Choosing the right credit card can be the difference between maximizing rewards and wasting potential savings. In 2024, the Canadian credit card landscape offers many options for different lifestyles. Whether you’re a frequent traveler, a cashback enthusiast, or someone looking to build credit, this guide will help you navigate the best credit cards in Canada.
In this post, you’ll learn:
- The 21 best credit cards in Canada for 2024.
- Key features and benefits of each card.
- How to choose the right card based on your lifestyle.
- Insider tips to maximize rewards and save money.
Why Choosing the Right Credit Card Matters
Selecting the right credit card isn’t just about the perks—it’s about matching the card to your spending habits and financial goals. Whether it’s maximizing travel rewards, earning cashback on everyday purchases, or avoiding high interest rates, the right card can save you hundreds, if not thousands, annually.
But with so many choices, from cards that offer no annual fees to premium options with luxury travel perks, how do you know which one to pick? That’s where we come in. Our team of online shopping experts at Dealhack has sifted through the noise to bring you the definitive guide to the best credit cards in Canada for 2024.
Best Credit Cards in Canada: Overview
Before diving into the details of each card, here’s a quick look at our top picks across various categories:
| Category | Credit Card | Annual Fee | Key Benefit |
| Best Overall | American Express Cobalt Card | $12.99/month | 5x points on dining and groceries |
| Best for Travel | Scotiabank Gold American Express | $120 | No foreign transaction fees |
| Best Cashback | Tangerine Money-Back Credit Card | $0 | 2% cashback in selected categories |
| Best for No Annual Fee | BMO Cashback Mastercard | $0 | 3% cash back on groceries |
| Best for Students | BMO Air Miles Mastercard | $0 | Earn Air Miles on every purchase |
| Best for Building Credit | Home Trust Secured Visa | $0 | Easy approval for building credit |
| Best Premium | Platinum Card by American Express | $699 | Luxury travel benefits |
1. American Express Cobalt Card: Best Overall Credit Card
The American Express Cobalt Card continues to dominate the market in 2024, especially for those who spend heavily on dining and entertainment. With 5x points on eligible dining and grocery purchases in Canada, this card is perfect for foodies and families alike.
Key Features:
- Monthly Fee: $12.99/month
- Welcome Bonus: Up to 15,000 points in the first year
- Rewards: 5x points on dining and groceries, 3x on streaming services, 2x on travel, 1x on everything else
- Additional Perks: Comprehensive travel insurance, flexible points redemption
Why It’s the Best:
The Cobalt Card shines with its high reward rates, especially for frequent diners. The monthly fee structure makes it accessible, and the points can be redeemed for a wide array of travel, merchandise, or statement credits.
2. Scotiabank Gold American Express: Best for Travel
Travel enthusiasts will appreciate the Scotiabank Gold American Express, which offers no foreign transaction fees a rare feature that can save you a significant amount of money when traveling abroad.
Key Features:
- Annual Fee: $120
- Welcome Bonus: 45,000 points
- Rewards: 6x point on groceries,5x points on dining and entertainment, 3x on gas, 1x on everything else
- Additional Perks: Comprehensive travel insurance, concierge service
Why It’s the Best for Travel:
This card is perfect for travelers due to its high points earnings on travel-related purchases and the lack of foreign transaction fees, making it a great companion for international adventures.
3. Tangerine Money-Back Credit Card: Best Cashback
The Tangerine Money-Back Credit Card is ideal for those who want to earn cashback without paying an annual fee. You can choose up to three categories where you earn 2% cashback, giving you flexibility based on your spending habits.
Key Features:
- Annual Fee: $0
- Welcome Bonus: N/A
- Rewards: 2% cashback in up to 2 categories, 0.5% on everything else
- Additional Perks: Optional balance transfer offer at a low introductory rate
Why It’s the Best for Cashback:
The customization of cashback categories allows cardholders to maximize their earnings based on their unique spending habits. Plus, with no annual fee, it’s a solid choice for budget-conscious consumers.
