• Sun. Mar 3rd, 2024

Quick overview of Canada’s top credit cards

 The Cobalt® Card from American Express :

The American Express Cobalt is an excellent choice if you’re searching for a rewards card that is both versatile and profitable, suitable for both regular use and travel. Strong travel insurance, an amazing welcome incentive, and several point redemption choices are available to cardholders.

The American Express Cobalt rapidly wins our award for the best all-around travel credit card in Canada with a leading-the-way total of five times points earned on eligible dining, drinking, food items, and food delivery purchases; a total of three times the rewards on eligible streaming services; and multiple times the points on rides shared, daily transit, and gas. Aside from that, new cardholders may accrue 1,250 points per $750 spent each month, up to a total of 15,000 points, with the card’s welcome incentive.

Advantages :

 Fantastic introductory bonus: accumulate 1,250 points for every $750 spent each month, up to a total of 15,000 points.
 Cardholders can use their Membership Rewards flexibly and redeem points for products, gift cards, vacations, or other purchases. Additionally, frequent travellers can transfer points 1:1 to a number of reward clubs.
 Compared to most other cards, the earning possibility for restaurants and takeaway is substantially larger.
 Getting to the Head of the Line Pre-sale and reserved seats for plays, musicals, film screenings, and food events, plus other exclusive deals
and a robust travel insurance plan with a maximum of $5,000,000 in emergency medical coverage
 No extra charge for any extra authorized users (other similar cards often charge between $30 and $50).

Disadvantages :

 $12.99 monthly cost (which adds out to a $156 yearly fee, more than most other rewards cards)
 Visa and Mastercard are more often accepted in Canada than American Express.
 Travel insurance packages do not cover medical coverage for customers over 65 and trip cancellations.
 Access to airport lounges is not offered, which may upset people who travel frequently.

 The Visa Infinite* Scotiabank PassportTM Card:

Because it offers a five-fold booster for each dollar spent on food products, restaurants, food delivery, and entertainment, as well as a three-fold multiplier for petrol and transportation, the Scotiabank Gold American Express Card offers the greatest return on expenditure in its class. This accumulates a huge amount of rewards on your daily purchases. In addition, cardholders will have access to a comprehensive travel insurance package and won’t be charged a foreign transaction fee when making transactions in foreign currencies. With substantial discounts, the Scotiabank Gold American Express card is an excellent travel companion.

Advantages:

 Zero foreign exchange fee (usually 2.5% of the amount purchased in foreign currency, whether buying online or going overseas)
 Broad coverage – a million dollars of travel medical insurance is one of the longest coverage periods available, lasting 25 days.
 High average percentage return on expenditure (5 points for every $1 spent) – among the highest in-class multipliers for dining out, retail, entertainment, petrol, and transportation
 A fantastic welcome gift that offers a maximum of $650 in worth in the first Year, along with 40,000 extra Scene+ points. Apply before July 1st, 2024, please.
 Access to exclusive airport lounges and 24-hour concierge services

Disadvantages:
 In Canada, American Express is less prioritized than Mastercard and Visa cards.
 $120 Per Year

 The CIBC Infinite* Dividend® Visa Card:

The CIBC Dividend Visa Infinite’s outstanding returns on daily necessities are its main selling feature. This card offers a leading-the-way 4% cash back on petrol and grocery purchases, two of the most frequent spending areas for Canadian households, in addition to the 1% earn rate on other expenditures. Cardholders may opt to redeem points at any point in time as a statement credit, starting in $25 increments, thanks to CIBC’s newest Cash Back on Demand feature.

Advantages:

 Earn rates on petrol, grocery, and EV charging are far greater than those of the majority of cards (4% cash back).
 Users may redeem their Cashback in increments of $25 at any time with this flexible option.
 Access to CIBC’s Pace It program, which lets you pay for big purchases in instalments per month,
 Offers new customers who apply online a 10% cash back welcome incentive up to $200 (first four statements) as a digital-only welcome bonus. Offer not valid for residents of Quebec. There are terms and conditions.
 Visa Infinite Program access, which gives you the opportunity to take advantage of hotel benefits and unique dining events at certain hotels and restaurants

Disadvantages :

 The $120 annual charge and the $600,000 personal income criteria might be too much.
 The insurance coverage is less extensive than that of other rewards cards of a similar nature (if you prioritize having insurance, check out the cards on our list of the Best credit cards for travel insurance).

