Compare credit cards in Canada

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Our Canadian credit card comparison tool uses feature filters, extensive research and more than 70+ data points to help you choose from over 100 Canadian credit cards. Cards are ordered by our data and your choices. Partnerships have no influence on rankings. To see which cards we rank the highest, read our best credit cards in Canada guide.

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Our methodology

Why you can trust our Canadian credit card comparison tool

Money.ca's team of credit card experts has reviewed and researched over 125 of the best credit cards in Canada. They analyzed more than 100 independently collected data points to determine the best cards in each category based on what is most important to you. These data points include welcome bonus offers, cash-back rates, rewards, annual fees, interest rates, insurance, purchase protection, and other benefits.

From this data, our algorithm scores Canadian credit cards out of 5 for various factors: travel, cash-back, rewards, low or no annual fee, interest rates, and more. Our credit card comparison tool considers your priorities to help you choose the best card for your financial situation.

Compare by category

Compare Canadian credit cards by category

Your friends may want a travel credit card to book an upcoming vacation, while you'd rather earn cash back. Not to worry, there are hundreds of Canadian credit cards to serve each unique purpose. Here's what to look for in credit card categories.

Compare by network

Compare Canadian credit cards by networks

In Canada, we have three major credit card networks: Amex, Mastercard, and Visa. Each network has its own requirements from income to credit score and offer a variety of perks to match your dreams and desires. 

Compare by issuer

Compare credit cards by bank

For some, they like to keep their credit card with their bank of choice. However, know that you don't have to and sometimes you're limiting yourself. For those that want the freedom to choose, we help our lists help you find the credit card that suits you best. 

Comparison tips

5 quick tips to compare credit cards in Canada

1. Check your credit score

Before you start comparing credit cards start by checking your credit score. Why? Because your number determines your eligibility to apply for certain credit cards. If you don’t meet the minimum credit score requirement, strike a prospective card from your list.

Generally speaking, credit scores in Canada vary from 300 to 900 and are calculated based on a range of factors. The higher your number, the more appealing your credit application. Once you know your number, it will either shrink or widen the pool of credit cards that are available to you. If your score is poor or below average, consider it a wake-up call: apply for one of the best credit cards for bad credit in Canada and prioritize re-building your credit history.

2. Consider the amount of debt you're carrying

If you’re dealing with debt, a balance transfer credit card may be the best credit card for you. Because the introductory interest rate on balance transfers is so low, it buys you more time to pay down the principal and save a bundle on interest charges. A balance transfer credit card may be your best bet if you carry a balance on your cards or if your current credit cards have an ongoing purchase APR of 18% or higher.

There are plenty of excellent balance transfer credit cards in the Canadian market, but ideally, find one that offers both a low introductory interest rate (0% to 12.99%) and a long promotional period (9 months or more). It’s even better if the card has no annual fee and a low-interest rate after the promo expires just in case you’re still carrying a balance.

Comparing Canadian credit card to a great balance transfer offer Current card MBNA True Line Mastercard (in promo period)
Outstanding balance $5,000 $5,000
Interest rate 19.99% 0% for 12 months
Annual fee $120 $0
Fixed payment to pay off card in 12 months $463.15 $416.67
1-year interest paid $557.78 $0
Total cost to pay off balance (including annual fee) $5,677.78 $5,000

3. Examine your payment practices

Take a peek at your payment practices to help find a credit card that suits your budget. For instance, if you regularly pay your balance in full every month, a high-interest rate may be acceptable. But one of the best low-interest rate credit cards might be your best bet if you plan to carry a balance or want flexibility on payments. 

Comparison of the total cost of current credit card vs. low-interest rate card over 12 months

Credit card comparisons - average card vs. low interest rate Current card MBNA True Line Gold Low interest card at 8.99%
Outstanding balance $5,000 $5,000
Interest rate (% and $ monthly) 19.99% 8.99%
Annual fee $0 $39
Average monthly payment (to clear balance in 12 months) $463.15 $437.23
1-year interest paid $557.78 $246.61
Total cost to pay off balance (including annual fee) $5,557.78 $5,285.81

This table depicts how much a low-interest credit card can save you overall on interest. Although the “current card” doesn’t have an annual fee, the low-interest card saves you almost half the interest paid over the year, despite its annual fee (which is quite low considering.)

