Best Credit Cards in Canada for July 2025
Choosing the best credit card is part art, part science. Whether you're chasing rewards or cutting costs, no single option works for everyone. That's why our experts compared hundreds of cards across several categories to help narrow down your search.
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Best Overall Credit Cards in Canada
Canada's Best Credit Cards
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Choosing the best credit cards for 2025:
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When I think of the Scotiabank Passport Visa Infinite Card, the image of a Swiss Army knife springs to mind. As one of the more well-rounded mid-tier travel cards on the market, it can do a little bit of just about everything you’d want a travel card to do. Accelerated, flexible rewards points? Check. Travel insurance? Check. Free airport lounge access? Check.
Toss in some car rental discounts and waived FX fees, and I can’t find much to criticize. Sure, it costs $150 annually, but for the savvy cardholder, the Scotiabank Passport Visa Infinite Card’s cost is easily outweighed by perks.
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Think of the SimplyCash Preferred Card from American Express as a no-nonsense cash-back powerhouse, offering a meaty 4% back on groceries and gas, plus 2% on everything else — the highest base rate among the cards we evaluate. For everyday spenders, this card cuts through the complexity that plagues many rewards programs. There are no points to calculate, no redemption charts to decipher. Just cold, hard cash back in your pocket. Plus, comprehensive travel insurance and mobile device coverage are thrown in for added protection and peace of mind.
The $9.99 monthly fee shakes out to about $120 annually, so cardholders will need to spend strategically to get their money’s worth in cash back and perks. Still, if groceries and gas make up a big chunk of your monthly budget, the SimplyCash Preferred Card from American Express may be worth a look.
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The Scotiabank Gold American Express Card is something of a triple threat — it offers high earn rates on everyday spending like groceries, dining and entertainment; it caters to frequent travellers with a wide range of insurances, no FX fees and access to airport lounges; all while waving the $120 annual fee for customers with eligible Scotiabank chequing accounts. Even without the waiver, this card offers a fair range of perks and points for Scene+ collectors at a competitive rate.
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The Scotiabank Red American Express Card proves that ‘no annual fee’ doesn’t mean ‘no perks.’ It earns its spot as our best no-fee card by offering up to 3 Scene+ points per $1 spent and an array of valuable benefits, including mobile device protection, American Express Experiences, and car rental discounts.
Sure, you won’t find all the bells and whistles higher-tier cards often boast (think, airport perks and travel coverage), but it still packs in plenty of brag-worthy benefits for budget-conscious rewards seekers.
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Those grappling with high-interest credit card debt would be hard-pressed to outdo the deeply discounted rates of the Scotiabank Value Visa. Its 0% introductory rate on balance transfers (with a modest 1% transfer fee) provides 10 months of interest-free runway to gain the debt-repayment momentum needed to lift your balance. Even after the promo period ends, this card’s 13.99% interest rate sits well below the industry standard of 20%.
Just make sure you understand the fine print before boarding: you can’t transfer balances from other Scotiabank accounts, and the promo rate won’t last forever.
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This card’s student-oriented perks start with its rewards structure: up to 2% cash back on everyday purchases, which you can redeem whenever you want. The card also comes with valuable insurance coverage and gas discounts. A 12-month Skip+ trial is available, alongside a free SPC+ membership, which offers substantial discounts on in-store and online shopping.
This card’s highest earn rate of 2% is limited to grocery spending, which could be a buzzkill for those seeking more competitive rates in other spending categories, like transit or entertainment. Still, the CIBC Dividend Visa Card for Students remains a strong competitor among student-oriented cards — especially for those who value practical perks and cash back flexibility.
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The Neo Secured Mastercard is a standout choice for those looking to build or rehabilitate their credit. With no hard credit check requirement, I think it’s an ideal option for folks with diverse credit backgrounds or those seeking a first-time card. With guaranteed approval (for applicants outside of Quebec) and, the setup is straightforward: simply provide a security deposit of at least $50 (which becomes the card’s credit limit), and you’re off to the races. Neo sweetens the deal with cash back on purchases and rewards rates that increase based on the balance of a linked Neo Everyday account.
Since Neo reports to Canada’s credit bureaus, responsible card use (read: timely and consistent bill payments) can help positively impact the cardholder's credit. Yes, the $5 monthly fee eats into cash-back rewards. But for the right person, this may be a small price to pay for a clear pathway to credit improvement.
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The Wealthsimple Card is fairly unique as far as prepaid cards are concerned. The card lets you spend directly from your Wealthsimple Cash account — like a debit card — while earning 1% cash back on purchases — like a credit card. Rewards can be received as cash, stocks, or even cryptocurrencies.