 Tangerine Credit Card with Money-Back :

The Tangerine Money-Back Credit Card’s customizability is what really makes it stand out, even if there is no annual fee, which is a major factor in its appeal. You may select the bonus categories you want to use with this card, and you’ll receive a generous 2% cashback rate for every dollar you spend. In the financial services sector, this is uncommon, and it allows you to avoid being forced into a bonus area that you can’t fully utilize or that doesn’t fit your spending patterns. Moreover, you receive a monthly reimbursement for your Cashback rather than the usual yearly payout.

Advantages:

 A no-fee card that offers 2% cash back per dollar on bonus categories is among the best earning rates available. You can choose a maximum of three bonus groups to earn 2% cash in return (out of a total of ten options). This is in stark contrast with many other cards which receive predetermined bonus types that you have no control over.
 The ability to switch around your bonus categories whenever you’d like (changes may take up to 90 days to take effect).
 Being a Mastercard credit card, it is widely accepted practically everywhere, such as No Frills and Costco.
 Purchase protection and an extended warranty
 Additional cards at no cost for authorized users

Disadvantages :

 All purchases that do not fall into one of your selected bonus categories will only earn you 0.5% cash back.
 Not a single trip medical insurance or significant extra benefits

 The Mastercard® True Line® credit card from MBNA:

The MBNA True Line Mastercard exhibits a significant degree of overlap in the Venn diagram, representing the elements that consumers seeking to reduce their credit card debt most desire. The card offers an inadequate buying rate of interest of 12.99% on both purchases and debt transfers, along with no annual fee.

Advantages :
 The fixed cheap rate of interest of 12.99% is unaffected by your income, credit score, or the bank’s prime lending rate.
 It’s incredibly accessible because there’s no yearly cost and no income criteria to be eligible.
 With a 3% transfer of balance charge, an incentive balance reduction of 0% is offered for an entire year to assist in reducing or eliminating credit card debt.

Disadvantages :

 Excludes perks like insurance and others
 Offer not accessible to Quebec residents

 Neo Credit

The Neo Card (Secured), which has the unique feature of being the sole secured card available with Cashback incentives, gives five per cent of your money back on expenditures made with authorized Neo partners and 1% cash back on all other transactions (up to a monthly limit of $5,0000).

Not only is there no annual cost, but the card may be the most accessible on this list due to its $50 minimum security deposit. Additional fantastic features include the flexibility to instantly raise or lower your credit limit, a spending tracking insights dashboard via their app, and an auto-pay option that makes sure you never forget a payment while you’re working to rebuild credit.

The higher interest rate is the only obvious disadvantage in this case. Its bottom end is comfortably at a regular 19.99%, but depending on your request for credit and province, it can go up to 26.99%. Therefore, be sure you’re obtaining a rate you are able to live with by reading the tiny print in your contract.

Advantages:

 No yearly charge
 The only secured card available with cashback benefits is the Neo retail partners’ 5% on in-store transactions and 1% on all other purchases.
 On-demand, raise or lower your credit limit
 Using the insights dashboard, you may monitor your expenditures.
 Using autopay prevents you from forgetting payments.
 $50 is a very small minimum security deposit.
 No hard credit check, with the exception of candidates from Quebec (hard credit queries might lower your credit score).

Disadvantages :

 The purchase interest rate may reach a maximum of 26.99%, contingent upon your province of residence and application.

 Cardholder: American Express Business EdgeTM :

If a company owner wants to earn significant rewards on their monthly office costs, their credit card of choice should be the American Express company Edge Card. For dining out, petrol, transportation, office supplies, and electronics, cardholders may get three points for every dollar spent, and for all other expenditures, they can receive one point.

Advantages:

 Gain up to 67,000 welcome extra Membership Rewards points as part of this generous introductory promotion.
 A reasonable earnings rate on regular business expenses
 Includes protection purchased through travel insurance
 Compared to other company credit cards, the principal cardholder account can have up to 99 additional staff cards attached to it.

Frequently requested inquiries

 Which credit card is best for debt transfers?

The ideal credit card for balance transfers has a low annual fee (or waives it for the first Year) and free interest for a longer length of time (usually six to ten months). We decided on the MBNA True Line Mastercard because it helps you pay off debt or completely erase it by offering a full year of interest-free credit.

 Can my balance be moved to a card issued by the same bank?

Regretfully, no. Your current bank will usually not let you transfer the money to one of their own interest-free or balance transfer cards. Still, you may transfer your account to a card from another financial institution.

