A credit card is one of the most convenient ways to pay for things. You don’t have to carry large wads of cash with you, don’t have to go in search of an ATM in unfamiliar places and, if you have a cash-flow emergency, you can charge it to your card and pay off the debt later. However, not all credit cards are equal. Some offer better interest rates; others offer better perks like travel insurance. Before you go apply for the first card that you see, you may want to know which ones are the best credit cards in Canada in 2020.
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MBNA True Line Mastercard
Using one credit card to pay off another isn’t one of the best ways to reduce credit card debt. If you have to go this route, however, the MBNA True Line Mastercard with its low rate of interest is your best bet in 2020.

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MBNA True Line Mastercard
For the first ten months there’s zero interest on balance transfers, after which it goes up to 12.99%. Interest on purchases is 12.99% too and there’s no annual fee.
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MBNA Rewards World Elite Mastercard
With the MBNA Rewards World Elite Mastercard, there’s a welcome offer — valid until February 29, 2020 — where in the first 90 days, you can earn 20,000 points on purchases of $2,000 or more and 10,000 points once you’ve enrolled for paperless e-statements. Then you earn 2 points on the dollar for eligible purchases.
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MBNA Rewards World Elite Mastercard
The interest on purchases is 19.99% and there’s an annual fee of $120. You don’t need to have one of those Canadian jobs that pay over $300,000 but you do need a personal annual income of at least $80,000, though.

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TD Cash Back Visa Infinite
The TD Cash Back Visa Infinite card was one of the best cash back credit cards in Canada for 2019. If you use your card to pay for groceries, gas or regular payments like the hydro bill, you can get 3% cash back. For all other purchases, the cash-back rate is 1%.

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TD Cash Back Visa Infinite
Interest on purchases is 20.99% and there is an annual fee of $120.
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American Express Cobalt Card
One of the best credit cards in Canada for 2019 was the American Express Cobalt Card. In the first year, you can earn as many as 30,000 bonus points in addition to the generous points you’ll already be earning on your purchases. The card comes with a host of other perks too, especially in terms of travel and entertainment.

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American Express Cobalt Card
The interest rate on purchases is 19.99% and there’s a $10 monthly fee.
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American Express AeroplanPlus Reserve Card
If you have one of the highest paying jobs in the world and love to travel, the American Express AeroplanPlus Reserve Card may be right up your alley. If you spend $3,000 in the first three months, you’ll get 50,000 Aeroplan miles and if you spend $6,000 in the first six months, you’ll get a $200 Air Canada eGift Card. Then there’s a $200 annual travel credit and many other perks.

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American Express AeroplanPlus Reserve Card
The interest on purchases is 19.99% but the reason you’ll need a high-paying job is the $899 annual fee.
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Scotiabank Passport Visa Infinite Card
The Scotiabank Passport Visa Infinite Card was one of the best travel credit cards in Canada for 2019. If you spend up to $1,000 in the first three months you can earn 25,000 bonus points. You can also earn 10,000 bonus points when you spend at least $40,000 annually.

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Scotiabank Passport Visa Infinite Card
There are no foreign transaction fees. Interest on purchases is 19.99% and there’s an annual fee of $139.
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Scotiabank Rewards Visa Card
If you want to earn travel rewards for to pay for those epic trips you need to take in your 20s but don’t want to pay a hefty annual fee, the Scotiabank Rewards Visa Card is a solid choice. You get 1 point for every $2 spent and when you redeem those points, you’ll get travel discounts and access to a full-service travel agency.

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Scotiabank Rewards Visa Card
The interest on purchases is 19.99% and there’s no annual fee.
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Tangerine Money-Back Credit Card
A great credit card for students and one that can help you pay off your student loans fast is the Tangerine Money-Back Credit Card. You can earn 2% cash-back rewards in two categories of your choice and 0.5% on all other purchases. However, if you apply by January 31, 2020, you can earn 4% cash-back rewards in three categories in the first three months. For the first six months the balance transfer fee is only 1.95%

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Tangerine Money-Back Credit Card
The interest on purchases is 19.95% and there’s no annual fee.
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BMO CashBack Mastercard
The BMO CashBack Mastercard earns you 1% cash back on every purchase you make. However, if you apply for your card by January 15, 2020, you can get up to 5% cash back in the first three months, which could help you save $1,000 a month even faster. Also part of this welcome offer is that for the first nine months, there’s an interest rate of 1.99% on balance transfers.

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BMO CashBack Mastercard
The interest on purchases is 19.99% and there’s no annual fee. One of the more unusual perks of this card is 15% off tickets to Cirque du Soleil shows in Canada.

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BMO Rewards Business Mastercard
Most of the women who became CEOs under 30 did so by starting their own businesses. If you want to follow in their footsteps, you’ll need a good business credit card like the BMO Rewards Business Mastercard. You can earn 3 points for every dollar you spend on gas, office supplies and your cell phone and internet bills and 1.5 points on the dollar for everything else.

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BMO Rewards Business Mastercard
Interest on purchases is 14.99% and there’s an annual fee of $120.
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