The card also waives foreign transaction fees, making it an especially attractive option for international purchases. The downside? Prepaid cards won’t help build your credit history. But those seeking a versatile and fee-friendly Mastercard should keep an eye out for this Wealthsimple offering.
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Think of the Amex Platinum Card as a luxe status symbol outfitted in metal for maximum impact. With best-in-class perks, including unlimited and comprehensive airport lounge access, hotel upgrades, travel and dining credits and priority airport services, the Platinum Card caters to those seeking the finer things in life — at least as far as travel and entertainment experiences are concerned. Sure, the $799 annual fee is the highest in Canada, but if you’re a frequent jetsetter and want to feel like a VIP, this card could be worth the splurge.
Different types of best credit cards
Looking for certain types of credit cards? Check out more of our picks for different categories of best credit cards:
Beginner’s Guide to Credit Cards in Canada
A credit card is part of daily life for many Canadians. With the best credit cards, you can manage your expenses and earn rewards at the same time.
Using your card to pay for purchases can be more convenient than using cash. Ideally, you’d be able to pay your bill in full each month, so these interest charges would not apply. If you’re worried about your ability to do so, seek out a low-interest card to reduce your financial risk.
Think of credit cards as a short-term loan from your credit card provider — you make purchases with your card and pay for them later.
Pros:
Convenient and secure payment method.
May earn rewards.
May offer insurance coverage.
Builds credit when used responsibly.
Cons:
A more expensive form of borrowing than a personal loan or line of credit.
May lead to debt.
Harms credit when used irresponsibly.
Ideally, you’d be able to pay your bill in full each month, so these interest charges would not apply. If you’re worried about your ability to do so, seek out a low-interest card to reduce your financial risk.
How Does Credit Card Interest Work?
Credit card companies charge interest on unpaid balances. When you pay your balance in full by the due date, you don’t owe any interest. But if you carry a balance past the grace period, interest starts to accrue — often at a high rate.
Types of credit card interest rates
Most credit cards apply more than one interest rate depending on the type of transaction.
Some transactions start earning interest right away
You’ll typically find these rates listed in your cardholder agreement or your card’s terms and conditions:
Purchase rate: This is the most common rate — it applies to unpaid balances from everyday purchases. In Canada, the average purchase rate is around 20%.
Cash advance rate: This rate applies when you withdraw cash from an ATM using your credit card. It can also apply to gambling transactions, lottery ticket purchases, and wire transfers. Interest typically starts accruing immediately, with no grace period.
Balance transfer rate: If you transfer a balance from one card to another, this is the rate you’ll pay on that transferred amount. Some cards offer introductory 0% rates for a limited time.
Penalty rate: If you miss multiple payments, your issuer may apply a penalty APR — often higher than 25% — to your existing and new purchases for a set period.
What happens if you don’t pay off your credit card balance?
If you don’t pay your credit card balance in full, you’ll be charged interest. The amount depends on three factors:
Your card’s interest rate
Your balance
The number of days in your billing cycle.
Let's break it down with an example:
Say you have a credit card with a 19% interest rate. You made a $1,000 purchase, didn’t pay your balance in full, and your grace period has passed. Let's do the math:
Step 1: Calculate your daily interest rate
Annual rate ÷ 365 = daily rate
19% ÷ 365 = 0.00052 (or 0.052% per day)
Step 2: Calculate daily interest on your balance
0.00052 × $1,000 = $0.52 per day
Step 3: Multiply by days in billing cycle
$0.52 × 30 = $15.60 in interest after one month
That means a $1,000 purchase could cost you $15 in one month — and that's just one month.
If you carry a $1,000 balance for a full year without making any payments, interest doesn’t just add up — it compounds. Even with a 19% annual rate, daily compounding means you’d owe about $209 in interest — increasing your balance by nearly 21%.
That’s how everyday debt quietly turns into long-term cost.
Don’t want to crunch the numbers by hand? Use our credit card interest calculator to plug in your balance, interest rate, and billing cycle. It’ll show you exactly how much interest you’ll owe — and how to avoid it.
How Do Credit Card Rewards Work?
Types of rewards you can earn
The type of rewards — and how you earn them — depends on the card. They typically fall into four categories:
For every purchase you make, get a set percentage back in cash. The pay-out date for your cash back earned differs depending on the card. It can be monthly, annually or when you reach a minimum threshold.
Credit card travel rewards programs let you earn points or miles when you make purchases. You can use your rewards to offset the cost of flights, hotels, car rentals, vacation packages and more.
Most rewards programs offer the option to redeem the points you’ve earned for general merchandise, gift cards, experiences, entertainment, financial rewards, and more.
Many merchants have a co-branded credit card. The points you earn can be used in-store or online at any participating stores. Groceries and merchandise are typical redemption options for store rewards cards.