The best balance transfer credit cards in Canada for 2024

ByJosh Taylor

Jan 26, 2024

Quick overview of Canada’s top credit cards

 The Cobalt® Card from American Express :

The American Express Cobalt is an excellent choice if you’re searching for a rewards card that is both versatile and profitable, suitable for both regular use and travel. Strong travel insurance, an amazing welcome incentive, and several point redemption choices are available to cardholders.

The American Express Cobalt rapidly wins our award for the best all-around travel credit card in Canada with a leading-the-way total of five times points earned on eligible dining, drinking, food items, and food delivery purchases; a total of three times the rewards on eligible streaming services; and multiple times the points on rides shared, daily transit, and gas. Aside from that, new cardholders may accrue 1,250 points per $750 spent each month, up to a total of 15,000 points, with the card’s welcome incentive.

Advantages :

 Fantastic introductory bonus: accumulate 1,250 points for every $750 spent each month, up to a total of 15,000 points.
 Cardholders can use their Membership Rewards flexibly and redeem points for products, gift cards, vacations, or other purchases. Additionally, frequent travellers can transfer points 1:1 to a number of reward clubs.
 Compared to most other cards, the earning possibility for restaurants and takeaway is substantially larger.
 Getting to the Head of the Line Pre-sale and reserved seats for plays, musicals, film screenings, and food events, plus other exclusive deals
and a robust travel insurance plan with a maximum of $5,000,000 in emergency medical coverage
 No extra charge for any extra authorized users (other similar cards often charge between $30 and $50).

Disadvantages :

 $12.99 monthly cost (which adds out to a $156 yearly fee, more than most other rewards cards)
 Visa and Mastercard are more often accepted in Canada than American Express.
 Travel insurance packages do not cover medical coverage for customers over 65 and trip cancellations.
 Access to airport lounges is not offered, which may upset people who travel frequently.

 The Visa Infinite* Scotiabank PassportTM Card:

Because it offers a five-fold booster for each dollar spent on food products, restaurants, food delivery, and entertainment, as well as a three-fold multiplier for petrol and transportation, the Scotiabank Gold American Express Card offers the greatest return on expenditure in its class. This accumulates a huge amount of rewards on your daily purchases. In addition, cardholders will have access to a comprehensive travel insurance package and won’t be charged a foreign transaction fee when making transactions in foreign currencies. With substantial discounts, the Scotiabank Gold American Express card is an excellent travel companion.

Advantages:

 Zero foreign exchange fee (usually 2.5% of the amount purchased in foreign currency, whether buying online or going overseas)
 Broad coverage – a million dollars of travel medical insurance is one of the longest coverage periods available, lasting 25 days.
 High average percentage return on expenditure (5 points for every $1 spent) – among the highest in-class multipliers for dining out, retail, entertainment, petrol, and transportation
 A fantastic welcome gift that offers a maximum of $650 in worth in the first Year, along with 40,000 extra Scene+ points. Apply before July 1st, 2024, please.
 Access to exclusive airport lounges and 24-hour concierge services

Disadvantages:
 In Canada, American Express is less prioritized than Mastercard and Visa cards.
 $120 Per Year

 The CIBC Infinite* Dividend® Visa Card:

The CIBC Dividend Visa Infinite’s outstanding returns on daily necessities are its main selling feature. This card offers a leading-the-way 4% cash back on petrol and grocery purchases, two of the most frequent spending areas for Canadian households, in addition to the 1% earn rate on other expenditures. Cardholders may opt to redeem points at any point in time as a statement credit, starting in $25 increments, thanks to CIBC’s newest Cash Back on Demand feature.

Advantages:

 Earn rates on petrol, grocery, and EV charging are far greater than those of the majority of cards (4% cash back).
 Users may redeem their Cashback in increments of $25 at any time with this flexible option.
 Access to CIBC’s Pace It program, which lets you pay for big purchases in instalments per month,
 Offers new customers who apply online a 10% cash back welcome incentive up to $200 (first four statements) as a digital-only welcome bonus. Offer not valid for residents of Quebec. There are terms and conditions.
 Visa Infinite Program access, which gives you the opportunity to take advantage of hotel benefits and unique dining events at certain hotels and restaurants

Disadvantages :

 The $120 annual charge and the $600,000 personal income criteria might be too much.
 The insurance coverage is less extensive than that of other rewards cards of a similar nature (if you prioritize having insurance, check out the cards on our list of the Best credit cards for travel insurance).