4. BMO Cashback Mastercard: Best for No Annual Fee
The BMO Cashback Mastercard offers 3% cashback on groceries, making it an excellent choice for families or individuals who spend a significant portion of their budget on food.
Key Features:
- Annual Fee: $0
- Welcome Bonus: Up to 5% cashback for the first 3 months
- Rewards: 3% cash back on groceries, 1% on recurring bills, 0.5% on everything else
- Additional Perks: Purchase protection, extended warranty
Why It’s the Best for No Annual Fee:
This card’s high cashback rate on groceries and the lack of an annual fee make it a standout option for everyday spending without extra costs.
5. BMO Air Miles Mastercard: Best for Students
For students, the BMO Air Miles Mastercard is a great entry-level credit card that helps build credit while earning Air Miles on every purchase.
Key Features:
- Annual Fee: $0
- Welcome Bonus: 1500 Air Miles on the first purchase
- Rewards: 1 Mile for every $25 spent
- Additional Perks: Discounts on rentals and events
Why It’s the Best for Students:
With no annual fee and the ability to earn Air Miles, this card offers great value for students who want to start building credit early while enjoying rewards on everyday purchases.
6. Home Trust Secured Visa: Best for Building Credit
The Home Trust Secured Visa is an excellent option for building or rebuilding credit. As a secured card, it requires a security deposit, which acts as your credit limit. This card is often the first step for many towards establishing or improving their credit score.
Key Features:
- Annual Fee: $0
- Security Deposit: $500 – $10,000
- Interest Rate: 19.99% on purchases
- Additional Perks: Fraud protection, purchase security
Why It’s the Best for Building Credit:
The Home Trust Secured Visa offers guaranteed approval, provided you can provide the required security deposit. It’s a no-frills card that focuses on helping you build credit with minimal fees and straightforward terms.
7. Platinum Card by American Express: Best Premium Credit Card
For those who want to enjoy the finer things in life, the Platinum Card by American Express delivers luxury and exclusivity. This card is packed with premium perks, making it worth the hefty annual fee for those who can fully utilize the benefits.
Key Features:
- Annual Fee: $695
- Welcome Bonus: Up to 80,000 points
- Rewards: 5x points on flights, 5x points on prepaid hotels, 1x on everything else
- Additional Perks: Airport lounge access, hotel upgrades, concierge service, comprehensive travel insurance
Why It’s the Best Premium Card:
The Platinum Card stands out for its extensive travel benefits, including access to over 1,200 airport lounges worldwide. It’s a card designed for frequent travelers who appreciate luxury services and are willing to pay for premium perks.
8. SimplyCash Preferred Card from American Express: Best for Fixed-Rate Cashback
If you prefer a straightforward cashback system, the SimplyCash Preferred Card from American Express offers a high, flat-rate cashback on all purchases, making it easy to understand and maximize your rewards without worrying about categories.
Key Features:
- Annual Fee: $119.88
- Welcome Bonus: 10% cash back on eligible purchases for the first 4 months (up to $400)
- Rewards: 2% cashback on all purchases
- Additional Perks: Travel insurance, extended warranty, purchase protection
Why It’s the Best for Fixed-Rate Cashback:
This card offers one of the highest flat-rate cashback percentages available in Canada, making it ideal for those who prefer simplicity and consistency in their rewards.
9. Scotiabank Momentum Visa Infinite: Best for Grocery and Gas Cashback
The Scotiabank Momentum Visa Infinite is perfect for families or individuals who spend a lot on groceries and gas. With high cashback rates in these categories, it’s designed to help you maximize savings on essential purchases.
Key Features:
- Annual Fee: $120
- Welcome Bonus: 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases)
- Rewards: 4% cash back on groceries and recurring bills, 2% on gas and transit, 1% on everything else
- Additional Perks: Mobile device insurance, travel insurance
Why It’s the Best for Grocery and Gas Cashback:
With an industry-leading 4% cashback on groceries and recurring bills, the Scotiabank Momentum Visa Infinite is tailored for households looking to save on their most frequent expenses.