Rewards earn rates
Your card’s earn rate determines how quickly you collect rewards. Most have two types of earn rates:
Base earn rate
This is the default rate you earn on most everyday purchases — or once you’ve maxed out your bonus categories.
For example, you might earn 1% cash back or 1 point per dollar spent.
Accelerated earn rate
Some cards offer extra rewards for spending in specific categories, like groceries or gas. These are often called bonus categories.
For example, a card might give you 4% back on groceries or 2% on gas — helping you rack up rewards faster if those match your regular spending habits.
Earning and using your rewards
How and when you earn rewards — and how you redeem them — depends on the card and the transaction.
How the rewards process works
With certain credit cards, you can earn rewards when you make a purchase.
Make a purchase. The transaction must be considered eligible by your card issuer to earn rewards.
Rewards are calculated. Your provider uses the merchant category and your earn rate to determine how many rewards you’ve earned. Promotions can boost this amount.
Rewards are deposited. Cash back may show up quickly, while travel or store points might appear after your statement posts.
Redeem your rewards. In most cases, redeeming your rewards requires you to log in to your account. Cash back may be simple, but travel rewards might require booking through a portal or meeting certain conditions.
How to track your rewards
Most issuers make it easy to monitor your rewards:
In your account dashboard: You can typically see how many points you’ve earned per transaction, plus a running total.
On your statement: Your monthly statement may show bonus rewards, promotional earnings, or breakdowns by category.
Timing:
Standard rewards usually appear when your transaction posts.
Bonus rewards and promotions may show up at the end of the billing cycle.
Some special cases to note:
Companion vouchers or other premium perks may take longer to appear.
Welcome bonuses often require manual tracking. If the offer requires you to spend $3,000 in the first three months, it’s up to you to track your progress and confirm the bonus is issued.
Tips for maximizing your rewards
Know how to earn points. Not all purchases earn the same — check your card’s reward rules.
Explore redemption options. Make sure the rewards suit your goals before signing up.
Watch for limited-time promotions. Promotional rates or redemption bonuses can boost your value.
Track expiration dates. Some points expire due to inactivity. Use your card regularly to keep rewards active.
Look for cards with bonus categories that align with your lifestyle — that’s where the real value is.
How to Compare Credit Cards
Narrowing down your options can be a challenge, but focusing on these key factors will make the process of comparing a lot easier. Here's what to consider:
Eligibility criteria
Different cards carry different credit score and income requirements. To ensure you meet the eligibility criteria, learn how to check your credit score. And be mindful of personal or household income requirements, too — you’ll often encounter these criteria with high-tier luxury cards.
Annual fee
Decide if you want to pay an annual fee or not. Cards that have an annual fee typically come with better benefits.
Rewards
The type of rewards you want to earn will quickly help you narrow down your choices.
Earn rates
Try to choose a card with increased earn rates in the categories where you naturally spend more.
Welcome bonus
If you’re comparing similar cards, choose the one with a better sign-up offer.
Perks and extras
See if there are any additional benefits you want, such as no foreign transaction fees, travel insurance, extended warranty, etc.
How to Apply for a Credit Card
When you apply for a credit card, there’s no guarantee you’ll be approved. The credit card provider needs to assess your financial profile to determine if you’re creditworthy.
Here's what to expect when you apply:
1. Fill out an application
This can be done online or at your financial institution. The application will ask for some basic information, such as your name, date of birth, address, social insurance number, employer and income.
2. Your information is checked
The credit card issuer will check your credit history and verify the information that you provided.
3. A decision is made
If you apply online, instant approval (or disapproval) is possible, but there’s also a chance the credit card issuer will ask you to contact them to provide additional information.
4. Your card is mailed out
Your credit card will immediately be mailed out and will typically arrive within 14 business days.
5. Activate your card
Once your card arrives, you’ll need to activate it by logging into your account or calling the number on your card. Once activated, you can use your card to make purchases.
Types of Credit Cards in Canada
There are different types of credit cards in Canada, and each one supports different financial goals. For example, if you pay your balance in full each month, a rewards card may be a good fit. If you’re rebuilding credit or reduce interest, other card types may be a better fit.
Explore the options below to understand what makes sense for your needs.
Good pick for: Earning points, miles or cash back
Cash back cards
You’ll get cash back on every purchase you make. See our picks for the best cash back credit cards in Canada.
General rewards cards
The points you earn can be used for gift cards, merchandise, experiences and sometimes travel. See our picks for the best general rewards credit cards in Canada.
Travel cards
The points you earn can be used for any type of travel redemption. See our picks for the best travel credit cards in Canada.
