• Best Credit Cards Canada

Best Credit Cards Canada




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Best Credit Cards Canada
CompareMyRates
February 8, 2018

If you’re intending to benefit from points, miles, and cash rewards, you need the best rewards credit card currently available in Canada. CompareMyRates.ca’s best credit cards for 2018 list will make you jump for joy. This list aims to help consumers plow through the monetary weeds to discover the best credit card. And by the best, we mean one that matches their lifestyle, financial prowess, and spending habits.

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Much like clothes, credit cards are not one-size-fits-all. The “best credit card” is subjective. It truly depends on a variety of factors, like the way you spend and manage your money. But in general, the best credit card for 2018 is one that helps you create value. That worth can come in various ways, like competitive interest rates, reward points, and travel miles. Special loots like redeemable points, gift certificates, and paid activities are also part of a credit card’s value.

Best Credit Cards with a Rewards Program

Credit cards aren’t entirely “evil.” Their purpose goes beyond ushering you to spend money and essentially pushing you to be in debt. If you choose the right bank card that fits your lifestyle, you’re able to get rewards. Wouldn’t that be another incentive for you to go shopping?

To take advantage of rewards using a credit card, it’s imperative you choose one that has a clear and beneficial rewards program. Among the available options for those who want to use credit cards for rewards, the best is the Scotiabank SCENE Visa.

The Scotia SCENE is a particularly rewarding bank card for movie lovers. When you use your Scotia SCENE Visa card in Cineplex Odeon cinemas, you earn five points for every dollar spent. In any other cinema, you get one point for every dollar spent. To top it all, you’ll also receive 4000 points as a welcome bonus. That’s the equivalent of four movie tickets for FREE.

Interest Rate

19.99%

Annual Fee

No Annual Fee

Balance Transfer: 22.99%

Cash Advance: 22.99%

Sign-up Bonus

Earn 2,000 bonus points with your first $500 in everyday purchases in first 3 months

Best Credit Cards for Cash Back

A cash back reward program is a bonus for cardholders. It’s an incentive program where a percentage of the total amount spent using the credit card is reimbursed. That’s a pretty neat motivation to use your credit card, right?

There are tons of credit card companies in Canada that offer competitive cash back reward programs. Again, your spending habits play a huge role in determining which program will benefit you the most. One of the best credit cards for cash back purposes is the SimplyCash Preferred Card from AmEx.

When you acquire American Express’s SimplyCash Preferred Card, you’re bound to pay a $99 annual fee. This seems a bit costly, but if you factor in the 2% flat cash back rate on all spending, that’s a pretty good deal. It’s an even better deal if you learn how to maximize your cash back. You can earn back the annual fee easily if you’re able to spend $165 a month throughout the card’s promo period. Afterward, you need to shell out $412.5 a month.

The SimplyCash Preferred Card doesn’t only offer cash back rewards. It also features an array of insurance coverage, which includes car rental, travel, accident, and medical protection. Any purchase paid using the credit card will also instantly double any manufacturer’s warranty period. They are protected against theft as well.

Interest Rate

19.99%

Annual Fee

$99

Balance Transfer: 1.99%

Cash Advance: 22.99%

Sign-up Bonus

5% Cashback

Interest Rate

19.95%

Annual Fee

No Annual Fee

Balance Transfer: 1.95% of amount transferred**

Cash Advance: 19.95%

Sign-up Bonus

1.95% Balance Transfer & Earn 2% Money-Back Rewards on purchases

Best Credit Cards for Balance Transfer

If you haven’t paid your credit card fee in full, then it’s likely that you have a high-interest rate on your debt. Some credit card companies charge up to 30% interest rate. This is especially true if you have missed payments before.

For instance, if your balance every month has an average of $10,000 and you need to pay everything in a year, your interest rate will cost you anywhere between $2000 and $3000 annually. That’s an additional payment you must shell out apart from the principle. That’s a lot of money that you can use for other necessities.

As such, it’s important to look for a credit card that has a low interest rate where you can transfer your balance. Most importantly, you need to strive hard to pay off your debt every month. To help you with a low-interest balance transfer, look into MBNA Canada.

One of the best credit cards for a balance transfer is from MBNA Canada. The credit card provider offers Canada’s lowest interest rate for balance transfers: 0% for 12 months. Not a lot of credit card companies offer that double perk. Some provide 0% interest rate, but only for a handful of months. Others offer a year-long low-interest rate, but not as low as 0%. But with MBNA Canada, you get the best of both worlds. Furthermore, the card doesn’t have an annual fee.

Interest Rate

12.99%

Annual Fee

$29

Balance Transfer: 0.99% for 6 Months

Cash Advance: 12.99%

Sign-up Bonus

Special 0.99% introductory interest rate on Balance transfers for the first six months†

Best Credit Cards with Travel Rewards

If you’re a constant traveller, it’s wise to have a credit card with a solid travel rewards program. Otherwise, you’ll be missing a lot.  One of the best credit cards for travellers is the Gold Rewards Card from American Express.

This travel credit card from AmEx is suitable for all types of travellers. It’s a multi-purpose bank card that enables you to make travel-related purchases. If you’ve earned enough points, you can pay for the goods using your credit card points. The Gold Rewards Card program gives you the freedom to go for the best deals you can find. If you’re a frequent traveller, you may also convert your points into a different frequent flyer program.

Interest Rate

Charge Card

Annual Fee

$150

Balance Transfer: n/a

Cash Advance: n/a

Sign-up Bonus

Welcome Bonus 25,000 Membership Rewards*

Best Credit Cards with Low-Interest Rates

From the get-go, cardholders look for low-interest credit cards. And that’s for good reason. For one, you can transfer your balance from one card to another with a lower interest rate. Also, buying something expensive wouldn’t be a big burden if you’re only paying a small interest. Another good reason is convenience. It’s easier to shell out monthly payments if the interest rate wouldn’t break your wallet. Getting a card that has a low-interest rate should always be your top priority. It trumps any rewards program available elsewhere.

