’re best for.

If you’re searching for your next credit card or your very first one, be sure to give yourself plenty of time to make the decision. Finding the right card for you is well worth it.

Disclosures

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FAQs about the best Canadian credit cards