Airline cards
Co-branded airline rewards can be used on a specific airline and its partners. Examples include:
Hotel cards
Points earned through hotel credit cards can be used at any participating property.
Co-branded store cards
Use the points you’ve earned for groceries, merchandise and more.
"Black cards" and premium options
Despite the name, what unites black credit cards isn’t colour; it’s exclusivity. Black cards are deluxe credit cards — the crème de la crème — typically available by invitation only to high earners and splashy spenders.
The eligibility criteria for a black credit card differs by card provider, but typically, applicants need an excellent credit score and a personal income of at least six figures annually.
Good pick for: Cutting costs while maintaining flexibility
Balance transfer cards
Balance transfer credit cards typically come with a low introductory interest rate. Because of this, you can use them to move your balance from a credit card with a high rate to one with a lower rate, allowing you to pay down debt faster.
Low-interest cards
Low-interest credit cards often have an interest rate of between 9% – 13%. This is significantly lower than standard interest rates, so low-interest credit cards can be helpful for people who may carry a balance.
No-fee cards
No-fee credit cards come with no annual fee. They can be any type of credit card, but often feature rewards or a low interest rate. Some no-fee cards are geared towards students and have easier requirements.
Good pick for: Establishing or repairing credit history
Student credit cards
Student credit cards typically have more relaxed qualification requirements and often charge no annual fee. They’re a good choice for students who may be looking to build their credit or establish good spending habits.
Secured cards
Secured credit cards require a refundable deposit, which usually acts as your credit limit. These cards are designed for people who are building or rebuilding credit, including those recovering from a credit setback or bankruptcy.
Secured card activity is reported to Canadian credit bureaus, which can help improve your credit score over time.
Prepaid cards
Prepaid credit cards are like debit cards: cardholders can only spend up to the amount they’ve deposited to the card. These cards don’t charge interest because cardholders don’t borrow money — they spend their own funds.
Prepaid credit card activity isn’t typically reported to Canadian credit bureaus, so using one won’t impact your credit score.
Good pick for: Managing business expenses and earning business rewards
Business credit cards
Business credit cards typically offer accelerated rewards rates on business spending. Merchants may also appreciate common business credit card perks, like higher credit limits and supplementary cards for employee use.
Frequently asked questions
What credit cards are the most accepted in Canada?
What credit cards are the most accepted in Canada?
Mastercard and Visa credit cards are the most accepted cards in Canada, although one major retailer doesn’t take Visa: Costco.
If you carry an American Express card, you may want a backup form of payment — it may be less frequently accepted in Canada.
What’s better, a Mastercard or Visa?
What’s better, a Mastercard or Visa?
It’s hard to declare a winner between Mastercard and Visa because these payment giants are credit card networks — not credit card issuers. Mastercard and Visa are among the most popular and well-established credit card processing networks in the world and share a lot in common. They’re both widely accepted and process billions of transaction dollars annually.
Mastercard and Visa predominantly work behind the scenes. They partner with card issuers, like banks and credit unions, to offer cards to the public. Eligibility requirements, rewards, and signup bonuses are all determined by card issuers.
Can Americans get a Canadian credit card?
Can Americans get a Canadian credit card?
Yes. Several Canadian banks offer non-resident and newcomer credit cards, including RBC, Scotiabank, TD, and more. These card programs are designed for newcomers and temporary residents and typically don’t require a credit check.
US citizens can also explore secured or prepaid credit card options. These Canadian credit cards require cash deposits before they can be used and can be a practical option for those paying a visit to the Great White North.
What credit score is needed for a credit card?
What credit score is needed for a credit card?
Canadian credit card issuers rarely disclose required credit scores, which makes it hard to know your chances of approval when comparing credit cards. However, higher scores generally mean better chances of approval, and that’s true regardless of the type of credit you’re applying for.
Want to learn more? Visit our “What Credit Score is Needed for a Credit Card?” page.
What is the best credit score in Canada?
What is the best credit score in Canada?
Credit scores in Canada range from 300 to 900. Generally, Canadian credit scores can be organized into the following categories:
Poor: 300 – 579.
Fair: 580 – 659.
Good: 660 – 739.
Very Good: 740 – 799.
Excellent: 800+.
How many credit cards should I have?
How many credit cards should I have?
The number of credit cards that’s right for you will depend on your spending habits, credit score and personal preferences.
There are benefits and drawbacks to carrying two or more credit cards. A few things to keep in mind:
Applying for a new Canadian credit card requires a hard credit check, which will likely drop your credit score by a few points.
Holding more than one credit card may improve your credit score if you use your cards responsibly.
Carrying more than one card means you’ll have access to multiple credit sources, which could lead to an increased risk of debt.
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Shannon Terrell
Shannon Terrell