4. Scrutinize your spending

Choosing the best Canadian credit card can be confusing, but studying your spending habits can help nail down what card will benefit you the most. Do you make frequent purchases at one particular retailer (like Costco, Loblaws, or Canadian Tire)? Is your credit card statement filled with flight, hotel, and other travel-related expenses? Or are the bucks going towards groceries and gas? There are credit cards that reward specific spending categories, so if you understand where your money is going, you could save (or even earn!) a bundle by putting the right card in your pocket.

Realistically, you probably won’t find one credit card that ranks #1 in every spending category, but you can cover all your bases by having more than one credit card in your wallet.

5. Consider the credit card’s value

If you’re struggling to choose between credit cards, take a step back and assess the card’s overall value. Here are some questions to ask:

  • What is the welcome bonus worth?
  • Is the annual fee justifiable?
  • Are the premium perks worth it?

Add up the actual cost of what a card is offering. For instance, what would travel medical insurance cost per year? What’s the running rate for mobile phone repairs? How much is an airline lounge membership? What’s a first-year annual fee waiver worth? Then, compare the value of the top credit cards you’re considering. The numbers don’t lie and can help you decide whether (and which) credit card is worth it.

More tips

How to compare Canadian credit cards by category

Look before you leap! Get to know popular credit card categories in Canada:

Type
What to look for
0% APR
Pay attention to the introductory APR period and whether it applies to purchases, balance transfers or both. Most 0% APR credit cards offer between 3 and 12 months of no interest for new accounts.
Low interest
A low-interest credit card offers a very low standard interest rate on new purchases (typically between 8.49% and 12.99%). The rate is not promotional and doesn’t expire. If you tend to carry a balance or need to spread out your payments over several months, a low-interest credit card is a smart way to minimize the amount of interest you’ll pay.
No fee
A great no fee credit card, well, lacks an annual fee. When comparing no fee cards look at things like the ongoing purchase APR, hidden fees on transfers or foreign transactions and rewards.
Balance transfer
Like a 0% intro APR credit card, a good balance transfer card should have a lengthy balance transfer promotional APR, sometimes with a low (or waived) balance transfer fee. Although a balance transfer can potentially save you a massive amount in interest payments, it’s not always a financially shrewd step in every circumstance, and you should weigh a number of important considerations before determining if a balance transfer is the right move for you.
No foreign transaction fees
Cards with no foreign transaction fees can save you big money when travelling or purchasing items abroad. Make sure you focus on things like travel insurance, rewards and premium options like airport lounge access, free bags and more.
Cash back rewards
Carefully weigh the annual fee, interest rates, and rewards earn rates when comparing cash back credit cards. The best cash back options may charge an annual fee but these cards offer huge cash back potential and robust spending caps.
Lifestyle rewards
A rewards credit card allows you to earn incentives for eligible purchases charged onto the card. Some cards are tied to one loyalty program (e.g. AIR MILES, Aeroplan, PC Optimum Points, Scotia Rewards, etc.), while others offer cash back, flight rewards, merchandise discounts, statement credits, free hotel stays, or other benefits. Some are even designed to remunerate specific spending categories – like groceries, gas, dining out, or travel. The pay-off is plenty! 
Travel rewards
A great travel card often feature perks that would especially appeal to globetrotters, such as premium travel insurance packages, airport lounge access and discounts on rental cars. The amount of the rewards generated by the card (the ‘earn rate’) can be a flat rate based on your overall spending or can vary depending on specific spending categories.
Student
A wonderful way to establish a credit score, student credit cards are designed specifically for university/college students who have no credit history and no regular income. They tend to have a low credit limit, less (but still attractive) reward-earning potential, an easy application process and no annual fee.
Bad credit
While lacking all the frills of a premium card, you’ll get the convenience and security of using a credit card. Unlike regular credit cards (AKA unsecured cards), secured credit cards require that cardholders provide a cash deposit—of an equal or greater amount than their credit limit—to guarantee repayment of their balance. 
Secured
Secured cards are often issued to people with poor credit histories or have no credit whatsoever. Secured credit cards are backed by a cash deposit from the cardholder. But just like the regular credit cards, you have a monthly minimum payment and once you pay, your viable credit goes up again.
Business
Business credit cards focus on the specific needs of cardholders who run a company. Rather than offering rewards for spending on things like groceries or ride-share programs, they typically feature perks and up the earn rate of categories business owners can really use, like travel expenses, group cell phone plans, office supplies and internet use. Many have nice extras like zero-liability employee cards, longer interest-free grace periods and generous insurance packages.
Prepaid/debit
Prepaid cards are best when you don’t want to risk going into debt. You preload the card with the amount you wish to spend. The drawback is that a prepaid card does not have any impact on your credit score.
FAQs

