Canada’s Best Credit Cards 2022

Finding the right credit card could save you hundreds, if not thousands, of dollars a year. Whether you’re looking for lower fees, more rewards or simply valuable perks like travel medical insurance or rental car savings, every dollar counts. If you use your credit card wisely, pay off your balance monthly and find the right rewards program for you, and you are sure to come out ahead. There’s a slew of credit card options out there, and it can be challenging to find the best deal—but this list of best credit cards in Canada is here to help.

We’ve highlighted the best in 13 different categories so that you can zero in on the ones that fit your spending habits, and offer features you truly value. Remember, this “best credit cards” ranking is the starting point; the final decision is yours to make. 

Best overall cashback credit card

Scotia Momentum Visa Infinite*

One of the first things you’ll notice about the Scotia Momentum Visa Infinite is its high earn rates in popular spending categories. You’ll get 4% cash back on groceries and recurring bills (like Netflix), 2% back on gas and transit (including Uber), and a 1% base rate for spends in all other categories. The included insurance covers your mobile device, car rental, and travel eventualities, and you’ll gain access to Visa Infinite perks like Concierge Service and Hotel Collection. If you’re looking for the most well-rounded and lucrative cash back card, our pick is the Scotia Momentum Visa Infinite.

Best rewards cards for everyday spending

American Express Cobalt Card*

With a high earn rate, a generous welcome bonus and easy-to-redeem points, the American Express Cobalt Card is our top pick as the best travel credit card for everyday spending. The points you earn can be used toward travel at a rate of 1,000 points for $10 for any flight on any airline with no blackout dates, or use them toward the American Express Fixed Points Travel program, which lets you unlock even better value on round-trip flights. If you prefer to use your rewards for accommodations, you can transfer your points to one of the American Express Hotel partners, including Marriott Bonvoy.

• Annual fee: $156
• Interest rates: Purchases 20.99%, cash advances 21.99%
• Earn rate: 5 points per $1 spent on dining out and groceries; 2 points per $1 spent on travel; 1 point per $1 spent on all other purchases
• Welcome offer: earn 2,500 points for each month you spend $500, up to a maximum of 30,000 points—that’s $300 towards a weekend getaway or concert tickets.
• Income requirement: $12,000
• Additional benefits: Travel insurance; American Express Invites

Get more details about the American Express Cobalt Card*

The Scotiabank Gold American Express has been a longtime favourite for Canadians, especially those who travel. The first thing you’ll notice about this card is the Scotia Rewards earn rate is a very healthy 5 points per $1 on groceries, dining and entertainment. Gas gets 3 points per $1, as do spends in two other categories: Public transit and eligible streaming services. All other purchases earn you 1 point per $1 spent. This card also doesn’t charge a foreign transaction fee—it’s one of the very few Canadian cards to offer this perk. Consider it a 2.5% bonus (the amount usually charged) on all foreign currency transactions, including online purchases. 

• Welcome offer: Earn up to $850* in value in the first 12 months, including up to 45,000 bonus Scene+ points and first year annual fee waived. Offer ends 30 April 2023.

• Earn rate: 5 Scene+ points for every $1 spent on dining and entertainment, 3 points per $1 on gas, transit and streaming services, and 1 point per $1 on everything else

• Income requirement: $12,000

• Additional benefits: Travel emergency medical, trip cancellation and interruption, flight delay, lost or delayed baggage, travel accident, and rental car collision coverages; hotel-motel burglary insurance; no foreign transaction fees; Amex Offers, Amex Front-of-the-Line, and American Express Invites; and discounted Priority Pass membership

Best cash back cards 

For simplicity: SimplyCash Preferred Card from American Express*

If you’re not a points hacker but still want returns in your back pocket, consider the Amex SimplyCash Preferred card which makes earning money on your everyday spending uncomplicated. With this card you’ll earn 2% on everything you charge, so there are no spending categories to keep track of. Travel and shop stress-free with included insurance, and be sure to take advantage of the shopping, dining and travel offers you get with American Express.

Get more details about the SimplyCash Preferred card from American Express*

For bonus categories: CIBC Dividend Visa Infinite

On top of its standard 1% earn rate, the CIBC Dividend Visa Infinite card earns accelerated cash back rates in a diverse range of five common spending categories. It earns 4% cash back on both groceries and gas (no other cash back card earns more in those two essential categories), and you can earn twice the cash back on dining (including deliveries), daily transit (includes transit passes to rideshares like Uber), and 2% on recurring bills (think smartphone and cable bills). And it’s a standout compared to other cash back cards, as you can redeem whenever you like, as opposed to just once a year. Cash back redemption is done in increments of $25.

• Additional benefits: Mobile device insurance; emergency travel insurance; concierge service; Visa Infinite Dining and Wine Country program, save up to $0.10 per litre at participating Chevron, Ultramar, Fast Gas and Pioneer gas stations when you link your card with Journie Rewards. 