10. Rogers World Elite Mastercard: Best for Foreign Purchases
The Rogers World Elite Mastercard is a fantastic option for those who frequently shop online from international retailers or travel abroad. It offers the unique benefit of earning cashback on foreign currency purchases.
Key Features:
- Annual Fee: $0
- Welcome Bonus: $25 in cashback rewards on first purchase
- Rewards: 3% cashback on USD purchases, 1.5% on everything else
- Additional Perks: Travel insurance, mobile device protection
Why It’s the Best for Foreign Purchases:
This card stands out for its 3% cashback on purchases made in foreign currencies, making it a top choice for those who shop online internationally or travel frequently.
11. MBNA Rewards World Elite Mastercard: Best for Versatile Rewards
The MBNA Rewards World Elite Mastercard offers flexible rewards that can be redeemed for travel, merchandise, cash back, or even charitable donations. It’s a versatile option for those who value having choices in how they use their rewards.
Key Features:
- Annual Fee: $120
- Welcome Bonus: Up to 30,000 points
- Rewards: 5x points on eligible groceries and dining, 1x points on everything else
- Additional Perks: Price protection, extended warranty, purchase protection
Why It’s the Best for Versatile Rewards:
With the ability to earn 5x points on groceries and dining, this card offers high rewards rates in key spending categories, coupled with the flexibility to redeem points in a way that best suits your needs.
12. CIBC Dividend Visa Infinite: Best for Dining and Entertainment
The CIBC Dividend Visa Infinite is perfect for those who enjoy dining out and entertainment. With high cashback rates in these categories, it’s designed for those who want to earn rewards while enjoying their favorite activities.
Key Features:
- Annual Fee: $120
- Welcome Bonus: 10% cashback for the first 4 months (up to $2,000 in total purchases)
- Rewards: 4% cash back on gas and groceries, 2% cash back on dining and transportation, 1% on everything else.
- Additional Perks: Travel insurance, creditor insurance
Why It’s the Best for Dining and Entertainment:
This card’s 4% cashback on dining and entertainment makes it a top choice for foodies and those who love going out. The additional cashback on groceries and gas adds to its overall value.
13. Scotia Momentum No-Fee Visa Card: Best for Simplicity
If you prefer a straightforward card without the burden of annual fees, the Scotia Momentum No-Fee Visa Card is an excellent choice. It provides a solid cashback structure without any complications or costs, making it ideal for everyday use.
Key Features:
- Annual Fee: $0
- Welcome Bonus: N/A
- Rewards: 1% cash back on groceries, gas, and drugstore purchases, 0.5% on everything else
- Additional Perks: Purchase security and extended warranty
Why It’s the Best for Simplicity:
This card’s uncomplicated rewards structure and no annual fee make it perfect for those who want to earn cashback on essential purchases without having to manage multiple reward categories.
14. TD Aeroplan Visa Infinite: Best for Aeroplan Members
The TD Aeroplan Visa Infinite is the top pick for Aeroplan members looking to earn points quickly. With exclusive perks like Air Canada benefits and a solid earn rate on daily purchases, it’s a must-have for frequent flyers.
Key Features:
- Annual Fee: $139 (rebated for the first year)
- Welcome Bonus: Up to 10,000 Aeroplan points
- Rewards: 1.5 points per $1 on eligible groceries, gas, and Air Canada purchases, 1 point per $1 on everything else
- Additional Perks: Priority boarding, free first-checked bag on Air Canada flights, comprehensive travel insurance
Why It’s the Best for Aeroplan Members:
This card is designed to help Aeroplan members earn points efficiently while enjoying exclusive travel benefits, making it the best choice for those loyal to Air Canada and the Aeroplan program.
15. RBC Avion Visa Infinite: Best for Flexible Travel Rewards
The RBC Avion Visa Infinite offers a flexible travel rewards program, allowing you to redeem points for flights with any airline, at any time, with no blackout dates. It’s perfect for those who want the freedom to travel on their own terms.