One of the best credit cards for 2018 in terms of low-interest rate is The Canadian Western Bank MBNA Rewards MasterCard Credit Card. This particular MBNA credit card is recognized for its all-time low-interest rate. This credit card has no annual fee. It also has a fixed interest rate. That means there’s only one interest rate applied for all your credit card transactions.

Best Credit Cards for Business

Companies big or small need a credit line. Even entrepreneurs and startups do. If you own a business, having a credit card is imperative. Practicality-wise, the card is used to purchase things you need to run a business. And that happens a lot. From a financial standpoint, a credit card used for business helps you build a strong financial reputation. And in many instances, that counts the most.

Also, you can use your business credit card to acquire bonuses through your business expenses. To take advantage of these perks, you need to pay your balance in full all the time. 

On our CompareMyRates site, you’ll find a list of credit cards that are suitable for business use. Most offer generous rewards and bonuses. Some don’t even have a fixed spending limit. But at the top of the list of the best credit cards for business is the Gold Rewards Card from AmEx.

This business credit card presents an outstanding 25,000 points just for a welcome bonus. You can get the points if you use your card for a total purchase of at least $1,500 in the first three months. That amount may look like a lot in print. However, if you run a business, that’s a pretty easy challenge to beat.  That welcome bonus amounts to $300. The points can be used to pay out the same amount that produced the points to begin with.

Interest Rate

Charge Card

Annual Fee

$150

Balance Transfer: n/a

Cash Advance: n/a

Sign-up Bonus

Welcome Bonus 25,000 Membership Rewards*

Interest Rate

19.99%

Annual Fee

$120

Balance Transfer: n/a

Cash Advance: 22.99%

Sign-up Bonus

Best Credit Cards with No Annual Fees

Paying an annual fee on a credit card is a debatable subject. It’s an issue not just in Canada, but in several parts of the globe. It’s hard to find a valid reason to have to spend at least $100 a year just to earn rewards. Sure, $100 isn’t as heavy on the budget as, say, $1000. And most of the time, cardholders spend that amount (or even more) in just a month. What bugs users the most is the necessity to spend the money just to earn points.

Thankfully, there are tons of credit card providers in Canada that offer $0 annual fee. They also still enable the cardholders to earn bonuses and enjoy some perks. At the very top of the list is the SimplyCash Card from American Express.

This type of credit card is AmEx’s newest lure to attract potential cardholders. And what a catch it is! The card features a low-interest rate. If you need to take out a cash advance, you may do so. Because it has no annual fee, its fixed interest rate of 22.99% is not that hard to deal with at all.

Interest Rate

19.99%

Annual Fee

No Annual Fee

Balance Transfer: 1.99%

Cash Advance: 22.99%

Sign-up Bonus

5% Cashback & 1.99% Balance Transfer for first 6 months

Interest Rate

16.99%

Annual Fee

No Annual Fee

Balance Transfer: 16.99%

Cash Advance: 16.99%

Sign-up Bonus

Balance Transfer: 3.99% for the first 6 months*

Best Credit Cards for Students

Acquiring a credit card if you’re still a student can be a challenge. This is particularly true if it’s your first time to apply for a credit card. Some banks require students to hold at least a part-time job to get a bank card. A proof of income needs to be submitted as well. Other financial institutions even require a minimal annual fee.  

Fortunately, not all credit card companies are bad for students. There are other companies that create credit card programs specifically for students. One of the best credit cards for students is the BMO SPC Student Mastercard.

This student-friendly bank card has zero annual fees and has no income required. Moreover, it features two awesome rewards programs. Once you have a BMO SPC Student card, you’ll be a member of the SPC Card student program. That means you get to save $10 on the membership fee annually (as long as you’re in school). Also, you can enjoy 10 to 15% discount at numerous retailers across Canada, thanks to SPC.

Interest Rate

19.99%

Annual Fee

$0

Balance Transfer:

Cash Advance: 22.99%

Sign-up Bonus

$60 in cash back Bonuses
Find More Student Credit Cards

These are just a few of the best credit cards for Canadians and Canadian residents. You can explore various types of credit cards and their rewards programs on CompareMyRates.ca.

Careful Considerations in Choosing the Best Credit Card

There’s no shortage of credit card providers. Even those with a poor credit rating can still apply for a credit card. It’s up to you to figure out:

  • what type of credit card works best for your lifestyle
  • what rewards program fits your spending habits
  • how to use your credit card wisely
  • how to have discipline in using your credit card.

In choosing the best credit card, it’s important to take these factors into careful consideration:

Credit build-up

They say that the way you use your credit can make or break your credit rating. And that’s true. Your credit card helps you build a solid credit standing. This is particularly useful when you want to apply for a loan. As such, it’s important that you understand the ins and outs of your chosen credit card. It’s also vital to realize how to maximize its benefits without ruining your credit score.

Spending Habits

Your discipline in using your credit card makes all the difference in the world. It doesn’t matter if your card has the lowest interest rate. It won’t help even if you have the coolest rewards and perks. If you don’t know how to stop swiping your card, you’ll be in debt for a long, long time.

Lifestyle

As mentioned above, lean towards the rewards program that will benefit your lifestyle the most. If you constantly go in and out of the country, look for a rewards program designed for travellers. If you love shopping, search for a card that rewards shopping extravaganzas. And the list goes on. If you’re going to have a credit card debt, might as well get perks and bonuses from it.

 

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