Best credit cards for Canadians with good credit scores
Having a good credit score is critically important in Canada, because it indicates your creditworthiness to lenders if you’re ever looking to secure additional credit. Not only does a good credit score make you more likely to be approved when you apply for a credit card, but it may also mean that the credit cards that you’re qualified to apply for will offer premium perks and benefits.
What are the best credit cards for Canadians with good credit scores? Below are six of our top suggestions.
Best credit cards for good credit in Canada
Best credit cards for good credit | Fast facts | Get started |
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CIBC Dividend Platinum® Visa Card |
Annual fee: $99 (first year free)
Card type: Cash back |
Apply now |
TD® Aeroplan® Visa Infinite* Card |
Annual fee: $139 (first year free)
Card type: Travel/Aeroplan |
Apply now |
American Express Cobalt® Card |
Annual fee: $155.98 ($12.99/month)
Card type: Rewards |
Apply now |
BMO Ascend™ World Elite®* Mastercard®* |
Annual fee: $150 (first year free)
Card type: Travel |
Apply now |
RBC Avion Visa Infinite |
Annual fee: $120
Card type: Travel |
Apply now |
†Terms and conditions apply.
Best credit card for good credit
CIBC Dividend Platinum Visa
3% cash back on eligible gas, electric vehicle charging, and groceries.
2% cash back on eligible transportation, dining and recurring payments.
1% cash back on all other eligible purchases.
90 days purchase security from damage and theft on eligible items purchased with your card.
1 year on top of the original manufacturer's warranty
$500,000 common carrier accident insurance
$65,000 MSRP for rental cars for up to 48 consecutive days
$99 Annual Fee First year annual fee rebateâ€
20.99% Purchase APR non-Quebec residentsâ€
22.99% Cash Advance APR non-Quebec residentsâ€
22.99% Balance Transfer Rate non-Quebec residentsâ€
Very Good Recommended Credit Score
$15,000 Required Annual Personal Income
$15,000 Required Annual Household Income
Welcome Offer
Get a first-year annual fee rebate and earn 10% cash back welcome bonus of up to $200!â€
Learn moreTD credit card for good credit
TD Aeroplan Visa Infinite
1.5 points for every $1 spent on eligible gas, grocery and direct through Air Canada® purchases (including Air Canada Vacations®)â€
1 point Earn 1 point for every $1 you spend on all other purchasesâ€
2x Earn points twice with Aeroplan partner brands and on the Aeroplan eStore.â€
50% Earn 50% more Aeroplan points at Starbucks when you link your card to your account.â€
1 NEXUS application fee rebate every 48 monthsâ€
1st checked bag free for you and up to 8 travel companionsâ€
$139 Annual Fee Additional cardholder is $75.â€
20.99% Purchase APR APR for purchases 20.99%â€
22.99% Cash Advance APR APR for cash advances 22.99%â€
22.99% Balance Transfer Rate APR for balance transfers 22.99%â€
2.50% Foreign Transaction Fee Foreign transaction fee: 2.50%â€
Excellent Recommended Credit Score
$60,000 Required Annual Personal Income
$100,000 Required Annual Household Income
Welcome Offer Ends Jun 3, 2024
Earn up to $1,200 in value†including up to 50,000 Aeroplan points†. Conditions Apply. Account must be approved by June 3, 2024.
Learn moreBest Amex card for good credit
American Express Cobalt
5x Earn 5 times he points on eligible eats and drinks in Canada, including groceries and food delivery. Spend cap applies.
3x Earn 3 times the points on eligible streaming subscriptions in Canada.
2x Get 2 times the points on eligible ride shares, transit & gas in Canada.
1x Earn 1 additional point on eligible hotel and car rental bookings via American Express Travel Online
1x Earn 1 point for every $1 in Card purchases everywhere else
$100 USD Get up to $100 USD hotel credit to use on amenities when charged to the room for a stay of 2 or more consecutive nights through The Hotel Collection from American Express Travel.