 Tangerine Credit Card with Money-Back :

The Tangerine Money-Back Credit Card’s customizability is what really makes it stand out, even if there is no annual fee, which is a major factor in its appeal. You may select the bonus categories you want to use with this card, and you’ll receive a generous 2% cashback rate for every dollar you spend. In the financial services sector, this is uncommon, and it allows you to avoid being forced into a bonus area that you can’t fully utilize or that doesn’t fit your spending patterns. Moreover, you receive a monthly reimbursement for your Cashback rather than the usual yearly payout.

Advantages:

 A no-fee card that offers 2% cash back per dollar on bonus categories is among the best earning rates available. You can choose a maximum of three bonus groups to earn 2% cash in return (out of a total of ten options). This is in stark contrast with many other cards which receive predetermined bonus types that you have no control over.
 The ability to switch around your bonus categories whenever you’d like (changes may take up to 90 days to take effect).
 Being a Mastercard credit card, it is widely accepted practically everywhere, such as No Frills and Costco.
 Purchase protection and an extended warranty
 Additional cards at no cost for authorized users

Disadvantages :

 All purchases that do not fall into one of your selected bonus categories will only earn you 0.5% cash back.
 Not a single trip medical insurance or significant extra benefits

 The Mastercard® True Line® credit card from MBNA:

The MBNA True Line Mastercard exhibits a significant degree of overlap in the Venn diagram, representing the elements that consumers seeking to reduce their credit card debt most desire. The card offers an inadequate buying rate of interest of 12.99% on both purchases and debt transfers, along with no annual fee.

Advantages :
 The fixed cheap rate of interest of 12.99% is unaffected by your income, credit score, or the bank’s prime lending rate.
 It’s incredibly accessible because there’s no yearly cost and no income criteria to be eligible.
 With a 3% transfer of balance charge, an incentive balance reduction of 0% is offered for an entire year to assist in reducing or eliminating credit card debt.

Disadvantages :

 Excludes perks like insurance and others
 Offer not accessible to Quebec residents

 Neo Credit

The Neo Card (Secured), which has the unique feature of being the sole secured card available with Cashback incentives, gives five per cent of your money back on expenditures made with authorized Neo partners and 1% cash back on all other transactions (up to a monthly limit of $5,0000).

Not only is there no annual cost, but the card may be the most accessible on this list due to its $50 minimum security deposit. Additional fantastic features include the flexibility to instantly raise or lower your credit limit, a spending tracking insights dashboard via their app, and an auto-pay option that makes sure you never forget a payment while you’re working to rebuild credit.

The higher interest rate is the only obvious disadvantage in this case. Its bottom end is comfortably at a regular 19.99%, but depending on your request for credit and province, it can go up to 26.99%. Therefore, be sure you’re obtaining a rate you are able to live with by reading the tiny print in your contract.

Advantages:

 No yearly charge
 The only secured card available with cashback benefits is the Neo retail partners’ 5% on in-store transactions and 1% on all other purchases.
 On-demand, raise or lower your credit limit
 Using the insights dashboard, you may monitor your expenditures.
 Using autopay prevents you from forgetting payments.
 $50 is a very small minimum security deposit.
 No hard credit check, with the exception of candidates from Quebec (hard credit queries might lower your credit score).

Disadvantages :

 The purchase interest rate may reach a maximum of 26.99%, contingent upon your province of residence and application.

 Cardholder: American Express Business EdgeTM :

If a company owner wants to earn significant rewards on their monthly office costs, their credit card of choice should be the American Express company Edge Card. For dining out, petrol, transportation, office supplies, and electronics, cardholders may get three points for every dollar spent, and for all other expenditures, they can receive one point.

Advantages:

 Gain up to 67,000 welcome extra Membership Rewards points as part of this generous introductory promotion.
 A reasonable earnings rate on regular business expenses
 Includes protection purchased through travel insurance
 Compared to other company credit cards, the principal cardholder account can have up to 99 additional staff cards attached to it.

Frequently requested inquiries

 Which credit card is best for debt transfers?

The ideal credit card for balance transfers has a low annual fee (or waives it for the first Year) and free interest for a longer length of time (usually six to ten months). We decided on the MBNA True Line Mastercard because it helps you pay off debt or completely erase it by offering a full year of interest-free credit.

 Can my balance be moved to a card issued by the same bank?

Regretfully, no. Your current bank will usually not let you transfer the money to one of their own interest-free or balance transfer cards. Still, you may transfer your account to a card from another financial institution.