Key Features:
- Annual Fee: $120
- Welcome Bonus: 35,000 points
- Rewards: 1 point per $1 spent, with the ability to convert points to airline miles or other rewards
- Additional Perks: Travel insurance, purchase protection, extended warranty
Why It’s the Best for Flexible Travel Rewards:
The flexibility to book flights with any airline and the ability to transfer points to various loyalty programs make this card a top choice for travelers who don’t want to be tied down to a single airline.
16. HSBC World Elite Mastercard: Best for Global Travel
For globetrotters, the HSBC World Elite Mastercard offers unbeatable perks, including no foreign transaction fees, a generous welcome bonus, and comprehensive travel insurance, making it an ideal companion for international travel.
Key Features:
- Annual Fee: $459 (waived for the first year)
- Welcome Bonus: Up to 60,000 points
- Rewards: 5 points per $1 on travel, 2 points per $1 on dining, and 1 point per $1 on everything else
- Additional Perks: No foreign transaction fees, airport lounge access, travel insurance
Why It’s the Best for Global Travel:
This card’s no foreign transaction fees and high rewards rate on travel-related purchases make it a top pick for those who travel frequently and want to maximize their spending power abroad.
17. National Bank World Elite Mastercard: Best for Comprehensive Insurance
The National Bank World Elite Mastercard is a standout when it comes to travel insurance coverage. If you’re looking for a card that offers extensive protection while traveling, this one should be at the top of your list.
Key Features:
- Annual Fee: $150
- Welcome Bonus: Up to 30,000 points
- Rewards: 5 points per $1 spent, with accelerated points on specific categories during promotional periods
- Additional Perks: Comprehensive travel insurance, mobile device insurance, travel expense insurance
Why It’s the Best for Comprehensive Insurance:
This card offers one of the most extensive travel insurance packages available, covering everything from trip cancellation to lost baggage, making it ideal for travelers who want peace of mind.
18. Brim World Elite Mastercard: Best for Digital Purchases
The Brim World Elite Mastercard is designed for the modern consumer, offering high rewards on digital purchases such as streaming services and online shopping, along with no foreign transaction fees.
Key Features:
- Annual Fee: $189 (waived for the first year)
- Welcome Bonus: Up to $500 in first-year bonuses
- Rewards: 2% cashback on all purchases, with higher rates at Brim’s online merchant partners
- Additional Perks: 1.5% foreign transaction fees, free global Wi-Fi access, comprehensive insurance
Why It’s the Best for Digital Purchases:
This card is perfect for tech-savvy consumers who spend heavily on digital services and online shopping. The additional perks like no foreign transaction fees and free global Wi-Fi make it a versatile and valuable choice.
19. American Express Business Edge Card: Best for Small Business Owners
For small business owners, the American Express Business Edge Card offers excellent rewards on business-related expenses, including advertising, shipping, and office supplies. It’s a great way to earn rewards while managing business expenses.
Key Features:
- Annual Fee: $799
- Welcome Bonus: Up to 1,20,000 points
- Rewards: 3x points on eligible business purchases (e.g., office supplies, electronics), 1x points on everything else
- Additional Perks: Expense management tools, purchase protection, extended warranty
Why It’s the Best for Small Business Owners:
With its high rewards rate on common business expenses and valuable perks for business owners, this card is a solid choice for entrepreneurs looking to maximize their spending power.
20. Scotiabank Passport Visa Infinite: Best for No Foreign Transaction Fees
The Scotiabank Passport Visa Infinite is a top choice for those who frequently make purchases in foreign currencies. With no foreign transaction fees and valuable travel perks, it’s a great card for international travelers and online shoppers.
Key Features:
- Annual Fee: $150
- Welcome Bonus: 35,000 points
- Rewards: 2 points per $1 on groceries, dining, entertainment, and transit, 1 point per $1 on everything else
- Additional Perks: No foreign transaction fees, airport lounge access, travel insurance
Why It’s the Best for No Foreign Transaction Fees:
This card offers significant savings on foreign currency purchases, combined with solid travel perks and rewards, making it ideal for those who frequently travel or shop online from international retailers.