$155.88 Annual Fee 12.99/mo
21.99% Purchase APR on purchases
21.99% Cash Advance APR
2.50% Foreign Transaction Fee
Fair Recommended Credit Score
$0 Required Annual Personal Income
$0 Required Annual Household Income
Best BMO credit card for good credit
BMO Ascend World Elite
5x 5x the points for every $1 spent on eligible travel purchases*
3x 3x the points for every $1 spent on eligible dining and entertainment purchases and recurring bill payments*
1x 1 point for every $1 spent everywhere else*
$150 Annual Fee
20.99% Purchase APR
23.99% Cash Advance APR
23.99% Balance Transfer Rate 21.99% for Quebec residents
2.50% Foreign Transaction Fee
Excellent Recommended Credit Score
$80,000 Required Annual Personal Income
$150,000 Required Annual Household Income
Welcome Offer Ends May 31, 2024
Get up to 90,000 points and the annual fee waived in the first year for both the primary cardholder and authorized users.*
Learn moreBest RBC credit card for good credit
RBC Avion Visa Infinite
1 Earn 1 Avion point for every dollar you spend*.
25% extra Avion points on eligible travel purchases
$1,500 mobile device insurance
3¢/L savings on fuel at Petro-Canada and always earn 20% more Avion points
50 Be Well points for every $1 spent on eligible products at Rexall
20% off at Hertz and earn 3x the Avion points
$0 delivery fees for 12 months from DoorDash
$120 Annual Fee $50 for each additional card
20.99% Purchase APR
22.99% Cash Advance APR
22.99% Balance Transfer Rate
Very Good Recommended Credit Score
$60,000 Required Annual Personal Income
What is a good credit score?
In Canada, a good credit score typically falls within the range of 660 to 724. This range is considered fair to good and suggests that lenders will view you as a dependable borrower. If your score is between 725 and 759, it's considered very good, while scores from 760 and up are viewed as excellent. Higher scores can help you secure loans with more favourable terms, such as lower interest rates.
Is it good to increase your credit limit?
Increasing your credit limit can be beneficial, but it also requires careful consideration. Here are some pros and cons
Pros
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Improves Credit Utilization Ratio: A higher credit limit can lower your credit utilization ratio, which is the percentage of your credit limit you use. Lower utilization can positively affect your credit score, as long as you don't increase your spending.
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More Financial Flexibility: A higher limit provides more cushion in case of emergencies or unexpected expenses.
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Potential for Better Credit Offers: Demonstrating that you can handle a higher credit limit responsibly might lead to better offers from lenders, like higher limits or lower interest rates.
Cons
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Temptation to Spend More: With a higher limit, there might be a temptation to spend more, which can lead to higher debt and potentially financial strain if not managed properly.
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Potential Impact on Credit Score: When you request a higher limit, lenders may perform a hard inquiry on your credit report, which can temporarily lower your credit score.
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Risk of Higher Debt: If not managed wisely, a higher credit limit can lead to accumulating more debt, which might become difficult to repay.
Is it good to have multiple credit cards?
Having multiple credit cards offers several benefits, including a better credit utilization ratio, which can enhance your credit score if you maintain low balances across the cards. Additionally, having more than one card provides backup options in case of loss or fraud and allows you to maximize different rewards and benefits that various cards offer, such as travel points and cash back.
However, there are challenges to consider. Managing multiple credit cards requires keeping track of different billing cycles, payment due dates, and staying on top of your spending to avoid accruing high debt. Furthermore, applying for several cards in a short period can lead to multiple hard inquiries on your credit report, which might temporarily reduce your credit score. The decision to have multiple cards should depend on your ability to manage them responsibly to avoid financial strain.
Recommended read: Visa Infinite vs. World Elite Mastercard.
This article is intended for Canadian consumers with credit scores 700; 710; 720; 730; 740; 750; 760; 770; 780; and 790.
This post was not sponsored. The views and opinions expressed in this review are purely my own.
BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply.
FAQ about credit cards with good credit
Hannah Logan is a Canadian freelancer writer and blogger who specializes in personal finance and travel. You can follow her adventures on her travel blog EatSleepBreatheTravel.com or find her on Instagram @hannahlogan21.
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