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Best Visa travel credit card

BMO eclipse Visa Infinite*

If you want to earn rewards on your dining and transit costs, look no further. You’ll earn 5 times the BMO Rewards points on your spending at grocery stores and restaurants (including delivery and takeout) and on your transit costs, like gas, public transit and rideshares. Other categories earn at a rate of 1 point per $1. You can redeem your BMO Rewards points for travel, as well as gift cards and select products. You can also pay for purchases with your points directly— selecting a transaction of as little as $1 and using your points to cover it. 

• Annual fee: $120
• Interest rates: Purchases 20.99%, cash advances 23.99%, balance transfers 23.99%
• Welcome offer: Get up to 70,000 points ($467 in travel rewards) and earn 5 times the points on gas, dining, groceries and transit for the first year. Add and an authorized user and get 10% more points, too. Plus, they’ll waive the $120 annual fee your first year and you get a $50 lifestyle credit too.
• Earn rate: 5 BMO Rewards points per $1 on food purchases, including groceries, restaurants and delivery, as well as gas and transit purchases including taxis and rideshares; 1 point per $1 on everything else
• Income requirement: $60,000 personal or $100,000 household
• Additional benefits: Visa Infinite privileges

Get more details about the BMO Eclipse Visa Infinite Card*

Tangerine Money-Back Credit Card*

If you’re looking for a no-fee, cash-back credit card, then the Tangerine Money-Back card needs to be on your radar. With 2% cash back on up to three spending categories of your choice (such as groceries, gas and dining) and 0.5% back on everything else, this credit card is an excellent choice in the no-fee category. When you sign up, instead the bank set categories for you, you customize your cash-back spending options. You choose two categories where you earn 2% right away, but if you set your cash back to deposit directly into your Tangerine account, then you get to add a third category—meaning you can reap some considerable rewards. 

If you meet the $60,000 annual income requirement, you’ll automatically be considered for the Tangerine World Mastercard, which comes with additional perks such as mobile device and rental car insurance.

• Annual fee: $0
• Interest rates: Purchases 19.95%, cash advances 19.95%, balance transfers 19.95%
• Welcome offer: Earn 15% cash back (up to $150) when you spend $1,000 on everyday purchases within the first two months of having the card. Transfer your balance from another credit card to receive a low interest rate of 1.95% for the first six months (1% balance transfer fee applies). Must apply by November 18, 2022.
• Earn rate: 2% cash back on up to 3 bonus categories of your choice; 0.5% on all other purchases
• Income requirement: $12,000
• Additional benefits: Purchase assurance and extended warranty

Get more details about the Tangerine Money-Back Credit Card*

MBNA Rewards Platinum Plus Mastercard*

The MBNA Rewards Platinum Plus Mastercard offers a strong sign-up bonus for a no-fee card, and the 10,000 points on offer are easy to earn. All you need to do is spend $500 in grocery and restaurant purchases within 90 days of getting your card to receive the first 5,000 points. Sign up for paperless e-statements to receive the rest. MBNA points are flexible and easy to redeem for a variety of things including travel, where you get the most bang for your buck at 100 points to claim $1 in travel. For reference, it takes 200 points to claim $1 in cash back.

• Annual fee: $0
• Interest rates: Purchases 19.99%, cash advances 24.99%, balance transfers 22.99%
• Welcome offer: (Not available for residents of Quebec, instead click here.)
• Earn rate:Earn 2 points for every $1 spent on eligible groceries and restaurants ($5,000 max annual spend per category) and 1 point per $1 on everything else.
• Additional benefits: Purchase assurance and extended warranty

Get more details about the MBNA Rewards Platinum Plus Mastercard*

Best Aeroplan card

TD Aeroplan Visa Infinite*

If you tend to fly Air Canada when you can, then the TD Aeroplan Visa Infinite could be the credit card for you. This Visa gives you, and up to eight guests flying on the same itinerary, free checked bags on your Air Canada flights. And when booking, as an Aeroplan credit cardholder, you get preferred pricing (using fewer points with Air Canada), too. We bet you want to know about the newly revamped Aeroplan plan, too: The earn rate for the card is 1.5 Aeroplan points per $1 spent on gas and groceries. And 1 Aeroplan point per $1 spent on all other purchases. This is a respectable earn rate, since groceries and gas are typically what people spend the most of their money on. You also get great travel insurance, mobile device insurance, purchase security, extended warranty and a Nexus rebate of up to $125.