Credit card comparison FAQs

  • What are the best strategies to compare Canadian credit card interest rates?

    +

    When comparing credit card interest rates, consider the Annual Percentage Rate (APR), which determines how much it will cost you if you don't pay it off each month. Look for cards with a lower APR if you plan to carry a balance. Compare introductory rates and make sure you consider how they might change after the introductory welcome offer period has expired.

  • How do balance transfer credit cards differ and how should I compare them?

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    Canadian balance transfer credit cards offer low or 0% introductory APRs on transferred balances for a set period of time — usually 6 months or less. To compare these offers, take a loot at the length of the introductory period, the balance transfer fee (typically 3-5% of the transferred amount), and the regular APR after the introductory period ends.

  • What should I look for when comparing credit card reward programs?

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    When comparing reward programs, consider the type of rewards (cash back, points, miles etc.), the earning rate, and any caps or expiration dates on rewards. If these are rewards points or miles, consider the redemption options and how they'd work for your personal situation and financial goals, plus any restrictions on how rewards can be used. To learn more, check out our best travel rewards programs guide,

  • How can I compare credit card fees and charges?

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    To compare credit card fees, look at the annual fee, late payment fees, foreign transaction fees, and balance transfer fees. Some cards may waive the annual fee for the first year or offer lower fees for certain transactions, but it's important to consider how you'll be using this card to find the best option for your spending habits.

  • What factors should I consider when comparing credit card benefits and perks?

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    Compare common credit card benefits like travel insurance, purchase protection, extended warranties, and concierge services. Evaluate the value of these perks based on your spending habits, lifestyle and how you'll be spending with your new credit card. Some cards also offer exclusive access to events, while others offer discounts with certain retailers.

  • How do I compare Canadian credit cards for international use?

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    For international use, compare foreign transaction fees, which can range from 0-3%. Look for Canadian credit cards that offer travel benefits such as no foreign transaction fees, chip-and-PIN capability, travel insurance, and emergency assistance. Also, consider the global acceptance of the card's network (Visa, Mastercard, etc.) to ensure it's accepted where you plan to use it.

  • How do I get the best Canadian credit card welcome offers?

    +

    Money.ca has a Canadian credit card offers page, which we update every month, which features the best welcome bonus offers and best credit card deals available in Canada.

  • What are the best credit cards in Canada?

    +

    There are hundreds of credit cards in Canada so which is the best Canadian credit card for your needs? Our team has broken down more than 125 credit cards across more than 100 different data points to compile a data-backed list of the very best Canadian credit cards.

    To browse our full list of best Canadian credit cards for 2034 by category — along with their runners-up picks, read our best credit cards in Canada for 2024 guide.

Last updated October 21, 2024
Dina Al-Shibeeb Staff Writer

Dina Al-Shibeeb is an award-winning journalist with hyperlocal and international experience in various news formats. She began her reporting career covering the Arab Spring and its aftermath for a Dubai-based news station. She has since worked in Canadian media, covering municipal affairs in Vaughan, Ont., for Metroland Media. Her work has also appeared at the Toronto Star.

Lisa Jackson Author

Lisa Jackson is a freelance personal finance and travel journalist, editor, and blogger who contributes to various online and print media outlets in Canada and abroad, including The Globe & Mail, Toronto Star, Islands Magazine, Fodors, BRIDES, Huffington Post Canada, CAA Magazine, The Food Network, West Jet Magazine, NUVO Magazine, and many others. When she's not writing from her home office, she's busy globe-trotting to new destinations in search of her next story.

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