21. CIBC Aventura Visa Infinite Card: Best for Flexible Travel Points
The CIBC Aventura Visa Infinite Card is ideal for those who value flexibility in redeeming travel points. Whether you want to book flights, hotels, or even car rentals, this card offers a wide range of options.
Key Features:
- Annual Fee: $139 (first year rebated)
- Welcome Bonus: Up to 35,000 Aventura Points
- Rewards: 1.5 points per $1 on travel purchased through the CIBC Rewards Centre, 1 point per $1 on all other purchases
- Additional Perks: Comprehensive travel insurance, mobile device insurance, airport lounge access with Priority Pass
Why It’s the Best for Flexible Travel Points:
The card offers flexible point redemption options, allowing you to book with any airline with no blackout dates. It also includes valuable travel perks like insurance and lounge access.
How We Chose the Best Credit Cards for 2024
Our team at Dealhack carefully analyzed hundreds of credit cards available in Canada for 2024. We considered factors such as rewards rates, annual fees, bonus offers, additional perks, and customer reviews. We also took into account different spending categories to ensure that our recommendations cover a wide range of needs, from frequent travelers to budget-conscious consumers.
Methodology
- Rewards Potential: We evaluated how much value each card offers in terms of rewards points, cashback, or miles, especially in popular spending categories like groceries, dining, and travel.
- Annual Fees vs. Benefits: We compared the annual fees against the value of the benefits provided, ensuring that higher-fee cards offer commensurate value to justify the cost.
- Welcome Bonuses: We factored in the size and ease of earning welcome bonuses, as these can significantly boost the value of a card in the first year.
- Customer Service and Experience: We reviewed customer feedback to assess the overall user experience, including the ease of redeeming rewards and accessing customer support.
- Additional Perks: We looked at the extra benefits, such as travel insurance, purchase protection, and exclusive access to events or experiences, that each card offers.
Final Recommendations
Choosing a credit card is a highly personal decision, and the best card for you may not be the best for someone else. Consider your spending habits, financial goals, and the types of rewards or benefits that matter most to you. Whether you’re looking to earn travel rewards, maximize cashback, or build credit, the Canadian market in 2024 offers a card that will meet your needs.
Remember, a credit card is more than just a payment tool—it’s a financial product that can enhance your lifestyle if used wisely. Always read the terms and conditions carefully, and don’t hesitate to contact the card issuer with any questions before applying.
Conclusion
Choosing the right credit card in Canada for 2024 can unlock significant rewards and savings tailored to your lifestyle. Whether you’re seeking travel perks, cashback, or credit-building opportunities, this guide has highlighted the best options available. Remember, the ideal card should align with your spending habits and financial goals. By making an informed choice, you can enjoy the benefits that suit you best. For more tips and personalized advice, our team at Dealhack is always here to help.
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FAQ
The American Express Cobalt Card excels for dining and groceries, while the Scotiabank Gold American Express is ideal for travelers due to no foreign transaction fees.
Match the card to your spending habits and financial goals. Evaluate rewards, fees, interest rates, and perks.
No-annual-fee cards are suitable for light spenders. Cards with fees often offer superior rewards and benefits if used regularly.
Secured cards, such as the Home Trust Secured Visa, are easier to obtain and help build credit with a deposit.
Many cards offer rewards on all purchases, though some have higher rewards in specific categories. Choose a card based on where you spend the most.
Key features include no foreign transaction fees, comprehensive travel insurance, high rewards rates, and perks like lounge access.
Welcome bonuses require spending a set amount within the first few months. They can be valuable if the spending requirement aligns with your budget.
These fees, typically around 2.5%, are charged on international purchases. Cards like the Scotiabank Passport Visa Infinite waive these fees, which can save you money.
Credit cards affect your score through payment history, credit utilization, and account age. Making timely payments and maintaining low balances improves your score.
Yes, having multiple cards can maximize rewards if managed well. However, ensure you pay on time to maintain a good credit score.
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