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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 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 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 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.
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.
How to compare Canadian credit cards by category
Look before you leap! Get to know popular credit card categories in Canada:
Credit card comparison FAQs
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 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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