• Annual fee: $139
• Interest rates: Purchases 20.99%, cash advances 22.99%, balance transfers 22.99%
• Welcome bonus: Earn up to 50,000 Aeroplan points when you sign up. They’ll also waive the annual fee for your first year. Must apply by January 3, 2023.† Quebec residents, click here.
• Earn rate: 1.5 Aeroplan points per $1 spent on gas and groceries, 1 Aeroplan point per $1 spent on everything else
• Our favourite features: Free checked bags
• Additional benefits: Travel insurance, mobile device insurance, up to $125 Nexus rebate every 48 months

Get more details about the TD Aeroplan Visa Infinite*

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Best Air Miles credit card

BMO Air Miles World Elite Mastercard*

Air Miles collectors, rejoice! The Air Miles World Elite Mastercard from Bank of Montreal pairs one of the most generous Air Miles earn rate available—1 mile per $12 spent—with an extremely valuable suite of travel-related perks, including travel insurance. (Plus three times the miles at Air Miles partners.) New cardholders get the first year’s annual fee waived, and the welcome offer of 2,000 Miles will give you a substantial start on your miles collection.

• Annual fee: $120
• Interest rates: purchases 20.99%, cash advances 23.99%, balance transfers 22.99%
• Welcome bonus: new cardholders receive 3,000 miles ($310 value)
• Earn rate: 1 mile for every $12 spent, three times the rewards at Air Miles partners and two times at eligible grocery stores
• Income requirement: $80,000 (individual) or $150,000 (household)
• Additional benefits: up to 15 days of out of province/out of country emergency medical protection worth up to $2 million; trip cancellation/interruption coverage; baggage and personal effects insurance; and rental car insurance

Get more details about the BMO Air Miles World Elite Mastercard*

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Best low-interest credit card

MBNA True Line Gold Mastercard*

People looking to reduce the amount of interest they pay should consider a low-interest credit card like the MBNA True Line Gold card. You won’t earn anything for your spending on the card, but the interest rate is just 8.99%, which is significantly lower than the average of 19.99% most other credit cards charge. If you’re currently carrying a balance on a credit card with a higher interest rate, then you should also consider taking advantage of the optional balance transfer at the time of application. Balances transferred won’t be charged interest for a full six months, which could save you bundles.

• Annual fee: $39
• Interest rates: purchases 12.99%, cash advances 24.99%, balance transfers 12.99%
• Purchase interest rate: 8.99%
• Balance transfer offer: Optional balance transfer at 0% interest for the first 6 months (3% transfer fee, $7.50 minimum fee). Note this offer is not available for residents of Quebec.

Get more details about the MBNA True Line Gold Mastercard*

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Best credit card for gas

CIBC Dividend Visa Infinite

With a return of 4% cash back on gas and the option to save $0.10 per litre at certain gas stations, this card is designed to give you back some of the (large) chunk of money you spend on fuel. There are a few other bonus categories through which to earn competitive cash back rates too, like 4% on groceries, which is extra handy with rising food costs. It also offers 2% cash back on daily transit (including ride shares and public transit), so it’ll get you rewards on all modes of transit, as well as 2% on dining and recurring payments.

• Annual fee: $120 (rebated for the first year)
• Interest rates: Purchases 20.99%, cash advances 22.99%, balance transfers 22.99% (21.99% on cash advances for Quebec residents).
• Earn rate: 4% cash back on gas, 4% on groceries, 2% on dining, daily transit and recurring bills, and 1% on everything else.
• Welcome bonus: Earn 10% cash back on all purchases (up to $250 in value) for the first four statements (up to a maximum of $2,500 in purchases), plus an annual fee rebate for the first year. To be eligible, you must apply online.
• Additional benefits: Emergency travel medical; car rental collision and loss damage insurance; mobile device insurance; plus save up to $0.10 per litre at participating Chevron, Ultramar and Pioneer gas stations when you link your card with Journie Rewards.
• Income required: $60,000 or $100,000 as a household

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Best credit card for groceries

Scotia Momentum Visa Infinite*

This card helps offset rising household expenses: you’ll earn 4% back on groceries, as well as 4% on recurring bill payments and subscriptions like Netflix. This card also earns 2% on transportation costs including Uber and gas (up to an annual total spend of $25,000; after that the earn rate drops to 1%). All other purchases earn at 1%, too. However, if you’re a commuter and spend a lot on gas and groceries, you may want to consider the card above to earn 4% back in both of those categories. Figuring out which you spend more on (recurring bills or gas) can help you pick the most beneficial card for you.

• Annual fee: $120 (waived for first year)
• Interest rate: Purchases 20.99%, cash advances 22.99%, 22.99% on balance transfers
• Welcome bonus: You can earn 10% cash back on all purchases for the first 3 months (up to $2,000); annual fee is waived. Must apply by Oct. 31, 2022.
• Earn rate: 4% cash back on groceries, 4% cash back on recurring bill payments, 2% on gas, public transit, taxis and rideshares, and 1% on everything else
• Additional perks: Complimentary membership in Mastercard Travel Pass provided by DragonPass, exclusive 25% discount on one worldwide Air Miles flight redemption during the calendar year, travel emergency medical coverage, travel accident, trip cancellation, trip interruption and flight delay insurance, and delayed or lost baggage protection; car rental loss or damage insurance; mobile device insurance
• Income required: $60,000 or $100,000 as a household