Whether you’re looking to earn rewards, save on travel, or enjoy cashback on everyday purchases, finding the right credit card can make a big difference. With so many options, it’s important to pick a card that fits your lifestyle and financial goals.
To help you out, we’ve rounded up the best credit cards in Canada for 2024. Let’s dive into the top choices and what makes each one stand out.
1. Best Overall Credit Card: American Express Cobalt® Card
The American Express Cobalt® Card is a favourite among Canadians for its unmatched rewards program.
Why It’s Great:
- 5x Points on dining and groceries, including food delivery services.
- 2x Points on travel, transit, and gas.
- 1x Point on everything else.
- Flexible rewards: Redeem points for travel, gift cards, or statement credits.
Who It’s For:
This card is ideal for foodies and travellers who want to maximize rewards on dining and everyday spending.
Fees & Details:
- Annual fee: $155.88 ($12.99 monthly).
- Income Requirement: None specified.
2. Best Cash Back Card: TD Cash Back Visa Infinite Card*
If you’re looking to save money on your purchases, the TD Cash Back Visa Infinite* Card is an excellent choice.
Why It’s Great:
- 3% Cash Back on groceries, gas, and recurring bill payments.
- 1% Cash Back on all other purchases.
- Includes auto rental collision insurance and purchase protection.
Who It’s For:
This card is perfect for families and anyone who spends heavily on groceries and gas.
Fees & Details:
- Annual fee: $120 (waived for the first year).
- Minimum income requirement: $60,000 individual or $100,000 household.
3. Best Travel Card: Scotiabank Passport™ Visa Infinite Card*
Travel lovers will appreciate the Scotiabank Passport™ Visa Infinite* Card for its travel-friendly perks.
Why It’s Great:
- No foreign transaction fees on purchases made outside Canada.
- Earn 2x Scene+™ Points on groceries, dining, entertainment, and transit.
- Includes six complimentary airport lounge visits annually.
Who It’s For:
Frequent travellers who want to save on foreign fees and enjoy luxury travel benefits.
Fees & Details:
- Annual fee: $150.
- Minimum income requirement: $60,000 individual or $100,000 household.
4. Best Low-Interest Card: MBNA True Line® Gold Mastercard®
Paying off a balance? The MBNA True Line® Gold Mastercard® is a great option for those looking for a low interest rate.
Why It’s Great:
- 8.99% Fixed Interest Rate on purchases.
- No annual fee.
- Great for consolidating credit card debt.
Who It’s For:
Anyone looking to save on interest charges and focus on paying off their balance.
Fees & Details:
- Annual fee: $39.
- Income Requirement: None specified.
5. Best Student Card: BMO CashBack® Mastercard® for Students
The BMO CashBack® Mastercard® for Students is tailored to help students build credit while earning rewards.
Why It’s Great:
- 3% Cash Back on groceries.
- 1% Cash Back on recurring bills.
- No annual fee, perfect for students on a budget.
Who It’s For:
Students who want a no-fee card with straightforward cashback rewards.
Fees & Details:
- Annual fee: $0.
- Income Requirement: None specified.
How to Choose the Best Credit Card for You
With so many choices, finding the perfect card depends on your unique needs. Here are some factors to consider:
- Spending Habits: Do you spend more on groceries, travel, or recurring bills? Choose a card that offers higher rewards in those categories.
- Fees: Look for cards with annual fees you can justify based on the rewards or perks they provide.
- Interest Rates: If you tend to carry a balance, a low-interest card may be the best option.
- Perks: Think about additional benefits like travel insurance, lounge access, or no foreign transaction fees.
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Final Thoughts: Maximize Your Rewards
The right credit card can help you save money, earn valuable rewards, and even make travelling more enjoyable. Whether you’re a student, a frequent traveller, or someone who wants to earn cash back on everyday spending, there’s a card out there for you.
Before applying, make sure to compare your options, check the eligibility requirements, and consider how the card fits into your financial goals.
Ready to upgrade your wallet? Start exploring these top credit cards and take advantage of their incredible perks today!
